# EDGAR Filing Document

**Accession Number:** 0001020661
**File Stem:** 0001020661-26-000024
**Filing Date:** 2026-4
**Character Count:** 143094
**Document Hash:** 6f0c9ea7662c28f0247f5f851cdf31f3
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001020661-26-000024.hdr.sgml**: 20260427

**ACCESSION NUMBER**: 0001020661-26-000024

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260228

**FILED AS OF DATE**: 20260427

**DATE AS OF CHANGE**: 20260427

**PERIOD START**: 20260531

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NUVEEN MULTISTATE TRUST III
- **CENTRAL INDEX KEY:** 0001020661

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

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-07943
- **FILM NUMBER:** 26898741

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

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

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

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

## Series and Classes Contracts Data

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

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

## Nport-Ex

#### Portfolio of Investments February 28, 2026

#### Georgia
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.1%

X

144,049,203

MUNICIPAL BONDS - 98.1%

X

–

CONSUMER DISCRETIONARY - 1.3%

$

2,200,000

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

Georgia, Convention Center Hotel Revenue Bonds, First Tier

Series 2021A

4.000 %

01/01/54

$

1,903,005

TOTAL CONSUMER DISCRETIONARY

1,903,005

EDUCATION AND CIVIC ORGANIZATIONS - 7.4%

1,250,000

Athens-Clarke County Unified Government Development

Authority, Georgia, Revenue Bonds, University of Georgia Project

- UGAREF West Precinct LLC, Series 2024

4.000 06/15/44

1,265,429

1,150,000

Athens-Clarke County Unified Government Development

Authority, Georgia, Revenue Bonds, University of Georgia Project

- UGAREF West Precinct LLC, Series 2024

4.000 06/15/49

1,096,244

750,000

Cobb County Development Authority, Georgia, Charter School

Revenue Bonds, Northwest Classical Academy, Inc. Project,

Series 2023A

6.375 06/15/58

749,346

815,000

Fulton County Development Authority, Georgia, Revenue Bonds,

Georgia Tech Athletic Association Project, Series 2019A

5.000 10/01/35

874,133

2,000,000

Fulton County Development Authority, Georgia, Revenue Bonds,

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

2015A

5.000 03/15/36

2,003,153

2,000,000

Fulton County Development Authority, Georgia, Revenue Bonds,

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

5.000 03/15/44

2,063,577

2,750,000

Gwinnett County Development Authority, Georgia, Revenue

Bonds, Georgia Gwinnett College Student Housing Project,

Refunding Series 2017B

5.000 07/01/40

2,808,474

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

10,860,356

HEALTH CARE - 12.8%

3,590,000

Brookhaven Development Authority, Georgia, Revenue Bonds,

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

4.000 07/01/49

3,372,663

1,880,000

Carroll City-County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Tanner Medical Center Inc. Project,

Series 2020

4.000 07/01/50

1,795,153

2,590,000

Carroll City-County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Tanner Medical Center Inc. Project,

Series 2025

5.000 07/01/40

2,934,535

455,000

Carroll City-County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Tanner Medical Center Inc. Project,

Series 2025

5.000 07/01/41

511,466

420,000

Cobb County Kennestone Hospital Authority, Georgia, Revenue

Anticipation Certificates, Wellstar Health System, Series 2017A

5.000 04/01/36

428,656

2,000,000

Columbia County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System, Inc. Project,

Series 2023B

5.125 04/01/53

2,078,336

2,100,000

Columbia County Hospital Authority, Georgia, Revenue

Anticipation Certificates, WellStar Health System, Inc. Project,

Series 2023B

5.750 04/01/53

2,294,428

530,000

Dalton Development Authority, Georgia, Revenue Bonds,

Hamilton Health Care System Inc., Series 2024B

5.000 08/15/40

592,972

2,500,000

Fulton County Development Authority, Georgia, Revenue Bonds,

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

4.000 07/01/49

2,352,125

2,500,000

Savannah Hospital Authority, Georgia, Revenue Bonds, Saint

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

Series 2019A

4.000 07/01/43

2,411,488

TOTAL HEALTH CARE

18,771,822

HOUSING/MULTIFAMILY - 3.0%

750,000

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

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

2025, (Mandatory Put 4/01/28)

3.450 04/01/44

759,684

3,600,000

DeKalb County Housing Authority, Georgia, Multifamily Housing

Revenue Bonds, Kensington Station Project, Series 2023

4.000 12/01/33

3,716,216

TOTAL HOUSING/MULTIFAMILY

4,475,900

#### Portfolio of Investments February 28, 2026
(continued)

#### Georgia

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/SINGLE FAMILY - 1.1%

$

1,500,000

Georgia Housing and Finance Authority, Single Family Mortgage

Bonds, Series 2025C

5.050 %

12/01/45

$

1,551,639

TOTAL HOUSING/SINGLE FAMILY

1,551,639

INDUSTRIALS - 0.2%

250,000

Savannah-Georgia Convention Center Authority, Convention

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

2025C

5.000 06/01/37

287,557

TOTAL INDUSTRIALS

287,557

TAX OBLIGATION/GENERAL - 14.5%

2,845,000

Atlanta, Georgia, General Obligation Bonds, Public Improvement

Social Series 2022A-1

5.000 12/01/41

3,167,363

850,000

Coweta County Public Facilities Authority, Georgia, Revenue

Bonds, Coweta County Project, Series 2022

5.000 09/01/42

935,442

1,815,000

Crisp County Hospital Authority, Georgia, Revenue Anticipation

Certificates, Crisp County Hospital Project, Series 2021

4.000 07/01/46

1,754,217

1,000,000

Dougherty County School District, Georgia, General Obligation

Bonds, Series 2026

5.000 06/01/34

1,193,691

1,100,000

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

Sewer Project, Refunding Series 2017 - AGM Insured

5.000 02/01/34

1,124,485

4,000,000

Gainesville and Hall County Hospital Authority, Georgia, Revenue

Anticipation Certificates, Northeast Georgia Health Services Inc.,

Series 2017B

5.250 02/15/45

4,053,973

1,120,000

Georgia State Road and Tollway Authority, Guaranteed Revenue

Bonds, Managed Lane System, Series 2021A

4.000 07/15/37

1,177,522

2,000,000

Georgia State Road and Tollway Authority, Guaranteed Revenue

Bonds, Managed Lane System, Series 2021A

4.000 07/15/39

2,082,879

750,000

Georgia State, General Obligation Bonds, Series 2022A

4.000 07/01/41

780,458

1,625,000

Greene County School District, Georgia, General Obligation

Bonds, Series 2023

4.000 06/01/48

1,581,384

1,000,000

Jackson County School District, Georgia, General Obligation

Bonds, School Series 2025

5.000 03/01/33

1,173,307

2,325,000

Walton County Water and Sewerage Authority, Georgia, Revenue

Bonds, Oconee-Hard Creek Reservoir Project, Series 2023

4.000 02/01/47

2,325,515

TOTAL TAX OBLIGATION/GENERAL

21,350,236

TAX OBLIGATION/LIMITED - 12.1%

1,500,000

Atlanta Development Authority, Georgia, Revenue Bonds, New

Downtown Atlanta Stadium Project, Second Lien Series 2015B

5.000 07/01/44

1,501,089

2,500,000

Atlanta Development Authority, Georgia, Revenue Bonds, New

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

5.250 07/01/44

2,502,510

630,000

Bulloch County Public Facilities Authority, Georgia, Revenue

Bonds, Series 2025

5.000 12/15/29

695,102

750,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Galleria Centre Project Series 2025

5.000 10/01/34

897,353

1,250,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Galleria Centre Project Series 2025

5.000 10/01/35

1,496,459

1,000,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Galleria Centre Project Series 2025

5.000 10/01/36

1,186,331

40,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Refunding Series 1993 - NPFG Insured

5.625 10/01/26

40,648

30,000

Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia,

Revenue Bonds, Refunding Series 2005 - NPFG Insured

5.500 10/01/26

30,522

1,671,000

Georgia Local Governments, Certificates of Participation, Georgia

Municipal Association, Series 1998A - NPFG Insured

4.750 06/01/28

1,723,856

1,000,000

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

Perry Projects, Series 2025

4.250 04/01/54

976,733

1,225,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/33

952,572

1,825,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

4.500 07/01/34

1,825,415

985,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

4.329 07/01/40

987,037

850,000

Rome Building Authority, Georgia, Revenue Bonds, Rome City

Schools Project, Series 2023

5.000 03/01/39

960,552

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

975,000

Savannah Economic Development Authority, Georgia, Revenue

Bonds, Forsyth Park Parking Project, Series 2026A

5.000 %

08/01/54

$

1,033,231

1,000,000

Savannah Economic Development Authority, Georgia, Revenue

Bonds, Forsyth Park Parking Project, Series 2026A

4.500 08/01/57

1,006,291

TOTAL TAX OBLIGATION/LIMITED

17,815,701

TRANSPORTATION - 12.2%

1,000,000

Atlanta, Georgia, Airport General Revenue Bonds, Green Series

2024A-1

5.000 07/01/54

1,044,613

1,000,000

Atlanta, Georgia, Airport General Revenue Bonds, Green Series

2025B-1, (AMT)

5.500 07/01/55

1,061,759

1,190,000

Atlanta, Georgia, Airport General Revenue Bonds, Refunding

Series 2021B

4.000 07/01/38

1,229,898

2,000,000

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

5.000 07/01/47

2,103,250

2,000,000

Atlanta, Georgia, Airport Passenger Facilities Charge and

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

4.000 07/01/38

2,018,682

160,000

Augusta, Georgia, Airport Revenue Bonds, Refunding General

Series 2015A

5.000 01/01/32

160,194

170,000

Augusta, Georgia, Airport Revenue Bonds, Refunding General

Series 2015A

5.000 01/01/33

170,196

100,000

Augusta, Georgia, Airport Revenue Bonds, Refunding General

Series 2015A

5.000 01/01/34

100,111

150,000

Augusta, Georgia, Airport Revenue Bonds, Refunding General

Series 2015A

5.000 01/01/35

150,168

3,625,000

Georgia Ports Authority, Revenue Bonds, Series 2021

4.000 07/01/46

3,574,319

2,000,000

Georgia Ports Authority, Revenue Bonds, Series 2021

4.000 07/01/51

1,901,875

1,000,000

Georgia Ports Authority, Revenue Bonds, Series 2022

4.000 07/01/47

979,438

3,200,000

Georgia Ports Authority, Revenue Bonds, Series 2022

5.000 07/01/47

3,383,498

TOTAL TRANSPORTATION

17,878,001

U.S. GUARANTEED - 2.1% (b)

1,000,000

Atlanta, Georgia, Water and Wastewater Revenue Bonds,

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

5.000 11/01/37

1,048,010

2,000,000

Sandy Springs Public Facilities Authority, Georgia, Revenue

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

refunded 5/01/26)

5.000 05/01/47

2,009,586

TOTAL U.S. GUARANTEED

3,057,596

UTILITIES - 31.4%

1,000,000

Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series

2021 - BAM Insured

4.000 12/01/46

972,201

1,170,000

Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series

2021 - BAM Insured

4.000 12/01/51

1,105,117

2,000,000

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

Revenue Bonds, Georgia Power Company, Fifth Series 1994,

(Mandatory Put 6/13/28)

3.700 10/01/32

2,048,077

1,250,000

Burke County Development Authority, Georgia, Pollution Control

Revenue Bonds, Oglethorpe Power Corporation Vogtle Project,

Series 2017C

4.125 11/01/45

1,215,424

2,010,000

Burke County Development Authority, Georgia, Pollution Control

Revenue Bonds, Oglethorpe Power Corporation Vogtle Project,

Series 2017D

4.125 11/01/45

1,954,402

2,000,000

Cartersville, Georgia, Water and Sewer Revenue Bonds, Series

2018

5.000 06/01/48

2,037,874

1,000,000

Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020

4.000 03/01/41

1,005,741

1,150,000

DeKalb County, Georgia, Water and Sewerage Revenue Bonds,

Refunding Series 2006B - AGM Insured

5.250 10/01/32

1,169,833

3,850,000

DeKalb County, Georgia, Water and Sewerage Revenue Bonds,

Second Resolution Series 2022

5.000 10/01/47

4,060,254

3,000,000

DeKalb County, Georgia, Water and Sewerage Revenue Bonds,

Second Resolution Series 2022

5.000 10/01/52

3,124,489

3,000,000

Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4

Project P Bonds, Series 2019B

5.000 01/01/48

3,017,071

2,630,000

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

Bonds, Series 2007A

5.500 09/15/27

2,730,399

#### Portfolio of Investments February 28, 2026
(continued)

#### Georgia

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

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

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

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

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

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

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

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

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

spreads, etc.).

