Nuveen Multistate Trust I

Date: August 6, 2026

By: /s/ Jordan M. Farris

Jordan M. Farris
Chief Administrative Officer
(principal executive officer)

Date: August 6, 2026

By: /s/ Marc Cardella

Marc Cardella
Vice President and Controller
(principal financial officer)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number		811‑07747

Nuveen Multistate Trust I

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark J. Czarniecki

Vice President and Secretary

901 Marquette Avenue

Minneapolis, Minnesota 55402

(Name and address of agent for service)

Registrant’s telephone number, including area code: (312) 917‑7700

Date of fiscal year end: May 31

Date of reporting period: May 31, 2026

Item 1.

Reports to Stockholders.


		Annual Shareholder Report May 31, 2026

Nuveen Arizona Municipal Bond Fund

Class A Shares/FAZTX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Arizona Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$87	0.84%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Arizona Municipal Bond Fund returned 7.13% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Arizona Index, which returned 6.51%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of six years and longer.

•

Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AAA‑rated bonds, and exposure to long-duration A‑rated bonds.

•

Long-duration tax‑supported bonds, particularly dedicated‑tax bonds.

Top detractors from relative performance

•

Security selection.


		1

How did the Fund perform over the last 10 years?

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

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class A Shares at NAV (excluding maximum sales charge)		7.13	%		0.44	%		1.87	%

Class A Shares at maximum sales charge (Offering Price)		2.61	%		(0.42	)%		1.43	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Arizona Index		6.51	%		1.26	%		2.25	%

Lipper Other States Municipal Debt Funds Classification Average		7.08	%		0.43	%		1.54	%

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	179,219,566

Total number of portfolio holdings		191

Portfolio turnover (%)		8%

Total management fees paid for the year	$	852,266

What did the Fund invest in? (as of May 31, 2026)

(1)

The ratings disclosed are the highest rating given by one of the following national rating agencies: Standard & Poor’s (S&P), Moody’s Investors Service, Inc. (Moody’s) or Fitch, Inc (Fitch). This treatment of split-rated securities may differ from that used for other purposes, such as for Fund investment policies. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings; BB, B, CCC, CC, C and D are below-investment grade ratings. Holdings designated N/R are not rated by these national ratings agencies.

How has the Fund changed?

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L104_AR_0526 5533553


		3


		Annual Shareholder Report May 31, 2026

Nuveen Arizona Municipal Bond Fund

Class C Shares/FZCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Arizona Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$169	1.64%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Arizona Municipal Bond Fund returned 6.31% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the S&P Municipal Bond Arizona Index, which returned 6.51%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of six years and longer.

•

Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AAA‑rated bonds, and exposure to long-duration A‑rated bonds.

•

Long-duration tax‑supported bonds, particularly dedicated‑tax bonds.

Top detractors from relative performance

•

Security selection.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class C Shares at NAV (excluding maximum sales charge)		6.31	%		(0.36	)%		1.23	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Arizona Index		6.51	%		1.26	%		2.25	%

Lipper Other States Municipal Debt Funds Classification Average		7.08	%		0.43	%		1.54	%

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	179,219,566

Total number of portfolio holdings		191

Portfolio turnover (%)		8%

Total management fees paid for the year	$	852,266

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L633_AR_0526 5533553


		3


		Annual Shareholder Report May 31, 2026

Nuveen Arizona Municipal Bond Fund

Class I Shares/NMARX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Arizona Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$66	0.64%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Arizona Municipal Bond Fund returned 7.27% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Arizona Index, which returned 6.51%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of six years and longer.

•

Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AAA‑rated bonds, and exposure to long-duration A‑rated bonds.

•

Long-duration tax‑supported bonds, particularly dedicated‑tax bonds.

Top detractors from relative performance

•

Security selection.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class I Shares at NAV		7.27	%		0.63	%		2.06	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Arizona Index		6.51	%		1.26	%		2.25	%

Lipper Other States Municipal Debt Funds Classification Average		7.08	%		0.43	%		1.54	%


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	179,219,566

Total number of portfolio holdings		191

Portfolio turnover (%)		8%

Total management fees paid for the year	$	852,266

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L401_AR_0526 5533553


		3


		Annual Shareholder Report May 31, 2026

Nuveen Colorado Municipal Bond Fund

Class A Shares/FCOTX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Colorado Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$81	0.78%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Colorado Municipal Bond Fund returned 6.58% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the S&P Municipal Bond Colorado Index, which returned 7.30%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.

•

Sector positioning, especially an overweight to incremental-tax bonds.

•

Credit quality positioning, especially an overweight to lower-rated bonds.

Top detractors from relative performance

•

Overweights to the health care and utility bond sectors and an underweight to the industrial development revenue bond sector.

•

Underweight to AAA-rated and non-rated bonds and an overweight to AA-rated bonds.

•

Security selection in the health care, housing and transportation bond sectors.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class A Shares at NAV (excluding maximum sales charge)		6.58	%		0.44	%		1.95	%

Class A Shares at maximum sales charge (Offering Price)		2.06	%		(0.42	)%		1.52	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Colorado Index		7.30	%		1.47	%		2.69	%

Lipper Other States Municipal Debt Funds Classification Average		7.08	%		0.43	%		1.54	%


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	481,804,907

Total number of portfolio holdings		257

Portfolio turnover (%)		12%

Total management fees paid for the year	$	2,292,454

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L609_AR_0526 5533562


		3


		Annual Shareholder Report May 31, 2026

Nuveen Colorado Municipal Bond Fund

Class C Shares/FAFKX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Colorado Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$163	1.58%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Colorado Municipal Bond Fund returned 5.76% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the S&P Municipal Bond Colorado Index, which returned 7.30%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.

•

Sector positioning, especially an overweight to incremental-tax bonds.

•

Credit quality positioning, especially an overweight to lower-rated bonds.

Top detractors from relative performance

•

Overweights to the health care and utility bond sectors and an underweight to the industrial development revenue bond sector.

•

Underweight to AAA-rated and non-rated bonds and an overweight to AA-rated bonds.

•

Security selection in the health care, housing and transportation bond sectors.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class C Shares at NAV (excluding maximum sales charge)		5.76	%		(0.37	)%		1.29	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Colorado Index		7.30	%		1.47	%		2.69	%

Lipper Other States Municipal Debt Funds Classification Average		7.08	%		0.43	%		1.54	%

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

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	481,804,907

Total number of portfolio holdings		257

Portfolio turnover (%)		12%

Total management fees paid for the year	$	2,292,454

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L625_AR_0526 5533562


		3


		Annual Shareholder Report May 31, 2026

Nuveen Colorado Municipal Bond Fund

Class I Shares/FCORX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Colorado Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$60	0.58%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Colorado Municipal Bond Fund returned 6.78% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund underperformed the S&P Municipal Bond Colorado Index, which returned 7.30%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.

•

Sector positioning, especially an overweight to incremental-tax bonds.

•

Credit quality positioning, especially an overweight to lower-rated bonds.

Top detractors from relative performance

•

Overweights to the health care and utility bond sectors and an underweight to the industrial development revenue bond sector.

•

Underweight to AAA-rated and non-rated bonds and an overweight to AA-rated bonds.

•

Security selection in the health care, housing and transportation bond sectors.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class I Shares at NAV		6.78	%		0.63	%		2.14	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Colorado Index		7.30	%		1.47	%		2.69	%

Lipper Other States Municipal Debt Funds Classification Average		7.08	%		0.43	%		1.54	%

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	481,804,907

Total number of portfolio holdings		257

Portfolio turnover (%)		12%

Total management fees paid for the year	$	2,292,454

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

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

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L880_AR_0526 5533562


		3


		Annual Shareholder Report May 31, 2026

Nuveen Maryland Municipal Bond Fund

Class A Shares/NMDAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Maryland Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$79	0.76%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Maryland Municipal Bond Fund returned 7.55% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Maryland Index, which returned 6.10%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations under four years.

•

Credit quality positioning, especially overweights to non-rated, A-rated and BBB-rated bonds.

Top detractors from relative performance

•

An underweight to bonds with durations between six and eight years.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class A Shares at NAV (excluding maximum sales charge)		7.55	%		0.63	%		1.95	%

Class A Shares at maximum sales charge (Offering Price)		3.00	%		(0.24	)%		1.51	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Maryland Index		6.10	%		1.06	%		2.02	%

Lipper Maryland Municipal Debt Funds Classification Average		7.16	%		0.69	%		1.74	%

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	268,408,054

Total number of portfolio holdings		200

Portfolio turnover (%)		11%

Total management fees paid for the year	$	1,242,934

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L831_AR_0526 5533577


		3


		Annual Shareholder Report May 31, 2026

Nuveen Maryland Municipal Bond Fund

Class C Shares/NACCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Maryland Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$161	1.56%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Maryland Municipal Bond Fund returned 6.72% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Maryland Index, which returned 6.10%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations under four years.

•

Credit quality positioning, especially overweights to non‑rated, A‑rated and BBB‑rated bonds.

Top detractors from relative performance

•

An underweight to bonds with durations between six and eight years.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class C Shares at NAV (excluding maximum sales charge)		6.72	%		(0.17	)%		1.30	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Maryland Index		6.10	%		1.06	%		2.02	%

Lipper Maryland Municipal Debt Funds Classification Average		7.16	%		0.69	%		1.74	%

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	268,408,054

Total number of portfolio holdings		200

Portfolio turnover (%)		11%

Total management fees paid for the year	$	1,242,934

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L617_AR_0526 5533577


		3


		Annual Shareholder Report May 31, 2026

Nuveen Maryland Municipal Bond Fund

Class I Shares/NMMDX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Maryland Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$58	0.56%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Maryland Municipal Bond Fund returned 7.75% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Maryland Index, which returned 6.10%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations under four years.

•

Credit quality positioning, especially overweights to non‑rated, A‑rated and BBB‑rated bonds.

Top detractors from relative performance

•

An underweight to bonds with durations between six and eight years.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class I Shares at NAV		7.75	%		0.81	%		2.14	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Maryland Index		6.10	%		1.06	%		2.02	%

Lipper Maryland Municipal Debt Funds Classification Average		7.16	%		0.69	%		1.74	%


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	268,408,054

Total number of portfolio holdings		200

Portfolio turnover (%)		11%

Total management fees paid for the year	$	1,242,934

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L799_AR_0526 5533577


		3


		Annual Shareholder Report May 31, 2026

Nuveen New Mexico Municipal Bond Fund

Class A Shares/FNMTX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen New Mexico Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$86	0.83%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen New Mexico Municipal Bond Fund returned 7.36% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond New Mexico Index, which returned 5.64%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations of eight years and shorter.

•

Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AA‑rated bonds, and exposure to long-duration A‑rated bonds.

Top detractors from relative performance

•

Sector positioning, especially an underweight to the housing bond sector.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class A Shares at NAV (excluding maximum sales charge)		7.36	%		0.72	%		1.87	%

Class A Shares at maximum sales charge (Offering Price)		2.83	%		(0.14	)%		1.43	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond New Mexico Index		5.64	%		1.33	%		2.05	%

Lipper Other States Municipal Debt Funds Classification Average		7.08	%		0.43	%		1.54	%


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	71,005,360

Total number of portfolio holdings		80

Portfolio turnover (%)		16%

Total management fees paid for the year	$	345,805

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L781_AR_0526 5533589


		3


		Annual Shareholder Report May 31, 2026

Nuveen New Mexico Municipal Bond Fund

Class C Shares/FNCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen New Mexico Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$168	1.63%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen New Mexico Municipal Bond Fund returned 6.55% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond New Mexico Index, which returned 5.64%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations of eight years and shorter.

•

Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AA‑rated bonds, and exposure to long-duration A‑rated bonds.

Top detractors from relative performance

•

Sector positioning, especially an underweight to the housing bond sector.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class C Shares at NAV (excluding maximum sales charge)		6.55	%		(0.06	)%		1.23	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond New Mexico Index		5.64	%		1.33	%		2.05	%

Lipper Other States Municipal Debt Funds Classification Average		7.08	%		0.43	%		1.54	%

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	71,005,360

Total number of portfolio holdings		80

Portfolio turnover (%)		16%

Total management fees paid for the year	$	345,805

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L591_AR_0526 5533589


		3


		Annual Shareholder Report May 31, 2026

Nuveen New Mexico Municipal Bond Fund

Class I Shares/FNMRX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen New Mexico Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$65	0.63%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen New Mexico Municipal Bond Fund returned 7.60% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond New Mexico Index, which returned 5.64%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of 10 years and longer and an underweight to bonds with durations of eight years and shorter.

•

Credit quality positioning, especially an overweight to non‑rated bonds, an underweight to AA‑rated bonds, and exposure to long-duration A‑rated bonds.

Top detractors from relative performance

•

Sector positioning, especially an underweight to the housing bond sector.


		1

How did the Fund perform over the last 10 years?

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

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class I Shares at NAV		7.60	%		0.91	%		2.07	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond New Mexico Index		5.64	%		1.33	%		2.05	%

Lipper Other States Municipal Debt Funds Classification Average		7.08	%		0.43	%		1.54	%


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	71,005,360

Total number of portfolio holdings		80

Portfolio turnover (%)		16%

Total management fees paid for the year	$	345,805

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L757_AR_0526 5533589


		3


		Annual Shareholder Report May 31, 2026

Nuveen Pennsylvania Municipal Bond Fund

Class A Shares/FPNTX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Pennsylvania Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$83	0.80%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Pennsylvania Municipal Bond Fund returned 8.12% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Pennsylvania Index, which returned 6.74%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.

•

Credit quality positioning, especially an overweight to non-rated bonds.

•

Sector positioning, especially an overweight to health care bonds.

Top detractors from relative performance

•

An overweight to pre-refunded bonds.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1-Year			5-Year			10-Year

Class A Shares at NAV (excluding maximum sales charge)		8.12	%		0.62	%		1.97	%

Class A Shares at maximum sales charge (Offering Price)		3.59	%		(0.24	)%		1.53	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Pennsylvania Index		6.74	%		1.15	%		2.42	%

Lipper Pennsylvania Municipal Debt Funds Classification Average		7.19	%		0.56	%		1.93	%

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	363,803,196

Total number of portfolio holdings		251

Portfolio turnover (%)		16%

Total management fees paid for the year	$	1,744,427

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L740_AR_0526 5533598


		3


		Annual Shareholder Report May 31, 2026

Nuveen Pennsylvania Municipal Bond Fund

Class C Shares/FPCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Pennsylvania Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257-8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$166	1.60%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Pennsylvania Municipal Bond Fund returned 7.26% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Pennsylvania Index, which returned 6.74%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.

•

Credit quality positioning, especially an overweight to non-rated bonds.

•

Sector positioning, especially an overweight to health care bonds.

Top detractors from relative performance

•

An overweight to pre-refunded bonds.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1-Year			5-Year			10-Year

Class C Shares at NAV (excluding maximum sales charge)		7.26	%		(0.18	)%		1.32	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Pennsylvania Index		6.74	%		1.15	%		2.42	%

Lipper Pennsylvania Municipal Debt Funds Classification Average		7.19	%		0.56	%		1.93	%

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

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	363,803,196

Total number of portfolio holdings		251

Portfolio turnover (%)		16%

Total management fees paid for the year	$	1,744,427

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L583_AR_0526 5533598


		3


		Annual Shareholder Report May 31, 2026

Nuveen Pennsylvania Municipal Bond Fund

Class I Shares/NBPAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Pennsylvania Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en-us/mutual-funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$63	0.60%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Pennsylvania Municipal Bond Fund returned 8.33% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Pennsylvania Index, which returned 6.74%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to longer-duration bonds and an underweight to shorter-duration bonds.

•

Credit quality positioning, especially an overweight to non-rated bonds.

•

Sector positioning, especially an overweight to health care bonds.

Top detractors from relative performance

•

An overweight to pre-refunded bonds.


		1

How did the Fund perform over the last 10 years?

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

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class I Shares at NAV		8.33	%		0.81	%		2.17	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Pennsylvania Index		6.74	%		1.15	%		2.42	%

Lipper Pennsylvania Municipal Debt Funds Classification Average		7.19	%		0.56	%		1.93	%


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	363,803,196

Total number of portfolio holdings		251

Portfolio turnover (%)		16%

Total management fees paid for the year	$	1,744,427

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L716_AR_0526 5533598


		3


		Annual Shareholder Report May 31, 2026

Nuveen Virginia Municipal Bond Fund

Class A Shares/FVATX

Annual Shareholder Report

This annual shareholder report contains important information about the Class A Shares of the Nuveen Virginia Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class A Shares	$75	0.72%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Virginia Municipal Bond Fund returned 7.18% for Class A Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Virginia Index, which returned 6.53%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of eight years and longer and an underweight to bonds with durations of four years and shorter.

•

Credit quality positioning, especially overweights to non-rated, A-rated and BBB-rated bonds.

•

An underweight to the tax-backed bond sector and overweights to the transportation and hospital bond sectors.

Top detractors from relative performance

•

Tobacco bonds.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class A Shares at NAV (excluding maximum sales charge)		7.18	%		0.41	%		1.82	%

Class A Shares at maximum sales charge (Offering Price)		2.71	%		(0.45	)%		1.39	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Virginia Index		6.53	%		1.10	%		2.15	%

Lipper Virginia Municipal Debt Funds Classification Average		7.18	%		0.39	%		1.52	%


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	573,126,989

Total number of portfolio holdings		254

Portfolio turnover (%)		10%

Total management fees paid for the year	$	2,663,673

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L690_AR_0526 5533607


		3


		Annual Shareholder Report May 31, 2026

Nuveen Virginia Municipal Bond Fund

Class C Shares/FVCCX

Annual Shareholder Report

This annual shareholder report contains important information about the Class C Shares of the Nuveen Virginia Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class C Shares	$157	1.52%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Virginia Municipal Bond Fund returned 6.33% for Class C Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund performed in line with the S&P Municipal Bond Virginia Index, which returned 6.53%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of eight years and longer and an underweight to bonds with durations of four years and shorter.

•

Credit quality positioning, especially overweights to non‑rated, A‑rated and BBB‑rated bonds.

•

An underweight to the tax‑backed bond sector and overweights to the transportation and hospital bond sectors.

Top detractors from relative performance

•

Tobacco bonds.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class C Shares at NAV (excluding maximum sales charge)		6.33	%		(0.39	)%		1.17	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Virginia Index		6.53	%		1.10	%		2.15	%

Lipper Virginia Municipal Debt Funds Classification Average		7.18	%		0.39	%		1.52	%

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

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


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	573,126,989

Total number of portfolio holdings		254

Portfolio turnover (%)		10%

Total management fees paid for the year	$	2,663,673

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L575_AR_0526 5533607


		3


		Annual Shareholder Report May 31, 2026

Nuveen Virginia Municipal Bond Fund

Class I Shares/NMVAX

Annual Shareholder Report

This annual shareholder report contains important information about the Class I Shares of the Nuveen Virginia Municipal Bond Fund for the period of June 1, 2025 to May 31, 2026. You can find additional information at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses. You can also request this information by contacting us at (800) 257‑8787.

This report describes changes to the Fund that occurred during the reporting period.

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



	Cost of a $10,000 investment	Costs paid as a percentage of $10,000 investment*

Class I Shares	$54	0.52%

Annualized for period less than one year.

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

Performance Highlights

The Nuveen Virginia Municipal Bond Fund returned 7.49% for Class I Shares at net asset value (NAV) for the 12 months ended May 31, 2026. The Fund outperformed the S&P Municipal Bond Virginia Index, which returned 6.53%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds with durations of eight years and longer and an underweight to bonds with durations of four years and shorter.

•

Credit quality positioning, especially overweights to non‑rated, A‑rated and BBB‑rated bonds.

•

An underweight to the tax‑backed bond sector and overweights to the transportation and hospital bond sectors.

Top detractors from relative performance

•

Tobacco bonds.


		1

How did the Fund perform over the last 10 years?

Fund Performance (June 1, 2016 through May 31, 2026) Initial Investment of $10,000

Average Annual Total Returns



	1‑Year			5‑Year			10‑Year

Class I Shares at NAV		7.49	%		0.62	%		2.02	%

S&P Municipal Bond Index		6.57	%		1.14	%		2.30	%

S&P Municipal Bond Virginia Index		6.53	%		1.10	%		2.15	%

Lipper Virginia Municipal Debt Funds Classification Average		7.18	%		0.39	%		1.52	%


		2

Fund Statistics (as of May 31, 2026)



Fund net assets	$	573,126,989

Total number of portfolio holdings		254

Portfolio turnover (%)		10%

Total management fees paid for the year	$	2,663,673

What did the Fund invest in? (as of May 31, 2026)

(1)

How has the Fund changed?

Availability of additional information about the Fund

You can find additional information about the Fund at https://www.nuveen.com/en‑us/mutual‑funds/prospectuses, including its:

• prospectus • financial statements and other information • fund holdings • proxy voting information

You can also request this information at (800) 257‑8787.


67065L666_AR_0526 5533607


		3

Item 2.

Code of Ethics.

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

Item 3.

Audit Committee Financial Expert.

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

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

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

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

Item 4.

Principal Accountant Fees and Services.

Nuveen Multistate Trust I

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

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

SERVICES THAT THE REGISTRANT’S INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM BILLED TO THE REGISTRANT


Fiscal Year Ended	Audit Fees Billed to Registrant¹		Audit-Related Fees Billed to Registrant²		Tax Fees Billed to Registrant³		All Other Fees Billed to Registrant⁴
May 31, 2026		$189,966		$0		$0		$0

Percentage approved pursuant to pre-approval exception		0%		0%		0%		0%

May 31, 2025		$189,478		$0		$0		$0

Percentage approved pursuant to pre-approval exception		0%		0%		0%		0%

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

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

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

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

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

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

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

the time of the engagement; and (C) the services are promptly brought to the Audit Committee’s attention, and the Committee (or its delegate) approves the services before the Registrant’s audit is completed.


Fiscal Year Ended	Audit-Related Fees Billed to Adviser and Affiliated Fund Service Providers		Tax Fees Billed to Adviser and Affiliated Fund Service Providers		All Other Fees Billed to Adviser and Affiliated Fund Service Providers
May 31, 2026		$0		$0		$0

Percentage approved pursuant to pre-approval exception		0%		0%		0%

May 31, 2025		$0		$0		$0

Percentage approved pursuant to pre-approval exception		0%		0%		0%

NON-AUDIT SERVICES

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


Fiscal Year Ended	Total Non-Audit Fees Billed to Registrant		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Registrant)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
May 31, 2026		$0		$0		$10,413,055		$10,413,055
May 31, 2025		$0		$0		$10,974,000		$10,974,000

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

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

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

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

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this registrant.

Item 6.

Investments.

(a)	Schedule of Investments is included as part of the financial statements filed under Item 7 of this Form N-CSR.

(b)	Not applicable.

Item 7.

Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Report of Independent Registered

Public Accounting Firm

To the Board of Trustees of Nuveen Multistate Trust I and Shareholders of Nuveen Arizona

Municipal Bond Fund, Nuveen Colorado Municipal Bond Fund, Nuveen Maryland Municipal

Bond Fund, Nuveen New Mexico Municipal Bond Fund, Nuveen Pennsylvania Municipal Bond

Fund and Nuveen Virginia Municipal Bond Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of

Nuveen Arizona Municipal Bond Fund, Nuveen Colorado Municipal Bond Fund, Nuveen Maryland Municipal Bond

Fund, Nuveen New Mexico Municipal Bond Fund, Nuveen Pennsylvania Municipal Bond Fund and Nuveen Virginia

Municipal Bond Fund (constituting Nuveen Multistate Trust I, hereafter collectively referred to as the "Funds") as of

May 31, 2026, the related statements of operations for the year ended May 31, 2026, the statements of changes in

net assets for each of the two years in the period ended May 31, 2026, including the related notes, and the financial

highlights for each of the five years in the period ended May 31, 2026 (collectively referred to as the “financial

statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of

each of the Funds as of May 31, 2026, the results of each of their operations for the year then ended, the changes in

each of their net assets for each of the two years in the period ended May 31, 2026 and each of the financial highlights

for each of the five years in the period ended May 31, 2026 in conformity with accounting principles generally

accepted in the United States of America.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion

on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public

Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to

the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities

and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those

standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial

statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements,

whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included

examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits

also included evaluating the accounting principles used and significant estimates made by management, as well as

evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities

owned as of May 31, 2026 by correspondence with the custodian and brokers; when replies were not received from

brokers, we performed other auditing procedures.. We believe that our audits provide a reasonable basis for our

opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

July 28, 2026

We have served as the auditor of one or more investment companies in Nuveen Funds since 2002.

Portfolio of Investments May 31, 2026

Arizona

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.0%

173,811,952

MUNICIPAL BONDS - 97.0%

–

EDUCATION AND CIVIC ORGANIZATIONS - 19.0%

1,000,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Green Series 2016B

.000

07/01/47

1,001,837

1,500,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Green Series 2023A

.500

07/01/48

1,605,651

1,000,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Green Series 2024A

.000

07/01/54

1,038,433

1,620,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Refunding Series 2017B

.000

07/01/42

1,645,485

225,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Series 2021C

.000

07/01/44

222,891

500,000

Arizona Board of Regents, Arizona State University System

Revenue Bonds, Series 2025A

.000

07/01/44

543,101

1,000,000

(a)

Arizona Board of Regents, University of Arizona, System Revenue

Bonds, Series 2026B

.000

06/01/45

1,081,638

215,000

(b)

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A

.125

07/01/37

215,052

220,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C

.000

07/01/47

220,496

25,000

(b)

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D

.000

07/01/37

25,069

300,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F

.000

07/01/37

303,270

725,000

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F

.000

07/01/52

722,464

150,000

(b)

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G

.000

07/01/47

142,728

230,000

(b)

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Montessori Academy Projects, Refunding

Series 2017A

.000

11/01/37

222,475

565,000

(b)

Arizona Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Somerset Academy of Las Vegas Aliante

and Skye Canyon Campus Projects, Series 2021A

.000

12/15/51

432,614

775,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Arizona Agribusiness and Equine Center, Inc.

Project, Series 2017A

.000

03/01/48

777,368

1,025,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2017A

.000

07/01/51

986,809

35,000

(b)

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2017B

.250

07/01/27

35,021

135,000

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Academies of Math & Science Projects, Series

2018A

.000

07/01/38

136,380

500,000

(b)

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Pinecrest Academy of Nevada Horizon,

Inspirada and St. Rose Campus Projects, Series 2018A

.750

07/15/38

500,578

55,000

(b)

Arizona Industrial Development Authority, Arizona, Education

Revenue Bonds, Social Bonds Pensar Academy Project, Series

2020

.000

07/01/30

53,726

2,950,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, University of Indianapolis - Health Pavilion

Project, Series 2019A

.000

10/01/45

2,896,348

1,625,000

Glendale Industrial Development Authority, Arizona, Revenue

Bonds, Midwestern University, Series 2025

.000

05/15/44

1,738,045

1,160,000

Industrial Development Authority, Pima County, Arizona,

Education Revenue Bonds, Center for Academic Success Project,

Refunding Series 2019

.000

07/01/37

1,175,853

620,000

(b)

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Autism Charter Schools

Project, Series 2020A

.000

07/01/40

622,857

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

735,000

(b)

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Autism Charter Schools

Project, Social Series 2021A

.000

07/01/41

656,372

145,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Great Hearts Academies Projects,

Series 2017A

.000

07/01/37

146,504

210,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Great Hearts Academies Projects,

Series 2017C

.000

07/01/48

210,168

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Highland Prep Project, Series 2019

.000

01/01/37

1,045,403

750,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2019A

.000

07/01/39

769,466

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2020

.250

07/01/45

1,017,036

570,000

(b)

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Legacy Traditional Schools Projects,

Series 2021A

.000

07/01/41

521,499

380,000

(b)

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Paradise Schools Projects, Series

2016

.000

07/01/47

357,021

825,000

Maricopa County Industrial Development Authority, Arizona,

Education Revenue Bonds, Reid Traditional School Projects,

Series 2016

.000

07/01/36

825,011

2,500,000

Maricopa County Industrial Development Authority, Arizona,

Educational Facilities Revenue Bonds, Creighton University

Projects, Series 2020

.000

07/01/47

2,526,994

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Educational Facilities Revenue Bonds, Creighton University

Projects, Series 2020

.000

07/01/50

883,009

1,000,000

McAllister Academic Village LLC, Arizona, Revenue Bonds,

Arizona State University Hassayampa Academic Village Project,

Refunding Series 2016

.000

07/01/38

1,001,150

25,000

(b)

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A

.000

07/01/46

24,078

400,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Great Hearts Academies Project, Series

2016A

.000

07/01/41

400,082

200,000

(b)

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Legacy Traditional Schools Projects,

Series 2015

.000

07/01/35

200,086

350,000

(b)

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Legacy Traditional Schools Projects,

Series 2016A

.000

07/01/41

349,994

1,000,000

(b)

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Northwest Christian School Project,

Series 2020A

.000

09/01/45

897,163

750,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series

2015

.000

07/01/35

750,354

800,000

Phoenix Industrial Development Authority, Arizona, Education

Facility Revenue Bonds, Vista College Preparatory Project, Series

2018A

.000

07/01/43

807,561

1,000,000

Phoenix Industrial Development Authority, Arizona, Lease

Revenue Bonds, Eastern Kentucky University Project, Series 2016

.000

10/01/36

1,003,088

100,000

(b)

Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Champion Schools Project,

Series 2017

.000

06/15/37

100,166

320,000

(b)

Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Champion Schools Project,

Series 2017

.125

06/15/47

320,555

Portfolio of Investments May 31, 2026

(continued)

Arizona

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

100,000

(c)

Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, Edkey Charter Schools

Project, Series 2016

.250

07/01/36

80,000

25,000

(b)

Pima County Industrial Development Authority, Arizona,

Education Facility Revenue Bonds, San Tan Montessori School

Project, Series 2017

.125

02/01/28

25,398

230,000

(b)

Pima County Industrial Development Authority, Arizona,

Education Revenue Bonds, Noah Webster Schools Mesa Project,

Series 2015A

.000

12/15/34

207,626

145,000

Pinal County Community College District, Arizona, Revenue

Bonds, Central Arizona College, Series 2017 - BAM Insured

.000

07/01/34

145,189

460,000

(b)

Yavapai County Industrial Development Authority, Arizona,

Education Revenue Bonds, Arizona Agribusiness and Equine

Center Inc Project, Refunding Series 2015A

.000

09/01/34

460,102

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

34,077,264

HEALTH CARE - 11.6%

405,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, Children's National Prince County Regional

Medical Center, Series 2020A

.000

09/01/39

406,975

110,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, Children's National Prince County Regional

Medical Center, Series 2020A

.000

09/01/40

109,011

225,000

Arizona Industrial Development Authority, Arizona, Lease

Revenue Bonds, Children's National Prince County Regional

Medical Center, Series 2020A

.000

09/01/46

203,918

1,100,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2020A

.000

02/01/39

986,285

1,560,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2021A

.000

02/01/39

1,535,381

1,000,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2021A

.000

02/01/40

971,394

1,000,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Honor Health, Series 2024D

.000

12/01/44

1,051,610

600,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, HonorHealth, Series 2019A

.000

09/01/36

617,711

870,000

Maricopa County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, HonorHealth, Series 2019A

.125

09/01/42

847,289

1,665,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2019A

.000

01/01/44

1,575,472

650,000

(a)

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Series 2026D

.000

01/01/38

726,711

2,000,000

Phoenix Industrial Development Authority, Arizona, Lease

Revenue Bonds, Mayo/Brooks Rehabilitation Facility Project,

Series 2024A

.000

10/31/44

2,128,818

565,000

Pima County Industrial Development Authority, Arizona, Revenue

Bonds, Tucson Medical Center, Series 2021A

.000

04/01/39

557,451

295,000

Yavapai County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Yavapai Regional Medical Center,

Refunding Series 2016

.000

08/01/36

295,579

2,450,000

Yavapai County Industrial Development Authority, Arizona,

Hospital Revenue Bonds, Yavapai Regional Medical Center,

Series 2019

.000

08/01/43

2,300,925

875,000

Yuma Industrial Development Authority, Arizona, Hospital

Revenue Bonds, Yuma Regional Medical Center, Series 2024A

.000

08/01/49

787,389

5,500,000

Yuma Industrial Development Authority, Arizona, Hospital

Revenue Bonds, Yuma Regional Medical Center, Series 2024A

.250

08/01/49

5,742,144

TOTAL HEALTH CARE

20,844,063

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 1.1%

1,250,000

Arizona Industrial Development Authority, Student Housing

Revenue Bonds, Provident Group - NCCU Properties LLC- North

Carolina Central University, Series 2019A - BAM Insured

.000

06/01/44

1,187,425

250,000

Sierra Vista Industrial Development Authority, Arizona, Economic

Development Revenue Bonds, Convertible Capital Appreciation

Revenue Bonds, Series 2021A

.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

.000

10/01/56

497,152

TOTAL HOUSING/MULTIFAMILY

1,883,856

HOUSING/SINGLE FAMILY - 1.9%

1,865,000

Maricopa County and Phoenix City Industrial Development

Authority, Arizona, Single Family Mortgage Revenue Bonds,

Series 2024C

.750

09/01/49

1,870,043

955,000

Phoenix and Maricopa County Industrial Development Authority,

Arizona, Single Family Mortgage Revenue Bonds, Series 2024A

.600

09/01/49

943,318

575,000

Tucson and Pima County Industrial Development Authority,

Arizona, Joint Single Family Mortgage Revenue Bonds, Series

2024A

.750

07/01/49

576,882

TOTAL HOUSING/SINGLE FAMILY

3,390,243

INFORMATION TECHNOLOGY - 0.2%

275,000

(d)

Chandler Industrial Development Authority, Arizona, Industrial

Development Revenue Bonds, Intel Corporation Project, Series

2007, (AMT), (Mandatory Put 6/15/28)

.100

12/01/37

278,350

TOTAL INFORMATION TECHNOLOGY

278,350

LONG-TERM CARE - 2.5%

120,000

Arizona Industrial Development Authority, Multifamily Housing

Revenue Bonds, Bridgewater Avondale Project, Series 2017

.375

01/01/38

99,236

450,000

Maricopa County Industrial Dev Auth, Arizona, Revenue Bonds,

Bonesta Project, Senior Living Series, 2026A-1

.500

05/01/46

465,212

870,000

Phoenix Industrial Development Authority, Arizona, Multi-Family

Housing Revenue Bonds, 3rd and Indian Road Assisted Living

Project, Series 2016

.400

10/01/36

710,249

1,500,000

Phoenix Industrial Development Authority, Arizona, Senior Living

Rental Housing Revenue Bonds, Christian Care Surprise, Inc.

