# EDGAR Filing Document

**Accession Number:** 0001018975
**File Stem:** 0001193125-26-210763
**Filing Date:** 2026-5
**Character Count:** 510537
**Document Hash:** 03c7ec40dafbce6fab2f06e62785714b
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-210763.hdr.sgml**: 20260507

**ACCESSION NUMBER**: 0001193125-26-210763

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 71

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260507

**DATE AS OF CHANGE**: 20260507

**EFFECTIVENESS DATE**: 20260507

**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-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07755
- **FILM NUMBER:** 26951411

**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   <u>811-07755</u>

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 28</u>

Date of reporting period:   <u>February 28, 2026</u>

------

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

------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen California High Yield Municipal Bond Fund

Class A Shares/NCHAX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $170 | 1.67% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen California High Yield Municipal Bond Fund returned 3.62% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund performed in line with the S&P Municipal Yield Index, which returned 3.73%.<br>•  Top contributors to relative performance<br>•  Sector positioning, particularly underweights to the tobacco and industrial development revenue bond segments.<br>•  Security selection among non-rated bonds.<br>•  Top detractors from relative performance<br>•  An overweight to California tax-exempt bonds.<br>•  An underweight to the health care sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**

![LOGO](g90045g1g00a02.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 3.62% | (0.63)% | 2.08% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (0.70)% | (1.49)% | 1.64% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Yield Index | 3.73% | 2.24% | 4.13% |
| &nbsp;&nbsp;&nbsp; Lipper California Municipal Debt Funds Classification Average | 3.84% | 1.03% | 2.13% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $982086543 |
|  Total number of portfolio holdings | 483 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;5062648 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g00a04.jpg)

![LOGO](g90045g1g00b04.jpg)

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

How has the Fund changed?

• **Portfolio manager update:** Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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.

3 continued>>

------

---

| | |
|:---|:---|
| 67065N589_AR_0226<br> 5278134 | ![LOGO](g90045g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen California High Yield Municipal Bond Fund

Class C Shares/NAWSX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $250 | 2.47% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen California High Yield Municipal Bond Fund returned 2.82% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Yield Index, which returned 3.73%.<br>•  Top contributors to relative performance<br>•  Sector positioning, particularly underweights to the tobacco and industrial development revenue bond segments.<br>•  Security selection among non-rated bonds.<br>•  Top detractors from relative performance<br>•  An overweight to California tax-exempt bonds.<br>•  An underweight to the health care sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g00a06.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 2.82% | (1.42)% | 1.43% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Yield Index | 3.73% | 2.24% | 4.13% |
| &nbsp;&nbsp;&nbsp; Lipper California Municipal Debt Funds Classification Average | 3.84% | 1.03% | 2.13% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $982086543 |
|  Total number of portfolio holdings | 483 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;5062648 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g35r28.jpg)

![LOGO](g90045g1g25k10.jpg)

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

How has the Fund changed?

• **Portfolio manager update:** Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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.

3 continued>>

------

---

| | |
|:---|:---|
| 67065N480_AR_0226<br> 5278134 | ![LOGO](g90045g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen California High Yield Municipal Bond Fund

Class I Shares/NCHRX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $150 | 1.47% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen California High Yield Municipal Bond Fund returned 3.86% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund performed in line with the S&P Municipal Yield Index, which returned 3.73%.<br>•  Top contributors to relative performance<br>•  Sector positioning, particularly underweights to the tobacco and industrial development revenue bond segments.<br>•  Security selection among non-rated bonds.<br>•  Top detractors from relative performance<br>•  An overweight to California tax-exempt bonds.<br>•  An underweight to the health care sector.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g00a11.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 3.86% | (0.44)% | 2.29% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Yield Index | 3.73% | 2.24% | 4.13% |
| &nbsp;&nbsp;&nbsp; Lipper California Municipal Debt Funds Classification Average | 3.84% | 1.03% | 2.13% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $982086543 |
|  Total number of portfolio holdings | 483 |
|  Portfolio turnover (%) | 16% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;5062648 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g73q14.jpg)

![LOGO](g90045g1g12o88.jpg)

<sup>(1)</sup> 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.

<sup>(2)</sup> 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.

How has the Fund changed?

• **Portfolio manager update:** Effective May 9, 2025, Steve Hlavin was added as a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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.

3 continued>>

------

---

| | |
|:---|:---|
| 67065N555_AR_0226<br> 5278134 | ![LOGO](g90045g1g85u20.jpg) |

---

4.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen California Municipal Bond Fund

Class A Shares/NCAAX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $74 | 0.73% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen California Municipal Bond Fund returned 3.64% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond California Index, which returned 4.67%.<br>•  Top contributors to relative performance<br>•  Sector positioning, particularly an underweight to the industrial development revenue bond segment and an overweight to the multi-family housing segment.<br>•  An overweight to A-rated and BBB-rated bonds.<br>•  Top detractors from relative performance<br>•  An overweight to non-rated bonds.<br>•  Duration positioning, particularly an overweight to bonds with durations of 10 years and longer.<br>•  An out-of-benchmark allocation to Puerto Rico sales-tax bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**

![LOGO](g90045g1g00a17.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 3.64% | 0.67% | 2.02% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (0.68)% | (0.19)% | 1.58% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond California Index | 4.67% | 1.45% | 2.40% |
| &nbsp;&nbsp;&nbsp; Lipper California Municipal Debt Funds Classification Average | 3.84% | 1.03% | 2.13% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $1673276126 |
|  Total number of portfolio holdings | 281 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7702590 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g66x09.jpg)

![LOGO](g90045g1g00a20.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278144 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | <br>Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen California Municipal Bond Fund

Class C Shares/NAKFX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $155 | 1.53% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen California Municipal Bond Fund returned 2.91% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond California Index, which returned 4.67%.<br>•  Top contributors to relative performance<br>•  Sector positioning, particularly an underweight to the industrial development revenue bond segment and an overweight to the multi-family housing segment.<br>•  An overweight to A-rated and BBB-rated bonds.<br>•  Top detractors from relative performance<br>•  An overweight to non-rated bonds.<br>•  Duration positioning, particularly an overweight to bonds with durations of 10 years and longer.<br>•  An out-of-benchmark allocation to Puerto Rico sales-tax bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g00a22.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 2.91% | (0.14)% | 1.37% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond California Index | 4.67% | 1.45% | 2.40% |
| &nbsp;&nbsp;&nbsp; Lipper California Municipal Debt Funds Classification Average | 3.84% | 1.03% | 2.13% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $1673276126 |
|  Total number of portfolio holdings | 281 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $7702590 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g85y86.jpg)

![LOGO](g90045g1g50r22.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278144 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen California Municipal Bond Fund

Class I Shares/NCSPX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $54 | 0.53% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen California Municipal Bond Fund returned 3.93% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond California Index, which returned 4.67%.<br>•  Top contributors to relative performance<br>•  Sector positioning, particularly an underweight to the industrial development revenue bond segment and an overweight to the multi-family housing segment.<br>•  An overweight to A-rated and BBB-rated bonds.<br>•  Top detractors from relative performance<br>•  An overweight to non-rated bonds.<br>•  Duration positioning, particularly an overweight to bonds with durations of 10 years and longer.<br>•  An out-of-benchmark allocation to Puerto Rico sales-tax bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**

![LOGO](g90045g1g00a27.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 3.93% | 0.87% | 2.22% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond California Index | 4.67% | 1.45% | 2.40% |
| &nbsp;&nbsp;&nbsp; Lipper California Municipal Debt Funds Classification Average | 3.84% | 1.03% | 2.13% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $1673276126 |
|  Total number of portfolio holdings | 281 |
|  Portfolio turnover (%) | 27% |
|  Total management fees paid for the year | $7702590 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g60j79.jpg)

![LOGO](g90045g1g22c16.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278144 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen Connecticut Municipal Bond Fund

Class A Shares/FCTTX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $83 | 0.81% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Connecticut Municipal Bond Fund returned 3.96% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond Connecticut Index, which returned 5.26%.<br>•  Top contributors to relative performance<br>•  Duration positioning, especially underweights to bonds with durations of zero to four years and overweights to bonds with durations of 12+ years and longer.<br>•  Top detractors from relative performance<br>•  An overweight to A-rated bonds.<br>•  Sector selection, especially overweights to the higher education and transportation bond segments.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g00a32.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge) | 3.96% | 0.78% | 1.78% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (0.37)% | (0.08)% | 1.34% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Connecticut Index | 5.26% | 1.87% | 2.48% |
| &nbsp;&nbsp;&nbsp; Lipper Other States Municipal Debt Funds Classification Average | 4.26% | 0.87% | 1.69% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $243146236 |
|  Total number of portfolio holdings | 144 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $1126748 |

---

What did the Fund invest in? (as of February 28, 2026)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g90045g1g32s71.jpg)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ![LOGO](g90045g1g00a35.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278158 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen Connecticut Municipal Bond Fund

Class C Shares/FDCDX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $164 | 1.61% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Connecticut Municipal Bond Fund returned 3.22% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond Connecticut Index, which returned 5.26%.<br>•  Top contributors to relative performance<br>•  Duration positioning, especially underweights to bonds with durations of zero to four years and overweights to bonds with durations of 12+ years and longer.<br>•  Top detractors from relative performance<br>•  An overweight to A-rated bonds.<br>•  Sector selection, especially overweights to the higher education and transportation bond segments.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g00a37.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 3.22% | 0.00% | 1.13% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Connecticut Index | 5.26% | 1.87% | 2.48% |
| &nbsp;&nbsp;&nbsp; Lipper Other States Municipal Debt Funds Classification Average | 4.26% | 0.87% | 1.69% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $243146236 |
|  Total number of portfolio holdings | 144 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;1126748 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g64t77.jpg)

![LOGO](g90045g1g14_80.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278158 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen Connecticut Municipal Bond Fund

Class I Shares/FCTRX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $62 | 0.61% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Connecticut Municipal Bond Fund returned 4.26% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond Connecticut Index, which returned 5.26%.<br>•  Top contributors to relative performance<br>•  Duration positioning, especially underweights to bonds with durations of zero to four years and overweights to bonds with durations of 12+ years and longer.<br>•  Top detractors from relative performance<br>•  An overweight to A-rated bonds.<br>•  Sector selection, especially overweights to the higher education and transportation bond segments.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g00a42.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 4.26% | 1.00% | 2.00% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Connecticut Index | 5.26% | 1.87% | 2.48% |
| &nbsp;&nbsp;&nbsp; Lipper Other States Municipal Debt Funds Classification Average | 4.26% | 0.87% | 1.69% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $243146236 |
|  Total number of portfolio holdings | 144 |
|  Portfolio turnover (%) | 13% |
|  Total management fees paid for the year | $1126748 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g25z08.jpg)

![LOGO](g90045g1g74z44.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278158 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen Massachusetts Municipal Bond Fund

Class A Shares/NMAAX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $82 | 0.81% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Massachusetts Municipal Bond Fund returned 3.14% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond Massachusetts Index, which returned 5.03%.<br>•  Top contributors to relative performance<br>•  Duration positioning, particularly underweights to bonds with durations of zero to four years and overweights to bonds with durations of four to 12 years.<br>•  Sector selection, particularly an underweight to tax-supported bonds, with longer-duration issues performing well.<br>•  Top detractors from relative performance<br>•  Security selection.<br>•  Credit-quality allocation, particularly an overweight to BBB-rated bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**

![LOGO](g90045g1g00a47.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge)  | 3.14% | 0.31% | 1.68% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (1.22)% | (0.55)% | 1.24% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Massachusetts Index | 5.03% | 1.37% | 2.20% |
| &nbsp;&nbsp;&nbsp; Lipper Massachusetts Municipal Debt Funds Classification Average | 3.73% | 0.58% | 1.51% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $429916949 |
|  Total number of portfolio holdings | 150 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $2069970 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g36s47.jpg)

![LOGO](g90045g1g00a50.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278172 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen Massachusetts Municipal Bond Fund

Class C Shares/NAAGX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $163 | 1.61% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Massachusetts Municipal Bond Fund returned 2.39% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond Massachusetts Index, which returned 5.03%.<br>•  Top contributors to relative performance<br>•  Duration positioning, particularly underweights to bonds with durations of zero to four years and overweights to bonds with durations of four to 12 years.<br>•  Sector selection, particularly an underweight to tax-supported bonds, with longer-duration issues performing well.<br>•  Top detractors from relative performance<br>•  Security selection.<br>•  Credit-quality allocation, particularly an overweight to BBB-rated bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**

![LOGO](g90045g1g00a52.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 2.39% | (0.46)% | 1.03% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Massachusetts Index | 5.03% | 1.37% | 2.20% |
| &nbsp;&nbsp;&nbsp; Lipper Massachusetts Municipal Debt Funds Classification Average | 3.73% | 0.58% | 1.51% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

**Fund Statistics** (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $429916949 |
|  Total number of portfolio holdings | 150 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $2069970 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g76m67.jpg)

![LOGO](g90045g1g66_47.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278172 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen Massachusetts Municipal Bond Fund

Class I Shares/NBMAX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $62 | 0.61% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen Massachusetts Municipal Bond Fund returned 3.35% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond Massachusetts Index, which returned 5.03%.<br>•  Top contributors to relative performance<br>•  Duration positioning, particularly underweights to bonds with durations of zero to four years and overweights to bonds with durations of four to 12 years.<br>•  Sector selection, particularly an underweight to tax-supported bonds, with longer-duration issues performing well.<br>•  Top detractors from relative performance<br>•  Security selection.<br>•  Credit-quality allocation, particularly an overweight to BBB-rated bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**

![LOGO](g90045g1g00a57.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV  | 3.35% | 0.52% | 1.89% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Massachusetts Index | 5.03% | 1.37% | 2.20% |
| &nbsp;&nbsp;&nbsp; Lipper Massachusetts Municipal Debt Funds Classification Average | 3.73% | 0.58% | 1.51% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $429916949 |
|  Total number of portfolio holdings | 150 |
|  Portfolio turnover (%) | 21% |
|  Total management fees paid for the year | $2069970 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g58e45.jpg)

![LOGO](g90045g1g83j41.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278172 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen New Jersey Municipal Bond Fund

Class A Shares/NNJAX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $82 | 0.80% |

---

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen New Jersey Municipal Bond Fund returned 4.20% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond New Jersey Index, which returned 5.19%.<br>•  Top contributors to relative performance<br>•  Security selection.<br>•  An underweight to the toll-road bond segment and an overweight to the local general obligation and housing bond segments.<br>•  Top detractors from relative performance<br>•  Duration and yield curve positioning, particularly overweights to bonds with durations of 12 years and longer and underweights to bonds with durations from zero to four years.<br>•  An underweight to state-supported debt.<br>•  Credit-quality positioning, particularly an underweight to A-rated bonds and an overweight to BBB-rated bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g00a62.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge)  | 4.20% | 1.08% | 2.33% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (0.14)% | 0.22% | 1.89% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond New Jersey Index | 5.19% | 2.01% | 3.19% |
| &nbsp;&nbsp;&nbsp; Lipper New Jersey Municipal Debt Funds Classification Average | 4.30% | 1.26% | 2.35% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $390874486 |
|  Total number of portfolio holdings | 271 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $1781405 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g18s16.jpg)

![LOGO](g90045g1g00a65.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

• **Portfolio manager update:** Effective September 18, 2025, Kristen DeJong was added as a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278188 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen New Jersey Municipal Bond Fund

Class C Shares/NJCCX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $163 | 1.60% |

---

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen New Jersey Municipal Bond Fund returned 3.28% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond New Jersey Index, which returned 5.19%.<br>•  Top contributors to relative performance<br>•  Security selection.<br>•  An underweight to the toll-road bond segment and an overweight to the local general obligation and housing bond segments.<br>•  Top detractors from relative performance<br>•  Duration and yield curve positioning, particularly overweights to bonds with durations of 12 years and longer and underweights to bonds with durations from zero to four years.<br>•  An underweight to state-supported debt.<br>•  Credit-quality positioning, particularly an underweight to A-rated bonds and an overweight to BBB-rated bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**

![LOGO](g90045g1g00a67.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge) | 3.28% | 0.25% | 1.68% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond New Jersey Index | 5.19% | 2.01% | 3.19% |
| &nbsp;&nbsp;&nbsp; Lipper New Jersey Municipal Debt Funds Classification Average | 4.30% | 1.26% | 2.35% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $390874486 |
|  Total number of portfolio holdings | 271 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $1781405 |

---

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

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g87x36.jpg)

![LOGO](g90045g1g51o82.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

• **Portfolio manager update:** Effective September 18, 2025, Kristen DeJong was added as a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278188 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen New Jersey Municipal Bond Fund

Class I Shares/NMNJX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

What were the Fund costs for the last year? (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 | $61 | 0.60% |

---

\* Annualized for period less than one year.

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

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen New Jersey Municipal Bond Fund returned 4.33% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond New Jersey Index, which returned 5.19%.<br>•  Top contributors to relative performance<br>•  Security selection.<br>•  An underweight to the toll-road bond segment and an overweight to the local general obligation and housing bond segments.<br>•  Top detractors from relative performance<br>•  Duration and yield curve positioning, particularly overweights to bonds with durations of 12 years and longer and underweights to bonds with durations from zero to four years.<br>•  An underweight to state-supported debt.<br>•  Credit-quality positioning, particularly an underweight to A-rated bonds and an overweight to BBB-rated bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**

![LOGO](g90045g1g00a72.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 4.33% | 1.28% | 2.53% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond New Jersey Index | 5.19% | 2.01% | 3.19% |
| &nbsp;&nbsp;&nbsp; Lipper New Jersey Municipal Debt Funds Classification Average | 4.30% | 1.26% | 2.35% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $390874486 |
|  Total number of portfolio holdings | 271 |
|  Portfolio turnover (%) | 15% |
|  Total management fees paid for the year | $1781405 |

---

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

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g49v19.jpg)

![LOGO](g90045g1g65h73.jpg)

<sup>(1)</sup> 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.

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

How has the Fund changed?

• **Portfolio manager update:** Effective September 18, 2025, Kristen DeJong was added as a portfolio manager of the Fund.

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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

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_AR_0226<br> 5278188 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen New York Municipal Bond Fund

Class A Shares/NNYAX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $76 | 0.75% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen New York Municipal Bond Fund returned 3.57% for Class A Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond New York Index, which returned 4.57%.<br>•  Top contributors to relative performance<br>•  Sector positioning, particularly an overweight to the transportation segment and an underweight to the tax-supported segment.<br>•  An overweight to A-rated bonds.<br>•  Top detractors from relative performance<br>•  Overweights to non-rated bonds and bonds rated below-investment-grade.<br>•  Duration positioning.<br>•  An out-of-benchmark allocation to Puerto Rico sales-tax bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g00a77.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class A Shares at NAV (excluding maximum sales charge)  | 3.57% | 0.75% | 1.95% |
| &nbsp;&nbsp;&nbsp; Class A Shares at maximum sales charge (Offering Price) | (0.78)% | (0.11)% | 1.52% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond New York Index | 4.57% | 1.55% | 2.32% |
| &nbsp;&nbsp;&nbsp; Lipper New York Municipal Debt Funds Classification Average | 3.56% | 1.02% | 2.07% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $1014941677 |
|  Total number of portfolio holdings | 199 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $4609613 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g26z93.jpg)

![LOGO](g90045g1g00a79.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278211 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen New York Municipal Bond Fund

Class C Shares/NAJPX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $157 | 1.55% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen New York Municipal Bond Fund returned 2.74% for Class C Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond New York Index, which returned 4.57%.<br>•  Top contributors to relative performance<br>•  Sector positioning, particularly an overweight to the transportation segment and an underweight to the tax-supported segment.<br>•  An overweight to A-rated bonds.<br>•  Top detractors from relative performance<br>•  Overweights to non-rated bonds and bonds rated below-investment-grade.<br>•  Duration positioning.<br>•  An out-of-benchmark allocation to Puerto Rico sales-tax bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g82k08.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class C Shares at NAV (excluding maximum sales charge)  | 2.74% | (0.06)% | 1.30% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond New York Index | 4.57% | 1.55% | 2.32% |
| &nbsp;&nbsp;&nbsp; Lipper New York Municipal Debt Funds Classification Average | 3.56% | 1.02% | 2.07% |

---

Class C Shares are subject to a contingent deferred sales charge if redeemed within 12 months of purchase, which will be reflected in total returns presented for less than one year.

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $1014941677 |
|  Total number of portfolio holdings | 199 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4609613 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g38b06.jpg)

![LOGO](g90045g1g65s61.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278211 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<br> ![LOGO](g90045g1g19w55.jpg) | Annual Shareholder Report <br>February 28, 2026  |

---

Nuveen New York Municipal Bond Fund

Class I Shares/NTNYX

Annual Shareholder Report

This 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 February 28, 2026. 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.

#### This report describes changes to the Fund that occurred during the reporting period.
What were the Fund costs for the last year? (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 | $56 | 0.55% |

---

\* Annualized for period less than one year.

How did the Fund perform last year? What affected the Fund's performance?

**Performance Highlights**<br>•  The Nuveen New York Municipal Bond Fund returned 3.77% for Class I Shares at net asset value (NAV) for the 12 months ended February 28, 2026. The Fund underperformed the S&P Municipal Bond New York Index, which returned 4.57%.<br>•  Top contributors to relative performance<br>•  Sector positioning, particularly an overweight to the transportation segment and an underweight to the tax-supported segment.<br>•  An overweight to A-rated bonds.<br>•  Top detractors from relative performance<br>•  Overweights to non-rated bonds and bonds rated below-investment-grade.<br>•  Duration positioning.<br>•  An out-of-benchmark allocation to Puerto Rico sales-tax bonds.<br>

1 continued>>

------

How did the Fund perform over the last 10 years?

**Performance data shown represents past performance and does not predict or guarantee future results.** The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund Shares.

**Fund Performance** (March 1, 2016 through February 28, 2026) **Initial Investment of $10,000**![LOGO](g90045g1g87k08.jpg)

#### Average Annual Total Returns

---

| | | | |
|:---|:---|:---|:---|
|  | **1-Year** | **5-Year** | **10-Year** |
| &nbsp;&nbsp;&nbsp; Class I Shares at NAV | 3.77% | 0.95% | 2.16% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond Index | 4.85% | 1.62% | 2.51% |
| &nbsp;&nbsp;&nbsp; S&P Municipal Bond New York Index | 4.57% | 1.55% | 2.32% |
| &nbsp;&nbsp;&nbsp; Lipper New York Municipal Debt Funds Classification Average | 3.56% | 1.02% | 2.07% |

---

Investment return and principal value will fluctuate, and you may have a gain or loss when you sell your shares. Current performance may differ from figures shown. For most recent month-end performance, go to https://www.nuveen.com/en-us/mutual-funds/prospectuses or call (800) 257-8787.

2 continued>>

------

Fund Statistics (as of February 28, 2026)

---

| | |
|:---|:---|
|  Fund net assets | $1014941677 |
|  Total number of portfolio holdings | 199 |
|  Portfolio turnover (%) | 14% |
|  Total management fees paid for the year | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4609613 |

---

What did the Fund invest in? (as of February 28, 2026)

![LOGO](g90045g1g81c91.jpg)

![LOGO](g90045g1g52l51.jpg)

<sup>(1)</sup> 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.

How has the Fund changed?

**For more complete information, you may review the Fund's next prospectus, which is expected to be available by April 30, 2026 at https://www.nuveen.com/en-us/mutual-funds/prospectuses or upon request at (800) 257-8787.**

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_AR_0226<br> 5278211 | ![LOGO](g90045g1g85u20.jpg) |

---

3.0 ------

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

As of the end of the period covered by this report, the registrant has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions. There were no amendments to or waivers from the code during the period covered by this report. Upon request, a copy of the registrant's code of ethics is available without charge by calling 800-257-8787.

------

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

As of the end of the period covered by this report, the registrant's Board of Directors or Trustees ("Board") had determined that the registrant has at least one "audit committee financial expert" (as defined in Item 3 of Form N-CSR) serving on its Audit Committee. The members of the registrant's audit committee that have been designated as audit committee financial experts are Joseph A. Boateng, John K. Nelson and Loren M. Starr, who are "independent" for purposes of Item 3 of Form N-CSR.

Mr. Boateng has served as the Chief Investment Officer for Casey Family Programs since 2007. He was previously Director of U.S. Pension Plans for Johnson & Johnson from 2002-2006. Mr. Boateng is a board member of the Lumina Foundation and Waterside School, an emeritus board member of Year Up Puget Sound, member of the Investment Advisory Committee and former Chair for the Seattle City Employees' Retirement System, and an Investment Committee Member for The Seattle Foundation. Mr. Boateng previously served on the Board of Trustees for the College Retirement Equities Fund (2018-2023) and on the Management Committee for TIAA Separate Account VA-1 (2019-2023).

Mr. Nelson formerly served on the Board of Directors of Core12, LLC from 2008 to 2023, a private firm which develops branding, marketing, and communications strategies for clients. Mr. Nelson has extensive experience in global banking and markets, having served in several senior executive positions with ABN AMRO Holdings N.V. and its affiliated entities and predecessors, including LaSalle Bank Corporation from 1996 to 2008, ultimately serving as Chief Executive Officer of ABN AMRO N.V. North America. During his tenure at the bank, he also served as Global Head of its Financial Markets Division, which encompassed the bank's Currency, Commodity, Fixed Income, Emerging Markets, and Derivatives businesses. He was a member of the Foreign Exchange Committee of the Federal Reserve Bank of the United States and during his tenure with ABN AMRO served as the bank's representative on various committees of The Bank of Canada, European Central Bank, and The Bank of England. Mr. Nelson previously served as a senior, external advisor to the financial services practice of Deloitte Consulting LLP. (2012-2014).

Mr. Starr was Vice Chair, Senior Managing Director from 2020 to 2021, and Chief Financial Officer, Senior Managing Director from 2005 to 2020, for Invesco Ltd. Mr. Starr is also a Director and Chair of the Board for AMG. He is former Chair and member of the Board of Directors, Georgia Leadership Institute for School Improvement (GLISI); former Chair and member of the Board of Trustees, Georgia Council on Economic Education (GCEE). Mr. Starr previously served on the Board of Trustees for the College Retirement Equities Fund and on the Management Committee for TIAA Separate Account VA-1 (2022-2023).

------

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

Nuveen Multistate Trust II

The following tables show the amount of fees that PricewaterhouseCoopers LLP ("PwC"), the independent registered public accounting firm, billed to the Registrant during the Registrant's last two full fiscal years. The Audit Committee approved in advance all audit services and non-audit services that PwC provided to the Registrant, except for those non-audit services that were subject to the pre-approval exception under Rule 2-01 of Regulation S-X (the "pre-approval exception"). The pre-approval exception for services provided directly to the Registrant waives the pre-approval requirement for services other than audit, review or attest services if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant during the fiscal year in which the services are provided; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the audit is completed.

The Audit Committee has delegated certain pre-approval responsibilities to its Chair.

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

BILLED TO THE REGISTRANT

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit Fees**<br> **Billed to Registrant<sup>1</sup>** | **Audit-Related Fees**<br> **Billed to Registrant<sup>2</sup>** | **Tax Fees**<br> **Billed to Registrant<sup>3</sup>** | **All Other Fees**<br> **Billed to Registrant<sup>4</sup>** |
| February 28, 2026 | $174122 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |
| February 28, 2025 | $172900 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% | 0% |

---

1 "Audit Fees" are the aggregate fees billed for professional services for the audit of the Registrant's annual financial statements and services provided in connection with statutory and regulatory filings.

2 "Audit-Related Fees" are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under "Audit Fees".

3 "Tax Fees" are the aggregate fees billed for professional services for tax compliance, tax advice, and tax planning.

4 "All Other Fees" are the aggregate fees billed for products and services other than "Audit Fees", "Audit-Related Fees" and "Tax Fees".

SERVICES THAT THE REGISTRANT'S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE ADVISER AND AFFILIATED REGISTRANT SERVICE PROVIDERS

The following tables show the amount of fees billed by PwC to Nuveen Fund Advisors, LLC (the "Adviser"), and any entity controlling, controlled by or under common control with the Adviser that provides ongoing services to the Registrant ("Affiliated Fund Service Provider"), for engagements directly related to the Registrant's operations and financial reporting, during the Registrant's last two full fiscal years.

The tables also show the percentage of fees subject to the pre-approval exception. The pre-approval exception for services provided to the Adviser and any Affiliated Fund Service Provider (other than audit, review or attest services) waives the pre-approval requirement if: (A) the aggregate amount of all such services provided constitutes no more than 5% of the total amount of revenues paid by the Registrant, the Adviser and Affiliated Fund Service Providers during the fiscal year in which the services are provided that would have to be pre-approved by the Audit Committee; (B) the Registrant did not recognize the services as non-audit services at the time of the engagement; and (C) the services are promptly brought to the Audit Committee's attention, and the Committee (or its delegate) approves the services before the Registrant's audit is completed.

------

---

| | | | |
|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Audit-Related Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** | **Tax Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** | **All Other Fees**<br> **Billed to Adviser**<br> **and Affiliated Fund<br>Service Providers** |
| February 28, 2026 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |
| February 28, 2025 | $0 | $0 | $0 |
| Percentage approved pursuant to pre-approval exception | 0% | 0% | 0% |

---

NON-AUDIT SERVICES

The following table shows the amount of fees that PwC billed during the Registrant's last two full fiscal years for non-audit services. The Audit Committee is required to pre-approve non-audit services that the Registrant's independent registered public accounting firm provides to the Adviser and any Affiliated Fund Service Provider, if the engagement related directly to the Registrant's operations and financial reporting (except for those subject to the pre-approval exception described above). The Audit Committee requested and received information from PwC about any non-audit services rendered during the Registrant's last fiscal year to the Adviser and any Affiliated Fund Service Provider. The Committee considered this information in evaluating PwC's independence.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fiscal Year Ended** | **Total Non-Audit Fees<br>Billed to Registrant** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (engagements<br>related directly to the<br>operations and financial<br>reporting of the<br>Registrant)** | **Total Non-Audit Fees<br>Billed to Adviser and<br>Affiliated Fund Service<br>Providers (all other<br>engagements)** | **Total** |
| February 28, 2026 | $0 | $0 | $11563499 | $11563499 |
| February 28, 2025 | $0 | $0 | $0 | $0 |

---

"Non-Audit Fees billed to Registrant" for both fiscal year ends represent "Tax Fees" and "All Other Fees" billed to the Registrant in their respective amounts from the previous table.

Less than 50 percent of the hours expended on the independent registered public accounting firm's engagement to audit the Registrant's financial statements for the most recent fiscal year were attributed to work performed by persons other than the independent registered public accounting firm's full-time, permanent employees.

Audit Committee Pre-Approval Policies and Procedures. Generally, the Audit Committee must approve (i) all non-audit services to be performed for the Registrant by the Registrant's independent registered public accounting firm and (ii) all audit and non-audit services to be performed by the Registrant's independent registered public accounting firm for the Affiliated Fund Service Providers with respect to the operations and financial reporting of the Registrant.

Item 4(i) and Item 4(j) are not applicable to the Registrant.

------

**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>

------

#### Report

#### of

#### Independent

#### Registered

#### Public

#### Accounting

#### Firm

To

the

Board

of

Trustees

of

Nuveen

Multistate

Trust

II

and

Shareholders

of

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

and

Nuveen

New

York

Municipal

Bond

Fund

Opinions

on

the

Financial

Statements

We

have

audited

the

accompanying

statements

of

assets

and

liabilities,

including

the

portfolios

of

investments,

of

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

and

Nuveen

New

York

Municipal

Bond

Fund

(constituting

Nuveen

Multistate

Trust

II,

hereafter

collectively

referred

to

as

the

"Funds")

as

of

February

28,

2026,

the

related

statements

of

operations

and

cash

flows

(for

Nuveen

California

High

Yield

Municipal

Bond

Fund)

for

the

year

ended

February

28,

2026,

the

statements

of

changes

in

net

assets

for

each

of

the

two

years

in

the

period

ended

February

28,

2026,

including

the

related

notes,

and

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

February

28,

2026

(collectively

referred

to

as

the

"financial

statements").

In

our

opinion,

the

financial

statements

present

fairly,

in

all

material

respects,

the

financial

position

of

each

of

the

Funds

as

of

February

28,

2026,

the

results

of

each

of

their

operations

and

cash

flows

(for

Nuveen

California

High

Yield

Municipal

Bond

Fund)

for

the

year

then

ended,

the

changes

in

each

of

their

net

assets

and

each

of

the

financial

highlights

for

each

of

the

two

years

in

the

period

ended

February

28,

2026

in

conformity

with

accounting

principles

generally

accepted

in

the

United

States

of

America.

