1
Portfolio of Investments May 31, 2026
NAZ
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 157.3% (100.0% of Total Investments)  
X
234,362,229
MUNICIPAL BONDS - 157.3%  (100.0% of Total Investments)
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 30.9% (19.6% of Total Investments)
$
1,000,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Green Series 2016B
5
.000
%
07/01/47
$
1,001,837
2,605,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Green Series 2024A
5
.000
07/01/50
2,721,742
2,030,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2020B
4
.000
07/01/47
1,925,588
425,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2025A
5
.000
07/01/45
457,791
1,095,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2026A
5
.000
07/01/47
1,165,433
1,000,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2026A
5
.000
08/01/51
1,047,938
1,000,000
Arizona Board of Regents, University of Arizona, SPEED
Revenue Bonds, Stimulus Plan for Economic and Educational
Development, Series 2026A
5
.000
08/01/51
1,037,330
1,000,000
Arizona Board of Regents, University of Arizona, System Revenue
Bonds, Refunding Series 2021A
5
.000
06/01/42
1,062,700
2,000,000
Arizona Board of Regents, University of Arizona, System Revenue
Bonds, Refunding Series 2025A
5
.000
06/01/50
2,092,464
200,000
(a)
Arizona Board of Regents, University of Arizona, System Revenue
Bonds, Series 2026B
5
.000
06/01/46
214,603
515,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A
5
.125
07/01/37
515,126
525,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C
5
.000
07/01/47
526,183
250,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D
5
.000
07/01/47
237,880
1,700,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F
5
.000
07/01/37
1,718,532
1,000,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F
5
.000
07/01/52
996,501
380,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G
5
.000
07/01/47
361,577
240,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Montessori Academy Projects, Refunding
Series 2017A
6
.250
11/01/50
215,504
420,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Somerset Academy of Las Vegas Aliante
and Skye Canyon Campus Projects, Series 2021A
4
.000
12/15/41
370,263
375,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds,  Arizona Agribusiness and Equine Center, Inc.
Project, Series 2017B
5
.000
03/01/48
350,003
100,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2017B
4
.250
07/01/27
100,059
615,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2018A
5
.000
07/01/38
621,289
1,000,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2018A
5
.000
07/01/48
980,394
125,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, GreatHearts Arizona Projects, Series 2021A
5
.000
07/01/28
129,210
125,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, GreatHearts Arizona Projects, Series 2021A
5
.000
07/01/29
130,919
130,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, GreatHearts Arizona Projects, Series 2021A
5
.000
07/01/30
137,683
125,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, GreatHearts Arizona Projects, Series 2021A
5
.000
07/01/31
133,434
Portfolio of Investments May 31, 2026
(continued)
NAZ
2
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
455,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Pinecrest Academy of Nevada Horizon,
Inspirada and St. Rose Campus Projects, Series 2018A
5
.750
%
07/15/38
$
455,526
80,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Social Bonds Pensar Academy Project, Series
2020
4
.000
07/01/30
78,147
1,645,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, University of Indianapolis - Health Pavilion
Project, Series 2019A
4
.000
10/01/39
1,554,962
1,080,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, University of Indianapolis - Health Pavilion
Project, Series 2019A
4
.000
10/01/49
879,367
1,085,000
(b),(c)
Arizona Industrial Development Authority, Education Facility
Revenue Bonds, Caurus Academy Project, Series 2018A
6
.375
06/01/39
868,000
500,000
Glendale Industrial Development Authority, Arizona, Revenue
Bonds, Midwestern University, Series 2025
5
.000
05/15/45
530,393
360,000
Industrial Development Authority, Pima County, Arizona,
Education Revenue Bonds, Center for Academic Success Project,
Refunding Series 2019
4
.000
07/01/31
358,231
340,000
Industrial Development Authority, Pima County, Arizona,
Education Revenue Bonds, Center for Academic Success Project,