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

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

500,000

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

Bonds, Series 2019A

4.000 %

05/15/39

$

500,583

1,750,000

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

Bonds, Series 2019A

5.000 05/15/43

1,793,035

1,000,000

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

Bonds, Series 2024E

5.000 12/01/32

1,099,394

2,000,000

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

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

5.000 12/01/55

2,181,731

3,500,000

Monroe, Georgia, Combined Utilities Revenue Bonds, Series

2020 - AGM Insured

4.000 12/01/50

3,327,693

3,500,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Lien Series 2015A

0.000 01/01/32

2,884,679

2,000,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Lien Series 2020A

5.000 01/01/45

2,071,213

2,500,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Lien Series 2020A

5.000 01/01/50

2,539,941

1,255,000

Municipal Electric Authority of Georgia, Project One Revenue

Bonds, Subordinate Series 2024A - BAM Insured

5.250 01/01/54

1,315,209

750,000

Springfield, Georgia, Water and Sewer Revenue Bonds, Series

2025

4.500 09/01/55

752,981

2,000,000

Upper Oconee Basin Water Authority, Georgia, Water Revenue

Bonds, Series 2024

5.000 07/01/55

2,101,586

1,045,000

Walton County Water and Sewerage Authority, Georgia, Revenue

Bonds, Walton-Hard Labor Creek Reservoir Water Treatment

Facility Project, Series 2022

5.000 02/01/53

1,088,463

TOTAL UTILITIES

46,097,390

TOTAL MUNICIPAL BONDS

(Cost $142,135,701)

144,049,203

TOTAL LONG-TERM INVESTMENTS

(Cost $142,135,701)

144,049,203

OTHER ASSETS & LIABILITIES, NET - 1.9%

2,740,788

NET ASSETS - 100%

$

146,789,991

AMT

Alternative Minimum Tax

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

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

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

payment of principal and interest.

them:

Georgia

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

144,049,203

$

–

$

144,049,203

Total

$

–

$

144,049,203

$

–

$

144,049,203

#### Portfolio of Investments February 28, 2026

#### Louisiana
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.3%

X

217,090,779

MUNICIPAL BONDS - 98.3%

X

–

CONSUMER DISCRETIONARY - 0.5%

$

1,000,000

Virgin Islands Hotel Development Financing Corporation, Hotel

Revenue Bonds Frenchmanas Reef Hotel Acquisition Project,

Senior Lien Series 2025A-1

6.000 %

12/01/55

$

1,004,167

TOTAL CONSUMER DISCRETIONARY

1,004,167

CONSUMER STAPLES - 1.3%

1,000,000

Buckeye Tobacco Settlement Financing Authority, Ohio, Tobacco

Settlement Asset-Backed Revenue Bonds, Refunding Senior Lien

Series 2020A-2 Class 1

3.000 06/01/48

726,779

585,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

5.250 06/01/32

579,585

315,000

New York Counties Tobacco Trust VI, New York, Tobacco

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

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

5.000 06/01/45

278,641

165,000

Tobacco Settlement Financing Corporation, New Jersey, Tobacco

Settlement Asset-Backed Bonds, Series 2018B

5.000 06/01/46

163,486

1,160,000

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

5.000 06/01/48

1,069,219

TOTAL CONSUMER STAPLES

2,817,710

EDUCATION AND CIVIC ORGANIZATIONS - 24.4%

1,025,000

(a) Jefferson Parish Economic Development and Port District,

Louisiana, Kenner Discovery Health Sciences Academy Project,

Series 2018A

5.500 06/15/38

1,037,466

1,500,000

(a) Jefferson Parish Economic Development and Port District,

Louisiana, Kenner Discovery Health Sciences Academy Project,

Series 2018A

5.625 06/15/48

1,487,788

815,000

Lafayette Public Trust Financing Authority, Louisiana, Revenue

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

- AGM Insured

5.000 10/01/27

816,581

500,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

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

Series 2021 - AGM Insured

4.000 10/01/40

507,064

720,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

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

Series 2021 - AGM Insured

4.000 10/01/42

723,661

3,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

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

Series 2018 - AGM Insured

5.000 10/01/48

3,023,154

1,030,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

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

Project, Series 2021 - AGM Insured

4.000 10/01/39

1,063,793

750,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

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

Refunding Series 2021 - AGM Insured

4.000 10/01/42

753,813

1,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Louisiana

Tech University Student Housing/Innovative Student Facilities Inc.

Project, Series 2016A

4.000 10/01/46

961,689

500,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, McNeese

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

Refunding Series 2021

3.000 03/01/33

492,726

1,200,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, McNeese

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

Refunding Series 2021

3.000 03/01/37

1,104,744

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

1,270,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, McNeese

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

Refunding Series 2021

3.000 %

03/01/39

$

1,106,925

1,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, McNeese

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

Refunding Series 2021

3.000 03/01/42

814,986

2,385,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Nicholls

State University Student Recreation Center/NSU Facilities

Corporation Project, Refunding Series 2021

4.000 10/01/38

2,264,386

2,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Ragin'

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

2017 - AGM Insured

5.000 10/01/39

2,039,398

1,500,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds,

Southeastern Louisiana University student Housing/University

Facilities Project, Series 2017 - AGM Insured

5.000 08/01/42

1,527,734

1,300,000

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

Lake Charles College Prep Project, Series 2019A

5.000 06/01/39

1,303,705

220,000

Louisiana Publc Facilities Authority, Lousiana, Revenue Bonds,

Tulane University, Refunding Series 2017A

5.000 12/15/30

229,887

1,680,000

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

Young Audiences Charter School, Series 2019A

5.000 04/01/39

1,653,164

1,000,000

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

Young Audiences Charter School, Series 2019A

5.000 04/01/57

854,789

200,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

Provident Group-Flagship Properties LLC - Louisiana State

University GreenHouse District Phase II Project, Series 2017

5.000 07/01/42

202,685

2,365,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

Provident Group-Flagship Properties LLC - Louisiana State

University GreenHouse District Phase III Project, Series 2019A -

BAM Insured

4.000 07/01/54

2,185,552

4,510,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

Provident Group-Flagship Properties LLC - Louisiana State

University GreenHouse District Phase III Project, Series 2019A -

BAM Insured

5.000 07/01/59

4,515,098

6,000,000

Louisiana Public Facilities Authority, Lease Revenue Bonds,

Provident Group-Flagship Properties LLC - Louisiana State

University Nicolson Gateway Project, Series 2016A

5.000 07/01/51

5,999,957

500,000

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

Jefferson Rise Charter School Project, Series 2022A

6.250 06/01/52

502,986

540,000

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

Jefferson Rise Charter School Project, Series 2022A

6.375 06/01/62

542,902

2,000,000

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

Lake Charles Charter Academy Foundation Project, Refunding

Series 2024A

5.000 12/15/43

2,001,475

270,000

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

Lincoln Preparatory School Project, Series 2022A

6.500 06/01/62

248,296

1,275,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series 2021

4.000 10/01/40

1,224,815

20,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series 2021

4.000 10/01/41

18,966

1,850,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series 2021

4.000 10/01/51

1,540,082

2,000,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Refunding Series

2023A

5.250 10/01/48

2,010,916

250,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Series 2023A

5.000 10/01/27

257,113

250,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Loyola University of New Orleans Project, Series 2023A

5.000 10/01/28

260,834

#### Portfolio of Investments February 28, 2026
(continued)

#### Louisiana

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

3,000,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Tulane University, Refunding Series 2023A

5.000 %

10/15/48

$

3,134,963

1,000,000

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

of New Orleans, Refunding Series 2017

5.000 07/01/37

415,000

2,835,000

Louisiana Public Facilities Authority, Revenue Bonds, Loyola

University Project, Refunding Series 2017

5.250 10/01/31

3,097,688

2,040,000

Louisiana Public Facilities Authority, Revenue Bonds, Loyola

University Project, Refunding Series 2017

5.250 10/01/46

2,066,406

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

53,993,187

ENERGY - 1.5%

2,000,000

(a),(c)

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

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

6.100 06/01/38

2,229,114

610,000

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

L.P. Project, Series 2010

6.350 07/01/40

674,909

205,000

(a),(c)

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

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

6.100 12/01/40

228,646

100,000

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

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

3.700 08/01/41

102,927

TOTAL ENERGY

3,235,596

HEALTH CARE - 14.4%

715,000

Calcasieu Parish Memorial Hospital Service District, Louisiana,

Revenue Bonds, Lake Charles Memorial Hospital, Refunding

Series 2019

5.000 12/01/34

733,042

390,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

5.000 08/01/39

407,969

420,000

Illinois Finance Authority, Revenue Bonds, Ascension Health

Alliance, Series 2016C

5.000 02/15/36

428,514

2,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Womans Hospital Foundation Project, Refunding Series 2017A

4.000 10/01/41

1,983,744

3,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Womans Hospital Foundation Project, Refunding Series 2017A

5.000 10/01/41

3,063,936

3,000,000

Louisiana Public Facilities Authority, Hospital Revenue Bonds,

Franciscan Missionaries of Our Lady Health System, Series 2017A

5.000 07/01/47

3,021,155

3,000,000

Louisiana Public Facilities Authority, Hospital Revenue Bonds,

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

Fixed Rate Mode

5.000 06/01/45

3,056,902

300,000

Louisiana Public Facilities Authority, Hospital Revenue Bonds,

Louisiana Children's Medical Center Hospital, Series 2020A

4.000 06/01/50

260,402

3,245,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Christus Health, Refunding Series 2019A

5.000 07/01/43

3,362,102

2,200,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Refunding Series 2025A