The

financial

statements

of

the

Funds

as

of

and

for

the

year

ended

February

29,

2024

and

the

financial

highlights

for

each

of

the

periods

ended

on

or

prior

to

February

29,

2024

(not

presented

herein,

other

than

the

financial

highlights)

were

audited

by

other

auditors

whose

report

dated

April

26,

2024

expressed

an

unqualified

opinion

on

those

financial

statements.

Basis

for

Opinions

These

financial

statements

are

the

responsibility

of

the

Funds'

management.

Our

responsibility

is

to

express

an

opinion

on

the

Funds'

financial

statements

based

on

our

audits.

We

are

a

public

accounting

firm

registered

with

the

Public

Company

Accounting

Oversight

Board

(United

States)

(PCAOB)

and

are

required

to

be

independent

with

respect

to

the

Funds

in

accordance

with

the

U.S.

federal

securities

laws

and

the

applicable

rules

and

regulations

of

the

Securities

and

Exchange

Commission

and

the

PCAOB.

We

conducted

our

audits

of

these

financial

statements

in

accordance

with

the

standards

of

the

PCAOB.

Those

standards

require

that

we

plan

and

perform

the

audit

to

obtain

reasonable

assurance

about

whether

the

financial

statements

are

free

of

material

misstatement,

whether

due

to

error

or

fraud.

Our

audits

included

performing

procedures

to

assess

the

risks

of

material

misstatement

of

the

financial

statements,

whether

due

to

error

or

fraud,

and

performing

procedures

that

respond

to

those

risks.

Such

procedures

included

examining,

on

a

test

basis,

evidence

regarding

the

amounts

and

disclosures

in

the

financial

statements.

Our

audits

also

included

evaluating

the

accounting

principles

used

and

significant

estimates

made

by

management,

as

well

as

evaluating

the

overall

presentation

of

the

financial

statements.

Our

procedures

included

confirmation

of

securities

owned

as

of

February

28,

2026

by

correspondence

with

the

custodian

and

brokers;

when

replies

were

not

received

from

brokers,

we

performed

other

auditing

procedures.

We

believe

that

our

audits

provide

a

reasonable

basis

for

our

opinions.

/s/

PricewaterhouseCoopers

LLP

Chicago,

Illinois

April

27,

2026

We

have

served

as

the

auditor

of

one

or

more

investment

companies

in

Nuveen

Funds

since

2002. 2

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026

#### California

#### High

#### Yield

#### Municipal

#### Bond
*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

121.3%

X

1,191,663,099

MUNICIPAL

BONDS

-

121.3%

X

–

CONSUMER

STAPLES

-

1.7%

$

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

$

6,200,693

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

1,106,782

3,460,000

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A

.625

06/01/47

3,205,292

17,600,000

Inland

Empire

Tobacco

Securitization

Authority,

California,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007C-2.

Turbo

Capital

Appreciation

.000

06/01/47

3,013,868

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

1,871,519

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

1,271,063

TOTAL

CONSUMER

STAPLES

16,669,217

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

27.4%

8,985,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Master's

University,

Series

2025

.000

08/01/50

8,682,678

11,435,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Master's

University,

Series

2025

.125

08/01/55

11,091,207

4,140,000

(a) California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Norton

Science

and

Language

Academy

Project,

Series

2020

.250

07/01/58

4,226,569

1,505,000

(a) California

Enterprise

Development

Authority,

Charter

School

Revenue

Bonds,

Rocklin

Academy

Project,

Series

2024

.000

06/01/44

1,534,032

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

4,070,575

900,000

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2015A

.000

10/01/35

900,618

1,335,000

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2015A

.250

10/01/45

1,334,940

3,925,000

(a) California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2017A

.000

10/01/47

3,756,185

700,000

(a) California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

River

Charter

Schools

Project,

Series

2018A

.500

06/01/38

701,217

2,000,000

(a) California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

River

Charter

Schools

Project,

Series

2018A

.500

06/01/48

1,957,782

250,000

(a) California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

River

Charter

Schools

Project,

Series

2018A

.500

06/01/53

240,261

1,150,000

(a) California

Municipal

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Bella

Mente

Montessori

Academy

Project,

Series

2018A

.000

06/01/48

1,120,184

400,000

(a) California

Municipal

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Santa

Rosa

Academy

Project,

Series

2015

.125

07/01/35

400,202

425,000

(a) California

Municipal

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Santa

Rosa

Academy

Project,

Series

2015

.375

07/01/45

420,341

400,000

(a) California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Series

2019A

.000

10/01/29

401,962

90,000

(a) California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

-

Lincoln

Project,

Taxable

Series

2019B

.000

10/01/39

90,513

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

1,404,834

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

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

$

900,584

1,285,000

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2014A

.000

10/01/34

1,285,990

465,000

California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2014A

.000

10/01/44

460,920

4,340,000

(a) California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A

.000

07/01/36

4,348,000

3,695,000

(a) California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2016A

.000

07/01/41

3,697,188

1,000,000

(a) California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2018A

.000

07/01/38

1,012,618

1,800,000

(a) California

Municipal

Finance

Authority,

Charter

School

Revenue

Bonds,

Palmdale

Aerospace

Academy

Project,

Series

2018A

.000

07/01/49

1,715,323

1,715,000

California

Municipal

Finance

Authority,

Education

Revenue

Bonds, American

Heritage

Foundation

Project,

Series

2016A

.000

06/01/46

1,715,449

1,145,000

California

Municipal

Finance

Authority,

Education

Revenue

Bonds,

Literacy

First

Charter

Schools

Project,

Series

2019A

.000

12/01/39

1,192,569

2,260,000

(a) California

Municipal

Finance

Authority,

Education

Revenue

Bonds,

STREAM

Charter

Schools

Project,

Series

2020A

.000

06/15/51

2,080,721

1,000,000

(a) California

Municipal

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

Westside

Neighborhood

School

Project,

Series

2024

.375

06/15/64

1,057,428

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

729,097

12,450,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.,

Series

2023A

.250

07/01/53

12,791,980

775,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

California

Baptist

University,

Refunding

Series

2025A

.375

11/01/45

804,833

500,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

California

Baptist

University,

Refunding

Series

2025A

.625

11/01/54

513,443

1,500,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

California

Baptist

University,

Series

2016A

.000

11/01/36

1,506,204

1,555,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

California

Baptist

University,

Series

2016A

.000

11/01/46

1,547,854

1,000,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

Claremont

Graduate

University,

Refunding

Series

2020B

.000

10/01/49

947,392

1,000,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

Claremont

Graduate

University,

Refunding

Series

2020B

.000

10/01/54

927,948

270,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2012A

.625

01/01/32

269,517

3,700,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2014A

.250

01/01/45

3,058,103

7,000,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

Simpson

University,

Series

2020A

.000

10/01/50

7,017,270

1,000,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

The

Master's

University

&

Seminary,

Series

2019

.000

08/01/34

1,038,302

1,100,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

Turning

Point

School,

Series

2024

.250

06/01/44

1,093,448

1,300,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

Turning

Point

School,

Series

2024

.500

06/01/54

1,241,089

350,000

(a) California

Municipal

Finance

Authority,

School

Facility

Revenue

Bonds,

Saint

Mary's

School-Aliso

Viejo,

Series

2024A

.500

05/01/44

359,013

435,000

(a) California

Municipal

Finance

Authority,

School

Facility

Revenue

Bonds,

Saint

Mary's

School-Aliso

Viejo,

Series

2024A

.750

05/01/54

439,848

2,000,000

(a) California

Public

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

California

Crosspoint

Academy

Project,

Series

2020A

.125

07/01/55

1,749,143

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### High

#### Yield

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

700,000

California

Public

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Multicultural

Learning

Center

Project,

Series

2017A

.250

%

06/15/47

$

704,056

4,500,000

(a) California

Public

Finance

Authority,

Educational

Facility

Revenue

Bonds,

Crossroads

Christian

Schools,

Series

2020

.000

01/01/56

4,004,161

1,075,000

(a) California

School

Finance

Authority

Charter

School

Facility

Revenue

Bonds,

Grimmway

Schools-Obligated

Group,

Series

2016A

.000

07/01/46

1,074,943

755,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017

.000

06/01/37

758,868

2,000,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017

.000

06/01/47

1,898,420

2,090,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017

.000

06/01/54

1,910,640

1,000,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Ednovate

Obligated

Group,

Series

2018

.000

06/01/48

924,444

960,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Fenton

Schools

-

Obligated

Group,

Series

2020A

.000

07/01/40

963,579

3,175,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academy

Obligated

Group,

Series

2022A

.000

07/01/52

2,991,623

8,125,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academy

Obligated

Group,

Series

2022A

.125

07/01/62

7,562,835

305,000

(a) California

School

Finance

Authority

School

Facility

Revenue

Bonds,

Green

Dot

Public

Schools

California

Projects,

Series

2018A

.000

08/01/48

305,630

9,925,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Alta

Public

Schools

-

Obligated

Group,

Series

2020A

.000

06/01/59

9,564,062

1,710,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Alta

Public

Schools

-

Obligated

Group,

Series

2024

.625

06/01/44

1,693,375

1,225,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Alta

Public

Schools

-

Obligated

Group,

Series

2024

.875

06/01/54

1,170,785

3,375,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Alta

Public

Schools

-

Obligated

Group,

Series

2024

.000

06/01/64

3,223,970

585,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A

.000

08/01/35

585,288

1,040,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A

.000

08/01/40

1,040,361

1,600,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016

.000

08/01/41

1,600,485

460,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016

.000

08/01/46

456,373

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

867,550

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

348,507

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

4,721,554

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

4,682,306

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

2,376,919

1,300,000

California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

TEACH

Public

Schools

Obligated

Group,

Series

2016A

.875

06/01/52

1,301,373

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

1,600,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

TEACH

Public

Schools

Obligated

Group,

Series

2019A

.000

%

06/01/58

$

1,509,469

2,075,000

(a) California

School

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Pathways

to

College

Project,

Series

2023A

.250

06/15/43

2,157,671

6,740,000

(a) California

School

Finance

Authority,

Charter

School

Lease

Revenue

Bonds,

Pathways

to

College

Project,

Series

2023A

.375

06/15/53

6,856,123

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

2,415,174

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

4,791,416

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

1,324,947

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

1,008,770

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

5,044,442

5,045,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

City

Charter

School

Obligated

Group,

Series

2016A

.000

06/01/42

5,045,821

805,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Classical

Academies

Project,

Series

2017A

.000

10/01/44

809,344

235,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017

.000

06/01/37

236,629

235,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017

.000

06/01/47

223,635

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

1,698,077

1,150,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Ivy

Academia,

Series

2021A

.000

06/01/41

961,384

1,500,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Ivy

Academia,

Series

2021A

.000

06/01/51

1,069,928

1,000,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Ivy

Academia,

Series

2021A

.000

06/01/61

665,578

675,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Kepler

Neighborhood

School,

Series

2017A

.750

05/01/37

682,377

1,135,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Larchmont

Charter

School

Project

,

Series

2018A

.000

06/01/55

1,044,891

560,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Orange

County

Educational

Arts

Academy

Project,

Series

2023A

.625

06/01/43

571,608

700,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Orange

County

Educational

Arts

Academy

Project,

Series

2023A

.875

06/01/53

705,407

425,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023

.500

08/01/47

432,846

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

1,228,821

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

1,415,093

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

2,126,738

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### High

#### Yield

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

2,500,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2016A

.000

%

06/01/46

$

2,417,511

950,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2017A

.125

06/01/47

921,313

1,000,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2017A

.250

06/01/52

955,701

990,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

Obligated

Group,

Series

2017G

.000

06/01/37

996,265

925,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Public

Schools

Obligated

Group,

Series

2017G

.000

06/01/53

856,926

3,000,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Academy

Obligated

Group,

Series

2021A

.000

06/01/61

2,157,938

605,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Russell

Westbrook

Why

Not

Academy

Obligated

Group,

Series

2021A

.000

06/01/31

598,449

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

2,295,824

3,000,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

School's

Obligated

Group,

Series

2020A

.000

06/01/60

2,592,631

380,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

Schools

Obligated

Group,

Series

2020B

.000

06/01/27

376,876

1,435,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Scholarship

Prep

Public

School's

Obligated

Group,

Series

2023A

.000

06/01/63

1,430,488

490,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Social

Bonds

iLead

Lancaster

Project,

Series

2021A

.000

06/01/41

486,632

1,450,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Social

Bonds

iLead

Lancaster

Project,

Series

2021A

.000

06/01/51

1,297,474

3,250,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Urban

Discovery

Academy

Project,

Series

2024A

.000

06/01/54

3,021,137

335,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Urban

Discovery

Academy

Project,

Series

2024B

.000

06/01/34

347,816

1,000,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Valley

International

Preparatory

High

School

Project,

Series

2022A

.125

03/01/52

747,366

1,000,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Valley

International

Preparatory

High

School

Project,

Series

2022A

.250

03/01/62

729,690

2,000,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Vibrant

Minds

Charter

School

Project,

Series

2025

.000

04/15/55

2,038,894

750,000

(a) California

School

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

New

Designs

Charter

School

Adams

Campus

Project,

Series

2019A

.000

06/01/40

755,786

650,000

(a) California

School

Finance

Authority,

Educational

Facilities

Revenue

Bonds,

New

Designs

Charter

School

Adams

Campus

Project,

Series

2024A

.000

06/01/54

622,619

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

1,592,810

1,725,000

(a) California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

River

Springs

Charter

School

Project,

Series

2017A

.000

07/01/47

1,698,183

1,340,000

(a) California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

River

Springs

Charter

School

Project,

Series

2017A

.000

07/01/52

1,280,696

1,215,000

(a) California

School

Finance

Authority,

Educational

Facility

Revenue

Bonds,

River

Springs

Charter

School

Project,

Series

2023A

.750

07/01/42

1,283,529

520,000

California

School

finance

Authority,

School

Facility

Revenue

Bonds, ICEF

-

View

Park

Elementary

and

Middle

Schools,

Series

2014A

.625

10/01/34

520,298

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

1,000,000

California

School

finance

Authority,

School

Facility

Revenue

Bonds, ICEF

-

View

Park

Elementary

and

Middle

Schools,

Series

2014A

.875

%

10/01/44

$

1,000,158

520,000

California

School

finance

Authority,

School

Facility

Revenue

Bonds, ICEF

-

View

Park

Elementary

and

Middle

Schools,

Series

2014A

.000

10/01/49

519,994

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

3,050,626

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

1,000,166

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

2,001,026

9,200,000

(a) California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Granada

Hills

Charter

High

School

Obligated

Group,

Series

2019

.000

07/01/54

8,868,919

1,200,000

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Green

Dot

Public

Schools

California

Projects,

Series

2022A

.375

08/01/42

1,277,119

1,150,000

California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Green

Dot

Public

Schools

California

Projects,

Series

2022A

.750

08/01/52

1,199,374

725,000

(a) California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Refunding

Series

2023A

.250

07/01/48

736,175

1,355,000

(a) California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Series

2016A

.000

07/01/51

1,359,092

9,000,000

(b) California

State

University,

Systemwide

Revenue

Bonds,

Series

2024A,

(UB)

.000

11/01/49

8,865,652

4,325,000

(a) California

Statewide

Communities

Development

Authority

Revenue

Bonds,

California

Baptist

University,

Refunding

Series

2017A

.000

11/01/41

4,354,914

580,000

University

of

Puerto

Rico,

University

System

Revenue

Bonds,

Refunding

Series

2006P

.000

06/01/30

579,830

125,000

University

of

Puerto

Rico,

University

System

Revenue

Bonds,

Series

2006Q

.000

06/01/30

124,963

1,580,000

University

of

Puerto

Rico,

University

System

Revenue

Bonds,

Series

2006Q

.000

06/01/36

1,555,536

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

268,718,066

FINANCIAL

-

1.3%

12,030,000

(b) City

Of

Pasadena,

California,

General

Obligation

Bonds,

Series

2025,

(UB)

.000

09/01/54

12,879,671

TOTAL

FINANCIAL

12,879,671

HEALTH

CARE

-

6.6%

3,915,000

Antelope

Valley

Healthcare

District,

California,

Revenue

Bonds,

Series

2016A

.000

03/01/46

3,642,674

2,485,000

(b) California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019

.000

11/15/49

2,493,928

7,800,000

(b) California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Lucile

Salter

Packard

Children's

Hospitial

at

Stanford,

Series

2017A,

(UB)

.000

11/15/56

7,874,124

1,455,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Clinicas

del

Camino

Real,

Inc.,

Series

2020

.000

03/01/28

1,465,080

2,000,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Health

Centers

of

the

Central

Coast,

Inc.,

Series

2021A

.000

12/01/46

2,028,373

5,480,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

.250

11/01/41

5,503,609

5,700,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

.000

11/01/47

5,526,650

1,000,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

.250

11/01/47

1,000,339

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### High

#### Yield

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

(continued)

$

1,565,000

(b) California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A

.250

%

11/01/52

$

1,596,659

16,700,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A

.500

12/01/54

16,723,263

2,055,000

(a) California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

.000

12/01/41

2,060,370

2,280,000

(a) California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

.250

12/01/56

2,281,246

315,000

(a) California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A

.250

12/01/48

318,254

6,100,000

(c) Oroville,

California,

Revenue

Bonds,

Oroville

Hospital

Series

2019

.250

04/01/54

4,209,000

1,500,000

Palomar

Pomerado

Health

Care

District,

California,

Certificates

of

Participation,

Series

2017

.000

11/01/47

1,129,031

2,245,000

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016

.000

11/01/36

2,246,659

4,790,000

Palomar

Pomerado

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2016

.000

11/01/39

4,747,201

200,000

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Series

2017A

.000

07/01/42

201,085

TOTAL

HEALTH

CARE

65,047,545

HOUSING/MULTIFAMILY

-

17.4%

8,750,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2

.000

08/01/47

7,066,497

22,495,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A

.000

02/01/50

17,208,675

4,960,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2

.000

02/01/50

3,748,584

5,880,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A

.000

08/01/50

5,639,372

18,480,000

(a) California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A

.000

04/01/49

14,999,885

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

1,019,086

1,585,000

(a) California

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Redwood

Gardens

Apartments,

Subordinate

Lien

Series

2021N-S

.000

03/01/37

1,440,007

53,232

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1

.250

01/15/35

56,146

6,306,264

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1

.375

09/20/36

6,708,427

7,270,865

(d) California

Municipal

Finance

Agency,

Municipal

Certificates,

Series

2025-2

Class

.217

11/20/40

7,390,284

2,375,000

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Royal

York

Estates

Projects

Series

2020A

.000

02/15/55

1,939,288

2,980,000

(a) California

Municipal

Finance

Authority,

Revenue

Bonds,

Catalyst

Impact

Fund

LLC

Series

2024-II

.000

01/01/39

3,182,212

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

1,406,158

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

1,876,895

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

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

$

450,325

4,600,000

(a) California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Lancer

Educational

Student

Housing

Project,

Refunding

Series

2016A

.000

06/01/36

4,610,397

2,090,000

(a) California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Lancer

Educational

Student

Housing

Project,

Refunding

Series

2016A

.000

06/01/46

2,072,420

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

5,407,474

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

803,414

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

698,657

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

2,199,614

18,730,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-1

.500

10/01/46

16,421,792

5,000,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2

.000

10/01/56

4,165,729

3,375,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A

.000

01/01/54

3,011,359

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

1,576,779

5,915,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Link-Glendale,

Series

2021A-2

.000

07/01/56

4,619,490

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

17,815,604

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

6,240,715

2,000,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Monterrey

Station

Apartments,

Series

2021B

.000

07/01/58

1,224,895

4,000,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Oceanaire-Long

Beach,

Social

Series

2021A-2

.000

09/01/56

2,930,318

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

1,609,641

2,500,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2

.000

07/01/56

2,101,216

2,625,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Vineyard

Gardens

Apartments,

Senior

Lien

Series

2021A

.250

10/01/58

1,896,485

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

3,115,667

2,000,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021A-2

.000

12/01/58

1,561,622

2,145,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021B

.000

12/01/59

1,254,356

6,155,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1

.000

12/01/49

4,451,663

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### High

#### Yield

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

1,000,000

Independent

Cities

Finance

Authority,

California,

Mobile

Home

Park

Revenue

Bonds,

Palomar

Estates

West,

Refunding

Series

2015

.000

%

09/15/36

$

1,001,007

315,000

La

Verne,

California,

Mobile

Home

Park

Revenue

Bonds,

Copacabana

Mobile

Home

Park,

Refunding

Series

2014

.000

06/15/49

315,089

2,110,000

Palmdale

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Impression,

La

Quinta,

Park

Vista

&

Summerwood

Apartments,

Series

2015

.250

06/01/45

2,063,624

12,220,000

(a) Santa

Barbara

Housing

Authority,California,

Capital

Appreciation

Housing

Revenue

Bonds,

Subordinate

Multifamily

Bonds,

Jacaranda

Court

Series

2025A-S

.000

05/01/44

3,043,237

380,000

Santa

Clara

County

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Blossom

River

Project,

Series

1998A,

(AMT)

.500

09/01/39

380,135

TOTAL

HOUSING/MULTIFAMILY

170,724,240

TAX

OBLIGATION/GENERAL

-

8.9%

1,115,000

Denair

Unified

School

District,

Stanislaus

County,

California,

General

Obligation

Bonds,

Series

2002A

-

FGIC

Insured

.000

08/01/26

1,103,313

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

1,126,052

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

5,375,984

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

4,915,798

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

1,070,281

9,470,000

(b) Pittsburg

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Refunding

Series

2016,

(UB)

.000

08/01/44

9,477,832

2,000,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

.000

07/01/33

1,480,884

11,187,234

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

.000

07/01/41

10,858,032

5,750,000

(b) San

Diego

Public

Facilities

Financing

Authority,

California,

Lease

Revenue

Bonds,

Capital

Improvement

Projects,

Series

2021A,

(UB)

.000

10/15/50

5,569,529

11,500,000

(b) San

Francisco

Bay

Area

Rapid

Transit

District,

California,

General

Obligation

Bonds

Election

of

2016

Green

Series

2022D-1,

(UB)

.250

08/01/52

11,499,996

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

4,852,529

17,585,000

(b) Santa

Ana

Unified

School

District,

Orange

County,

California,

General

Obligation

Bonds,

2018

Election

Series

2022C,

(UB)

.250

08/01/50

17,516,494

12,460,000

(b) Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2015B,

(UB)

.000

08/01/45

12,459,442

TOTAL

TAX

OBLIGATION/GENERAL

87,306,166

TAX

OBLIGATION/LIMITED

-

31.9%

1,000,000

Adelanto

Community

Facilities

District

Number

2006-2,

San

Bernadino

County,

California,

Special

Tax

Bonds,

Series

2015A

.000

09/01/45

1,000,387

850,000

Alameda

Community

Facilities

District

No.

22-1,

California,

Alameda

Marina,

Special

Tax

Bonds,

Green

Series

2023

.000

09/01/48

868,131

1,250,000

Alameda

Community

Facilities

District

No.

22-1,

California,

Alameda

Marina,

Special

Tax

Bonds,

Green

Series

2023

.000

09/01/53

1,268,576

330,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

.000

09/01/28

311,593

240,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

.000

09/01/30

215,913

4,475,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

.000

09/01/34

3,553,735

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,985,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured

.000

%

09/01/35

$

1,517,174

660,000

Beaumont

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1,

Improvement

Area

Series

2023

.000

09/01/48

677,431

875,000

Beaumont

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1,

Improvement

Area

Series

2023

.000

09/01/53

888,981

1,900,000

Blythe

Redevelopment

Agency

Successor

Agency,

California,

Tax

Allocation

Bonds,

Redevelopment

Project

1,

Refunding

Series

2015

.000

05/01/38

1,901,978

1,500,000

Brea

Redevelopment

Agency,

Orange

County,

California,

Tax

Allocation

Bonds,

Project

Area

AB,

Series

2003

-

AMBAC

Insured

.000

08/01/28

1,412,434

1,700,000

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B

.000

09/02/36

1,701,115

3,605,000

California

Community

College

Financing

Authority,

Lease

Revenue

Bonds,

Refunding

Series

2003

-

AMBAC

Insured

.000

06/01/33

2,743,865

3,975,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2022C

.250

09/01/52

4,246,312

3,000,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2022D

.125

09/01/52

3,192,845

1,000,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024A

.125

09/01/54

1,015,551

1,070,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024B

.000

09/01/49

1,080,411

545,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024C

.000

09/01/44

567,604

885,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024C

.000

09/01/49

899,773

540,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024C

.700

09/01/54

519,110

1,000,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024C

.000

09/01/54

1,010,007

1,000,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024D

.000

09/01/49

1,018,092

1,000,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2024D

.000

09/01/54

1,008,621

1,000,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2020-06,

Series

2022B

.000

09/01/52

1,060,309

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

2,213,777

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

504,865

340,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-11

Improvement

Area

A

Hesperia

Silverwood,

Series

2024

.000

09/01/49

341,428

800,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-11

Improvement

Area

A

Hesperia

Silverwood,

Series

2024

.000

09/01/54

795,804

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

1,865,631

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

2,687,975

1,040,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-5

Sacramento

County-

The

GAP

Improvement

Area

2,

Series

2025

.000

09/01/50

1,056,853

1,100,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-5

Sacramento

County-

The

GAP

Improvement

Area

2,

Series

2025

.000

09/01/55

1,111,752

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### High

#### Yield

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

400,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-5,

Improvement

Area

Series

2023

.250

%

09/01/43

$

427,692

1,060,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

2023-5,

Improvement

Area

Series

2023

.625

09/01/53

1,113,729

875,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2012-02,

Manteca

Lifestyle

Center,

Series

2013A

.000

09/01/33

876,309

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

2,001,578

2,500,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2015-2

Rio

Bravo,

Series

2015A

.625

09/01/45

2,502,217

1,200,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2018-02,

McSweeny,

Improvement

Area

Series

2023

.250

09/01/53

1,235,826

340,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2020-02

Improvement

Area

Atwell,

Series

2022

.250

09/01/52

348,465

475,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2020-02

Improvement

Area

Atwell,

Series

2024

.000

09/01/49

485,155

650,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2020-02

Improvement

Area

Atwell,

Series

2024

.000

09/01/54

659,950

2,400,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2020-02

Improvement

Area

Atwell,

Series

2024

.000

09/01/55

2,438,491

2,000,000

California

Statewide

Communities

Development

Authority,

Special

Tax

Bonds,

Community

Facilities

District

2021-02

Citro,

Series

2023

.000

09/01/53

2,033,547

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

1,665,524

3,510,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Refunding

Series

2015R-1

.000

09/02/35

3,514,679

1,120,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Refunding

Series

2015R-1

.000

09/02/40

1,121,009

450,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2011A

.000

09/02/41

450,052

480,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2017A

.000

09/02/46

483,986

920,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2018B

.000

09/02/48

931,278

1,495,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2022C

.125

09/02/42

1,558,261

1,990,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2022C

.375

09/02/52

2,047,722

3,965,000

California

Statewide

Communities

Development

Authority,

Statewide

Infrastructure

Program

Revenue

Bonds,

Series

2020C

.000

09/02/40

3,974,935

1,085,000

Cathedral

City

Public

Financing

Authority,

California,

Tax

Allocation

Bonds,

Merged

Redevelopment

Project,

Series

2000A

-

NPFG

Insured

.000

08/01/33

862,922

740,000

Chino,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-3

Improvement

Area

10,

Series

2024. 5

.000

09/01/54

751,525

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,245,000

Chino,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-3

Improvement

Area

11,

Series

2025

.000

%

09/01/50

$

1,252,891

1,765,000

Chino,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-3

Improvement

Area

11,

Series

2025

.000

09/01/55

1,766,556

215,000

Compton

Public

Finance

Authority,

California,

Lease

Revenue

Bonds,

Refunding

&

Various

Capital

Projects,

Series

2008

-

AMBAC

Insured

.250

09/01/27

215,271

210,000

Compton

Public

Finance

Authority,

California,

Lease

Revenue

Bonds,

Refunding

&

Various

Capital

Projects,

Series

2008

-

AMBAC

Insured

.000

09/01/32

210,181

345,000

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2

Sierra

Bella,

Series

2022A

.000

09/01/51

350,154

625,000

Dixon,

California,

Special

Tax

Bonds,

Community

Facilities

District

2019-1

Homestead,

Improvement

Area

2,

Series

2024

.000

09/01/46

649,024

1,000,000

Dixon,

California,

Special

Tax

Bonds,

Community

Facilities

District

2019-1

Homestead,

Improvement

Area

2,

Series

2024

.000

09/01/54

1,017,672

1,000,000

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds, Improvement

Area

4,

Series

2022

.500

09/01/47

1,054,884

1,000,000

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds, Improvement

Area

4,

Series

2022

.500

09/01/51

1,043,197

1,250,000

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds, Improvement

Area

5,

Series

2023

.375

09/01/51

1,294,634

6,300,000

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds,

Improvement Area

2,

Series

2019

.000

09/01/39

6,528,560

250,000

El

Dorado

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-2,

Series

2006

.100

09/01/36

252,220

1,685,000

(a) Elsinore

Valley

Municipal

Water

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1

Horsethief

Area

1A,

Series

2021A

.000

09/01/41

1,649,969

1,245,000

(a) Elsinore

Valley

Municipal

Water

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2020-1

Horsethief

Area

1A,

Series

2021A

.000

09/01/51

1,084,483

1,565,000

(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

1,532,464

2,325,000

(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

2,031,374

430,000

Fairfield,

California,

Special

Tax

Bonds,

Community

Facilities

District

2007-1

Fairfield

Commons

Project,

Series

2008

.875

09/01/38

436,699

1,250,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

Russell

Ranch,

Series

2020

.125

09/01/47

1,294,598

1,300,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

Russell

Ranch,

Series

2020

.125

09/01/52

1,332,864

1,075,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

Folsom

Ranch

Improvement

Area

1,

Series

2020

.000

09/01/45

1,015,457

4,000,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

Folsom

Ranch

Improvement

Area

1,

Series

2022

.000

09/01/52

4,062,175

400,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

Folsom

Ranch

Improvement

Area

2,

Series

2024

.000

09/01/49

407,285

460,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

Folsom

Ranch

Improvement

Area

2,

Series

2024

.000

09/01/53

466,845

1,000,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

Folsom

Ranch

Improvement

Area

4,

Series

2024

.000

09/01/49

1,023,713

1,000,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

Folsom

Ranch

Improvement

Area

4,

Series

2024

.000

09/01/54

1,016,972

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### High

#### Yield

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,000,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Series

2022

.000

%

09/01/52

$

1,015,544

375,000

Fontana,

California, Special

Tax

Bonds,

Community

Facilities

District

106,

Mountain

View,

Series

2022

.250

09/01/38

387,830

500,000

Fontana,

California, Special

Tax

Bonds,

Community

Facilities

District

106,

Mountain

View,

Series

2022

.500

09/01/43

507,323

3,000,000

Fontana,

California,

Special

Tax

Bonds,

Community

Facilities

District

The

Gardens

Phase

One,

Series

2024

.000

09/01/49

3,062,693

2,620,000

Fontana,

California,

Special

Tax

Bonds,

Community

Facilities

District

The

Gardens

Phase

One,

Series

2024

.000

09/01/54

2,658,977

1,000,000

Hemet

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-7,

Series

2023

.000

09/01/43

1,058,267

1,000,000

Hemet

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-7,

Series

2023

.000

09/01/53

1,016,773

1,030,000

Imperial,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-1

Springfield,

Series

2015A

.000

09/01/36

1,031,283

155,000

Indio

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Area

Redevelopment

Project,

Subordinate

Lien

Refunding

Series

2008A

.250

08/15/28

155,447

3,380,000

Jurupa

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

9,

Series

2015A

.000

09/01/45

3,390,567

1,220,000

Lake

Elsinore

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-2,

Series

2005

.350

09/01/35

1,233,478

475,000

Lake

Elsinore,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1

Summerly

Improvement

Area

KK,

Series

2021

.000

09/01/42

463,768

600,000

Lammersville

Joint

Unified

School

District,

San

Joaquin

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-

Improvement

Area

Mountain

House

School

Facilities,

Series

2017

.000

09/01/47

603,728

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

615,654

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

963,246

925,000

Lincoln,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-1

Sorrento

Project,

Series

2014A

.000

09/01/39

925,858

1,815,000

Lincoln,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-1

Sorrento

Project,

Series

2014A

.000

09/01/43

1,816,059

1,750,000

Los

Angeles

County

Community

Facilities

District

2021-01,

California,

Special

Tax

Bond,

Valencia-Facilities

Improvement

Area

1,

Series

2022

.000

09/01/47

1,800,227

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

9,059,698

2,022,000

Manteca

Unified

School

District,

San

Joaquin

County,

California,

Certificates

of

Participation,

Series

2004

-

NPFG

Insured

.000

09/15/33

1,653,831

3,000,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A

.000

10/01/39

3,181,011

500,000

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1,

Series

2014

.125

09/01/39

500,753

500,000

Menifee

Union

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2006-1,

Series

2014

.250

09/01/44

491,231

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

1,370,011

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

2,058,787

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

965,279

750,000

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1,

Banner

Park

Series

2023A

.000

09/01/53

758,637

700,000

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2022-1,

Quartz

Ranch

Series

2023A

.000

09/01/48

719,094

1,000,000

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2022-1,

Quartz

Ranch

Series

2023A

.000

09/01/53

1,012,994

2,095,000

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2023-1,

Rockport

Ranch

Series

2024

.000

09/01/49

2,143,202

825,000

Murrieta,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-5

Golden

City

Improvement

Area

A,

Series

2017

.000

09/01/46

826,509

980,480

(c) Northstar

Community

Services

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

1,

Refunding

Series

2005

.908

09/01/28

215,706

2,926,584

(c) Northstar

Community

Services

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

1,

Refunding

Series

2005

.943

09/01/36

643,848

1,200,000

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

New

Haven

Facilities

-

Area

A,

Series

2017

.000

09/01/47

1,207,974

845,000

Ontario,

California,

Special

Tax

Bonds,

Community

Facilities

District

Parklane

Facilities,

Series

2022

.000

09/01/53

857,558

350,000

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1

Rienda,

Series

2022A

.000

08/15/42

369,927

3,400,000

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1

Rienda,

Series

2022A

.000

08/15/47

3,487,355

500,000

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2023-1

Rienda

Phase

2B,

Series

2023A

.500

08/15/53

522,285

1,230,000

Palmdale

Community

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Merged

Redevelopment

Project

Areas,

Series

2002

-

AMBAC

Insured

.000

12/01/30

1,088,537

2,990,000

Pittsburg

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Los

Medanos

Community

Development

Project,

Series

1999

-

AMBAC

Insured

.000

08/01/27

2,880,608

2,610,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

.536

07/01/53

2,448,912

2,670,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

.784

07/01/58

2,586,996

1,200,000

Rancho

Cardova,

California,

Special

Tax

Bonds,

Community

Facilities

District

2005-1

Sunridge

North

Douglas

Series

2015

.000

09/01/40

1,201,053

1,590,000

Rancho

Cordova,

California,

Special

Tax

Bonds,

Communities

Facilities

District

2014-1

Montelena,

Series

2022

.000

09/01/42

1,663,765

250,000

Rancho

Cordova,

California,

Special

Tax

Bonds,

Community

Facilities

District

2022-1

Arista

Del

Sol,

Improvement

Area

Series

2023

.000

09/01/38

268,165

525,000

Rancho

Cordova,

California,

Special

Tax

Bonds,

Community

Facilities

District

2022-1

Arista

Del

Sol,

Improvement

Area

Series

2023

.125

09/01/43

553,593

1,300,000

Rancho

Cordova,

California,

Special

Tax

Bonds,

Community

Facilities

District

2022-1

Arista

Del

Sol,

Improvement

Area

Series

2023

.375

09/01/53

1,345,581

585,000

Rancho

Cordova,

California,

Special

Tax

Bonds,

The

Ranch

Community

Facilities

District

2021-1,

Improvement

Area

No.