Refunding Series 2019
4
.000
07/01/33
334,627
780,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Arizona Autism Charter Schools
Project, Series 2020A
5
.000
07/01/50
731,583
195,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Arizona Autism Charter Schools
Project, Social Series 2021A
4
.000
07/01/51
153,815
355,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Great Hearts Academies Projects,
Series 2017A
5
.000
07/01/37
358,682
490,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Great Hearts Academies Projects,
Series 2017C
5
.000
07/01/48
490,391
1,715,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Highland Prep Project, Series 2019
5
.000
01/01/50
1,724,245
700,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2021A
4
.000
07/01/41
640,438
335,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2024
4
.250
07/01/44
301,790
870,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Paradise Schools Projects, Series
2016
5
.000
07/01/47
817,391
520,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Reid Traditional School Projects,
Series 2016
5
.000
07/01/36
520,007
300,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Reid Traditional School Projects,
Series 2016
5
.000
07/01/47
279,979
2,000,000
Maricopa County Industrial Development Authority, Arizona,
Educational Facilities Revenue Bonds, Creighton University
Projects, Series 2020
4
.000
07/01/50
1,766,017
775,000
McAllister Academic Village LLC, Arizona, Revenue Bonds,
Arizona State University Hassayampa Academic Village Project,
Refunding Series 2016
5
.000
07/01/37
775,939
1,000,000
McAllister Academic Village LLC, Arizona, Revenue Bonds,
Arizona State University Hassayampa Academic Village Project,
Refunding Series 2016
5
.000
07/01/38
1,001,150
1,000,000
Northern Arizona University, System Revenue Bonds, Refunding
Series 2020B - BAM Insured
5
.000
06/01/39
1,053,690
70,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A
5
.000
07/01/46
67,419
3
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
800,000
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Great Hearts Academies Project, Series
2016A
5
.000
%
07/01/41
$
800,163
285,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Legacy Traditional Schools Projects,
Series 2015
5
.000
07/01/35
285,123
300,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Legacy Traditional Schools Projects,
Series 2015
5
.000
07/01/45
291,752
650,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Legacy Traditional Schools Projects,
Series 2016A
5
.000
07/01/41
649,989
1,110,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Northwest Christian School Project,
Series 2020A
5
.000
09/01/45
995,851
400,000
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series
2015
5
.000
07/01/35
400,189
900,000
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Vista College Preparatory Project, Series
2018A
4
.125
07/01/38
880,073
1,995,000
Phoenix Industrial Development Authority, Arizona, Lease
Revenue Bonds, Eastern Kentucky University Project, Series 2016
5
.000
10/01/36
2,001,160
500,000
Pima County Community College District, Arizona, Revenue
Bonds, Series 2019
5
.000
07/01/36
518,167
120,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Champion Schools Project,
Series 2017
6
.000
06/15/37
120,199
680,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Champion Schools Project,
Series 2017
6
.125
06/15/47
681,179
200,000
(c)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Series 2016
5
.250
07/01/36
160,000
115,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, San Tan Montessori School
Project, Series 2017
6
.750
02/01/50
115,273
455,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Revenue Bonds, Noah Webster Schools Mesa Project,
Series 2015A
5
.000
12/15/34
410,738
730,000
Pinal County Community College District, Arizona, Revenue
Bonds, Central Arizona College, Series 2017 - BAM Insured
5
.000
07/01/35
730,908
1,000,000
(b)
Sierra Vista Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Desert Heights Charter School Project,
Refunding Series 2024
6
.125
06/01/57
947,119
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
45,981,655
HEALTH CARE - 19.9% (12.7% of Total Investments)
890,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, Children's National Prince County Regional
Medical Center, Series 2020A
4
.000
09/01/38
896,295
4,975,000
Arizona Industrial Development Authority, Hospital Revenue