5.250 05/15/55

2,306,005

3,980,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

Ochsner Clinic Foundation Project, Refunding Series 2025A

5.500 05/15/55

4,251,891

200,000

Louisiana Public Facilities Authority, Revenue Bonds, Ochsner

Clinic Foundation Project, Series 2015

5.000 05/15/47

200,083

310,000

Puerto Rico Industrial, Tourist, Educational, Medical and

Environmental Control Facilities Financing Authority, Hospital

Revenue Bonds, (Hospital Auxilio Mutuo Obligated Group

Project, Refunding Series 2021

5.000 07/01/31

337,610

1,000,000

Puerto Rico Industrial, Tourist, Educational, Medical and

Environmental Control Facilities Financing Authority, Hospital

Revenue Bonds, (Hospital Auxilio Mutuo Obligated Group

Project, Refunding Series 2021

5.000 07/01/32

1,084,494

1,715,000

Saint Tammany Parish Hospital Service District 1, Louisiana,

Hospital Revenue Bonds, St. Tammany Parish Hospital Project,

Refunding Series 2018A

5.000 07/01/36

1,786,193

1,400,000

Saint Tammany Parish Hospital Service District 1, Louisiana,

Hospital Revenue Bonds, St. Tammany Parish Hospital Project,

Refunding Series 2018A

5.000 07/01/37

1,454,489

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

$

1,000,000

Saint Tammany Parish Hospital Service District 1, Louisiana,

Hospital Revenue Bonds, St. Tammany Parish Hospital Project,

Refunding Series 2018A

4.000 %

07/01/43

$

987,098

1,000,000

Tangipahoa Parish Hospital Service District 1, Louisiana, Hospital

Revenue Bonds, North Oaks Health System Project, Refunding

Series 2021

4.000 02/01/39

1,012,766

2,000,000

Terrebonne Parish Hospital Service District 1, Louisiana, Hospital

Revenue Bonds, Terrebonne General Medical Center, Refunding

Series 2026

5.500 04/01/55

2,143,918

TOTAL HEALTH CARE

31,882,313

HOUSING/MULTIFAMILY - 1.2%

1,775,000

Louisiana Housing Finance Agency, Multifamily Housing Revenue

Bonds, Mallard Crossings Apartments, Series 2011

4.750 10/01/29

1,776,998

1,000,000

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

Provident Group - HSC Properties Inc - LSU Health Foundation,

New Orleans Project, Senior Lien Series 2020A-1

5.500 01/01/50

769,383

TOTAL HOUSING/MULTIFAMILY

2,546,381

HOUSING/SINGLE FAMILY - 2.2%

750,000

Capital Area Finance Authority, Louisiana, Single Family

Mortgage Revenue Bonds, Series 2025B

5.050 10/01/55

760,332

1,125,000

Louisiana Housing Corporation, Single Family Mortgage Revenue

Bonds, Home Ownership Program, Series 2020B

3.500 06/01/50

1,130,347

1,905,000

Louisiana Housing Corporation, Single Family Mortgage Revenue

Bonds, Home Ownership Program, Series 2021D

3.250 06/01/52

1,906,062

1,075,000

Louisiana Housing Corporation, Single Family Mortgage Revenue

Bonds, Home Ownership Program, Series 2024A

4.650 12/01/54

1,077,723

TOTAL HOUSING/SINGLE FAMILY

4,874,464

INDUSTRIALS - 5.3%

470,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Cameron Parish GOMESA Project, Green Series 2018

5.650 11/01/37

495,502

2,835,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Jefferson Parish GOMESA Project, Series 2019

4.000 11/01/44

2,724,275

900,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

New Orleans GOMESA Project, Series 2021

4.000 11/01/46

836,899

2,000,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Saint Bernard Parish GOMESA Project, Series 2025

5.125 11/01/50

2,018,978

70,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Saint John the Baptist Parish GOMESA Project, Series 2019

3.900 11/01/44

66,374

1,025,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Saint Martin Parish GOMESA Project, Series 2019

4.400 11/01/44

1,027,341

1,020,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Saint Mary Parish GOMESA Project, Series 2019

4.400 11/01/44

1,022,584

1,680,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Saint Tammany Parish GOMESA Project, Series 2020

3.875 11/01/45

1,555,222

100,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Terrebonne Parish GOMESA Project, Series 2018

5.375 11/01/38

104,501

300,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Terrebonne Parish GOMESA Project, Series 2018

5.500 11/01/39

313,737

1,275,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Vermilion Parish GOMESA Project, Green Series 2019

4.625 11/01/38

1,308,311

1,000,000

(a),(b)

Louisiana Public Facilities Authority, Solid Waste Disposal Facility

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

7.000 07/01/26

#### Portfolio of Investments February 28, 2026
(continued)

#### Louisiana

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIALS

(continued)

$

250,000

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

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

7, (AMT)

4.500 %

10/01/37

$

250,012

TOTAL INDUSTRIALS

11,723,746

LONG-TERM CARE - 1.4%

850,000

(a) Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, Christwood

Project, Refunding Series 2024

5.250 11/15/59

809,936

2,800,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Revenue Bonds, The Glen

Retirement System Project, Series 2019A

5.000 01/01/49

2,216,262

TOTAL LONG-TERM CARE

3,026,198

TAX OBLIGATION/GENERAL - 9.1%

1,055,000

Calcasieu Parish School District 23, Louisiana, General Obligation

Bonds, Public School Improvement Series 2019 - BAM Insured

4.000 09/01/37

1,082,815

1,600,000

Calcasieu Parish School District 23, Louisiana, General Obligation

Bonds, Public School Improvement Series 2019 - BAM Insured

4.000 09/01/38

1,634,906

265,000

Cameron Parish School District 15, Louisiana, General Obligtion

Bonds, Series 2021

4.000 10/01/37

271,381

350,000

Cameron Parish School District 15, Louisiana, General Obligtion

Bonds, Series 2021

4.000 10/01/39

356,756

425,000

Cameron Parish School District 15, Louisiana, General Obligtion

Bonds, Series 2021

4.000 10/01/40

432,047

1,125,000

Central Community School System, East Baton Rouge Parish,

Louisiana, General Obligation Bonds, Series 2020

4.000 03/01/39

1,149,576

545,000

Livingston Parish School District 1, Louisiana, General Obligation

Bonds, Series 2021 - BAM Insured

4.000 05/01/39

558,381

1,000,000

Livingston Parish School District 1, Louisiana, General Obligation

Bonds, Series 2021 - BAM Insured

4.000 05/01/41

1,018,368

980,000

Louisiana State, General Obligation Bonds, Series 2021A

5.000 03/01/41

1,053,118

2,000,000

New Orleans, Louisiana, General Obligation Bonds, Public

Improvement Series 2021A - BAM Insured

5.000 12/01/46

2,065,189

125,000

New Orleans, Louisiana, General Obligation Bonds, Refunding

Series 2015

5.000 12/01/27

125,209

1,835,000

New Orleans, Louisiana, General Obligation Bonds, Refunding

Series 2022

5.250 12/01/38

2,042,165

1,125,000

(d) Saint John Baptist Parish, Louisiana, General Obligation Bonds,

Series 2026

5.000 03/01/45

1,213,047

1,800,000

Saint Tammany Parish Hospital Service District 2, Louisiana,

General Obligation Bonds, Series 2025 - BAM Insured

5.000 03/01/41

1,972,837

2,155,000

Saint Tammany Parish Hospital Service District 2, Louisiana,

General Obligation Bonds, Series 2025 - BAM Insured

5.000 03/01/42

2,338,516

1,305,000

Saint Tammany Parish Hospital Service District 2, Louisiana,

Hospital Revenue Bonds, Series 2021 - BAM Insured

4.000 03/01/38

1,348,793

1,430,000

Saint Tammany Parish Hospital Service District 2, Louisiana,

Hospital Revenue Bonds, Series 2021 - BAM Insured

4.000 03/01/40

1,467,067

TOTAL TAX OBLIGATION/GENERAL

20,130,171

TAX OBLIGATION/LIMITED - 11.8%

170,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2015D

4.000 11/15/39

164,721

3,000,000

Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special

Sales Tax Revenue Bonds, Series 2017B - AGM Insured

5.000 12/01/42

3,067,582

2,000,000

Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special

Sales Tax Revenue Bonds, Series 2019B - AGM Insured

4.000 12/01/38

2,036,694

3,000,000

Jefferson Sales Tax District, Jefferson Parish, Louisiana, Special

Sales Tax Revenue Bonds, Series 2019B - AGM Insured

4.000 12/01/39

3,043,057

1,575,000

Juban Crossing Economic Development District, Louisiana,

Revenue Bonds, General Infrastructure Projects, Subordinate Lien

Series 2025C

6.000 09/15/55

1,631,822

1,000,000

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

Louisiana, Special Assessment Revenue Bonds, Series 2022

4.250 06/01/51

857,459

1,000,000

Lakeshore Villages Master Community Development District,

Louisiana, Special Assessment Revenue Bonds, Series 2022

5.500 06/01/52

1,022,430

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

2,325,000

Louisiana Stadium and Exposition District, Revenue Bonds,

Senior Series 2023A

5.000 %

07/01/48

$

2,424,647

1,735,000

Louisiana Stadium and Exposition District, Revenue Bonds,

Senior Series 2023A

5.250 07/01/53

1,814,697

725,000

Louisiana State Correctional Facilities Corporation, Lease

Revenue Bonds, Correctional Institution for Women Series 2023

4.000 10/01/41

736,228

1,000,000

Louisiana State Correctional Facilities Corporation, Lease

Revenue Bonds, Correctional Institution for Women Series 2023

4.000 10/01/43

1,004,344

1,435,000

Louisiana State Correctional Facilities Corporation, Lease

Revenue Bonds, Office of Juvenile Justice Project, Series 2021

4.000 10/01/38

1,461,592

1,305,000

Louisiana State Correctional Facilities Corporation, Lease

Revenue Bonds, Office of Juvenile Justice Project, Series 2021

4.000 10/01/40

1,317,399

3,505,000

Louisiana State, Gasoline and Fuels Tax Revenue Bonds,

Refunding Second Lien Series 2024A

4.000 05/01/44

3,512,256

160,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

5.000 10/01/39

169,654

365,000

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

Revenue Bonds, American Dream @ Meadowlands Project, Series

2017

5.000 12/01/27

284,700

344,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

0.000 07/01/46

123,740

750,000

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

Bonds, Series 2019

4.000 08/01/37

770,086

680,000

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

Bonds, Series 2019

4.000 08/01/39

693,415

TOTAL TAX OBLIGATION/LIMITED

26,136,523

TRANSPORTATION - 12.6%

2,000,000

Board of Commissioners of the Port of New Orleans Port Facility

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

2020E (AMT)

5.000 04/01/50

2,042,139

785,000

Colorado High Performance Transportation Enterprise, C-470

Express Lanes Revenue Bonds, Senior Lien Series 2017

5.000 12/31/51

784,960

1,085,000

Greater New Orleans Expressway Commission, Louisiana, Toll

Revenue Bonds, Subordinate Lien Refunding Series 2025

5.000 11/01/46

1,146,967

100,000

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

Bonds, Series 2024A, (AMT)

5.000 10/01/34

111,557

100,000

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

Bonds, Series 2024A, (AMT)

5.250 10/01/35

113,115

175,000

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

Bonds, Series 2024A, (AMT)

5.250 10/01/37

195,505

100,000

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

Bonds, Series 2024A, (AMT)

5.250 10/01/38

110,935

100,000

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

Bonds, Series 2024A, (AMT)

5.250 10/01/39

110,227

100,000

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

Bonds, Series 2024A, (AMT)

5.250 10/01/40

109,430

5,465,000

Louisiana Publics Facilities Authority, Louisiana, Revenue Bonds,

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

Senior Lien Series 2024, (AMT)

5.000 09/01/66

5,316,606

200,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Gilf Opportunity Zone Project, Refunding Series 2019

4.000 01/01/37

203,496

1,000,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Gilf Opportunity Zone Project, Refunding Series 2019

4.000 01/01/38

1,014,983

1,015,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Gilf Opportunity Zone Project, Refunding Series 2019

4.000 01/01/39

1,028,115

1,880,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

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

5.000 01/01/48

1,884,629

1,000,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Series 2024C-2, (AMT)

5.250 01/01/49

1,040,346

1,250,000

New Orleans Aviation Board, Louisiana, General Airport Revenue

Bonds, Series 2024C-2, (AMT)

5.250 01/01/51

1,293,678

#### Portfolio of Investments February 28, 2026
(continued)

#### Louisiana

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

1,800,000

New Orleans Aviation Board, Louisiana, Special Facility Revenue

Bonds, Parking Facilities Corporation Consolidated Garage

System, Series 2018A - AGM Insured

5.000 %

10/01/43

$

1,851,462

840,000

New York Transportation Development Corporation, New

York, Special Facilities Bonds, LaGuardia Airport Terminal B

Redevelopment Project, Series 2016A, (AMT)