3,

Series

2025

.000

09/01/45

604,340

850,000

Rancho

Cordova,

California,

Special

Tax

Bonds,

The

Ranch

Community

Facilities

District

2021-1,

Improvement

Area

No.

3,

Series

2025

.000

09/01/50

861,830

1,085,000

Rancho

Cordova,

California,

Special

Tax

Bonds,

The

Ranch

Community

Facilities

District

2021-1,

Improvement

Area

No.

3,

Series

2025

.000

09/01/55

1,094,947

1,400,000

Rancho

Mirage,

California,

Special

Tax

Bonds,

Community

Facilities

District

Section

31,

Improvement

Area

Series

2024A

.000

09/01/54

1,416,927

1,755,000

Redwood

City

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Project

Area

2,

Series

2003A

-

AMBAC

Insured

.000

07/15/29

1,603,584

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### High

#### Yield

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,260,000

Redwood

City

Redevelopment

Agency,

California,

Tax

Allocation

Bonds,

Project

Area

2,

Series

2003A

-

AMBAC

Insured

.000

%

07/15/31

$

1,085,982

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

1,187,562

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

1,038,732

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

1,554,748

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

2,000,544

1,000,000

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2019-1

Phase

Public

Improvements,

Series

2019

.000

09/01/46

879,497

4,600,000

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2023-1

Improvement

Area

Public

Facilities,

Series

2025

.000

09/01/50

4,625,686

6,500,000

River

Islands

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2023-1

Improvement

Area

Public

Facilities,

Series

2025

.000

09/01/55

6,491,651

1,295,000

Riverside

County

Asset

Leasing

Corporation,

California,

Leasehold

Revenue

Bonds,

Riverside

County

Hospital

Project,

Series

1997

-

NPFG

Insured

.000

06/01/26

1,287,554

2,115,000

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

03-1

Newport

Road,

Series

2014

.000

09/01/30

2,133,942

2,000,000

Riverside

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

38,

Series

2025

.000

09/01/50

2,040,061

3,740,000

Riverside

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

38,

Series

2025

.000

09/01/55

3,791,323

1,500,000

Riverside

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

40,

Series

2025A

.000

09/01/45

1,558,160

2,375,000

Riverside

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

40,

Series

2025A

.000

09/01/50

2,420,164

2,000,000

Riverside

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

40,

Series

2025A

.000

09/01/55

2,029,284

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

784,791

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

866,418

935,000

Rohnert

Park

Community

Development

Agency,

California,

Tax

Allocation

Bonds,

Series

1999

.000

08/01/33

756,775

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

2,636,516

480,000

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

Creekview

Improvement

Area

2,

Series

2023

.000

09/01/43

501,091

1,500,000

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

Creekview

Improvement

Area

2,

Series

2023

.250

09/01/53

1,542,213

1,050,000

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

Hewlett

Parkard

Campus

Oaks,

Series

2016

.500

09/01/46

1,055,197

1,000,000

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

Ranch

at

Sierra

Vista,

Public

Facilities

Series

2023

.000

09/01/43

1,049,048

1,150,000

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

Ranch

at

Sierra

Vista,

Public

Facilities

Series

2023

.000

09/01/53

1,169,290

625,000

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

Villages

at

Sierra

Vista,

Series

2022

.500

09/01/52

593,513

1,100,000

Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

Westbrook,

Series

2014

.000

09/01/34

1,101,583

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,500,000

(a) Roseville,

California,

Special

Tax

Bonds,

Community

Facilities

District

Fiddyment

Ranch

Public

Facilities,

Series

2017

.000

%

09/01/47

$

1,509,536

2,500,000

Roseville,

California,

Special

Tax

Bonds,

Creekview

Phase

Community

Facilities

District

1,

Series

2025

.000

09/01/50

2,521,512

1,500,000

Roseville,

California,

Special

Tax

Bonds,

Creekview

Phase

Community

Facilities

District

1,

Series

2025

.000

09/01/55

1,503,573

2,755,000

Roseville,

California,

Special

Tax

Bonds,

SVSP

Westpark-Federico

Community

Facilities

District

1,

Series

2022

.000

09/01/52

2,770,261

230,000

Sabal

Palm

Community

Development

District,

Florida,

Special

Assessment

Bonds,

Series

2016

.500

11/01/46

231,105

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)

.117

12/01/33

2,695,015

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

3,662,871

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

3,655,004

240,000

Sacramento,

California,

Special

Tax

Bonds,

Community

Facilities

District

05-1

College

Square,

Series

2007

.900

09/01/37

243,038

1,900,000

(a) Sacramento,

California,

Special

Tax

Bonds,

North

Natomas

Community

Facilities

District

7,

Series

2017-01

.000

09/01/47

1,910,713

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

1,358,430

345,000

San

Bernardino

County

Financing

Authority,

California,

Revenue

Bonds,

Courthouse

Facilities

Project,

Series

2007

-

NPFG

Insured

.500

06/01/37

368,380

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

550,478

905,000

(a) San

Francisco

City

and

County

Infrastructure

and

Revitalization

Financing

District

Treasure

Island,

California,

Tax

Increment

Revenue

Bonds,

Facilities

Increment

Series

2023A

.000

09/01/43

911,765

1,525,000

(a) San

Francisco

City

and

County

Infrastructure

and

Revitalization

Financing

District

Treasure

Island,

California,

Tax

Increment

Revenue

Bonds,

Facilities

Increment

Series

2023A

.500

09/01/53

1,535,081

2,250,000

(a) San

Francisco

City

and

County

Infrastructure

and

Revitalization

Financing

District

Treasure

Island,

California,

Tax

Increment

Revenue

Bonds,

Facilities

Increment

Series

2025A

.000

09/01/55

2,209,733

1,500,000

(a) San

Francisco

City

and

County

Infrastructure

and

Revitalization

Financing

District

Treasure

Island,

California,

Tax

Increment

Revenue

Bonds,

Housing

Increment

Series

2022B

.000

09/01/52

1,467,793

2,100,000

(a) San

Francisco

City

and

County

Infrastructure

and

Revitalization

Financing

District

Treasure

Island,

California,

Tax

Increment

Revenue

Bonds,

Housing

Increment

Series

2025B

.000

09/01/55

2,046,820

770,000

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

773,973

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

1,251,107

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

1,526,406

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

Series

2023C

.750

09/01/53

1,052,694

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

1,087,096

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### High

#### Yield

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

1,812,625

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

1,186,042

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

994,139

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

2,134,015

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

953,718

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

1,655,855

1,210,000

Stockton,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2

Westlake

Villages

II

Improvement

Area

4,

Series

2025

.000

09/01/45

1,248,120

2,600,000

Stockton,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2

Westlake

Villages

II

Improvement

Area

4,

Series

2025

.000

09/01/50

2,638,166

4,000,000

Stockton,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2

Westlake

Villages

II

Improvement

Area

4,

Series

2025

.000

09/01/55

4,033,645

5,000,000

Stockton,

California,

Special

Tax

Revenue

Bonds,

Community

Facilities

District

19-1,

Cannery

Park

II,

Series

2022

.000

09/01/52

5,055,415

5,400,000

Sulphur

Springs

Union

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-1,

Series

2022

.500

09/01/52

5,051,473

1,045,000

(a) Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017

.250

09/01/47

1,070,343

1,750,000

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2023A

.000

09/01/49

1,783,137

1,700,000

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

23-02

Prado,

Series

2025

.000

09/01/50

1,726,251

3,250,000

Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

23-02

Prado,

Series

2025

.000

09/01/56

3,281,692

1,195,000

Tracy,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Tracy

Hills, Improvement

Area

1,

Series

2019

.000

09/01/49

1,201,708

2,700,000

Tracy,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Tracy

Hills, Improvement

Area

2,

Series

2023

.875

09/01/53

2,866,309

1,000,000

Val

Verde

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2,

Stratford

Improvement

Area

Series

2023

.000

09/01/54

1,016,357

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

700,268

1,000,000

(a) Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2014C

.000

10/01/39

1,000,188

350,000

West

Patterson

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1

Arambel-KDN,

Refunding

Series

2015

.250

09/01/35

350,553

785,000

West

Patterson

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1

Arambel-KDN,

Refunding

Series

2015

.250

09/01/45

785,466

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

1,887,474

600,000

Wildomar,

California,

Special

Tax

Bonds,

Community

Facilities

District

2023-1

Avalino,

Series

2026

.000

09/01/51

610,890

550,000

Wildomar,

California,

Special

Tax

Bonds,

Community

Facilities

District

2023-1

Avalino,

Series

2026

.000

09/01/55

559,225

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

1,447,553

290,000

(c) Yorkville

United

City

Business

District,

Illinois,

Storm

Water

and

Water

Improvement

Project

Revenue

Bonds,

Series

2007

.800

01/01/27

98,600

TOTAL

TAX

OBLIGATION/LIMITED

313,290,053

TRANSPORTATION

-

7.0%

10,845,000

(b) Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A,

(UB)

.000

01/15/46

10,652,250

5,000,000

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

2013A

-

AGM

Insured

.000

01/15/37

3,583,623

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

10,167,484

375,174

Puerto

Rico

Highway

and

Transportation

Authority

Highway

Revenue

Bonds

Series

2022

.250

07/01/38

375,257

10,000,000

(b) San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

International

Senior

Series

2023B,

(AMT),

(UB)

.250

07/01/58

10,405,933

5,000,000

(b) San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B,

(AMT),

(UB)

.000

07/01/51

5,081,419

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

21,775,296

5,165,000

(b) San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D,

(AMT),

(UB)

.000

05/01/48

5,225,204

100,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B

.250

01/15/49

100,061

50,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Series

1997A

-

NPFG

Insured

.000

01/15/31

43,380

1,200,000

(a) West

Indian

Company

Limited,

Virgin

Islands,

Port

Facilities

Revenue

Bonds

WICO

Financing

Series

2022B,

(AMT)

.500

04/01/52

1,187,940

TOTAL

TRANSPORTATION

68,597,847

U.S.

GUARANTEED

-

0.2%

(e) 2,320,000

Anaheim

Public

Financing

Authority,

California,

Lease

Revenue

Bonds,

Public

Improvement

Project,

Series

1997C

-

AGM

Insured,

(ETM)

.000

09/01/35

1,809,570

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

273,538

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

273,537

TOTAL

U.S.

GUARANTEED

2,356,645

UTILITIES

-

18.9%

17,110,000

(b),(d)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2021B-1,

(Mandatory

Put

8/01/31),

(UB)

.000

02/01/52

17,785,614

6,000,000

(b),(d)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023E-1,

(Mandatory

Put

3/01/31),

(UB)

.000

02/01/54

6,492,391

17,555,000

(b),(d)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023F,

(Mandatory

Put

11/01/30),

(UB)

.500

10/01/54

19,301,917

19,950,000

(b),(d)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023G,

(Mandatory

Put

4/01/30),

(UB)

.250

11/01/54

21,523,963

1,000,000

(d) California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2025C,

(Mandatory

Put

10/01/33)

.000

12/01/55

1,085,757

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### High

#### Yield

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

10,000,000

(b),(d)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2025C,

(Mandatory

Put

10/01/33),

(UB)

.000

%

12/01/55

$

10,857,566

10,000,000

(b),(d)

California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2025D,

(Mandatory

Put

7/01/34),

(UB)

.000

10/01/55

10,662,683

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

1,154,010

48,170,000

(b),(d)

Central

Valley

Energy

Authority,

California,

Commodity

Supply

Revenue

Bonds,

Series

2025,

(Mandatory

Put

8/01/35),

(UB)

.000

12/01/55

53,503,180

25,000

Long

Beach

Bond

Finance

Authority,

California,

Natural

Gas

Purchase

Revenue

Bonds,

Series

2007A

.500

11/15/28

26,931

7,185,000

(b) M-S-R

Energy

Authority,

California,

Gas

Revenue

Bonds,

Citigroup

Prepay

Contracts,

Series

2009C,

(UB)

.000

11/01/34

8,928,376

295,000

Pico

Rivera

Water

Authority,

California,

Revenue

Bonds,

Refunding

Water

System

Project,

Series

1999A

-

NPFG

Insured

.500

05/01/29

308,063

1,500,000

(a) Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A

.000

07/01/47

1,503,363

5,000

(a) Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B

.000

07/01/37

5,221

8,000,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Federally

Taxable

Build

America

Bonds,

Series

2010YY

.125

07/01/40

4,609,742

1,140,000

Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

National

Series

2007VV

-

NPFG

Insured

.250

07/01/34

1,167,874

1,030,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Refunding

Series

2010DDD

.625

01/01/27

632,022

85,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2003NN

.500

01/01/26

49,953

3,000,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010AAA

.250

07/01/27

1,759,570

1,020,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010AAA

.250

07/01/31

601,141

1,000,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ

.250

07/01/26

601,223

165,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ

.000

01/01/27

97,971

1,695,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2010ZZ

.000

01/01/27

1,016,981

1,415,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Series

2013A

.800

07/01/29

846,412

2,000,000

(c) Puerto

Rico

Electric

Power

Authority,

Power

Revenue

Bonds,

Taxable

Series

2010BBB

.400

07/01/28

1,176,468

25,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Refunding

Series

2005SS

.625

07/01/30

15,143

1,950,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2007TT

.000

07/01/32

1,151,889

915,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2008WW

.375

01/01/27

539,630

1,000,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2008WW

.250

07/01/33

590,024

295,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2008WW

.500

07/01/38

172,827

500,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010AAA

.250

07/01/25

294,755

135,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010CCC

.000

07/01/26

80,158

200,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010CCC

.800

07/01/27

121,799

1,445,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010XX

.625

07/01/25

865,126

1,000,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010XX

.250

07/01/35

595,603

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

275,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2010ZZ

.250

%

07/01/25

$

163,361

220,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2013A

.250

07/01/30

125,330

4,430,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2013A

.750

07/01/36

2,546,460

5,385,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Series

2013A

.000

07/01/42

3,289,953

2,380,000

(c) Puerto

Rico

Electric

Power

Authority,

Revenue

Bonds,

Taxable

Series

2010EEE

.950

07/01/30

1,381,713

1,000,000

Southern

California

Public

Power

Authority,

Natural

Gas

Project

Revenue

Bonds,

Series

2007A

.000

11/01/29

1,076,374

220,000

Southern

California

Public

Power

Authority,

Natural

Gas

Project

Revenue

Bonds,

Series

2007A

.000

11/01/33

249,259

2,002,679

(a) Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Bond

Anticipation

Notes,

Series

2024A

.000

07/01/26

2,014,850

137,170

(a) Virgin

Islands

Water

and

Power

Authority,

Electric

System

Revenue

Bonds,

Refunding

Series

2024B

.250

07/01/26

137,408

5,020,000

West

County

Facilities

Financing

Authority,

California,

Wastewater

Revenue

Bonds,

Green

Series

2021

.000

06/01/46

4,963,595

TOTAL

UTILITIES

186,073,649

TOTAL

MUNICIPAL

BONDS

(Cost

$1,191,294,522)

1,191,663,099

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$1,191,294,522)

1,191,663,099

FLOATING

RATE

OBLIGATIONS

-

(24.2)%

(237,780,000)

OTHER

ASSETS

&

LIABILITIES,

NET

-

2.9%

28,203,444

NET

ASSETS

-

100%

$

982,086,543

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

fiscal

period,

the

aggregate

value

of

these

securities

is

$392,082,199

or

32.9%

of

Total

Investments.

(b) Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(c) 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) Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

when

applicable. For

mortgage-backed

or

asset-backed

securities

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(e) Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026

#### California

#### Municipal

#### Bond
*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

99.0%

X

1,657,189,741

MUNICIPAL

BONDS

-

99.0%

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

$

329,975

TOTAL

CONSUMER

STAPLES

329,975

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

10.5%

5,825,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

Master's

University,

Series

2025

.000

08/01/45

5,860,813

2,040,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Pacific,

Series

2023

.000

11/01/43

2,248,411

3,240,000

California

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

the

Pacific,

Series

2023

.250

11/01/48

3,208,035

2,435,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

California

Science

Center

Phase

III

Project,

Green

Series

2021B

.000

05/01/41

2,494,492

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

2,873,347

20,175,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

UCSF

Clinical

and

Life

Sciences

Building,

Series

2025

.500

05/15/55

20,327,860

2,000,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

UCSF

Clinical

and

Life

Sciences

Building,

Series

2025

.250

05/15/59

2,158,716

500,000

California

Municipal

Finance

Authority

Charter

School

Revenue

Bonds,

John

Adams

Academies,

Inc.

Project,

Series

2015A

.250

10/01/45

499,978

3,250,000

California

Municipal

Finance

Authority,

Academic

Facilities

Revenue

Bonds,

Scripps

College

Series

2025

.000

07/01/50

3,416,604

1,225,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Goodwill

Industries

of

Sacramento

Valley

&

Northern

Nevada

Project,

Series

2014A

.000

01/01/35

1,087,005

8,595,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

(AMT)

.000

12/31/47

7,739,846

6,980,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Linxs

APM

Project,

Senior

Lien

Series

2018A,

(AMT)

.000

12/31/47

7,018,204

445,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017

.000

06/01/27

448,306

250,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Bright

Star

Schools

-

Obligated

Group,

Series

2017

.000

06/01/54

228,546

2,935,000

(a) California

School

Finance

Authority

Charter

School

Revenue

Bonds,

Fenton

Schools

-

Obligated

Group,

Series

2020A

.000

07/01/50

2,695,938

1,045,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A

.000

08/01/40

1,045,362

1,100,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2015A

.000

08/01/45

1,099,991

450,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016

.000

08/01/36

450,236

460,000

(a) California

School

Finance

Authority,

California,

Charter

School

Revenue

Bonds,

Aspire

Public

Schools,

Refunding

Series

2016

.000

08/01/46

456,373

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

1,585,796

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

784,968

235,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Community

High

School

Foundation

Inc,

Series

2017

.000

06/01/47

223,634

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

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

375,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Kepler

Neighborhood

School,

Series

2017A

.750

%

05/01/37

$

379,098

720,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Lifeline

Education

Charter

School

Project,

Series

2020A

.000

07/01/55

687,727

550,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Partnerships

to

Uplift

Communities

Project,

Refunding

Social

Series

2023

.500

08/01/43

574,023

285,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2016A

.000

06/01/36

285,133

250,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Rocketship

Education

Obligated

Group,

Series

2017A

.250

06/01/52

238,925

280,000

(a) California

School

Finance

Authority,

Charter

School

Revenue

Bonds,

Stem

Preparatory

Schools

Obligated

Group,

Series

2023A

.000

06/01/43

283,850

750,000

(a) California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2015A

.000

07/01/45

750,124

830,000

(a) California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Alliance

for

College-Ready

Public

Schools

Project,

Series

2016A

.000

07/01/46

830,062

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

5,237,307

3,125,000

(a) California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Granada

Hills

Charter

High

School

Obligated

Group,

Series

2019

.000

07/01/49

3,066,192

680,000

(a) California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Granada

Hills

Charter

High

School

Obligated

Group,

Series

2021A

.000

07/01/48

577,202

545,000

(a) California

School

Finance

Authority,

School

Facility

Revenue

Bonds,

Value

Schools,

Refunding

Series

2023A

.000

07/01/40

565,622

15,325,000

California

State

University,

Systemwide

Revenue

Bonds,

Series

2017A

.000

11/01/47

15,546,379

3,100,000

California

State

University,

Systemwide

Revenue

Bonds,

Series

2018A

.000

11/01/43

3,246,953

15,665,000

California

State

University,

Systemwide

Revenue

Bonds,

Series

2018A

.000

11/01/48

16,125,675

5,210,000

California

State

University,

Systemwide

Revenue

Bonds,

Series

2019A

.000

11/01/49

5,409,253

1,115,000

San

Diego

County,

California,

Limited

Revenue

Obligations,

Sanford

Burnham

Prebys

Medical

Discovery

Institute,

Series

2015A

.000

11/01/28

1,117,436

11,620,000

University

of

California,

General

Revenue

Bonds,

Limited

Project

Series

2018O

.000

05/15/43

12,106,318

20,000,000

(c) University

of

California,

General

Revenue

Bonds,

Series

2025CF

.000

05/15/26

20,107,340

20,000,000

(c) University

of

California,

General

Revenue

Bonds,

Series

2025CF

.000

11/15/26

20,408,956

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

176,042,036

FINANCIALS

-

0.0%

6,811

Cofina

Class

Trust

Tax-Exempt

Class

2047,

Puerto

Rico.

Unit

Exchanged

From

Cusip

74529JAN5

.000

08/01/47

2,261

TOTAL

FINANCIALS

2,261

HEALTH

CARE

-

16.4%

17,205,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2016B

.000

11/15/46

17,368,633

3,815,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Refunding

Series

2017A

.000

11/15/48

3,858,975

1,225,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A

.000

11/15/36

1,272,680

11,100,000

California

Health

Facilities

Financing

Authority,

California,

Revenue

Bonds,

Sutter

Health,

Series

2018A

.000

11/15/48

11,227,947

7,000,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Cedars-Sinai

Health

System,

Series

2021A

.000

08/15/48

6,702,484

3,850,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Children's

Hospital

Los

Angeles,

Series

2017A

.000

08/15/47

3,826,935

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

(continued)

$

6,100,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2012A

.000

%

11/15/39

$

6,101,315

7,850,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019

.000

11/15/45

7,370,085

11,270,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

City

of

Hope

National

Medical

Center,

Series

2019

.000

11/15/49

11,310,489

10,750,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A

.000

04/01/40

10,947,719

3,175,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A

.000

04/01/45

3,056,621

35,085,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A

.000

04/01/49

32,622,486

1,825,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

Providence

Health

&

Services,

Series

2014B

.000

10/01/44

1,826,436

2,000,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Adventist

Health

Energy

Projects,

Series

2024A

.000

07/01/44

2,079,838

32,335,000

California

Infrastructure

and

Economic

Development

Bank,

Revenue

Bonds,

Adventist

Health

Energy

Projects,

Series

2024A

.250

07/01/49

33,232,794

5,300,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Community

Medical

Centers,

Series

2017A

.000

02/01/47

5,320,478

250,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

Eisenhower

Medical

Center,

Refunding

Series

2017A

.000

07/01/47

250,730

1,810,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

.250

11/01/36

1,823,565

11,500,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

.250

11/01/41

11,549,544

6,750,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

.000

11/01/47

6,544,717

3,810,000

California

Municipal

Finance

Authority,

Revenue

Bonds,

NorthBay

Healthcare

Group,

Series

2017A

.250

11/01/47

3,811,293

2,950,000

California

Municipal

Financing

Authority,

Certificates

of

Participation,

Palomar

Health,

Series

2022A

.250

11/01/52

3,009,676

2,000,000

California

Public

Finance

Authority,

Revenue

Bonds,

Henry

Mayo

Newhall

Hospital,

Series

2017

.000

10/15/47

2,001,509

15,050,000

California

Public

Finance

Authority,

Revenue

Bonds,

Sharp

HealthCare,

Series

2017A

.000

08/01/47

15,324,064

4,000,000

California

Statewide

Communities

Development

Authority,

California,

Redlands

Community

Hospital,

Revenue

Bonds,

Series

2016

.000

10/01/46

4,025,627

6,000,000

California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2014A

.250

12/01/44

6,008,003

20,750,000

(a) California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2016A

.250

12/01/56

20,761,336

8,400,000

(a) California

Statewide

Communities

Development

Authority,

California,

Revenue

Bonds,

Loma

Linda

University

Medical

Center,

Series

2018A

.500

12/01/58

8,553,533

1,305,000

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Series

2015A

.000

03/01/35

1,306,202

10,875,000

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Adventist

Health

System/West,

Series

2018A

.000

03/01/48

10,966,026

10,000,000

California

Statewide

Communities

Development

Authority,

Revenue

Bonds,

Marin

General

Hospital,

Green

Series

2018A

.000

08/01/45

9,274,786

1,000,000

California

Statewide

Community

Development

Authority,

Certificates

of

Participation,

Methodist

Hospital

of

Southern

California,

Series

2018

.000

01/01/48

1,016,301

1,365,000

California

Statewide

Community

Development

Authority,

Health

Revenue

Bonds,

Enloe

Medical

Center,

Refunding

Series

2022A

-

AGM

Insured

.250

08/15/52

1,399,512

5,000,000

Palomar

Health

System,

California,

Revenue

Bonds,

Refunding

Series

2017

.000

11/01/42

4,905,401

1,630,000

Upland,

California,

Certificates

of

Participation,

San

Antonio

Regional

Hospital,

Series

2017

.000

01/01/47

1,644,186

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

(continued)

$

2,800,000

Washington

Township

Health

Care

District,

California,

Revenue

Bonds,

Series

2017A

.000

%

07/01/42

$

2,815,191

TOTAL

HEALTH

CARE

275,117,117

HOUSING/MULTIFAMILY

-

15.9%

4,670,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Creekwood,

Series

2021A

.000

02/01/56

3,067,532

15,920,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Glendale

Properties,

Junior

Series

2021A-2

.000

08/01/47

12,856,987

30,005,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Serenity

at

Larkspur

Apartments,

Series

2020A

.000

02/01/50

22,953,825

560,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Summit

at

Sausalito

Apartments,

Series

2021A-2

.000

02/01/50

423,227

425,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

The

Arbors,

Series

2020A

.000

08/01/50

407,608

2,850,000

(a) California

Community

Housing

Agency,

California,

Essential

Housing

Revenue

Bonds,

Verdant

at

Green

Valley

Apartments,

Series

2019A

.000

08/01/49

2,681,766

25,810,000

(a) California

Community

Housing

Agency,

Workforce

Housing

Revenue

Bonds,

Annadel

Apartments,

Series

2019A

.000

04/01/49

20,949,515

10,057,588

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2019-2

.000

03/20/33

10,476,607

11,895,213

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series

2021-1

.500

11/20/35

12,178,165

1,347,418

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Series2019-1

.250

01/15/35

1,421,185

9,545,386

California

Housing

Finance

Agency,

Municipal

Certificate

Revenue

Bonds,

Class

A

Social

Certificates

Series

2023-1

.375

09/20/36

10,154,113

8,198,424

(d) California

Municipal

Finance

Agency,

Municipal

Certificates,

Series

2025-2

Class

.217

11/20/40

8,333,077

2,900,000

California

Municipal

Finance

Authority,

Mobile

Home

Park

Revenue

Bonds,

Caritas

Projects,

Social

Series

2024A

.000

08/15/59

2,945,781

2,630,000

California

Statewide

Community

Development

Authority,

Multifamily

Housing

Revenue

Senior

Bonds,

Westgate

Courtyards

Apartments,

Series

2001X-1

-

AMBAC

Insured,

(AMT)

.420

12/01/34

2,631,269

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

18,225,191

5,675,000

(a) CMFA

Special

Finance

Agency,

California,

Essential

Housing

Revenue

Bonds,

Enclave

Apartments,

Senior

Series

2022A-1

.000

08/01/58

4,400,382

920,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

777

Place-Pomona,

Senior

Lien

Series

2021A-1

.600

05/01/47

784,270

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

6,098,366

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

4,400,094

2,000,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-1

.500

10/01/46

1,753,528

26,965,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Altana

Glendale,

Series

2021A-2

.000

10/01/56

22,465,777

16,355,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Center

City

Anaheim,

Series

2020A

.000

01/01/54

14,592,824

2,480,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-1

.875

08/01/41

2,402,925

4,640,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Jefferson-Anaheim

Series

2021A-2

.125

08/01/56

3,562,587

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

15,302,946

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

$

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

$

1,337,895

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

3,167,030

395,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Orange

City

Portfolio,

Mezzanine

Lien

Series

2021B

.000

03/01/57

298,266

15,125,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Parallel-Anaheim

Series

2021A

.000

08/01/56

13,900,410

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

2,872,180

5,730,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Union

South

Bay,

Series

2021A-2

.000

07/01/56

4,815,987

7,475,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Vineyard

Gardens

Apartments,

Senior

Lien

Series

2021A

.250

10/01/58

5,400,466

2,100,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Waterscape

Apartments,

Mezzanine

Lien

Series

2021B

.000

09/01/46

1,803,643

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

2,899,736

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

10,044,171

2,100,000

CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Mezzanine

Lien

Series

2021A-2

.000

12/01/58

1,639,703

7,545,000

(a) CSCDA

Community

Improvement

Authority,

California,

Essential

Housing

Revenue

Bonds,

Wood

Creek

Apartments,

Senior

Lien

Series

2021A-1

.000

12/01/49

5,456,994

2,480,000

Los

Angeles

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Clarendon

Apartments,

Senior

Series

2024A

.400

12/01/54

2,338,044

4,325,000

Los

Angeles

Housing

Authority,

California,

Multifamily

Housing

Revenue

Bonds,

Clarendon

Apartments,

Senior

Series

2024A

.550

12/01/61

4,234,548

TOTAL

HOUSING/MULTIFAMILY

265,678,620

TAX

OBLIGATION/GENERAL

-

13.0%

1,000,000

Acalanes

Union

High

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Refunding

Series

2010A

.000

08/01/26

991,142

8,000,000

Antioch

Unified

School

District,

Contra

Costa

County,

California,

General

Obligation

Bonds,

Election

2024

Series

2024A

.000

08/01/47

7,895,826

5,570,000

(e) Bakersfield

City

School

District,

Kern

County,

California,

General

Obligation

Bonds,

Series

2012C

.000

05/01/42

4,741,357

2,500,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2016

.000

09/01/45

2,514,593

835,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2016

.000

09/01/46

839,301

22,700,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2018

.000

10/01/47

22,716,215

1,770,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020

.000

11/01/45

1,769,957

5,000,000

California

State,

General

Obligation

Bonds,

Various

Purpose

Series

2025

.000

08/01/50

5,411,021

3,385,000

Chino

Valley

Unified

School

District,

San

Bernardino

County,

California,

General

Obligation

Bonds,

2016

Election

Series

2020B

.000

08/01/55

3,511,145

4,900,000

Corona-Norco

Unified

School

District,

Riverside

County,

California,

General

Obligation

Bonds,

Election

2014,

Series

2019C

.000

08/01/49

4,720,107

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/GENERAL

(continued)

$

2,745,000

Grossmont-Cuyamaca

Community

College

District,

California,

General

Obligation

Bonds,

Refunding

Series

2018

.000

%

08/01/47

$

2,723,128

7,000,000

Hacienda

La

Puente

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

2016

Election,

Series

2017A

.000

08/01/47

6,924,453

30,000

Long

Beach

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2008,

Series

2009A

.500

08/01/29

30,331

38,460,000

Los

Angeles

County,

California,

Tax

and

Revenue

Anticipation

Notes,

Series

2025-26

.000

06/30/26

38,828,270

38,160,000

Los

Angeles,

California,

General

Obligation

Bonds,

Tax

&

Revenue

Anticipation

Notes,

Series

2025

.000

06/25/26

38,492,801

6,225,000

Manteca

Unified

School

District,

San

Joaquin

County,

California,

General

Obligation

Bonds,

Election

2014

Series

2017B

.000

08/01/42

6,252,030

10,000,000

Marin

Healthcare

District,

Marin

County,

California,

General

Obligation

Bonds,

2013

Election,

Series

2015A

.000

08/01/40

10,002,450

4,040,000

Morgan

Hill

Unified

School

District,

Santa

Clara

County,

California,

General

Obligation

Bonds,

Election

2012

Series

2017B

.000

08/01/47

4,041,216

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

2,434,488

8,890,000

Mount

San

Antonio

Community

College

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

of

2024,

Series

2025A

.250

08/01/55

9,711,832

9,440,000

Paramount

Unified

School

District,

Los

Angeles

County,

California,

General

Obligation

Bonds,

Election

2006

Series

2011

.375

08/01/45

10,994,583

7,070,089

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

.000

07/01/33

5,234,992

6,985,000

Rio

Hondo

Community

College

District,

California,

General

Obligation

Bonds,

2024

Election,

Series

2025A

.250

08/01/55

7,556,849

1,535,000

(e) San

Leandro

Unified

School

District,

Alameda

County,

California,

General

Obligation

Bonds,

Election

2006

Series

2010C

-

AGC

Insured

.000

08/01/39

1,631,626

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

2,027,179

3,080,000

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2004

Election

Series

2013B

.000

08/01/43

3,081,402

645,000

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2013A

.500

08/01/40

649,157

8,640,000

Washington

Township

Health

Care

District,

Alameda

County,

California,

General

Obligation

Bonds,

2012

Election

Series

2015B

.000

08/01/45

8,639,613

3,500,000

(e) Yosemite

Community

College

District,

California,

General

Obligation

Bonds,

Capital

Appreciation,

Election

2004,

Series

2010D

.000

08/01/42

3,345,253

TOTAL

TAX

OBLIGATION/GENERAL

217,712,317

TAX

OBLIGATION/LIMITED

-

8.3%

1,035,000

Beaumont,

California,

Special

Tax

Bonds,

Community

Facilities

District

93-1

Improvement

Area

8D,

Series

2018A

.000

09/01/48

1,044,995

1,655,000

Bell

Community

Housing

Authority,

California,

Lease

Revenue

Bonds,

Series

2005

-

AMBAC

Insured

.000

10/01/36

1,655,518

355,000

Brea

and

Olinda

Unified

School

District,

Orange

County,

California,

Certificates

of

Participation

Refunding,

Series

2002A

-

AGM

Insured

.125

08/01/26

355,675

200,000

Brentwood

Infrastructure

Financing

Authority,

California,

Infrastructure

Revenue

Bonds,

Refunding

Subordinated

Series

2014B

.000

09/02/36

200,131

1,760,000

California

Community

College

Financing

Authority,

Lease

Revenue

Bonds,

Refunding

Series

2003

-

AMBAC

Insured

.000

06/01/33

1,339,585

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

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

$

2,148,848

750,000

California

Municipal

Finance

Authority,

Special

Tax

Revenue

Bonds,

Bold

Program,

Series

2020A

.000

09/01/45

700,084

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

4,330,477

335,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2011A

.000

09/02/41

335,039

945,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2016B

.000

09/02/46

947,581

1,000,000

California

Statewide

Communities

Development

Authority,

Statewide

Community

Infrastructure

Program

Revenue

Bonds,

Series

2018A

.000

09/02/47

1,012,268

775,000

City

of

Dublin,

California,

Community

Facilities

District

No.