Project, Refunding Series 2025A

.250

12/01/45

1,528,038

1,495,000

Tempe Industrial Development Authority, Arizona, Revenue

Bonds, Friendship Village of Tempe Project, Refunding Series

2021A

.000

12/01/46

1,289,810

530,000

(b)

Tempe Industrial Development Authority, Arizona, Revenue

Bonds, Mirabella at ASU Project, Series 2017A

.000

10/01/37

454,016

TOTAL LONG-TERM CARE

4,546,561

TAX OBLIGATION/GENERAL - 12.5%

550,000

Buckeye Union High School District 201, Maricopa County,

Arizona, General Obligation Bonds, School Improvement Project,

Refunding Series 2017 - BAM Insured

.000

07/01/34

560,034

875,000

Buckeye, Arizona, General Obligation Bonds, Series 2025

.000

07/01/44

949,030

1,000,000

Glendale, Arizona, General Obligation Bonds, Series 2024

.000

07/01/43

1,094,612

1,500,000

Marana Unified School District No. 6 of Pima County, Arizona,

School Improvement Bonds, Project of 2014, Series 2018D -

AGM Insured

.000

07/01/38

1,522,718

325,000

Maricopa County Elementary District 59 Laveen, Arizona,

General Obligation Bonds, School Improvement Project 2024,

Series 2025A

.000

07/01/44

353,535

370,000

Maricopa County School District 214 Tolleson Union High,

Arizona, General Obligation Bonds, School Improvement Project

2017, Series 2018A

.000

07/01/37

377,385

750,000

Maricopa County School District 3 Tempe Elementary, Arizona,

General Obligation Bonds, School Improvement, Project of 2022,

Series 2025B

.000

07/01/42

829,647

1,650,000

Maricopa County School District 3 Tempe Elementary, Arizona,

General Obligation Bonds, School Improvement, Project of 2022,

Series 2026C

.000

07/01/45

1,783,841

Portfolio of Investments May 31, 2026

(continued)

Arizona

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

1,050,000

Maricopa County Special Health Care District, Arizona, General

Obligation Bonds, Series 2018C

.000

07/01/35

1,089,027

1,000,000

Maricopa County Unified School District 11, Peoria, Arizona,

General Obligation Bonds, School Improvement, Series 2018 -

BAM Insured

.000

07/01/34

1,020,174

275,000

Maricopa County Unified School District 69 Paradise Valley,

Arizona, General Obligation Bonds, School Improvement Project

of 2015, Series 2021E

.000

07/01/40

245,889

1,000,000

Maricopa County Unified School District 69 Paradise Valley,

Arizona, General Obligation Bonds, School Improvement Project

of 2023 Series 2025B

.000

07/01/41

1,115,921

1,350,000

Maricopa County Unified School District 80, Chandler, Arizona,

School Improvement Bonds, 2019 Project, Series 2021B

.000

07/01/40

1,203,697

1,000,000

Maricopa County Unified School District 95 Queen Creek,

Arizona, General Obligation Bonds, School Improvement Series

2020

.000

07/01/38

1,012,596

860,000

Maricopa County Union High School District 210 Phoenix,

Arizona, General Obligation Bonds, School Improvement &

Project of 2011 Series 2017E

.000

07/01/35

878,089

2,000,000

Maricopa County Union High School District 210 Phoenix,

Arizona, General Obligation Bonds, School Improvement Project

2011 and 2017, Series 2018

.000

07/01/37

2,037,988

775,000

Maricopa County Union High School District 216 Agua Fria,

Arizona, General Obligation Bonds, School Improvement, Project

of 2023, Series 2024A

.000

07/01/42

841,044

125,000

Maricopa County Union High School District 216 Agua Fria,

Arizona, General Obligation Bonds, School Improvement,

Projects of 2023 and 2024, Series 2025

.000

07/01/44

135,033

750,000

Mohave County Union High School District 2 Colorado River,

Arizona, General Obligation Bonds, School Improvement Series

2017

.000

07/01/35

763,435

690,000

Northwest Fire District of Pima County, Arizona, General

Obligation Bonds, Series 2017

.000

07/01/36

702,736

1,800,000

Pima County Unified School District 30 Sahuarita, Arizona, School

Improvement Bonds, Series 2024 - BAM Insured

.000

07/01/42

1,924,382

750,000

Pima County Unified School District 6 Marana, Arizona, General

Obligation Bonds, School Improvement, Project of 2014, Series

2019E - AGM Insured

.000

07/01/39

757,223

800,000

Pinal County School District 4 Casa Grande Elementary, Arizona,

General Obligation Bonds, School improvement Project 2016,

Series 2017A - BAM Insured

.000

07/01/36

813,311

330,000

Pinal County School District 4 Casa Grande Elementary, Arizona,

General Obligation Bonds, School improvement Project of 2025,

Series 2026A - BAM Insured

.000

07/01/45

352,069

TOTAL TAX OBLIGATION/GENERAL

22,363,416

TAX OBLIGATION/LIMITED - 23.7%

100,000

(b)

Arizona Industrial Development Authority, Arizona, Economic

Development Revenue Bonds, Linder Village Project in Meridian,

Ada County, Idaho, Series 2020

.000

06/01/31

101,671

1,150,000

Arizona State Transportation Board, Highway Revenue Bonds,

Refunding Series 2026

.000

07/01/46

1,242,593

475,000

Cadence Community Facilities District, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 1, Series 2019

.500

07/01/43

453,799

674,000

Cadence Community Facilities District, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 3, Series 2020

.000

07/01/45

593,990

94,502

(b),(c)

Cahava Springs Revitalization District, Cave Creek, Arizona,

Special Assessment Bonds, Series 2017A

.000

07/01/41

94,502

500,000

Cottonwood, Arizona, Pledged Revenue Bonds, Series 2015 -

RAAI Insured

.000

07/01/30

500,727

450,000

(b)

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2015

.000

07/15/39

450,049

500,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2017 - AGM Insured

.000

07/15/42

507,458

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

1,000,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2018 - BAM Insured

.000

07/15/38

1,011,385

1,300,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2019 - BAM Insured

.000

07/15/39

1,304,137

1,100,000

Eastmark Community Facilities District 1, Mesa, Arizona, General

Obligation Bonds, Series 2021 - BAM Insured

.000

07/15/45

1,059,712

143,000

Eastmark Community Facilities District 1, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 1, Series 2013

.250

07/01/38

143,015

299,000

Eastmark Community Facilities District 1, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 1, Series 2019

.200

07/01/43

297,379

499,000

Eastmark Community Facilities District 1, Mesa, Arizona, Special

Assessment Revenue Bonds, Assessment District 12, Series 2021

.250

07/01/35

442,868

210,000

Eastmark Community Facilities District 2, Mesa, Arizona, General

Obligation Bonds, Series 2020

.000

07/15/30

208,320

480,000

Eastmark Community Facilities District 2, Mesa, Arizona, General

Obligation Bonds, Series 2020

.000

07/15/35

455,061

45,000

Estrella Mountain Ranch Community Facilities District, Goodyear,

Arizona, General Obligation Bonds, Refunding Series 2017 -

AGM Insured

.000

07/15/32

45,895

750,000

Estrella Mountain Ranch Community Facilities District, Goodyear,

Arizona, Special Assessment Revenue Bonds, Lucero Assessment

District 2, Series 2023

.750

07/01/46

760,696

260,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2018 - BAM Insured

.000

07/15/38

263,252

1,500,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2020 - BAM Insured

.000

07/15/40

1,496,814

1,000,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

General Obligation Bonds, Series 2022 - AGM Insured

.000

07/15/42

1,035,766

201,000

Festival Ranch Community Facilities District, Buckeye, Arizona,

Special Assessment Revenue Bonds, Assessment District 11,

Series 2017

.200

07/01/37

198,499

1,129,000

Floreo at Teravalis Community Facilities District, Arizona, Special

Assessment Revenue Bonds, District 1 Series 2025

.150

07/01/35

1,174,151

2,000,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Refunding Series 2016A, (Pre-

refunded 1/01/27)

.000

01/01/35

2,026,592

500,000

Maricopa, Arizona, Pledged Revenue Obligations, Series 2023

.250

07/15/43

546,059

470,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

488,176

165,000

Merrill Ranch Community Facilities District 2, Florence, Arizona,

General Obligation Bonds, Series 2017 - BAM Insured

.000

07/15/42

166,754

1,500,000

Pinal County, Arizona, Pledged Revenue Obligations, Series 2019

.000

08/01/39

1,500,861

1,750,000

Pinal County, Arizona, Pledged Revenue Obligations, Series 2025

- BAM Insured

.000

08/01/44

1,901,973

1,250,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.550

07/01/40

1,252,767

1,000,000

(e)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/46

365,016

1,200,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

1,119,844

1,420,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

1,367,962

1,665,000

Queen Creek, Arizona, Certificates of Participation, Series 2026

.000

10/01/51

1,733,047

4,900,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Series 2020

.000

08/01/50

4,549,377

2,000,000

Queen Creek, Arizona, Excise Tax and State Shared Revenue

Obligation Bonds, Series 2024

.000

08/01/54

2,063,495

275,000

Sedona, Arizona, Excise Tax Revenue Bonds, Series 2024 - AGM

Insured

.000

07/01/43

292,540

510,000

Superstition Vistas Community Facilities District 1, Apache

Junction, Arizona, Special Assessment Revenue Bonds, Series

2023

.000

07/01/47

519,167

402,000

Superstition Vistas Community Facilities District 2, Arizona,

Special Assessment Bonds, Assessment Area 2, Series 2025

.200

07/01/35

407,488

Portfolio of Investments May 31, 2026

(continued)

Arizona

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

805,000

Surprise, Arizona, Pledged Revenue Bonds, Refunding Series

2015

.000

07/01/30

806,541

1,150,000

Tartesso West Community Facility District, Buckeye, Arizona,

Limited Tax General Obligation Bonds, Series 2021 - AGM

Insured

.000

07/15/41

1,154,637

600,000

Tempe, Arizona, Excise Tax Revenue Bonds, Refunding Series

2016

.000

07/01/31

601,216

750,000

Verrado District 1 Community Faciliites District, Buckeye, Arizona,

General Obligation Bonds, Series 2023 - BAM Insured

.000

07/15/43

796,166

815,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2012A - AGM Insured

.000

10/01/32

822,546

275,000

Vistancia North Community Facilities District, Peoria, Arizona,

General Obligation Bonds, Series 2024 - AGM Insured

.375

07/15/49

271,886

840,000

(b)

Vistancia West Community Facilities District, Peoria, Arizona,

General Obligation Bonds, Series 2016

.000

07/15/29

841,132

2,260,000

Yavapai County Jail District, Arizona, Pleged Revenue Obligation

Bonds, Series 2020 - BAM Insured

.000

07/01/40

2,266,065

840,000

Yuma County, Arizona, Pledge Revenue Obligations, Series 2022

- BAM Insured

.250

07/15/42

853,655

TOTAL TAX OBLIGATION/LIMITED

42,556,701

TRANSPORTATION - 3.3%

1,500,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Junior Lien Series 2019B, (AMT)

.000

07/01/49

1,507,130

725,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Refunding Junior Lien Series 2025

.000

07/01/44

787,496

2,000,000

Phoenix Civic Improvement Corporation, Arizona, Airport

Revenue Bonds, Senior Lien Series 2017A, (AMT)

.000

07/01/47

2,004,926

1,000,000

Phoenix Civic Improvement Corporation, Arizona, Rental Car

Facility Charge Revenue Bonds, Series 2019A

.000

07/01/32

1,063,348

500,000

Phoenix Civic Improvement Corporation, Arizona, Rental Car

Facility Charge Revenue Bonds, Series 2019A

.000

07/01/38

523,032

TOTAL TRANSPORTATION

5,885,932

U.S. GUARANTEED - 2.5% (f)

250,000

Estrella Mountain Ranch Community Facilities District, Goodyear,

Arizona, General Obligation Bonds, Refunding Series 2017, (Pre-

refunded 7/15/27) - AGM Insured

.000

07/15/32

256,618

1,750,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Refunding Series 2016A, (Pre-

refunded 1/01/27)

.000

01/01/32

1,773,268

1,145,000

Maricopa County Industrial Development Authority, Arizona,

Revenue Bonds, Banner Health, Refunding Series 2016A, (Pre-

refunded 1/01/27)

.000

01/01/38

1,160,224

145,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Refunding Series 2016, (Pre-refunded

8/01/26)

.000

08/01/33

145,221

155,000

Queen Creek, Arizona, Excise Tax & State Shared Revenue

Obligation Bonds, Refunding Series 2016, (Pre-refunded

8/01/26)

.000

08/01/35

155,236

880,000

Scottsdale Municipal Property Corporation, Arizona, Excise Tax

Revenue Bonds, Refunding Series 2017, (Pre-refunded 7/01/27)

.000

07/01/36

902,982

TOTAL U.S. GUARANTEED

4,393,549

UTILITIES - 18.7%

600,000

(a)

Avondale, Arizona, Wastewater System Revenue Obligation

Bonds, Series 2026A

.000

07/01/48

631,467

1,000,000

Carefree Utilities Community Facilities District, Arizona, Water

System Revenue Bonds, Series 2021

.000

07/01/51

890,719

1,285,000

Central Arizona Water Conservation District, Arizona, Water

Delivery O&M Revenue Bonds, Series 2016

.000

01/01/35

1,287,889

1,500,000

City of Mesa, Arizona, Utility System Revenue Bonds, Series

2022C

.000

07/01/36

1,737,778

1,200,000

Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding

Senior Lien Series 2025

.000

07/01/44

1,298,662

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

1,805,000

Glendale, Arizona, Water and Sewer Revenue Bonds, Senior Lien

Series 2022A

.000

07/01/41

1,939,083

790,000

Goodyear, Arizona, Water and Sewer Revenue Obligations,

Refunding Subordinate Lien Series 2016 - AGM Insured

.000

07/01/45

790,440

1,500,000

Goodyear, Arizona, Water and Sewer Revenue Obligations,

Subordinate Lien Series 2020 - AGM Insured

.000

07/01/45

1,494,387

1,215,000

Goodyear, Arizona, Water and Sewer Revenue Obligations,

Subordinate Lien Series 2025

.000

07/01/44

1,306,238

500,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

.000

07/01/40

505,202

735,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

.000

07/01/36

735,745

150,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

.000

10/01/42

158,090

500,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2018

.000

07/01/42

513,481

1,000,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2020

.000

07/01/44

838,511

1,830,000

Mesa, Arizona, Utility System Revenue Bonds, Series 2022A -

BAM Insured

.000

07/01/46

1,919,812

1,000,000

Phoenix Civic Improvement Corporation, Arizona, Wastewater

System Revenue Bonds, Junior Lien Series 2023

.250

07/01/47

1,075,314

585,000

Phoenix Civic Improvement Corporation, Arizona, Wastewater

System Revenue Bonds, Refunding Junior Lien Series 2014

.000

07/01/29

586,129

2,185,000

Phoenix Civic Improvement Corporation, Arizona, Water System

Revenue Bonds, Junior Lien Sustainability Series 2020A

.000

07/01/44

2,301,457

1,000,000

(b)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.000

07/01/33

1,049,719

1,000,000

(b)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.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

.000

01/01/50

2,594,143

4,000,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2024A

.250

01/01/54

4,236,848

1,575,000

Salt River Project Agricultural Improvement and Power District,

Arizona, Electric System Revenue Bonds, Series 2025

.000

01/01/48

1,671,045

1,805,000

Salt Verde Financial Corporation, Arizona, Senior Gas Revenue

Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series

2007

.000

12/01/37

1,905,340

1,000,000

Tucson, Arizona, Water System Revenue Bonds, Obligations

Series 2024

.000

07/01/44

1,083,154

TOTAL UTILITIES

33,592,017

TOTAL MUNICIPAL BONDS

(Cost $175,318,509)

173,811,952

TOTAL LONG-TERM INVESTMENTS

(Cost $175,318,509)

173,811,952

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.7%

1,300,000

MUNICIPAL BONDS - 0.7%

–

HEALTH CARE - 0.7%

1,300,000

(g)

Phoenix Industrial Development Authority, Arizona, Health Care

Facilities Revenue Bonds, Mayo Clinic, Series 2014B

.400

11/15/52

1,300,000

TOTAL HEALTH CARE

1,300,000

TOTAL MUNICIPAL BONDS

(Cost $1,300,000)

1,300,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $1,300,000)

1,300,000

TOTAL INVESTMENTS - 97.7%

(Cost $176,618,509)

175,111,952

OTHER ASSETS & LIABILITIES, NET - 2.3%

4,107,614

NET ASSETS - 100%

179,219,566

AMT

Alternative Minimum Tax

Portfolio of Investments May 31, 2026

(continued)

Arizona

See Notes to Financial Statements

(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 $10,402,633 or 5.9% of Total Investments.

(c)

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

bankruptcy.

(d)

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)

Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial

period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference

between the original purchase price of the bond at issuance and the par value of the bond at maturity.

(f)

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

payment of principal and interest.

(g)

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

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

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

Portfolio of Investments May 31, 2026

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 95.4%

459,786,833

MUNICIPAL BONDS - 95.4%

–

CONSUMER DISCRETIONARY - 0.7%

500,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

12/01/29

504,049

1,000,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

12/01/32

1,007,161

2,000,000

Denver Convention Center Hotel Authority, Colorado, Revenue

Bonds, Convention Center Hotel, Refunding Senior Lien Series

2016

.000

12/01/35

2,011,934

TOTAL CONSUMER DISCRETIONARY

3,523,144

EDUCATION AND CIVIC ORGANIZATIONS - 5.5%

2,000,000

(a)

Colorado Educational and Cultural Facilities Authority

Education Revenue Bonds, Colorado, Rocky Mountain School of

Expeditionary Learning Project, Series 2019

.000

03/01/50

1,806,172

500,000

(a)

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Aspen Ridge School Project, Series

2015A

.000

07/01/36

500,168

500,000

(a)

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Aspen Ridge School Project, Series

2015A

.250

07/01/46

500,014

505,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Community Leadership Academy, Inc.

Second Campus Project, Series 2013

.350

08/01/43

505,480

160,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Douglas County School District RE-1 -

DCS Montessori School, Refunding & Improvement Series 2012

.000

07/15/27

160,065

350,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Littleton Preparatory Charter School,

Series 2013

.000

12/01/33

350,175

100,000

(a)

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, New Summit Charter Academy Project,

Series 2021A

.000

07/01/41

85,128

1,000,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, The Classical Academy Project,

Refunding Series 2015A

.000

12/01/38

1,000,542

655,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Twin Peaks Charter Academy, Series

2011B

.500

03/15/35

655,882

600,000

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, Union Colony School Project, Series

2018

.000

04/01/38

610,110

1,000,000

(a)

Colorado Educational and Cultural Facilities Authority, Charter

School Revenue Bonds, University of Northern Colorado Lab

School, Refunding & Improvement Series 2015

.000

12/15/45

980,541

500,000

Colorado Educational and Cultural Facilities Authority,

Independent School Revenue Bonds, Kent Denver School

Project, Series 2016

.000

10/01/36

502,554

255,000

(a)

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, Rocky Mountain Classical Academy Project, Refunding

Series 2019

.000

10/01/49

241,376

1,000,000

(a)

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, Rocky Mountain Classical Academy Project, Refunding

Series 2019

.000

10/01/59

907,738

1,000,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University of Denver, Series 2017A

.000

03/01/35

1,001,228

3,000,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, University of Denver, Series 2017A

.000

03/01/47

3,013,796

400,000

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, West Ridge Academy Charter School, Refunding &

Improvement Series 2019

.000

06/01/49

393,515

Portfolio of Investments May 31, 2026

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

4,390,000

Colorado School of Mines Board of Trustees, Golden, Colorado,

Institutional Enterprise Revenue Bonds, Green Series 2023C

.250

12/01/53

4,596,961

2,215,000

Colorado School of Mines Board of Trustees, Golden, Colorado,

Institutional Enterprise Revenue Bonds, Series 2023C

.250

12/01/48

2,350,104

1,335,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017A

.000

03/01/34

1,345,210

2,000,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2017E

.000

03/01/43

1,970,381

1,000,000

(a)

Falcon Area Water and Wastewater Authority (El Paso County,

Colorado), Tap Fee Revenue Bonds, Series 2022A

.750

12/01/34

1,003,524

2,000,000

University of Northern Colorado at Greeley, Institutional

Enterprise System Revenue Bonds, Refunding Series 2015A

.000

06/01/40

2,001,180

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

26,481,844

HEALTH CARE - 16.8%

1,760,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2019A

.000

11/15/37

1,851,574

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2019A

.000

11/15/43

964,266

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2021A

.000

11/15/46

924,494

2,000,000

(b)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

AdventHealth Obligated Group, Series 2023A-2, (Mandatory Put

11/15/33)

.000

11/15/57

2,227,262

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series 2016A

.000

11/15/46

908,380

3,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Adventist Health System/Sunbelt Obligated Group, Series 2018A

.000

11/15/48

3,040,129

5,250,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-1

.000

08/01/44

4,877,158

270,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/44

275,552

3,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.000

08/01/49

2,641,095

500,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/38

546,089

5,095,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.500

11/01/47

5,389,535

4,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2022A

.250

11/01/52

4,127,310

5,750,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2024A

.250

12/01/54

5,953,460

3,300,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Craig Hospital Project, Series 2025A

.250

12/01/50

3,432,333

7,565,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Craig Hospital Project, Series 2025A

.500

12/01/55

7,925,498

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2022A

.000

05/15/52

2,046,222

8,055,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Intermountain Healthcare, Series 2024A

.000

05/15/54

8,213,824

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sanford Health, Series 2019A

.000

11/01/39

1,978,811

3,950,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Sanford Health, Series 2019A

.000

11/01/49

3,988,257

3,500,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

SCL Health System, Refunding Series 2019A

.000

01/01/35

3,560,517

1,590,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Valley View Hospital Association, Refunding Series 2017A

.000

05/15/34

1,596,501

1,050,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Valley View Hospital Association, Refunding Series 2017A

.000

05/15/35

1,053,616

2,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Valley View Hospital Association, Series 2015

.000

05/15/45

2,001,016

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

375,000

Del Norte, Colorado, Healthcare Facilities Revenue Bonds, Rio

Grande Hospital Refunding Project, Refunding Series 2024

.700

12/01/49

363,181

600,000

Delta County Memorial Hospital District, Colorado, Enterprise

Revenue Bonds, Refunding Series 2010

.500

09/01/30

584,726

475,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2014A

.000

12/01/39

475,807

7,250,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2025A

.125

12/01/50

7,221,849

440,000

Denver Health and Hospitals Authority, Colorado, Healthcare

Revenue Bonds, Series 2025A

.000

12/01/55

468,905

2,500,000

(a)

Kremmling Memorial Hospital District, Colorado, Certificates of

Participation, Series 2024

.625

12/01/56

2,448,863

TOTAL HEALTH CARE

81,086,230

HOUSING/MULTIFAMILY - 0.4%

110,000

Denver City & County Housing Authority, Colorado, Capital Fund

Program Revenue Bonds, Three Tower Rehabilitation, Series

2007 - AGM Insured, (AMT)

.200

11/01/27

110,196

2,000,000

Denver City and County Housing Authority, Colorado, Multifamily

Housing Revenue Bonds, Flo Senior Apartments Project,

Sustainability Green Series 2023A

.500

07/01/41

2,014,702

TOTAL HOUSING/MULTIFAMILY

2,124,898

LONG-TERM CARE - 1.9%

2,500,000

(a)

Colorado Educational and Cultural Facilities Authority, Revenue

Bonds, Monument Academy Prject, Series 2026A

.375

06/01/36

2,462,200

500,000

(a),(c)

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

American Baptist Homes Project, Series 2016

.125

02/01/46

336,177

1,325,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Communities Obligated group, Improvement

and Refunding Series 2026

.000

01/01/35

1,469,565

925,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Communities Obligated group, Improvement

and Refunding Series 2026

.000

01/01/36

1,021,493

870,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Christian Living Communities Obligated group, Improvement

and Refunding Series 2026

.000

01/01/37

954,834

1,200,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Frasier Meadows Project, Refunding & Improvement Series

2017A

.250

05/15/47

1,204,778

1,500,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Frasier Project, Refunding Bonds Series 2025A

.250

05/15/48

1,536,890

TOTAL LONG-TERM CARE

8,985,937

TAX OBLIGATION/GENERAL - 8.2%

2,000,000

Delta County Joint School District 50 Delta, Gunnison, Montrose

and Mesa Counties, Colorado, General Obligation Bonds, Series

2023

.000

12/01/47

2,088,446

3,000,000

Denver School District 1, Colorado, General Obligation Bonds,

Series 2021

.000

12/01/41

3,032,805

4,625,000

Denver School District 1, Colorado, General Obligation Bonds,

Series 2022A

.000

12/01/45

4,902,346

480,000

Eagle River Water and Sanitation District, Eagle County,

Colorado, General Obligation Bonds, Series 2016

.500

12/01/36

482,948

2,500,000

Eagle River Water and Sanitation District, Eagle County,

Colorado, General Obligation Bonds, Series 2016

.000

12/01/45

2,507,934

1,220,000

El Paso County School District 20, Academy, Colorado, General

Obligation Bonds, Series 2017

.000

12/15/40

1,209,812

600,000

Foothills Park and Recreation District, Subdistrict A, Jefferson

County, Colorado, General Obligation Bonds, Refunding Series

2015 - AGM Insured

.250

12/01/29

599,985

440,000

Foothills Park and Recreation District, Subdistrict A, Jefferson

County, Colorado, General Obligation Bonds, Refunding Series

2015 - AGM Insured

.000

12/01/30

440,632

Portfolio of Investments May 31, 2026

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

1,275,000

Foothills Park and Recreation District, Subdistrict A, Jefferson

County, Colorado, General Obligation Bonds, Refunding Series

2015 - AGM Insured

.000

12/01/31

1,276,773

655,000

Grand River Hospital District, Garfield and Mesa Counties,

Colorado, General Obligation Bonds, Series 2018 - AGM Insured

.250

12/01/34

681,677

1,750,000

Grand River Hospital District, Garfield and Mesa Counties,

Colorado, General Obligation Bonds, Series 2018 - AGM Insured

.250

12/01/37

1,807,672

3,000,000

Gunnison Watershed School District RE1J, Gunnison and

Saguache Counties, Colorado, General Obligation Bonds, Series

2023

.000

12/01/47

3,132,669

2,000,000

Larimer and Weld Counties School District Re-5J, Colorado,

General Obligation Bonds, Series 2021

.000

12/01/40

2,011,559

750,000

Louisville, Boulder County, Colorado, General Obligation Bonds,

Limited Tax, Series 2017

.000

12/01/35

752,067

1,140,000

Roaring Fork Transporation Authority, Colorado, Property Tax

Revenue Bonds, Series 2021A

.000

12/01/46

1,097,363

2,410,000

Weld County School District 6, Greeley, Colorado, General

Obligation Bonds, Series 2020

.000

12/01/44

2,508,536

8,500,000

Weld County School District RE-4, Windsor, Colorado, General

Obligation Bonds, Series 2023

.250

12/01/47

9,045,301

2,000,000

Westminster Public Schools, Adams County, Colorado,

Certificates of Participation, Series 2019 - AGM Insured

.000

12/01/43

2,058,794

TOTAL TAX OBLIGATION/GENERAL

39,637,319

TAX OBLIGATION/LIMITED - 35.9%

3,625,000

Aerotropolis Regional Transportation Authority, Colorado,

Special Revenue Bonds, Series 2019

.000

12/01/51

3,391,366

368,328

Alpine Mountain Ranch Metropolitan District, Routt County,

Colorado, Special Assessment Revenue Bonds, Special

Improvement District 1, Refunding Series 2021

.000

12/01/40

350,992

1,070,000

Anthem West Metropolitan District, Colorado, General

Obligation Bonds, Refunding Series 2015 - BAM Insured

.000

12/01/35

1,075,184

1,020,000

Arista Metropolitan District, Broomfield County, Colorado,

General Obligation Limited Tax Bonds, Refunding Convertible to

Unlimited Tax Series 2023A - BAM Insured

.000

12/01/48

1,049,850

1,275,000

Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series

2023

.000

12/01/41

1,395,035

1,335,000

Arvada, Colorado, Sales and Use Tax Revenue Bonds, Series

2023

.000

12/01/42

1,455,248

500,000

Aviation Station North Metropolitan District 2, Denver County,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2019A

.000

12/01/48

500,200

1,390,000

Baseline Metropolitan District 1, In the City and County of

Broomfield, Colorado, Special Revenue Bonds, Refunding and

Improvement Series 2024A

.250

12/01/54

1,311,599

4,000,000

Brighton Crossing Metropolitan District 4, Colorado, General

Obligation Bonds, Limited Tax Refunding Series 2024

.000

12/01/47

3,778,995

302,000

(a)