Bonds, Phoenix Children's Hospital, Series 2020A
4
.000
02/01/50
4,368,989
1,000,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Honor Health, Series 2024D
5
.000
12/01/44
1,051,610
1,250,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2019A
5
.000
09/01/42
1,276,961
3,275,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2021A
4
.000
09/01/51
2,839,575
2,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2017A
5
.000
01/01/41
2,037,052
2,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2019A
4
.000
01/01/44
1,892,458
870,000
(a)
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2026D
5
.000
01/01/38
972,674
Portfolio of Investments May 31, 2026
(continued)
NAZ
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
3,000,000
Phoenix Industrial Development Authority, Arizona, Lease
Revenue Bonds, Mayo/Brooks Rehabilitation Facility Project,
Series 2024A
5
.000
%
10/31/44
$
3,193,227
2,250,000
Pima County Industrial Development Authority, Arizona, Revenue
Bonds, Tucson Medical Center, Series 2021A
3
.000
04/01/51
1,610,539
1,025,000
Yavapai County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Yavapai Regional Medical Center,
Refunding Series 2016
5
.000
08/01/36
1,027,014
815,000
Yavapai County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Yavapai Regional Medical Center,
Series 2019
5
.000
08/01/39
844,576
650,000
Yavapai County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Yavapai Regional Medical Center,
Series 2019
4
.000
08/01/43
610,449
3,625,000
Yuma Industrial Development Authority, Arizona, Hospital
Revenue Bonds, Yuma Regional Medical Center, Series 2024A
5
.250
08/01/49
3,784,595
500,000
Yuma Industrial Development Authority, Arizona, Hospital
Revenue Bonds, Yuma Regional Medical Center, Series 2024A
4
.000
08/01/54
439,392
2,770,000
Yuma Industrial Development Authority, Arizona, Hospital
Revenue Bonds, Yuma Regional Medical Center, Series 2024A
5
.250
08/01/54
2,866,516
TOTAL HEALTH CARE
29,711,922
HOUSING/MULTIFAMILY - 1.7% (1.1% of Total Investments)
1,830,000
Arizona Industrial Development Authority, Student Housing
Revenue Bonds, Provident Group - NCCU Properties LLC- North
Carolina Central University, Series 2019A - BAM Insured
5
.000
06/01/49
1,859,469
250,000
Sierra Vista Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Convertible Capital Appreciation
Revenue Bonds, Series 2021A
5
.375
10/01/56
199,279
500,000
Sierra Vista Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Convertible Capital Appreciation
Revenue Bonds, Series 2022A
7
.000
10/01/56
497,152
TOTAL HOUSING/MULTIFAMILY
2,555,900
HOUSING/SINGLE FAMILY - 3.5% (2.2% of Total Investments)
1,790,000
Maricopa County and Phoenix City Industrial Development
Authority, Arizona, Single Family Mortgage Revenue Bonds,
Series 2024C
4
.850
09/01/54
1,799,340
740,000
Phoenix and Maricopa County Industrial Development Authority,
Arizona, Single Family Mortgage Revenue Bonds, Series 2023A
5
.450
09/01/48
758,324
785,000
Phoenix and Maricopa County Industrial Development Authority,
Arizona, Single Family Mortgage Revenue Bonds, Series 2024A
4
.650
09/01/54
781,811
735,000
Tucson and Pima County Industrial Development Authority,
Arizona, Joint Single Family Mortgage Revenue Bonds, Series
2023A
4
.850
07/01/48
744,086
1,090,000
Tucson and Pima County Industrial Development Authority,
Arizona, Joint Single Family Mortgage Revenue Bonds, Series
2024A
4
.800
07/01/54
1,092,717
TOTAL HOUSING/SINGLE FAMILY
5,176,278
INFORMATION TECHNOLOGY - 0.3% (0.2% of Total Investments)
410,000
(d)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2007, (AMT), (Mandatory Put 6/15/28)
4
.100
12/01/37
414,995
TOTAL INFORMATION TECHNOLOGY
414,995
LONG-TERM CARE - 4.8% (3.1% of Total Investments)
585,000
Arizona Industrial Development Authority, Multifamily Housing
Revenue Bonds, Bridgewater Avondale Project, Series 2017
5
.375
01/01/38
483,775
1,000,000
Glendale Industrial Development Authority, Arizona, Senior
Living Revenue Bonds, Royal Oaks Royal Oaks - Inspirata Pointe
Project, Series 2020A
5
.000
05/15/41
991,093
1,735,000
Phoenix Industrial Development Authority, Arizona, Multi-Family
Housing Revenue Bonds, 3rd and Indian Road Assisted Living
Project, Series 2016
5
.400
10/01/36
1,416,417
5
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE
(continued)
$
2,000,000
Phoenix Industrial Development Authority, Arizona, Senior Living
Rental Housing Revenue Bonds, Christian Care Surprise, Inc.