2015-

1,

Dublin

Crossing,

Improvement

Area

No.

1,

Special

Tax

Bonds,

Series

2017

.000

09/01/37

792,931

800,000

Corona,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-1

Bedford,

Series

2018A

.000

09/01/43

811,052

1,800,000

Dublin

Community

Facilities

District

2015-1

Dublin

Crossing,

California,

Special

Tax

Bonds,

Improvement Area

2,

Series

2019

.000

09/01/44

1,845,828

1,000,000

Folsom

Ranch

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Folsom

Community

Facilities

District

Mangini

Ranch,

Series

2019

.000

09/01/49

1,012,500

1,000,000

Huntington

Beach,

California,

Special

Tax

Bonds,

Community

Facilities

District

2003-1

Huntington

Center,

Refunding

Series

2013

.375

09/01/33

1,001,624

4,585,000

Irvine

Facilities

Financing

Authority,

California,

Special

Tax

Revenue

Bonds,

Great

Park

Infrastructure

Project

Series

2023A

.000

09/01/42

5,153,970

1,400,000

Lammersville

Joint

Unified

School

District,

San

Joaquin

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2014-

Improvement

Area

Mountain

House

School

Facilities,

Series

2017

.000

09/01/47

1,408,699

980,000

Lathrop,

California,

Limited

Obligation

Improvement

Bonds,

Crossroads

Assessment

District,

Series

2015

.000

09/02/40

983,894

1,000,000

Los

Angeles

County

Facilities

Inc,

California,

Lease

Revenue

Bonds,

Vermont

Corridor

County

Administration

Building,

Series

2018A

.000

12/01/51

1,024,136

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

5,314,800

7,000,000

Los

Angeles

County

Public

Works

Financing

Authority,

California,

Lease

Revenue

Bonds,

Series

2019E-1

.000

12/01/44

7,410,951

5,920,000

Los

Angeles

County

Public

Works

Financing

Authority,

California,

Lease

Revenue

Bonds,

Series

2025J

.250

12/01/50

6,459,311

325,000

Menifee,

California,

Special

Tax

Bonds,

Community

Facilities

District

2021-1,

Banner

Park

Series

2023A

.000

09/01/48

332,482

1,455,000

Modesto,

California,

Special

Tax

Bonds,

Community

Facilities

District

2004-1

Village

One

2,

Refunding

Series

2014

.000

09/01/28

1,457,954

3,250,000

Oakland

Redevelopment

Successor

Agency,

California,

Tax

Allocation

Bonds,

Refunding

Subordinated

Series

2015-TE

-

AGM

Insured

.000

09/01/35

3,256,191

3,215,000

Oakland

Redevelopment

Successor

Agency,

California,

Tax

Allocation

Bonds,

Refunding

Subordinated

Series

2015-TE

-

AGM

Insured

.000

09/01/36

3,220,688

255,000

Orange

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

2015-1

Esencia

Village,

Series

2015A

.250

08/15/45

255,346

27,597,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

.000

07/01/46

9,926,933

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

27,031,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

.000

%

07/01/58

$

26,531,697

5,920,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

.536

07/01/53

5,554,621

7,525,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

.784

07/01/58

7,291,065

525,000

(c) Rialto

Community

Facilities

District

2024-1,

California,

(Renaissance)

Special

Tax

Bond,

Series

2026

.000

09/01/51

536,914

500,000

(c) Rialto

Community

Facilities

District

2024-1,

California,

(Renaissance)

Special

Tax

Bond,

Series

2026

.000

09/01/55

508,362

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

4,436,071

415,000

Riverside

Unified

School

District,

Riverside

County,

California,

Special

Tax

Bonds,

Community

Facilities

District

32,

Series

2020

.000

09/01/45

386,869

3,390,000

San

Francisco

Bay

Area

Rapid

Transit

District,

California,

Sales

Tax

Revenue

Bonds,

Series

2019A

.000

07/01/38

3,422,813

350,000

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

351,806

40,000

Signal

Hill

Redevelopment

Agency,

California,

Project

Tax

Allocation

Bonds,

Series

2011

.000

10/01/26

40,135

2,235,000

Stockton

Public

Financing

Authority,

California,

Revenue

Bonds,

Arch

Road

East

Community

Facility

District

99-02,

Series

2018A

.000

09/01/43

2,275,923

380,000

Stockton,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2

Westlake

Villages

II

Improvement

Area

2,

Series

2024

.000

09/01/44

390,875

525,000

Stockton,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2

Westlake

Villages

II

Improvement

Area

2,

Series

2024

.000

09/01/49

526,483

650,000

Stockton,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2

Westlake

Villages

II

Improvement

Area

2,

Series

2024

.000

09/01/54

646,591

105,000

(a) Temecula

Public

Financing

Authority,

California,

Special

Tax

Bonds,

Community

Facilities

District

16-01,

Series

2017

.125

09/01/37

108,984

1,345,000

Tracy,

California,

Special

Tax

Bonds,

Community

Facilities

District

2016-1

Tracy

Hills, Improvement

Area

2,

Series

2023

.625

09/01/43

1,438,445

3,120,000

Transbay

Joint

Powers

Authority,

California,

Tax

Allocation

Bonds,

Senior

Green

Series

2020A

.000

10/01/45

3,160,385

625,000

Val

Verde

Unified

School

District,

California,

Special

Tax

Bonds,

Community

Facilities

District

2018-2,

Stratford

Improvement

Area

Series

2023

.000

09/01/48

640,093

7,600,000

Vista

Community

Development

Commission

Taxable

Non-

Housing

Tax

Allocation

Revenue

Bonds,

California,

Vista

Redevelopment

Project,

Series

2011

.000

09/01/33

7,624,243

7,920,000

Vista

Community

Development

Commission

Taxable

Non-

Housing

Tax

Allocation

Revenue

Bonds,

California,

Vista

Redevelopment

Project,

Series

2011

.125

09/01/37

7,945,015

TOTAL

TAX

OBLIGATION/LIMITED

139,556,881

TRANSPORTATION

-

18.7%

4,375,000

Burbank-Glendale-Pasadena

Airport

Authority,

California,

Airport

Revenue

Bonds,

Senior

Series

2024B

-

AGM

Insured,

(AMT)

.375

07/01/49

4,290,782

18,840,000

Foothill/Eastern

Transportation

Corridor

Agency,

California,

Toll

Road

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A

.000

01/15/46

18,505,155

5,050,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Green

Series

2022G,

(AMT)

.000

05/15/52

5,155,207

1,550,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Series

2022C,

(AMT)

.000

05/15/37

1,599,838

1,250,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Series

2022C,

(AMT)

.000

05/15/38

1,281,288

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,930,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Refunding

&

Subordinate

Series

2022C,

(AMT)

.000

%

05/15/39

$

1,968,259

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

2,337,138

6,925,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2016B,

(AMT)

.000

05/15/46

6,934,397

24,440,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2018C,

(AMT)

.000

05/15/44

24,849,331

2,000,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019D,

(AMT)

.000

05/15/30

2,136,539

2,415,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019D,

(AMT)

.000

05/15/34

2,560,482

1,695,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019D,

(AMT)

.000

05/15/35

1,792,739

3,500,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019D,

(AMT)

.000

05/15/39

3,655,311

3,600,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019F,

(AMT)

.000

05/15/37

3,812,547

10,000,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2019F,

(AMT)

.000

05/15/44

10,306,507

9,680,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2021D,

(AMT)

.000

05/15/37

10,660,995

6,995,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2022A,

(AMT)

.000

05/15/45

7,349,186

1,000,000

Los

Angeles

Department

of

Airports,

California,

Revenue

Bonds,

Los

Angeles

International

Airport,

Subordinate

Lien

Series

2022A,

(AMT)

.000

05/15/49

923,132

16,305,000

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Second

Lien

Bonds,

RCTC

Express

Lanes,

Refunding

Series

2021C

.000

06/01/47

15,057,751

3,085,000

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Senior

Lien

Bonds,

RCTC

Express

Lanes,

Refunding

Series

2021B-1

.000

06/01/40

3,136,053

10,815,000

Riverside

County

Transportation

Commission,

California,

Toll

Revenue

Senior

Lien

Bonds,

RCTC

Express

Lanes,

Refunding

Series

2021B-1

.000

06/01/46

10,139,516

4,230,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

International

Senior

Series

2023B,

(AMT)

.000

07/01/48

4,393,689

10,000,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

International

Senior

Series

2023B,

(AMT)

.250

07/01/58

10,405,933

2,625,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2017A

.000

07/01/47

2,663,453

2,000,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2017A,

(AMT)

.000

07/01/47

2,013,016

4,000,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2019B,

(AMT)

.000

07/01/49

4,052,474

2,500,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B,

(AMT)

.000

07/01/46

2,579,820

7,000,000

San

Diego

County

Regional

Airport

Authority,

California,

Airport

Revenue

Bonds,

Subordinate

Series

2021B,

(AMT)

.000

07/01/51

7,113,986

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

14,120,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Governmental

Purpose

Second

Series

2017B

.000

%

05/01/47

$

14,323,972

5,150,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2019A,

(AMT)

.000

05/01/44

5,306,074

3,515,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2019A,

(AMT)

.000

05/01/49

3,569,305

16,055,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2023C,

(AMT)

.500

05/01/41

18,221,632

2,175,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Refunding

Second

Series

2024A,

(AMT)

.250

05/01/49

2,303,752

17,855,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2016B,

(AMT)

.000

05/01/46

17,874,373

7,170,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D,

(AMT)

.000

05/01/43

7,358,805

9,315,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D,

(AMT)

.000

05/01/48

9,423,576

1,025,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019E,

(AMT)

.000

05/01/40

1,075,635

2,330,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2025A,

(AMT)

.250

05/01/55

2,458,429

6,130,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2025A,

(AMT)

.500

05/01/55

6,600,950

16,000,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2025D,

(AMT)

.250

05/01/55

16,881,914

10,000,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2016B,

(AMT)

.000

05/01/41

10,023,092

5,000,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2017A,

(AMT)

.000

05/01/47

5,035,873

18,500,000

San

Francisco

Airports

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2019E,

(AMT)

.000

05/01/45

18,978,915

1,595,000

San

Joaquin

Hills

Transportation

Corridor

Agency,

Orange

County,

California,

Toll

Road

Revenue

Bonds,

Refunding

Junior

Lien

Series

2014B

.250

01/15/44

1,596,184

TOTAL

TRANSPORTATION

312,707,005

U.S.

GUARANTEED

-

0.2%

(f) 1,235,000

California

Health

Facilities

Financing

Authority,

Revenue

Bonds,

CommonSpirit

Health,

Series

2020A,

(Pre-refunded

4/01/30)

.000

04/01/49

1,336,361

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

273,537

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

532,776

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

617,726

5,000

San

Francisco

Airport

Commission,

California,

Revenue

Bonds,

San

Francisco

International

Airport,

Second

Series

2018D,

(Pre-

refunded

5/01/28),

(AMT)

.000

05/01/48

5,199

TOTAL

U.S.

GUARANTEED

2,765,599

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### California

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

-

16.0%

$

12,110,000

(d) California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2023E,

(Mandatory

Put

9/01/32)

.000

%

02/01/55

$

13,254,853

2,890,000

(d) California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024A,

(Mandatory

Put

4/01/32)

.000

05/01/54

3,152,687

22,830,000

(d) California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024B,

(Mandatory

Put

12/01/32)

.000

01/01/55

24,141,282

14,365,000

(d) California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2024C,

(Mandatory

Put

10/01/32)

.000

08/01/55

15,551,385

20,000,000

(d) California

Community

Choice

Financing

Authority,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2025D,

(Mandatory

Put

7/01/34)

.000

10/01/55

21,325,366

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

5,019,112

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

18,083,395

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

4,567,636

11,270,000

(d) Central

Valley

Energy

Authority,

California,

Commodity

Supply

Revenue

Bonds,

Series

2025,

(Mandatory

Put

8/01/35)

.000

12/01/55

12,517,767

6,525,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2017A

.000

07/01/42

6,606,794

8,430,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2017C

.000

07/01/47

8,523,983

4,770,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2019A

.000

07/01/45

4,915,912

32,975,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2020B

.000

07/01/50

33,895,108

6,065,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2021B

.000

07/01/51

6,242,669

2,040,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022B

.000

07/01/47

2,152,305

5,165,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2022C

.000

07/01/52

5,336,116

5,000,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2023D

.000

07/01/43

5,454,080

5,000,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2023E

.000

07/01/53

5,198,137

465,000

Los

Angeles

Department

of

Water

and

Power,

California,

Power

System

Revenue

Bonds,

Series

2025A

-

BAM

Insured

.000

07/01/53

488,275

6,640,000

Los

Angeles

Department

of

Water

and

Power,

California,

Water

System

Revenue

Bonds,

Series

2022D

.000

07/01/52

6,876,433

7,000,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C

.000

07/01/40

7,491,090

9,990,000

Los

Angeles

Department

of

Water

and

Power,

California,

Waterworks

Revenue

Bonds,

Series

2020C

.000

07/01/41

10,659,827

2,215,000

Pico

Rivera

Water

Authority,

California,

Revenue

Bonds,

Refunding

Water

System

Project,

Series

1999A

-

NPFG

Insured

.500

05/01/29

2,313,087

2,180,000

(a) Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A

.000

07/01/47

2,184,888

250,000

(a) Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021A

.000

07/01/42

242,823

5,110,000

(a) Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B

.000

07/01/42

4,963,304

5,000,000

San

Francisco

City

and

County

Public

Utilities

Commission,

California,

Water

Revenue

Bonds,

Regional

Water

&

Local

Water,

Series

2025D

.000

11/01/55

5,344,195

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

900,000

San

Joaquin

County,

California,

Revenue

Bonds,

CSA

County

Service

Area

31,

Refunding

Series

2018A

.000

%

08/01/42

$

910,799

7,145,000

(d) San

Joaquin

Valley

Clean

Energy

Authority,

California,

Clean

Energy

Project

Revenue

Bonds,

Green

Series

2025A,

(Mandatory

Put

7/01/35)

.500

01/01/56

8,145,218

3,520,000

(d) Southern

California

Public

Power

Authority,

California,

Revenue

Bonds,

Clean

Energy

Project

Revenue

Bonds,

Series

2024A,

(Mandatory

Put

9/01/30)

.000

04/01/55

3,788,957

17,000,000

Southern

California

Public

Power

Authority,

Southern

Transmission

System

Renewal

Project

Revenue

Bonds,

Series

2023-1A

.000

07/01/48

17,930,447

TOTAL

UTILITIES

267,277,930

TOTAL

MUNICIPAL

BONDS

(Cost

$1,673,454,856)

1,657,189,741

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$1,673,454,856)

1,657,189,741

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

2.0%

X

33,200,000

MUNICIPAL

BONDS

-

2.0%

X

–

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

0.5%

$

7,400,000

(g) University

of

California,

General

Revenue

Bonds,

Variable

Rate

Demand

Obligation,

Series

2023BP-2

.260

05/15/48

$

7,400,000

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

7,400,000

TAX

OBLIGATION/GENERAL

-

1.5%

25,800,000

(g) California

State,

General

Obligation

Bonds,

High

Speed

Passenger

Train,

Series

2024A-2

.050

05/01/53

25,800,000

TOTAL

TAX

OBLIGATION/GENERAL

25,800,000

TOTAL

MUNICIPAL

BONDS

(Cost

$33,200,000)

33,200,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$33,200,000)

33,200,000

TOTAL

INVESTMENTS

-

101.0%

(Cost

$1,706,654,856)

1,690,389,741

OTHER

ASSETS

&

LIABILITIES,

NET

-

(1.0)%

(17,113,615)

NET

ASSETS

-

100%

$

1,673,276,126

AMT

Alternative

Minimum

Tax

(a) Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

fiscal

period,

the

aggregate

value

of

these

securities

is

$297,125,091

or

17.6%

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) When-issued

or

delayed

delivery

security.

(d) Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

when

applicable. For

mortgage-backed

or

asset-backed

securities

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(e) Step-up

coupon

bond,

a

bond

with

a

coupon

that

increases

("steps

up"),

usually

at

regular

intervals,

while

the

bond

is

outstanding.

The

rate

shown

is

the

coupon

as

of

the

end

of

the

fiscal

period.

(f) 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.

(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

#### February

#### 28,

#### 2026

#### Connecticut

#### Municipal

#### Bond
*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

94.5%

X

229,802,318

MUNICIPAL

BONDS

-

94.5%

X

–

CONSUMER

DISCRETIONARY

-

0.4%

$

1,000,000

Virgin

Islands

Hotel

Development

Financing

Corporation,

Hotel

Revenue

Bonds

Frenchmanas

Reef

Hotel

Acquisition

Project,

Senior

Lien

Series

2025A-1

.750

%

02/01/45

$

1,011,963

TOTAL

CONSUMER

DISCRETIONARY

1,011,963

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

19.6%

340,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Area

Cooperative

Educational

Services

Series

2025C

.000

07/01/42

376,852

285,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Area

Cooperative

Educational

Services

Series

2025C

.000

07/01/43

313,293

1,885,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2016Q-1

.000

07/01/46

1,890,232

750,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2017R

.000

07/01/47

702,131

2,500,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2022U

.000

07/01/52

2,260,939

400,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2025V

.000

07/01/42

451,177

350,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2025V

.000

07/01/44

386,181

1,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2025V

.250

07/01/47

1,091,596

1,545,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hopkins

School,

Series

2022E

.250

07/01/47

1,664,196

1,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hopkins

School,

Series

2022E

.000

07/01/53

1,034,861

1,130,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Loomis

Chaffe

School,

Series

2023L

.000

07/01/43

1,143,006

5,095,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Refunding

Series

2015L

.000

07/01/45

5,097,943

1,750,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2016M

.000

07/01/35

1,758,924

2,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2023N

.000

07/01/48

2,075,530

1,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2023O

.000

07/01/35

1,181,847

375,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Quinnipiac

University,

Series

2023O

.000

07/01/36

439,058

5,110,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

2017I-1

.000

07/01/42

5,200,001

2,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

2020K

.000

07/01/40

2,133,931

3,465,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Sacred

Heart

University,

Series

L

.000

07/01/42

3,747,754

790,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

The

Taft

School

Issue,

Series

2021L

.000

07/01/41

726,544

2,210,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

The

Taft

School

Issue,

Series

2021L

.000

07/01/46

1,794,811

1,500,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2020R

.000

06/01/45

1,451,538

4,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2021S

.000

06/01/46

3,838,086

1,175,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2021S

.000

06/01/51

1,058,074

750,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

College,

Series

2026T-1

.000

06/01/49

797,363

1,900,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

Hartford,

Series

2022P

.375

07/01/52

1,788,193

2,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

University

of

New

Haven,

Series

2018K-1

.000

07/01/37

2,035,790

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

1,200,000

University

of

Connecticut,

Student

Fee

Revenue

Bonds,

Special

Obligation

Series

2023A

.250

%

11/15/48

$

1,306,248

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

47,746,099

HEALTH

CARE

-

15.9%

1,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

Childrens

Medical

Center

and

Subsidiaries,

Series

2023E

.250

07/15/48

1,060,046

5,160,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Connecticut

Childrens

Medical

Center

and

Subsidiaries,

Series

2023E

.250

07/15/53

4,885,721

2,250,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Fairfield

University,

Series

2026A

.000

07/01/46

2,387,845

695,000

(a) Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Griffin

Hospital,

Series

2020G-1

.000

07/01/39

705,364

1,085,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2020A

.000

07/01/40

1,090,985

3,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

HealthCare

Issue,

Series

2021A

-

BAM

Insured

.000

07/01/51

2,794,522

3,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Hartford

Healthcare,

Series

2026A

.500

07/01/51

3,255,817

1,995,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Middlesex

Hospital,

Series

2015O

.000

07/01/36

1,997,575

2,455,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Nuvance

Health

Series

2019A

.000

07/01/34

2,506,774

2,860,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Nuvance

Health

Series

2019A

.000

07/01/41

2,855,436

6,020,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Nuvance

Health

Series

2019A

-

BAM

Insured

.000

07/01/49

5,688,462

1,500,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Stamford

Hospital,

Forward

Delivery

Series

2022M

.000

07/01/42

1,464,712

1,885,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Stamford

Hospital,

Series

2016K

.000

07/01/46

1,736,166

2,350,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2016CT

.000

12/01/41

2,360,523

2,000,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Trinity

Health

Credit

Group,

Series

2016CT

.000

12/01/45

2,005,681

985,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Yale-New

Haven

Health

Issue,

Series

2024A

.000

07/01/45

1,064,044

795,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Yale-New

Haven

Health

Issue,

Series

2024A

.000

07/01/47

845,969

TOTAL

HEALTH

CARE

38,705,642

HOUSING/MULTIFAMILY

-

0.7%

1,890,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2019B-1

.300

11/15/39

1,788,871

TOTAL

HOUSING/MULTIFAMILY

1,788,871

HOUSING/SINGLE

FAMILY

-

2.0%

1,440,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Green

Series

2021B-3

.150

11/15/41

1,115,879

1,560,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Green

Series

2021B-3

.300

11/15/46

1,068,316

190,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2020E-3

.850

05/15/38

147,607

1,430,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Social

Series

2024A

.600

11/15/49

1,436,026

1,000,000

Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Social

Series

2025C-1

.650

11/15/40

1,062,308

TOTAL

HOUSING/SINGLE

FAMILY

4,830,136

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### Connecticut

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

CARE

-

5.5%

$

1,100,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Duncaster,

Inc.,

Series

2014A

.000

%

08/01/44

$

1,100,052

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

2,577,021

900,000

(a) Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mary

Wade

Home

Issue,

Series

2019A-1

.500

10/01/34

880,342

200,000

(a) Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Mary

Wade

Home

Issue,

Series

2019A-1

.000

10/01/54

160,102

4,365,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Masonicare

Issue,

Series

2016F

.000

07/01/37

4,379,090

2,650,000

(a) Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

McLean

Affiliates,

Series

2020A

.000

01/01/45

2,448,078

730,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

The

Jerome

Home

Issue,

Series

2021E

.000

07/01/41

695,494

1,250,000

Connecticut

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

The

Jerome

Home

Issue,

Series

2021E

.000

07/01/51

1,014,297

TOTAL

LONG-TERM

CARE

13,254,476

TAX

OBLIGATION/GENERAL

-

20.6%

2,000,000

Bridgeport,

Connecticut,

General

Obligation

Bonds,

Series

2016D

-

AGM

Insured

.000

08/15/41

2,012,738

1,000,000

Bridgeport,

Connecticut,

General

Obligation

Bonds,

Series

2024A

-

BAM

Insured

.000

07/01/44

1,092,397

1,000,000

Connecticut

Housing

Finance

Authority,

State

Supported

Special

Obligation

Bonds,

Series

2021-27

.400

06/15/41

796,386

1,000,000

Connecticut

Housing

Finance

Authority,

State

Supported

Special

Obligation

Bonds,

Series

2021-27

.550

06/15/46

724,948

960,000

Connecticut

Housing

Finance

Authority,

State

Supported

Special

Obligation

Bonds,

Series

2021-28

.375

06/15/40

795,466

1,000,000

Connecticut

State,

General

Obligation

Bonds,

Series

2017A

.000

04/15/34

1,028,008

3,270,000

Connecticut

State,

General

Obligation

Bonds,

Series

2017A

.000

04/15/35

3,358,877

1,510,000

Connecticut

State,

General

Obligation

Bonds,

Series

2018A

.000

04/15/37

1,579,105

1,325,000

Connecticut

State,

General

Obligation

Bonds,

Series

2018C

.000

06/15/38

1,386,839

1,450,000

Connecticut

State,

General

Obligation

Bonds,

Series

2019A

.000

04/15/37

1,492,633

650,000

Connecticut

State,

General

Obligation

Bonds,

Series

2019A

.000

04/15/39

689,375

2,000,000

Connecticut

State,

General

Obligation

Bonds,

Series

2020A

.000

01/15/37

2,074,236

2,000,000

Connecticut

State,

General

Obligation

Bonds,

Series

2021A

-

BAM

Insured

.000

01/15/40

1,879,120

500,000

Connecticut

State,

General

Obligation

Bonds,

Series

2024D

.000

05/01/41

519,542

2,000,000

Connecticut

State,

General

Obligation

Bonds,

Series

2024D

.000

05/01/42

2,246,050

1,000,000

Connecticut

State,

General

Obligation

Bonds,

Series

2024D

.000

05/01/44

1,094,840

2,000,000

Connecticut

State,

General

Obligation

Bonds,

Series

2025C

.000

08/15/44

2,222,725

2,085,000

Connecticut

State,

General

Obligation

Bonds,

Series

2025C

.000

08/15/45

2,291,300

225,000

Connecticut

State,

General

Obligation

Bonds,

Social

Series

2024G

.000

11/15/43

199,344

300,000

East

Haddam,

Connecticut,

General

Obligation

Bonds,

Series

2020A

.000

12/01/37

298,539

325,000

East

Lyme,

Connecticut,

General

Obligation

Bonds,

Series

2020

.000

07/15/40

299,067

1,035,000

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2018

.000

07/15/35

1,093,924

1,075,000

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2019A

.000

07/15/39

1,102,639

3,000,000

Hartford

County

Metropolitan

District,

Connecticut,

General

Obligation

Bonds,

Series

2023

.000

08/01/43

3,080,880

2,285,000

Naugatuck,

Connecticut,

General

Obligation

Bonds,

Tax

Increment

Series

2023

.250

10/15/48

2,440,986

1,000,000

Naugatuck,

Connecticut,

General

Obligation

Bonds,

Tax

Increment

Series

2023

.625

10/15/53

1,010,922

5,000,000

New

Britain,

Connecticut,

General

Obligation

Bonds,

Series

2022A

-

BAM

Insured

.000

03/01/47

5,219,084

1,000,000

New

Haven,

Connecticut,

General

Obligation

Bonds,

Refunding

Series

2016A

-

AGM

Insured

.000

08/15/36

1,009,495

1,035,000

Oxford,

Connecticut,

General

Obligation

Bonds,

Series

2019A

.000

08/01/39

1,048,078

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/GENERAL

(continued)

$

2,370,000

Stratford,

Connecticut,

General

Obligation

Bonds,

Series

2017

-

BAM

Insured

.000

%

01/01/39

$

2,382,808

555,000

Waterbury,

Connecticut,

General

Obligation

Bonds,

Lot

A

Series

2015

-

BAM

Insured

.000

08/01/30

556,155

485,000

Waterbury,

Connecticut,

General

Obligation

Bonds,

Lot

A

Series

2015

-

BAM

Insured

.000

08/01/31

486,006

765,000

Waterbury,

Connecticut,

General

Obligation

Bonds,

Lot

A

Series

2015

-

BAM

Insured

.000

08/01/32

766,567

555,000

Waterbury,

Connecticut,

General

Obligation

Bonds,

Lot

A

Series

2015

-

BAM

Insured

.000

08/01/33

556,112

555,000

Waterbury,

Connecticut,

General

Obligation

Bonds,

Lot

A

Series

2015

-

BAM

Insured

.000

08/01/34

556,091

750,000

West

Haven,

Connecticut,

General

Obligation

Bonds,

Series

2020

-

BAM

Insured

.000

03/15/40

763,262

TOTAL

TAX

OBLIGATION/GENERAL

50,154,544

TAX

OBLIGATION/LIMITED

-

20.0%

1,605,000

Connecticut

Higher

Education

Supplemental

Loan

Authority,

State

Supported

Revenue

Bonds,

CHESLA

Loan

Program,

Series

2020B,

(AMT)

.250

11/15/36

1,552,869

1,000,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2016A

.000

09/01/32

1,013,232

3,500,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2016A

.000

09/01/33

3,545,160

2,000,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2018A

.000

01/01/37

2,077,685

2,000,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes

Series

2018A

.000

01/01/38

2,074,271

1,500,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2021A

.000

05/01/40

1,545,816

2,080,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2023A

.250

07/01/44

2,322,884

3,350,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2024A-2

.000

07/01/43

3,742,295

1,000,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2025A

.000

07/01/43

1,130,055

500,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2025A

.000

07/01/44

559,282

1,500,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2025A

.000

07/01/45

1,662,400

1,000,000

Connecticut

State,

Special

Tax

Obligation

Bonds,

Transportation

Infrastructure

Purposes,

Series

2025A

.000

07/01/46

1,095,756

500,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2025G

.000

01/01/35

569,980

920,000

(a) Great

Pond

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Great

Pond

Phase

Project,

Series

2019

.750

10/01/48

888,856

420,000

(a) Great

Pond

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Great

Pond

Phase

Project,

Series

2022

.750

10/01/52

431,317

3,720,000

(a) Harbor

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Harbor

Point

Project,

Refunding

Series

2017

.000

04/01/39

3,776,220

635,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A

.000

10/01/39

673,314

1,825,000

Naugatuck,

Connecticut,

Certificates

of

Participation,

Incineration

Facilities

Project,

Series

2021A,

(AMT)

.000

08/15/41

1,812,033

1,860,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

.000

07/01/46

669,061

4,250,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

.750

07/01/53

4,144,272

3,050,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

.000

07/01/58

2,993,662

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### Connecticut

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,000,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

Series

2019A-2B

.550

%

07/01/40

$

1,006,701

100,000

Steel

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Steelpointe

Harbor

Project,

Series

2021

.000

04/01/51

87,307

500,000

(a) Steel

Point

Infrastructure

Improvement

District,

Connecticut,

Special

Obligation

Revenue

Bonds,

Steelpointe

Harbor

Project,

Series

2024

.000

04/01/52

535,950

1,590,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2015A

.000

02/15/34

1,592,627

3,000,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2017A

.000

01/15/36

3,064,618

1,000,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2019A

.000

11/01/36

1,061,741

1,000,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2019A

.000

11/01/38

1,020,503

420,000

University

of

Connecticut,

General

Obligation

Bonds,

Series

2023A

.000

08/15/43

460,878

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

1,396,789

TOTAL

TAX

OBLIGATION/LIMITED

48,507,534

TRANSPORTATION

-

3.2%

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

1,384,344

6,125,000

Connecticut

Airport

Authority,

Connecticut,

Customer

Facility

Charge

Revenue

Bonds,

Ground

Transportation

Center

Project,

Series

2019A,

(AMT)

.000

07/01/49

6,197,804

100,000

Guam

A.B.