Broadway Park North Metropolitan District 2, Denver,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2020

.375

12/01/26

299,879

5,055,000

Bromley Park Metropolitan District 3, Adams County, Colorado,

General Obligation Bonds, Limited Tax Refunding Series 2024

.000

12/01/44

4,864,580

2,500,000

Bromley Park Metropolitan District No. 2, In the City of Brighton,

Adams and Weld Counties, Colorado, Senior General Obligation

Limited Tax Refunding Bonds, Series 2023 - BAM Insured

.375

12/01/53

2,624,583

1,020,000

Buffalo Ridge Metropolitan District (In the City of Commerce

City), Adams County, Colorado, General Obligation Refunding

and Improvement Bonds, Series 2018A - BAM Insured

.000

12/01/34

1,060,948

1,000,000

Buffalo Ridge Metropolitan District (In the City of Commerce

City), Adams County, Colorado, General Obligation Refunding

and Improvement Bonds, Series 2018A - BAM Insured

.000

12/01/47

917,976

250,000

Canyons Metropolitan District 5, Douglas County, Colorado,

Limited Tax General Obligation and Special Revenue Bonds,

Refunding and Improvement Series 2024A - BAM Insured

.250

12/01/59

257,695

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

3,604,000

CCP Metropolitan District 3, Colorado, General Obligation

Bonds, Limited Tax Refunding Series 2024

.000

12/01/53

3,570,347

1,145,000

(a)

Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Bonds, Refunding & Improvement Series 2017

.000

12/01/47

1,144,979

500,000

Centerra Metropolitan District 1, Loveland, Colorado, Special

Revenue Improvement Bonds, Series 2022

.500

12/01/53

523,432

480,000

Cherry Creek Corporate Center Metropolitan District, Arapahoe

County, Colorado, Revenue Bonds, Refunding Senior Lien Series

2015A

.000

06/01/37

480,221

1,725,000

Colorado International Center Metropolitan District 14, Denver,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2018

.875

12/01/46

1,726,922

2,000,000

Colorado State, Building Excellent Schools Today, Certificates of

Participation, Series 2017J

.250

03/15/42

2,020,164

1,000,000

Colorado State, Building Excellent Schools Today, Certificates of

Participation, Series 2021S

.000

03/15/41

1,007,316

5,000,000

Colorado State, Certificates of Participation, Higher Education

Health Sciences Facilities Series 2024A

.000

11/01/49

4,489,062

1,780,000

Colorado State, Certificates of Participation, Lease Purchase

Agreement Department of Transportation Second Amended &

Restated Headquaters Facilities, Refunding Series 2020

.000

06/15/38

1,800,485

2,295,000

Copperleaf Metropolitan District 2, Arapahoe County, Colorado,

Limited Tax General Obligation Bonds, Refunding Convertible to

Unlimited Tax Series 2020 - BAM Insured

.000

12/01/45

2,216,408

1,250,000

Cottonwood Highlands Metropolitan District 1, Parker, Colorado,

Limited Tax General Obligation Bonds, Convertible to Unlimited

Tax Refunding Series 2024

.250

12/01/49

1,168,437

2,500,000

Cottonwood Highlands Metropolitan District 1, Parker, Colorado,

Limited Tax General Obligation Bonds, Convertible to Unlimited

Tax Refunding Series 2024

.250

12/01/54

2,268,236

1,000,000

Cross Creek Metropolitan District 2, Aurora, Colorado, Unlimited

Tax General Obligation Bonds, Refunding Series 2018 - AGM

Insured

.000

12/01/45

967,043

2,000,000

Crowfoot Valley Ranch Metropolitan District No. 2, Douglas

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024A - BAM Insured

.375

12/01/54

1,855,875

1,250,000

Crystal Valley Metropolitan District 2, Douglas County,

Colorado, Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2020A - AGM Insured

.000

12/01/44

1,203,623

621,000

Cumberland Green Metropolitan District, El Paso County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Series 2015

.250

12/01/45

621,111

2,955,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Refunding & Improvement Series 2016A

.000

08/01/42

2,960,755

1,000,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Series 2021A

.000

08/01/35

1,033,444

1,785,000

Denver City and County, Colorado, Dedicated Tax Revenue

Bonds, Series 2021A

.000

08/01/40

1,806,260

115,000

(a)

Denver Urban Renewal Authority, Colorado, Tax Increment

Revenue Bonds, 9th and Colorado Urban Redevelopement Area,

Series 2018A

.250

12/01/39

115,355

2,580,000

Douglas County School District, Number RE1, Douglas and

Elbert Counties. Colorado, General Obligation Bonds, Series

2024

.000

12/15/44

2,806,401

5,500,000

Ebert Metropolitan District, Denver Colorado, Limited Tax

General Obligation Bonds, Refunding Series 2018A-1 - BAM

Insured

.000

12/01/43

5,647,139

2,000,000

El Paso County School District 49 Falcon, Colorado, Certificates

of Participation, Series 2017B

.000

12/15/42

2,013,059

575,000

Erie Farm Metropolitan District, Erie, Boulder County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement, Series 2021 - AGM Insured

.000

12/01/41

606,368

1,000,000

Erie, Colorado, Certificates of Participation, Series 2010

.000

11/01/37

1,000,563

Portfolio of Investments May 31, 2026

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

500,000

Foothills Metropolitan District, Fort Collins, Colorado, Special

Revenue Bonds, Series 2014

.000

12/01/38

499,946

1,525,000

Foothills Park and Recreation District, Jefferson County,

Colorado, Lease Revenue Bonds, Certificates of Participation,

Series 2021

.000

12/01/33

1,581,086

890,000

Four Corners Business Improvement District, Erie, Boulder

County, Colorado, Limited Tax Supported Revenue Bonds, Series

2022

.000

12/01/52

899,506

500,000

(c)

Future Legends Sports Park Business Improvement District,

Colorado, Limited Tax General Obligation Bonds Series 2022A

and Subordinate Limited Tax General Obligation Bonds Series

2022B

.500

12/01/52

250,598

800,000

Glen Metropolitan District 1, El Paso County, Colorado, General

Obligation Limited Tax Bonds, Series 2016A - BAM Insured

.500

12/01/45

800,364

600,000

Gold Hill Mesa Metropolitan District 2, Colorado Springs, El Paso

County, Colorado, Limited Tax General Obligation and Special

Revenue Bonds, Refunding & Improvement Series 2022A - BAM

Insured

.500

12/01/47

633,015

2,490,000

(a)

Granby Ranch Metropolitan District, Colorado, Limited Tax

General Obligation Bonds, Refunding Series 2018

.500

12/01/52

2,491,326

675,000

Green Gables Metropolitan District 2, Jefferson County,

Colorado, Limited Tax General Obligation Bonds, Special

Revenue Refunding Improvement Senior Series 2023A - BAM

Insured

.125

12/01/53

682,227

223,854

Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 1,

Series 2024A-1

.000

12/01/43

232,915

330,000

(a)

Hess Ranch Metropolitan District 5, Parker, Colorado, Special

Assessment Revenue Bonds, Special Improvement District 2,

Series 2024

.500

12/01/44

338,331

1,125,000

High Plains Metropolitan District, Arapahoe County, Colorado,

General Obligation Bonds, Refunding Series 2017 - NPFG

Insured

.000

12/01/35

1,149,856

1,250,000

Hunters Overlook Metropolitan District 5, Severance, Weld

County, Colorado, Limited Tax General Obligation Bonds,

Refunding Series 2024

.250

12/01/54

1,172,642

500,000

Jefferson Center Metropolitan District 2, Arvada, Jefferson

County, Colorado, Special Revenue Bonds, Refunding Series

2026A

.000

12/01/56

503,322

3,000,000

Lanterns Metropolitan District 1, Castle Rock, Douglas County,

Colorado, Limited Tax General Obligation Bonds, Refunding and

Improvement Series 2024

.250

12/01/53

2,735,717

460,000

Lincoln Park Metropolitan District, Douglas County, Colorado,

Limited Tax General Obligation and Improvement Bonds,

Refunding Series 2018 - AGM Insured

.000

12/01/42

465,360

2,000,000

Lincoln Park Metropolitan District, Douglas County, Colorado,

Limited Tax General Obligation and Improvement Bonds,

Refunding Series 2018 - AGM Insured

.000

12/01/46

2,007,430

1,330,000

Littleton Village Metropolitan District 2, Arapahoe County,

Colorado, General Obligation Bonds, Limited Tax Refunding

Series 2023 - AGM Insured

.000

12/01/53

1,335,191

825,000

Lorson Ranch Metropolitan District 2, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2016

.000

12/01/36

828,318

1,805,000

Lorson Ranch Metropolitan District 2, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2016

.000

12/01/41

1,808,009

1,000,000

Meridian Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Series 2023 - AGM Insured

.250

12/01/48

953,937

650,000

Meridian Metropolitan District, Douglas County, Colorado,

General Obligation Refunding Bonds, Series 2017 - AGM Insured

.000

12/01/42

654,378

1,000,000

Midtown at Clear Creek Metropolitan District, Adams County,

Colorado, General Obligation Bonds, Refunding Limited Tax

Series 2023A - BAM Insured

.500

12/01/43

1,095,855

1,000,000

Monument, El Paso County, Colorado, Certificate of Participation,

Series 2020 - AGM Insured

.000

12/01/40

999,584

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

494,000

Mountain Shadows Metropolitan District, Weld County,

Colorado, Limited Tax General Obligation Bonds, Series 2015

.500

12/01/44

494,267

570,000

Nexus North at DIA Metropolitan District, Adams County,

Colorado, Limited Tax General Obligation Bonds, Series 2021

.000

12/01/51

543,804

709,000

North Range Metropolitan District 2, Adams County, Colorado

, Limited Tax General Obligation Bonds, Refunding Special

Revenue & Improvement Series 2017A

.625

12/01/37

709,568

1,000,000

North Range Metropolitan District 3, Adams County, Colorado,

Limited Tax General Obligation Bonds, Series 2020A-3

.250

12/01/50

1,007,177

4,000,000

Northern Colorado Water Conservancy District, Certificates of

Participation, Series 2022

.250

07/01/52

4,139,382

755,000

(c)

Painted Prairie Public Improvement Authority, Aurora, Colorado,

Special Revenue Bonds, Series 2019

.000

12/01/49

670,764

1,500,000

Park 70 Metropolitan District, Aurora, Colorado, General

Obligation Bonds, Limited Tax Refunding & Improvement Series

2016

.000

12/01/36

1,505,295

1,650,000

Park Creek Metropolitan District, Colorado, Senior Limited

Property Tax Supported Revenue Bonds, Series 2019A - AGM

Insured

.000

12/01/36

1,666,439

783,000

(a)

Platte River Metropolitan District, Weld County, Colorado,

General Obligation Bonds, Limited Tax Refunding Series 2023A

.500

08/01/53

800,874

2,500,000

(a)

Plaza Metropolitan District 1, Lakewood, Colorado, Tax Increment

Revenue Bonds, Refunding Series 2013

.000

12/01/40

2,501,193

500,000

(a)

Prairie Center Metopolitan District No. 3, In the City of Brighton,

Adams County, Colorado, Limited Property Tax Supported

Primary Improvements Revenue Bonds, Refunding Series 2017A

.000

12/15/41

500,848

680,000

Prairie Center Metropolitan District No. 3, In the City of Brighton,

Adams County, Colorado, Limited Property Tax Supported

Primary Improvements Revenue Bonds, Series 2024A

.875

12/15/46

719,586

500,000

Prairiestar Metropolitan District 2, Larimer County, Colorado,

Limited Tax General Obligation Bonds, Refunding &

Improvement Series 2021A - BAM Insured

.000

12/01/46

516,342

1,550,000

Pueblo County, Colorado, Certificates of Participation,

Community Improvement Projects, Series 2023A

.000

07/01/43

1,514,809

4,360,000

Pueblo County, Colorado, Certificates of Participation, County

Judicial Complex Project, Series 2022A

.000

07/01/49

4,415,994

230,000

(a)

Pueblo Urban Renewal Authority, Colorado, Tax Increment

Revenue Bonds, EVRAZ Project, Series 2021A

.750

12/01/45

223,157

2,516,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.500

07/01/34

2,516,188

1,864,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

1,739,491

2,500,000

Rampart Range Metropolitan District 1, Lone Tree, Colorado,

Limited Tax Supported and Special Revenue Bonds, Refunding &

Improvement Series 2017

.000

12/01/42

2,518,280

1,060,000

Ravenna Metropolitan District, Douglas County, Colorado,

General Obligation Bonds, Refunding Limited Tax Series 2023 -

AGM Insured

.000

12/01/43

1,119,168

400,000

Red Sky Ranch Metropolitan District, Eagle County, Colorado,

General Obligation Bonds, Refunding & Improvement Series

2015

.000

12/01/44

400,054

2,385,000

Regional Transportation District, Colorado, Sales Tax Revenue

Bonds, Fastracks Project, Series 2017B

.000

11/01/35

2,408,396

490,000

Reserve Metropolitan District 2, Mount Crested Butte, Colorado,

Limited Tax General Obligation Bonds, Refunding Series 2016A

.000

12/01/45

490,047

555,000

Riverview Metropolitan District, Steamboat Springs, Routt

County, Colorado, General Obligation Limited Tax Bonds,

Convertible to Unlimited Tax Refunding Series 2021

.000

12/01/41

552,112

1,000,000

Roaring Fork School District RE-1, Garfield, Pitkin, and Eagle

Counties, Colorado, Certificates of Participation, Series 2023 -

BAM Insured

.000

12/15/43

1,052,119

1,000,000

Sand Creek Metropolitan District, Colorado, General Obligation

Limited Tax Bonds, Refunding Series 2023 - AGM Insured

.000

12/01/37

1,076,921

Portfolio of Investments May 31, 2026

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

1,995,000

Sierra Ridge Metropolitan District 2, Douglas County, Colorado,

General Obligation Bonds, Subordinate Series 2022 - AGM

Insured

.000

12/01/46

1,874,242

275,000

Sierra Ridge Metropolitan District 2, Douglas County, Colorado,

Limited Tax General Obligation Bonds, Refunding Bonds, Series

2022 - AGM Insured

.000

12/01/52

279,566

515,000

Silver Peaks Metropolitan District 3, Colorado, Limited Tax

Obligation Bonds, Senior Lien Series 2020A

.000

12/01/50

498,656

5,515,000

Sky Ranch Community Authority Board, Arapahoe County,

Colorado, Limited Tax Supported District 1 Revenue Bonds,

Refunding Improvement Senior Series 2024A

.250

12/01/54

5,003,729

200,000

Southlands Metropolitan District 1, Colorado, Limited Tax

General Obligation Bonds, Series 2017A-1

.000

12/01/37

201,364

350,000

Southlands Metropolitan District 1, Colorado, Limited Tax

General Obligation Bonds, Series 2017A-2

.000

12/01/47

350,149

1,000,000

Southshore Metropolitan District 2 Aurora, Arapahoe County,

Colorado, General Obligation Bonds, Limited Tax Improvement

Series 2020A-2 - BAM Insured

.000

12/01/46

944,303

750,000

Sterling Hills West Metropolitan District, Arapahoe County,

Colorado, General Obligation Bonds, Refunding & Improvement

Series 2007

.000

12/01/39

768,254

1,000,000

Sterling Ranch Community Authority Board, Douglas County,

Colorado, Limited Tax Supported District 2, Refunding &

Improvement Senior Series 2025A - BAM Insured

.250

12/01/55

1,028,855

595,000

Sterling Ranch Metropolitan District 2, El Paso County, Colorado,

General Obligation Bonds, Limited Tax Convertible Capital

Appreciation Series 22

.500

12/01/42

618,441

2,030,000

(a)

Sunset Parks Metropolitan District, Weld County, Colorado,

General Obligation Bonds, Limited Tax Series 2024A

.125

12/01/54

2,003,360

750,000

Thompson Crossing Metropolitan District 2, Johnstown, Larimer

County, Colorado, General Obligation Bonds, Limited Tax

Convertible to Unlimited Tax, Series 2016B - AGM Insured

.000

12/01/46

750,178

1,640,000

(a)

Thompson Crossing Metropolitan District 6, Larimer County,

Colorado, General Obligation Limited Tax Bonds, Refunding &

Improvement Convertible to Unlimited Tax Series 2020

.000

12/01/40

1,666,805

770,000

Thornton Development Authority, Colorado, Tax Increment

Revenue Bonds, North Washington Street Corridor Project,

Refunding Series 2015

.250

12/01/28

770,050

2,000,000

Thornton, Colorado, Certificates of Participation, Series 2018

.000

12/01/39

2,004,562

3,000,000

Trailside Metropolitan District 4, Colorado, Limited Tax General

Obligation Bonds, Refunding and Improvement Series 2024A -

BAM Insured

.250

12/01/56

2,681,674

2,000,000

(a)

Triview Metropolitan District 4, El Paso County, Colorado,

General Obligation Bonds, Limited Tax Series 2018

.750

12/01/48

2,005,358

4,000,000

(a)

Ventana Metropolitan District, El Paso County, Colorado, General

Obligation Bonds, Limited Tax Refunding and Improvement

Series 2023A

.500

09/01/53

4,131,884

500,000

Village Metropolitan District In the Town of Avon, Eagle County,

Colorado, Special Revenue and Limited Property Tax Bonds,

Improvement Series 2025A

.750

12/01/55

507,715

525,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

.000

12/01/28

530,351

1,250,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

.000

12/01/31

1,261,374

500,000

Vista Ridge Metropolitan District, In the Town of Erie, Weld

County, Colorado, General Obligation Refunding Bonds, Series

2016A - BAM Insured

.000

12/01/36

500,579

1,375,000

Water Valley Metropolitan District 1, Colorado, General

Obligation Bonds, Refunding Series 2016

.000

12/01/33

1,362,793

400,000

Water Valley Metropolitan District 1, Colorado, General

Obligation Bonds, Refunding Series 2016

.000

12/01/35

401,422

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

1,190,000

Water Valley Metropolitan District 1, Colorado, General

Obligation Bonds, Refunding Series 2016

.250

12/01/40

1,193,000

250,000

Water Valley Metropolitan District 2, Windsor, Colorado, General

Obligation Bonds, Refunding Series 2016

.250

12/01/40

250,630

500,000

Waterview II Metropolitan District, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2022A

.000

12/01/41

507,146

1,500,000

Waterview II Metropolitan District, El Paso County, Colorado,

Limited Tax General Obligation Bonds, Series 2022A

.000

12/01/51

1,467,893

1,000,000

West Globeville Metropolitan District 1, Denver, Colorado,

General Obligation Limited Tax Bonds, Series 2022

.750

12/01/52

1,009,894

600,000

Westerly Metropolitan District 4, Weld County, Colorado, General

Obligation Limited Tax Bonds, Series 2021A-1

.125

12/01/31

588,960

1,500,000

Westminster, Colorado, Certificates of Participation, Series 2015A

.000

12/01/35

1,502,145

1,000,000

Westminster, Colorado, Certificates of Participation, Series 2015A

.000

12/01/38

1,000,096

1,000,000

Wheatlands Metropolitan District 2, Aurora, Arapahoe County,

Colorado, General Obligation Bonds, Refunding Series 2015 -

BAM Insured

.000

12/01/30

1,001,597

1,595,000

Wheatlands Metropolitan District 2, Aurora, Arapahoe County,

Colorado, General Obligation Bonds, Refunding Series 2015 -

BAM Insured

.000

12/01/38

1,595,253

1,400,000

Whispering Pines Metropolitan District No.1, In the City of

Aurora, Colorado, Limited Tax Convertible to Unlimited Tax,

General Obligation Refunding Series 2023 - AGM Insured

.000

12/01/52

1,422,984

TOTAL TAX OBLIGATION/LIMITED

172,993,585

TRANSPORTATION - 8.8%

1,000,000

Colorado High Performance Transportation Enterprise, C-470

Express Lanes Revenue Bonds, Senior Lien Series 2017

.000

12/31/56

986,896

500,000

Colorado High Performance Transportation Enterprise, US 36

and I-25 Managed Lanes Revenue Bonds, Senior Lien Series

2014, (AMT)

.750

01/01/44

500,380

2,115,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/26

2,137,035

1,995,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/39

2,124,960

3,340,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.000

11/15/41

3,544,143

3,585,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022A, (AMT)

.500

11/15/53

3,739,554

500,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022B

.000

11/15/47

522,113

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.750

11/15/45

1,086,294

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Series 2022D, (AMT)

.000

11/15/53

1,011,680

2,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/27

2,063,437

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/30

1,078,988

6,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/43

5,732,114

10,305,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018A, (AMT)

.000

12/01/43

10,516,485

1,000,000

Denver City and County, Colorado, Airport System Revenue

Bonds, Subordinate Lien Series 2018B

.000

12/01/37

1,041,707

500,000

Denver City and County, Colorado, Special Facilities Airport

Revenue Bonds, United Airlines, Inc. Project, Refunding Series

2017, (AMT)

.000

10/01/32

500,453

170,000

Eagle County Air Terminal Corporation, Colorado, Airport

Terminal Project Revenue Bonds, Refunding Series 2011A, (AMT)

.000

05/01/27

170,318

1,215,000

Grand Junction Regional Airport Authority, Colorado, General

Airport Revenue Bonds, Refunding Series 2016A

.000

12/01/32

1,223,371

1,275,000

Grand Junction Regional Airport Authority, Colorado, General

Airport Revenue Bonds, Refunding Series 2016A

.000

12/01/33

1,283,302

Portfolio of Investments May 31, 2026

(continued)

Colorado

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

1,000,000

Grand Junction Regional Airport Authority, Colorado, General

Airport Revenue Bonds, Refunding Series 2016A

.000

12/01/34

1,006,167

1,000,000

(d)

Routt County, Colorado, Airport Revenue Bonds, Yampa Valley

Regional Airport, Series 2026, (AMT)

.500

06/01/51

1,057,583

1,000,000

(d)

Routt County, Colorado, Airport Revenue Bonds, Yampa Valley

Regional Airport, Series 2026, (AMT)

.500

06/01/56

1,049,829

TOTAL TRANSPORTATION

42,376,809

U.S. GUARANTEED - 2.7% (e)

150,000

Boulder Larimer & Weld Counties School District RE-1J Saint

Vrain Valley, Colorado, General Obligation Bonds, Series 2016C,

(Pre-refunded 12/15/26)

.000

12/15/34

151,120

50,000

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

.000

06/01/37

51,132

1,585,000

Colorado Health Facilities Authority, Colorado, Health Facilities

Revenue Bonds, The Evangelical Lutheran Good Samaritan

Society Project, Refunding Series 2017, (Pre-refunded 6/01/27)

.000

06/01/42

1,620,867

1,250,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

Parkview Medical Center, Series 2020A, (Pre-refunded 9/01/30)

.000

09/01/50

1,320,584

500,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2016B, (Pre-refunded 3/01/27)

.000

03/01/34

509,119

500,000

Colorado State Board of Governors, Colorado State University

Auxiliary Enterprise System Revenue Bonds, Refunding Series

2016B, (Pre-refunded 3/01/27)

.000

03/01/41

509,119

1,200,000

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

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

.000

08/01/41

1,204,408

4,000,000

Commerce City, Colorado, Sales and Use Tax Revenue Bonds,

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

.000

08/01/46

4,014,691

3,410,000

University of Colorado, Enterprise System Revenue Bonds,

Refunding Series 2017A-2, (Pre-refunded 6/01/28)

.000

06/01/36

3,508,517

TOTAL U.S. GUARANTEED

12,889,557

UTILITIES - 14.5%

2,000,000

Arapahoe County Water and Wastewater Authority, Colorado,

Revenue Bonds, Refunding Series 2019

.000

12/01/37

2,032,696

1,845,000

Arapahoe County Water and Wastewater Authority, Colorado,

Revenue Bonds, Refunding Series 2019

.000

12/01/38

1,870,129

2,000,000

Aurora, Colorado, Sewer Revenue Bonds, First Lien Series 2025

.125

08/01/55

1,884,630

3,250,000

Bennett, Colorado, Wastewater Revenue Bonds, Series 2024

.125

12/01/54

2,970,652

13,130,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2022

.000

06/01/47

13,674,607

3,550,000

Brighton, Colorado, Water Activity Enterprise Revenue Bonds,

Water System Project, Series 2022

.000

06/01/52

3,634,187

500,000

Cherokee Metropolitan District, Colorado, Water and Wastewater

Revenue Bonds, Series 2020 - BAM Insured

.000

08/01/50

457,953

4,435,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2022B

.250

11/15/52

4,670,207

3,270,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

.250

11/15/48

3,491,398

4,000,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2023A

.250

11/15/53

4,236,996

8,200,000

Colorado Springs, Colorado, Utilities System Revenue Bonds,

Improvement Series 2024A

.250

11/15/54

8,733,177

1,000,000

Colorado Water Resources and Power Development Authority,

Water Resources Revenue Bonds, City of Sterling Wastewater

Utility Enterprise Project, Series 2023A - AGM Insured

.000

09/01/48

1,043,779

345,000

Colorado Water Resources and Power Development Authority,

Water Resources Revenue Bonds, Steamboat Springs Utilities

Fund, Series 2011B

.125

08/01/26

345,771

7,000,000

Denver City and County Board of Water Commissioners,

Colorado, Water Revenue Bonds, Series 2022A

.000

12/15/52

7,243,879

650,000

East Cherry Creek Valley Water and Sanitation District, Arapahoe

County, Colorado, Water Revenue Bonds, Refunding Series 2015

.000

11/15/32

651,038

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

1,500,000

East Cherry Creek Valley Water and Sanitation District, Arapahoe

County, Colorado, Water Revenue Bonds, Refunding Series 2015

.000

11/15/35

1,500,520

500,000

Erie, Boulder and Weld Counties, Colorado, Water Enterprise

Revenue Bonds, Refunding Series 2015

.000

12/01/29

499,990

1,140,000

Fort Lupton, Colorado, Water System Revenue Bonds, Refunding

& Improvement Series 2017 - AGM Insured

.000

12/01/42

1,120,667

8,805,000

Parker Water and Sanitation District, Douglas County, Colorado,

Water and Sewer Enterprise Revenue Bonds, Refunding &

Improvement Series 2022

.000

11/01/47

8,407,598

845,000

Public Authority for Colorado Energy, Natural Gas Purchase

Revenue Bonds, Colorado Springs Utilities, Series 2008

.250

11/15/28

881,103

280,000

Public Authority for Colorado Energy, Natural Gas Purchase

Revenue Bonds, Colorado Springs Utilities, Series 2008

.500

11/15/38

336,533

TOTAL UTILITIES

69,687,510

TOTAL MUNICIPAL BONDS

(Cost $461,537,863)

459,786,833

TOTAL LONG-TERM INVESTMENTS

(Cost $461,537,863)

459,786,833

OTHER ASSETS & LIABILITIES, NET - 4.6%

22,018,074

NET ASSETS - 100%

481,804,907

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 $29,495,250 or 6.4% of Total Investments.

(b)

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

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

(c)

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

bankruptcy.

(d)

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.