5.000 07/01/46

840,334

1,115,000

New York Transportation Development Corporation, New York,

Special Facility Revenue Bonds, John F Kennedy International

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

6.000 06/30/59

1,190,061

500,000

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

Facilities Revenue Bonds NOLA Terminal LLC Project Dock and

Wharf Series 2024A

9.000 12/01/44

442,632

4,000,000

Port New Orleans Board of Commissioners, Louisiana, Revenue

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

5.500 04/01/54

4,229,655

2,750,000

Port New Orleans Board of Commissioners, Louisiana, Revenue

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

(AMT)

5.000 04/01/45

2,780,889

TOTAL TRANSPORTATION

27,841,721

U.S. GUARANTEED - 0.2% (e)

85,000

Illinois Finance Authority, Revenue Bonds, Ascension Health

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

5.000 02/15/36

87,276

355,000

Louisiana Public Facilities Authority, Louisiana, Revenue Bonds,

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

4/01/30)

4.000 04/01/50

376,240

TOTAL U.S. GUARANTEED

463,516

UTILITIES - 12.4%

1,665,000

East Baton Rouge Sewerage Commission, Louisiana, Revenue

Bonds, Refunding Series 2019A

4.000 02/01/45

1,666,868

505,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2024A

5.000 07/01/35

576,640

1,000,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

5.000 01/01/50

1,020,661

1,150,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2025A

5.500 07/01/55

1,208,793

535,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

5.000 10/01/39

589,885

1,750,000

Lafourche Parish Water District 1, Louisiana, Water Revenue

Bonds, Series 2025

4.375 01/01/50

1,714,203

1,525,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

East Baton Rouge Sewerage Commission Projects, Refunding

Subordinate Lien Series 2024 - BAM Insured

5.000 02/01/41

1,679,268

1,000,000

Louisiana Local Government Environmental Facilities and

Community Development Authority, Louisiana, Revenue Bonds,

Entergy Lousiana, LLC Project, Refunding Series 2021B

2.500 04/01/36

897,168

7,315,000

Louisiana Public Facilities Authority, Revenue Bonds, Cleco Power

LLC Project, Series 2008

4.250 12/01/38

7,317,369

1,085,000

New Orleans, Louisiana, Sewerage Service Revenue Bonds,

Series 2020B

5.000 06/01/45

1,117,744

1,000,000

New Orleans, Louisiana, Sewerage Service Revenue Bonds,

Series 2020B

4.000 06/01/50

893,905

1,000,000

Ohio Water Development Authority, Pollution Control Revenue

Refunding Bonds, FirstEnergy Nuclear Generating Corporation

Project, Series 2009A

4.750 06/01/33

1,070,482

1,505,000

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

Insured

4.000 05/01/42

1,536,854

1,000,000

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

Insured

4.000 05/01/47

979,437

365,000

Shreveport, Louisiana, Water and Sewer Revenue Bonds, Junior

Lien Series 2019B - AGM Insured

4.000 12/01/49

336,592

1,500,000

Shreveport, Louisiana, Water and Sewer Revenue Bonds,

Refunding Series 2020B

3.000 12/01/50

1,085,997

2,000,000

Shreveport, Louisiana, Water and Sewer Revenue Bonds, Series

2016B - BAM Insured

5.000 12/01/41

2,014,284

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an

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

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

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

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

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

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

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

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

spreads, etc.).

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

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,000,000

Tangipahoa Water District, Tangipahoa, Louisiana, Water

Revenue Bonds, Refunding Series 2024

4.000 %

12/01/44

$

956,703

295,000

Tangipahoa Water District, Tangipahoa, Louisiana, Water

Revenue Bonds, Series 2021 - BAM Insured

4.000 12/01/38

305,919

500,000

Virgin Islands Water and Power Authority, Electric System

Revenue Bonds, Series 2007B

5.000 07/01/31

446,314

TOTAL UTILITIES

27,415,086

TOTAL MUNICIPAL BONDS

(Cost $220,680,455)

217,090,779

TOTAL LONG-TERM INVESTMENTS

(Cost $220,680,455)

217,090,779

OTHER ASSETS & LIABILITIES, NET - 1.7%

3,750,658

NET ASSETS - 100%

$

220,841,437

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 $27,653,096 or 12.7% of Total Investments.

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

bankruptcy.

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

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

(d) When-issued or delayed delivery security.

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

payment of principal and interest.

Louisiana

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

217,090,779

$

–

$

217,090,779

Total

$

–

$

217,090,779

$

–

$

217,090,779

#### Portfolio of Investments February 28, 2026

#### North Carolina
(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 99.6%

X

493,923,883

MUNICIPAL BONDS - 99.6%

X

–

EDUCATION AND CIVIC ORGANIZATIONS - 15.6%

$

1,995,000

Appalachian State University, North Carolina, General Revenue

Bonds, Millennial Campus End Zone Project, Series 2018

.000

%

05/01/44

$

2,058,960

3,415,000

Appalachian State University, North Carolina, General Revenue

Bonds, Series 2019

.000

10/01/48

3,253,717

225,000

Appalachian State University, North Carolina, Revenue Bonds,

Millennial Campus Indoor Facilities Project Series 2024

.000

11/01/34

262,184

425,000

Elizabeth City State University, North Carolina, General Revenue

Bonds, Series 2019 - AGM Insured

.000

04/01/28

444,666

465,000

Elizabeth City State University, North Carolina, General Revenue

Bonds, Series 2019 - AGM Insured

.000

04/01/29

495,625

745,000

Elizabeth City State University, North Carolina, General Revenue

Bonds, Series 2019 - AGM Insured

.000

04/01/30

796,907

1,500,000

Elizabeth City State University, North Carolina, General Revenue

Bonds, Series 2019 - AGM Insured

.000

04/01/40

1,561,045

1,000,000

North Carolina Capital Facilities Finance Agency, Educational

Facilities Revenue Bonds, Campbell University, Refunding Series

2021A

.000

10/01/33

1,071,486

800,000

North Carolina Capital Facilities Financing Agency, Educational

Facilities Revenue Bond, Meredith College, Refunding Series

2016

.000

06/01/33

782,149

685,000

North Carolina Capital Facilities Financing Agency, Educational

Facilities Revenue Bond, Meredith College, Refunding Series

2016

.000

06/01/34

663,089

5,000,000

North Carolina Capital Facilities Financing Agency, Educational

Facilities Revenue Bond, Meredith College, Refunding Series

2018

.000

06/01/38

5,001,205

5,000,000

North Carolina Capital Facilities Financing Agency, Educational

Facility Revenue Bonds, Wake Forest University, Refunding Series

2016

.000

01/01/35

5,018,619

3,000,000

North Carolina Capital Facilities Financing Agency, Educational

Facility Revenue Bonds, Wake Forest University, Series 2018

.000

01/01/48

2,873,896

1,035,000

North Carolina Central University, General Revenue Bonds,

Series 2019

.000

04/01/38

1,082,878

3,600,000

North Carolina State Education Assistance Authority, Student

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

.000

06/01/33

3,899,312

1,000,000

North Carolina State Education Assistance Authority, Student

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

.000

06/01/28

1,039,206

1,700,000

North Carolina State University at Raleigh, General Revenue

Bonds, Refunding Series 2018

.000

10/01/40

1,775,117

1,790,000

North Carolina State University at Raleigh, General Revenue

Bonds, Refunding Series 2018

.000

10/01/41

1,853,271

3,660,000

North Carolina State University at Raleigh, General Revenue

Bonds, Series 2024B

.000

10/01/45

3,663,861

1,250,000

North Carolina State University at Raleigh, General Revenue

Bonds, Series 2024B

.000

10/01/46

1,232,409

5,000,000

University of North Carolina, Asheville, General Revenue Bonds,

Refunding Series 2017

.000

06/01/42

5,011,476

230,000

University of North Carolina, Charlotte, General Revenue Bonds,

Refunding Series 2017A

.000

10/01/31

239,867

4,415,000

University of North Carolina, Charlotte, General Revenue Bonds,

Refunding Series 2017A

.000

10/01/40

4,431,167

2,165,000

University of North Carolina, Charlotte, General Revenue Bonds,

Series 2017

.000

10/01/42

2,222,213

6,600,000

University of North Carolina, Charlotte, General Revenue Bonds,

Series 2017

.000

10/01/47

6,719,810

1,000,000

University of North Carolina, Charlotte, General Revenue Bonds,

Series 2020A

.000

10/01/37

1,022,796

1,000,000

University of North Carolina, Greensboro, General Revenue

Bonds, Refunding Series 2017

.000

04/01/30

1,056,015

6,000,000

University of North Carolina, Greensboro, General Revenue

Bonds, Series 2018

.000

04/01/43

6,192,836

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

$

4,500,000

Western Carolina University, North Carolina, General Revenue

Bonds, Series 2018

.000

%

10/01/43

$

4,615,553

6,000,000

Western Carolina University, North Carolina, General Revenue

Bonds, Series 2020B

.000

04/01/45

6,015,799

1,050,000

Western Carolina University, North Carolina, General Revenue

Bonds, Series 2025

.250

04/01/43

1,096,994

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

77,454,128

HEALTH CARE - 12.7%

3,000,000

Charlotte-Mecklenburg Hospital Authority, North Carolina,

Health Care Revenue Bonds, DBA Carolinas HealthCare System,

Refunding Series 2016A

.000

01/15/36

3,005,158

1,685,000

Charlotte-Mecklenburg Hospital Authority, North Carolina,

Health Care Revenue Bonds, DBA Carolinas HealthCare System,

Refunding Series 2016A

.000

01/15/40

1,687,214

3,750,000

Charlotte-Mecklenburg Hospital Authority, North Carolina,

Health Care Revenue Bonds, Doing Business as Atrium Health,

Refunding Series 2018A

.000

01/15/39

3,807,273

500,000

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

Health Care Revenue Bonds, Doing Business as Atrium Health,

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

.625

01/15/48

507,314

1,470,000

Nash Health Care Systems, North Carolina, Health Care Facilities

Revenue Bonds, Series 2025

.000

02/01/32

1,650,400

1,500,000

Nash Health Care Systems, North Carolina, Health Care Facilities

Revenue Bonds, Series 2025

.750

02/01/50

1,625,408

3,000,000

National Finance Authority, New Hampshire, Revenue Bonds,

Winston-Salem Sustainable Energy Partners Series 2025A

.000

12/01/35

3,451,795

28,995,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Novant Health Obligated Group, Series 2019A

.000

11/01/49

26,709,136

5,860,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Vidant Health, Refunding Series 2015

.000

06/01/40

5,865,867

3,000,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Vidant Health, Refunding Series 2015

.000

06/01/45

3,001,857

1,000,000

North Carolina Medical Care Commission, Health Care Facilities

Revenues Bonds, Wake Forest Baptist Obligated Group, Series

2019A

.000

12/01/31

1,065,998

1,000,000

North Carolina Medical Care Commission, Health Care Facilities

Revenues Bonds, Wake Forest Baptist Obligated Group, Series

2019A

.000

12/01/33

1,061,165

8,010,000

University of North Carolina, Chapel Hill, Revenue Bonds,

Hospital System, Series 2019

.000

02/01/45

9,349,034

TOTAL HEALTH CARE

62,787,619

HOUSING/MULTIFAMILY - 1.6%

3,250,000

Gastonia Housing Authority, North Carolina, Multifamily Housing

Revenue Bonds, Hoffman Homes, Series 2025

.550

12/01/41

3,492,013

4,125,000

Raleigh Housing Authority, North Carolina, Multifamily Housing

Revenue Bonds, Parkside Apartments Project Series 2024A

.400

12/01/43

4,257,992

TOTAL HOUSING/MULTIFAMILY

7,750,005

HOUSING/SINGLE FAMILY - 1.7%

4,905,000

North Carolina Housing Finance Agency, Home Ownership

Revenue Bonds, Series 52-A

.900

07/01/43

5,125,826

1,990,000

North Carolina Housing Finance Agency, Home Ownership

Revenue Bonds, Series 57-A

.250

01/01/56

2,286,079

985,000

North Carolina Housing Finance Agency, Home Ownership

Revenue Bonds, Social Series 52-A

.000

07/01/46

1,009,947

TOTAL HOUSING/SINGLE FAMILY

8,421,852

LONG-TERM CARE - 3.6%

105,000

North Carolina Medical Care Commission, Health Care Facilities

Revenue Bonds, Deerfield Episcopal Retirement Community,

Refunding First Mortgage Series 2016

.000

11/01/37

105,964

285,000

North Carolina Medical Care Commission, Health Care Facilities

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

.000

03/01/30

294,723

295,000

North Carolina Medical Care Commission, Health Care Facilities

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

.000

03/01/31

306,729

#### Portfolio of Investments February 28, 2026
(continued)

#### North Carolina

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

$

550,000

North Carolina Medical Care Commission, Health Care Facilities

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

.000

%

03/01/41

$

546,602

1,000,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, Deerfield Episcopal Retirement