Won

Pat International

Airport

Authority,

Revenue

Bonds,

Series

2024A,

(AMT)

.250

10/01/41

108,045

TOTAL

TRANSPORTATION

7,690,193

UTILITIES

-

6.6%

60,000

Greater

New

Haven

Water

Pollution

Control

Authority,

Connecticut,

Regional

Wastewater

System

Revenue

Bonds,

Series

2005A

-

NPFG

Insured

.000

08/15/35

60,082

1,250,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017

.000

07/01/37

1,276,943

1,000,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017

.000

07/01/40

1,017,686

295,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A

.000

01/01/50

301,095

200,000

Guam

Power

Authority,

Revenue

Bonds,

Refunding

Series

2024A

.000

10/01/43

213,940

1,555,000

Hartford

County

Metropolitan

District,

Connecticut,

Clean

Water

Project

Revenue

Bonds,

Series

2024

.000

10/01/36

1,680,717

1,795,000

Hartford

County

Metropolitan

District,

Connecticut,

Clean

Water

Project

Revenue

Bonds,

Series

2024

.000

10/01/37

1,926,629

1,000,000

(a) Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A

.000

07/01/47

1,002,242

2,000,000

(a) Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B

.000

07/01/33

2,121,573

2,540,000

South

Central

Connecticut

Regional

Water

Authority,

Connecticut,

Water

System

Revenue

Bonds,

Thirty-Ninth

Series

2025A

.000

08/01/54

2,682,583

2,685,000

South

Central

Connecticut

Regional

Water

Authority,

Connecticut,

Water

System

Revenue

Bonds,

Thirty-Seventh

Series

2023A-1

.000

08/01/51

2,826,053

500,000

Stamford,

Connecticut,

Water

Pollution

Control

System

and

Facility

Revenue

Bonds,

Series

2013A

.250

08/15/43

500,470

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

500,000

Stamford,

Connecticut,

Water

Pollution

Control

System

and

Facility

Revenue

Bonds,

Series

2019

.000

%

04/01/44

$

502,847

TOTAL

UTILITIES

16,112,860

TOTAL

MUNICIPAL

BONDS

(Cost

$230,247,773)

229,802,318

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$230,247,773)

229,802,318

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

1.6%

X

3,750,000

MUNICIPAL

BONDS

-

1.6%

X

–

HOUSING/MULTIFAMILY

-

0.3%

$

750,000

(b) Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2017A-3

.900

11/15/47

$

750,000

TOTAL

HOUSING/MULTIFAMILY

750,000

HOUSING/SINGLE

FAMILY

-

1.3%

3,000,000

(b) Connecticut

Housing

Finance

Authority,

Housing

Mortgage

Finance

Program

Bonds,

Series

2018A-3

.860

05/15/48

3,000,000

TOTAL

HOUSING/SINGLE

FAMILY

3,000,000

TOTAL

MUNICIPAL

BONDS

(Cost

$3,750,000)

3,750,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$3,750,000)

3,750,000

TOTAL

INVESTMENTS

-

96.1%

(Cost

$233,997,773)

233,552,318

OTHER

ASSETS

&

LIABILITIES,

NET

-

3.9%

9,593,918

NET

ASSETS

-

100%

$

243,146,236

AMT

Alternative

Minimum

Tax

(a) Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

fiscal

period,

the

aggregate

value

of

these

securities

is

$15,527,065

or

6.6%

of

Total

Investments.

(b) Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026

#### Massachusetts

#### Municipal

#### Bond
*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

98.6%

X

424,081,340

MUNICIPAL

BONDS

-

98.6%

X

–

CONSUMER

DISCRETIONARY

-

0.2%

$

1,000,000

Virgin

Islands

Hotel

Development

Financing

Corporation,

Hotel

Revenue

Bonds

Frenchmanas

Reef

Hotel

Acquisition

Project,

Senior

Lien

Series

2025A-1

5.750 %

02/01/45

$

1,011,963

TOTAL

CONSUMER

DISCRETIONARY

1,011,963

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

24.6%

2,065,000

Lowell,

Massachusetts,

Collegiate

Charter

School

Revenue

Bonds,

Series

2019

5.000 06/15/39

2,068,522

1,750,000

Lowell,

Massachusetts,

Collegiate

Charter

School

Revenue

Bonds,

Series

2019

5.000 06/15/49

1,706,838

1,260,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berklee

College

of

Music,

Series

2016

5.000 10/01/39

1,271,594

5,165,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berklee

College

of

Music,

Series

2016

5.000 10/01/46

5,184,218

2,350,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2017T

5.000 07/01/39

2,409,498

1,020,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2017T

5.000 07/01/42

1,039,918

4,545,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Refunding

Series

2025B-2

5.000 10/01/48

4,843,072

1,195,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Brandeis

University

Issue,

Series

2018R

5.000 10/01/37

1,259,896

840,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Brandeis

University

Issue,

Series

2018R

5.000 10/01/38

883,463

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Brandeis

University

Issue,

Series

2018R

5.000 10/01/39

1,050,017

1,510,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2016A

5.250 01/01/42

1,518,419

1,500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2016A

5.000 01/01/47

1,491,096

1,600,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2017A

5.000 01/01/37

1,634,525

6,020,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2017A

5.000 01/01/40

6,106,216

2,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2018

5.000 01/01/43

2,012,728

680,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2025

5.250 01/01/44

708,756

2,500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emmanuel

College,

Series

2016A

5.000 10/01/43

2,494,184

2,055,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lesley

University,

Series

2016

5.000 07/01/36

2,060,775

550,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

MCPHS

University

Issue,

Series

2015H

3.500 07/01/35

550,054

235,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

MCPHS

University

Issue,

Series

2015H

5.000 07/01/37

235,327

700,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2017

5.000 07/01/37

702,291

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2022

5.000 07/01/52

972,903

1,220,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Middlesex

School,

Series

2024

4.250 07/01/54

1,150,958

2,080,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2022

5.000 10/01/44

2,245,771

2,345,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2024A

5.000 10/01/42

2,638,689

2,415,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Sterling

and

Francine

Clark

Art

Institute,

Series

2016

4.000 07/01/41

2,418,935

610,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2019

5.000 07/01/37

622,637

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

875,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Tufts

University,

Series

2015Q

5.000 %

08/15/38

$

875,580

3,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wentworth

Institute

of

Technology,

Series

2017

5.000 10/01/46

2,935,090

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wheaton

College,

Series

2017H

5.000 01/01/37

1,016,083

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Woods

Hole

Oceanographic

Institution,

Series

2018

5.000 06/01/37

1,046,786

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Woods

Hole

Oceanographic

Institution,

Series

2018

5.000 06/01/38

1,046,210

6,210,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Woods

Hole

Oceanographic

Institution,

Series

2018

5.000 06/01/48

6,322,103

5,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2017B

5.000 09/01/42

5,089,334

7,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2017B

5.000 09/01/45

7,081,351

745,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2019

5.000 09/01/33

802,993

3,000,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

Olin

College,

Refunding

Series

2023G

5.250 11/01/51

3,176,500

700,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2017

5.000 07/01/35

708,001

500,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2017

5.000 07/01/36

504,943

2,345,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Refunding

Series

2016

5.000 01/01/36

2,365,368

2,100,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Series

2002A

-

AMBAC

Insured

5.750 01/01/42

2,532,949

1,000,000

Massachusetts

Educational

Financing

Authority,

Student

Loan

Revenue

Bonds,

Issue

I

Series

2014,

(AMT)

5.000 01/01/27

1,001,073

3,355,000

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2015-1

5.000 11/01/40

3,359,153

5,550,000

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2022-1

4.000 11/01/46

5,420,880

9,000,000

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2022-1

5.000 11/01/52

9,279,669

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

105,845,366

HEALTH

CARE

-

20.1%

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Baystate

Medical

Center

Issue,

Series

2014N

5.000 07/01/34

1,001,663

5,700,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Baystate

Medical

Center

Issue,

Series

2014N

5.000 07/01/44

5,704,029

2,250,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Beth

Israel

Lahey

Health

Inc

Series

2025N

5.250 07/01/44

2,479,944

10,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Children's

Hospital

Series

2024T

5.250 03/01/54

10,619,768

7,800,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Green

Bonds,

Series

2015D

5.000 07/01/44

7,804,119

2,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2016E

5.000 07/01/32

2,010,541

11,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2023G

5.250 07/01/52

10,984,523

1,675,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Refunding

Series

2016-I

5.000 07/01/30

1,689,216

1,500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Refunding

Series

2016-I

5.000 07/01/37

1,509,045

1,935,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Refunding

Series

2016-I

5.000 07/01/38

1,945,869

2,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2

5.000 07/01/48

2,028,801

2,100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2

5.000 07/01/53

2,115,177

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### Massachusetts

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

(continued)

$

6,100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Dana-Farber

Cancer

Institute

Issue,

Series

2016N

5.000 %

12/01/46

$

6,134,092

3,280,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lahey

Health

System

Obligated

Group

Issue,

Series

2015F

5.000 08/15/45

3,281,347

6,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2024D

5.000 07/01/47

6,340,320

1,250,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Partners

HealthCare

System

Issue,

Series

2016Q

4.000 07/01/41

1,251,490

4,710,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Partners

HealthCare

System

Issue,

Series

2016Q

5.000 07/01/47

4,723,392

2,200,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Partners

HealthCare

System

Issue,

Series

2017S-1

5.000 07/01/37

2,284,097

1,750,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2013F

5.000 07/01/27

1,752,435

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2013F

5.000 07/01/37

1,001,104

3,800,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Lowell

General

Hospital,

Series

2013G

5.000 07/01/44

3,799,751

890,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017K

5.000 07/01/38

899,930

400,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017L

3.625 07/01/37

387,721

1,855,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017L

5.000 07/01/44

1,867,225

2,065,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Issue

Series

2025N-1

5.250 07/01/50

2,133,202

500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2019A

5.000 07/01/44

500,888

TOTAL

HEALTH

CARE

86,249,689

HOUSING/MULTIFAMILY

-

1.5%

500,000

(a) Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CHF

Merrimack,

Inc.

Merrimack

College

Student

Housing

Project,

Series

2024A

4.250 07/01/34

521,447

200,000

(a) Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CHF

Merrimack,

Inc.

Merrimack

College

Student

Housing

Project,

Series

2024A

5.000 07/01/54

196,727

2,950,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Green

Series

2025C-1

4.850 12/01/55

2,976,229

2,685,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2022C-1

5.000 12/01/47

2,775,387

TOTAL

HOUSING/MULTIFAMILY

6,469,790

LONG-TERM

CARE

-

0.9%

1,910,000

(a) Massachusetts

Development

Finance

Agency

Revenue

Refunding

Bonds,

NewBridge

on

the

Charles,

Inc.

Issue,

Series

2017

4.125 10/01/42

1,860,654

275,000

(a) Massachusetts

Development

Finance

Agency

Revenue

Refunding

Bonds,

NewBridge

on

the

Charles,

Inc.

Issue,

Series

2017

5.000 10/01/47

275,453

560,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berkshire

Retirement

Community

Lennox,

Series

2015

5.000 07/01/31

560,726

400,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Orchard

Cove,

Inc.,

Refunding

Series

2019

5.000 10/01/39

411,886

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Salem

Community

Corporation,

Refunding

Series

2022

5.250 01/01/50

950,602

TOTAL

LONG-TERM

CARE

4,059,321

TAX

OBLIGATION/GENERAL

-

25.3%

825,000

Andover,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022

4.000 07/15/42

850,303

4,375,000

Boston,

Massachusetts,

General

Obligation

Bonds,

Series

2025A

5.000 02/01/43

4,897,196

3,800,000

Boston,

Massachusetts,

General

Obligation

Bonds,

Series

2025A

5.000 02/01/45

4,164,842

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/GENERAL

(continued)

$

4,000,000

East

Longmeadow,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2024

4.000 %

11/01/54

$

3,731,446

4,060,000

Greater

Fall

River

Regional

Vocational

Technical

School

District,

Massachusetts,

State

Qualified

General

Obligation

Bonds,

School

Project

Loan,

Chapter

70B

Series

2025

5.000 06/01/44

4,423,110

6,960,000

Greater

Fall

River

Regional

Vocational

Technical

School

District,

Massachusetts,

State

Qualified

General

Obligation

Bonds,

School

Project

Loan,

Chapter

70B

Series

2025

5.000 06/01/49

7,256,107

1,740,000

Hudson,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2011

5.000 02/15/32

1,744,038

7,400,000

Lincoln,

Massachusetts,

General

Obligation

Bonds,

School

Series

2019

4.000 03/01/49

7,280,896

2,000,000

Massachusetts

Development

Finance

Agency,

Special

Obligation

Bonds,

Commonwealth

Contract Assistance,

Series

2015A

4.000 05/01/45

1,999,963

6,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan

Series

2025C

5.000 06/01/53

6,325,905

1,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan

Series

2025G

5.000 12/01/47

1,082,032

5,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2018A

5.000 01/01/47

5,109,693

1,775,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2019A

5.000 01/01/49

1,826,808

8,335,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2019C

5.000 05/01/45

8,686,421

7,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2022C

5.250 10/01/47

7,511,749

15,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Series

2022E

5.000 11/01/52

15,620,107

3,760,000

North

Attleborough,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan,

Series

2026

4.125 03/15/55

3,574,662

1,000,000

North

Reading,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2012

5.000 05/15/35

1,002,083

1,685,000

Northeast

Metropolitan

Regional

Vocational

Technical

School

District,

Massachusetts,

General

Obligation

Bonds,

School

Series

2022

4.000 04/15/47

1,636,710

1,965,000

Northeast

Metropolitan

Regional

Vocational

Technical

School

District,

Massachusetts,

General

Obligation

Bonds,

School

Series

2024

4.000 05/15/46

1,934,976

1,950,000

Pentucket

Regional

School

District,

Massachusetts,

General

Obligation

Bonds,

Series

2019

3.000 09/01/42

1,759,423

3,000,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000 07/01/46

2,708,545

3,000,000

Quincy,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022B

5.000 07/01/47

3,163,439

1,500,000

Quincy,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022B

5.000 07/01/51

1,554,183

5,535,000

Taunton,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2024

4.000 03/01/51

5,257,569

3,440,000

Webster,

Massachusetts,

General

Obligation

Bonds,

Qualified

School

Project,

Chapter

70B,

Loan

Series

2022

4.000 12/01/42

3,505,315

TOTAL

TAX

OBLIGATION/GENERAL

108,607,521

TAX

OBLIGATION/LIMITED

-

16.2%

500,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2025G

5.000 01/01/34

566,226

1,160,000

Guam

Government,

Limited

Obligation

Section

Revenue

Bonds,

Series

2016A

5.000 12/01/31

1,174,335

2,000,000

Guam

Government,

Limited

Obligation

Section

Revenue

Bonds,

Series

2016A

5.000 12/01/46

2,015,290

1,010,000

Martha's

Vineyard

Land

Bank,

Massachusetts,

Revenue

Bonds,

Refunding

Green

Series

2014

-

BAM

Insured

5.000 05/01/33

1,020,315

3,525,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Series

2023A-1

5.250 07/01/53

3,749,018

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### Massachusetts

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

2,045,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Series

2025B

5.000 %

07/01/45

$

2,256,950

5,000,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Sustainability

Series

2024B

5.250 07/01/54

5,345,644

2,050,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2017A-2

5.000 07/01/44

2,098,158

3,065,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2017A-2

5.000 07/01/46

3,119,242

2,165,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2021A-1

4.000 07/01/39

2,253,422

3,020,000

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Senior

Social

Series

2020A

5.000 08/15/50

3,120,143

1,100,000

Massachusetts

School

Building

Authority,

Senior

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Social

Series

2025A

5.000 02/15/50

1,164,605

6,380,000

Massachusetts

School

Building

Authority,

Senior

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Social

Series

2025A

5.000 02/15/55

6,690,355

8,180,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Programs,

Series

2017A

5.000 06/01/47

8,306,406

5,540,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Programs,

Series

2019A

5.000 06/01/49

5,691,699

5,815,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Series

2024B

5.000 06/01/54

6,096,867

5,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Refunding

Series

2021A

5.000 06/01/42

5,490

1,510,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A

5.000 10/01/39

1,601,109

3,177,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4.550 07/01/40

3,198,289

4,725,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4.750 07/01/53

4,607,455

5,840,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4.784 07/01/58

5,658,448

TOTAL

TAX

OBLIGATION/LIMITED

69,739,466

TRANSPORTATION

-

2.5%

1,500,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Refunding

Series

2017A,

(AMT)

5.000 07/01/42

1,515,283

1,780,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2014A

5.000 07/01/34

1,786,107

1,425,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015A

5.000 07/01/40

1,427,357

3,500,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2019C,

(AMT)

5.000 07/01/49

3,541,602

2,500,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2021E,

(AMT)

5.000 07/01/46

2,579,820

TOTAL

TRANSPORTATION

10,850,169

U.S.

GUARANTEED

-

1.1%

(b) 100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2020G,

(ETM)

5.000 07/15/30

111,549

100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2020G,

(Pre-

refunded

7/15/30)

5.000 07/15/37

111,549

3,000,000

Massachusetts

State,

Special

Obligation

Dedicated

Tax

Revenue

Bonds,

Refunding

Series

2005

-

NPFG

Insured,

(ETM)

5.500 01/01/34

3,553,475

1,000,000

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Series

2016B,

(Pre-refunded

8/01/26)

5.000 08/01/40

1,012,413

TOTAL

U.S.

GUARANTEED

4,788,986

UTILITIES

-

6.2%

4,000,000

Boston

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Senior

Series

2018A

4.000 11/01/40

4,004,956

2,805,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017

5.000 07/01/40

2,854,610

920,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016

5.000 01/01/46

921,659

2,500,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A

5.000 01/01/50

2,551,653

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,650,000

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Green

23B

Series

2021

5.000 %

02/01/41

$

1,808,884

1,000,000

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Green

26A

Series

2025

5.000 02/01/42

1,139,433

2,250,000

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Green

26B

Series

2025

5.000 02/01/42

2,563,724

2,450,000

Massachusetts

Clean

Water

Trust,

State

Revolving

Fund

Bonds,

Green

26B

Series

2025

5.000 02/01/43

2,761,301

1,310,000

Massachusetts

Municipal

Wholesale

Electric

Company,

MMWEC,

Revenue

Bonds,

Project

2015A,

Series

2021A

4.000 07/01/40

1,344,287

1,400,000

Massachusetts

Municipal

Wholesale

Electric

Company,

MMWEC,

Revenue

Bonds,

Project

2015A,

Series

2021A

4.000 07/01/41

1,433,334

2,000,000

Massachusetts

Municipal

Wholesale

Electric

Company,

MMWEC,

Revenue

Bonds,

Project

2015A,

Series

2021A

4.000 07/01/46

1,942,455

3,000,000

(a) Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B

5.000 07/01/37

3,132,773

TOTAL

UTILITIES

26,459,069

TOTAL

MUNICIPAL

BONDS

(Cost

$419,075,689)

424,081,340

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$419,075,689)

424,081,340

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

0.5%

X

2,000,000

MUNICIPAL

BONDS

-

0.5%

X

–

UTILITIES

-

0.5%

$

2,000,000

(c) Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Subordinate

Lien

Multimodal

Bonds,

Series

1999B

1.870 08/01/28

$

2,000,000

TOTAL

UTILITIES

2,000,000

TOTAL

MUNICIPAL

BONDS

(Cost

$2,000,000)

2,000,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$2,000,000)

2,000,000

TOTAL

INVESTMENTS

-

99.1%

(Cost

$421,075,689)

426,081,340

OTHER

ASSETS

&

LIABILITIES,

NET

-

0.9%

3,835,609

NET

ASSETS

-

100%

$

429,916,949

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

(a) Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

fiscal

period,

the

aggregate

value

of

these

securities

is

$5,987,054

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

#### February

#### 28,

#### 2026

#### New

#### Jersey

#### Municipal

#### Bond
*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

98.5%

X

385,019,488

MUNICIPAL

BONDS

-

98.5%

X

–

CONSUMER

STAPLES

-

2.7%

$

1,955,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

4.000 %

06/01/37

$

1,964,795

3,590,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018A

5.000 06/01/46

3,596,524

4,890,000

Tobacco

Settlement

Financing

Corporation,

New

Jersey,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2018B

5.000 06/01/46

4,845,135

TOTAL

CONSUMER

STAPLES

10,406,454

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

12.8%

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

4.000 07/01/47

1,176,176

715,000

Camden

County

Improvement

Authority,

New

Jersey,

School

Revenue

Bonds,

KIPP:

Cooper

Norcross

Academy

2022

Project,

Social

Series

2022

6.000 06/15/62

739,797

1,050,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Rowan

University

Project,

County

Guaranteed

Loan,

Series

2019

5.000 07/01/44

1,096,697

1,025,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Rowan

University

Project,

County

Guaranteed

Loan,

Series

2024

-

BAM

Insured

5.000 07/01/49

1,070,464

1,000,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

Rowan

University

Project,

County

Guaranteed

Loan,

Series

2024

-

BAM

Insured

5.000 07/01/54

1,037,298

510,000

Montclair

State

University,

New

Jersey,

General

Obligation

Bonds,

Series

2025A

5.000 07/01/32

585,190

350,000

Montclair

State

University,

New

Jersey,

General

Obligation

Bonds,

Series

2025A

5.000 07/01/33

406,549

285,000

Montclair

State

University,

New

Jersey,

General

Obligation

Bonds,

Series

2025A

5.000 07/01/34

333,722

860,000

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Central

Jersey

College

Prep

Charter

School

Project,

Series

2025

5.250 11/01/60

866,454

225,000

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Foundation

Academy

Charter

School,

Series

2018A

5.000 07/01/38

227,409

2,805,000

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

North

Star

Academy

Charter

School

of

Newark,

Series

2017

4.000 07/15/37

2,809,421

100,000

New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

North

Star

Academy

Charter

School

of

Newark,

Series

2017

5.000 07/15/47

100,104

100,000

(a) New

Jersey

Economic

Development

Authority,

Charter

School

Revenue

Bonds,

Teaneck

Community

Charter

School,

Series

2017A

5.125 09/01/52

98,143

355,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2017

3.000 06/01/32

356,251

195,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

The

Seeing

Eye

Inc.,

Refunding

Series

2017

5.000 06/01/32

202,764

1,145,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

College

of

New

Jersey,

Refunding

Series

2016F

3.000 07/01/40

1,025,844

950,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Kean

University,

Refunding

Series

2015H

-

AGM

Insured

4.000 07/01/39

950,269

2,150,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Montclair

State

University,

Refunding

Series

2024A

-

AGM

Insured

5.000 07/01/43

2,358,688

1,125,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Refunding

Series

2017I

5.000 07/01/35

1,162,231

2,000,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Refunding

Series

2024C

5.000 03/01/26

2,000,000

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

2,000,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Series

2024A-1

5.000 %

03/01/37

$

2,345,064

2,000,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Series

2024B

5.250 03/01/54

2,181,818

1,600,000

(b) New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Princeton

University,

Series

2025A,

(Mandatory

Put

7/01/35)

5.000 07/01/64

1,912,574

360,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Rider

University,

Series 2017F

3.750 07/01/37

275,149

1,370,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Rider

University,

Series 2017F

4.000 07/01/42

983,205

1,000,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Refunding

Series

2015C

5.000 07/01/32

1,001,146

525,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2013D

5.000 07/01/38

525,432

1,870,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C

3.000 07/01/41

1,570,254

2,430,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C

3.000 07/01/46

1,808,505

1,085,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2016C

4.000 07/01/46

970,227

1,040,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Seton

Hall

University,

Series

2020C

-

AGM

Insured

3.250 07/01/49

865,366

3,225,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology

Issue,

Green

Series

2020A

4.000 07/01/50

2,850,209

500,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology,

Series

2017A

4.000 07/01/47

455,931

380,000

New

Jersey

Educational

Facilities

Authority,

Revenue

Bonds,

Stevens

Institute

of

Technology,

Series

2017A

5.000 07/01/47

381,936

630,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Senior

Series

2021B,

(AMT)

2.500 12/01/40

610,576

445,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2018A,

(AMT)

3.750 12/01/31

444,689

95,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2018A,

(AMT)

4.000 12/01/35

95,015

1,180,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2023B,

(AMT)

4.000 12/01/44

1,162,320

500,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2024B,

(AMT)

4.250 12/01/45

516,756

1,000,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Series

2025-1B,

(AMT)

4.500 12/01/45

1,048,243

1,270,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Subordinate

Series

2021C,

(AMT)

3.250 12/01/51

918,372

1,000,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Refunding

Subordinate

Series

2022C,

(AMT)

5.000 12/01/52

1,000,259

80,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2017-1A,

(AMT)

3.750 12/01/33

80,010

10,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Lien

Series

2017-1A,

(AMT)

4.000 12/01/40

9,997

265,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Series

2019B,

(AMT)

3.250 12/01/39

261,341

370,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Senior

Series

2020B,

(AMT)

3.500 12/01/39

366,988

1,740,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2017-C,

(AMT)

4.250 12/01/47

1,634,898

1,460,000

New

Jersey

Higher

Education

Student

Assistance

Authority,

Student

Loan

Revenue

Bonds,

Subordinate

Series

2019C,

(AMT)

3.625 12/01/49

1,130,273

1,420,000

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2025A

-

BAM

Insured

5.000 07/01/45

1,553,104

1,145,000

New

Jersey

Institute

of

Technology,

New

Jersey,

General

Obligation

Bonds,

Series

2025A

-

BAM

Insured

5.250 07/01/50

1,245,474

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(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

5.375 %

07/01/53

$

1,359,224

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

50,167,826

HEALTH

CARE

-

8.0%

1,800,000

New

Jersey

Health

Care

Facilities

Authority,

Revenue

Bonds,

Atlanticare

Health

System

Obligated

Group

Issue,

Series

2021

2.375 07/01/46

1,190,757

1,945,000

New

Jersey

Health

Care

Facilities

Authority,

Revenue

Bonds,

Atlanticare

Health

System

Obligated

Group

Issue,

Series

2021

3.000 07/01/46

1,572,283

1,000,000

New

Jersey

Health

Care

Facilities

Authority,

Revenue

Bonds,

Atlanticare

Health

System

Obligated

Group

Issue,

Series

2021

3.000 07/01/51

749,732

70,000

New

Jersey

Health

Care

Facilities

Finance

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Series

2008A

5.000 07/01/27

70,144

1,395,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

AHS

Hospital

Corporation,

Refunding

Series

2016

4.000 07/01/41

1,397,874

965,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Hackensack

Meridian

Health

Obligated

Group,

Refunding

Series

2017A

5.000 07/01/57

973,209

1,000,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Refunding

Series

2016A

5.000 07/01/27

1,008,660

2,105,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Refunding

Series

2016A

4.000 07/01/41

2,106,195

2,700,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Series

2017A

5.000 07/01/42

2,750,022

1,025,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Series

2024A

4.125 07/01/54

945,319

2,000,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Inspira

Health

Obligated

Group

Issue,

Series

2024A

5.250 07/01/54

2,129,427

610,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Princeton

HealthCare

System,

Series

2016A

5.000 07/01/33

615,010

600,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Princeton

HealthCare

System,

Series

2016A

5.000 07/01/34

604,894

2,125,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Refunding

Series

2016A

5.000 07/01/43

2,137,618

2,165,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Series

2021A

4.000 07/01/45

2,156,242

2,245,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

RWJ

Barnabas

Health

Obligated

Group,

Series

2021A

3.000 07/01/51

1,724,746

2,710,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016

3.000 07/01/32

2,583,138

370,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016

4.000 07/01/34

370,375

2,695,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016

5.000 07/01/41

2,700,352

1,450,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Saint

Joseph's

Healthcare

System

Obligated

Group

Issue,

Refunding

Series

2016

4.000 07/01/48

1,267,471

1,190,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2019

4.000 07/01/44

1,134,812

1,215,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2019

3.000 07/01/49

962,121

TOTAL

HEALTH

CARE

31,150,401

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

-

5.4%

$

150,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Kean

Properties

LLC

-

Kean

University

Student

Housing

Project,

Series

2017A

5.000 %

07/01/47

$

145,209

450,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Provident

Group

-

Kean

Properties

LLC

-

Kean

University

Student

Housing

Project,

Series

2017A

5.000 01/01/50

425,514

2,440,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

West

Campus

Housing

LLC

-

New

Jersey

City

University

Student

Housing

Project,

Series

2015

5.000 07/01/47

2,222,085

1,404,684

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Multifamily

Conduit

Revenue

Bonds,

Cherry

Garden

Apartments

Project,

Series

2021B

2.375 01/01/39

1,166,903

519,729

New

Jersey

Housing

&

Mortgage

Finance

Agency,

Multifamily

Conduit

Revenue

Bonds,

Riverview

Towers

Apartments,

Series

2024B

5.250 12/20/65

573,492

700,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Conduit

Revenue

Bonds,

Montgomery

Gateway

Apartments,

Series

2025A

4.550 05/01/41

748,110

1,310,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2015A

4.000 11/01/45

1,269,722

1,135,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016A

3.750 11/01/45

1,066,262

2,145,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2016B

3.600 11/01/40

2,144,952

1,275,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2018A

3.600 11/01/33

1,286,090

1,045,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2018A

3.950 11/01/43

1,044,798

650,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2018A

4.000 11/01/48

608,201

500,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2018A

4.100 11/01/53

461,324

1,750,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2019A

2.900 11/01/39

1,560,540

530,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2019A

3.000 11/01/44

456,077

870,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2019A

3.050 11/01/49

690,400

490,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2019A

3.150 05/01/53

373,182

600,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2020A

2.450 11/01/45

435,082

2,470,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2021A

2.450 11/01/41

1,977,657

1,090,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2023C,

(AMT)

4.850 05/01/33

1,145,631

855,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2023E-1

4.500 05/01/50

843,566

500,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Revenue

Bonds,

Series

2023E-1

4.550 05/01/55

500,695

TOTAL

HOUSING/MULTIFAMILY

21,145,492

HOUSING/SINGLE

FAMILY

-

5.6%

920,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018A

3.750 10/01/35

924,823

2,150,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2018B,

(AMT)

3.800 10/01/32

2,161,114

2,710,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2019C

4.000 04/01/49

2,471,505

1,540,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020E

2.250 10/01/40

1,256,031

865,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2020E

3.500 04/01/51

871,279

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### New

#### Jersey

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/SINGLE

FAMILY

(continued)