Portfolio of Investments May 31, 2026

Maryland

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.2%

260,922,067

MUNICIPAL BONDS - 97.2%

–

CONSUMER DISCRETIONARY - 2.5%

715,000

Baltimore, Maryland, Convention Center Hotel Revenue Bonds,

Refunding Series 2017

.000

09/01/34

720,492

4,000,000

Baltimore, Maryland, Convention Center Hotel Revenue Bonds,

Refunding Series 2017

.000

09/01/39

4,010,822

1,000,000

(a)

Maryland Economic Development Corporation, Revenue Bonds,

Chesapeake Bay Hyatt Conference Center, Series 2006A

.000

12/01/31

670,000

1,250,000

Virgin Islands Hotel Development Financing Corporation, Hotel

Revenue Bonds Frenchman's Reef Hotel Acquisition Project,

Senior Lien Series 2025A-1

.000

12/01/55

1,259,930

TOTAL CONSUMER DISCRETIONARY

6,661,244

CONSUMER STAPLES - 1.2%

265,000

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

Backed Bonds, Refunding Series 2002

.500

05/15/39

269,021

990,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.250

06/01/32

974,770

305,000

New York Counties Tobacco Trust VI, New York, Tobacco

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

.625

06/01/35

309,505

1,900,000

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

.000

06/01/48

1,819,343

TOTAL CONSUMER STAPLES

3,372,639

EDUCATION AND CIVIC ORGANIZATIONS - 6.8%

1,000,000

Chestertown, Maryland, Economic Development Project Revenue

Bonds, Washington College, Refunding Series 2021A

.000

03/01/36

926,285

1,500,000

(b)

Frederick County, Maryland, Educational Facilities Revenue

Bonds, Mount Saint Mary's University Inc., Series 2017A

.000

09/01/45

1,401,347

645,000

(b)

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Imagine Andrews Public Charter School, Series

2022A

.500

05/01/52

582,472

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins University, Series 2013B

.000

07/01/38

500,214

2,625,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins University, Series 2013B

.250

07/01/41

2,625,206

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Loyola University Maryland, Series 2014

.000

10/01/39

500,029

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Loyola University Maryland, Series 2025

.000

10/01/50

2,037,251

700,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2016

.000

06/01/33

700,163

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Maryland Institute College of Art, Series 2024

.500

06/01/47

2,005,116

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Stevenson University, Series 2021A

.000

06/01/38

972,437

2,010,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Stevenson University, Series 2021A

.000

06/01/46

1,821,473

1,100,000

Maryland Industrial Development Financing Authority, Economic

Development Revenue Bonds, McDonogh School Inc., Sereis

2019

.000

09/01/43

1,089,447

2,825,000

University of Maryland, Auxiliary Facility and Tuition Revenue

Bonds, Series 2026A

.000

04/01/42

3,150,586

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

18,312,026

ENERGY - 0.4%

1,000,000

(b),(c)

Maryland Economic Development Corporation, Port Facilities

Revenue Bonds, Core Natural Resources Inc. Project, Refunding

Series 2025, (Mandatory Put 3/27/35)

.000

07/01/48

1,070,653

TOTAL ENERGY

1,070,653

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE - 20.8%

1,455,000

Maryland Health and HIgher Educational Facilities

Authority, Revenue Bonds, University of Maryland Medical

Systems, Series 2025A

.250

07/01/52

1,520,658

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds Doctors Community Hospital, Series 2017B

.000

07/01/34

1,012,261

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds Doctors Community Hospital, Series 2017B

.000

07/01/38

505,856

90,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Mercy Medical Center, Series 2016A

.000

07/01/36

90,089

1,250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Mercy Medical Center, Series 2016A

.000

07/01/38

1,251,078

440,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Mercy Medical Center, Series 2016A

.000

07/01/42

427,670

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist HealthCare Issue, Series 2021B

.000

01/01/51

841,982

1,600,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist Healthcare, Series 2016A

.500

01/01/36

1,613,212

2,020,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Adventist Healthcare, Series 2016A

.500

01/01/46

2,033,615

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue Series 2023

.000

07/01/48

1,003,548

1,400,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue Series 2023

.250

07/01/53

1,423,346

740,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue; Series 2020

.250

07/01/39

624,127

175,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Frederick Health System Issue; Series 2020

.000

07/01/40

167,972

1,165,000

Maryland Health and HIgher Educational Facilities Authority,

Revenue Bonds, Greater Baltimore Medical Center, Series 2021A

.000

07/01/46

923,836

125,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins Health System, Series 2025A

.000

05/15/40

145,783

3,110,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Johns Hopkins Health System, Series 2025A

.250

05/15/55

3,278,094

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Lifebridge Health Issue Series 2023

.000

07/01/54

1,018,016

2,080,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Lifebridge Health Issue Series 2023

.250

07/01/54

2,170,526

1,250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue, Series 2016

.000

07/01/41

1,249,955

500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health Issue, Series 2016

.000

07/01/47

500,208

1,015,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, LifeBridge Health System, Series 2015

.125

07/01/47

977,378

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, MedStar Health Issue, Series 2017A

.000

05/15/42

1,010,353

5,625,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, MedStar Health Issue, Series 2017A

.000

05/15/45

5,664,797

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, MedStar Health Issue, Series 2026A

.250

08/15/54

2,076,862

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

.000

07/01/43

2,170,353

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

.000

07/01/44

2,151,745

3,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

.250

07/01/50

3,117,065

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Meritus Medical Center Inc Series 2025

.000

07/01/55

1,015,904

2,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Peninsula Regional Medical Center Issue, Series

2020A

.000

07/01/48

1,788,256

1,000,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, TidalHealth Inc., Series 2025C

.500

07/01/55

1,066,814

835,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Trinity Health Credit Group, Series 2017MD

.000

12/01/46

842,610

Portfolio of Investments May 31, 2026

(continued)

Maryland

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

2,500,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Maryland Medical System Issue,

Series 2017B

.000

07/01/39

2,532,925

3,250,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, University of Pittsburgh Medical Center, Series

2020B

.000

04/15/45

3,009,880

7,000,000

Montgomery County, Maryland, Revenue Bonds, Trinity Health

Credit Group, Series 2015

.000

12/01/44

6,722,989

TOTAL HEALTH CARE

55,949,763

HOUSING/MULTIFAMILY - 12.8%

2,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Columbia Commons Apartments, Series 2014A

.000

06/01/44

2,001,236

2,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Columbia Landing Project, Refunding Series 2021A

.600

06/01/29

1,871,931

3,000,000

Howard County Housing Commission, Maryland, Revenue

Bonds, Orchard Meadows Apartments, Series 2024

.000

12/01/43

3,169,439

1,655,000

Howard County Housing Commission, Maryland, Revenue

Bonds, The Verona at Oakland Mills Project, Series 2013

.000

10/01/28

1,657,524

1,310,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Series 2021A

.200

07/01/41

977,362

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Series 2021B

.100

01/01/41

744,085

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Green Series 2021C

.600

01/01/42

795,572

935,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2000A

.600

07/01/40

765,977

1,430,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2014D

.000

07/01/45

1,391,189

235,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2017C

.550

07/01/42

218,014

1,480,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2018A

.950

07/01/43

1,441,117

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Housing Revenue

Bonds, Series 2020E

.150

07/01/40

772,140

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Green Series 2024B

.600

07/01/49

996,757

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Taxable Series 2019D

.200

07/01/44

863,668

1,750,000

Maryland Community Development Administration, Department

of Housing and Community Development, Multifamily

Development Revenue Bonds, Marlborough Apartments, Series

2014I

.450

12/15/31

1,750,285

2,000,000

Maryland Community Development Administration, Multifamily

Development Revenue Bonds, Sustainability Villages at Marley

Station Green Series 2024D-1

.350

02/01/44

1,978,838

1,000,000

Maryland Economic Development Corporation, Senior Revenue

Bonds, Provident Group - Towson Place Properties LLC Project,

Series 2024A-1

.000

06/01/39

1,044,323

575,000

Maryland Economic Development Corporation, Senior Student

Housing Revenue Bonds, Towson University Project, Refunding

Series 2017

.000

07/01/32

581,218

1,000,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University O'Connell Project,

Senior Series 2026A

.250

07/01/51

1,047,894

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

1,000,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University Project, Senior Series

2022

.000

07/01/58

1,059,120

200,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University Project, Series 2020

.000

07/01/40

192,988

1,150,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Morgan State University Project, Series 2020

.000

07/01/50

1,141,501

500,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Salisbury University Project, Refunding Series

2013

.000

06/01/34

500,139

270,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, Sheppard Pratt University Village, Series 2012

.000

07/01/27

270,006

1,140,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, University of Maryland, Baltimore County

Project, Refunding Series 2016 - AGM Insured

.600

07/01/35

1,119,100

2,000,000

Maryland Economic Development Corporation, Student Housing

Revenue Bonds, University of Maryland, College Park Project,

Leonardtown Series 2024 - AGM Insured

.000

07/01/54

2,022,122

1,250,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2014A

.650

07/01/34

1,250,149

750,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2021B

.250

07/01/41

564,764

1,000,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2021C

.200

07/01/36

844,306

1,250,000

Montgomery County Housing Opportunities Commission,

Maryland, Multifamily Housing Development Bonds, Series

2026A

.500

07/01/46

1,250,014

TOTAL HOUSING/MULTIFAMILY

34,282,778

HOUSING/SINGLE FAMILY - 3.1%

2,100,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2014C

.200

09/01/28

2,100,368

2,500,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2019B

.200

09/01/39

2,295,083

725,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2019C

.000

03/01/42

623,905

500,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2021B

.100

09/01/41

381,911

2,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Series 2021C

.450

09/01/41

1,599,074

1,000,000

Maryland Community Development Administration Department

of Housing and Community Development, Residential Revenue

Bonds, Social Series 2024C

.500

09/01/44

997,571

420,000

Montgomery County Housing Opportunities Commission,

Maryland, Program Revenue Bonds, Series 2019C, (AMT)

.300

07/01/39

390,875

TOTAL HOUSING/SINGLE FAMILY

8,388,787

LONG-TERM CARE - 4.3%

1,750,000

Baltimore County, Maryland, Revenue Bonds, Oak Crest Village,

Series 2020

.000

01/01/45

1,634,456

2,000,000

Baltimore County, Maryland, Revenue Bonds, Riderwood Village

Inc Facility, Series 2020

.000

01/01/50

1,744,030

1,200,000

Gaithersburg, Maryland, Economic Development Revenue

Bonds, Asbury Methodist Obligated Group Project, Refunding

Series 2018A

.000

01/01/33

1,218,023

1,250,000

Howard County, Maryland, Retirement Community Revenue

Bonds, Vantage House, Refunding Series 2017

.000

04/01/44

1,221,615

Portfolio of Investments May 31, 2026

(continued)

Maryland

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

700,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Charlestown Community Issue, Series 2016A

.000

01/01/36

700,826

835,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Charlestown Community Issue, Series 2016A

.000

01/01/45

835,388

575,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Ingleside King Farm Project, Series 2017A-1

.000

11/01/30

582,489

950,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Ingleside King Farm Project, Series 2017A-1

.000

11/01/32

961,155

100,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Ingleside King Farm Project, Series 2017A-1

.000

11/01/37

100,635

1,500,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Series 2017B

.000

11/01/42

1,502,144

1,100,000

Rockville Mayor and Council, Maryland, Economic Development

Revenue Bonds, Series 2017B

.000

11/01/47

1,034,719

TOTAL LONG-TERM CARE

11,535,480

TAX OBLIGATION/GENERAL - 12.3%

1,005,000

Anne Arundel County, Maryland, General Obligation Bonds,

Consolidated Water & Sewer, Series 2018

.000

10/01/27

1,037,971

1,000,000

Howard County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Project, Series 2020A

.000

08/15/39

1,014,159

3,000,000

Maryland State, General Obligation Bonds, State and Local

Facilities Loan of 2022, First Series 2025A

.000

06/01/40

3,372,405

5,290,000

Maryland State, General Obligation Bonds, State and Local

Facilities Loan, First Series 2020A-1

.000

03/15/27

5,392,034

2,000,000

Maryland State, General Obligation Bonds, State and Local

Facilities Loan, First Series 2024A

.000

06/01/37

2,260,957

1,500,000

Montgomery County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2019A

.000

11/01/37

1,411,203

1,000,000

Montgomery County, Maryland, General Obligation Bonds,

Refunding Consolidated Public Improvement Series 2024B

.000

12/01/27

1,037,100

5,645,000

(d)

Murrieta Valley Unified School District, Riverside County,

California, General Obligation Bonds, Election 2006 Series 2008

- AGM Insured

.000

09/01/32

4,654,603

2,000,000

Prince George's County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2024A

.000

08/01/39

2,237,022

1,000,000

Prince George's County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2025A

.000

08/01/41

1,121,808

1,000,000

(e)

Prince George's County, Maryland, General Obligation Bonds,

Consolidated Public Improvement Series 2026A

.000

08/01/42

1,124,592

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.625

07/01/29

1,051,269

2,000,000

(d)

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

1,459,663

5,080,000

Washington Suburban Sanitary District, Montgomery and

Prince George's Counties, Maryland, General Obligation Bonds,

Consolidated Public Improvement, Series 2026

.000

06/01/39

5,839,281

TOTAL TAX OBLIGATION/GENERAL

33,014,067

TAX OBLIGATION/LIMITED - 16.9%

2,000,000

Baltimore, Maryland, Special Obligation Bonds, Center/West

Development Project, Series 2017A

.375

06/01/36

2,001,809

1,225,000

(b)

Baltimore, Maryland, Special Obligation Bonds, City-Wide

Affordable Housing Program, Series 2025

.250

06/01/55

1,201,703

385,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

.000

09/01/27

385,947

1,825,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

.500

09/01/33

1,834,670

1,220,000

Baltimore, Maryland, Special Obligation Bonds, East Baltimore

Research Park Project, Series 2017A

.000

09/01/38

1,230,695

755,000

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2016

.000

06/01/36

755,403

1,300,000

(b)

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2019A

.500

06/01/39

1,209,750

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

250,000

(b)

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2019B

.700

06/01/39

237,614

3,150,000

(b)

Baltimore, Maryland, Special Obligation Bonds, Harbor Point

Project, Refunding Series 2022

.000

06/01/51

3,163,912

245,000

Brunswick, Frederick County, Maryland, Special Obligation

Bonds, Brunswick Crossing Special Taxing District, Refunding

Series 2019

.000

07/01/29

245,742

334,000

Brunswick, Frederick County, Maryland, Special Obligation

Bonds, Brunswick Crossing Special Taxing District, Refunding

Series 2019

.000

07/01/36

340,030

48,000

Frederick County, Maryland, Special Obligation Bonds, Lake

Linganore Village Community Development Series 2001A - RAAI

Insured

.700

07/01/29

48,092

1,005,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020A

.000

07/01/38

1,007,890

500,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020A

.000

07/01/39

500,095

270,000

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020B

.000

07/01/40

268,674

55,000

(b)

Frederick County, Maryland, Special Obligation Bonds, Urbana

Community Development Authority, Refunding Series 2020C

.000

07/01/50

48,927

1,565,000

(b)

Frederick County, Maryland, Special Tax Limited Obligation

Bonds, Jefferson Technology Park Project, Refunding Series

2020A

.000

07/01/43

1,603,834

170,000

Frederick County, Maryland, Tax Increment and Special Tax B

Limited Obligation Bonds, Oakdale-Lake Linganore Project,

Series 2019

.750

07/01/39

162,272

100,000

(b)

Frederick County, Maryland, Tax Increment and Special Tax

Limited Obligation Bonds, Jefferson Technology Park Project,

Refunding Series 2020B

.625

07/01/43

100,740

1,015,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/33

1,018,629

500,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/46

490,828

750,000

Howard County, Maryland, Special Obligation Bonds, Annapolis

Junction Town Center Project, Series 2024

.000

02/15/44

784,917

600,000

(b)

Howard County, Maryland, Special Obligation Bonds, Downtown

Columbia Project, Series 2017A

.125

02/15/34

599,984

550,000

(b)

Howard County, Maryland, Special Obligation Bonds, Downtown

Columbia Project, Series 2017A

.375

02/15/39

549,979

270,000

Hyattsville, Maryland, Special Obligation Bonds, University Town

Center Project, Series 2016

.000

07/01/27

270,225

1,285,000

Hyattsville, Maryland, Special Obligation Bonds, University Town

Center Project, Series 2016

.000

07/01/34

1,285,656

2,500,000

Maryland Economic Development Corporation, Maryland, Lease

Revenue Bonds, Reservoir Square Project, Series 2024

.000

07/01/56

2,503,639

790,000

Maryland Economic Development Corporation, Special

Obligation Bonds, Metro Centre Owings Mills Project, Series

2017

.500

07/01/44

769,428

1,000,000

Maryland Economic Development Corporation, Special

Obligation Bonds, Port Covington Project, Series 2020

.000

09/01/50

837,770

965,000

Maryland Stadium Authority, Lease Revenue Bonds, Built To

Learn, Series 2022A

.000

06/01/34

1,068,357

3,000,000

Maryland Stadium Authority, Lease Revenue Bonds, Built To

Learn, Series 2024

.250

06/01/51

3,158,191

50,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Series

2016

.000

05/01/33

50,049

1,000,000

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Series

2018A

.000

05/01/47

1,012,158

1,500,000

(d)

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Taxable

Refunding Series 2022C

.000

05/01/51

449,098

Portfolio of Investments May 31, 2026

(continued)

Maryland

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

1,500,000

(d)

Maryland Stadium Authority, Revenue Bonds, Baltimore City

Public Schools Construction & Revitalization Program, Taxable

Refunding Series 2022C

.000

05/01/52

424,127

575,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/32

612,751

525,000

(b)

Prince George's County Revenue Authority, Maryland, Special

Obligation Bonds, Suitland-Naylor Road Project, Series 2016

.000

07/01/46

525,052

284,000

Prince George's County, Maryland, Special Tax District Bonds,

Victoria Falls Project, Series 2005

.250

07/01/35

284,339

39,000

(d)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/27

37,704

54,000

(d)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/29

48,988

70,000

(d)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/31

58,918

78,000

(d)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

60,744

2,000,000

(d)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/51

537,153

1,500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

1,445,053

4,615,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

4,560,516

500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

498,582

3,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

2,799

47,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

45,278

1,000,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2006 - FGIC Insured

.000

10/01/28

1,002,873

500,000

(b)

Virgin Islands Public Finance Authority, Revenue Bonds,

Frenchman's Reef Hotel Development Hotel Occupancy Series

2024A

.000

04/01/53

506,035

1,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Green Series 2021A

.000

07/15/46

968,743

1,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Dedicated Revenue Bonds, Second Lien Series 2025A

.000

07/15/60

1,027,626

1,500,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Series 2024A

.250

07/15/59

1,565,932

TOTAL TAX OBLIGATION/LIMITED

45,409,920

TRANSPORTATION - 10.8%

120,000

Guam Port Authority, Port Revenue Bonds, Private Activity Series

2018B, (AMT)

.000

07/01/33

122,393

425,000

Guam Port Authority, Port Revenue Bonds, Private Activity Series

2018B, (AMT)

.000

07/01/34

432,876

1,500,000

Maryland Department of Transportation, Special Transportation

Project Revenue Bonds, Baltimore/Washington International

Thurgood Marshall Airport, Series 2021B, (AMT)

.000

08/01/46

1,532,725

7,000,000

Maryland Department of Transportation, Special Transportation

Project Revenue Bonds, Baltimore/Washington International

Thurgood Marshall Airport, Series 2024A, (AMT)

.250

08/01/54

7,244,959

800,000

Maryland Economic Development Corporation Economic

Development Revenue Bonds, Terminal Project, Series 2019A,

(AMT)

.000

06/01/44

813,237

1,940,000

Maryland Economic Development Corporation Economic

Development Revenue Bonds, Transportation Facilities Project,

Refunding Series 2017A

.000

06/01/35

1,992,980

1,500,000

Maryland Economic Development Corporation, Air Cargo

Obligated Group Revenue Bonds, AFCO Airport Real Estate

Group, Series 2019, (AMT)

.000

07/01/44

1,365,267

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

1,500,000

Maryland Economic Development Corporation, Economic

Development Revenue Bonds, Annapolis Mobility and Resilience

Project, Senior Series 2022A

.250

06/30/53

1,531,437

500,000

Maryland Economic Development Corporation, Parking Facilities

Revenue Bonds Baltimore City Project, Subordinate Parking

Facilities Revenue Bonds, Series 2018C

.000

06/01/38

470,084

240,000

Maryland Economic Development Corporation, Parking Facilities

Revenue Bonds Baltimore City Project, Subordinate Parking

Facilities Revenue Bonds, Series 2018C

.000

06/01/58

186,535

2,775,000

Maryland Economic Development Corporation, Parking Facilities

Revenue Bonds, Baltimore City Project, Senior Parking Facilities

Revenue Bonds, Series 2018A

.000

06/01/58

2,790,472

2,915,000

Maryland Economic Development Corporation, Private Activity

Revenue Bonds, Purple Line Light Rail Project, Green Series

2022B, (AMT)

.250

06/30/52

2,921,793

2,000,000

Maryland Transportation Authority, Passenger Facility Charge

Revenue Bonds, Baltimore/Washington Internatonal Thurgood

Marshall Airport Project, Series 2019, (AMT)

.000

06/01/39

1,976,359

1,000,000

Maryland Transportation Authority, Revenue Bonds,

Transportation Facilities Projects, Series 2021A

.000

07/01/46

1,043,664

3,000,000

Maryland Transportation Authority, Revenue Bonds,

Transportation Facilities Projects, Series 2021A

.000

07/01/51

3,093,612

20,000

New York Transportation Development Corporation, New York,

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

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/26

20,013

340,000

New York Transportation Development Corporation, New York,

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

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/31

339,991

1,260,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/41

1,037,000

TOTAL TRANSPORTATION

28,915,397

U.S. GUARANTEED - 0.8% (f)

210,000

Baltimore, Maryland, Revenue Bonds, Water Projects, Refunding

Series 1998A - FGIC Insured, (ETM)

.000

07/01/28

214,717

230,000

Maryland Health and Higher Educational Facilities Authority,

Revenue Bonds, Helix Health, Series 1997 - AMBAC Insured,

(ETM)

.000

07/01/27

232,312

1,500,000

Washington County County Commissioners, Maryland, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019B,

(Pre-refunded 1/01/29)

.000

01/01/30

1,584,521

TOTAL U.S. GUARANTEED

2,031,550

UTILITIES - 4.5%

2,000,000

Baltimore, Maryland, Revenue Bonds, Wastewater Projects,

Refunding Series 2022A

.250

07/01/47

2,107,233

1,500,000

Baltimore, Maryland, Revenue Bonds, Wastewater Projects, Series

2019A

.000

07/01/49

1,524,300

1,500,000

Baltimore, Maryland, Revenue Bonds, Water Projects,

Subordinate Series 2014A

.000

07/01/44

1,500,168

2,150,000

(c)

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

.750

01/01/35

2,251,857

2,000,000

(c)

Maryland Economic Development Corporation, Revenue Bonds,

Constellation Energy Group, Inc. Projects, Adjustable Mode,

Refunding Series 2006B, (Mandatory Put 4/03/28)

.100

10/01/36

2,044,142

1,000,000

(b)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

.000

07/01/30

1,045,029

Portfolio of Investments May 31, 2026

(continued)

Maryland

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

1,500,000

(b)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

.000

07/01/47

1,505,034

TOTAL UTILITIES

11,977,763

TOTAL MUNICIPAL BONDS

(Cost $263,344,337)

260,922,067

TOTAL LONG-TERM INVESTMENTS

(Cost $263,344,337)

260,922,067

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.8%

2,000,000

MUNICIPAL BONDS - 0.8%

–

TAX OBLIGATION/GENERAL - 0.8%

2,000,000

(g)

Washington Suburban Sanitary District, Montgomery and Prince

George's Counties, Maryland, General Obligation Bonds, Multi-

Modal Bond Anticipation Note Series 2013B

.850

06/01/27

2,000,000

TOTAL TAX OBLIGATION/GENERAL

2,000,000

TOTAL MUNICIPAL BONDS

(Cost $2,000,000)

2,000,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $2,000,000)

2,000,000

TOTAL INVESTMENTS - 98.0%

(Cost $265,344,337)

262,922,067

OTHER ASSETS & LIABILITIES, NET - 2.0%

5,485,987

NET ASSETS - 100%

268,408,054

AMT

Alternative Minimum Tax

ETM

Escrowed to maturity

(a)

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

bankruptcy.

(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 $15,352,065 or 5.8% of Total Investments.

(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)

Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial

period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference

between the original purchase price of the bond at issuance and the par value of the bond at maturity.

(e)

When-issued or delayed delivery security.

(f)

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

payment of principal and interest.

(g)

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

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

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

Portfolio of Investments May 31, 2026

New Mexico

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 97.5%

69,232,238

MUNICIPAL BONDS - 97.5%

–

EDUCATION AND CIVIC ORGANIZATIONS - 8.9%

2,235,000

Los Ranchos de Albuquerque, New Mexico, Educational Facilities

Revenue Bonds, Albuquerque Acadamy Project, Refunding

Series 2020

.000

09/01/40

2,231,672

685,000

New Mexico Institute of Mining and Technology, Revenue Bonds,

Series 2019 - AGM Insured

.000

12/01/37

688,731

535,000

New Mexico State University, Revenue Bonds, Refunding &

Improvement Series 2017A

.000

04/01/42

539,525

1,000,000

University of New Mexico, Revenue Bonds, System Improvement

Series 2023 - AGM Insured

.250

06/01/49

1,062,428

1,700,000

University of New Mexico, Revenue Bonds, System Improvement

Series 2023 - AGM Insured

.500

06/01/53

1,818,253

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

6,340,609

HEALTH CARE - 10.7%

400,000

Arizona Industrial Development Authority, Hospital Revenue

Bonds, Phoenix Children's Hospital, Series 2020A

.000

02/01/50

351,276

1,000,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2 - BAM Insured

.000

08/01/49

895,970

1,000,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2017A

.000

08/01/36

999,018

1,000,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2017A

.000

08/01/46

920,917

1,010,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2017A

.000

08/01/46

1,016,162

1,300,000

New Mexico Hospital Equipment Loan Council, Hospital Revenue

Bonds, Presbyterian Healthcare Services, Series 2019A

.000

08/01/48

1,161,754

1,500,000

New Mexico Hospital Equipment Loan Council, Hospital

Revenue Bonds, San Juan Regional Medical Center, Refunding &

Improvement Series 2020

.000

06/01/34

1,482,399

785,000

New Mexico Hospital Equipment Loan Council, Hospital

Revenue Bonds, San Juan Regional Medical Center, Refunding &

Improvement Series 2020

.000

06/01/35

770,276

TOTAL HEALTH CARE

7,597,772

HOUSING/SINGLE FAMILY - 5.4%

295,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2018C

.875

07/01/43

285,555

1,380,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2019C

.600

07/01/44

1,287,855

1,235,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2022A

.550

09/01/42

967,472

750,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2026A

.600

09/01/46

748,643

500,000

New Mexico Mortgage Finance Authority, Single Family

Mortgage Program Bonds, Class 1 Series 2026C

.650

09/01/46

500,598

TOTAL HOUSING/SINGLE FAMILY

3,790,123

LONG-TERM CARE - 1.9%

1,365,000

Santa Fe, New Mexico, Retirement Facilities Revenue Bonds, EL

Castillo Retirement Residences Project, Series 2012

.000

05/15/42

1,364,993

TOTAL LONG-TERM CARE

1,364,993

TAX OBLIGATION/GENERAL - 10.8%

1,000,000

Albuquerque Municipal School District 12, Bernalillo and

Sandoval Counties, New Mexico, General Obligation Bonds,

School Building Series 2018

.000

08/01/36

1,038,845

200,000

Albuquerque Municipal School District 12, Bernalillo and

Sandoval Counties, New Mexico, General Obligation Bonds,

School Series 2025A

.000

08/01/40

218,176

250,000

Albuquerque, New Mexico, General Obligation Bonds, Storm

Sewer Series 2025B

.000

07/01/41

276,797

Portfolio of Investments May 31, 2026

(continued)

New Mexico

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

2,400,000

Central New Mexico Community College, Bernalillo and

Sandoval Counties, New Mexico, General Obligation Bonds,

Limited Tax Series 2023

.000

08/15/37

2,447,973

1,000,000

New Mexico State, General Obligation Bonds, Capital Projects

Series 2025

.000

03/01/35

1,073,379

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/46

886,919

515,000

Silver City Consolidated School District 1, Grant County, New

Mexico, General Obligation Bonds, School Building Series 2017

.000

08/01/37

515,132

675,000

Silver Consolidated School District 1, Grant County, New Mexico,

General Obligation Bonds, School Building Series 2019

.000

08/01/37

680,435

500,000

Silver Consolidated School District 1, Grant County, New Mexico,

General Obligation Bonds, School Building Series 2026

.000

08/01/40

541,553

TOTAL TAX OBLIGATION/GENERAL

7,679,209

TAX OBLIGATION/LIMITED - 34.9%

755,000

Albuquerque, New Mexico, Gross Receipts Tax Revenue Bonds,

Improvement Series 2022B

.000

07/01/41

817,511

825,000

Aspire Public Improvement District, Albuquerque, New Mexico,

Special Levy Revenue Bonds, Series 2024

.300

10/01/53

781,983

515,000

Bernalillo County, New Mexico, Gross Receipts Tax Revenue

Bonds, Series 1996B - NPFG Insured

.700

04/01/27

528,417

405,000

Boulders Public Improvement District, Albuquerque, New

Mexico, Special Levy Revenue Bonds, Series 2013

.250

10/01/43

405,847

200,000

Boulders Public Improvement District, Albuquerque, New

Mexico, Special Levy Revenue Bonds, Series 2015

.750

10/01/44

200,183

600,000

Colfax County, New Mexico, Gross Receipts Tax Revenue Bonds,

Improvement Series 2015 - BAM Insured

.000

08/01/35

600,070

500,000

Fiesta Public Improvement District, Los Lunas, New Mexico,

Special Levy Revenue Bonds, Improvement Area 1, Series 2025 -

BAM Insured

.500

10/01/45

489,013

250,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.250

01/01/40

270,447

2,700,000

Los Alamos County Incorporated, New Mexico, Gross Receipts

Tax Improvement Revenue Bonds, Series 2026

.000

06/01/50

2,824,789

1,000,000

Los Diamantes Public Improvement District, New Mexico,

Revenue Bonds, Rio Rancho Special Levy Improvement Series

2024 - BAM Insured

.125

10/01/53

926,884

125,000

Los Lunas, Valencia County, New Mexico, Gross Receipts Tax

Revenue Bonds, Improvment Series 2016

.000

04/01/41

113,271

500,000

Lower Petroglyphs Public Improvements District, Albuquerque,

New Mexico, Special Levy Revenue Bonds, Refunding Series

2018

.000

10/01/38

502,053

230,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/39

238,895

675,000

McKinley County, New Mexico, Gross Receipts Revenue Bonds,

Tax Improvement Series 2023 - BAM Insured

.250

06/01/47

652,190

680,000

Mesa Del Sol Public Improvement District 1, Albuquerque, New

Mexico, Special Levy Revenue Bonds, Series 2013

.000

10/01/33

682,105

1,000,000

Montecito Estates Public Improvement District, Albuquerque,

New Mexico, Special Levy Revenue Bonds, Refunding Series

2016

.000

10/01/37

1,000,761

3,850,000

(a)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/46

1,405,312

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

963,369

700,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

691,736

500,000

Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds,

Shared Gross Receipts Improvement Series 2025

.000

06/01/43

537,268

500,000

Rio Rancho, New Mexico, Gross Receipts Tax Revenue Bonds,

Shared Gross Receipts Improvement Series 2025

.000

06/01/44

534,806

770,000

Roswell, New Mexico, Gross Receipts Tax Improvement Revenue

Bonds, Series 2017

.000

08/01/34

774,416

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

970,000

Saltillo Public Improvement District, Albuquerque, New Mexico,

Special Levy Revenue Bonds, Refunding Series 2018 - BAM

Insured

.000

10/01/37

976,970

1,015,000

San Juan County, New Mexico, Gross Receipts Tax Revenue

Bonds, Improvement Series 2015B

.000

06/15/33

1,016,589

555,000

Santa Fe County, New Mexico, Correctional System Gross

Receipts Tax Revenue Bonds, Series 1997 - AGM Insured

.000

02/01/27

565,793

500,000

Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds

Improvement Senior Lien Series 2018A

.000

06/01/36

518,335

400,000

Santa Fe, New Mexico, Gross Receipts Tax Revenue Bonds

Improvement Senior Lien Series 2018A

.000

06/01/37

414,135

1,000,000

Tierra Del Oro Public Improvement District, Rio Rancho, New

Mexico, Special Levy Improvement Revenue Bonds, Series 2025

.125

10/01/40

1,022,970

1,000,000

Ventana West Public Improvement District, New Mexico, Special

Levy Revenue Bonds, Refunding Series 2015 - BAM Insured

.000

08/01/33

1,000,267

1,100,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2012A - AGM Insured

.000

10/01/32

1,110,185

1,000,000

Volterra Public Improvement District, Albuquerque, New Mexico,

Special Levy Revenue Bonds, Refunding Series 2024 - BAM

Insured

.000

10/01/43

979,843

500,000

(b)

Winrock Town Center Tax Increment Development District 1,

Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,

Senior Lien Series 2022

.000

05/01/33

490,894

730,000

(b)

Winrock Town Center Tax Increment Development District 1,

Albuquerque, New Mexico, Gross Receipts Tax Increment Bonds,

Subordinate Lien Series 2020

.000

05/01/40

729,820

TOTAL TAX OBLIGATION/LIMITED

24,767,127

UTILITIES - 24.9%

1,000,000

Albuquerque Benralillo County Water Utility Authority, New

Mexico, Joint Water and Sewer System Revenue Bonds,

Refunding & Improvement Senior Lien Series 2017

.000

07/01/32

1,022,541

1,970,000

Albuquerque, New Mexico, Refuse Removal and Disposal

Revenue Bonds, Series 2020

.000

07/01/43

1,970,957

500,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Refunding Series 2017

.000

07/01/37

506,348

500,000

Guam Power Authority, Revenue Bonds, Refunding Series 2022A

.000

10/01/44

517,688

550,000

Guam Power Authority, Revenue Bonds, Refunding Series 2024A

.000

10/01/35

598,497

600,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Junior Lien Series 2026B

.000

06/15/44

649,614

600,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Junior Lien Series 2026B

.000

06/15/46

638,549

975,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2020B

.000

06/01/40

871,695

1,000,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2022C

.000

06/01/42

1,075,622

1,305,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2023A-1

.000

06/01/41

1,426,499

1,000,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2023B

.250

06/01/48

1,063,141

1,000,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Senior Lien Series 2025A-1

.000

06/01/49

1,048,273

715,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Subordinate Lien Series 2024A

.000

06/15/44

773,401

1,575,000

New Mexico Finance Authority, Public Project Revolving Fund

Revenue Bonds, Subordinate Lien Series 2025C

.000

12/15/45

1,708,080

800,000

(b)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.000

07/01/33

839,775

250,000

Rio Rancho, New Mexico, Water and Wastewater System Revenue

Bonds, Refunding & Improvement Series 2026

.000

05/15/44

272,609

705,000

Roswell, New Mexico, Joint Water and Sewerage Revenue Bonds,

Improvement Series 2017 - BAM Insured

.000

06/01/37

706,047

Portfolio of Investments May 31, 2026

(continued)

New Mexico

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

500,000

Santa Fe, New Mexico, Net Wastewater Utility System

Environmental Services Gross Receipts Tax Improvement

Revenue Bonds, Climate Certified Green Series 2019

.000

06/01/37

502,743

1,500,000

Santa Fe, New Mexico, Water Utility System Revenue Bonds,

Refunding Series 2016

.000

06/01/39

1,500,326

TOTAL UTILITIES

17,692,405

TOTAL MUNICIPAL BONDS

(Cost $69,939,249)

69,232,238

TOTAL LONG-TERM INVESTMENTS

(Cost $69,939,249)

69,232,238

OTHER ASSETS & LIABILITIES, NET - 2.5%

1,773,122

NET ASSETS - 100%

71,005,360

(a)

Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial

period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference

between the original purchase price of the bond at issuance and the par value of the bond at maturity.