Project, Refunding Series 2025A
5
.500
%
12/01/50
$
2,021,926
1,435,000
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Friendship Village of Tempe Project, Refunding Series
2021A
4
.000
12/01/38
1,390,004
1,080,000
(b)
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Mirabella at ASU Project, Series 2017A
6
.125
10/01/47
858,501
TOTAL LONG-TERM CARE
7,161,716
TAX OBLIGATION/GENERAL - 20.5% (13.0% of Total Investments)
575,000
Buckeye Union High School District 201, Maricopa County,
Arizona, General Obligation Bonds, School Improvement Project,
Refunding Series 2017 - BAM Insured
5
.000
07/01/35
584,690
1,215,000
Buckeye, Arizona, General Obligation Bonds, Series 2025
5
.250
07/01/50
1,289,440
665,000
Glendale, Arizona, General Obligation Bonds, Series 2024
5
.000
07/01/44
721,743
2,105,000
Golder Ranch Fire District, Pima and Pinal Counties, Arizona,
General Obligation Bonds, Series 2021
4
.000
07/01/45
2,061,401
450,000
Maricopa County Elementary District 59 Laveen, Arizona,
General Obligation Bonds, School Improvement Project 2024,
Series 2025A
5
.000
07/01/45
485,788
1,045,000
Maricopa County School District 14 Creighton Elementary,
Arizona, General Obligation Bonds, School Improvement Series
2021C
4
.000
07/01/34
1,086,281
2,315,000
Maricopa County School District 214 Tolleson Union High,
Arizona, General Obligation Bonds, School Improvement Project
1990, Series 1990A
5
.000
07/01/38
2,405,757
630,000
Maricopa County School District 214 Tolleson Union High,
Arizona, General Obligation Bonds, School Improvement Project
2017, Series 2018A
5
.000
07/01/37
642,575
800,000
Maricopa County School District 3 Tempe Elementary, Arizona,
General Obligation Bonds, School Improvement, Project of 2022,
Series 2025B
5
.000
07/01/43
879,744
300,000
Maricopa County School District 3 Tempe Elementary, Arizona,
General Obligation Bonds, School Improvement, Project of 2022,
Series 2025B
5
.000
07/01/44
327,061
600,000
Maricopa County School District 6, Arizona, General Obligation
Bonds, Washington Elementary School Improvement Project of
2022, Series 2025B - BAM Insured
5
.000
07/01/44
642,129
1,250,000
Maricopa County School District 66 Roosevelt Elementary,
Arizona, General Obligation Bonds, School Improvement Project
of 2020, Series 2024C - AGM Insured
5
.000
07/01/43
1,336,100
1,500,000
Maricopa County Special Health Care District, Arizona, General
Obligation Bonds, Series 2018C
5
.000
07/01/36
1,554,502
1,275,000
Maricopa County Union High School District 210 Phoenix,
Arizona, General Obligation Bonds, School Improvement &
Project of 2011 Series 2017E
5
.000
07/01/33
1,304,152
1,295,000
Maricopa County Union High School District 216 Agua Fria,
Arizona, General Obligation Bonds, School Improvement, Project
of 2023, Series 2024A
5
.000
07/01/43
1,399,186
200,000
Maricopa County Union High School District 216 Agua Fria,
Arizona, General Obligation Bonds, School Improvement,
Projects of 2023 and 2024, Series 2025
5
.000
07/01/44
216,053
1,000,000
Mohave County Union High School District 2 Colorado River,
Arizona, General Obligation Bonds, School Improvement Series
2017
5
.000
07/01/34
1,019,199
1,000,000
Mohave County Union High School District 2 Colorado River,
Arizona, General Obligation Bonds, School Improvement Series
2017
5
.000
07/01/36
1,016,416
690,000
Northwest Fire District of Pima County, Arizona, General
Obligation Bonds, Series 2017
5
.000
07/01/36
702,736
2,000,000
Paradise Valley Unified School District No. 69, Maricopa County,
Arizona, General Obligation Bonds, School Improvement Project
of 2019, Series 2022D