Community Inc., Series 2026A

.250

11/01/56

1,016,222

2,970,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, EveryAge, Series 2021A

.000

09/01/47

2,689,920

1,105,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, Sharon Towers, Series 2019A

.000

07/01/44

1,110,517

1,250,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, Twin Lakes Community, Series

2025A

.250

01/01/55

1,266,998

550,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Refunding Series 2016A

.000

10/01/30

556,647

225,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Refunding Series 2016A

.000

10/01/31

227,677

265,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Series 2025A

.125

10/01/45

281,731

1,600,000

North Carolina Medical Care Commission, Retirement Facilities

First Mortgage Revenue Bonds, United Methodist Retirement

Homes, Series 2025A

.125

10/01/56

1,649,354

505,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Carol Woods Project, Series 2025

.000

12/01/37

563,860

2,400,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Carol Woods Project, Series 2025

.000

12/01/41

2,616,238

1,250,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Carol Woods Project, Series 2025

.250

12/01/55

1,291,556

1,260,000

North Carolina Medical Care Commission, Retirement Facility

First Mortgage Revenue Bonds, Everyage, Series 2024B

.000

09/01/44

1,314,023

900,000

North Carolina Medical Care Commission, Retirement Facility

Revenue Bonds, Penick Village Project First Mortgage Series

2024A

.000

09/01/34

977,673

1,225,000

North Carolina Medical Care Commission, Revenue Bonds, First

Mortgage Galloway Ridge Project, Refunding Series 2019A

.000

01/01/39

1,222,225

TOTAL LONG-TERM CARE

18,038,659

TAX OBLIGATION/GENERAL - 11.1%

500,000

Asheville, North Carolina, General Obligation Bonds, Refunding

Series 2023

.000

06/01/39

527,553

1,750,000

Charlotte, North Carolina, General Obligation Bonds, Refunding

Series 2016A

.000

07/01/36

1,756,749

1,000,000

Charlotte, North Carolina, General Obligation Bonds, Refunding

Series 2024

.000

07/01/32

1,166,558

1,250,000

Charlotte, North Carolina, General Obligation Bonds, Refunding

Series 2025B

.000

07/01/31

1,431,198

2,020,000

County of Durham, North Carolina, General Obligation Bonds,

Refunding Series 2023

.000

06/01/40

2,118,423

1,000,000

County of Durham, North Carolina, General Obligation Bonds,

Refunding Series 2023

.000

06/01/41

1,050,440

1,870,000

County of Durham, North Carolina, General Obligation Bonds,

Refunding Series 2023

.000

06/01/42

1,937,790

500,000

Fuquay-Varina, North Carolina, General Obligation Bonds,

Transportation Series 2025

.000

08/01/41

531,710

500,000

Fuquay-Varina, North Carolina, General Obligation Bonds,

Transportation Series 2025

.000

08/01/42

524,801

1,510,000

Garner, North Carolina, General Obligation Bonds, Public

Improvement Series 2025B

.000

02/01/41

1,588,198

1,510,000

Garner, North Carolina, General Obligation Bonds, Public

Improvement Series 2025B

.000

02/01/42

1,573,213

3,000,000

Guilford County, North Carolina, General Obligation Bonds,

School Series 2024

.000

03/01/41

3,165,202

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

$

2,095,000

Guilford County, North Carolina, General Obligation Bonds,

School Series 2024

.000

%

03/01/44

$

2,128,082

1,000,000

Guilford County, North Carolina, General Obligation Bonds,

School Series 2025

.000

03/01/43

1,031,308

1,450,000

Huntersville, North Carolina, General Obligation Bonds, Public

Improvement Series 2024

.000

12/01/37

1,707,071

1,270,000

Huntersville, North Carolina, General Obligation Bonds, Public

Improvement Series 2024

.000

12/01/39

1,352,089

1,450,000

Huntersville, North Carolina, General Obligation Bonds, Public

Improvement Series 2024

.000

12/01/40

1,539,376

1,500,000

Iredell County, North Carolina, General Obligation Bonds, School

Series 2025

.000

04/01/42

1,562,609

2,000,000

Pender County, North Carolina, General Obligation Bonds,

School Series 2024

.000

03/01/43

2,031,543

1,000,000

Pender County, North Carolina, Limited General Obligation

Bonds, Series 2024A

.000

04/01/36

1,168,141

1,000,000

Pender County, North Carolina, Limited General Obligation

Bonds, Series 2024A

.000

04/01/38

1,150,712

1,000,000

Pender County, North Carolina, Limited General Obligation

Bonds, Series 2024A

.000

04/01/40

1,127,956

1,000,000

Pender County, North Carolina, Limited General Obligation

Bonds, Series 2024A

.000

04/01/41

1,120,170

3,000,000

(b) Raleigh, North Carolina, Limited Obligation Bonds, Series 2026A

.000

10/01/34

3,582,604

1,260,000

Sampson County Water & Sewer District II, North Carolina,

General Obligation Bonds, Refunding Series 2015

.000

06/01/40

1,261,604

4,060,000

Union County, North Carolina, General Obligation Bonds, School

Series 2023

.000

09/01/42

4,552,296

810,000

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

Greenways, Recreation and Open Space, Series 2022C

.000

02/01/29

877,869

5,000,000

Wake County, North Carolina, General Obligation Bonds, Public

Improvement Series 2023A

.000

05/01/39

5,693,466

500,000

Wake County, North Carolina, Limited Obligation Bonds,

Refunding Series 2016A

.000

12/01/35

509,280

2,000,000

Wake County, North Carolina, Limited Obligation Bonds, Series

2024

.000

05/01/36

2,350,516

2,570,000

Wake County, North Carolina, Limited Obligation Bonds, Series

2025B

.000

05/01/38

3,014,503

TOTAL TAX OBLIGATION/GENERAL

55,133,030

TAX OBLIGATION/LIMITED - 21.2%

875,000

Ashe County, North Carolina, Limited Obligation Bonds, Series

2025

.125

06/01/43

896,819

400,000

Burke County, North Carolina, Limited Obligation Bonds, Series

2018

.000

04/01/29

411,607

100,000

Burke County, North Carolina, Limited Obligation Bonds, Series

2018

.000

04/01/31

102,833

3,000,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2022A

.000

06/01/40

3,326,795

3,750,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2024A

.000

08/01/41

4,258,085

6,850,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2024A

.000

08/01/42

7,688,507

1,500,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2024A

.000

08/01/43

1,666,213

500,000

Cabarrus County, North Carolina, Limited Obligation Installment

Financing Contract Bonds, Refunding Series 2024A

.000

08/01/44

549,290

310,000

Charlotte, North Carolina, Certificates of Participation,

Convention Facilities Project, Series 2019A

.000

06/01/33

335,614

1,000,000

Charlotte, North Carolina, Certificates of Participation,

Convention Facilities Project, Series 2019A

.000

06/01/44

1,043,130

1,465,000

Charlotte, North Carolina, Certificates of Participation, Nascar

Hall of Fame Public Facilities, Refunding Series 2019C

.000

06/01/37

1,513,888

1,930,000

Charlotte, North Carolina, Certificates of Participation, Refunding

Cultural Arts Facilities Series 2019B

.000

06/01/37

2,063,670

#### Portfolio of Investments February 28, 2026
(continued)

#### North Carolina

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

1,000,000

Charlotte, North Carolina, Storm Water Fee Revenue Bonds,

Refunding Series 2024

.000

%

12/01/49

$

994,054

3,000,000

Charlotte, North Carolina, Storm Water Fee Revenue Bonds,

Refunding Series 2024

.000

12/01/54

2,932,177

250,000

Dare County, North Carolina, Limited Obligation Bonds, Series

2025A

.000

06/01/34

298,010

1,000,000

Davidson County, North Carolina, General Obligation Bonds,

Limited Obligation Series 2016

.000

06/01/28

1,006,475

1,795,000

Davidson County, North Carolina, General Obligation Bonds,

Limited Obligation Series 2016

.000

06/01/30

1,806,300

1,475,000

Duplin County, North Carolina, Limited Obligation Bonds,

County Water Districts, Series 2016

.000

04/01/32

1,478,247

1,265,000

Durham Capital Financing Corporation, Durham County, North

Carolina, Limited Obligation Bonds, Refunding Series 2016

.000

12/01/30

1,292,187

900,000

Greensboro, North Carolina Limited Obligation Bonds, Series

2024

.000

10/01/44

911,114

930,000

Harnett County, North Carolina, Limited Obligation Bonds, Series

2025

.000

04/01/33

1,080,012

600,000

Lee County, North Carolina, Limited Obligation Bonds, Series

2018

.000

05/01/36

608,521

2,000,000

Mecklenburg County, North Carolina, Limited Obligation Bonds,

Series 2025

.000

02/01/43

2,049,784

350,000

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

Series 2015

.375

03/01/40

350,368

660,000

Nags Head, North Carolina, Limited Obligation Bonds, Series

2023

.000

06/01/37

755,346

920,000

Nags Head, North Carolina, Limited Obligation Bonds, Series

2023

.000

06/01/39

1,038,805

930,000

Nags Head, North Carolina, Limited Obligation Bonds, Series

2023

.000

06/01/41

1,035,329

935,000

Nags Head, North Carolina, Limited Obligation Bonds, Series

2023

.000

06/01/42

1,030,955

1,000,000

New Hanover County, North Carolina, Limited Obligation Bonds,

Series 2024

.000

10/01/40

1,140,745

680,000

New Hanover County, North Carolina, Limited Obligation Bonds,

Series 2024

.000

10/01/42

764,667

260,000

North Carolina State, Limited Obligation Bonds, Refunding

Series 2017B

.000

05/01/28

268,628

3,275,000

North Carolina State, Limited Obligation Bonds, Refunding

Series 2017B

.000

05/01/29

3,383,714

900,000

North Carolina State, Limited Obligation Bonds, Series 2020B

.000

05/01/32

906,803

2,165,000

North Carolina State, Limited Obligation Bonds, Series 2020B

.000

05/01/32

2,403,437

1,785,000

North Carolina State, Limited Obligation Bonds, Series 2022A

.000

05/01/32

2,073,161

5,150,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Capital Appreciation Series 2019

.000

01/01/42

2,683,661

15,500,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Capital Appreciation Series 2019

.000

01/01/47

5,810,894

6,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Capital Appreciation Series 2019

.000

01/01/48

2,127,484

2,600,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Capital Appreciation Series 2019

.000

01/01/49

874,728

4,875,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Refunding Series 2018A