(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 $2,060,489 or 3.0% of Total Investments.

Portfolio of Investments May 31, 2026

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 96.8%

352,290,672

MUNICIPAL BONDS - 96.8%

–

CONSUMER STAPLES - 0.4%

1,345,000

Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Procter & Gamble Paper Project,

Series 2001, (AMT)

.375

03/01/31

1,487,026

TOTAL CONSUMER STAPLES

1,487,026

EDUCATION AND CIVIC ORGANIZATIONS - 9.0%

1,300,000

Allegheny County Higher Education Building Authority,

Pennsylvania, University Revenue Bonds, Duquesne University,

Series 2024

.000

03/01/43

1,388,460

2,000,000

Bucks County Industrial Development Authority, Pennsylvania,

Revenue Bonds, George School Project, Series 2019

.000

09/15/49

1,504,515

1,205,000

Bucks County Industrial Development Authority, Pennsylvania,

Revenue Bonds, School Lane Charter School Project, Series 2016

.125

03/15/36

1,210,916

305,000

Chester County Industrial Development Authority, Pennsylvania,

Avon Grove Charter School Revenue Bonds, Series 2017A

.000

12/15/47

294,840

220,000

Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,

Misericordia University, Series 2014

.000

05/01/37

219,994

1,430,000

Erie Higher Education Building Authority, Pennsylvania, Revenue

Bonds, Gannon University, Series 2016

.000

05/01/46

1,144,091

290,000

Huntingdon County General Authority, Pennsylvania, Revenue

Bonds, Juniata College, Series 2016OO2

.125

05/01/34

257,475

1,095,000

Lackawanna County Industrial Development Authority,

Pennsylvania, Revenue Bonds, University of Scranton, Series 2017

.000

11/01/40

1,040,160

975,000

Lehigh County, Pennsylvania, Revenue Bonds, Lehigh Valley Dual

Language Charter School, General Purpose Authority, Series

2023

.000

06/01/53

1,035,372

1,920,000

Lycoming County Authority, Pennsylvania, Revenue Bonds,

Pennsylvania College of Technology, Series 2016

.000

10/01/37

1,668,022

1,250,000

McCandless IDA, Pennsylvania, University Revenue Bonds Series

A and B of 2022 La Roche University

.750

12/01/46

1,164,228

1,000,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Germantown Academy Project,

Series 2021A

.000

10/01/41

936,675

1,000,000

Pennsylvania Economic Development Financing Authority,

Pennsylvania, Revenue Bonds, Villanova University Project, Series

2024

.000

08/01/54

910,457

1,515,000

Pennsylvania Higher Education Assistance Agency, Education

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

.450

06/01/41

1,379,675

730,000

Pennsylvania Higher Education Assistance Agency, Education

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

.625

06/01/42

643,068

630,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, AICUP Financing Program-Mount Aloysius College, Series

2016-004

.625

11/01/31

572,042

690,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, AICUP Financing Program-Mount Aloysius College, Series

2016-004

.000

11/01/42

507,648

250,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, AICUP Financing Program-Mount Aloysius College, Series

2016-004

.000

11/01/46

237,401

300,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, LaSalle University, Series 2012

.000

05/01/32

236,620

1,240,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, LaSalle University, Series 2012

.000

05/01/42

822,325

260,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of the Sciences in Philadelphia, Series 2012

.000

11/01/39

240,060

445,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of the Sciences in Philadelphia, Series 2012

.000

11/01/42

444,993

405,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of the Sciences in Philadelphia, Series 2015A

.000

11/01/36

405,152

2,350,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Widener University, Series 2021A

.000

07/15/51

1,865,096

Portfolio of Investments May 31, 2026

(continued)

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

2,000,000

Pennsylvania State University, Revenue Bonds, Series 2022A

.000

09/01/47

2,091,747

1,000,000

Pennsylvania State University, Revenue Bonds, Series 2023

.250

09/01/53

1,054,125

1,000,000

Pennsylvania State University, Revenue Bonds, Series 2025A

.250

09/01/50

1,069,987

1,010,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, La Salle University, Series 2017

.000

05/01/37

733,033

1,430,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, Saint Josephs University Project, Refunding

Series 2020A

.000

11/01/45

1,288,838

2,000,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, Saint Josephs University Project, Series 2022

.500

11/01/60

2,070,346

266,741

(a),(b)

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, University of the Arts, Series 2017

.000

03/15/45

53,348

1,895,000

Scranton-Lackawanna Health and Welfare Authority,

Pennsylvania, University Revenue Bonds, Marywood University,

Series 2016

.000

06/01/46

1,647,924

1,000,000

University of Pittsburgh of the Commonwealth System of Higher

Education, Pennsylvania, Capital Project Series 2025A

.000

02/15/36

1,162,863

1,590,000

Washington County Industrial Development Authority,

Pennsylvania, College Revenue Bonds, AICUP Financing

Program-Washington and Jefferson College Project, Series

2017-PP5

.375

11/01/36

1,429,997

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

32,731,493

ENERGY - 0.1%

400,000

(b),(c)

Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Core Natural Resources Inc.,

Project, Series 2025, (AMT), (Mandatory Put 3/27/35)

.450

01/01/51

434,759

TOTAL ENERGY

434,759

HEALTH CARE - 17.9%

910,000

Allegheny County Hospital Development Authority, Pennsylvania,

Revenue Bonds, Allegheny Health Network Obligated Group

Issue, Series 2018A

.000

04/01/44

846,162

5,105,000

Allegheny County Hospital Development Authority, Pennsylvania,

Revenue Bonds, Allegheny Health Network Obligated Group

Issue, Series 2018A

.000

04/01/44

4,878,897

1,000,000

Allegheny County Hospital Development Authority, Pennsylvania,

Revenue Bonds, Allegheny Health Network Obligated Group

Issue, Series 2018A

.000

04/01/47

1,007,026

403,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024A-2

.000

06/30/34

427,613

4,209,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024A-3

.000

06/30/39

3,943,407

2,702,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Series 2024B-1

.000

06/30/44

2,035,909

447,000

Berks County Municipal Authority, Pennsylvania, Revenue Bonds,

Tower Health Project, Taxable Series 2024A-1

.000

06/30/34

455,456

5,215,000

Bucks County Industrial Development Authority, Pennsylvania,

Hospital Revenue Bonds, Saint Luke's University Health Network

Project, Series 2021 - BAM Insured

.000

08/15/53

3,778,687

2,400,000

Butler County Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Butler Health System Project, Series 2015A

.000

07/01/39

2,389,835

1,000,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Health System Revenue Bonds, Main Line Health

System, Series 2017A

.000

10/01/37

1,003,905

1,000,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Health System Revenue Bonds, Main Line Health

System, Series 2017A

.000

10/01/47

902,521

1,000,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2019

.000

11/01/49

862,341

965,000

Dauphin County General Authority, Pennsylvania, Health System

Revenue Bonds, Pinnacle Health System Project, Refunding

Series 2016A

.000

06/01/33

932,716

1,370,000

Doylestown Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Series 2019A

.000

07/01/49

1,392,870

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

300,000

Dubois Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Penn Highlands Healthcare, Series 2018

.000

07/15/48

277,143

1,000,000

Geisinger Authority, Montour County, Pennsylvania, Health

System Revenue Bonds, Geisinger Health System, Series 2014A

.000

06/01/41

1,000,669

2,625,000

Geisinger Authority, Montour County, Pennsylvania, Health

System Revenue Bonds, Geisinger Health System, Series

2017A-1

.000

02/15/45

2,644,757

1,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2021

.000

11/01/38

1,039,173

1,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Penn State Health, Series 2021

.000

11/01/51

1,006,881

1,730,000

Lancaster County Hospital Authority, Revenue Bonds, University

of Pennsylvania Health System, Refunding Series 2016B

.000

08/15/46

1,732,840

1,195,000

Lancaster County Hospital Authority, Revenue Bonds, University

of Pennsylvania Health System, Series 2016A

.000

08/15/42

1,198,086

1,000,000

Lehigh County General Purpose Authority, Pennsylvania, Hospital

Revenue Bonds, Lehigh Valley Health Network, Series 2019A

.000

07/01/44

1,014,029

415,000

Lehigh County General Purpose Authority, Pennsylvania, Revenue

Bonds, Good Shepherd Group, Refunding Series 2016

.000

11/01/36

362,685

3,435,000

Lehigh County General Purpose Authority, Pennsylvania, Revenue

Bonds, Good Shepherd Group, Refunding Series 2016

.000

11/01/46

2,991,705

1,950,000

Lehigh County General Purpose Authority, Pennsylvania, Revenue

Bonds, Good Shepherd Group, Series 2021A

.000

11/01/41

1,777,594

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2018A

.000

09/01/38

992,124

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2019 - BAM Insured

.000

09/01/44

959,929

1,600,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2022B

.000

05/01/56

1,363,034

2,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2022B - AGM Insured

.000

05/01/56

1,731,556

1,000,000

Montgomery County Higher Education and Health Authority,

Pennsylvania, Revenue Bonds, Thomas Jefferson University,

Series 2022B

.000

05/01/57

1,003,276

2,500,000

Northampton County General Purpose Authority, Pennsylvania,

Hospital Revenue Bonds, Saint Luke's University Health Network

Project, Series 2024A-1 - AGM Insured

.000

08/15/49

2,576,197

2,750,000

Pennsylvania Economic Development Financing Authority,

Revenue Bonds, University of Pittsburgh Medical Center, Series

2020A

.000

04/15/50

2,446,709

1,000,000

Pennsylvania Economic Development Financing Authority,

Revenue Bonds, University of Pittsburgh Medical Center, Series

2026A

.250

12/15/51

1,044,934

1,000,000

Pennsylvania Economic Development Financing Authority,

Revenue Bonds, University of Pittsburgh Medical Center, Series

2026A

.000

12/15/56

1,013,008

900,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, Thomas Jefferson University, Series 2024B-1

.250

11/01/51

834,015

2,310,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2019

.000

08/15/49

2,069,186

2,000,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University of Pennsylvania Health System, Series 2025

.000

08/15/55

2,076,048

2,000,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Hospital Revenue Bonds, The Children's Hospital of Philadelphia,

Series 2024A

.500

07/01/53

2,148,489

555,000

Philadelphia Hospitals and Higher Education Facilities Authority,

Pennsylvania, Hospital Revenue Bonds, Temple University Health

System Obligated Group, Series of 2017

.000

07/01/30

562,012

895,000

Pottsville Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Lehigh Valley Health Network, Series 2016B

.000

07/01/45

898,236

Portfolio of Investments May 31, 2026

(continued)

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

1,205,000

Southcentral Pennsylvania General Authority, Revenue Bonds,

Wellspan Health Obligated Group, Refunding Series 2023A

.000

06/01/34

1,353,044

1,500,000

Union County Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Evangelical Community Hospital Project, Series 2018B

.000

08/01/48

1,500,310

700,000

Westmoreland County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Excela Health Project, Series

2020A

.000

07/01/37

671,537

TOTAL HEALTH CARE

65,146,551

HOUSING/MULTIFAMILY - 0.3%

1,000,000

(b)

Erie County, Industrial Development Authority, Pennsylvania,

Essential Housing Revenue Bonds, Senior-CFC-Erie I LLC Erie

Apartments, Series 2024A

.750

09/01/61

991,267

100,000

Pennsylvania Higher Educational Facilities Authority, Revenue

Bonds, University Properties Inc. Student Housing Project at East

Stroudsburg University of Pennsylvania, Series 2016A

.000

07/01/35

97,218

149,000

Philadelphia Authority for Industrial Development, Pennsylvania,

Multifamily Housing Revenue Bonds, Presbyterian Homes

Germantown - Morrisville Project, Series 2005A

.625

07/01/35

149,204

TOTAL HOUSING/MULTIFAMILY

1,237,689

HOUSING/SINGLE FAMILY - 12.5%

3,600,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2016-120

.200

04/01/40

3,282,932

2,820,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2016-121

.200

10/01/41

2,545,975

1,520,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2017-123B

.450

10/01/32

1,511,788

3,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2017-124B

.500

10/01/37

2,939,135

180,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2017-125B

.700

10/01/47

160,940

5,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2019-129

.150

10/01/39

4,607,822

4,025,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2019-130A

.000

10/01/46

3,261,328

1,405,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2020-133

.350

10/01/40

1,134,854

5,255,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2020-133

.500

10/01/45

3,996,276

1,250,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Series 2021-136

.550

10/01/51

899,652

5,320,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-134A

.850

04/01/36

4,380,605

3,145,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-134A

.050

04/01/41

2,410,712

1,930,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-134A

.100

10/01/43

1,368,758

3,040,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-135A

.250

10/01/41

2,411,583

3,435,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-135A

.375

10/01/46

2,465,077

3,925,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-135A

.500

10/01/50

2,796,560

2,250,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2021-137

.600

04/01/46

1,713,188

1,665,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2022-138A

.000

04/01/42

1,436,113

2,000,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2023-142A

.900

10/01/46

2,025,108

135,000

Pennsylvania Housing Finance Agency, Single Family Mortgage

Revenue Bonds, Social Series 2024-144A

.600

10/01/49

135,078

TOTAL HOUSING/SINGLE FAMILY

45,483,484

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

INDUSTRIALS - 1.5%

250,000

(a),(b),(d)

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills

LLC Project, Series 2020A-1

.000

12/01/40

250,000

(a),(b),(d)

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills

LLC Project, Series 2020A-2, (AMT)

.000

12/01/40

2,525,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, National Gypsum Company,

Refunding Series 2014, (AMT)

.500

11/01/44

2,526,718

3,000,000

(c)

Pennsylvania Economic Development Financing Authority, Solid

Waste Disposal Revenue Bonds, Waste Management Inc., Project,

Series 2011, (AMT), (Mandatory Put 7/01/27)

.250

07/01/41

3,030,671

TOTAL INDUSTRIALS

5,557,439

LONG-TERM CARE - 9.3%

2,035,000

Adams County General Authority, Pennsylvania, Revenue Bonds,

The Brethren Home Community Project, Series 2024A

.000

06/01/54

1,981,896

1,510,000

Berks County Industrial Development Authority, Pennsylvania,

Healthcare Facilities Revenue Bonds, Highlands at Wyomissing,

Series 2017A

.000

05/15/42

1,514,389

90,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Revenue Bonds, Simpson Senior Services Project,

Series 2015A

.000

12/01/35

81,015

860,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Revenue Bonds, Simpson Senior Services Project,

Series 2019

.000

12/01/51

659,292

3,440,000

Chester County Health and Education Facilities Authority,

Pennsylvania, Revenue Bonds, Simpson Senior Services Project,

Series 2021A

.000

12/01/44

2,395,197

3,490,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Asbury Pennsylvania Obligated Group, Refunding Series

2019

.000

01/01/45

3,439,092

500,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2015

.000

01/01/33

500,069

760,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2015

.000

01/01/38

760,435

1,000,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.000

01/01/29

1,001,261

910,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.000

01/01/30

910,970

135,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.250

01/01/36

126,360

1,430,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2016

.250

01/01/39

1,284,666

285,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A

.125

01/01/38

283,782

105,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A

.000

01/01/39

106,893

635,000

East Hempfield Township Industrial Development Authority,

Pennsylvania, Revenue Bonds, Willow Valley Communities

Project, Refunding Series 2016

.000

12/01/39

635,273

710,000

Lancaster County Hospital Authority, Pennsylvania, Health Center

Revenue Bonds, Saint Anne's Retirement Community, Inc., Series

2020

.000

03/01/45

664,691

245,000

Lancaster County Hospital Authority, Pennsylvania, Health Center

Revenue Bonds, Saint Anne's Retirement Community, Inc., Series

2020

.000

03/01/50

217,205

1,000,000

Lancaster County Hospital Authority, Pennsylvania, Revenue

Bonds, Landis Homes Retirement Community Project, Refunding

Series 2015A

.000

07/01/45

999,981

910,000

Lancaster Industrial Development Authority, Pennsylvania, Health

Center Revenue Bonds, Landis Homes Retirement Community

Project, Refunding Series 2021

.000

07/01/51

750,913

Portfolio of Investments May 31, 2026

(continued)

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

1,400,000

Lancaster Industrial Development Authority, Pennsylvania, Health

Center Revenue Bonds, Landis Homes Retirement Community

Project, Refunding Series 2021

.000

07/01/56

1,114,495

2,000,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds Meadowood Senior Living Project

Series 2018A

.000

12/01/48

2,000,564

2,750,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, ACTS Retirement-Life

Communities, Inc. Obligated Group, Series 2016

.000

11/15/36

2,758,733

500,000

Montgomery County Industrial Development Authority,

Pennsylvania, Revenue Bonds, ACTS Retirement-Life

Communities, Inc. Obligated Group, Series 2023A

.250

11/15/53

505,085

1,100,000

Northampton County Industrial Development Authority,

Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc.,

Series 2019

.000

11/01/49

1,014,610

1,800,000

Pennsylvania Economic Development Finance Authority Revenue

Bonds Presbyterian Senior Living Project, Series 2021

.000

07/01/41

1,742,530

500,000

Pennsylvania Economic Development Finance Authority Revenue

Bonds Presbyterian Senior Living Project, Series 2021

.000

07/01/46

447,594

1,000,000

Pennsylvania Economic Development Finance Authority,

Revenue Bonds, Presbyterian Senior Living Project, Series

2023B-2

.000

07/01/42

1,032,514

2,655,000

Westmoreland County Industrial Development Authority,

Pennsylvania, Retirement Community Revenue Bonds, Redstone

Presbyterian SeniorCare Obligated Group, Refunding Bonds,

Series 2021

.000

05/15/41

2,290,271

3,345,000

Westmoreland County Industrial Development Authority,

Pennsylvania, Retirement Community Revenue Bonds, Redstone

Presbyterian SeniorCare Obligated Group, Refunding Bonds,

Series 2021

.000

05/15/47

2,574,207

TOTAL LONG-TERM CARE

33,793,983

TAX OBLIGATION/GENERAL - 16.6%

1,080,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2024C-80

.000

12/01/41

1,162,481

1,355,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2024C-80

.000

12/01/42

1,456,112

1,795,000

Allegheny County, Pennsylvania, General Obligation Bonds,

Series 2024C-80

.000

12/01/49

1,853,044

495,000

Allentown City School District, Lehigh County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2019C - BAM

Insured

.000

02/01/36

499,511

1,000,000

Bethel Park School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2024

.000

08/01/43

1,075,682

1,695,000

Bethel Park School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2024

.000

08/01/44

1,810,206

2,000,000

(e)

Carlisle Area School District, Cumberland County, Pennsylvania,

General Obligation Bonds, Series 2026

.000

09/01/51

2,063,120

400,000

Central Dauphin School District, Dauphin County, Pennsylvania,

General Obligation Bonds, Series 2026

.000

05/15/36

445,723

4,000,000

(f)

Coatesville Area School District, Chester County, Pennsylvania,

General Obligation Bonds, Series 2020A - BAM Insured

.000

10/01/35

2,742,830

1,950,000

(f)

Coatesville Area School District, Chester County, Pennsylvania,

General Obligation Bonds, Series 2020A - BAM Insured

.000

10/01/37

1,209,738

1,000,000

Delaware County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

08/01/48

1,035,963

200,000

Ephrata Area School District, Lancaster County, Pennsylvania,

General Obligation Bonds, Notes Series 2026B

.000

03/01/36

220,577

200,000

Ephrata Area School District, Lancaster County, Pennsylvania,

General Obligation Bonds, Notes Series 2026B

.000

03/01/38

218,038

855,000

Fayette County, Pennsylvania, General Obligation Bonds, Notes

Series 2021A - AGM Insured

.000

11/15/43

553,577

1,635,000

(f)

Girard School District, Erie County, Pennsylvania, General

Obligation Bonds, Series 1999B - FGIC Insured

.000

11/15/28

1,498,497

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

1,250,000

Hatboro-Horsham School District, Montgomery County,

Pennsylvania, General Obligation Bonds, Series 2023A

.250

09/15/51

1,309,630

900,000

Haverford Township School District, Delaware County,

Pennsylvania, General Obligation Bonds, Series 2025

.000

03/15/43

952,662

1,000,000

Lancaster County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

11/01/36

1,087,504

615,000

Lancaster, Pennsylvania, General Obligation Bonds, Series 2016

- AGM Insured

.000

11/01/27

615,901

1,000,000

Littlestown Area School District, Adams County, Pennsylvania,

General Obligation Bonds, Series 2023A - BAM Insured

.000

10/01/50

1,026,772

1,000,000

(e)

Marple Newtown School District, Delaware County, Pennsylvania,

General Obligation Bonds, Series 2026A

.000

06/01/46

1,075,705

1,500,000

Middletown Area School District, Dauphin County, Pennsylvania,

General Obligation Bonds, Series 2023 - BAM Insured

.000

03/01/38

1,534,572

600,000

Muhlenberg School District, Berks County, Pennsylvania, General

Obligation Bonds, Series 2025

.000

05/15/50

619,851

860,000

(e)

Norristown Area School District, Montgomery County,

Pennsylvania, General Obligation Bonds, Series 2026

.000

10/01/44

915,713

525,000

North Penn School District, Montgomery and Bucks Counties,

Pennsylvania, General Obligation Bonds, Series 2026

.000

03/01/46

556,399

1,150,000

Northampton Area School District, Northampton County,

Pennsylvania, General Obligation Bonds, Series 2026 - BAM

Insured

.000

04/01/41

1,157,988

690,000

Northampton County, Pennsylvania, General Obligation Bonds,

Series 2025

.000

10/01/36

765,298

2,500,000

Parkland School District, Lehigh County, Pennsylvania, General

Obligation Bonds, Series 2026

.250

02/01/51

2,615,598

1,500,000

(e)

Penn Manor School District, Lancaster County, Pennsylvania,

General Obligation Bonds, Series 2026B

.000

03/01/40

1,641,205

10,000,000

Pennsylvania State, General Obligation Bonds, First Series 2023

.000

09/01/40

10,169,022

1,000,000

Pennsylvania State, General Obligation Bonds, First Series 2026

.000

04/01/43

1,103,036

1,500,000

Philadelphia School District, Pennsylvania, General Obligation

Bonds, Green Series 2023B

.000

09/01/48

1,550,553

2,785,000

Philadelphia School District, Pennsylvania, General Obligation

Bonds, Series 2007A - NPFG Insured

.000

06/01/34

3,139,705

1,570,000

(e)

Philadelphia School District, Pennsylvania, General Obligation

Bonds, Series 2026A

.500

09/01/51

1,701,734

1,000,000

Pittsburgh, Pennsylvania, General Obligation Bonds, Capital

Improvement Series 2025

.250

09/01/44

982,590

315,000

Rose Tree Media School District, Delaware County, Pennsylvania,

General Obligation Bonds, Series 2025

.000

04/01/33

354,240

1,000,000

Souderton Area School District, Pennsylvania, General Obligation

Bonds, Series 2026 - BAM Insured

.000

09/01/40

1,012,297

1,000,000

Souderton Area School District, Pennsylvania, General Obligation

Bonds, Series 2026 - BAM Insured

.000

09/01/41

1,008,946

2,000,000

State College Area School District, Centre County, Pennsylvania,

General Obligation Bonds, Series 2015

.000

03/15/40

2,000,325

30,000

The Redevelopment Authority of the City of Scranton,

Lackawanna county, Pennsylvania, Guaranteed Lease Revenue

Bonds, Series 2016A

.000

11/15/28

30,025

1,600,000

Washington County, Pennsylvania, General Obligation Bonds,

Series 2024

.000

09/01/35

1,619,463

1,010,000

West Allegheny School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Series 2021B

.000

09/01/26

1,006,002

900,000

West Mifflin Area School District, Allegheny County, Pennsylvania,

General Obligation Bonds, Limited Tax Series 2019 - BAM

Insured

.000

04/01/34

870,453

TOTAL TAX OBLIGATION/GENERAL

60,268,288

Portfolio of Investments May 31, 2026

(continued)

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED - 5.3%

100,000

(b)

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront

Project, Senior Series 2021

.000

05/01/42

105,606

100,000

(b)

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,

Series 2018

.000

05/01/33

102,630

890,000

(b)

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,

Subordinate Series 2022

.250

05/01/42

923,916

505,000

(b)

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, City Center

Refunding Project, Series 2017

.000

05/01/42

506,242

1,000,000

(b)

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts

Project, Series 2023

.250

05/01/42

1,024,239

250,000

(b)

Allentown Neighborhood Improvement Zone Development

Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E

Allen Street Project, Senior Series 2024A

.250

05/01/42

258,855

100,000

(b)

Chester County Industrial Development Authority, Pennsylvania,

Special Obligation Bonds, Woodlands at Greystone Project,

Series 2018

.000

03/01/38

100,716

2,630,000

Commonwealth Financing Authority, Pennsylvania, State

Appropriation Lease Bonds, Master Settlement, Series 2018 -

AGM Insured

.000

06/01/39

2,593,702

1,000,000

Delaware County Vocational-Technical School Authority,

Pennsylvania, Lease Revenue Bonds, Intermediate Unit Project,

Series 2025 - BAM Insured

.500

11/01/50

1,068,388

1,500,000

Pennsylvania Turnpike Commission, Motor License Fund-

Enhanced Turnpike Special Revenue Bonds, Subordinate Series

2014A

.750

12/01/37

1,510,442

1,000,000

Pennsylvania Turnpike Commission, Motor License Fund-

Enhanced Turnpike Special Revenue Bonds, Subordinate Series

2014A

.900

12/01/44

1,005,828

1,000,000

Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue

Bonds, Senior Series 2018A

.250

12/01/44

1,038,075

4,000,000

Pennsylvania Turnpike Commission, Registration Fee Revenue

Bonds, Refunding Series 2025

.000

07/15/38

4,489,771

400,000

Philadelphia Authority for Industrial Development, Pennsylvania,

City Service Agreement Revenue Bonds, Rebuild Project Series

2025A

.000

12/01/36

454,409

1,000,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

988,194

355,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

341,991

2,000,000

Southeastern Pennsylvania Transportation Authority, Revenue

Bonds, Asset Improvement Series 2022

.250

06/01/52

2,091,586

530,000

Washington County Redevelopment Authority, Pennsylvania,

Tanger Outlet Victory Center Tax Increment Bonds, Series 2018

.000

07/01/35

532,766

TOTAL TAX OBLIGATION/LIMITED

19,137,356

TRANSPORTATION - 10.2%

4,675,000

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2021A,

(AMT)

.000

01/01/51

4,703,490

2,030,000

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2021A,

(AMT)

.000

01/01/56

2,036,949

4,000,000

Allegheny County Airport Authority, Pennsylvania, Airport

Revenue Bonds, Pittsburgh International Airport, Series 2025A,

(AMT)

.500

01/01/50

4,234,408

1,955,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Refunding Series

2015 - BAM Insured

.000

07/01/35

1,955,801

1,000,000

Delaware River Joint Toll Bridge Commission, New Jersey and

Pennsylvania, Bridge System Revenue Bonds, Series 2017

.000

07/01/47

1,008,477

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

1,315,000

Delaware River Port Authority, New Jersey and Pennsylvania,

Revenue Bonds, Refunding Series 2025

.000

01/01/36

1,493,672

1,945,000

Delaware River Port Authority, New Jersey and Pennsylvania,

Revenue Bonds, Series 2018A

.000

01/01/37

2,030,788

2,115,000

Pennsylvania Economic Development Financing Authority,

Private Activity Revenue Bonds, Pennsylvania Rapid Bridge

Replacement Project, Series 2015, (AMT)

.000

12/31/38

2,115,709

4,375,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Capital Appreciation Series 2009E

.375

12/01/38

4,554,496

665,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2023A

.250

12/01/44

675,805

3,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2023A

.000

12/01/48

3,140,205

1,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2024A

.000

12/01/42

1,087,335

1,615,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2024C

.250

12/01/54

1,709,839

2,000,000

Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,

Series 2025B

.250

12/01/45

2,207,780

1,250,000

Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding

Series 2020C, (AMT)

.000

07/01/50

1,124,091

1,625,000

Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding

Series 2025B, (AMT)

.000

07/01/35

1,813,127

1,000,000

Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding

Series 2025B, (AMT)

.000

07/01/39

1,089,483

TOTAL TRANSPORTATION

36,981,455

U.S. GUARANTEED - 1.5% (g)

730,000

Allegheny County Higher Education Building Authority,

Pennsylvania, Revenue Bonds, Robert Morris University, Series

2016, (Pre-refunded 10/15/26)

.000

10/15/34

735,961

480,000

Allegheny County Higher Education Building Authority,

Pennsylvania, Revenue Bonds, Robert Morris University, Series

2017, (Pre-refunded 10/15/27)

.000

10/15/37

494,886

70,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,

(Pre-refunded 1/01/29)

.000

01/01/39

73,854

570,000

Cumberland County Municipal Authority, Pennsylvania, Revenue

Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,

(Pre-refunded 1/01/29)

.000

01/01/39

601,388

155,000

Doylestown Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Series 2019A, (Pre-refunded 7/01/29)

.000

07/01/49

164,346

835,000

Monroe County Hospital Authority, Pennsylvania, Hospital

Revenue Bonds, Pocono Medical Center, Series 2016, (Pre-

refunded 7/01/26)

.000

07/01/41

836,605

50,000

(a),(b)

Philadelphia Authority for Industrial Development, Pennsylvania,

Revenue Bonds, University of the Arts, Series 2017, (Pre-refunded

3/15/28)

.000

03/15/45

52,022

2,445,000

Pottsville Hospital Authority, Pennsylvania, Hospital Revenue

Bonds, Lehigh Valley Health Network, Series 2016B, (Pre-

refunded 1/01/27)

.000

07/01/45

2,478,935

TOTAL U.S. GUARANTEED

5,437,997

UTILITIES - 12.2%

2,170,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2018

.000

06/01/43

2,225,667

935,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2022

.000

06/01/53

958,991

1,000,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2024

.000

12/01/42

1,075,818

1,470,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2024

.000

12/01/44

1,448,695

1,875,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2025

.000

12/01/45

2,011,722

Portfolio of Investments May 31, 2026

(continued)

Pennsylvania

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

2,805,000

Allegheny County Sanitary Authority, Pennsylvania, Sewer

Revenue Bonds, Series 2025

.000

12/01/50

2,927,063

50,000

(c)

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

.750

01/01/35

52,369

1,000,000

Bucks County Water and Sewer Authority, Pennsylvania, Sewer

System Revenue Bonds, Series 2022A - AGM Insured

.250

12/01/47

1,057,726

605,000

Bucks County Water and Sewer Authority, Pennsylvania, Water

System Revenue Bonds, Series 2021 - AGM Insured

.250

12/01/44

402,961

1,250,000

Clairton Municipal Authority, Allegheny County, Pennsylvania,

Sewer Revenue Bonds, Refunding Series 2024B

.375

12/01/42

1,255,912

430,000

Delaware County Regional Water Quality Control Authority,

Pennsylvania, Sewer Revenue Bonds, Series 2015

.000

05/01/40

430,506

1,260,000

Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue

Bonds, Series 2025 - BAM Insured

.000

12/01/42

1,338,605

1,000,000

Lehigh County Authority, Pennsylvania, Water and Sewer

Revenue Bonds, Allentown Concession, Series 2024 - BAM

Insured

.000

12/01/46

965,250

1,325,000

(c)

Luzerne County Industrial Development Authority, Pennsylvania,

Revenue Bonds, Pennsylvania-American Water Company Project,

Refunding Series 2019, (AMT), (Mandatory Put 12/03/29)

.450

12/01/39

1,251,665

1,765,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, York Water Company Project,

Refunding Series 2019A, (AMT)

.000

10/01/36

1,625,625

3,635,000

Pennsylvania Economic Development Financing Authority,

Exempt Facilities Revenue Bonds, York Water Company Project,

Refunding Series 2019B, (AMT)

.100

11/01/38

3,230,469

10,450,000

Pennsylvania Economic Development Financing Authority,

Revenue Bonds, Pennsylvania-American Water Company,

Refunding Series 2019

.000

04/01/39

9,256,176

1,000,000

Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998

General Ordinance, Fifteenth Series 2017

.000

08/01/37

1,017,127

1,765,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2018A

.000

10/01/43

1,821,179

1,500,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2019B

.000

11/01/54

1,526,092

1,000,000

Philadelphia, Pennsylvania, Water and Wastewater Revenue

Bonds, Series 2022C

.000

06/01/38

1,089,216

1,510,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2023A - AGM

Insured

.000

09/01/42

1,630,961

1,000,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2023A - AGM

Insured

.250

09/01/53

968,975

1,000,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2025A

.250

09/01/50

1,052,833

750,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2026A

.000

09/01/37

857,896

2,000,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2026A

.000

09/01/52

2,081,708

1,000,000

Pittsburgh Water and Sewer Authority, Pennsylvania, Water and

Sewer System Revenue Bonds, First Lien Series 2026A

.000

09/01/56

1,031,945

TOTAL UTILITIES

44,593,152

TOTAL MUNICIPAL BONDS

(Cost $370,018,420)

352,290,672

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%

–

CAPITAL GOODS - 0.0%

64,338

(a),(d)

KDC Agribusiness Fairless Hills LLC

.000

09/17/26

TOTAL CAPITAL GOODS

TOTAL VARIABLE RATE SENIOR LOAN INTERESTS

(Cost $64,338)

TOTAL LONG-TERM INVESTMENTS

(Cost $370,082,758)

352,290,678

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.4%

5,000,000

MUNICIPAL BONDS - 1.4%

–

TAX OBLIGATION/GENERAL - 1.4%

2,000,000

(h)

Delaware Valley Regional Finance Authority, Pennsylvania, Local

Government Revenue Bonds, Series 2020E

.600

03/01/52

2,000,000

3,000,000

(h)

Delaware Valley Regional Finance Authority, Pennsylvania, Local

Government Revenue Bonds, Series 2025B

.600

12/01/60

3,000,000

TOTAL TAX OBLIGATION/GENERAL

5,000,000

TOTAL MUNICIPAL BONDS

(Cost $5,000,000)

5,000,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $5,000,000)

5,000,000

TOTAL INVESTMENTS - 98.2%

(Cost $375,082,758)

357,290,678

OTHER ASSETS & LIABILITIES, NET - 1.8%

6,512,518

NET ASSETS - 100%

363,803,196

AMT

Alternative Minimum Tax

(a)

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

bankruptcy.