$

2,000,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Series

2024K

4.150 %

10/01/39

$

2,045,831

6,840,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2021H

2.300 10/01/46

4,894,556

1,885,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2022I

4.500 10/01/42

1,942,125

1,260,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2022I

4.600 10/01/46

1,270,419

1,000,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2023J

4.500 10/01/43

1,013,845

1,150,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2023J

4.700 10/01/48

1,153,842

1,845,000

New

Jersey

Housing

and

Mortgage

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2025M

5.050 10/01/45

1,911,865

TOTAL

HOUSING/SINGLE

FAMILY

21,917,235

INDUSTRIALS

-

0.6%

500,000

New

Jersey

Economic

Development

Authority,

Energy

Facilities

Revenue

Bonds,

UMM

Energy

Partners,

LLC

Project,

Series

2012A,

(AMT)

5.000 06/15/37

500,255

1,000,000

New

Jersey

Economic

Development

Authority,

Energy

Facilities

Revenue

Bonds,

UMM

Energy

Partners,

LLC

Project,

Series

2012A,

(AMT)

5.125 06/15/43

1,000,226

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)

6.625 01/01/45

1,050,086

TOTAL

INDUSTRIALS

2,550,567

LONG-TERM

CARE

-

0.6%

530,000

New

Jersey

Economic

Development

Authority,

Fixed

Rate

Revenue

Bonds,

Lions

Gate

Project,

Series

2014

5.250 01/01/44

525,537

2,113,474

(a) New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

White

Horse

HMT

Urban

Renewal

LLC

Project,

Series

2020

5.000 01/01/40

1,501,901

480,000

(a) New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Village

Drive

Healthcare

Urban

Renewal

LLC,

Series

2018

5.750 10/01/38

353,408

TOTAL

LONG-TERM

CARE

2,380,846

TAX

OBLIGATION/GENERAL

-

25.1%

3,995,000

Bridgewater

&

Raritan

School

District,

Somerset

County,

New

Jersey,

General

Obligation

Bonds,

Series

2024

4.000 07/15/45

3,998,415

790,000

Cumberland

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

Vineland

Public

Safety

Building

Project,

Series

2017

3.250 12/15/37

791,422

585,000

Cumberland

County,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2024

2.000 08/15/26

583,016

1,000,000

Cumberland

County,

New

Jersey,

General

Obligation

Bonds,

Series

2021

2.000 05/15/29

971,383

400,000

Essex

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Essex

County

Family

Court

Building

Projects,

County

Guaranteed

Series

2025

5.000 03/17/26

400,397

6,000,000

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Bond

Anticipation

Notes,

Series

2025

4.000 07/08/26

6,034,784

5,000,000

Ewing

Township,

Mercer

County,

New

Jersey,

General

Obligation

Bonds,

Bond

Anticipation

Notes

Series

2025

4.000 12/22/26

5,070,220

15,000

Flemington-Raritan

Regional

School

District,

Hunterdon

County,

New

Jersey,

General

Obligation

Bonds,

Series

2019

2.375 09/01/34

13,994

3,000,000

Freehold

Township

Board

of

Education,

Monmouth

County,

New

Jersey,

General

Obligation

Bonds,

School

Series

2025

4.000 08/15/41

3,139,151

600,000

Gloucester

County

Improvement

Authority,

New

Jersey,

General

Obligation

Loan

Revenue

Bonds,

Health

Sciences

Educational

Facilities

Projects

Series

2024

5.000 03/01/26

600,000

1,065,000

Gloucester

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2019

-

BAM

Insured

2.000 02/01/28

1,048,851

1,000,000

Gloucester

Township,

New

Jersey,

General

Obligation

Bonds,

Series

2019

-

BAM

Insured

2.250 02/01/29

986,200

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/GENERAL

(continued)

$

1,040,000

Harrison,

New

Jersey,

General

Obligation

Bonds,

Parking

Utility

Series

2018

-

BAM

Insured

3.375 %

03/01/34

$

1,050,834

1,075,000

Holmdel

Township,

Monmouth,

New

Jersey,

General

Obligation

Bonds,

Series

2021

2.000 11/15/34

972,484

1,250,000

(c) Hudson

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Pooled

Notes,

Series

2026A-1

3.500 03/01/27

1,265,093

1,000,000

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Courthouse

Project,

Series

2020

4.000 10/01/51

949,597

5,490,000

Hudson

County

Improvement

Authority,

New

Jersey,

County

Secured

Lease

Revenue

Bonds,

Hudson

County

Vocational

Technical

Schools

Project,

Series

2016

5.000 05/01/46

5,499,048

3,000,000

Hudson

County,

New

Jersey,

Bond

Anticipation

Notes,

Series

20256

4.000 02/24/27

3,050,408

1,000,000

Jersey

City

Board

of

Education,

Hudson

County,

New

Jersey,

General

Obligation

Bonds,

School

Energy

Savings

Refunding

Series

2023

-

AGM

Insured

4.250 08/15/45

1,009,825

1,000,000

Jersey

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2022A

3.000 02/15/37

970,724

1,000,000

Madison

Borough

Board

of

Education,

Morris

County,

New

Jersey,

General

Obligation

Bonds,

School

Series

2024

1.000 08/15/30

927,610

665,000

Manalapan-Englishtown

Regional

Board

of

Education,

New

Jersey,

General

Obligation

Bonds,

School

Series

2025

4.000 07/15/43

679,719

1,730,000

Manalapan-Englishtown

Regional

Board

of

Education,

New

Jersey,

General

Obligation

Bonds,

School

Series

2025

4.000 07/15/44

1,751,673

1,125,000

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2022C

5.000 08/15/40

1,259,371

575,000

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2023

5.000 12/01/36

673,300

500,000

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2023

5.000 12/01/41

564,316

1,120,000

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2024A

5.000 12/01/37

1,322,619

1,695,000

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2025

5.000 12/01/31

1,959,780

1,700,000

Monmouth

County

Improvement

Authority,

New

Jersey,

Governmental

Pooled

Loan

Revenue

Bonds,

Series

2025

5.000 12/01/34

2,059,902

2,000,000

Montclair

Township

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

School

Series

2025

4.250 08/01/43

2,067,102

2,500,000

Montclair

Township

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

School

Series

2025

4.250 08/01/44

2,550,483

2,485,000

Montclair

Township

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

School

Series

2025

4.375 08/01/45

2,529,869

1,020,000

New

Brunswick

Parking

Authority,

Middlesex

County,

New

Jersey,

Guaranteed

Parking

Revenue

Bonds,

Refunding

Series

2016A

-

BAM

Insured

5.000 09/01/32

1,034,005

1,000,000

New

Brunswick

Parking

Authority,

Middlesex

County,

New

Jersey,

Guaranteed

Parking

Revenue

Bonds,

Refunding

Series

2016A

-

BAM

Insured

5.000 09/01/35

1,012,507

985,000

New

Jersey

State,

General

Obligation

Bonds,

Emergency

Series

2020A

5.000 06/01/26

992,314

1,000,000

New

Jersey

State,

General

Obligation

Bonds,

Emergency

Series

2020A

5.000 06/01/27

1,037,742

1,240,000

New

Jersey

State,

General

Obligation

Bonds,

Emergency

Series

2020A

4.000 06/01/31

1,351,553

1,375,000

New

Jersey

State,

General

Obligation

Bonds,

Emergency

Series

2020A

3.000 06/01/32

1,418,318

1,000,000

New

Jersey

State,

General

Obligation

Bonds,

Various

Purpose

Series

2020

5.000 06/01/40

1,030,009

2,100,000

New

Jersey

State,

General

Obligation

Bonds,

Various

Purpose

Series

2021

-

BAM

Insured

2.000 06/01/36

1,857,793

1,090,000

New

Jersey

State,

General

Obligation

Bonds,

Various

Purpose

Series

2021

5.000 06/01/40

1,176,218

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### New

#### Jersey

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/GENERAL

(continued)

$

605,000

Newark

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

School

Energy

Savings

Series

2021

-

BAM

Insured

4.000 %

07/15/36

$

635,271

500,000

Newark,

Essex

County,

New

Jersey,

Mass

Transit

Access

Tax

Revenue

Bonds,

Mulberry

Pedestrian

Bridge

Redevelopment

Project,

Series

2022

-

AGM

Insured

5.375 11/15/52

537,965

600,000

Newark,

Essex

County,

New

Jersey,

Mass

Transit

Access

Tax

Revenue

Bonds,

Mulberry

Pedestrian

Bridge

Redevelopment

Project,

Series

2022

-

AGM

Insured

6.000 11/15/62

665,790

510,000

Newark,

New

Jersey,

General

Obligation

Bonds,

Refunding

Qualified General

Improvement

Series

2025A

5.000 07/15/26

514,541

1,500,000

Ocean

City,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019

2.250 09/15/33

1,410,636

1,605,000

Parsippany-Troy

Hills

Township,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2025

4.000 10/15/26

1,624,060

2,625,000

Passaic

County,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2019A

1.000 12/01/34

2,203,217

1,054,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

5.625 07/01/29

1,126,237

1,477,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000 07/01/33

1,512,713

669,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000 07/01/37

670,382

4,698,000

Rahway,

New

Jersey,

General

Obligation

Bonds,

Bond

Anticipation

Note

Series

2025

4.000 07/22/26

4,728,715

1,145,000

Somers

Point,

New

Jersey,

General

Obligation

Bonds,

Improvement

Sewer

Utility

Series

2019

2.000 10/01/31

1,080,981

1,000,000

South

Brunswick

Township,

Middlesex

County,

New

Jersey,

General

Obligation

Bonds,

BAN

Series

2025A

4.000 10/19/26

1,009,991

2,460,000

South

Orange

&

Maplewood

School

District,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Series

2021

2.375 08/15/46

1,707,370

250,000

Toms

River

Board

of

Education,

Ocean

County,

New

Jersey,

General

Obligation

Bonds,

Regional

Schools

Series

2019

2.000 07/15/26

248,351

190,000

Toms

River

Board

of

Education,

Ocean

County,

New

Jersey,

General

Obligation

Bonds,

Regional

Schools

Series

2019

3.000 07/15/30

188,741

3,435,000

Union

County

Utilities

Authority,

New

Jersey,

Resource

Recovery

Facility

Lease

Revenue

Bonds,

Covantan

Union

Inc.

Lessee,

Refunding

Series

2011B,

(AMT)

5.250 12/01/31

3,442,262

2,515,000

Union

County

Utilities

Authority,

New

Jersey,

Solid

Waste

System

County

Deficiency

Revenue

Bonds,

Series

2011A

5.000 06/15/41

2,517,240

1,280,000

Verona

Township

Board

of

Education,

Essex

County,

New

Jersey,

General

Obligation

Bonds,

Refunding

Series

2020

2.250 03/01/39

1,046,339

405,000

Vineland

Board

of

Education,

Cumberland

County,

New

Jersey,

General

Obligation

Bonds,

Energy

Savings

Refunding

School

Series

2025

-

BAM

Insured

5.000 07/01/39

466,537

2,000,000

Willingboro

Township

Board

of

Education,

New

Jersey,

General

Obligation

Bonds,

School

Series

2025

4.250 08/15/44

2,054,173

1,085,000

Woodridge

Boro,

New

Jersey,

General

Obligation

Bonds,

General

Improvement

Series

2021

2.000 09/01/32

1,005,533

TOTAL

TAX

OBLIGATION/GENERAL

98,059,094

TAX

OBLIGATION/LIMITED

-

19.3%

1,715,000

Bergen

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Governmental

Pooled

Project

Notes,

Series

4.000 10/14/26

1,732,492

3,500,000

Bergen

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Governmental

Pooled

Project

Notes,

Series

2025A

4.000 05/21/26

3,512,772

650,000

Bergen

County

Improvement

Authority,

New

Jersey,

Guaranteed

Lease

Revenue

Bonds,

County

Administration

Complex

Project,

Series

2005

5.000 11/15/26

663,225

2,610,000

Burlington

County

Bridge

Commission,

New

Jersey,

Governmental

Leasing

Program

Revenue

Bonds,

Notes

Series

2025C-2

4.000 07/31/26

2,625,877

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

450,000

Camden

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Loan

Revenue

Bonds,

Refunding

Capital

Program

Series

2024B

5.000 %

01/15/29

$

486,355

1,000,000

Camden

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Loan

Revenue

Bonds,

Refunding

Capital

Program

Series

2024B

5.000 01/15/30

1,107,450

795,000

Casino

Reinvestement

Development

Authority,

New

Jersey,

Luxury

Tax

Revenue

Bonds,

Series

2024A

5.000 11/01/41

873,465

600,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

County

Guaranteed

Loan

Capital

Program,

Refunding

Series

2025

5.000 04/01/29

653,421

650,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

County

Guaranteed

Loan

Capital

Program,

Refunding

Series

2025

5.000 04/01/31

739,771

250,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

County

Guaranteed

Loan

Capital

Program,

Refunding

Series

2025

5.000 04/01/32

290,266

350,000

Gloucester

County

Improvement

Authority,

New

Jersey,

Revenue

Bonds,

County

Guaranteed

Loan

Capital

Program,

Refunding

Series

2025

5.000 04/01/33

412,923

1,135,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2025G

5.000 01/01/33

1,273,435

500,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2025G

5.000 01/01/34

566,227

500,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2025G

5.000 01/01/35

569,980

1,065,000

Middlesex

County

Improvement

Authority,

New

Jersey,

County

Guaranteed

Lease

Revenue

Bonds,

Middlesex

Regional

Educational

Services

Commission

Projects,

Refunding

Series

2024

5.000 10/15/33

1,267,531

2,940,000

Middlesex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

Project

Series

2023A

5.000 08/15/49

3,117,928

1,000,000

Middlesex

County

Improvement

Authority,

New

Jersey,

General

Obligation

Lease

Revenue

Bonds,

New

Jersey

Health

+

Life

Science

Exchange

-

Project

Series

2023A

4.000 08/15/53

959,211

3,600,000

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Portal

North

Bridge

Project

Series

2022A

5.250 11/01/47

3,831,081

3,775,000

New

Jersey

Economic

Development

Authority,

New

Jersey,

Transit

Transportation

Project

Revenue

Bonds,

Portal

North

Bridge

Project

Series

2022A

5.000 11/01/52

3,914,412

3,220,000

New

Jersey

Economic

Development

Authority,

Revenue

Bonds,

Motor

Vehicle

Surcharge,

Refunding

Subordinate

Series

2017A

3.375 07/01/30

3,224,967

221,788

New

Jersey

Economic

Development

Authority,

Revenue

Refunding

Bonds,

Kapkowski

Road

Landfill

Project,

Series

2002

6.500 04/01/28

228,872

255,000

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2016A-1

5.000 06/15/29

256,916

175,000

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2016A-1

5.000 06/15/30

176,272

3,845,000

New

Jersey

Transportation

Trust

Fund

Authority,

Federal

Highway

Reimbursement

Revenue

Notes,

Series

2018A

5.000 06/15/31

3,872,320

505,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2019AA

5.000 06/15/46

518,030

1,000,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC

5.250 06/15/41

1,116,587

1,500,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2023AA

4.250 06/15/44

1,525,537

14,250,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Capital

Appreciation

Series

2010A

0.000 12/15/30

12,602,307

5,300,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AGM

Insured

0.000 12/15/32

4,430,857

4,620,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AGM

Insured

0.000 12/15/33

3,732,209

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### New

#### Jersey

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,045,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Refunding

Series

2006C

-

AGM

Insured

0.000 %

12/15/34

$

813,125

2,360,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB

3.500 06/15/46

2,048,178

680,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2019BB

4.000 06/15/50

633,587

1,560,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2024AA

4.000 06/15/42

1,583,766

1,080,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

System

Bonds,

Series

2024CC

4.125 06/15/55

1,018,752

705,000

Passaic

County

Improvement

Authority,

New

Jersey,

Guaranteed

Revenue

Bonds,

Senior

Housing

Project

Series

2024

4.000 11/01/51

682,257

500,000

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Little

Falls

Board

of

Education

Project

Series

2025

5.000 09/15/37

578,604

1,110,000

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Refunding

Series

2015

3.750 05/01/36

1,110,549

1,115,000

Passaic

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Preakness

Healthcare

Center

Expansion

Project,

Series

2012

3.500 05/01/35

1,115,431

1,920,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5.000 07/01/58

1,884,535

1,756,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4.329 07/01/40

1,759,632

1,570,000

Union

County

Improvement

Authority,

New

Jersey,

Lease

Revenue

Bonds,

Plainfield

-

Park

Madison

Redevelopment

Project,

Refunding

Series

2013A

5.000 03/01/34

1,742,992

TOTAL

TAX

OBLIGATION/LIMITED

75,254,104

TRANSPORTATION

-

10.3%

1,000,000

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Refunding

Series

2024B

5.000 01/01/41

1,137,653

1,000,000

Delaware

River

and

Bay

Authority,

Delaware

and

New

Jersey,

Revenue

Bonds,

Series

2019

4.000 01/01/44

1,003,164

1,090,000

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Refunding

Series

2015

-

BAM

Insured

4.000 07/01/35

1,090,934

1,500,000

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017

5.000 07/01/42

1,532,306

2,000,000

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2017

5.000 07/01/47

2,022,616

1,000,000

Delaware

River

Joint

Toll

Bridge

Commission,

New

Jersey

and

Pennsylvania,

Bridge

System

Revenue

Bonds,

Series

2019A

3.000 07/01/49

760,257

1,860,000

Delaware

River

Port

Authority,

New

Jersey

and

Pennsylvania,

Revenue

Bonds,

Refunding

Series

2025

5.000 01/01/37

2,173,969

1,705,000

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013

-

AGM

Insured,

(AMT)

5.000 01/01/31

1,715,136

1,645,000

New

Jersey

Economic

Development

Authority,

Private

Activity

Bonds,

The

Goethals

Bridge

Replacement

Project,

Series

2013,

(AMT)

5.625 01/01/52

1,646,508

1,245,000

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

1999,

(AMT)

5.250 09/15/29

1,247,443

380,000

New

Jersey

Economic

Development

Authority,

Special

Facilities

Revenue

Bonds,

Continental

Airlines

Inc.,

Series

2000A

&

2000B,

(AMT)

5.625 11/15/30

381,476

1,000,000

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017,

(AMT)

5.000 10/01/37

1,019,951

2,000,000

New

Jersey

Economic

Development

Authority,

Special

Facility

Revenue

Bonds,

Port

Newark

Container

Terminal

LLC

Project,

Refunding

Series

2017,

(AMT)

5.000 10/01/47

2,003,296

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,315,000

New

Jersey

Turnpike

Authority,

Revenue

Bonds,

Series

2005A

-

AGM

Insured

5.250 %

01/01/29

$

1,431,471

775,000

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022A

4.000 01/01/42

798,116

2,010,000

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022A

4.000 01/01/43

2,052,838

1,000,000

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B

5.000 01/01/46

1,066,540

1,030,000

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B

4.500 01/01/48

1,048,229

2,250,000

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2022B

5.250 01/01/52

2,390,760

925,000

New

Jersey

Turnpike

Authority,

Turnpike

Revenue

Bonds,

Series

2025A

5.250 01/01/55

994,393

1,000,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Fiftieth

Series

2025

5.000 10/15/36

1,211,612

2,950,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Forty

Second

Series

2023,

(AMT)

5.000 12/01/53

3,000,641

1,200,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Forty-Fifth

Series

2024

5.000 09/01/54

1,262,606

1,000,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Second

Series

2017,

(AMT)

5.000 10/15/33

1,022,695

1,000,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Refunding

Series

2019A

-

AGM

Insured

5.000 11/01/33

1,092,281

2,330,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2022A

4.625 11/01/47

2,368,350

650,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2022A

-

BAM

Insured

5.250 11/01/52

681,399

1,000,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2025A

-

BAM

Insured

4.000 11/01/38

1,048,324

1,000,000

South

Jersey

Transportation

Authority,

New

Jersey,

Transportation

System

Revenue

Bonds,

Series

2025A

-

BAM

Insured

4.000 11/01/39

1,039,859

TOTAL

TRANSPORTATION

40,244,823

U.S.

GUARANTEED

-

0.2%

(d) 145,000

New

Jersey

Health

Care

Facilities

Financing

Authority,

Revenue

Bonds,

Kennedy

Health

System

Obligated

Group

Issue,

Refunding

Series

2012,

(ETM)

3.750 07/01/27

146,402

600,000

New

Jersey

Transportation

Trust

Fund

Authority,

Transportation

Program

Bonds,

Series

2022CC,

(Pre-refunded

12/15/32)

5.250 06/15/46

715,857

TOTAL

U.S.

GUARANTEED

862,259

UTILITIES

-

7.9%

500,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2025A

5.500 07/01/43

553,456

1,975,000

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011A

2.750 08/01/39

1,689,421

530,000

New

Jersey

Economic

Development

Authority,

Natural

Gas

Facilities

Revenue

Bonds,

New

Jersey

Natural

Gas

Company

Project,

Refunding

Series

2011C,

(AMT)

3.000 08/01/41

469,458

2,575,000

New

Jersey

Economic

Development

Authority,

Water

Facilities

Revenue

Bonds,

Middlesex

Water

Company,

Series

2019,

(AMT)

4.000 08/01/59

2,260,764

5,000,000

(b) 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)

2.200 10/01/39

4,798,126

565,000

(b) 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)

3.750 11/01/34

574,680

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### New

#### Jersey

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

500,000

New

Jersey

Environmental

Infrastructure

Trust,

Environmental

Infrastructure

Bonds,

Green

Series

2025A-SW1

5.000 %

09/01/34

$

604,100

6,295,000

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2022A-2

5.000 09/01/47

6,677,251

2,000,000

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2022A-2

5.000 09/01/52

2,101,103

1,500,000

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2023A-W1

5.000 09/01/30

1,683,011

500,000

New

Jersey

Infrastructure

Bank,

Environmental

Infrastructure

Bonds,

Green

Series

2023A-W1

5.000 09/01/34

598,978

500,000

North

Hudson

Sewerage

Authority,

New

Jersey,

Gross

Revenue

Lease

Certificates,

Senior

Lien

Series

2023

-

BAM

Insured

5.000 06/01/38

576,383

750,000

North

Hudson

Sewerage

Authority,

New

Jersey,

Gross

Revenue

Lease

Certificates,

Senior

Lien

Series

2023

-

BAM

Insured

5.000 06/01/39

859,344

375,000

North

Hudson

Sewerage

Authority,

New

Jersey,

Gross

Revenue

Lease

Certificates,

Senior

Lien

Series

2023

-

BAM

Insured

5.000 06/01/44

408,664

695,000

Passaic

County

Utilities

Authority,

New

Jersey,

Solid

Waste

Disposal

Revenue

Bonds,

Refunding

Series

2018

5.000 03/01/37

795,978

1,425,000

Passaic

Valley

Water

Commission,

New

Jersey,

Water

System

Revenue

Bonds,

Series

2023

-

AGM

Insured

4.000 12/01/53

1,388,963

5,000,000

Salem

County

Pollution

Control

Financing

Authority,

New

Jersey,

Revenue

Bonds,

Atlantic

City

Electric

Company

Project,

Refunding

Series

2020

2.250 06/01/29

4,840,707

TOTAL

UTILITIES

30,880,387

TOTAL

MUNICIPAL

BONDS

(Cost

$387,561,019)

385,019,488

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$387,561,019)

385,019,488

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

1.7%

X

6,635,000

MUNICIPAL

BONDS

-

1.7%

X

–

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

1.3%

$

5,000,000

(e) Rutgers

State

University,

New

Jersey,

Revenue

Bonds,

Series

2009G

1.600 05/01/39

$

5,000,000

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

5,000,000

HOUSING/MULTIFAMILY

-

0.4%

1,635,000

(e) New

Jersey

Housing

and

Mortgage

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Meadow

Brook

Apartments

Project,

Series

2006A,

(AMT)

1.950 03/15/40

1,635,000

TOTAL

HOUSING/MULTIFAMILY

1,635,000

TOTAL

MUNICIPAL

BONDS

(Cost

$6,635,000)

6,635,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$6,635,000)

6,635,000

TOTAL

INVESTMENTS

-

100.2%

(Cost

$394,196,019)

391,654,488

OTHER

ASSETS

&

LIABILITIES,

NET

-

(0.2)%

(780,002)

NET

ASSETS

-

100%

$

390,874,486

AMT

Alternative

Minimum

Tax

ETM

Escrowed

to

maturity

(a) Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

fiscal

period,

the

aggregate

value

of

these

securities

is

$3,003,538

or

0.8%

of

Total

Investments.

(b) Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

when

applicable. For

mortgage-backed

or

asset-backed

securities

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(c) When-issued

or

delayed

delivery

security.

(d) Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

(e) Investment

has

a

maturity

of

greater

than

one

year,

but

has

variable

rate

and/or

demand

features

which

qualify

it

as

a

short-term

investment.

The

rate

disclosed,

as

well

as

the

reference

rate

and

spread,

where

applicable,

is

that

in

effect

as

of

the

end

of

the

reporting

period.

This

rate

changes

periodically

based

on

market

conditions

or

a

specified

market

index.

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026

#### New

#### York

#### Municipal

#### Bond
*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

96.0%

X

974,525,982

MUNICIPAL

BONDS

-

96.0%

X

–

CONSUMER

STAPLES

-

3.6%

$

15,110,000

Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2005A

5.000 %

06/01/38

$

14,147,362

76,105,000

(a) Erie

County

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2005C

0.000 06/01/50

9,840,673

755,000

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-Through

Bonds,

Series

2016A-1

5.625 06/01/35

770,875

6,885,000

New

York

Counties

Tobacco

Trust

VI,

New

York,

Tobacco

Settlement

Pass-Through

Bonds,

Series

2016A-1

5.750 06/01/43

6,780,764

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

5.000 06/01/45

1,176,484

10,000,000

Suffolk

Tobacco

Asset

Securitization

Corporation,

New

York,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2021B-2

0.000 06/01/66

923,245

3,000,000

TSASC

Inc.,

New

York,

Tobacco

Asset-Backed

Bonds,

Series

2006

5.000 06/01/48

2,765,222

TOTAL

CONSUMER

STAPLES

36,404,625

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

8.0%

1,865,000

Buffalo

and

Erie

County

Industrial

Land

Development

Corporation,

New

York,

Revenue

Bonds,

Enterprise

Charter

School

Project,

Series

2011A

7.500 12/01/40

1,865,529

1,360,000

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Classical

Charter

Schools

Series

2023A

4.500 06/15/43

1,301,604

550,000

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Global

Community

Charter

School

Project,

Series

2022A

5.000 06/15/52

475,512

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

5.250 07/01/52

3,404,972

809,605

(b) Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Metropolitan

College

of

New

York,

Series

2014

5.000 11/01/39

647,684

794,739

(b) Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

Metropolitan

College

of

New

York,

Series

2014

5.500 11/01/44

635,792

1,265,000

Build

New

York

City

Resource

Corporation,

New

York,

Revenue

Bonds,

New

World

Preparatory

Charter

School

Project,

Series

2021A

4.000 06/15/41

1,162,646

1,440,000

(a) Build

NYC

Resource

Corporation

Revenue

Bonds,

New

York,

East

Harlem

Scholars

Academy

Charter

School

Project,

Series

2022

(Social

Bonds)

5.750 06/01/62

1,418,472

2,395,000

(a) Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Family

Life

Academy

Charter

School,

Series

2020C-1

5.000 06/01/55

1,991,775

580,000

(a) Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Richmond

Preparatory

Charter

School

Project,

Social

Impact

Project

Series

2021A

5.000 06/01/41

533,157

2,620,000

(a) Build

NYC

Resource

Corporation,

New

York,

Revenue

Bonds,

Richmond

Preparatory

Charter

School

Project,

Social

Impact

Project

Series

2021A

5.000 06/01/56

2,062,205

2,965,000

(a) Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

American

Musical

and

Dramatic

Academy

Inc.,

Series

2023A

7.250 07/01/53

3,046,444

4,000,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Barnard

College,

Taxable

Series

2025A

5.000 07/01/55

4,131,541

2,500,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

The

New

School

University

Series

2025A

4.250 07/01/50

2,332,951

3,835,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Yeshiva

University,

Series

2022A

5.000 07/15/42

3,959,234

3,015,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Yeshiva

University,

Series

2022A

5.000 07/15/50

3,012,437

1,670,000

Dormitory

Authority

of

the

State

of

New

York,

Housing

Revenue

Bonds,

Fashion

Institute

of

Technology,

Series

2007

-

FGIC

Insured

5.250 07/01/29

1,737,697

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

735,000

Dormitory

Authority

of

the

State

of

New

York,

Housing

Revenue

Bonds,

Fashion

Institute

of

Technology,

Series

2007

-

FGIC

Insured

5.250 %

07/01/34

$

805,127

9,000,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Fordham

University,

Series

2020

4.000 07/01/46

8,557,190

1,055,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

New

York

University,

Series

2001-1

-

AMBAC

Insured

5.500 07/01/40

1,266,839

1,950,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Pace

University,

Series

2024A

5.500 05/01/56

2,025,082

1,000,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Rockefeller

University,

Series

2020A

5.000 07/01/53

1,034,537

8,665,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Rockefeller

University,

Series

2022A

4.000 07/01/42

8,842,191

3,450,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Vaughn

College

of

Aeronautics

&

Technology,

Series

2016A

5.500 12/01/36

3,377,636

6,675,000

Glen

Cove

Local

Economic

Assistance

Corporation,

New

York,

Revenue

Bonds,

Garvies

Point

Public

Improvement

Project,

Capital

Appreciation

Series

2016B

0.000 01/01/45

2,074,839

3,040,000

Glen

Cove

Local

Economic

Assistance

Corporation,

New

York,

Revenue

Bonds,

Garvies

Point

Public

Improvement

Project,

Capital

Appreciation

Series

2016C

5.625 01/01/55

2,784,947

200,000

Hempstead

Town

Local

Development

Corporation,

New

York,

Education

Revenue

Bonds,

Evergreen

Charter

School

Project,

Series

2022A

5.500 06/15/57

199,374

7,835,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds, University

of

Rochester

Project,

Series

2020A

4.000 07/01/50

7,324,176

5,750,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds, University

of

Rochester

Project,

Series

2023A

5.000 07/01/53

5,984,771

300,000

(a) Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Academy

of

Health

Sciences

Charter

School

Project,

Social

Impact

Series

2022

5.875 07/01/52

300,778

850,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

St.

John

Fisher

University

Project,

Series

2024

5.250 06/01/54

890,729

1,285,000

Troy

Capital

Resource

Corporation,

New

York, Revenue

Bonds,

Rensselaer

Polytechnic

Institute,

Refunding

Series

2020A.

Forward

Delivery

4.000 09/01/40

1,293,249

160,000

Yonkers

Economic

Development

Corporation,

New

York,

Educational

Revenue

Bonds,

Lamartine/Warburton

LLC-Charter

School

of

Educational

Excellence

Project,

Series

2019A

4.000 10/15/29

160,723

205,000

Yonkers

Economic

Development

Corporation,

New

York,

Educational

Revenue

Bonds,

Lamartine/Warburton

LLC-Charter

School

of

Educational

Excellence

Project,

Series

2019A

5.000 10/15/39

207,809

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

80,849,649

FINANCIALS

-

1.1%

5,710,000

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarter

Revenue

Bonds,

Series

2005

5.250 10/01/35

6,850,022

3,475,000

Liberty

Development

Corporation,

New

York,

Goldman

Sachs

Headquarters

Revenue

Bonds

Series

2007

5.500 10/01/37

4,284,616

TOTAL

FINANCIALS

11,134,638

HEALTH

CARE

-

17.5%

6,735,000

Albany

Capital

Resource

Corporation,

New

York,

Revenue

Bonds,

Albany

Medical

Center

Hospital

Series

2025A

5.500 05/01/55

7,214,656

15,600,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Northwell

Health

Obligated

Group,

Series

2022A

4.000 05/01/45

14,935,038

18,290,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Northwell

Health

Obligated

Group,

Series

2022A

4.250 05/01/52

16,979,726

9,255,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Northwell

Health

Obligated

Group,

Series

2022A

5.000 05/01/52

9,431,365

11,965,000

Dormitory

Authority

of

the

State

of

New

York,

General

Revenue

Bonds,

Northwell

Health

Obligated

Group,

Series

2024A

5.250 05/01/54

12,459,289

3,600,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2018A

5.000 08/01/35

3,703,336

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### New

#### York

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH

CARE

(continued)

$

1,200,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A

5.000 %

09/01/30

$

1,288,839

2,680,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A

5.000 09/01/34

2,850,367

2,620,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A

5.000 09/01/35

2,781,128

5,000,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Montefiore

Obligated

Group,

Series

2020A

4.000 09/01/50

4,320,057

15,420,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Mount

Sinai

Health

Obligated

Group,

Series

2025

5.250 07/01/50

15,559,656

14,435,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

NYU

Langone

Hospitals

Obligated

Group,

Series

2020A

4.000 07/01/53

12,821,757

450,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2015

5.000 12/01/29

450,183

1,100,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2015

5.000 12/01/32

1,100,357

1,100,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2015

5.000 12/01/33

1,100,316

1,000,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2015

5.000 12/01/35

1,000,187

1,300,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2015

5.000 12/01/40

1,292,330

2,000,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017

5.000 12/01/26

2,013,687

1,200,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017

5.000 12/01/27

1,216,603

4,250,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017

5.000 12/01/36

4,181,827

1,000,000

(a) Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Orange

Regional

Medical

Center

Obligated

Group,

Series

2017

5.000 12/01/37

973,136

2,750,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

Roswell

Park

Cancer

Institute

Obligated

Group,

Series

2025A

5.500 07/01/55

2,967,814

400,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

White

Plains

Hospital,

Series

2024

5.250 10/01/49

407,482

6,280,000

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Health

Quest

Systems,

Inc.