4
.000
07/01/41
2,028,170
Portfolio of Investments May 31, 2026
(continued)
NAZ
6
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
1,000,000
Phoenix, Arizona, General Obligation Bonds, Various Purpose
Series 2024A
5
.000
%
07/01/45
$
1,074,898
200,000
Pima County Unified School District 1, Tucson, Arizona, General
Obligation Bonds, Project of 2023 School Improvement Series
2024A - AGM Insured
5
.000
07/01/43
216,090
750,000
Pima County Unified School District 6 Marana, Arizona, General
Obligation Bonds, School Improvement, Project of 2022, Series
2025C
5
.000
07/01/43
808,428
620,000
Pinal County School District 4 Casa Grande Elementary, Arizona,
General Obligation Bonds, School improvement Project 2016,
Series 2017A - BAM Insured
5
.000
07/01/34
631,909
1,000,000
Pinal County School District 4 Casa Grande Elementary, Arizona,
General Obligation Bonds, School improvement Project 2016,
Series 2017A - BAM Insured
5
.000
07/01/35
1,018,351
550,000
Pinal County Unified School District 20 Maricopa, Arizona,
General Obligation Bonds, School Improvement Project of 2024,
Series 2025A - BAM Insured
5
.000
07/01/44
583,983
2,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/46
1,773,838
500,000
Tempe Union High School District 213, Maricopa County,
Arizona, General Obligation Bonds, School Improvement Project
of 2022, Series 2025B
5
.000
07/01/43
547,673
1,025,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2024
5
.000
07/01/44
1,116,188
950,000
Tempe, Arizona, General Obligation Bonds, Series 2021
5
.000
07/01/39
1,026,097
TOTAL TAX OBLIGATION/GENERAL
30,500,578
TAX OBLIGATION/LIMITED - 37.1% (23.6% of Total Investments)
100,000
(b)
Arizona Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Linder Village Project in Meridian,
Ada County, Idaho, Series 2020
5
.000
06/01/31
101,671
275,000
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding
Series 2016
4
.000
07/01/36
275,058
1,000,000
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding
Series 2025
4
.500
07/01/43
1,040,661
1,213,000
Cadence Community Facilities District, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 3, Series 2020
4
.000
07/01/45
1,069,005
122,853
(b),(c)
Cahava Springs Revitalization District, Cave Creek, Arizona,
Special Assessment Bonds, Series 2017A
7
.000
07/01/41
122,853
1,210,000
(b)
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2015
5
.000
07/15/39
1,210,132
1,810,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2017 - AGM Insured
5
.000
07/15/42
1,836,998
2,445,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2018 - BAM Insured
4
.375
07/15/43
2,450,067
650,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2021 - BAM Insured
4
.000
07/15/41
647,667
484,000
Eastmark Community Facilities District 1, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 1, Series 2013
5
.250
07/01/38
484,051
695,000
Eastmark Community Facilities District 1, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 1, Series 2019
5
.200
07/01/43
691,232
2,279,000
Eastmark Community Facilities District 1, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 12, Series 2021
3
.750
07/01/45
1,825,169
1,035,000
Eastmark Community Facilities District 2, Mesa, Arizona, General
Obligation Bonds, Series 2020
3
.500
07/15/44
801,689
105,000
Estrella Mountain Ranch Community Facilities District, Goodyear,
Arizona, General Obligation Bonds, Refunding Series 2017 -
AGM Insured
5
.000
07/15/32
107,088
1,145,000
Estrella Mountain Ranch Community Facilities District, Goodyear,
Arizona, Special Assessment Revenue Bonds, Lucero Assessment