(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 $4,553,650 or 1.3% of Total Investments.

(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)

For fair value measurement disclosure purposes, investment classified as Level 3.

(e)

When-issued or delayed delivery security.

(f)

Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial

period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference

between the original purchase price of the bond at issuance and the par value of the bond at maturity.

(g)

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.

(h)

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

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

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

Portfolio of Investments May 31, 2026

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM INVESTMENTS - 98.2%

562,702,069

MUNICIPAL BONDS - 98.2%

–

CONSUMER DISCRETIONARY - 0.5%

2,825,000

Virgin Islands Hotel Development Financing Corporation, Hotel

Revenue Bonds Frenchman's Reef Hotel Acquisition Project,

Senior Lien Series 2025A-1

.000

12/01/55

2,847,442

TOTAL CONSUMER DISCRETIONARY

2,847,442

CONSUMER STAPLES - 1.6%

230,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.250

06/01/32

226,462

600,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.625

06/01/47

549,604

6,155,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset Backed Bonds, Series 2007B1

.000

06/01/47

5,172,688

4,055,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset-Backed Bonds, Series 2007B2

.200

06/01/46

3,468,026

TOTAL CONSUMER STAPLES

9,416,780

EDUCATION AND CIVIC ORGANIZATIONS - 8.2%

1,685,000

Alexandria Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Episcopal High School,

Series 2017

.000

01/01/40

1,686,619

1,455,000

Industrial Development Authority of the City of Lexington,

Virginia, Washington and Lee University, Educational Facility

Revenue Bonds, Refunding Series 2018A

.000

01/01/48

1,472,004

1,500,000

Loudoun County Industrial Development Authority, Virginia,

Multi-Modal Revenue Bonds, Howard Hughes Medical Institute,

Series 2022A

.000

10/01/52

1,401,362

2,000,000

Madison County Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Woodberry Forest School,

Series 2021

.000

10/01/50

1,453,961

500,000

Montgomery County Economic Development Authority, Virginia,

Revenue Bonds, Virginia Tech Foundation, Refunding Series

2017A

.000

06/01/37

501,975

750,000

Roanoke Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Lynchburg College, Series 2018A

.000

09/01/43

729,034

600,000

Salem Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Roanoke College, Series 2025

.000

04/01/50

633,033

2,500,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Green Series 2015A-2

.000

04/01/45

2,499,931

10,355,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017A

.000

04/01/39

10,519,926

5,000,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017A

.000

04/01/47

5,046,417

5,000,000

The Rector and Visitors of the University of Virginia, General

Pledge Revenue Bonds, Refunding Series 2017B

.000

04/01/46

5,050,928

1,790,000

Virginia College Building Authority Educational Facility, Revenue

Bonds, University of Richmond Refunding Series 2024

.000

03/01/49

1,888,849

1,000,000

(a)

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Green Series

2015B

.000

07/01/45

769,322

3,000,000

(a)

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Refunding Series

2015A

.000

07/01/35

2,577,891

4,465,000

(a)

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Refunding Series

2015A

.000

07/01/45

3,435,022

1,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Regent University Project, Series 2025

.000

06/01/50

1,055,959

1,575,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Washington and Lee University, Series 1998 -

NPFG Insured

.250

01/01/31

1,679,523

3,000,000

Virginia College Building Authority, Educational Facility Revenue

Bonds, University of Richmond, Refunding Series 2024

.000

03/01/54

3,131,957

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

EDUCATION AND CIVIC ORGANIZATIONS

(continued)

1,000,000

Virginia College Building Authority, Educational Facility Revenue

Bonds, University of Richmond, Series Refunding 2026

.000

03/01/40

1,132,610

175,000

Virginia Commonwealth University, General Pledge Revenue

Bonds, Refunding Series 2018A

.000

11/01/38

181,742

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

46,848,065

HEALTH CARE - 18.6%

1,200,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/31

1,292,427

1,050,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/32

1,126,403

1,195,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/38

1,206,036

1,075,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/45

1,023,976

1,465,000

(b)

Arlington County Industrial Development Authority, Virginia,

Hospital Revenue Bonds, Virginia Hospital Center, Series 2023A,

(Mandatory Put 7/01/31)

.000

07/01/53

1,563,671

1,920,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-1

.000

08/01/44

1,783,646

3,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Refunding

Series 2022

.000

05/15/44

2,858,826

4,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2018A

.000

05/15/48

3,740,283

6,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2024

.000

05/15/51

6,252,505

3,000,000

Front Royal and Warren County Industrial Development

Authority, Virginia, Hospital Revenue Bonds, Valley Health System

Obligated Group, Series 2018

.000

01/01/50

2,667,232

4,270,000

Henrico County Economic Development Authority, Virginia,

Health Facilities Revenue Bonds, Bon Secours Mercy Health,

Series 2025A-VA

.000

11/01/48

4,413,425

3,500,000

(a)

Industrial Development Authority of the City of Newport News,

Virginia, Health System Revenue Bonds, Riverside Health System,

Series 2015A

.330

07/01/45

3,499,956

7,500,000

(a)

Industrial Development Authority of the City of Newport News,

Virginia, Health System Revenue Bonds, Riverside Health System,

Series 2017A

.000

07/01/46

7,414,994

1,000,000

Isle Economic Development Authority, Wight County, Virginia,

Health System Revenue Bonds, Riverside Health System Series

2023 - AGM Insured

.250

07/01/43

1,090,700

2,000,000

Isle Economic Development Authority, Wight County, Virginia,

Health System Revenue Bonds, Riverside Health System Series

2023

.250

07/01/53

2,080,443

4,000,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2017A

.000

01/01/47

4,004,381

4,050,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2021

.000

01/01/47

3,624,191

3,000,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Refunding

Series 2021 - BAM Insured

.000

01/01/51

2,204,732

2,925,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Series 2026A

.500

01/01/51

3,130,727

1,125,000

Lynchburg Economic Development Authority, Virginia, Hospital

Revenue Bonds, Centra Health Obligated Group, Series 2026A

.500

01/01/56

1,194,759

5,250,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

.000

07/01/47

5,687,204

Portfolio of Investments May 31, 2026

(continued)

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HEALTH CARE

(continued)

6,000,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

.000

07/01/51

5,507,337

1,000,000

Rockingham County Economic Development Authority, Virginia,

Health Care Facilities Revenue Bonds, Sentara RMH Medical

Center, Refunding Series 2021A

.000

11/01/46

783,026

3,090,000

Stafford County Economic Development Authority, Virginia,

Hospital Facilities Revenue Bonds, Mary Washington Healthcare

Obligated Group, Refunding Series 2016

.000

06/15/37

3,042,309

6,500,000

Virginia Commonwealth University Health System Authority,

General Revenue Bonds, Series 2017B

.000

07/01/46

6,544,731

8,500,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A

.000

12/01/49

7,420,890

5,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A

.000

10/01/41

5,319,532

2,415,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A

.000

10/01/42

2,553,709

4,980,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding Series

2025A-1

.250

06/15/50

5,192,841

2,580,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Mary Washington Healthcare, Refunding Series

2025A-1

.250

06/15/55

2,669,839

4,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

.000

11/01/38

4,033,628

1,150,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

.000

11/01/39

1,155,229

500,000

Winchester Economic Development Authority, Virginia, Revenue

Bonds, Valley Health System Obligated Group Series 2024A

.000

01/01/42

535,895

TOTAL HEALTH CARE

106,619,483

HOUSING/MULTIFAMILY - 6.5%

2,000,000

(b)

Fairfax County Redevelopment and Housing Authority, Virginia,

Multifamily Housing Revenue Bonds, Dominion Square North

Project, Series 2023, (Mandatory Put 1/01/28)

.000

01/01/45

2,041,227

1,095,000

(a)

Richmond Redevelopment and Housing Authority, Virginia, Multi-

Family Housing Revenue Bonds, American Tobacco Apartments,

Series 2017

.550

01/01/37

1,080,136

1,510,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

.500

03/01/35

1,510,044

1,790,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

.625

03/01/39

1,778,993

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015C

.000

08/01/45

975,537

2,585,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015E

.750

12/01/40

2,584,972

1,500,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2016B

.350

05/01/36

1,484,260

1,710,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2017A

.875

03/01/47

1,567,056

3,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2019A

.600

09/01/39

2,969,984

1,250,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2020E

.300

07/01/40

1,009,638

1,745,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2020G

.200

09/01/40

1,390,224

2,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2021B

.400

03/01/46

1,444,873

2,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2021K

.375

12/01/41

1,580,980

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2022F

.000

10/01/52

1,015,906

1,895,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2023E

.250

10/01/63

1,940,486

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

(continued)

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024A

.450

09/01/44

1,005,534

2,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024D

.500

08/01/54

1,945,012

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024D

.625

08/01/60

976,497

1,500,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2025A

.600

09/01/50

1,496,167

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2025C

.200

07/01/62

1,026,183

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2025F

.625

12/01/56

983,986

3,750,000

Williamsburg Economic Development Authority, Virginia, Student

Housing Revenue Bonds, Provident Group - Williamsburg

Properties LLC - William and Mary Project Series 2023A - AGM

Insured

.250

07/01/53

3,914,876

1,500,000

Williamsburg Economic Development Authority, Virginia, Student

Housing Revenue Bonds, Provident Group - Williamsburg

Properties LLC - William and Mary Project Series 2023A - AGM

Insured

.375

07/01/63

1,451,922

TOTAL HOUSING/MULTIFAMILY

37,174,493

HOUSING/SINGLE FAMILY - 1.6%

1,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-4

.450

07/01/45

999,971

1,650,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-I

.600

10/01/54

1,629,707

850,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-II

.400

10/01/44

852,425

1,150,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024D

.500

07/01/45

1,137,043

1,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024F-1

.950

07/01/45

1,031,552

2,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024F-2

.000

07/01/45

2,061,872

500,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2024F-3

.950

07/01/45

516,940

1,000,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2025G

.700

07/01/51

1,005,877

TOTAL HOUSING/SINGLE FAMILY

9,235,387

INDUSTRIALS - 0.4%

2,050,000

Amelia County Industrial Development Authority, Virginia, Solid

Waste Disposal Revenue Bonds, Waste Management Inc., Series

2002, (AMT)

.450

04/01/27

2,007,272

TOTAL INDUSTRIALS

2,007,272

LONG-TERM CARE - 5.2%

2,800,000

Albemarle County, Virginia, Residential Care Facility Revenue

Bonds Westminster-Canterbury of the Blue Ridge Refunding

Series 2022A

.000

06/01/49

2,562,726

625,000

Chesterfield County Health Center Commission, Virginia,

Residential Care Facility First Revenue Bonds, Lucy Corr Village,

Series 2026

.000

07/01/48

638,426

1,650,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Refunding Series 2020

.000

10/01/31

1,677,513

1,000,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Refunding Series 2020

.000

10/01/50

855,921

2,000,000

Henrico County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster Canterbury

of Richmond, Series 2022A

.000

10/01/52

1,964,255

1,000,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Refunding Series 2021A

.000

12/01/50

819,091

Portfolio of Investments May 31, 2026

(continued)

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM CARE

(continued)

250,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Williamsburg Landing

Inc., Series 2024A

.875

12/01/58

272,832

610,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, WindsorMeade, Series

2021A

.000

06/01/41

550,382

1,615,000

Lexington Industrial Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Kendal at Lexington Retirement

Community Inc., Refunding Series 2022. Forward Delivery

.000

01/01/42

1,549,924

1,000,000

Lexington Industrial Development Authority, Virginia, Residential

Care Facility Revenue Bonds, Kendal at Lexington Retirement

Community Inc., Refunding Series 2022. Forward Delivery

.000

01/01/48

884,956

2,680,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

.000

01/01/49

2,539,706

2,695,000

Norfolk Redevelopment and Housing Authority, Virginia, Fort

Norfolk Retirement Community, Inc., Harbor's Edge Project,

Series 2019A

.250

01/01/54

2,606,023

2,500,000

Norfolk Redevelopment and Housing Authority, Virginia,

Revenue Bonds, Fort Norfolk Retirement Community, Inc. -

Harbor's Edge Project, Refunding Series 2014

.000

01/01/46

2,450,793

1,000,000

Prince William County Industrial Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster at Lake

Ridge, Refunding Series 2016

.000

01/01/37

1,001,531

1,500,000

Prince William County Industrial Development Authority, Virginia,

Residential Care Facility Revenue Bonds, Westminster at Lake

Ridge, Refunding Series 2016

.000

01/01/46

1,434,849

2,110,000

Suffolk Economic Development Authority, Virginia, Retirement

Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./

United Church Homes and Services Obligated Group, Refunding

Series 2016

.000

09/01/26

2,110,688

500,000

Suffolk Economic Development Authority, Virginia, Retirement

Facilities First Mortgage Revenue Bonds, Lake Prince Center, Inc./

United Church Homes and Services Obligated Group, Refunding

Series 2016

.000

09/01/31

500,105

2,245,000

Virginia Beach Development Authority, Virginia, Residential Care

Facility Revenue Bonds, Westminster Canterbury on Chesapeake

Bay, Refunding Series 2018

.000

09/01/48

1,848,286

570,000

Virginia Beach Development Authority, Virginia, Residential Care

Facility Revenue Bonds, Westminster Canterbury on Chesapeake

Bay, Series 2023A

.000

09/01/53

625,355

1,000,000

Virginia Beach Development Authority, Virginia, Residential Care

Facility Revenue Bonds, Westminster Canterbury on Chesapeake

Bay, Series 2023A

.000

09/01/59

1,091,672

2,000,000

Virginia Small Business Financing Authority, Virginia, Residential

Care Facility Revenue Bonds, Lifespire, Refunding Series 2024A

.500

12/01/54

2,061,411

TOTAL LONG-TERM CARE

30,046,445

TAX OBLIGATION/GENERAL - 6.1%

5,000,000

Arlington County, Virginia, General Obligation Bonds, Public

Improvement Series 2023

.000

06/15/38

5,493,651

3,500,000

Newport News, Virginia, General Obligation Bonds, General

Improvement Series 2026A

.000

08/01/42

3,880,263

1,335,000

Newport News, Virginia, General Obligation Bonds, Refunding &

Improvement Series 2015

.000

07/15/33

1,319,137

1,000,000

Norfolk, Virginia, General Obligation Bonds, Refunding Capital

Improvement Series 2023A

.000

09/01/40

1,090,622

6,715,000

(c)

Patterson Joint Unified School District, Stanislaus County,

California, General Obligation Bonds, 2008 Election Series

2009B - AGM Insured

.000

08/01/45

3,006,316

2,919,572

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.625

07/01/29

3,069,255

4,500,000

(c)

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

3,284,242

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/GENERAL

(continued)

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

1,002,347

3,000,000

Richmond, Virginia, General Obligation Bonds, Public

Improvement Series 2024C

.000

03/01/57

2,815,645

2,000,000

Virginia Public School Authority, Special Obligation School

Financing Bonds, Prince William County, Series 2025

.000

10/01/39

2,245,616

2,000,000

Virginia Public School Authority, Special Obligation School

Financing Bonds, Stafford County Series 2026

.000

08/01/45

2,186,767

2,710,000

Virginia State, General Obligation Bonds, Series 2020A

.000

06/01/30

2,857,522

7,110,000

(c)

Wylie Independent School District, Collin County, Texas, General

Obligation Bonds, School Building Series 2015B

.000

08/15/48

2,453,541

TOTAL TAX OBLIGATION/GENERAL

34,704,924

TAX OBLIGATION/LIMITED - 17.5%

1,485,000

Arlington County Industrial Development Authority, Virginia,

Revenue Bonds, Refunding County Projects, Series 2017

.000

02/15/34

1,520,894

1,495,000

(a)

Cherry Hill Community Development Authority, Virginia, Special

Assessment Bonds, Potomac Shores Project, Series 2015

.400

03/01/45

1,496,338

2,000,000

Chesterfield County Economic Development Authority, Virginia,

Revenue Bonds, County Mobility Projects, Series 2024

.000

04/01/50

1,865,859

1,500,000

(a)

Cutalong II Community Development Authority, Louisa County,

Virginia, Special Assessment Revenue Bonds, Cutalong II Project,

Series 2022

.500

03/01/55

1,295,371

1,000,000

Fairfax County Economic Development Authority, Virginia,

Revenue Bonds, Metrorail Parking System Project, Series 2017

.000

04/01/37

1,014,588

710,000

(a)

Farms of New Kent Community Development Authority, Virginia,

Special Assessment Bonds, Refunding Series 2021A

.750

03/01/36

696,903

750,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.250

01/01/38

819,473

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/30

1,004,652

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.000

12/01/34

1,003,679

3,000,000

Hampton Roads Transportation Accountability Commision,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2020A

.000

07/01/50

3,079,320

2,000,000

Hampton Roads Transportation Accountability Commision,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2020A

.250

07/01/60

2,061,725

3,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Hampton Roads Transportation Fund Revenue Bonds,

Senior Lien Series 2018A

.000

07/01/48

3,053,191

3,000,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2022A

.000

07/01/52

2,735,929

2,405,000

Hampton Roads Transportation Accountability Commission,

Virginia, Revenue Bonds, Hampton Roads Transportation Fund,

Senior Lien Series 2024A

.250

07/01/59

2,525,233

3,000,000

(c)

Harris County-Houston Sports Authority, Texas, Revenue Bonds,

Capital Appreciation Refunding Senior Lien Series 2014A - AGM

Insured

.000

11/15/51

830,605

3,365,000

(a)

Lower Magnolia Green Community Development Authority,

Virginia, Special Assessment Bonds, Series 2015

.000

03/01/45

3,364,855

765,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/32

815,225

2,500,000

Northern Virginia Transportation Commission, Transportation

District Special Obligation Revenue Bonds, Transforming Rail In

Virginia Program, Green Series 2022

.000

06/01/47

2,607,735

240,000

(a)

Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.500

09/01/28

241,788

1,300,000

(a)

Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.000

09/01/37

1,310,186

2,785,000

(a)

Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.000

09/01/45

2,790,466

Portfolio of Investments May 31, 2026

(continued)

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

3,000,000

(a)

Powhatan County Economic Development Authority, Virginia,

Grant Revenue Bonds, Chesterfield Hotel Project, Senior Series

2025A

.125

09/01/60

3,037,740

58,000

(c)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/27

56,073

317,000

(c)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/29

287,576

210,000

(c)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/31

176,755

432,000

(c)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/33

336,430

2,350,000

(c)

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/51

631,154

2,500,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.750

07/01/53

2,408,421

10,855,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/58

10,726,847

2,180,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.329

07/01/40

2,173,818

61,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.536

07/01/53

56,925

31,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Taxable Restructured Cofina Project Series 2019A-2

.784

07/01/58

29,864

1,000,000

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2006 - FGIC Insured

.000

10/01/28

1,002,873

1,000,000

(a)

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Refunding Series 2014C

.000

10/01/30

1,002,898

2,240,000

(a)

Virgin Islands Public Finance Authority, Gross Receipts Taxes

Loan Note, Working Capital Series 2014A - AGM Insured

.000

10/01/34

2,260,804

2,000,000

(a)

Virgin Islands Public Finance Authority, Revenue Bonds,

Frenchman's Reef Hotel Development Hotel Occupancy Series

2024A

.000

04/01/53

2,024,139

800,000

Virgin Islands Transportation & Infrastructure Corporation, Virgin

Islands, Grant Anticipation Revenue Bonds, Federal Highway

Grant Anticipation Revenue Loan Note, Series 2025

.000

09/01/43

860,172

2,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, 21st Century Collage & Equipment Programs,

Series 2023A

.000

02/01/41

2,175,391

2,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, 21st Century College & Equipment Programs,

Series 2024A

.000

02/01/44

1,965,088

415,000

Virginia Gateway Community Development Authority, Prince

William County, Virginia, Special Assessment Refunding Bonds,

Series 2012

.000

03/01/30

415,546

4,000,000

Virginia Port Authority, Commonwealth Port Fund Revenue

Bonds, Series 2023A

.250

07/01/48

4,251,386

1,250,000

Virginia Public Building Authority, Public Facilities Revenue

Bonds, Series 2019B, (AMT)

.000

08/01/31

1,318,867

2,500,000

Virginia Public Building Authority, Public Facilities Revenue

Bonds, Series 2019B, (AMT)

.000

08/01/35

2,525,092

1,500,000

Virginia Public Building Authority, Virginia, Public Facilities

Revenue Bonds, Series 2024A

.000

08/01/39

1,672,090

2,500,000

Virginia Public School Authority, School Financing Bonds, 1997

Resolution, Series 2022B

.000

08/01/52

2,579,253

25,000

Virginia Resources Authority, Infrastructure Revenue Bonds,

Pooled Financing Program, Series 2012A

.000

11/01/42

25,021

1,000,000

Virginia Resources Authority, State Moral Obligation Revenue

Bonds, Pooled Financing Program, Series 2024A

.250

11/01/49

984,735

1,005,000

Virginia Small Business Financing Authority, Tourism

Development Financing Program Revenue Bonds, Virginia 921

Meyer Hotel Project, Senior Series 2026A-1

.000

12/01/49

1,009,860

1,315,000

(a)

Virginia Small Business Financing Authority, Tourism

Development Financing Program Revenue Bonds, Virginia Beach

Oceanfront South Hotel Project, Senior Series 2020A-1

.000

10/01/43

1,318,760

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

1,000,000

Virginia Transportation Board, Transportation Revenue Bonds,

Capital Projects, Series 2017

.000

05/15/42

999,554

2,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Green Series 2021A

.000

07/15/43

2,002,666

2,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Second Lien Series 2025A

.250

07/15/50

2,130,665

2,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Dedicated Revenue Bonds, Second Lien Series 2025A

.000

07/15/60

2,055,252

1,000,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Green Series 2024A

.000

07/15/56

1,027,852

8,530,000

Washington Metropolitan Area Transit Authority, Second Lien

Dedicated Revenue Bonds, Sustainability- Climate Transition,

Series 2024A

.250

07/15/59

8,904,936

TOTAL TAX OBLIGATION/LIMITED

100,568,518

TRANSPORTATION - 22.9%

350,000

Capital Region Airport Commission, Virginia, Airport Revenue

Bonds, Refunding Series 2016A

.000

07/01/36

350,075

3,580,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016 - AGM Insured

.000

07/01/41

3,582,516

5,830,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016

.000

07/01/46

5,830,235

2,000,000

Chesapeake Bay Bridge and Tunnel District, Virginia, General

Resolution Revenue Bonds, First Tier Series 2016

.000

07/01/51

1,994,501

3,000,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

.750

07/15/32

3,101,114

1,055,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

.875

07/15/40

1,078,830

1,755,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B - AGM

Insured

.875

07/15/40

1,802,223

2,695,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Refunding Series 2024 - AGM Insured

.000

07/15/47

2,628,109

1,610,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Refunding & Subordinate Lien Series 2019B

.000

10/01/49

1,423,941

2,500,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Refunding & Subordinate Lien Series 2019B

.000

10/01/53

2,192,508

2,000,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital Improvement

Projects, Refunding Second Senior Lien Series 2022A - AGM

Insured

.000

10/01/52

1,762,009

4,200,000

(c)

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

.000

10/01/26

4,158,059

5,850,000

(c)

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

.000

10/01/34

4,320,420

13,000,000

(c)

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009B - AGC Insured

.000

10/01/36

8,753,502

3,300,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail Capital Appreciation,

Second Senior Lien Series 2010B

.500

10/01/44

3,488,979

1,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Forward Delivery Refunding Series 2020A,

(AMT)

.000

10/01/32

1,072,452

4,100,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2016A, (AMT)

.000

10/01/35

4,120,641

625,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2017, (AMT)

.000

10/01/34

637,978

Portfolio of Investments May 31, 2026

(continued)

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

3,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2017, (AMT)

.000

10/01/42

3,035,787

3,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/31

3,125,521

3,345,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/37

3,441,394

2,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/48

2,006,441

4,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2019A, (AMT)

.000

10/01/38

4,152,513

1,450,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2023A, (AMT)

.250

10/01/42

1,551,493

2,985,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2023A, (AMT)

.250

10/01/48

3,090,475

35,000

New York Transportation Development Corporation, New York,

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

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/26

35,022

595,000

New York Transportation Development Corporation, New York,

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

Kennedy International Airport Project, Refunding Series 2016,

(AMT)

.000

08/01/31

594,985

1,000,000

Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series

2019

.000

07/01/37

1,046,169

2,740,000

Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series

2019

.000

07/01/43

2,828,479

1,875,000

Norfolk Airport Authority, Virginia, Senior Customer Facility

Charge Revenue Bonds, Consolidated Rental Car Facility, Series

2026B - BAM Insured, (AMT)

.500

07/01/56

1,975,085

2,000,000

Virginia Port Authority, Port Facilities Revenue Bonds, Series 2025

.000

07/01/44

2,166,008

5,825,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

12/31/49

5,784,270

3,750,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

12/31/52

3,698,860

3,975,000

Virginia Small Business Financing Authority, Private Activity

Revenue Bonds, Transform 66 P3 Project, Senior Lien Series

2017, (AMT)

.000

12/31/56

3,886,712

1,265,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

07/01/34

1,342,603

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

07/01/35

1,056,186

3,200,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

01/01/37

3,354,326

1,640,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

07/01/37

1,718,871

2,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

01/01/42

1,917,497

3,500,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/47

3,542,878

5,250,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/52

5,216,230

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds, 95

Express Lanes LLC Project, Refunding Senior Lien Series 2022,

(AMT)

.000

12/31/57

985,174

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

2,365,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/33

2,390,508

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/38

982,164

2,500,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/39

2,432,753

5,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/41

4,115,081

1,000,000

Virginia Small Business Financing Authority, Revenue Bonds,

Elizabeth River Crossing OPCO, LLC Project, Refunding Senior

Lien Series 2022, (AMT)

.000

01/01/41

838,084

400,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2017B

.000

07/01/37

407,040

1,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2018

.000

07/01/37

1,017,600

5,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2018

.000

07/01/43

5,071,544

TOTAL TRANSPORTATION

131,105,845

U.S. GUARANTEED - 3.3% (d)

1,000,000

Fairfax County Economic Development Authority, Virginia,

County Facilities Revenue Bonds, Refunding Series 2017B, (Pre-

refunded 10/01/27)

.000

10/01/34

1,032,140

1,400,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

.000

10/01/40

1,446,116

2,100,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

.000

10/01/42

2,169,175

1,770,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)

.000

10/01/43

1,828,304

1,760,000

Hampton Roads Transportation Accountability Commission,

Virginia, Hampton Roads Transportation Fund Revenue Bonds,

Senior Lien Series 2018A, (Pre-refunded 1/01/28)

.500

07/01/57

1,840,789

5,250,000

Metropolitan Washington Airports Authority, Virginia, Dulles Toll

Road Revenue Bonds, Dulles Metrorail & Capital improvement

Projects, Second Senior Lien Series 2009C, (Pre-refunded

10/01/26) - AGC Insured

.500

10/01/41

5,317,069

1,000,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2016A, (Pre-refunded 7/07/26)

.000

01/15/40

1,001,219

2,045,000

Virginia Port Authority, Port Facilities Revenue Bonds, Refunding

Series 2016B, (Pre-refunded 7/01/26), (AMT)

.000

07/01/34

2,048,148

2,000,000

Virginia Port Authority, Port Facilities Revenue Bonds, Refunding

Series 2016B, (Pre-refunded 7/01/26), (AMT)

.000

07/01/41

2,003,079

TOTAL U.S. GUARANTEED

18,686,039

UTILITIES - 5.8%

770,000

Alexandria Sanitation Authority, Virginia, Wastewater Revenue

Bonds, Alexrenew Green Series 2024

.000

07/15/54

805,558

4,300,000

(b)

Beaver County Industrial Development Authority, Pennsylvania,

Pollution Control Revenue Bonds, FirstEnergy Generation Project,

Refunding Series 2006A, (Mandatory Put 7/01/33)

.750

01/01/35

4,503,715

1,000,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Refunding Series 2024A

.000

11/01/39

1,119,539

2,250,000

Hampton Roads Sanitation District, Virginia, Wastewater Revenue

Bonds, Series 2024B

.000

07/01/49

2,365,207

3,765,000

Loudoun County Sanitation Authority, Virginia, Water and Sewer

System Revenue Bonds, Refunding Series 2021

.000

01/01/33

3,962,122

1,000,000

Loudoun County Sanitation Authority, Virginia, Water and Sewer

System Revenue Bonds, Refunding Series 2024

.000

01/01/42

886,877

1,000,000

Norfolk, Virginia, Water Revenue Bonds, Refunding Series 2017

.000

11/01/42

1,021,065

3,000,000

Norfolk, Virginia, Water Revenue Bonds, Refunding Series 2024

.000

11/01/44

3,260,926

Portfolio of Investments May 31, 2026

(continued)

Virginia

See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES

(continued)

1,000,000

Prince William County Service Authority, Virginia, Water and

Sewer System Revenue Bonds, Refunding Series 2025

.000

07/15/42

1,112,320

1,290,000

Prince William County Service Authority, Virginia, Water and

Sewer System Revenue Bonds, Refunding Series 2025

.000

07/15/45

1,402,216

4,500,000

(a)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

.000

07/01/47

4,515,103

2,000,000

(a)

Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.000

07/01/42

1,920,670

1,000,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2023C

.000

01/15/47

1,058,398

1,500,000

(e)

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2026B

.000

01/15/54

1,570,169

3,600,000

(a),(b)

Virginia Small Business Financing Authority, Solid Waste Disposal

Revenue Bonds, Covanta Project, Series 2018, (AMT), (Mandatory

Put 7/01/38)

.000

01/01/48

3,508,515

430,000

(b)

Wise County Industrial Development Authority, Virginia, Solid

Waste and Sewage Disposal Revenue Bonds, Virginia Electric

and Power Company, Series 2009A, (Mandatory Put 10/01/30)

.125

10/01/40

428,976

TOTAL UTILITIES

33,441,376

TOTAL MUNICIPAL BONDS

(Cost $561,906,366)

562,702,069

TOTAL LONG-TERM INVESTMENTS

(Cost $561,906,366)

562,702,069

OTHER ASSETS & LIABILITIES, NET - 1.8%

10,424,920

NET ASSETS - 100%

573,126,989

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 $49,561,857 or 8.8% of Total Investments.