Project,

Series

2016B

5.000 07/01/35

6,308,426

2,830,000

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Health

Quest

Systems,

Inc.

Project,

Series

2016B

4.000 07/01/41

2,790,400

11,000,000

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Health

Quest

Systems,

Inc.

Project,

Series

2016B

5.000 07/01/46

11,000,948

1,000,000

Dutchess

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Nuvance

Health

Issue,

Series

2019B

5.000 07/01/26

1,006,719

2,380,000

Genesee

County

Funding

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2025A

5.250 12/01/50

2,453,876

2,605,000

Genesee

County

Funding

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2025A

5.500 12/01/55

2,723,082

1,395,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2013A

5.000 12/01/42

1,395,515

6,605,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

General

Hospital

Project,

Series

2017

5.000 12/01/46

6,607,287

4,600,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Rochester

Regional

Health

Project,

Series

2020A

4.000 12/01/46

4,079,843

375,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Tax-Exempt

Revenue

Bonds,

Highland

Hospital

of

Rochester

Project,

Series

2015

5.000 07/01/34

375,650

19,010,000

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Refunding

Series

2016

5.000 11/01/46

17,773,027

380,000

Westchester

County

Local

Development

Corporation,

New

York,

Revenue

Bonds,

Westchester

Medical

Center

Obligated

Group

Project,

Series

2023

6.250 11/01/52

391,621

TOTAL

HEALTH

CARE

177,955,530

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

-

0.5%

$

3,450,000

(a) New

York

City

Housing

Development

Corporation,

New

York,

Multi-Family

Mortgage

Revenue

Bonds,

Spruce

Street,

Class

F

Series

2024

5.250 %

12/15/31

$

3,591,496

1,155,000

New

York

State

Housing

Finance

Agency,

Multifamily

Housing

Revenue

Bonds,

Cannon

Street

Senior

Housing

Project,

Series

2007A,

(AMT)

5.300 02/15/39

1,156,069

TOTAL

HOUSING/MULTIFAMILY

4,747,565

INDUSTRIALS

-

2.4%

17,020,000

(a) New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

World

Trade

Center

Project,

Class

Series

2014

5.000 11/15/44

17,048,057

7,550,000

(a) New

York

Liberty

Development

Corporation,

New

York,

Liberty

Revenue

Bonds,

World

Trade

Center

Project,

Class

Series

2014

5.150 11/15/34

7,564,234

TOTAL

INDUSTRIALS

24,612,291

LONG-TERM

CARE

-

0.1%

535,000

Dormitory

Authority

of

the

State

of

New

York,

Non-State

Supported

Debt,

Ozanam

Hall

of

Queens

Nursing

Home

Revenue

Bonds,

Series

2006

5.000 11/01/31

542,740

550,000

Monroe

County

Industrial

Development

Corporation,

New

York,

Revenue

Bonds,

Saint

Anns

Community

Project,

Series

2019

5.000 01/01/40

552,347

265,000

(a) New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Special

Needs

Facilities

Pooled

Program,

Series

2008A-1

6.100 07/01/28

264,996

210,000

(a) New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Special

Needs

Facilities

Pooled

Program,

Series

2008A-1

6.200 07/01/33

209,710

TOTAL

LONG-TERM

CARE

1,569,793

MATERIALS

-

0.2%

1,970,000

(a) Build

New

York

City

Resource

Corporation,

New

York,

Solid

Waste

Disposal

Revenue

Bonds,

Pratt

Paper

NY,

Inc.

Project,

Series

2014,

(AMT)

5.000 01/01/35

1,973,495

TOTAL

MATERIALS

1,973,495

TAX

OBLIGATION/GENERAL

-

6.3%

5,165,000

Nassau

County,

New

York,

General

Obligation

Bonds,

General

Improvement

Series

2023A

4.000 04/01/53

4,869,502

7,210,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

5.000 03/01/39

7,504,517

6,050,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

5.000 03/01/40

6,283,918

3,875,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2018

Series

5.000 04/01/45

3,978,229

5,450,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2022

Series

5.000 08/01/47

5,660,096

5,790,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2023

Series

5.250 10/01/47

6,134,188

3,750,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2026

Series

5.250 08/01/53

3,987,727

12,000,000

New

York

City,

New

York,

General

Obligation

Bonds,

Fiscal

2026

Series

D

5.250 10/01/51

12,789,755

10,000,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000 07/01/33

10,241,790

2,770,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4.000 07/01/41

2,688,488

TOTAL

TAX

OBLIGATION/GENERAL

64,138,210

TAX

OBLIGATION/LIMITED

-

21.0%

6,460,000

Battery

Park

City

Authority,

New

York,

Revenue

Bonds,

Senior

Sustainability

Green

Series

2025

5.250 11/01/55

6,978,823

3,035,000

Battery

Park

City

Authority,

New

York,

Revenue

Bonds,

Senior

Sustainability

Series

2023A

5.000 11/01/53

3,184,297

1,585,000

Dormitory

Authority

of

the

State

of

New

York,

Residential

Institutions

for

Children

Revenue

Bonds,

Series

2008-A1

5.000 06/01/33

1,588,651

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### New

#### York

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,985,000

Dormitory

Authority

of

the

State

of

New

York,

Residential

Institutions

for

Children

Revenue

Bonds,

Series

2008-A1

5.000 %

06/01/38

$

1,988,626

20,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

School

Districts

Financing

Program,

Series

2009C

-

AGC

Insured

5.125 10/01/36

20,039

3,000,000

Dormitory

Authority

of

the

State

of

New

York,

Revenue

Bonds,

School

Districts

Financing

Program,

Series

2025A

5.000 10/01/38

3,488,470

2,040,000

Dormitory

Authority

of

the

State

of

New

York,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2021A

5.000 03/15/49

2,101,101

17,140,000

Dormitory

Authority

of

the

State

of

New

York,

State

Sales

Tax

Revenue

Bonds,

Series

2017A

Group

C

5.000 03/15/41

17,513,206

10,000,000

Dormitory

Authority

of

the

State

of

New

York,

State

Sales

Tax

Revenue

Bonds,

Series

2018A

5.000 03/15/42

10,402,456

2,170,000

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Green

Fiscal

2022

Series

A

4.000 02/15/36

2,279,496

4,500,000

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Green

Fiscal

2022

Series

A

4.000 02/15/43

4,560,350

5,710,000

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Second

Indenture

Fiscal

2017

Series

A

5.000 02/15/39

5,837,139

3,955,000

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Second

Indenture

Fiscal

2017

Series

A

5.000 02/15/42

4,024,199

1,045,000

Hudson

Yards

Infrastructure

Corporation,

New

York,

Revenue

Bonds,

Second

Indenture

Fiscal

2017

Series

A

5.000 02/15/45

1,060,163

2,935,000

Metropolitan

Transportation

Authority,

New

York,

Dedicated

Tax

Fund

Bonds,

Green

Series

2024A

4.000 11/15/51

2,759,422

5,450,000

Metropolitan

Transportation

Authority,

New

York,

Dedicated

Tax

Fund

Bonds,

Series

2022A

5.000 11/15/46

5,730,635

4,000,000

Monroe

County

Industrial

Development

Agency,

New

York,

School

Facility

Revenue

Bonds,

Rochester

Schools

Modernization

Project,

Series

2013

5.000 05/01/28

4,007,848

9,335,000

New

York

City

Transitional

Finance

Authority,

New

York,

Building

Aid

Revenue

Bonds,

Fiscal

2020

Subseries

S-1B

4.000 07/15/43

9,242,684

5,000,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2017

Series

5.000 05/01/40

5,014,137

5,000,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2017

Series

5.000 08/01/36

5,044,310

5,375,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2017

Series

5.000 02/01/43

5,455,558

4,020,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2020

Subseries

4.000 11/01/47

3,769,581

5,835,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

2026

Subseries

Series

5.250 05/01/52

6,240,918

3,670,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Fiscal

Series

2025H-1

5.250 11/01/48

3,947,029

10,675,000

New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Subordinate

Series

2024B

4.375 05/01/53

10,300,556

5,000,000

New

York

City,

New

York,

Educational

Construction

Fund

Revenue

Bonds,

Series

2021B

5.000 04/01/52

5,123,513

9,585,000

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Bidding

Group

Series

2022A

5.000 03/15/45

10,208,510

15,000,000

New

York

State

Thruway

Authority,

State

Personal

Income

Tax

Revenue

Bonds,

Climate

Certified

Green

Series

2022C

4.125 03/15/57

14,110,452

7,000,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2020C

5.000 03/15/47

7,358,803

3,800,000

New

York

State

Urban

Development

Corporation,

State

Personal

Income

Tax

Revenue

Bonds,

General

Purpose,

Series

2020C

4.000 03/15/49

3,639,571

500,000

Oneida

Indian

Nation,

New

York,

Tax

Revenue

Bonds,

Series

2024B

6.000 09/01/43

546,651

12,393,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0.000 07/01/46

4,457,893

15,386,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5.000 07/01/58

15,101,798

5,750,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/29

4,787,700

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,930,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 %

01/01/32

$

1,518,875

1,250,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/34

965,249

5,430,000

Syracuse

Industrial

Development

Authority,

New

York,

PILOT

Revenue

Bonds,

Carousel

Center

Project,

Refunding

Series

2016A,

(AMT)

5.000 01/01/36

4,140,647

2,340,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Series

2021B-1

4.000 05/15/56

2,154,381

2,000,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Series

2022

A

4.000 05/15/51

1,854,166

1,650,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Bonds,

Senior

Lien

Subseries

2021A-1

5.000 05/15/51

1,712,846

2,255,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Payroll

Mobility

Tax

Senior

Lien

Bonds,

Series

2022C

4.125 05/15/52

2,098,568

7,020,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

Sales

Tax

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

TBTA

Capital

Lockbox-

City

Sales

Tax

Series

2023A

4.250 05/15/58

6,676,249

TOTAL

TAX

OBLIGATION/LIMITED

212,995,566

TRANSPORTATION

-

29.9%

4,600,000

Build

NYC

Resource

Corporation,

New

York,

Airport

Facilities

Revenue

Bonds.

Trips

Obligated

Group,

Senior

Series

2025,

(AMT)

5.500 07/01/55

4,822,562

2,700,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2016A-1

5.250 11/15/56

2,701,756

2,000,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020A-1

5.000 11/15/48

2,047,290

3,600,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020C-1

4.750 11/15/45

3,643,917

2,000,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Green

Climate

Bond

Certified

Series

2020C-1

5.250 11/15/55

2,053,775

2,500,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Green

Series

2016B

5.000 11/15/37

2,529,254

6,655,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Refunding

Series

2017D

4.000 11/15/42

6,614,474

2,500,000

Metropolitan

Transportation

Authority,

New

York,

Transportation

Revenue

Bonds,

Series

2016C-1

5.000 11/15/34

2,536,179

2,800,000

(b) New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Bronx

Parking

Development

Company,

LLC

Project,

Series

2007

5.750 10/01/37

1,764,000

2,000,000

(b) New

York

City

Industrial

Development

Agency,

New

York,

Civic

Facility

Revenue

Bonds,

Bronx

Parking

Development

Company,

LLC

Project,

Series

2007

5.875 10/01/46

1,260,000

5,270,000

New

York

City,

Industrial

Development

Agency,

Senior

Airport

Facilities

Revenue

Refunding

Bonds,

Trips

Obligated

Group,

Series

2012A,

(AMT)

5.000 07/01/28

5,275,053

5,000,000

New

York

State

Thruway

Authority,

General

Revenue

Bonds,

Series

2020N

4.000 01/01/42

5,042,705

3,000,000

New

York

State

Thruway

Authority,

General

Revenue

Bonds,

Series

2020N

4.000 01/01/43

3,011,722

2,400,000

New

York

State

Thruway

Authority,

General

Revenue

Junior

Indebtedness

Obligations,

Refunding

Series

2026A

5.000 01/01/48

2,554,136

1,915,000

New

York

Transportation

Development

Corporation,

New

York,

Facility

Revenue

Bonds,

Thruway

Service

Areas

Project,

Series

2021,

(AMT)

4.000 10/31/41

1,892,149

3,720,000

New

York

Transportation

Development

Corporation,

New

York,

Facility

Revenue

Bonds,

Thruway

Service

Areas

Project,

Series

2021,

(AMT)

4.000 10/31/46

3,381,744

18,765,000

New

York

Transportation

Development

Corporation,

New

York,

Facility

Revenue

Bonds,

Thruway

Service

Areas

Project,

Series

2021,

(AMT)

4.000 04/30/53

16,163,068

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### New

#### York

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

4,750,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

4.000 %

07/01/31

$

4,750,216

12,020,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

5.000 07/01/46

12,024,773

24,965,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Bonds,

LaGuardia

Airport

Terminal

B

Redevelopment

Project,

Series

2016A,

(AMT)

5.250 01/01/50

24,973,965

6,735,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facilities

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Redevelopment

Project,

Senior

Green

Series

2024A,

(AMT)

5.500 12/31/60

6,909,371

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)

5.000 08/01/26

3,103,590

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)

5.000 08/01/31

12,629,645

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)

5.375 08/01/36

1,840,418

14,915,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

John

F

Kennedy

International

Airport

New

Terminal

Project,

Green

Series

2023

-

BAM

Insured,

(AMT)

5.375 06/30/60

15,263,300

10,545,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

John

F

Kennedy

International

Airport

New

Terminal

Project,

Green

Series

2024,

(AMT)

5.500 06/30/60

10,779,676

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)

6.000 06/30/55

9,902,052

2,080,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

New

Terminal

John

F

Kennedy

International

Airport

Project,

Green

Series

2023,

(AMT)

6.000 06/30/54

2,183,514

1,280,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Project,

Series

2020A,

(AMT)

5.000 12/01/37

1,359,823

1,540,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Project,

Series

2020C

5.000 12/01/34

1,690,112

1,745,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Project,

Series

2020C

5.000 12/01/35

1,905,326

2,010,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Project,

Series

2022,

(AMT)

5.000 12/01/35

2,212,186

10,000,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Project,

Series

2022,

(AMT)

5.000 12/01/36

10,928,127

3,000,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Project,

Series

2022,

(AMT)

5.000 12/01/37

3,257,053

1,000,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

Terminal

John

F

Kennedy

International

Airport

Project,

Series

2022,

(AMT)

5.000 12/01/40

1,067,307

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)

5.000 01/01/27

1,322,366

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)

5.000 01/01/28

10,581,402

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

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)

5.000 %

01/01/31

$

10,394,347

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)

4.375 10/01/45

1,254,492

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)

6.000 04/01/35

6,028,517

3,775,000

Niagara

Frontier

Transportation

Authority,

New

York,

Airport

Revenue

Bonds,

Buffalo

International

Airport,

Series

2014A,

(AMT)

5.000 04/01/26

3,780,715

15,000,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

One

Hundred

Ninety-Eighth

Series

2016

5.250 11/15/56

15,086,080

2,500,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Eighteen

Series

2019,

(AMT)

5.000 11/01/44

2,594,690

10,230,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Fifth

Series

2017

5.000 11/15/47

10,422,597

4,335,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Forty-Fourth

Series

2024

5.000 07/15/49

4,609,838

5,000,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Thirty-Six

Series

2022,

(AMT)

5.000 01/15/47

5,147,302

4,800,000

Port

Authority

of

New

York

and

New

Jersey,

Consolidated

Revenue

Bonds,

Two

Hundred

Twentieth

Series

2019,

(AMT)

4.000 11/01/59

4,284,600

8,055,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Refunding

Series

2017B

5.000 11/15/38

8,280,875

10,900,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Purpose

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2019A

5.000 11/15/49

11,157,273

14,200,000

Triborough

Bridge

and

Tunnel

Authority,

New

York,

General

Revenue

Bonds,

MTA

Bridges

&

Tunnels,

Series

2021A

5.000 11/15/56

14,637,722

TOTAL

TRANSPORTATION

303,657,054

UTILITIES

-

5.4%

4,875,000

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Green

Series

2023E

5.000 09/01/53

5,108,156

2,215,000

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2017

5.000 09/01/42

2,274,087

695,000

Long

Island

Power

Authority,

New

York,

Electric

System

General

Revenue

Bonds,

Series

2017

5.000 09/01/47

706,551

7,465,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2018

Series

5.000 06/15/48

7,559,181

9,885,000

New

York

City

Municipal

Water

Finance

Authority,

New

York,

Water

and

Sewer

System

Second

General

Resolution

Revenue

Bonds,

Fiscal

2020

Series

4.000 06/15/49

9,441,157

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

5.250 06/15/55

7,994,003

7,780,000

(c) New

York

Energy

Finance

Development

Corporation,

Energy

Supply

Revenue

Bonds,

Series

2025,

(Mandatory

Put

12/01/33)

5.000 07/01/56

8,353,885

4,080,000

New

York

State

Power

Authority,

Green

Transmission

Project

Revenue

Bonds,

Green

Series

2023A

-

AGM

Insured

5.000 11/15/48

4,334,907

9,400,000

(a) Niagara

Area

Development

Corporation,

New

York,

Solid

Waste

Disposal

Facility

Revenue

Refunding

Bonds,

Covanta

Energy

Project,

Series

2018A,

(AMT)

4.750 11/01/42

8,715,639

TOTAL

UTILITIES

54,487,566

TOTAL

MUNICIPAL

BONDS

(Cost

$968,916,572)

974,525,982

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$968,916,572)

974,525,982

#### Portfolio

#### of

#### Investments

#### February

#### 28,

#### 2026
(continued)

#### New

#### York

#### Municipal

#### Bond

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM

INVESTMENTS

-

1.8%

X

18,000,000

MUNICIPAL

BONDS

-

1.8%

X

–

TAX

OBLIGATION/LIMITED

-

1.8%

$

18,000,000

(d) New

York

City

Transitional

Finance

Authority,

New

York,

Future

Tax

Secured

Bonds,

Taxable

Subordinate

Fiscal

2019

Series

1.900 %

08/01/45

$

18,000,000

TOTAL

TAX

OBLIGATION/LIMITED

18,000,000

TOTAL

MUNICIPAL

BONDS

(Cost

$18,000,000)

18,000,000

TOTAL

SHORT-TERM

INVESTMENTS

(Cost

$18,000,000)

18,000,000

TOTAL

INVESTMENTS

-

97.8%

(Cost

$986,916,572)

992,525,982

OTHER

ASSETS

&

LIABILITIES,

NET

-

2.2%

22,415,695

NET

ASSETS

-

100%

$

1,014,941,677

AMT

Alternative

Minimum

Tax

(a) Security

is

exempt

from

registration

under

Rule

144A

of

the

Securities

Act

of

1933,

as

amended.

These

securities

are

deemed

liquid

and

may

be

resold

in

transactions

exempt

from

registration,

which

are

normally

those

transactions

with

qualified

institutional

buyers.

As

of

the

end

of

the

fiscal

period,

the

aggregate

value

of

these

securities

is

$75,267,393

or

7.6%

of

Total

Investments.

(b) Defaulted

security.

A

security

whose

issuer

has

failed

to

fully

pay

principal

and/or

interest

when

due,

or

is

under

the

protection

of

bankruptcy.

(c) Floating

or

variable

rate

security

includes

the

reference

rate

and

spread,

when

applicable. For

mortgage-backed

or

asset-backed

securities

the

variable

rate

is

based

on

the

underlying

asset

of

the

security.

Coupon

rate

reflects

the

rate

at

period

end.

(d) 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.

#### Statement

#### of

#### Assets

#### and

#### Liabilities
*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

February

28,

2026

California

High

Yield

California

Connecticut

Massachusetts

New

Jersey

New

York

ASSETS

Long-term

investments,

at

value

†

$

1,191,663,099

$

1,657,189,741

$

229,802,318

$

424,081,340

$

385,019,488

$

974,525,982

Short-term

investments,

at

value

◊

–

33,200,000

3,750,000

2,000,000

6,635,000

18,000,000

Cash

–

10,187,568

4,969,199

–

–

13,057,874

Receivables:

Interest

19,504,873

20,845,379

2,240,705

5,144,969

4,417,841

12,096,598

Investments

sold

18,285,843

20,000

2,440,000

–

155,000

–

Reimbursement

from

Adviser

427,133

–

–

–

–

–

Shares

sold

583,080

1,905,011

432,719

109,105

261,040

917,768

Other

65,851

90,278

21,921

17,467

21,144

64,266

Total

assets

1,230,529,879

1,723,437,977

243,656,862

431,352,881

396,509,513

1,018,662,488

LIABILITIES

Cash

overdraft

1,563,860

–

–

236,152

3,373,550

–

Floating

rate

obligations

237,780,000

–

–

–

–

–

Payables:

Management

fees

396,276

596,820

91,239

161,094

146,430

369,330

Dividends

333,605

1,111,780

77,425

178,975

178,256

564,769

Interest

1,346,137

3,420

811

678

1,971

Investments

purchased

-

regular

settlement

3,240,211

—

–

–

–

–

Investments

purchased

-

when-issued/delayed-

delivery

settlement

–

41,553,338

–

–

1,265,600

–

Shares

redeemed

3,405,052

6,316,628

222,289

652,870

479,361

2,380,711

Accrued

expenses:

Custodian

fees

156,934

171,313

46,535

73,361

69,758

114,329

Trustees

fees

52,893

91,702

19,526

21,822

20,573

71,437

Professional

fees

8,470

19,397

4,350

6,307

5,962

12,093

Shareholder

reporting

expenses

14,227

19,838

8,565

13,076

10,455

16,143

Shareholder

servicing

agent

fees

66,079

144,354

17,880

61,507

44,025

99,975

12b-1

distribution

and

service

fees

79,580

129,620

19,974

29,602

36,926

89,630

Other

3,641

2,383

3,453

Total

liabilities

248,443,336

50,161,851

510,626

1,435,932

5,635,027

3,720,811

Commitments

and

contingencies

(1) Net

assets

$

982,086,543

$

1,673,276,126

$

243,146,236

$

429,916,949

$

390,874,486

$

1,014,941,677

NET

ASSETS

CONSIST

OF:

Paid-in

capital

$

1,242,523,661

$

1,875,630,710

$

262,741,000

$

493,028,612

$

408,332,044

$

1,142,422,556

Total

distributable

earnings

(loss)

(260,437,118)

(202,354,584)

(19,594,764)

(63,111,663)

(17,457,558)

(127,480,879)

Net

assets

$

982,086,543

$

1,673,276,126

$

243,146,236

$

429,916,949

$

390,874,486

$

1,014,941,677

†

Long-term

investments,

cost

$

1,191,294,522

$

1,673,454,856

$

230,247,773

$

419,075,689

$

387,561,019

$

968,916,572

◊

Short-term

investments,

cost

$

—

$

33,200,000

$

3,750,000

$

2,000,000

$

6,635,000

$

18,000,000

#### 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

$

425,720,847

$

772,578,164

$

123,018,533

$

180,289,248

$

211,585,574

$

533,083,335

Shares

outstanding

53,340,596

76,553,279

12,650,529

19,483,236

19,800,557

54,746,022

Net

asset

value

("NAV")

per

share

$

7.98 $

10.09 $

9.72 $

9.25 $

10.69 $

9.74 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)

$

8.33 $

10.53 $

10.15 $

9.66 $

11.16 $

10.17 CLASS

C:

Net

assets

$

18,777,478

$

16,473,641

$

1,828,163

$

2,554,854

$

5,938,276

$

10,705,838

Shares

outstanding

2,356,335

1,639,577

188,343

278,054

558,449

1,100,519

NAV

and

offering

price

per

share

$

7.97 $

10.05 $

9.71 $

9.19 $

10.63 $

9.73 CLASS

I:

Net

assets

$

537,588,218

$

884,224,321

$

118,299,540

$

247,072,847

$

173,350,636

$

471,152,504

Shares

outstanding

67,460,488

87,584,399

12,135,134

26,687,021

16,173,028

48,339,923

NAV

and

offering

price

per

share

$

7.97 $

10.10 $

9.75 $

9.26 $

10.72 $

9.75 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*

Year

Ended

February

28,

2026

California

High

Yield

California

Connecticut

Massachusetts

INVESTMENT

INCOME

Interest

$

61,083,194

$

74,731,265

$

9,187,576

$

17,711,726

Total

investment

income

61,083,194

74,731,265

9,187,576

17,711,726

EXPENSES

–

–

–

–

Management

fees

5,062,648

7,702,590

1,126,748

2,069,970

12b-1

service

fees

-

Class

A

890,789

1,493,551

235,563

372,208

12b-1

distribution

and

service

fees

-

Class

C

202,727

182,821

22,850

33,516

Shareholder

servicing

agent

fees

-

Class

A

112,155

227,427

34,899

101,587

Shareholder

servicing

agent

fees

-

Class

C

5,097

5,551

673

1,830

Shareholder

servicing

agent

fees

-

Class

I

122,082

264,393

31,072

126,020

Interest

expense

8,326,590

244,533

28,257

84,155

Trustees

fees

46,898

79,199

10,951

20,181

Custodian

expenses,

net

139,471

153,135

40,858

64,058

Registration

fees

30,523

8,640

8,157

6,909

Professional

fees

180,138

83,196

50,068

52,111

Shareholder

reporting

expenses

41,209

44,017

33,227

38,681

Other

14,730

12,128

8,300

8,171

Total

expenses

15,175,057

10,501,181

1,631,623

2,979,397

Net

investment

income

(loss)

45,908,137

64,230,084

7,555,953

14,732,329

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(14,456,017)

(13,494,892)

(1,628,474)

(8,421,678)

Net

realized

gain

(loss)

(14,456,017)

(13,494,892)

(1,628,474)

(8,421,678)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

(1,671,269)

8,763,391

3,158,641

5,593,395

Net

change

in

unrealized

appreciation

(depreciation)

(1,671,269)

8,763,391

3,158,641

5,593,395

Net

realized

and

unrealized

gain

(loss)

(16,127,286)

(4,731,501)

1,530,167

(2,828,283)

Net

increase

(decrease)

in

net

assets

from

operations

$

29,780,851

$

59,498,583

$

9,086,120

$

11,904,046

#### Statement

#### of

#### Operations
(continued)

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

Year

Ended

February

28,

2026

New

Jersey

New

York

INVESTMENT

INCOME

Interest

$

14,361,478

$

46,453,123

Total

investment

income

14,361,478

46,453,123

EXPENSES

–

–

Management

fees

1,781,405

4,609,613

12b-1

service

fees

-

Class

A

391,202

1,018,213

12b-1

distribution

and

service

fees

-

Class

C

69,218

130,991

Shareholder

servicing

agent

fees

-

Class

A

80,283

184,783

Shareholder

servicing

agent

fees

-

Class

C

2,890

4,769

Shareholder

servicing

agent

fees

-

Class

I

65,294

158,769

Interest

expense

39,989

72,059

Trustees

fees

17,564

46,561

Custodian

expenses,

net

62,241

97,398

Registration

fees

5,888

7,270

Professional

fees

53,484

65,940

Shareholder

reporting

expenses

36,130

42,188

Other

8,628

9,642

Total

expenses

2,614,216

6,448,196

Net

investment

income

(loss)

11,747,262

40,004,927

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(1,488,140)

(3,665,726)

Net

realized

gain

(loss)

(1,488,140)

(3,665,726)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

6,542,801

(1,296,654)

Net

change

in

unrealized

appreciation

(depreciation)

6,542,801

(1,296,654)

Net

realized

and

unrealized

gain

(loss)

5,054,661

(4,962,380)

Net

increase

(decrease)

in

net

assets

from

operations

$

16,801,923

$

35,042,547

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

California

High

Yield

California

Year

Ended

2/28/26

Year

Ended

2/28/25

Year

Ended

2/28/26

Year

Ended

2/28/25

OPERATIONS

Net

investment

income

(loss)

$

45,908,137

$

47,956,983

$

64,230,084

$

64,895,172

Net

realized

gain

(loss)

(14,456,017)

(21,463,899)

(13,494,892)

(7,496,297)

Net

change

in

unrealized

appreciation

(depreciation)

(1,671,269)

37,411,050

8,763,391

2,429,302

Net

increase

(decrease)

in

net

assets

from

operations

29,780,851

63,904,134

59,498,583

59,828,177

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(19,746,867)

(21,416,939)

(28,257,129)

(27,817,481)

Class

C

(741,664)

(854,351)

(542,339)

(710,394)

Class

I

(22,813,042)

(23,972,462)

(34,495,911)

(36,383,670)

Total

distributions

(43,301,573)

(46,243,752)

(63,295,379)

(64,911,545)

FUND

SHARE

TRANSACTIONS

Subscriptions

347,258,208

295,166,356

568,597,518

452,287,585

Reinvestments

of

distributions

38,577,220

40,949,459

49,179,868

50,975,241

Redemptions

(464,351,267)

(381,828,271)

(650,503,564)

(497,556,597)

Net

increase

(decrease)

from

Fund

share

transactions

(78,515,839)

(45,712,456)

(32,726,178)

5,706,229

Net

increase

(decrease)

in

net

assets

(92,036,561)

(28,052,074)

(36,522,974)

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

$

982,086,543

$

1,074,123,104

$

1,673,276,126

$

1,709,799,100

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

#### Statement

#### of

#### Changes

#### in

#### Net

#### Assets
(continued)

Connecticut

Massachusetts

Year

Ended

2/28/26

Year

Ended

2/28/25

Year

Ended

2/28/26

Year

Ended

2/28/25

OPERATIONS

Net

investment

income

(loss)

$

7,555,953

$

7,394,132

$

14,732,329

$

18,337,598

Net

realized

gain

(loss)

(1,628,474)

(2,525,760)

(8,421,678)

(5,396,654)

Net

change

in

unrealized

appreciation

(depreciation)

3,158,641

3,015,658

5,593,395

1,722,469

Net

increase

(decrease)

in

net

assets

from

operations

9,086,120

7,884,030

11,904,046

14,663,413

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(3,857,655)

(3,582,097)

(6,364,477)

(7,362,747)

Class

C

(55,743)

(71,881)

(86,269)

(100,469)

Class

I

(3,625,021)

(3,609,741)

(8,335,134)

(10,931,266)

Total

distributions

(7,538,419)

(7,263,719)

(14,785,880)

(18,394,482)

FUND

SHARE

TRANSACTIONS

Subscriptions

60,502,817

60,035,356

145,815,158

89,860,113

Reinvestments

of

distributions

6,674,793

6,383,510

12,683,676

16,471,901

Redemptions

(54,699,470)

(78,452,578)

(205,700,020)

(209,729,548)

Net

increase

(decrease)

from

Fund

share

transactions

12,478,140

(12,033,712)

(47,201,186)

(103,397,534)

Net

increase

(decrease)

in

net

assets

14,025,841

(11,413,401)

(50,083,020)

(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

$

243,146,236

$

229,120,395

$

429,916,949

$

479,999,969

*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

New

Jersey

New

York

Year

Ended

2/28/26

Year

Ended

2/28/25

Year

Ended

2/28/26

Year

Ended

2/28/25

OPERATIONS

Net

investment

income

(loss)

$

11,747,262

$

12,129,231

$

40,004,927

$

43,002,098

Net

realized

gain

(loss)

(1,488,140)

(1,946,400)

(3,665,726)

(3,631,599)

Net

change

in

unrealized

appreciation

(depreciation)

6,542,801

325,858

(1,296,654)

(6,887,879)

Net

increase

(decrease)

in

net

assets

from

operations

16,801,923

10,508,689

35,042,547

32,482,620

DISTRIBUTIONS

TO

SHAREHOLDERS

Dividends:

Class

A

(6,215,774)

(5,648,116)

(20,535,359)

(19,167,463)

Class

C

(164,620)

(199,129)

(420,520)

(511,113)

Class

I

(5,358,147)

(6,608,700)

(18,445,571)

(23,320,559)

Total

distributions

(11,738,541)

(12,455,945)

(39,401,450)

(42,999,135)

FUND

SHARE

TRANSACTIONS

Subscriptions

131,677,913

73,748,449

330,838,531

258,999,542

Reinvestments

of

distributions

9,682,179

10,606,043

32,792,561

36,815,585

Redemptions

(94,386,880)

(133,601,509)

(297,720,082)

(388,489,888)

Net

increase

(decrease)

from

Fund

share

transactions

46,973,212

(49,247,017)

65,911,010

(92,674,761)

Net

increase

(decrease)

in

net

assets

52,036,594

(51,194,273)

61,552,107

(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

$

390,874,486

$

338,837,892

$

1,014,941,677

$

953,389,570

#### Statement

#### of

#### Cash

#### Flows
*See* 

*Notes* 

*to* 

*Financial* 

*Statements*

Year

Ended

February

28,

2026

California

High

Yield

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

from

Operations

$

29,780,851

Adjustments

to

reconcile

the

net

increase

(decrease)

in

net

assets

from

operations

to

net

cash

provided

by

(used

in)

operating

activities:

Purchases

of

investments

(187,125,113)

Proceeds

from

sale

and

maturities

of

investments

343,363,630

Amortization

(Accretion)

of

premiums

and

discounts,

net

(2,301,687)

(Increase)

Decrease

in:

Receivable

for

interest

2,548,524

Receivable

for

investments

sold

(17,415,393)

Receivable

for

reimbursement

from

Adviser

(427,133)

Other

assets

17,041

Increase

(Decrease)

in:

Payable

for

interest

(1,182,465)

Payable

for

investments

purchased

-

regular

settlement

3,240,211

Payable

for

management

fees

(36,501)

Accrued

custodian

fees

103,629

Accrued

12b-1

distribution

and

service

fees

(13,239)

Accrued

Trustees

fees

(202)

Accrued

professional

fees

(48,788)

Accrued

shareholder

reporting

expenses

(1,597)

Accrued

shareholder

servicing

agent

fees

(17,340)

Accrued

other

expenses

(1,708)

Net

realized

(gain)

loss

from

investments

14,456,017

Net

realized

(gain)

loss

from

paydowns

(345)

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

1,671,269

Net

cash

provided

by

(used

in)

operating

activities

186,609,661

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

53,196,818

(Repayments)

of

borrowings

(53,196,818)

Proceeds

from

floating

rate

obligations

52,940,000

(Repayments

of)

floating

rate

obligations

(116,000,000)

Increase

(Decrease)

in:

Cash

overdraft

(264,572)

Cash

distributions

paid

to

common

shareholders

(4,856,383)

Subscription

347,639,614

Redemptions

(466,068,320)

Net

cash

provided

by

(used

in)

financing

activities

(186,609,661)

Net

increase

(decrease)

in

cash

–

Cash

at

the

beginning

of

period

—

Cash

at

the

end

of

period

$

—

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

California

High

Yield

Cash

paid

for

interest

$

9,299,706

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

share

distributions

38,577,220

#### 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

2/28/26

$

8.05 $

0.36 $

(0.09)

$

0.27 $

(0.34)

$

—

$

(0.34)

$

7.98 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 Class

C

2/28/26

8.04 0.30 (0.09)

0.21 (0.28)

—

(0.28)

7.97 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 Class

I

2/28/26

8.04 0.38 (0.09)

0.29 (0.36)

—

(0.36)

7.97 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 (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.