.000

01/01/36

4,975,696

2,950,000

Orange County, North Carolina, Limited Obligation Bonds, Series

2025

.000

10/01/33

3,490,996

1,975,000

Orange County, North Carolina, Limited Obligation Bonds, Series

2025

.000

10/01/34

2,366,410

3,554,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

2,763,625

5,296,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.500

07/01/34

5,297,205

2,200,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured Cofina Project Series 2019A-2A

.550

07/01/40

2,214,742

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

7,405,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

%

07/01/40

$

7,420,316

1,000,000

Rocky Mount, North Carolina, Special Obligation Bonds, Series

2016

.000

05/01/29

1,004,453

1,360,000

Rowan County, North Carolina, Limited Obligation Bonds, Series

2024

.000

04/01/44

1,364,682

3,570,000

Sampson County, North Carolina, Limited Obligaiton Bonds,

Refunding Series 2017

.000

09/01/40

3,656,998

500,000

Scotland County, North Carolina, Limited Obligation Bonds,

Series 2017

.000

12/01/30

520,942

250,000

Scotland County, North Carolina, Limited Obligation Bonds,

Series 2017

.000

12/01/33

259,188

660,000

Scotland County, North Carolina, Limited Obligation Bonds,

Series 2018

.000

12/01/33

697,629

690,000

Scotland County, North Carolina, Limited Obligation Bonds,

Series 2018

.000

12/01/35

726,237

500,000

Wilmington, North Carolina, Limited Obligation Bonds, Series

2023D

.000

09/01/40

562,831

1,250,000

Wilmington, North Carolina, Limited Obligation Bonds, Series

2023D

.000

09/01/41

1,400,372

1,250,000

Wilmington, North Carolina, Limited Obligation Bonds, Series

2023D

.000

09/01/43

1,375,325

TOTAL TAX OBLIGATION/LIMITED

105,059,704

TRANSPORTATION - 16.3%

1,925,000

Charlotte, North Carolina, Airport Revenue Bonds, Charlotte

Douglas International, Refunding Series 2017A

.000

07/01/42

1,965,402

6,610,000

Charlotte, North Carolina, Airport Revenue Bonds, Charlotte

Douglas International, Refunding Series 2017A

.000

07/01/47

6,680,274

6,000,000

Charlotte, North Carolina, Airport Revenue Bonds, Charlotte

Douglas International, Series 2023A

.000

07/01/53

6,249,229

1,500,000

North Carolina Department of Transportation, Private Activity

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

.000

12/31/37

1,501,613

10,170,000

North Carolina Department of Transportation, Private Activity

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

.000

06/30/54

10,169,290

865,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/27

822,413

880,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/29

763,982

175,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/32

131,026

1,500,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/34

1,013,564

2,905,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/35

1,863,006

3,735,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/38

2,052,290

3,995,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/39

2,087,320

2,385,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Capital Appreciation Series 2017C

.000

07/01/40

1,184,656

1,200,000

North Carolina Turnpike Authority, Monroe Expressway

Toll Revenue Bonds, Series 2017A

.000

07/01/47

1,201,782

70,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/34

55,004

3,760,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/35

2,843,281

20,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/36

14,494,106

19,150,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/37

13,255,058

15,615,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2009B - AGC Insured

.000

01/01/38

10,311,551

2,000,000

North Carolina Turnpike Authority, Triangle Expressway System

Revenue Bonds, Senior Lien Series 2024A - AGM Insured

.000

01/01/58

2,046,629

#### Portfolio of Investments February 28, 2026
(continued)

#### North Carolina

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

300,000

Raleigh Durham Airport Authority, North Carolina, Airport

Revenue Bonds, Refunding Series 2015A

.000

%

05/01/30

$

300,648

TOTAL TRANSPORTATION

80,992,124

U.S. GUARANTEED - 2.1% (d)

400,000

Cary, North Carolina, Combined Enterprise System Revenue

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

.000

12/01/38

405,438

1,700,000

Cary, North Carolina, Combined Enterprise System Revenue

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

.000

12/01/41

1,735,637

1,000,000

Duplin County, North Carolina, Limited Obligation Bonds,

County Water Districts, Series 2016, (Pre-refunded 4/01/26)

.000

04/01/34

1,002,201

2,895,000

New Hanover County, North Carolina, Hospital Revenue Bonds,

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

refunded 10/01/27)

.000

10/01/35

3,022,997

2,990,000

New Hanover County, North Carolina, Hospital Revenue Bonds,

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

refunded 10/01/27)

.000

10/01/42

3,122,197

960,000

New Hanover County, North Carolina, Hospital Revenue Bonds,

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

refunded 10/01/27)

.000

10/01/47

1,002,445

TOTAL U.S. GUARANTEED

10,290,915

UTILITIES - 13.7%

1,800,000

Brunswick County, North Carolina, Enterprise System Revenue

Bonds, Series 2020

.000

04/01/46

1,436,993

1,895,000

Cape Fear Public Utility Authority, North Carolina, Water and

Sewer System Revenue Bonds, Refunding Series 2019A

.000

08/01/38

1,942,022

4,615,000

Cape Fear Public Utility Authority, North Carolina, Water and

Sewer System Revenue Bonds, Refunding Series 2019A

.000

08/01/44

4,639,843

1,000,000

Charlotte, North Carolina, Water and Sewer System Revenue

Bonds, Series 2024

.000

07/01/35

1,193,221

3,875,000

City of Raleigh, North Carolina, Combined Enterprise System

Revenue and Refunding Bonds, Series 2023

.000

09/01/48

4,145,563

1,900,000

Clayton, North Carolina, Water and Sewer System Revenue

Bonds, Series 2022

.000

08/01/45

2,020,072

4,045,000

Fayetteville Public Works Commission, North Carolina, Revenue

Bonds, Series 2023

.000

03/01/40

4,530,189

1,130,000

Fuquay-Varina, North Carolina, Combined Utilities Revenue

Bonds, Series 2024C

.000

06/01/32

1,309,224

1,250,000

Fuquay-Varina, North Carolina, Combined Utilities Revenue

Bonds, Series 2024C

.125

06/01/49

1,230,840

5,000,000

Greensboro, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2017A

.000

06/01/47

4,981,425

1,000,000

Greensboro, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2024B

.000

06/01/49

1,064,623

3,000,000

Greensboro, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2024B

.000

06/01/54

3,164,606

330,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.000

12/01/41

342,164

325,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.000

12/01/42

334,280

300,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.125

12/01/43

308,808

330,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.125

12/01/44

336,326

725,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2022

.000

12/01/46

770,909

340,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2025

.000

09/01/30

381,793

275,000

Greenville Utilities Commission, North Carolina, Combined

Enterprise System Revenue Bonds, Series 2025

.000

09/01/31

315,003

3,330,000

Greenville, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2016

.000

04/01/46

3,329,126

3,500,000

Johnston County, North Carolina, Water and Sewer Revenue

Bonds, Series 2023

.000

04/01/48

3,466,332

Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles ("U.S. GAAP") and in conformity with the

applicable rules and regulations of the U.S. Securities and Exchange Commission ("SEC") related to interim filings. Part F of Form N-PORT does not

include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in

financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For

a full set of the Fund's notes to financial statements, please refer to the Fund's most recently filed annual or semi-annual report.

Fair Value Measurements

The Fund's investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/

Trustees. 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

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

4,125,000

Johnston County, North Carolina, Water and Sewer Revenue

Bonds, Series 2023

.000

%

04/01/53

$

3,997,635

3,335,000

Johnston County, North Carolina, Water and Sewer Revenue

Bonds, Series 2024

.000

04/01/49

3,521,055

2,870,000

Mebane, North Carolina, Combined Utilities Revenue Bonds,

Series 2024

.000

08/01/41

3,227,252

1,750,000

Metropolitan Sewerage District of Buncombe County, North

Carolina, Sewerage System Revenue Bonds, Series 2014

.000

07/01/39

1,752,851

1,430,000

Monroe, North Carolina, Combined Enterprise System Revenue

Bonds, Refunding Series 2017

.000

03/01/43

1,448,600

295,000

North Carolina Municipal Power Agency 1, Catawba Electric

Revenue Bonds, Refunding Series 2015A

.000

01/01/27

295,720

740,000

North Carolina Municipal Power Agency 1, Catawba Electric

Revenue Bonds, Refunding Series 2016A

.000

01/01/30

746,524

1,215,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2017

.000

06/01/27

1,257,494

1,335,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2017

.000

06/01/28

1,379,585

1,000,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2017

.000

06/01/33

1,030,828

760,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2025

.000

06/01/32

876,233

885,000

Oak Island, North Carolina, Enterprise System Revenue Bonds,

Refunding Series 2025

.000

06/01/34

1,048,415

1,800,000

Onslow County, North Carolina, Combined Enterprise System

Revenue Bonds, Series 2023

.000

12/01/53

1,872,336

1,805,000

Sanford, North Carolina, Enterprise Systems Revenue Bonds,

Refunding Series 2019

.000

06/01/45

1,807,798

1,020,000

Union County, North Carolina, Enterprise System Revenue

Bonds, Series 2015

.000

06/01/31

1,022,176

500,000

Union County, North Carolina, Enterprise System Revenue

Bonds, Series 2015

.000

06/01/32

501,044

1,275,000

Union County, North Carolina, Enterprise System Revenue

Bonds, Series 2021

.000

06/01/51

966,939

TOTAL UTILITIES

67,995,847

TOTAL MUNICIPAL BONDS

(Cost $477,431,928)

493,923,883

TOTAL LONG-TERM INVESTMENTS

(Cost $477,431,928)

493,923,883

OTHER ASSETS & LIABILITIES, NET - 0.4%

2,140,696

NET ASSETS - 100%

$

496,064,579

AMT

Alternative Minimum Tax

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

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

(b) When-issued or delayed delivery security.

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

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

As of the end of the fiscal period, the aggregate value of these securities is $350,368 or 0.1% of Total Investments.

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

payment of principal and interest.

#### Portfolio of Investments February 28, 2026
(continued)

#### North Carolina

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

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

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

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

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

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

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

spreads, etc.).

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

investments).

The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value

them:

North Carolina

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

$

–

$

493,923,883

$

–

$

493,923,883

Total

$

–

$

493,923,883

$

–

$

493,923,883

## Form NPORT-P: Monthly Portfolio Investments Report

### NPORT-P: Part A: General Information

**Item A.1. Information about the Registrant.**

- **a. Name of Registrant:** Nuveen Multistate Trust III

- **b. Investment Company Act file number:** 811-07943

- **c. CIK number of Registrant:** 0001020661

- **d. LEI of Registrant:** 549300KF91725RB3OG60

- **e. Address and telephone number of Registrant.**

  - **Street Address 1:** 333 W. Wacker Dr

  - **City:** Chicago

  - **State:** IL

  - **Foreign country:** US

  - **Zip / Postal Code:** 60606

  - **Telephone number:** 312-917-7700

**Item A.2. Information about the Series.**

- **a. Name of Series:** Nuveen Georgia Municipal Bond Fund

- **b. EDGAR series identifier (if any):** S000000560

- **c. LEI of Series:** 549300Q4OOE0CQZWM487

**Item A.3. Reporting period.**

- **a. Date of fiscal year-end:** 2026-05-31

- **b. Date as of which information is reported:** 2026-02-28

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $147284086.00

**Total Liabilities:** $566682.00

**Net Assets:** $146717404.00

**Currency Risk Metrics (dv01):**

- 

**Credit Spread Risk - Investment Grade (dv01):**

- **3-Month:** -38.46000000 | **1-Year:** -1209.29000000 | **5-Year:** -4700.44000000 | **10-Year:** -45582.61000000 | **30-Year:** -56615.52000000

**Credit Spread Risk - Non-Investment Grade (dv01):**

- **3-Month:** 0.00000000 | **1-Year:** 0.00000000 | **5-Year:** 0.00000000 | **10-Year:** 0.00000000 | **30-Year:** -726.56000000