(b)

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

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

(c)

Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial

period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference

between the original purchase price of the bond at issuance and the par value of the bond at maturity.

(d)

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

payment of principal and interest.

(e)

When-issued or delayed delivery security.

Statement of Assets and Liabilities

See Notes to Financial Statements

May

31,

2026

Arizona

Colorado

Maryland

New Mexico

Pennsylvania

Virginia

ASSETS

Long-term investments, at value

†

173,811,952‌

459,786,833‌

260,922,067‌

69,232,238‌

352,290,678‌

562,702,069‌

Short-term investments, at value

◊

1,300,000‌

–‌

2,000,000‌

–‌

5,000,000‌

–‌

Cash

2,245,099‌

9,201,987‌

1,646,995‌

930,715‌

1,449,166‌

1,124,908‌

Receivables:

Interest

3,055,551‌

8,381,761‌

4,271,729‌

1,024,870‌

4,509,505‌

8,377,299‌

Investments sold

1,625,170‌

7,000,000‌

1,309,000‌

–‌

2,741,000‌

4,045,561‌

Reimbursement from Adviser

–‌

3,080‌

1,073‌

–‌

14,565‌

Shares sold

267,233‌

743,350‌

697,665‌

41,171‌

643,315‌

243,186‌

Sale of Vistra Vision interest

(1)

–‌

5,706,767‌

–‌

Other

4,066‌

14,886‌

6,341‌

1,607‌

20,953‌

29,224‌

Total assets

182,309,071‌

485,128,817‌

270,856,877‌

71,231,674‌

372,361,384‌

576,536,812‌

LIABILITIES

Payables:

Management fees

75,783‌

198,114‌

111,851‌

30,160‌

151,041‌

235,780‌

Dividends

105,715‌

163,998‌

270,916‌

35,584‌

283,992‌

487,390‌

Interest

348‌

999‌

508‌

147‌

867‌

1,131‌

Investments purchased - when-issued/delayed-

delivery settlement

2,433,788‌

2,077,940‌

1,118,020‌

–‌

7,331,748‌

1,535,565‌

Shares redeemed

336,231‌

644,989‌

772,089‌

68,458‌

401,869‌

849,296‌

Vistra Vision sale transactions costs

(1)

–‌

129,816‌

–‌

Accrued expenses:

Custodian fees

56,000‌

94,490‌

66,822‌

33,729‌

89,929‌

93,884‌

Trustees fees

4,899‌

17,036‌

8,200‌

2,087‌

23,914‌

32,416‌

Professional fees

35,340‌

39,401‌

36,356‌

33,872‌

37,919‌

40,328‌

Shareholder reporting expenses

8,073‌

13,283‌

9,557‌

6,304‌

13,916‌

15,533‌

Shareholder servicing agent fees

14,432‌

42,417‌

33,987‌

6,777‌

53,093‌

74,533‌

12b-1 distribution and service fees

15,596‌

31,243‌

17,565‌

7,372‌

30,249‌

40,033‌

Other

3,300‌

—‌

2,952‌

1,824‌

9,835‌

3,934‌

Total liabilities

3,089,505‌

3,323,910‌

2,448,823‌

226,314‌

8,558,188‌

3,409,823‌

Net assets

179,219,566‌

481,804,907‌

268,408,054‌

71,005,360‌

363,803,196‌

573,126,989‌

NET ASSETS CONSIST OF:

Paid-in capital

194,775,188‌

527,427,802‌

295,137,475‌

77,798,660‌

396,065,012‌

626,498,428‌

Total distributable earnings (loss)

(

15,555,622‌

)

(

45,622,895‌

)

(

26,729,421‌

)

(

6,793,300‌

)

(

32,261,816‌

)

(

53,371,439‌

)

Net assets

179,219,566‌

481,804,907‌

268,408,054‌

71,005,360‌

363,803,196‌

573,126,989‌

†

Long-term investments, cost

175,318,509‌

461,537,863‌

263,344,337‌

69,939,249‌

370,082,758‌

561,906,366‌

◊

Short-term investments, cost

1,300,000‌

—‌

2,000,000‌

—‌

5,000,000‌

—‌

Net of discount of

–‌

193,942‌

–‌

(1)

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

Statement of Assets and Liabilities

(continued)

See Notes to Financial Statements

Arizona

Colorado

Maryland

New Mexico

Pennsylvania

Virginia

CLASS A:

Net assets

83,060,205‌

163,977,807‌

90,933,859‌

38,756,186‌

149,624,119‌

203,221,589‌

Shares outstanding

8,194,171‌

16,420,765‌

9,215,846‌

3,998,705‌

14,576,084‌

19,869,454‌

Net asset value ("NAV") per share

10.14‌

9.99‌

9.87‌

9.69‌

10.27‌

10.23‌

Maximum sales charge

4.20%

Offering price per share (NAV per share plus

maximum sales charge)

10.58‌

10.43‌

10.30‌

10.11‌

10.72‌

10.68‌

CLASS C:

Net assets

1,903,517‌

4,675,964‌

2,725,550‌

997,425‌

5,935,544‌

6,628,153‌

Shares outstanding

187,937‌

469,050‌

277,272‌

102,771‌

580,273‌

648,548‌

NAV and offering price per share

10.13‌

9.97‌

9.83‌

9.71‌

10.23‌

10.22‌

CLASS I:

Net assets

94,255,844‌

313,151,136‌

174,748,645‌

31,251,749‌

208,243,533‌

363,277,247‌

Shares outstanding

9,283,685‌

31,367,644‌

17,716,042‌

3,210,384‌

20,316,533‌

35,590,946‌

NAV and offering price per share

10.15‌

9.98‌

9.86‌

9.73‌

10.25‌

10.21‌

Authorized shares - per class

Unlimited

Par value per share

0.01

Statement of Operations

See Notes to Financial Statements

Year Ended May 31, 2026

Arizona

Colorado

Maryland

New Mexico

INVESTMENT INCOME

Interest

6,826,777‌

20,420,954‌

10,603,911‌

2,739,768‌

Total investment income

6,826,777‌

20,420,954‌

10,603,911‌

2,739,768‌

EXPENSES

–

Management fees

852,266‌

2,292,454‌

1,242,934‌

345,805‌

12b-1 service fees - Class A

156,696‌

322,057‌

175,505‌

77,296‌

12b-1 distribution and service fees - Class C

22,162‌

51,032‌

29,033‌

7,298‌

Shareholder servicing agent fees - Class A

22,292‌

50,594‌

30,934‌

12,775‌

Shareholder servicing agent fees - Class C

635‌

1,605‌

1,024‌

242‌

Shareholder servicing agent fees - Class I

25,256‌

94,331‌

55,675‌

9,558‌

Interest expense

32,279‌

66,691‌

8,564‌

2,509‌

Trustees fees

8,217‌

22,756‌

12,160‌

3,292‌

Custodian expenses, net

40,518‌

67,659‌

48,421‌

24,599‌

Registration fees

13,989‌

7,551‌

11,639‌

7,932‌

Professional fees

49,430‌

57,790‌

52,075‌

46,135‌

Shareholder reporting expenses

25,175‌

32,083‌

29,091‌

25,026‌

Other

11,042‌

14,566‌

12,154‌

10,116‌

Total expenses before fee waiver/expense reimbursement

1,259,957‌

3,081,169‌

1,709,209‌

572,583‌

Fee waiver/expense reimbursement

—‌

(

92,691‌

)

(

53,128‌

)

Net expenses

1,259,957‌

3,081,169‌

1,616,518‌

519,455‌

Net investment income (loss)

5,566,820‌

17,339,785‌

8,987,393‌

2,220,313‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(

222,739‌

)

(

42,977‌

)

(

1,619,330‌

)

(

367,843‌

)

Net realized gain (loss)

(

222,739‌

)

(

42,977‌

)

(

1,619,330‌

)

(

367,843‌

)

Change in unrealized appreciation (depreciation) on:

Investments

6,304,234‌

12,735,867‌

10,638,065‌

2,983,745‌

Net change in unrealized appreciation (depreciation)

6,304,234‌

12,735,867‌

10,638,065‌

2,983,745‌

Net realized and unrealized gain (loss)

6,081,495‌

12,692,890‌

9,018,735‌

2,615,902‌

Net increase (decrease) in net assets from operations

11,648,315‌

30,032,675‌

18,006,128‌

4,836,215‌

Statement of Operations

(continued)

See Notes to Financial Statements

Year Ended May 31, 2026

Pennsylvania

Virginia

INVESTMENT INCOME

Interest

14,918,630‌

23,788,979‌

Total investment income

14,918,630‌

23,788,979‌

EXPENSES

–

Management fees

1,744,427‌

2,663,673‌

12b-1 service fees - Class A

292,670‌

385,697‌

12b-1 distribution and service fees - Class C

63,483‌

64,173‌

Shareholder servicing agent fees - Class A

65,085‌

75,349‌

Shareholder servicing agent fees - Class C

2,815‌

2,505‌

Shareholder servicing agent fees - Class I

89,067‌

135,140‌

Interest expense

27,448‌

9,259‌

Trustees fees

17,581‌

26,577‌

Custodian expenses, net

57,489‌

68,656‌

Registration fees

8,126‌

8,915‌

Professional fees

54,580‌

60,220‌

Shareholder reporting expenses

31,926‌

33,899‌

Other

21,075‌

14,980‌

Total expenses before fee waiver/expense reimbursement

2,475,772‌

3,549,043‌

Fee waiver/expense reimbursement

—‌

(

231,087‌

)

Net expenses

2,475,772‌

3,317,956‌

Net investment income (loss)

12,442,858‌

20,471,023‌

REALIZED AND UNREALIZED GAIN (LOSS)

Realized gain (loss) from:

Investments

(

2,103,129‌

)

(

1,150,565‌

)

Net realized gain (loss)

(

2,103,129‌

)

(

1,150,565‌

)

Change in unrealized appreciation (depreciation) on:

Investments

17,351,028‌

18,507,532‌

Net change in unrealized appreciation (depreciation)

17,351,028‌

18,507,532‌

Net realized and unrealized gain (loss)

15,247,899‌

17,356,967‌

Net increase (decrease) in net assets from operations

27,690,757‌

37,827,990‌

Statement of Changes in Net Assets

See Notes to Financial Statements

Arizona

Colorado

Year Ended

5/31/26

Year Ended

5/31/25

Year Ended

5/31/26

Year Ended

5/31/25

OPERATIONS

Net investment income (loss)

5,566,820‌

5,261,187‌

17,339,785‌

17,546,441‌

Net realized gain (loss)

(

222,739‌

)

(

1,149,896‌

)

(

42,977‌

)

(

2,369,845‌

)

Net change in unrealized appreciation (depreciation)

6,304,234‌

(

3,141,759‌

)

12,735,867‌

(

10,838,587‌

)

Net increase (decrease) in net assets from operations

11,648,315‌

969,532‌

30,032,675‌

4,338,009‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(

2,490,905‌

)

(

2,191,609‌

)

(

5,863,663‌

)

(

5,704,527‌

)

Class C

(

53,215‌

)

(

62,336‌

)

(

145,734‌

)

(

185,437‌

)

Class I

(

3,035,567‌

)

(

2,954,631‌

)

(

11,500,981‌

)

(

11,386,775‌

)

Total distributions

(

5,579,687‌

)

(

5,208,576‌

)

(

17,510,378‌

)

(

17,276,739‌

)

FUND SHARE TRANSACTIONS

Subscriptions

46,414,941‌

50,674,249‌

149,272,323‌

139,949,565‌

Reinvestments of distributions

4,287,296‌

4,049,146‌

15,556,698‌

15,407,531‌

Redemptions

(

36,537,339‌

)

(

48,771,040‌

)

(

153,267,548‌

)

(

154,679,694‌

)

Net increase (decrease) from Fund share transactions

14,164,898‌

5,952,355‌

11,561,473‌

677,402‌

Net increase (decrease) in net assets

20,233,526‌

1,713,311‌

24,083,770‌

(

12,261,328‌

)

Net assets at the beginning of period

158,986,040‌

157,272,729‌

457,721,137‌

469,982,465‌

Net assets at the end of period

179,219,566‌

158,986,040‌

481,804,907‌

457,721,137‌

See Notes to Financial Statements

Statement of Changes in Net Assets

(continued)

Maryland

New Mexico

Year Ended

5/31/26

Year Ended

5/31/25

Year Ended

5/31/26

Year Ended

5/31/25

OPERATIONS

Net investment income (loss)

8,987,393‌

9,283,672‌

2,220,313‌

2,165,659‌

Net realized gain (loss)

(

1,619,330‌

)

(

2,533,039‌

)

(

367,843‌

)

(

210,459‌

)

Net change in unrealized appreciation (depreciation)

10,638,065‌

(

2,777,641‌

)

2,983,745‌

(

1,349,497‌

)

Net increase (decrease) in net assets from operations

18,006,128‌

3,972,992‌

4,836,215‌

605,703‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(

3,134,822‌

)

(

3,038,032‌

)

(

1,202,494‌

)

(

1,237,278‌

)

Class C

(

80,800‌

)

(

88,858‌

)

(

17,198‌

)

(

22,393‌

)

Class I

(

5,944,842‌

)

(

6,148,401‌

)

(

969,280‌

)

(

925,932‌

)

Total distributions

(

9,160,464‌

)

(

9,275,291‌

)

(

2,188,972‌

)

(

2,185,603‌

)

FUND SHARE TRANSACTIONS

Subscriptions

77,503,820‌

79,684,474‌

18,297,891‌

12,865,775‌

Reinvestments of distributions

6,128,811‌

6,603,847‌

1,745,998‌

1,730,240‌

Redemptions

(

58,963,151‌

)

(

110,404,873‌

)

(

19,684,588‌

)

(

13,282,138‌

)

Net increase (decrease) from Fund share transactions

24,669,480‌

(

24,116,552‌

)

359,301‌

1,313,877‌

Net increase (decrease) in net assets

33,515,144‌

(

29,418,851‌

)

3,006,544‌

(

266,023‌

)

Net assets at the beginning of period

234,892,910‌

264,311,761‌

67,998,816‌

68,264,839‌

Net assets at the end of period

268,408,054‌

234,892,910‌

71,005,360‌

67,998,816‌

See Notes to Financial Statements

Pennsylvania

Virginia

Year Ended

5/31/26

Year Ended

5/31/25

Year Ended

5/31/26

Year Ended

5/31/25

OPERATIONS

Net investment income (loss)

12,442,858‌

12,935,037‌

20,471,023‌

19,070,152‌

Net realized gain (loss)

(

2,103,129‌

)

(

1,468,083‌

)

(

1,150,565‌

)

(

2,890,568‌

)

Net change in unrealized appreciation (depreciation)

17,351,028‌

(

10,112,857‌

)

18,507,532‌

(

12,749,020‌

)

Net increase (decrease) in net assets from operations

27,690,757‌

1,354,097‌

37,827,990‌

3,430,564‌

DISTRIBUTIONS TO SHAREHOLDERS

Dividends:

Class A

(

5,038,075‌

)

(

4,784,404‌

)

(

7,065,255‌

)

(

6,628,679‌

)

Class C

(

166,204‌

)

(

190,251‌

)

(

183,461‌

)

(

208,731‌

)

Class I

(

7,257,632‌

)

(

8,036,664‌

)

(

13,322,566‌

)

(

11,917,723‌

)

Total distributions

(

12,461,911‌

)

(

13,011,319‌

)

(

20,571,282‌

)

(

18,755,133‌

)

FUND SHARE TRANSACTIONS

Subscriptions

70,887,950‌

84,817,129‌

204,136,556‌

173,229,928‌

Reinvestments of distributions

9,059,130‌

9,995,530‌

14,787,358‌

13,773,758‌

Redemptions

(

74,581,234‌

)

(

152,858,105‌

)

(

181,283,846‌

)

(

164,976,899‌

)

Net increase (decrease) from Fund share transactions

5,365,846‌

(

58,045,446‌

)

37,640,068‌

22,026,787‌

Net increase (decrease) in net assets

20,594,692‌

(

69,702,668‌

)

54,896,776‌

6,702,218‌

Net assets at the beginning of period

343,208,504‌

412,911,172‌

518,230,213‌

511,527,995‌

Net assets at the end of period

363,803,196‌

343,208,504‌

573,126,989‌

518,230,213‌

Financial Highlights

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Arizona

Class

5/31/26

9.77

0.32

0.37

0.69

(

0.32

)

—

(

0.32

)

10.14

5/31/25

10.01

0.31

(

0.24

)

0.07

(

0.31

)

—

(

0.31

)

9.77

5/31/24

9.95

0.29

0.06

0.35

(

0.29

)

—

(

0.29

)

10.01

5/31/23

10.31

0.26

(

0.37

)

(

0.11

)

(

0.25

)

—

(

0.25

)

9.95

5/31/22

11.36

0.22

(

1.05

)

(

0.83

)

(

0.22

)

—

(

0.22

)

10.31

Class

5/31/26

9.76

0.24

0.37

0.61

(

0.24

)

—

(

0.24

)

10.13

5/31/25

10.01

0.23

(

0.26

)

(

0.03

)

(

0.22

)

—

(

0.22

)

9.76

5/31/24

9.94

0.21

0.07

0.28

(

0.21

)

—

(

0.21

)

10.01

5/31/23

10.31

0.18

(

0.38

)

(

0.20

)

(

0.17

)

—

(

0.17

)

9.94

5/31/22

11.35

0.13

(

1.04

)

(

0.91

)

(

0.13

)

—

(

0.13

)

10.31

Class

5/31/26

9.79

0.34

0.36

0.70

(

0.34

)

—

(

0.34

)

10.15

5/31/25

10.03

0.33

(

0.24

)

0.09

(

0.33

)

—

(

0.33

)

9.79

5/31/24

9.97

0.31

0.06

0.37

(

0.31

)

—

(

0.31

)

10.03

5/31/23

10.33

0.28

(

0.37

)

(

0.09

)

(

0.27

)

—

(

0.27

)

9.97

5/31/22

11.38

0.24

(

1.05

)

(

0.81

)

(

0.24

)

—

(

0.24

)

10.33

(a)

Based on average shares outstanding.

(b)

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

(c)

The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Expenses

Including

Interest

(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

.13‌

83,060

.84‌

.82‌

.19‌

8‌

.60‌

71,781

.84‌

.81‌

.05‌

20‌

.59‌

70,877

.83‌

.82‌

.95‌

16‌

(

.03‌

)

72,638

.82‌

.61‌

22‌

(

.46‌

)

71,380

.81‌

.80‌

.00‌

16‌

.31‌

1,904

.64‌

.62‌

.38‌

8‌

(

.32‌

)

2,492

.64‌

.61‌

.24‌

20‌

.85‌

3,151

.63‌

.62‌

.15‌

16‌

(

.91‌

)

3,211

.62‌

.79‌

22‌

(

.12‌

)

4,362

.61‌

.60‌

.20‌

16‌

.27‌

94,256

.64‌

.62‌

.39‌

8‌

.79‌

84,713

.64‌

.61‌

.25‌

20‌

.78‌

83,244

.63‌

.62‌

.14‌

16‌

(

.83‌

)

96,453

.62‌

.80‌

22‌

(

.25‌

)

100,535

.61‌

.60‌

.20‌

16‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Colorado

Class

5/31/26

9.72

0.36

0.27

0.63

(

0.36

)

—

(

0.36

)

9.99

5/31/25

9.97

0.35

(

0.26

)

0.09

(

0.34

)

—

(

0.34

)

9.72

5/31/24

9.99

0.33

(

0.02

)

0.31

(

0.33

)

—

(

0.33

)

9.97

5/31/23

10.33

0.28

(

0.35

)

(

0.07

)

(

0.27

)

—

(

0.27

)

9.99

5/31/22

11.34

0.22

(

1.03

)

(

0.81

)

(

0.20

)

—

(

0.20

)

10.33

Class

5/31/26

9.70

0.28

0.27

0.55

(

0.28

)

—

(

0.28

)

9.97

5/31/25

9.95

0.27

(

0.26

)

0.01

(

0.26

)

—

(

0.26

)

9.70

5/31/24

9.97

0.25

(

0.02

)

0.23

(

0.25

)

—

(

0.25

)

9.95

5/31/23

10.31

0.20

(

0.35

)

(

0.15

)

(

0.19

)

—

(

0.19

)

9.97

5/31/22

11.32

0.13

(

1.03

)

(

0.90

)

(

0.11

)

—

(

0.11

)

10.31

Class

5/31/26

9.71

0.38

0.27

0.65

(

0.38

)

—

(

0.38

)

9.98

5/31/25

9.96

0.37

(

0.26

)

0.11

(

0.36

)

—

(

0.36

)

9.71

5/31/24

9.98

0.35

(

0.02

)

0.33

(

0.35

)

—

(

0.35

)

9.96

5/31/23

10.32

0.30

(

0.35

)

(

0.05

)

(

0.29

)

—

(

0.29

)

9.98

5/31/22

11.33

0.24

(

1.03

)

(

0.79

)

(

0.22

)

—

(

0.22

)

10.32

(a)

Based on average shares outstanding.

(b)

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

(c)

The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Expenses

Including

Interest

(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

.58‌

163,978

.78‌

.77‌

.59‌

12‌

.88‌

163,466

.77‌

.76‌

.46‌

15‌

.18‌

161,545

.79‌

.78‌

.30‌

30‌

(

.63‌

)

163,150

.78‌

.84‌

41‌

(

.26‌

)

179,414

.77‌

.97‌

18‌

.76‌

4,676

.58‌

.57‌

.79‌

12‌

.04‌

5,694

.57‌

.56‌

.64‌

15‌

.33‌

8,293

.59‌

.58‌

.49‌

30‌

(

.44‌

)

11,383

.58‌

.02‌

41‌

(

.03‌

)

15,955

.57‌

.17‌

18‌

.78‌

313,151

.58‌

.57‌

.80‌

12‌

.06‌

288,560

.57‌

.56‌

.65‌

15‌

.36‌

300,145

.59‌

.58‌

.50‌

30‌

(

.44‌

)

282,198

.58‌

.03‌

41‌

(

.07‌

)

300,135

.57‌

.18‌

18‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Maryland

Class

5/31/26

9.51

0.34

0.37

0.71

(0.35)

—

(0.35)

9.87

5/31/25

9.72

0.33

(0.21)

0.12

(0.33)

—

(0.33)

9.51

5/31/24

9.71

0.32

—

(e)

0.32

(0.31)

—

(0.31)

9.72

5/31/23

10.10

0.29

(0.41)

(0.12)

(0.27)

—

(0.27)

9.71

5/31/22

11.13

0.24

(1.04)

(0.80)

(0.23)

—

(0.23)

10.10

Class

5/31/26

9.47

0.26

0.37

0.63

(0.27)

—

(0.27)

9.83

5/31/25

9.68

0.25

(0.21)

0.04

(0.25)

—

(0.25)

9.47

5/31/24

9.67

0.24

—

(e)

0.24

(0.23)

—

(0.23)

9.68

5/31/23

10.06

0.21

(0.41)

(0.20)

(0.19)

—

(0.19)

9.67

5/31/22

11.08

0.16

(1.04)

(0.88)

(0.14)

—

(0.14)

10.06

Class

5/31/26

9.50

0.36

0.37

0.73

(0.37)

—

(0.37)

9.86

5/31/25

9.72

0.35

(0.22)

0.13

(0.35)

—

(0.35)

9.50

5/31/24

9.70

0.34

0.01

0.35

(0.33)

—

(0.33)

9.72

5/31/23

10.10

0.30

(0.41)

(0.11)

(0.29)

—

(0.29)

9.70

5/31/22

11.13

0.27

(1.04)

(0.77)

(0.26)

—

(0.26)

10.10

(a)

Based on average shares outstanding.

(b)

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

(c)

The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

(e)

Value rounded to zero.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c)

Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d)

NII

(Loss)

(d)

Portfolio

Turnover

Rate

7.55‌

90,934

0.80‌

0.76‌

3.49‌

11‌

1.21‌

86,700

0.84‌

0.80‌

0.83‌

0.79‌

3.39‌

23‌

3.37‌

88,743

0.83‌

0.80‌

0.83‌

N/A‌

3.27‌

18‌

(1.11‌)

88,766

0.80‌

N/A‌

2.92‌

23‌

(7.27‌)

96,337

0.78‌

0.79‌

N/A‌

2.25‌

22‌

6.72‌

2,726

1.60‌

1.56‌

2.70‌

11‌

0.37‌

2,987

1.64‌

1.60‌

1.63‌

1.59‌

2.58‌

23‌

2.56‌

3,963

1.63‌

1.60‌

1.64‌

N/A‌

2.47‌

18‌

(1.94‌)

5,111

1.60‌

N/A‌

2.12‌

23‌

(7.98‌)

7,861

1.58‌

1.59‌

N/A‌

1.45‌

22‌

7.75‌

174,749

0.60‌

0.56‌

3.69‌

11‌

1.29‌

145,206

0.63‌

0.59‌

0.63‌

0.59‌

3.57‌

23‌

3.70‌

171,606

0.63‌

0.60‌

0.63‌

N/A‌

3.46‌

18‌

(1.02‌)

156,560

0.60‌

N/A‌

3.12‌

23‌

(7.06‌)

167,055

0.58‌

0.59‌

N/A‌

2.45‌

22‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

New Mexico

Class

5/31/26

9.31

0.30

0.38

0.68

(

0.30

)

—

(

0.30

)

9.69

5/31/25

9.52

0.29

(

0.20

)

0.09

(

0.30

)

—

(

0.30

)

9.31

5/31/24

9.50

0.28

0.03

0.31

(

0.29

)

—

(

0.29

)

9.52

5/31/23

9.85

0.26

(

0.37

)

(

0.11

)

(

0.24

)

—

(

0.24

)

9.50

5/31/22

10.75

0.23

(

0.90

)

(

0.67

)

(

0.23

)

—

(

0.23

)

9.85

Class

5/31/26

9.33

0.23

0.38

0.61

(

0.23

)

—

(

0.23

)

9.71

5/31/25

9.54

0.22

(

0.21

)

0.01

(

0.22

)

—

(

0.22

)

9.33

5/31/24

9.51

0.21

0.03

0.24

(

0.21

)

—

(

0.21

)

9.54

5/31/23

9.87

0.18

(

0.37

)

(

0.19

)

(

0.17

)

—

(

0.17

)

9.51

5/31/22

10.77

0.15

(

0.91

)

(

0.76

)

(

0.14

)

—

(

0.14

)

9.87

Class

5/31/26

9.35

0.32

0.38

0.70

(

0.32

)

—

(

0.32

)

9.73

5/31/25

9.57

0.32

(

0.22

)

0.10

(

0.32

)

—

(

0.32

)

9.35

5/31/24

9.54

0.30

0.04

0.34

(

0.31

)

—

(

0.31

)

9.57

5/31/23

9.90

0.28

(

0.37

)

(

0.09

)

(

0.27

)

—

(

0.27

)

9.54

5/31/22

10.81

0.25

(

0.91

)

(

0.66

)

(

0.25

)

—

(

0.25

)

9.90

(a)

Based on average shares outstanding.

(b)

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

(c)

The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c)

Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d)

NII

(Loss)

(d)

Portfolio

Turnover

Rate

.36‌

38,756

.91‌

.83‌

.17‌

16‌

.87‌

39,324

.92‌

.90‌

.91‌

.89‌

.07‌

16‌

.31‌

40,136

.90‌

.88‌

.90‌

N/A‌

.99‌

6‌

(

.05‌

)

46,298

.87‌

.86‌

.87‌

N/A‌

.72‌

17‌

(

.35‌

)

57,918

.84‌

N/A‌

.21‌

15‌

.55‌

997

.71‌

.63‌

.37‌

16‌

.08‌

682

.72‌

.70‌

.71‌

.69‌

.26‌

16‌

.59‌

1,195

.70‌

.68‌

.70‌

N/A‌

.19‌

6‌

(

.93‌

)

1,516

.67‌

.66‌

.67‌

N/A‌

.92‌

17‌

(

.08‌

)

1,915

.64‌

N/A‌

.41‌

15‌

.60‌

31,252

.71‌

.63‌

.37‌

16‌

.97‌

27,993

.72‌

.70‌

.71‌

.69‌

.27‌

16‌

.60‌

26,934

.70‌

.68‌

.70‌

N/A‌

.18‌

6‌

(

.91‌

)

28,879

.67‌

.66‌

.67‌

N/A‌

.92‌

17‌

(

.20‌

)

29,677

.64‌

N/A‌

.41‌

15‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Pennsylvania

Class

5/31/26

9.83

0.35

0.44

0.79

(

0.35

)

—

(

0.35

)

10.27

5/31/25

10.16

0.32

(

0.33

)

(

0.01

)

(

0.32

)

—

(

0.32

)

9.83

5/31/24

10.05

0.29

0.11

0.40

(

0.29

)

—

(

0.29

)

10.16

5/31/23

10.54

0.26

(

0.50

)

(

0.24

)

(

0.25

)

—

(

0.25

)

10.05

5/31/22

11.44

0.24

(

0.92

)

(

0.68

)

(

0.22

)

—

(

0.22

)

10.54

Class

5/31/26

9.79

0.26

0.44

0.70

(

0.26

)

—

(

0.26

)

10.23

5/31/25

10.12

0.24

(

0.33

)

(

0.09

)

(

0.24

)

—

(

0.24

)

9.79

5/31/24

10.01

0.21

0.10

0.31

(

0.20

)

—

(

0.20

)

10.12

5/31/23

10.50

0.17

(

0.49

)

(

0.32

)

(

0.17

)

—

(

0.17

)

10.01

5/31/22

11.39

0.15

(

0.91

)

(

0.76

)

(

0.13

)

—

(

0.13

)

10.50

Class

5/31/26

9.81

0.37

0.44

0.81

(

0.37

)

—

(

0.37

)

10.25

5/31/25

10.14

0.34

(

0.33

)

0.01

(

0.34

)

—

(

0.34

)

9.81

5/31/24

10.03

0.31

0.10

0.41

(

0.30

)

—

(

0.30

)

10.14

5/31/23

10.52

0.28

(

0.50

)

(

0.22

)

(

0.27

)

—

(

0.27

)

10.03

5/31/22

11.42

0.26

(

0.91

)

(

0.65

)

(

0.25

)

—

(

0.25

)

10.52

(a)

Based on average shares outstanding.