*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

3.62 %

$

425,721

1.67 %

0.80 %

4.73 %

%

6.00 489,614

1.83 0.81 4.25 22

4.28 525,972

1.83 0.83 4.20 38

(16.24)

557,165

1.51 0.81 4.37 59

0.97 730,028

0.97 0.78 3.66 13

2.82 18,777

2.47 1.60 3.92 16

5.20 23,133

2.61 1.59 3.44 22

3.48 29,844

2.63 1.63 3.37 38

(16.95)

40,345

2.31 1.61 3.56 59

0.15 64,538

1.77 1.58 2.86 13

3.86 537,588

1.47 0.60 4.92 16

6.25 561,376

1.61 0.59 4.45 22

4.53 546,359

1.63 0.63 4.36 38

(16.16)

557,889

1.31 0.61 4.53 59

1.14 689,842

0.77 0.58 3.85 13

#### 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

2/28/26

$

10.11 $

0.38 $

(0.03)

$

0.35 $

(0.37)

$

—

$

(0.37)

$

10.09 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 Class

C

2/28/26

10.06 0.30 (0.02)

0.28 (0.29)

—

(0.29)

10.05 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 Class

I

2/28/26

10.11 0.40 (0.02)

0.38 (0.39)

—

(0.39)

10.10 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 (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.

*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

.64

%

$

772,578

.73

%

.72

%

.83

%

%

.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

.91

16,474

.53

.52

.02

.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

.93

884,224

.53

.52

.03

.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

#### 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

Connecticut

Class

A

2/28/26

$

9.66 $

0.31 $

0.06 $

0.37 $

(0.31)

$

—

$

(0.31)

$

9.72 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 Class

C

2/28/26

9.64 0.23 0.07 0.30 (0.23)

—

(0.23)

9.71 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 Class

I

2/28/26

9.68 0.33 0.07 0.40 (0.33)

—

(0.33)

9.75 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 (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.

*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

3.96 %

$

123,019

0.81 %

0.80 %

3.27 %

%

3.30 122,056

0.82 0.79 2.99 24

5.60 118,241

0.80 0.78 2.92 14

(7.94)

122,309

0.81 0.79 2.51 16

(0.43)

158,274

0.78 0.78 2.16 17

3.22 1,828

1.61 1.60 2.46 13

2.48 2,970

1.59 1.56 2.17 24

4.76 4,036

1.60 1.58 2.11 14

(8.63)

4,573

1.61 1.59 1.72 16

(1.25)

5,790

1.58 1.58 1.36 17

4.26 118,300

0.61 0.60 3.48 13

3.49 104,094

0.59 0.56 3.18 24

5.79 118,257

0.60 0.58 3.12 14

(7.72)

86,971

0.61 0.59 2.69 16

(0.21)

120,028

0.58 0.58 2.35 17

#### Financial

#### Highlights
(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

2/28/26

$

9.28 $

0.31 $

(0.03)

$

0.28 $

(0.31)

$

—

$

(0.31)

$

9.25 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 Class

C

2/28/26

9.21 0.23 (0.02)

0.21 (0.23)

—

(0.23)

9.19 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 Class

I

2/28/26

9.29 0.33 (0.03)

0.30 (0.33)

—

(0.33)

9.26 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 (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.

*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

.14

%

$

180,289

.81

%

.79

%

.40

%

%

.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

.39

2,555

.61

.59

.59

.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

.35

247,073

.61

.59

.61

.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

#### Financial

#### Highlights
(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

New

Jersey

Class

A

2/28/26

$

10.59 $

0.33 $

0.10 $

0.43 $

(0.33)

$

—

$

(0.33)

$

10.69 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 Class

C

2/28/26

10.54 0.25 0.09 0.34 (0.25)

—

(0.25)

10.63 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 Class

I

2/28/26

10.63 0.35 0.09 0.44 (0.35)

—

(0.35)

10.72 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 (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.

*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

.20

%

$

211,586

.80

%

.79

%

.19

%

%

.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

.28

5,938

.60

.59

.39

.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

.33

173,351

.60

.59

.39

.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

#### Financial

#### Highlights
(continued)

The

following

data

is

for

a

share

outstanding

for

each

fiscal

year

end

unless

otherwise

noted:

Investment

Operations

Less

Distributions

Net

Asset

Value,

Beginning

of

Period

Net

Investment

Income

(NII)

(Loss)

(a) Net

Realized/

Unrealized

Gain

(Loss)

Total

From

NII

From

Net

Realized

Gains

Total

Net

Asset

Value,

End

of

Period

New

York

Class

A

2/28/26

$

9.79 $

0.39 $

(0.06)

$

0.33 $

(0.38)

$

—

$

(0.38)

$

9.74 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 Class

C

2/28/26

9.78 0.31 (0.05)

0.26 (0.31)

—

(0.31)

9.73 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 Class

I

2/28/26

9.80 0.41 (0.06)

0.35 (0.40)

—

(0.40)

9.75 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 (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.

*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

.57

%

$

533,083

.75

%

.74

%

.09

%

%

.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

.74

10,706

.55

.54

.28

.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

.77

471,153

.55

.54

.29

.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

#### Notes

#### to

#### Financial

#### Statements

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

February

28,

2026,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

fiscal

year

ended

February

28,

2026

(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

—

#### Notes

#### to

#### Financial

#### Statements
(continued)

Indemnifications:

Under

the

Trust's

organizational

documents,

its

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Trust.

In

addition,

in

the

normal

course

of

business,

the

Trust

enters

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Trust's

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the

Trust

that

have

not

yet

occurred.

However,

the

Trust

has

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

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"),

as

defined

in

U.S.

GAAP.

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

(ASU

No.

2023-09)

:

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. During

the

current

fiscal

period,

the

Funds

adopted

the

new

guidance.

See

Note

for

more

information.

New

Accounting

Pronouncement

(ASU

No.

2025-11)

:

In

December

2025,

the

FASB

issued

ASU

No.

2025-11,

Interim

Reporting

(Topic

270)

Narrow

Scope

Improvements

("ASU

2025-11").

The

amendments

in

ASU

2025-11

provide

a

comprehensive

list

of

interim

disclosures

that

are

required

by

U.S.

GAAP.

ASU

2025-11

also

includes

a

disclosure

principle

that

requires

entities

to

disclose

events

since

the

end

of

the

last

annual

reporting

period

that

have

a

material

impact

on

the

entity.

The

amendments

in

ASU

2025-11

are

effective

for

interim

reporting

periods

within

annual

reporting

periods

beginning

after

December

15,

2027. Early

adoption

is

permitted

for

all

entities.

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

–

Inputs

are

unadjusted

and

prices

are

determined

using

quoted

prices

in

active

markets

for

identical

securities.

Level

–

Prices

are

determined

using

other

significant

observable

inputs

(including

quoted

prices

for

similar

securities,

interest

rates,

credit

spreads,

etc.).

Level

–

Prices

are

determined

using

significant

unobservable

inputs

(including

management's

assumptions

in

determining

the

fair

value

of

investments).

A

description

of

the

valuation

techniques

applied

to

the

Funds'

major

classifications

of

assets

and

liabilities

measured

at

fair

value

follows:

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security's

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor's

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2. 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:

California

High

Yield

Level

Level

Level

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,191,663,099

$

–

$

1,191,663,099

Total

$

–

$

1,191,663,099

$

–

$

1,191,663,099

California

Level

Level

Level

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

1,657,189,741

$

–

$

1,657,189,741

Short-Term

Investments:

Municipal

Bonds

–

33,200,000

–

33,200,000

Total

$

–

$

1,690,389,741

$

–

$

1,690,389,741

Connecticut

Level

Level

Level

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

229,802,318

$

–

$

229,802,318

Short-Term

Investments:

Municipal

Bonds

–

3,750,000

–

3,750,000

Total

$

–

$

233,552,318

$

–

$

233,552,318

Massachusetts

Level

Level

Level

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

424,081,340

$

–

$

424,081,340

Short-Term

Investments:

Municipal

Bonds

–

2,000,000

–

2,000,000

Total

$

–

$

426,081,340

$

–

$

426,081,340

New

Jersey

Level

Level

Level

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

385,019,488

$

–

$

385,019,488

Short-Term

Investments:

Municipal

Bonds

–

6,635,000

–

6,635,000

Total

$

–

$

391,654,488

$

–

$

391,654,488

#### Notes

#### to

#### Financial

#### Statements
(continued)

The

Funds

hold

liabilities

in

floating

rate

obligations,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds'

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

and

further

described

in

these

Notes

to

Financial

Statements.

4. Portfolio

Securities

Inverse

Floating

Rate

Securities:

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

"Underlying

Bond"),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

("TOB")

trust

(referred

to

as

the

"TOB

Trust")

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a) floating

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.

A Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a) transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b) transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

"self-deposited

Inverse

Floater").

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

"externally-deposited

Inverse

Floater").

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

"financing"

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund's

Portfolio

of

Investments

as

"(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,"

with

the

Fund

recognizing

as

liabilities,

labeled

"Floating

rate

obligations"

on

the

Statement

of

Assets

and

Liabilities,

(a) the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b) the

amount

of

any

borrowings

by

the

TOB

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

"Investment

Income"

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a) the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust's

borrowings,

and

(b) other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

"Interest

expense"

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the current

fiscal period

are

recognized

as

components

of

"Receivable

for

interest"

and

"Payable

for

interest"

on

the

Statement

of

Assets

and

Liabilities,

respectively.

In

contrast,

an

investment

in

an

externally-deposited

Inverse

Floater

is

accounted

for

as

a

purchase

of

the

Inverse

Floater

and

is

identified

in

the

Fund's

Portfolio

of

Investments

as

"(IF)

–

Inverse

floating

rate

investment."

For

an

externally-deposited

Inverse

Floater,

a

Fund's

Statement

of

Assets

and

Liabilities

recognizes

the

Inverse

Floater

and

not

the

Underlying

Bond

as

an

asset,

and

the

Fund

does

not

recognize

the

Floaters,

or

any

related

borrowings

from

a

Liquidity

Provider,

as

a

liability.

Additionally,

the

Fund

reflects

in

"Investment

Income"

only

the

net

amount

of

earnings

on

the

Inverse

Floater

(net

of

the

interest

paid

to

the

holders

of

the

Floaters

or

the

Liquidity

Provider

as

lender,

and

the

expenses

of

the

Trust),

and

does

not

show

the

amount

of

that

interest

paid

or

the

expenses

of

the

TOB

Trust

as

described

above

as

interest

expense

on

the

Statement

of

Operations.

Fees

paid

upon

the

creation

of

a

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

are

recognized

as

part

of

the

cost

basis

of

the

Inverse

Floater

and

are

capitalized

over

the

term

of

the

TOB

Trust.

As

of

the

end

of

the

current

fiscal

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund's

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

New

York

Level

Level

Level

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

974,525,982

$

–

$

974,525,982

Short-Term

Investments:

Municipal

Bonds

–

18,000,000

–

18,000,000

Total

$

–

$

992,525,982

$

–

$

992,525,982

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

current

fiscal

period,

there

were

no

loans

outstanding

under

any such

facility.

Each

Fund

may

also

enter

into

shortfall

and

forbearance

agreements

(sometimes

referred

to

as

a

"recourse

arrangement")

(TOB

Trusts

involving

such

agreements

are

referred

to

herein

as

"Recourse

Trusts"),

under

which

a

Fund

agrees

to

reimburse

the

Liquidity

Provider

for

the

Trust's

Floaters,

in

certain

circumstances,

for

the

amount

(if

any)

by

which

the

liquidation

value

of

the

Underlying

Bond

held

by

the

TOB

Trust

may

fall

short

of

the

sum

of

the

liquidation

value

of

the

Floaters

issued

by

the

TOB

Trust

plus

any

amounts

borrowed

by

the

TOB

Trust

from

the

Liquidity

Provider,

plus

any

shortfalls

in

interest

cash

flows

(sometimes

referred

to

as

"shortfall

payments").

Under

these

agreements,

a

Fund's

potential

exposure

to

losses

related

to

or

on

an

Inverse

Floater

may

increase

beyond

the

value

of

the

Inverse

Floater

as

a

Fund

may

potentially

be

liable

to

fulfill

all

amounts

owed

to

holders

of

the

Floaters

or

the

Liquidity

Provider.

Any

such

shortfall

amount

in

the

aggregate

is

recognized

as

"Unrealized

depreciation

on

Recourse

Trusts"

on

the

Statement

of

Assets

and

Liabilities.

As

of

the

end

of

the

current

fiscal

period, each

Fund's

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

California

High

Yield

$

237,780,000

$

4,530,000

$

242,310,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New

Jersey

—

—

—

New

York

—

—

—

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

California

High

Yield

$

256,378,603

3.16 %

California

—

—

Connecticut

—

—

Massachusetts

—

—

New

Jersey

—

—

New

York

—

—

#### Notes

#### to

#### Financial

#### Statements
(continued)

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

reporting

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.

During

the

reporting

period,

California

High

Yield

invested

in

an

unfunded

commitment,

in

which,

the

Fund

assumed

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.

As

of

the

end

of

the

reporting

period,

California

High

Yield

was

no

longer

invested

in

an

unfunded

commitment.

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

California

High

Yield

$

237,780,000

$

4,530,000

$

242,310,000

California

—

—

—

Connecticut

—

—

—

Massachusetts

—

—

—

New

Jersey

—

—

—

New

York

—

—

—

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

California

High

Yield

$

187,125,113

$

343,363,630

California

441,283,940

472,395,500

Connecticut

29,010,708

27,731,136

Massachusetts

86,254,254

138,881,040

New

Jersey

100,306,956

53,146,268

New

York

179,226,705

132,742,410

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.

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.

6. Fund

Shares

Transactions

in Fund

shares

during

the

current

and

prior

fiscal

period

were

as

follows:

Year

Ended

2/28/26

Year

Ended

2/28/25

California

High

Yield

Shares

Value

Shares

Value

Subscriptions:

Class

A

14,488,530

$111,156,965

13,321,489

$106,610,378

Class

A

-

automatic

conversion

of

Class

C

5,519

42,952

9,521

75,971

Class

C

428,735

3,262,682

402,185

3,215,087

Class

I

30,331,030

232,795,609

23,215,585

185,264,920

Total

subscriptions

45,253,814

347,258,208

36,948,780

295,166,356

Reinvestments

of

distributions:

Class

A

2,313,472

17,831,930

2,371,499

18,932,100

Class

C

90,963

700,023

99,688

794,349

Class

I

2,597,702

20,045,267

2,660,871

21,223,010

Total

reinvestments

of

distributions

5,002,137

38,577,220

5,132,058

40,949,459

Redemptions:

Class

A

(24,305,636)

(186,743,787)

(21,378,969)

(170,272,540)

Class

C

(1,035,889)

(7,980,028)

(1,391,521)

(11,082,986)

Class

C

-

automatic

conversion

to

Class

A

(5,526)

(42,952)

(9,521)

(75,971)

Class

I

(35,310,177)

(269,584,500)

(25,189,567)

(200,396,774)

Total

redemptions

(60,657,228)

(464,351,267)

(47,969,578)

(381,828,271)

Net

increase

(decrease)

(10,401,277)

$(78,515,839)

(5,888,740)

$(45,712,456)

#### Notes

#### to

#### Financial

#### Statements
(continued)

Year

Ended

2/28/26

Year

Ended

2/28/25

California

Shares

Value

Shares

Value

Subscriptions:

Class

A

19,378,230

$189,694,987

13,933,604

$141,242,276

Class

C

192,657

1,890,542

399,797

4,031,003

Class

I

38,559,382

377,011,989

30,323,869

307,014,306

Total

subscriptions

58,130,269

568,597,518

44,657,270

452,287,585

Reinvestments

of

distributions:

Class

A

2,525,912

24,853,839

2,444,469

24,725,795

Class

C

54,001

528,373

68,667

691,355

Class

I

2,417,970

23,797,656

2,525,710

25,558,091

Total

reinvestments

of

distributions

4,997,883

49,179,868

5,038,846

50,975,241

Redemptions:

Class

A

(19,455,731)

(191,122,881)

(18,999,270)

(192,333,045)

Class

C

(784,225)

(7,632,494)

(1,139,224)

(11,491,813)

Class

I

(46,262,803)

(451,748,189)

(29,092,234)

(293,731,739)

Total

redemptions

(66,502,759)

(650,503,564)

(49,230,728)

(497,556,597)

Net

increase

(decrease)

(3,374,607)

$(32,726,178)

465,388

$5,706,229

Year

Ended

2/28/26

Year

Ended

2/28/25

Connecticut

Shares

Value

Shares

Value

Subscriptions:

Class

A

1,922,952

$18,150,982

2,568,959

$24,757,495

Class

C

43,133

409,012

16,093

154,104

Class

I

4,434,944

41,942,823

3,641,555

35,123,757

Total

subscriptions

6,401,029

60,502,817

6,226,607

60,035,356

Reinvestments

of

distributions:

Class

A

361,500

3,413,166

316,498

3,043,710

Class

C

4,402

41,443

5,686

54,532

Class

I

340,072

3,220,184

340,951

3,285,268

Total

reinvestments

of

distributions

705,974

6,674,793

663,135

6,383,510

Redemptions:

Class

A

(2,274,074)

(21,376,533)

(2,528,569)

(24,325,705)

Class

C

(167,440)

(1,572,989)

(133,641)

(1,283,270)

Class

I

(3,395,136)

(31,749,948)

(5,485,850)

(52,843,603)

Total

redemptions

(5,836,650)

(54,699,470)

(8,148,060)

(78,452,578)

Net

increase

(decrease)

1,270,353

$12,478,140

(1,258,318)

$(12,033,712)

Year

Ended

2/28/26

Year

Ended

2/28/25

Massachusetts

Shares

Value

Shares

Value

Subscriptions:

Class

A

2,245,670

$20,421,508

1,331,239

$12,353,372

Class

C

64,774

580,849

71,075

655,611

Class

I

13,875,905

124,812,801

8,260,511

76,851,130

Total

subscriptions

16,186,349

145,815,158

9,662,825

89,860,113

Reinvestments

of

distributions:

Class

A

654,744

5,928,849

741,416

6,890,151

Class

C

9,135

82,020

10,079

92,962

Class

I

736,092

6,672,807

1,020,316

9,488,788

Total

reinvestments

of

distributions

1,399,971

12,683,676

1,771,811

16,471,901

Redemptions:

Class

A

(6,056,941)

(54,873,520)

(7,582,754)

(70,512,772)

Class

C

(224,637)

(2,031,029)

(152,970)

(1,407,821)

Class

I

(16,559,207)

(148,795,471)

(14,871,204)

(137,808,955)

Total

redemptions

(22,840,785)

(205,700,020)

(22,606,928)

(209,729,548)

Net

increase

(decrease)

(5,254,465)

$(47,201,186)

(11,172,292)

$(103,397,534)

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.

Differences

between

amounts

for

financial

statement

and

federal

income

tax

purposes

are

primarily

due

to

timing

differences

in

recognizing

gains

and

losses

on

investment

transactions.

Temporary

differences

do

not

require

reclassification.

As

of

year

end,

permanent

differences

that

resulted

Year

Ended

2/28/26

Year

Ended

2/28/25

New

Jersey

Shares

Value

Shares

Value

Subscriptions:

Class

A

6,829,116

$69,968,531

1,950,623

$20,580,264

Class

A

-

automatic

conversion

of

Class

C

8,814

90,168

—

—

Class

C

90,105

931,589

128,335

1,344,799

Class

I

5,855,233

60,687,625

4,894,929

51,823,386

Total

subscriptions

12,783,268

131,677,913

6,973,887

73,748,449

Reinvestments

of

distributions:

Class

A

541,653

5,634,069

477,353

5,032,382

Class

C

14,631

151,068

16,600

174,126

Class

I

373,588

3,897,042

510,372

5,399,535

Total

reinvestments

of

distributions

929,872

9,682,179

1,004,325

10,606,043

Redemptions:

Class

A

(4,004,677)

(41,632,088)

(3,939,638)

(41,524,751)

Class

C

(321,435)

(3,321,909)

(234,134)

(2,461,712)

Class

C

-

automatic

conversion

to

Class

A

(8,857)

(90,168)

—

—

Class

I

(4,794,211)

(49,342,715)

(8,495,528)

(89,615,046)

Total

redemptions

(9,129,180)

(94,386,880)

(12,669,300)

(133,601,509)

Net

increase

(decrease)

4,583,960

$46,973,212

(4,691,088)

$(49,247,017)

Year

Ended

2/28/26

Year

Ended

2/28/25

New

York

Shares

Value

Shares

Value

Subscriptions:

Class

A

13,367,621

$127,092,233

11,899,009

$117,171,245

Class

A

-

automatic

conversion

of

Class

C

22,653

214,786

36,968

365,172

Class

C

168,741

1,606,276

398,434

3,926,641

Class

I

21,261,004

201,925,236

13,987,673

137,536,484

Total

subscriptions

34,820,019

330,838,531

26,322,084

258,999,542

Reinvestments

of

distributions:

Class

A

1,901,229

18,113,041

1,711,822

16,810,024

Class

C

39,506

375,593

46,504

456,162

Class

I

1,500,228

14,303,927

1,988,940

19,549,399

Total

reinvestments

of

distributions

3,440,963

32,792,561

3,747,266

36,815,585

Redemptions:

Class

A

(12,099,304)

(115,172,575)

(11,238,473)

(110,451,094)

Class

C

(702,475)

(6,713,398)

(626,030)

(6,145,247)

Class

C

-

automatic

conversion

to

Class

A

(22,677)

(214,786)

(36,996)

(365,084)

Class

I

(18,565,955)

(175,619,323)

(27,770,988)

(271,528,463)

Total

redemptions

(31,390,411)

(297,720,082)

(39,672,487)

(388,489,888)

Net

increase

(decrease)

6,870,571

$65,911,010

(9,603,137)

$(92,674,761)

#### Notes

#### to

#### Financial

#### Statements
(continued)

in

reclassifications

among

the

components

of

net

assets

relate

primarily

to

adjustments

related

to

PREPA

bonds,

paydowns,

and

taxable

market

discount.

Temporary

and

permanent

differences

have

no

impact

on

a

Fund's

net

assets.

As

of

year

end,

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

year

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

The

tax

character

of

distributions

paid

was

as

follows:

As

of

year

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.

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

California

High

Yield

$

956,554,407

$

37,751,214

$

(40,422,127)

$

(2,670,913)

California

1,704,899,841

37,611,927

(52,122,027)

(14,510,100)

Connecticut

233,843,691

4,041,129

(4,332,502)

(291,373)

Massachusetts

421,180,323

6,618,939

(1,717,922)

4,901,017

New

Jersey

393,549,426

10,341,009

(12,235,947)

(1,894,938)

New

York

985,508,633

25,256,485

(18,239,136)

7,017,349

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

$

3,498,979

$

136,974

$

—

$

(2,670,913)

$

(257,793,238)

$

—

$

(3,608,920)

$

(260,437,118)

California

7,632,007

1,150

—

(14,510,100)

(190,236,044)

—

(5,241,597)

(202,354,584)

Connecticut

878,205

—

—

(291,373)

(19,524,240)

—

(657,356)

(19,594,764)

Massachusetts

1,982,233

—

—

4,901,017

(68,749,770)

—

(1,245,143)

(63,111,663)

New

Jersey

817,484

—

—

(1,894,938)

(15,350,048)

—

(1,030,056)

(17,457,558)

New

York

4,054,206

—

7,017,349

(135,161,938)

—

(3,390,504)

(127,480,879)

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividends

declared

during

the

period

February

2,

2026

through

February

28,

2026

and

paid

on

March

2,

2026. 2/28/26

2/28/25

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital

Gains

California

High

Yield

$

41,914,317

$

1,387,256

$

—

$

43,553,566

$

2,690,186

$

—

California

$

63,293,715

$

1,664

$

—

$

64,651,823

$

259,722

$

—

Connecticut

$

7,538,419

$

—

$

—

$

7,263,719

$

—

$

—

Massachusetts

$

14,785,880

$

—

$

—

$

18,394,482

$

—

$

—

New

Jersey

$

11,732,458

$

6,083

$

—

$

12,453,110

$

2,835

$

—

New

York

$

39,401,222

$

$

—

$

42,967,391

$

31,744

$

—

Each

Fund

designates

these

amounts

paid

during

the

period

as

Exempt

Interest

Dividends.

Fund

Short-Term

Long-Term

Total

California

High

Yield

$

89,272,107

$

168,521,131

$

257,793,238

California

113,710,247

76,525,797

190,236,044

Connecticut

7,660,952

11,863,288

19,524,240

Massachusetts

19,374,740

49,375,030

68,749,770

New

Jersey

2,351,016

12,999,032

15,350,048

New

York

79,638,200

55,523,738

135,161,938

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:

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:

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

0.3125 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 -

-

-

-

-

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

0.1555 %

California

0.1555 Connecticut

0.1555 Massachusetts

0.1555 New

Jersey

0.1555 New

York

0.1555 98

#### Notes

#### to

#### Financial

#### Statements
(continued)

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:

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:

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.

Fund

Purchases

Sales

Realized

Gain

(Loss)

California

High

Yield

$

—

$

9,976,465

$

(603,392)

California

—

—

—

Connecticut

254,793

—

—

Massachusetts

5,108,615

5,345,650

(170,513)

New

Jersey

6,154,746

—

—

New

York

—

—

—

Fund

Sales

Charges

Collected

(Unaudited)

Paid

to

Financial

Intermediaries

(Unaudited)

California

High

Yield

$

489,859

$

485,477

California

1,181,346

1,175,572

Connecticut

143,923

136,369

Massachusetts

106,288

103,594

New

Jersey

332,245

328,633

New

York

848,863

837,263

To

compensate

for

commissions

advanced

to

financial

intermediaries,

all

12b-1

service

and

distribution

fees

collected

on

Class

C

Shares

during

the

first

year

following

a

purchase

are

retained

by

the

Distributor.

During

the

current

fiscal

period,

the

Distributor

retained

such

12b-1

fees

as

follows:

The

remaining

12b-1

fees

charged

to

each

Fund

were

paid

to

compensate

financial

intermediaries

for

providing

services

to

shareholders

relating

to

their

investments.

The

Distributor

also

collected

and

retained

CDSC

on

share

redemptions

during

the

current

fiscal

period,

as

follows:

9. 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.

Fund

Commission

Advances

(Unaudited)

California

High

Yield

$

476,230

California

1,148,289

Connecticut

91,935

Massachusetts

91,174

New

Jersey

313,874

New

York

777,942

Fund

12b-1

Fees

Retained

(Unaudited)

California

High

Yield

$

21,932

California

18,918

Connecticut

2,671

Massachusetts

4,446

New

Jersey

8,225

New

York

20,820

Fund

CDSC

Retained

(Unaudited)

California

High

Yield

$

329,027

California

65,774

Connecticut

23,090

Massachusetts

6,512

New

Jersey

9,327

New

York

49,861

#### Notes

#### to

#### Financial

#### Statements
(continued)

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a) OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b) the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed. Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

"Interest

expense"

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

"Interest

expense"

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility's

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

The

Funds'

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

each

Fund's

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

fiscal

period,

if

any,

are

recognized

as

"Borrowings"

on

the

Statement

of

Assets

and

Liabilities.

Fund

Maximum

Outstanding

Balance

California

High

Yield

$

34,900,000

California

37,300,000

Connecticut

1,919,469

Massachusetts

25,300,000

New

Jersey

4,450,475

New

York

13,600,000

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

California

High

Yield

$

11,509,364

4.91 %

California

14,479,186

5.32 Connecticut

1,919,469

4.84 Massachusetts

8,694,230

5.48 New

Jersey

1,536,360

5.08 New

York

4,501,515

4.95 101

#### Important

#### Tax

#### Information
(Unaudited)

As

required

by

the

Internal

Revenue

Code

and

Treasury

Regulations,

certain

tax

information,

as

detailed

below,

must

be

provided

to

shareholders.

Shareholders

are

advised

to

consult

their

tax

advisor

with

respect

to

the

tax

implications

of

their

investment.

The

amounts

listed

below

may

differ

from

the

actual

amounts

reported

on

Form

1099-DIV,

which

will

be

sent

to

shareholders

shortly

after

calendar

year

end.

Long-Term

Capital

Gains

As

of

year

end,

each

Fund

designates

the

following

distribution

amounts,

or

maximum

amount

allowable,

as

being

from net

long-term

capital

gains

pursuant

to

Section

852(b)(3)

of

the

Internal

Revenue

Code:

Fund

Net

Long-Term

Capital

Gains

California

High

Yield

$

—

California

—

Connecticut

—

Massachusetts

—

New

Jersey

—

New

York

—

------

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

Not applicable.

------

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

Not applicable.

------

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

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

------

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

Not applicable.

------

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

Not applicable to open-end investment companies.

------

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

Not applicable to open-end investment companies.

------

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

Not applicable to open-end investment companies.

------

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

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

------

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

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

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

------

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

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

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

------

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

(a) Not applicable.

(b) Not applicable.

------

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

(a)(1) Not applicable because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2) Not applicable.

---

| | |
|:---|:---|
| (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.](d90045dex99cert.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.](d90045dex99906cert.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: May 7, 2026 | 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: May 7, 2026 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: May 7, 2026 | 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: May 7, 2026 | 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: May 7, 2026 | 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 annual report of Nuveen Multistate Trust II (the "Registrant") on Form N-CSR for the period ended February 28, 2026, 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;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;2. The information contained in the Report fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

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| | | |
|:---|:---|:---|
| Date: May 7, 2026 | By: | <u>/s/ Jordan M. Farris</u> |
|  |  | Jordan M. Farris |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

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| | | |
|:---|:---|:---|
| Date: May 7, 2026 | By: | <u>/s/ Marc Cardella</u> |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

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