District 2, Series 2023
5
.750
07/01/46
1,161,330
370,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2016 - BAM Insured
4
.000
07/15/36
370,046
7
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,000,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2017 - BAM Insured
5
.000
%
07/15/37
$
1,012,765
590,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2018 - BAM Insured
5
.000
07/15/38
597,379
1,000,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2020 - BAM Insured
4
.000
07/15/40
997,876
1,000,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2022 - AGM Insured
5
.000
07/15/42
1,035,766
299,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
Special Assessment Revenue Bonds,  Assessment District 11,
Series 2017
5
.200
07/01/37
295,279
1,469,000
Floreo at Teravalis Community Facilities District, Arizona, Special
Assessment Revenue Bonds, District 1 Series 2025
5
.750
07/01/40
1,554,530
545,000
Goodyear Community Facilities Utilities District 1, Arizona,
General Obligation Bonds, Refunding Series 2016
4
.000
07/15/32
545,602
1,250,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/46
1,227,071
615,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/39
638,784
200,000
Merrill Ranch Community Facilities District 2, Florence, Arizona,
General Obligation Bonds, Series 2016
5
.000
07/15/31
200,396
385,000
Merrill Ranch Community Facilities District 2, Florence, Arizona,
General Obligation Bonds, Series 2017 - BAM Insured
5
.000
07/15/42
389,091
400,000
Parkway Community Facilities District 1, Prescott Valley, Arizona,
General Obligation Bonds, Series 2006
5
.350
07/15/31
400,075
1,625,000
Phoenix Civic Improvement Corporation, Arizona, Excise Tax
Revenue Bonds, Subordinate Lien Series 2020A
4
.000
07/01/45
1,629,272
580,000
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility
Revenue Bonds, Mesa Project, Series 2012, (AMT)
5
.000
07/01/38
580,549
1,500,000
Pinal County, Arizona, Pledged Revenue Obligations, Series 2019
4
.000
08/01/38
1,505,134
6,908,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/46
2,521,532
915,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
904,198
2,440,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
2,350,583
3,000,000
Queen Creek, Arizona, Certificates of Participation, Series 2026
5
.250
10/01/56
3,163,983
390,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016
4
.000
08/01/34
390,374
395,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016
4
.000
08/01/36
395,168
2,500,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Series 2020
4
.000
08/01/45
2,488,215
2,000,000
Queen Creek, Arizona, Excise Tax and State Shared Revenue
Obligation Bonds, Series 2024
5
.000
08/01/49
2,087,313
1,000,000
Queen Creek, Arizona, Excise Tax and State Shared Revenue
Obligation Bonds, Series 2024
5
.000
08/01/54
1,031,747
280,000
Sedona, Arizona, Excise Tax Revenue Bonds, Series 2024 - AGM
Insured
5
.000
07/01/54
286,888
1,650,000
Sundance Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Refunding Series 2018 - BAM Insured
5
.000
07/15/39
1,700,534
347,000
Superstition Vistas Community Facilities District 1, Apache
Junction, Arizona, Special Assessment Bonds,  Assessment Area
3, Series 2024
5
.800
07/01/48
348,468
694,000
Superstition Vistas Community Facilities District 1, Apache
Junction, Arizona, Special Assessment Revenue Bonds, Series
2023
6
.000
07/01/47
706,474
500,000
Superstition Vistas Community Facilities District 1, Arizona,
General Obligation Bonds, Series 2025
4
.500
07/15/45
503,246
235,000
Superstition Vistas Community Facilities District 2, Arizona,