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000001548 | 0.06%                | 0.37%                | 1.51%                |
| Class ID C000001551 | -0.03%               | 0.39%                | 1.63%                |
| Class ID C000137683 | -0.11%               | 0.31%                | 1.55%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-371958.33                                |
| Month 2  | $24053.32                | $145602.03                                 |
| Month 3  | $-7890.62                | $1825525.30                                |

### Schedule of Portfolio Investments

| Name                                                                                                                                                   | Title                                                                                                                                                  | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A                                                  | Georgia Local Governments, Certificates of Participation, Georgia Municipal Association, Series 1998A                                                  | CUSIP: 373271AA3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1671000 | PA      | $1723855.90   | 1.17%             | 2028-06-01      | Fixed         | 4.75%                 | No            |                  2 | On Loan: No      |
| Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A                                                                                | Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A                                                                                | CUSIP: 051177BS1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    100000 | PA      | $100110.41    | 0.07%             | 2034-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B       | Gainesville and Hall County Hospital Authority, Georgia, Revenue Anticipation Certificates, Northeast Georgia Health Services Inc., Series 2017B       | CUSIP: 362762MM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4053972.80   | 2.76%             | 2045-02-15      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1                                | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Senior Lien Series 2015A-1                                | CUSIP: 04780NJL2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2502510.00   | 1.71%             | 2044-07-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Second Lien Series 2015B                                  | Atlanta Development Authority, Georgia, Revenue Bonds, New Downtown Atlanta Stadium Project, Second Lien Series 2015B                                  | CUSIP: 04780NKD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1501089.30   | 1.02%             | 2044-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A                                                                                | Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A                                                                                | CUSIP: 051177BQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    160000 | PA      | $160194.27    | 0.11%             | 2032-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A                                                                                | Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A                                                                                | CUSIP: 051177BR3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    170000 | PA      | $170196.08    | 0.12%             | 2033-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A                                                                                | Augusta, Georgia, Airport Revenue Bonds, Refunding General Series 2015A                                                                                | CUSIP: 051177BT9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    150000 | PA      | $150168.32    | 0.10%             | 2035-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993                                                       | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 1993                                                       | CUSIP: 190760BC1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     40000 | PA      | $40647.74     | 0.03%             | 2026-10-01      | Fixed         | 5.62%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005                                                       | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Refunding Series 2005                                                       | CUSIP: 190760FK9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |     30000 | PA      | $30522.01     | 0.02%             | 2026-10-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Refunding Series 2015A                      | Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Refunding Series 2015A                      | CUSIP: 3599006Z5<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2003153.20   | 1.37%             | 2036-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A                                                                         | Main Street Natural Gas Inc., Georgia, Gas Project Revenue Bonds, Series 2007A                                                                         | CUSIP: 56036YDJ1<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2630000 | PA      | $2730398.67   | 1.86%             | 2027-09-15      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A                                                      | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2015A                                                      | CUSIP: 626207L44<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   3500000 | PA      | $2884678.65   | 1.97%             | 2032-01-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City Center Project, Series 2015                                      | Sandy Springs Public Facilities Authority, Georgia, Revenue Bonds, Sandy Springs City Center Project, Series 2015                                      | CUSIP: 80036RAX8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2009586.40   | 1.37%             | 2047-05-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Gwinnett County Development Authority,  Georgia, Revenue Bonds, Georgia Gwinnett College Student Housing Project, Refunding Series 2017B               | Gwinnett County Development Authority,  Georgia, Revenue Bonds, Georgia Gwinnett College Student Housing Project, Refunding Series 2017B               | CUSIP: 403720GE9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2808474.08   | 1.91%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding Series 2017                                                    | East Point Building Authority, Georgia, Revenue Bonds, Water & Sewer Project, Refunding Series 2017                                                    | CUSIP: 274501FV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1100000 | PA      | $1124484.79   | 0.77%             | 2034-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2017A                                                                           | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2017A                                                                           | CUSIP: 047870NZ9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1048009.90   | 0.71%             | 2037-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B                                                                       | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Refunding Series 2006B                                                                       | CUSIP: 240523UK4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1169833.25   | 0.80%             | 2032-10-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C                | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017C                | CUSIP: 121342PL7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1215424.38   | 0.83%             | 2045-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D                | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Oglethorpe Power Corporation Vogtle Project, Series 2017D                | CUSIP: 121342PM5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2010000 | PA      | $1954402.40   | 1.33%             | 2045-11-01      | Fixed         | 4.12%                 | No            |                  2 | On Loan: No      |
| Cartersville, Georgia, Water and Sewer Revenue Bonds, Series 2018                                                                                      | Cartersville, Georgia, Water and Sewer Revenue Bonds, Series 2018                                                                                      | CUSIP: 146501QW4<br>LEI: 549300BU50U4TH5CTS53 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2037874.00   | 1.39%             | 2048-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Series 2019A                                | Fulton County Development Authority, Georgia, Revenue Bonds, Robert W. Woodruff Arts Center, Inc. Project, Series 2019A                                | CUSIP: 36005FBW4<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2063577.20   | 1.41%             | 2044-03-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A                                                                          | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A                                                                          | CUSIP: 56035DBV3<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2750000 | PA      | $2817626.35   | 1.92%             | 2043-05-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1                                                             | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1                                                             | CUSIP: 74529JQF5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1225000 | PA      | $952571.88    | 0.65%             | 2033-07-01      | Fixed         | 0.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1                                                             | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1                                                             | CUSIP: 74529JPU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1825000 | PA      | $1825415.19   | 1.24%             | 2034-07-01      | Fixed         | 4.50%                 | No            |                  2 | On Loan: No      |
| Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc. Project, Series 2019A                                 | Brookhaven Development Authority, Georgia, Revenue Bonds, Children's Healthcare of Atlanta, Inc. Project, Series 2019A                                 | CUSIP: 113073AY6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3590000 | PA      | $3372663.20   | 2.30%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A                                                                          | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2019A                                                                          | CUSIP: 56035DBU5<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |    500000 | PA      | $500582.85    | 0.34%             | 2039-05-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2                               | Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2                               | CUSIP: 74529JRH0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    985000 | PA      | $987037.37    | 0.67%             | 2040-07-01      | Fixed         | 4.33%                 | No            |                  2 | On Loan: No      |
| Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Athletic Association Project, Series 2019A                                   | Fulton County Development Authority, Georgia, Revenue Bonds, Georgia Tech Athletic Association Project, Series 2019A                                   | CUSIP: 36005FED3<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |    815000 | PA      | $874133.06    | 0.60%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Series 2019B                                                           | Georgia Municipal Electric Authority, Plant Vogtle Units 3 & 4 Project P Bonds, Series 2019B                                                           | CUSIP: 6262072R4<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   3000000 | PA      | $3017071.20   | 2.06%             | 2048-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A                                                                           | Atlanta, Georgia, Water and Wastewater Revenue Bonds, Refunding Series 2018A                                                                           | CUSIP: 047870PU8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1635000 | PA      | $1713496.19   | 1.17%             | 2041-11-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc. Project, Series 2020                    | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc. Project, Series 2020                    | CUSIP: 144709LD2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1880000 | PA      | $1795153.16   | 1.22%             | 2050-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020                                                                                         | Monroe, Georgia, Combined Utilities Revenue Bonds, Series 2020                                                                                         | CUSIP: 610884EG9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3500000 | PA      | $3327693.25   | 2.27%             | 2050-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2020A                                                      | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2020A                                                      | CUSIP: 6262075E0<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2071212.80   | 1.41%             | 2045-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020                                                                                         | Dalton, Georgia, Combined Utilities Revenue Bonds, Series 2020                                                                                         | CUSIP: 235586DE1<br>LEI: 549300F2NIJXYBEBL710 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1005741.40   | 0.69%             | 2041-03-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center Hotel Revenue Bonds,  First Tier Series 2021A                     | Geo. L. Smith II Georgia World Congress Center Authority, Georgia, Convention Center Hotel Revenue Bonds,  First Tier Series 2021A                     | CUSIP: 37255MAC9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2200000 | PA      | $1903004.84   | 1.30%             | 2054-01-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp County Hospital Project, Series 2021                                | Crisp County Hospital Authority, Georgia, Revenue Anticipation Certificates, Crisp County Hospital Project, Series 2021                                | CUSIP: 226688DN6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1815000 | PA      | $1754217.28   | 1.20%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road and Tollway Authority, Guaranteed Revenue Bonds, Managed Lane System, Series 2021A                                                  | Georgia State Road and Tollway Authority, Guaranteed Revenue Bonds, Managed Lane System, Series 2021A                                                  | CUSIP: 37358MET4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1120000 | PA      | $1177521.86   | 0.80%             | 2037-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority, Revenue Bonds, Series 2021                                                                                                    | Georgia Ports Authority, Revenue Bonds, Series 2021                                                                                                    | CUSIP: 373586GS9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3625000 | PA      | $3574318.88   | 2.44%             | 2046-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority, Revenue Bonds, Series 2021                                                                                                    | Georgia Ports Authority, Revenue Bonds, Series 2021                                                                                                    | CUSIP: 373586GU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1901875.40   | 1.30%             | 2051-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series 2021                                                                                     | Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series 2021                                                                                     | CUSIP: 056832AT5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1170000 | PA      | $1105117.53   | 0.75%             | 2051-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Coweta County Public Facilities Authority, Georgia, Revenue Bonds, Coweta County Project, Series 2022                                                  | Coweta County Public Facilities Authority, Georgia, Revenue Bonds, Coweta County Project, Series 2022                                                  | CUSIP: 22366HAN4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $935441.83    | 0.64%             | 2042-09-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2020A                                                      | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Lien Series 2020A                                                      | CUSIP: 6262075F7<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2539941.00   | 1.73%             | 2050-01-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta, Georgia, Airport General Revenue Bonds, Series 2022A                                                                                          | Atlanta, Georgia, Airport General Revenue Bonds, Series 2022A                                                                                          | CUSIP: 04780MC80<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2103250.00   | 1.43%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series 2021                                                                                     | Bainbridge, Georgia, Combined Utilities Revenue Bonds, Series 2021                                                                                     | CUSIP: 056832AS7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $972200.60    | 0.66%             | 2046-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2019A                                           | Fulton County Development Authority, Georgia, Revenue Bonds, Piedmont Healthcare, Inc. Project, Series 2019A                                           | CUSIP: 36005FKC8<br>LEI: 549300533NJL38F4K144 | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2352124.75   | 1.60%             | 2049-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority, Revenue Bonds, Series 2022                                                                                                    | Georgia Ports Authority, Revenue Bonds, Series 2022                                                                                                    | CUSIP: 373586HU3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3200000 | PA      | $3383497.92   | 2.31%             | 2047-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Series 2019D                                         | Atlanta, Georgia, Airport Passenger Facilities Charge and General Revenue Bonds, Subordinate Lien Series 2019D                                         | CUSIP: 04780TDM3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2018681.80   | 1.38%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Atlanta, Georgia, General Obligation Bonds, Public Improvement Social Series 2022A-1                                                                   | Atlanta, Georgia, General Obligation Bonds, Public Improvement Social Series 2022A-1                                                                   | CUSIP: 047772K49<br>LEI: 549300GHLQ0J51NUBM84 | Long             | DBT              | MUN               | US        |   2845000 | PA      | $3167363.25   | 2.16%             | 2041-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Walton?Hard Labor Creek Reservoir Water Treatment Facility Project, Series 2022    | Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Walton-Hard Labor Creek Reservoir Water Treatment Facility Project, Series 2022    | CUSIP: 93342PFL5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1045000 | PA      | $1088463.12   | 0.74%             | 2053-02-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series Series 2022                                                         | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series 2022                                                                | CUSIP: 240523A75<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   4000000 | PA      | $4165985.20   | 2.84%             | 2052-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Hospital Authority, Georgia, Revenue Bonds, Saint Joseph's/Candler Health System, Inc., Anticipation Certificate Series 2019A                 | Savannah Hospital Authority, Georgia, Revenue Bonds, Saint Joseph's/Candler Health System, Inc., Anticipation Certificate Series 2019A                 | CUSIP: 804833FD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2500000 | PA      | $2411487.75   | 1.64%             | 2043-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Greene County School District, Georgia, General Obligation Bonds, Series 2023                                                                          | Greene County School District, Georgia, General Obligation Bonds, Series 2023                                                                          | CUSIP: 394384BA8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1625000 | PA      | $1581383.86   | 1.08%             | 2048-06-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek Reservoir Project, Series 2023                                   | Walton County Water and Sewerage Authority, Georgia, Revenue Bonds, Oconee-Hard Creek Reservoir Project, Series 2023                                   | CUSIP: 93342PFP6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2325000 | PA      | $2325515.22   | 1.59%             | 2047-02-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B                     | Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B                     | CUSIP: 197479AE8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2078335.80   | 1.42%             | 2053-04-01      | Fixed         | 5.12%                 | No            |                  2 | On Loan: No      |
| Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B                     | Columbia County Hospital Authority, Georgia, Revenue Anticipation Certificates, WellStar Health System, Inc. Project, Series 2023B                     | CUSIP: 197479AD0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2100000 | PA      | $2294428.71   | 1.56%             | 2053-04-01      | Fixed         | 5.75%                 | No            |                  2 | On Loan: No      |
| Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A                            | Cobb County Kennestone Hospital Authority, Georgia, Revenue Anticipation Certificates, Wellstar Health System, Series 2017A                            | CUSIP: 190813RC1<br>LEI: 549300TB04LETJYNFR44 | Long             | DBT              | MUN               | US        |    420000 | PA      | $428656.20    | 0.29%             | 2036-04-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Rome Building Authority, Georgia, Revenue Bonds, Rome City Schools Project, Series 2023                                                                | Rome Building Authority, Georgia, Revenue Bonds, Rome City Schools Project, Series 2023                                                                | CUSIP: 776000AU5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    850000 | PA      | $960552.19    | 0.65%             | 2039-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Ports Authority, Revenue Bonds, Series 2022                                                                                                    | Georgia Ports Authority, Revenue Bonds, Series 2022                                                                                                    | CUSIP: 373586HT6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $1958875.60   | 1.34%             | 2047-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Cobb County Development Authority, Georgia, Charter School Revenue Bonds, Northwest Classical Academy, Inc. Project, Series 2023A                      | Cobb County Development Authority, Georgia, Charter School Revenue Bonds, Northwest Classical Academy, Inc. Project, Series 2023A                      | CUSIP: 190779AJ7<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $749345.78    | 0.51%             | 2058-06-15      | Fixed         | 6.38%                 | No            |                  2 | On Loan: No      |
| Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2021B                                                                                | Atlanta, Georgia, Airport General Revenue Bonds, Refunding Series 2021B                                                                                | CUSIP: 04780MZA0<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1190000 | PA      | $1229898.08   | 0.84%             | 2038-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia State Road and Tollway Authority, Guaranteed Revenue Bonds, Managed Lane System, Series 2021A                                                  | Georgia State Road and Tollway Authority, Guaranteed Revenue Bonds, Managed Lane System, Series 2021A                                                  | CUSIP: 37358MEV9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2082879.00   | 1.42%             | 2039-07-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County Housing Authority, Georgia, Multifamily Housing Revenue Bonds, Kensington Station Project, Series 2023                                   | DeKalb County Housing Authority, Georgia, Multifamily Housing Revenue Bonds, Kensington Station Project, Series 2023                                   | CUSIP: 240471PD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3600000 | PA      | $3716215.92   | 2.53%             | 2033-12-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Georgia State, General Obligation Bonds, Series 2022A                                                                                                  | Georgia State, General Obligation Bonds, Series 2022A                                                                                                  | CUSIP: 373385KQ5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $780457.65    | 0.53%             | 2041-07-01      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series  2022                                                               | DeKalb County, Georgia, Water and Sewerage Revenue Bonds, Second Resolution Series  2022                                                               | CUSIP: 240523A26<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   3850000 | PA      | $4060253.51   | 2.77%             | 2047-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fifth Series 1994                                 | Burke County Development Authority, Georgia, Pollution Control Revenue Bonds, Georgia Power Company, Fifth Series 1994                                 | CUSIP: 121342QM4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2048077.40   | 1.40%             | 2032-10-01      | Variable      | 3.70%                 | No            |                  2 | On Loan: No      |
| Dalton Development Authority, Georgia, Revenue Bonds, Hamilton Health Care System Inc., Series 2024B                                                   | Dalton Development Authority, Georgia, Revenue Bonds, Hamilton Health Care System Inc., Series 2024B                                                   | CUSIP: 235641BD8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    530000 | PA      | $592971.53    | 0.40%             | 2040-08-15      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Series 2024A                                                           | Municipal Electric Authority of Georgia, Project One Revenue Bonds, Subordinate Series 2024A                                                           | CUSIP: 62620HJZ6<br>LEI: JA0WNILDDF2KUPS83B16 | Long             | DBT              | MUN               | US        |   1255000 | PA      | $1315208.50   | 0.90%             | 2054-01-01      | Fixed         | 5.25%                 | No            |                  2 | On Loan: No      |
| Atlanta, Georgia, Airport General Revenue Bonds, Green Series 2024A-1                                                                                  | Atlanta, Georgia, Airport General Revenue Bonds, Green Series 2024A-1                                                                                  | CUSIP: 04780MV22<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1044613.00   | 0.71%             | 2054-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Athens-Clarke County Unified Government Development Authority, Georgia, Revenue Bonds, University of Georgia Project - UGAREF West Precinct LLC, Serie | Athens-Clarke County Unified Government Development Authority, Georgia, Revenue Bonds, University of Georgia Project - UGAREF West Precinct LLC, Serie | CUSIP: 047059LN8<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1265428.88   | 0.86%             | 2044-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Athens-Clarke County Unified Government Development Authority, Georgia, Revenue Bonds, University of Georgia Project - UGAREF West Precinct LLC, Serie | Athens-Clarke County Unified Government Development Authority, Georgia, Revenue Bonds, University of Georgia Project - UGAREF West Precinct LLC, Serie | CUSIP: 047059LP3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1150000 | PA      | $1096243.71   | 0.75%             | 2049-06-15      | Fixed         | 4.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024E                                                                          | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2024E                                                                          | CUSIP: 56035DJH6<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1099393.90   | 0.75%             | 2032-12-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Perry Public Facilities Authority, Georgia, Revenue Bonds, City of Perry Projects, Series 2025                                                         | Perry Public Facilities Authority, Georgia, Revenue Bonds, City of Perry Projects, Series 2025                                                         | CUSIP: 714666DC5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $976733.50    | 0.67%             | 2054-04-01      | Fixed         | 4.25%                 | No            |                  2 | On Loan: No      |
| Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc. Project, Series 2025                    | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc. Project, Series 2025                    | CUSIP: 144709LU4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2590000 | PA      | $2934535.01   | 2.00%             | 2040-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc. Project, Series 2025                    | Carroll City-County Hospital Authority, Georgia, Revenue Anticipation Certificates, Tanner Medical Center Inc. Project, Series 2025                    | CUSIP: 144709LV2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    455000 | PA      | $511465.86    | 0.35%             | 2041-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| College Park Housing Authority, Georgia, Multifamily Housing Revenue Bonds, Brad Blue Sky Apartments, LLC Project,  Series 2025                        | College Park Housing Authority, Georgia, Multifamily Housing Revenue Bonds, Brad Blue Sky Apartments, LLC Project,  Series 2025                        | CUSIP: 194307AA2<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $759684.15    | 0.52%             | 2044-04-01      | Variable      | 3.45%                 | No            |                  2 | On Loan: No      |
| Upper Oconee Basin Water Authority, Georgia, Water Revenue Bonds, Series 2024                                                                          | Upper Oconee Basin Water Authority, Georgia, Water Revenue Bonds, Series 2024                                                                          | CUSIP: 916281DJ4<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2101585.60   | 1.43%             | 2055-07-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2025C                                                                      | Georgia Housing and Finance Authority, Single Family Mortgage Bonds, Series 2025C                                                                      | CUSIP: 37353PRH4<br>LEI: 549300I628IMF9PWV724 | Long             | DBT              | MUN               | US        |   1500000 | PA      | $1551639.00   | 1.06%             | 2045-12-01      | Fixed         | 5.05%                 | No            |                  2 | On Loan: No      |
| Jackson County School District, Georgia, General Obligation Bonds, School Series 2025                                                                  | Jackson County School District, Georgia, General Obligation Bonds, School Series 2025                                                                  | CUSIP: 466784EG6<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1173307.10   | 0.80%             | 2033-03-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2025B                                                                          | Main Street Natural Gas Inc., Georgia, Gas Supply Revenue Bonds, Series 2025B                                                                          | CUSIP: 56035DKH4<br>LEI: 549300NY5M0QVZ6X4U26 | Long             | DBT              | MUN               | US        |   2000000 | PA      | $2181730.80   | 1.49%             | 2055-12-01      | Variable      | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Galleria Centre Project Series 2025                                         | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Galleria Centre Project Series 2025                                         | CUSIP: 190760JB5<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    750000 | PA      | $897352.88    | 0.61%             | 2034-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Galleria Centre Project Series 2025                                         | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Galleria Centre Project Series 2025                                         | CUSIP: 190760JC3<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1250000 | PA      | $1496459.25   | 1.02%             | 2035-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Galleria Centre Project Series 2025                                         | Cobb-Marietta Coliseum and Exhibit Hall Authority, Georgia, Revenue Bonds, Galleria Centre Project Series 2025                                         | CUSIP: 190760JD1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1186330.70   | 0.81%             | 2036-10-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Atlanta, Georgia, Airport General Revenue Bonds, Green Series 2025B-1                                                                                  | Atlanta, Georgia, Airport General Revenue Bonds, Green Series 2025B-1                                                                                  | CUSIP: 04780M3D9<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1061758.50   | 0.72%             | 2055-07-01      | Fixed         | 5.50%                 | No            |                  2 | On Loan: No      |
| Savannah-Georgia Convention Center Authority, Convention Center Hotel Third Tier Revenue Bonds (HMT Pledge), Series 2025C                              | Savannah-Georgia Convention Center Authority, Convention Center Hotel Third Tier Revenue Bonds (HMT Pledge), Series 2025C                              | CUSIP: 804828AN1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |    250000 | PA      | $287557.23    | 0.20%             | 2037-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Dougherty County School District, Georgia, General Obligation Bonds, Series 2026                                                                       | Dougherty County School District, Georgia, General Obligation Bonds, Series 2026                                                                       | CUSIP: 258687FL1<br>LEI: N/A                  | Long             | DBT              | MUN               | US        |   1000000 | PA      | $1193691.00   | 0.81%             | 2034-06-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |
| Savannah Economic Development Authority, Georgia, Revenue Bonds, Forsyth Park Parking Project, Series 2026A                                            | Savannah Economic Development Authority, Georgia, Revenue Bonds, Forsyth Park Parking Project, Series 2026A                                            | CUSIP: 80483CRJ2<br>LEI: 549300Q7LO1N6BCXOD30 | Long             | DBT              | MUN               | US        |    975000 | PA      | $1033231.00   | 0.70%             | 2054-08-01      | Fixed         | 5.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-02-28

**Name of Applicant:** Nuveen Multistate Trust III

**Signature:** Gina Spunder

**Name of Signer:** Gina Spunder

**Title:** Director, Fund Financial Reporting