Special Assessment Bonds, Assessment Area 2, Series 2025
5
.700
07/01/40
241,255
750,000
Tartesso West Community Facility District, Buckeye, Arizona,
General Obligation Bonds, Series 2024
4
.000
07/15/47
711,181
Portfolio of Investments May 31, 2026
(continued)
NAZ
8
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
2,500,000
Town of Queen Creek, Arizona, Excise Tax and State Shared
Revenue Obligation Bonds, Series 2022
5
.000
%
08/01/47
$
2,605,865
500,000
Verrado District 1 Community Faciliites District, Buckeye, Arizona,
General Obligation Bonds, Series 2023 - BAM Insured
4
.125
07/15/41
498,094
405,000
Vistancia North Community Facilities District, Peoria, Arizona,
General Obligation Bonds, Series 2024 - AGM Insured
4
.375
07/15/49
400,413
3,965,000
Yavapai County Jail District, Arizona, Pleged Revenue Obligation
Bonds, Series 2020 - BAM Insured
4
.000
07/01/40
3,975,640
1,160,000
Yuma County, Arizona, Pledge Revenue Obligations, Series 2022
- BAM Insured
4
.250
07/15/42
1,178,856
TOTAL TAX OBLIGATION/LIMITED
55,294,313
TRANSPORTATION - 6.3% (4.0% of Total Investments)
2,000,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019B, (AMT)
5
.000
07/01/49
2,009,506
1,550,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Refunding Junior Lien Series 2025
5
.000
07/01/45
1,669,590
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Senior Lien Series 2017A, (AMT)
5
.000
07/01/37
1,015,046
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Senior Lien Series 2017A, (AMT)
5
.000
07/01/42
1,009,751
1,500,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Senior Lien Series 2018, (AMT)
5
.000
07/01/43
1,523,719
1,045,000
Phoenix Civic Improvement Corporation, Arizona, Rental Car
Facility Charge Revenue Bonds, Series 2019A
5
.000
07/01/35
1,101,935
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Rental Car
Facility Charge Revenue Bonds, Series 2019A
5
.000
07/01/38
1,046,064
TOTAL TRANSPORTATION
9,375,611
U.S. GUARANTEED - 3.0% (e)(1.9% of Total Investments)
550,000
Estrella Mountain Ranch Community Facilities District, Goodyear,
Arizona, General Obligation Bonds, Refunding Series 2017, (Pre-
refunded 7/15/27) - AGM Insured
5
.000
07/15/32
564,560
55,000
Goodyear Community Facilities Utilities District 1, Arizona,
General Obligation Bonds, Refunding Series 2016, (Pre-refunded
7/15/26)
4
.000
07/15/32
55,075
1,250,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Refunding Series 2016A, (Pre-
refunded 1/01/27)
5
.000
01/01/32
1,266,620
1,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Refunding Series 2016A, (Pre-
refunded 1/01/27)
5
.000
01/01/35
1,013,296
150,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016, (Pre-refunded
8/01/26)
4
.000
08/01/34
150,228
150,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016, (Pre-refunded
8/01/26)
4
.000
08/01/36
150,229
1,320,000
Scottsdale Municipal Property Corporation, Arizona, Excise Tax
Revenue Bonds, Refunding Series 2017, (Pre-refunded 7/01/27)
5
.000
07/01/36
1,354,473
TOTAL U.S. GUARANTEED
4,554,481
UTILITIES - 29.3% (18.6% of Total Investments)
500,000
(a)
Avondale, Arizona, Wastewater System Revenue Obligation
Bonds, Series 2026A
5
.000
07/01/51
524,572
30,000
Carefree Utilities Community Facilities District, Arizona, Water
System Revenue Bonds, Series 2021
4
.000
07/01/41
30,088
650,000
Carefree Utilities Community Facilities District, Arizona, Water
System Revenue Bonds, Series 2021
4
.000
07/01/46
611,725
655,000
Central Arizona Water Conservation District, Arizona, Water
Delivery O&M Revenue Bonds, Series 2016
5
.000
01/01/36
656,473
2,615,000
City of Mesa, Arizona, Utility System Revenue Bonds, Series
2022C
5
.000
07/01/36
3,029,527
1,250,000
Gilbert Water Resource Municipal Property Corporation, Arizona,
Utility System Revenue Bonds, Senior Lien Green Series 2022
4
.000
07/15/47
1,239,551
9
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,000,000
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding
Senior Lien Series 2025
5
.000
%
07/01/45
$
1,073,212
785,000
Goodyear, Arizona, Water and Sewer Revenue Obligations,
Refunding Subordinate Lien Series 2016 - AGM Insured
5
.000
07/01/45
785,437
875,000
Goodyear, Arizona, Water and Sewer Revenue Obligations,
Subordinate Lien Series 2020 - AGM Insured
4
.000
07/01/49
814,032
1,825,000
Goodyear, Arizona, Water and Sewer Revenue Obligations,
Subordinate Lien Series 2025
5
.000
07/01/43
1,980,513
200,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5
.000
10/01/42
210,787
1,700,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2018
5
.000
07/01/42
1,745,835
1,205,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2022A -
BAM Insured
5
.000
07/01/46
1,264,138
500,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2025
4
.500
07/01/49
503,219
1,840,000
Phoenix Civic Improvement Corporation, Arizona, Wastewater
System Revenue Bonds, Junior Lien Series 2023
5
.250
07/01/47
1,978,577
1,135,000
Phoenix Civic Improvement Corporation, Arizona, Wastewater
System Revenue Bonds, Refunding Junior Lien Series 2014
5
.000
07/01/29
1,137,191
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Water System
Revenue Bonds, Junior Lien Series 2021A
4
.000
07/01/42
1,005,293
750,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/47
752,517
1,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
5
.000
07/01/37
1,041,364
2,500,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2023A
5
.000
01/01/47
2,624,904
4,000,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2023A
5
.000
01/01/50
4,150,629
1,155,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2023B
5
.000
01/01/48
1,215,137
3,000,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2024A
5
.000
01/01/49
3,151,577
1,290,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2025
5
.000
01/01/51
1,350,037
3,000,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series
2007
5
.500
12/01/29
3,191,676
3,500,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series
2007
5
.000
12/01/37
3,694,565
805,000
Surprise, Arizona, Utility  System Revenue Bonds, Refunding
Senior Lien Series 2018
5
.000
07/01/36
835,899
3,000,000
Yuma, Arizona, Utilities System Revenue Bonds, Series 2021 -
BAM Insured
4
.000
07/01/40
3,036,305
TOTAL UTILITIES
43,634,780
TOTAL MUNICIPAL BONDS
(Cost $236,727,394)
234,362,229
TOTAL LONG-TERM INVESTMENTS
(Cost $236,727,394)
234,362,229
AMTP SHARES, NET - (59.3)% (f)
(
88,278,252
)
OTHER ASSETS & LIABILITIES, NET - 2.0%
2,878,051
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
148,962,028
AMT
Alternative Minimum Tax
(a)
When-issued or delayed delivery security.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $14,546,992 or 6.2% of Total Investments.
(c)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
Portfolio of Investments May 31, 2026
(continued)
NAZ
10
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:
(d)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(e)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(f)
AMTP Shares, Net as a percentage of Total Investments is 37.7%.
NAZ
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
234,362,229
$
–
$
234,362,229
Total
$
–
$
234,362,229
$
–
$
234,362,229