(b)

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

(c)

The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Expenses

Including

Interest

(c)

Expenses

Excluding

Interest

NII

(Loss)

Portfolio

Turnover

Rate

.12‌

149,624

.80‌

.79‌

.43‌

16‌

(

.14‌

)

144,556

.82‌

.79‌

.14‌

28‌

.00‌

153,548

.81‌

.79‌

.85‌

30‌

(

.27‌

)

174,354

.80‌

.79‌

.53‌

6‌

(

.02‌

)

200,786

.76‌

.12‌

17‌

.26‌

5,936

.60‌

.59‌

.63‌

16‌

(

.96‌

)

6,996

.62‌

.59‌

.33‌

28‌

.17‌

9,453

.61‌

.59‌

.04‌

30‌

(

.07‌

)

12,749

.60‌

.59‌

.73‌

6‌

(

.71‌

)

17,063

.56‌

.31‌

17‌

.33‌

208,244

.60‌

.59‌

.63‌

16‌

.04‌

191,657

.62‌

.59‌

.31‌

28‌

.19‌

249,910

.61‌

.59‌

.04‌

30‌

(

.07‌

)

261,510

.60‌

.59‌

.72‌

6‌

(

.83‌

)

310,585

.56‌

.32‌

17‌

Financial Highlights

(continued)

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

Investment Operations

Less Distributions

Net Asset

Value,

Beginning

of Period

Net

Investment

Income (NII)

(Loss)

(a)

Net

Realized/

Unrealized

Gain (Loss)

Total

From

NII

From

Net Realized

Gains

Total

Net Asset

Value,

End of

Period

Virginia

Class

5/31/26

9.90

0.37

0.33

0.70

(

0.37

)

—

(

0.37

)

10.23

5/31/25

10.19

0.35

(

0.29

)

0.06

(

0.35

)

—

(

0.35

)

9.90

5/31/24

10.17

0.33

0.03

0.36

(

0.34

)

—

(

0.34

)

10.19

5/31/23

10.54

0.30

(

0.40

)

(

0.10

)

(

0.27

)

—

(

0.27

)

10.17

5/31/22

11.65

0.24

(

1.12

)

(

0.88

)

(

0.23

)

—

(

0.23

)

10.54

Class

5/31/26

9.89

0.29

0.33

0.62

(

0.29

)

—

(

0.29

)

10.22

5/31/25

10.18

0.27

(

0.29

)

(

0.02

)

(

0.27

)

—

(

0.27

)

9.89

5/31/24

10.16

0.25

0.02

0.27

(

0.25

)

—

(

0.25

)

10.18

5/31/23

10.53

0.20

(

0.38

)

(

0.18

)

(

0.19

)

—

(

0.19

)

10.16

5/31/22

11.64

0.15

(

1.12

)

(

0.97

)

(

0.14

)

—

(

0.14

)

10.53

Class

5/31/26

9.87

0.39

0.34

0.73

(

0.39

)

—

(

0.39

)

10.21

5/31/25

10.16

0.37

(

0.29

)

0.08

(

0.37

)

—

(

0.37

)

9.87

5/31/24

10.14

0.35

0.02

0.37

(

0.35

)

—

(

0.35

)

10.16

5/31/23

10.51

0.32

(

0.40

)

(

0.08

)

(

0.29

)

—

(

0.29

)

10.14

5/31/22

11.62

0.26

(

1.12

)

(

0.86

)

(

0.25

)

—

(

0.25

)

10.51

(a)

Based on average shares outstanding.

(b)

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

(c)

The expense ratios reflect, among other things, the interest expense deemed to have been paid by the Fund on

the floating rate certificates issued by the special purpose trusts for the self-deposited inverse floaters held by the

Fund, where applicable, as described in Notes to Financial Statements and the interest expense and fees paid on

borrowings, as described in Notes to Financial Statements.

(d)

After fee waiver and/or expense reimbursement from the Adviser, where applicable. See Notes to Financial Statements

for more information.

See Notes to Financial Statements

Ratio/Supplemental Data

Ratios to Average Net Assets

Total

Return

(b)

Net

Assets,

End of

Period (000)

Gross

Expenses

Including

Interest

(c)

Gross

Expenses

Excluding

Interest

Net

Expenses

Including

Interest

(c),(d)

Net

Expenses

Excluding

Interest

(d)

NII

(Loss)

(d)

Portfolio

Turnover

Rate

.18‌

203,222

.77‌

.72‌

.64‌

10‌

.51‌

189,157

.79‌

.76‌

.74‌

.71‌

.44‌

20‌

.55‌

190,460

.80‌

.78‌

.79‌

.77‌

.28‌

20‌

(

.89‌

)

181,817

.78‌

.91‌

26‌

(

.68‌

)

211,228

.76‌

.09‌

27‌

.33‌

6,628

.57‌

.52‌

.84‌

10‌

(

.31‌

)

6,606

.59‌

.56‌

.54‌

.51‌

.63‌

20‌

.72‌

8,924

.60‌

.58‌

.59‌

.57‌

.47‌

20‌

(

.68‌

)

12,028

.58‌

.10‌

26‌

(

.42‌

)

16,787

.56‌

.29‌

27‌

.49‌

363,277

.57‌

.52‌

.84‌

10‌

.68‌

322,467

.59‌

.56‌

.54‌

.51‌

.64‌

20‌

.75‌

312,144

.60‌

.58‌

.59‌

.57‌

.47‌

20‌

(

.68‌

)

298,763

.58‌

.10‌

26‌

(

.50‌

)

351,852

.56‌

.29‌

27‌

Notes to Financial Statements

1. General Information

Trust and Fund Information:

The Nuveen Multistate Trust I (the “Trust”) is an open-end management investment company registered under the

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

Nuveen Colorado Municipal Bond Fund (“Colorado”), Nuveen Maryland Municipal Bond Fund (“Maryland”), Nuveen New Mexico Municipal Bond

Fund (“New Mexico”), Nuveen Pennsylvania Municipal Bond Fund (“Pennsylvania”) and Nuveen Virginia Municipal Bond Fund (“Virginia”) (each a

“Fund” and collectively, the “Funds”). The Trust was organized as a Massachusetts business trust on July 1, 1996. The Funds were each organized as

a series of predecessor trusts or corporations prior to that date.

Current Fiscal Period

: The end of the reporting period for the Funds is May 31, 2026, and the period covered by these Notes to Financial

Statements is the fiscal year ended May 31, 2026 (the "current fiscal period").

Investment

Adviser and Sub-Adviser

: The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC

(“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”). The Adviser has overall

responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides

certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-

advisory agreements with Nuveen Asset Management, LLC, (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages

the investment portfolios of the Funds.

Share Classes and Sales Charges:

Class A Shares are generally sold with an up-front sales charge. Class A Shares purchases of $250,000 or more

are sold at net asset value (“NAV”) without an up-front sales charge but may be subject to a contingent deferred sales charge (“CDSC”) of 1%

if redeemed within eighteen months of purchase. Class C Shares are sold without an up-front sales charge but are subject to a CDSC of 1% if

redeemed within twelve months of purchase. Class C Shares automatically convert to Class A Shares eight years after purchase. Class I Shares are

sold without an up-front sales charge.

2. Significant Accounting Policies

The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America

(“U.S. GAAP”), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ

from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board

(“FASB”) Accounting Standards Codification 946, Financial Services — Investment Companies. The NAV for financial reporting purposes may differ

from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes security and common share

transactions through the date of the report. Total return is computed based on the NAV used for processing security and common share transactions.

The following is a summary of the significant accounting policies consistently followed by the Funds.

Compensation:

The Trust pays no compensation directly to those of its officers, all of whom receive remuneration for their services to the Trust from

the Adviser or its affiliates. The Funds' Board of Trustees (the "Board") has adopted a deferred compensation plan for independent trustees that

enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised

funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit:

As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and

Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit

with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount

of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the

current fiscal period, the custodian fee credit earned by each Fund was as follows:

Distributions to Shareholders:

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

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

Fund

Gross

Custodian Fee

Credits

Arizona

—

Colorado

—

Maryland

—

New Mexico

—

Pennsylvania

—

Virginia

—

Indemnifications:

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

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

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

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

the risk of loss to be remote.

Investments and Investment Income:

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

and losses on securities transactions are based upon the specific identification method. Interest income, which is recorded on an accrual basis and

includes the accretion of discounts and the amortization of premiums for financial reporting purposes. Interest income also reflects payment-in-kind

(“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in lieu of cash.

Multiclass Operations and Allocations:

Income and expenses of the Funds that are not directly attributable to a specific class of shares are prorated

among the classes based on the relative value of the settled shares of each class. Expenses directly attributable to a class of shares are recorded to

the specific class. 12b-1 distribution and service fees are allocated on a class-specific basis.

Realized and unrealized capital gains and losses of the Funds are prorated among the classes based on the relative net assets of each class.

Netting Agreements:

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and

Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting

agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral

received or delivered to that counterparty based on the terms of the agreements. Generally, each Fund manages its cash collateral and securities

collateral on a counterparty basis. With respect to certain counterparties, in accordance with the terms of the netting agreements, collateral posted

to the Funds is held in a segregated account by the Funds’ custodian and/or with respect to those amounts which can be sold or repledged, are

presented in the Funds’ Portfolio of Investments or Statement of Assets and Liabilities.

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

Financial Statements.

Segment Reporting:

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

(“CODM”), as defined in U.S. GAAP. The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund’s long-

term strategic asset allocation in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the

Fund’s portfolio managers as a team. The financial information in the form of the Fund’s portfolio composition, total returns, expense ratios and

changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess

the segment’s performance versus the Fund’s comparative benchmarks and to make resource allocation decisions for the Fund’s single segment,

is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as

“total assets” and significant segment revenues and expenses are listed on the Statement of Operations.

New Accounting Pronouncement (ASU No. 2023-09)

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

Income Taxes (Topic 740) Improvements to Income tax disclosures (“ASU 2023-09”). The primary purpose of the amendments within ASU 2023-09

is to enhance the transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes

paid information. The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. During the current fiscal

period, the Funds adopted the new guidance. See Note 7 for more income tax information.

New Accounting Pronouncement (ASU No. 2025-11)

: In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow

Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required

by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting

period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting

periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these

changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

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

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

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

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

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

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

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

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

Level 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).

Notes to Financial Statements

(continued)

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

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

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

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

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

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

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

The carrying value of the Funds’ “Receivable for sale of Vistra Vision interest” approximates fair value. The “Receivable for sale of Vistra Vision

interest” is classified as Level 2 and further described in these Notes to Financial Statements.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived

using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative

procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that

the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such

securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity

and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions

and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and

timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments, and the fair value of certain other assets and liabilities, when

applicable, as of the end of the current fiscal period, based on the inputs used to value them:

Arizona

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

–

173,811,952

–

173,811,952

Short-Term Investments:

Municipal Bonds

–

1,300,000

–

1,300,000

–

175,111,952

–

175,111,952

Colorado

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

–

459,786,833

–

459,786,833

–

459,786,833

–

459,786,833

Maryland

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

–

260,922,067

–

260,922,067

Short-Term Investments:

Municipal Bonds

–

2,000,000

–

2,000,000

–

262,922,067

–

262,922,067

New Mexico

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

–

69,232,238

–

69,232,238

–

69,232,238

–

69,232,238

Pennsylvania

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

–

352,290,622

352,290,672

Variable Rate Senior Loan Interests

–

Short-Term Investments:

Municipal Bonds

–

5,000,000

–

5,000,000

–

357,290,622

357,290,678

Assets at Fair Value:

Receivable for sale of Vistra Vision interest

–

5,706,767

–

5,706,767

–

5,706,767

–

5,706,767

Virginia

Level 1

Level 2

Level 3

Total

Long-Term Investments:

Municipal Bonds

–

562,702,069

–

562,702,069

–

562,702,069

–

562,702,069

4. Portfolio Securities

Inverse Floating Rate Securities:

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

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

bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating

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

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

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

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

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

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

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

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

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

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

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

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

the Fund, thereby collapsing the TOB Trust.

The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party

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

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

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

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

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

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

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

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

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

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

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

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

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

and Liabilities, respectively.

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

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

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

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

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

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

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

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

During the current fiscal period, the Funds did not have any transactions in self-deposited Inverse Floaters and/or externally-deposited Inverse

Floaters.

Purchases and Sales:

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

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government Sales

and Maturities

Arizona

29,368,595

13,713,034

Colorado

59,329,310

55,763,253

Maryland

45,146,850

27,689,029

New Mexico

12,290,770

10,573,638

Pennsylvania

66,722,661

53,552,146

Virginia

92,736,605

51,043,493

Notes to Financial Statements

(continued)

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

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

during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the current fiscal period, such

amounts are recognized on the Statement of Assets and Liabilities.

Sale of Vistra Vision interests:

On September 18, 2024, Vistra Corp. (“Vistra”) and Nuveen agreed to terms for the sale of the Vistra Vision interest.

In exchange for its interest in Vistra Vision, a Fund will receive proceeds from the sale over a series of payments from Vistra through December

31, 2026. The resulting receivable has been discounted using an effective interest rate of 6.18%. The receivable, net of discount, and related

transaction costs are recognized as “Receivable for sale of Vistra Vision interest” and “Payable for Vistra Vision sale transactions costs,” respectively,

on the Statement of Assets and Liabilities.

5. Derivative Investments

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

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

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

Operations, respectively.

Market and Counterparty Credit Risk:

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

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

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

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

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

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

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

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

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

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

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

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

at least the pre-determined threshold amount.

6. Fund Shares

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

Year Ended

5/31/26

Year Ended

5/31/25

Arizona

Value

Subscriptions:

Class A

1,880,495

$18,790,350

1,685,759

$16,994,661

Class C

44,461

442,357

41,754

417,028

Class I

2,720,115

27,182,234

3,280,336

33,262,560

Total subscriptions

4,645,071

46,414,941

5,007,849

50,674,249

Reinvestments of distributions:

Class A

211,868

2,123,739

184,165

1,859,859

Class C

5,073

50,694

5,537

55,872

Class I

210,531

2,112,863

210,734

2,133,415

Total reinvestments of distributions

427,472

4,287,296

400,436

4,049,146

Redemptions:

Class A

(1,244,701)

(12,470,249)

(1,602,058)

(16,111,774)

Class C

(116,760)

(1,171,959)

(107,076)

(1,077,288)

Class I

(2,300,272)

(22,895,131)

(3,135,679)

(31,581,978)

Total redemptions

(3,661,733)

(36,537,339)

(4,844,813)

(48,771,040)

Net increase (decrease)

1,410,810

$14,164,898

563,472

$5,952,355

Year Ended

5/31/26

Year Ended

5/31/25

Colorado

Value

Subscriptions:

Class A

3,857,009

$38,162,790

3,790,453

$38,135,485

Class A - automatic conversion of Class C

—

21,774

220,257

Class C

65,063

644,223

50,619

513,954

Class I

11,183,712

110,465,310

10,044,619

101,079,869

Total subscriptions

15,105,784

149,272,323

13,907,465

139,949,565

Reinvestments of distributions:

Class A

575,719

5,696,574

548,622

5,515,638

Class C

14,371

141,939

17,506

175,880

Class I

982,168

9,718,185

966,693

9,716,013

Total reinvestments of distributions

1,572,258

15,556,698

1,532,821

15,407,531

Redemptions:

Class A

(4,835,032)

(47,817,358)

(3,740,799)

(37,609,055)

Class C

(197,305)

(1,944,436)

(292,588)

(2,943,736)

Class C - automatic conversion to Class A

—

(21,798)

(220,257)

Class I

(10,508,546)

(103,505,754)

(11,425,016)

(113,906,646)

Total redemptions

(15,540,883)

(153,267,548)

(15,480,201)

(154,679,694)

Net increase (decrease)

1,137,159

$11,561,473

(39,915)

$677,402

Year Ended

5/31/26

Year Ended

5/31/25

Maryland

Value

Subscriptions:

Class A

1,313,937

$12,837,656

1,086,092

$10,658,455

Class A - automatic conversion of Class C

1,860

17,769

1,858

18,286

Class C

78,397

761,244

69,716

688,864

Class I

6,569,076

63,887,151

6,996,832

68,318,869

Total subscriptions

7,963,270

77,503,820

8,154,498

79,684,474

Reinvestments of distributions:

Class A

255,707

2,494,875

243,464

2,396,209

Class C

6,768

65,778

7,165

70,285

Class I

365,723

3,568,158

419,823

4,137,353

Total reinvestments of distributions

628,198

6,128,811

670,452

6,603,847

Redemptions:

Class A

(1,473,842)

(14,341,705)

(1,340,594)

(13,187,118)

Class C

(121,303)

(1,179,597)

(168,954)

(1,664,341)

Class C - automatic conversion to Class A

(1,867)

(17,769)

(1,865)

(18,286)

Class I

(4,497,120)

(43,424,080)

(9,798,284)

(95,535,128)

Total redemptions

(6,094,132)

(58,963,151)

(11,309,697)

(110,404,873)

Net increase (decrease)

2,497,336

$24,669,480

(2,484,747)

$(24,116,552)

Year Ended

5/31/26

Year Ended

5/31/25

New Mexico

Value

Subscriptions:

Class A

959,074

$9,247,415

509,177

$4,903,506

Class C

45,891

441,720

9,787

93,990

Class I

895,071

8,608,756

818,025

7,868,279

Total subscriptions

1,900,036

18,297,891

1,336,989

12,865,775

Reinvestments of distributions:

Class A

102,985

986,449

103,368

993,195

Class C

1,565

15,041

2,089

20,142

Class I

77,353

744,508

74,269

716,903

Total reinvestments of distributions

181,903

1,745,998

179,726

1,730,240

Redemptions:

Class A

(1,287,132)

(12,321,748)

(602,530)

(5,802,145)

Class C

(17,789)

(167,540)

(64,045)

(617,625)

Class I

(754,745)

(7,195,300)

(714,387)

(6,862,368)

Total redemptions

(2,059,666)

(19,684,588)

(1,380,962)

(13,282,138)

Net increase (decrease)

22,273

$359,301

135,753

$1,313,877

Notes to Financial Statements

(continued)

7. Income Tax Information

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

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

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

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

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

distributions paid by the Funds are subject to federal taxation.

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

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

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

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

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains

and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted

in reclassifications among the components of net assets relate primarily to taxable market discount. Temporary and permanent differences have no

impact on a Fund's net assets.

Year Ended

5/31/26

Year Ended

5/31/25

Pennsylvania

Value

Subscriptions:

Class A

1,873,545

$18,976,816

2,212,901

$22,322,103

Class A - automatic conversion of Class C

22,852

227,246

38,693

404,166

Class C

54,921

556,521

96,472

985,520

Class I

5,079,449

51,127,367

6,028,244

61,105,340

Total subscriptions

7,030,767

70,887,950

8,376,310

84,817,129

Reinvestments of distributions:

Class A

453,435

4,590,971

424,924

4,339,618

Class C

16,116

162,492

18,324

186,519

Class I

425,689

4,305,667

535,180

5,469,393

Total reinvestments of distributions

895,240

9,059,130

978,428

9,995,530

Redemptions:

Class A

(2,486,506)

(25,099,712)

(3,075,248)

(31,312,123)

Class C

(182,534)

(1,842,023)

(295,132)

(3,011,249)

Class C - automatic conversion to Class A

(22,933)

(227,246)

(38,841)

(404,166)

Class I

(4,727,166)

(47,412,253)

(11,664,982)

(118,130,567)

Total redemptions

(7,419,139)

(74,581,234)

(15,074,203)

(152,858,105)

Net increase (decrease)

506,868

$5,365,846

(5,719,465)

$(58,045,446)

Year Ended

5/31/26

Year Ended

5/31/25

Virginia

Value

Subscriptions:

Class A

7,572,975

$77,013,302

3,288,765

$33,933,341

Class A - automatic conversion of Class C

5,989

61,067

3,165

32,726

Class C

161,066

1,639,769

135,473

1,400,730

Class I

12,461,350

125,422,418

13,554,914

137,863,131

Total subscriptions

20,201,380

204,136,556

16,982,317

173,229,928

Reinvestments of distributions:

Class A

605,129

6,132,196

552,953

5,681,322

Class C

17,535

177,445

18,558

190,597

Class I

838,389

8,477,717

770,525

7,901,839

Total reinvestments of distributions

1,461,053

14,787,358

1,342,036

13,773,758

Redemptions:

Class A

(7,426,875)

(75,350,612)

(3,428,885)

(35,313,235)

Class C

(192,074)

(1,930,477)

(359,672)

(3,689,220)

Class C - automatic conversion to Class A

(5,993)

(61,067)

(3,168)

(32,726)

Class I

(10,363,785)

(103,941,690)

(12,384,015)

(125,941,718)

Total redemptions

(17,988,727)

(181,283,846)

(16,175,740)

(164,976,899)

Net increase (decrease)

3,673,706

$37,640,068

2,148,613

$22,026,787

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as

follows:

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

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

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

The tax character of distributions paid was as follows:

As of year end, the Funds had capital loss carryforwards, which will not expire:

8. Management Fees and Other Transactions with Affiliates

Management Fees:

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

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

Fund

Tax Cost

Gross Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

Arizona

176,500,990

1,852,231

(3,241,269)

(1,389,038)

Colorado

461,397,776

4,109,868

(5,720,811)

(1,610,943)

Maryland

264,946,624

3,376,471

(5,401,028)

(2,024,557)

New Mexico

69,920,295

639,550

(1,327,607)

(688,057)

Pennsylvania

374,809,682

3,807,087

(21,326,091)

(17,519,004)

Virginia

560,718,520

12,720,804

(10,737,255)

1,983,549

Fund

Undistributed

Tax-Exempt

Income

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital Gains

Unrealized

Appreciation

(Depreciation)

Capital Loss

Carryforwards

Late-Year Loss

Deferrals

Other

Book-to-Tax

Differences

Total

Arizona

602,706

—

(1,389,038)

(14,284,099)

—

(485,191)

(15,555,622)

Colorado

2,141,232

15,072

—

(1,610,943)

(44,684,706)

—

(1,483,550)

(45,622,895)

Maryland

803,996

184

—

(2,024,557)

(24,700,955)

—

(808,089)

(26,729,421)

New Mexico

208,047

—

(688,057)

(6,125,186)

—

(188,104)

(6,793,300)

Pennsylvania

1,899,162

129,531

—

(17,519,004)

(15,717,621)

—

(1,053,884)

(32,261,816)

Virginia

2,181,885

1,769

—

1,983,549

(55,718,834)

—

(1,819,808)

(53,371,439)

Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividends declared during the period May 1, 2026 through May 31, 2026 and

paid on June 1, 2026.

5/31/26

5/31/25

Fund

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital Gains

Tax-Exempt

Income

Ordinary

Income

Long-Term

Capital Gains

Arizona

5,579,687

—

5,208,576

—

Colorado

17,502,220

8,158

—

17,276,739

—

Maryland

9,160,191

273

—

9,275,035

256

—

New Mexico

2,188,972

—

2,185,603

—

Pennsylvania

11,825,668

636,243

—

12,083,209

928,110

—

Virginia

20,568,660

2,622

—

18,749,094

6,039

—

Each Fund designates these amounts paid during the period as Exempt Interest Dividends.

Fund

Short-Term

Long-Term

Total

Arizona

4,156,065

10,128,034

14,284,099

Colorado

12,959,444

31,725,262

44,684,706

Maryland

7,077,347

17,623,608

24,700,955

New Mexico

1,440,686

4,684,500

6,125,186

Pennsylvania

8,242,113

7,475,508

15,717,621

Virginia

18,461,833

37,257,001

55,718,834

Notes to Financial Statements

(continued)

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

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

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

by the Adviser.

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

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

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

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

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

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

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

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

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

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

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

certain circumstances.

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

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

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

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

and for the time periods stated in the following table:

Average Daily Net Assets

Arizona

Colorado

Maryland

New Mexico

Pennsylvania

Virginia

For the first $125 million

0.3500

For the next $125 million

0.3375

For the next $250 million

0.3250

For the next $500 million

0.3125

For the next $1 billion

0.3000

For the next $3 billion

0.2750

For the next $5 billion

0.2500

For net assets over $10 billion

0.2375

Complex-Level Asset Breakpoint Level*

Complex-Level Fee

For the first $124.3 billion

0.1600

For the next $75.7 billion

0.1350

For the next $200 billion

0.1325

For eligible assets over $400 billion

0.1300

Fund

Fund-Level Fee

Complex-Level Fee

Total Management Fee

Arizona

0.3400

0.1545

0.4945

Colorado

0.3300

0.1545

0.4845

Maryland

0.3400

0.1545

0.4945

New Mexico

0.3500

0.1545

0.5045

Pennsylvania

0.3400

0.1545

0.4945

Virginia

0.3300

0.1545

0.4845

Distribution and Service Fees:

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

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

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

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

accounts.

Other Transactions with Affiliates

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

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

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

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

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

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

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

concessions to financial intermediaries as follows:

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

providing services to shareholders relating to their investments.

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

follows:

Fund

Expense Cap

Expiration Date

Maryland

0.57%

July 31, 2028

New Mexico

0.64%

July 31, 2028

Virginia

0.57%

July 31, 2028

Fund

Purchases

Sales

Realized

Gain (Loss)

Arizona

2,052,890

696,262

(45,387)

Colorado

—

Maryland

1,506,945

—

New Mexico

—

2,058,980

(6,293)

Pennsylvania

—

Virginia

6,422,185

—

Fund

Sales Charges

Collected

(Unaudited)

Paid to Financial

Intermediaries

(Unaudited)

Arizona

137,630

134,738

Colorado

240,527

232,054

Maryland

94,900

91,904

New Mexico

30,203

29,207

Pennsylvania

103,827

101,064

Virginia

405,085

394,357

Fund

Commission

Advances

(Unaudited)

Arizona

120,023

Colorado

182,060

Maryland

77,830

New Mexico

27,358

Pennsylvania

85,630

Virginia

341,963

Notes to Financial Statements

(continued)

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

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

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

their investments.

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

9. Borrowing Arrangements

Line of Credit:

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

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

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

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

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

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

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

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

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

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

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

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

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

Participating Fund.

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

as follows:

Fund

12b-1 Fees

Retained

(Unaudited)

Arizona

3,902

Colorado

3,629

Maryland

4,177

New Mexico

1,458

Pennsylvania

4,549

Virginia

10,125

Fund

CDSC

Retained

(Unaudited)

Arizona

13,297

Colorado

9,913

Maryland

5,683

New Mexico

12,179

Pennsylvania

3,755

Virginia

1,273

During each Fund’s utilization period(s) during the current fiscal period, the average daily balance outstanding and average annual interest rate on

the Borrowings were as follows:

Borrowings outstanding as of the end of the current fiscal period, if any, are recognized as “Borrowings” on the Statement of Assets and Liabilities,

where applicable.

10. Subsequent Events

Line of Credit:

During June 2026, the Participating Funds renewed the standby credit facility through June 2027 and reduced the drawn interest

rate to the higher of (a) OBFR (Overnight Bank Funding Rate) plus 1.10% per annum or (b) the Fed Funds Effective Rate plus 1.10% per annum on

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

per annum on amounts borrowed. All other terms remain unchanged.

Fund

Maximum

Outstanding

Balance

Arizona

5,900,000

Colorado

3,000,000

Maryland

—

New Mexico

1,247,495

Pennsylvania

3,600,000

Virginia

599,213

Fund

Utilization

Period (Days

Outstanding)

Average

Daily Balance

Outstanding

Average Annual

Interest Rate

Arizona

3,848,196

5.17

Colorado

2,119,436

4.98

Maryland

—

New Mexico

984,193

4.84

Pennsylvania

1,618,707

5.24

Virginia

599,213

5.29

Important Tax Information

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must

be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications

of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which

will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being

from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:

Fund

Net Long-Term

Capital Gains

Arizona

—

Colorado

—

Maryland

—

New Mexico

—

Pennsylvania

—

Virginia

—

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

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

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Nuveen Arizona Municipal Bond Fund

Nuveen Colorado Municipal Bond Fund

Nuveen Maryland Municipal Bond Fund

Nuveen New Mexico Municipal Bond Fund

Nuveen Pennsylvania Municipal Bond Fund

Nuveen Virginia Municipal Bond Fund

(collectively, the “Funds”)

I. The Approval Process

At an in-person meeting held on April 28 and 29, 2026 (the “Meeting”), the Board of Trustees (the “Board” and each Trustee, a “Board Member”) of Nuveen Multistate Trust I approved, for each applicable series thereof, the renewal of the investment management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”). Similarly, for each applicable series, the Board approved the renewal of the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (the “Sub-Adviser”). The Nuveen fund complex consists of the group of funds advised by NFAL (the “NFAL Funds”), including the Funds, and the group of funds advised by Teachers Advisors, LLC (“TAL,” and such funds, the “TC Funds”; the NFAL Funds and the TC Funds are collectively referred to as the “Nuveen funds” or the “funds”). TAL and NFAL are affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL is an indirect wholly owned subsidiary of TIAA. The Sub-Adviser is also an affiliate of NFAL.

The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of the Investment Management Agreement and Sub-Advisory Agreement with respect to each Fund covered by this report.

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

In considering the continuance of each Advisory Agreement, the Board considered information received by it throughout the year as well as materials prepared specifically at the Board’s request for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board and its committees meet regularly throughout the year, including in executive sessions, providing the Board Members with the opportunity to assess the quality and scope of the various services provided by a Fund Adviser during the year through the written materials, oral presentations and discussions with senior management. The information provided to the Board and/or its committees at these meetings covered a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements, including, but not limited to: (a) the investment performance of the Nuveen funds over various periods and the reasons for any outperformance or underperformance relative to peers and/or benchmarks or other performance metrics (as applicable); (b) strategic priorities for the business of the Adviser, including significant developments impacting a Fund Adviser; (c) product initiatives for various funds; (d) compliance, regulatory and risk management reports, including any initiatives in seeking to strengthen compliance capabilities and controls and to meet regulatory requirements, compliance policies and procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable); (f) reports on the valuation of securities; (g) periodic investment team presentations; (h) evaluations on fund expenses; (i) trading practices and execution quality of portfolio transactions; and (j) management of distributions.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. The materials provided in conjunction with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Fund Advisers; (b) a review of the Sub-Adviser and/or investment team (as applicable); (c) fund performance over various periods with a focus on funds considered to have met certain challenged performance measurements; (d) the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; (e) a list of management fees and sub-advisory fee schedules; (f) an analysis of advisory fees compared to fees assessed to other types of clients; (g) a review of temporary and/or permanent expense caps and fee waivers (as applicable); (h) a description of portfolio manager compensation; (i) certain profitability and/or financial data; (j) a summary of the investments made in 2025 by the Adviser and/or its affiliates in technology enhancements; and (k) a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each Fund to those of a peer universe and also to a peer group of funds, as well as a description of Broadridge’s methodology in compiling the expense universe and expense group, as applicable.

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the Board and its committees in overseeing the applicable Nuveen funds and working with the respective Fund Advisers in their review of the Advisory Agreements.

Item 11.

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

As part of their review, the Board Members and independent legal counsel met in executive session on April 17, 2026 (the “April Executive Session”) to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information and received the responses to these follow-up questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the materials, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with independent legal counsel at various executive sessions without the presence of any Fund Adviser management. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the Funds for an additional one-year period until May 1, 2027. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

In addition, as noted above, after an initial period of up to two years, the 1940 Act requires the Board to review advisory agreements on an annual basis. In connection with the annual review, management and the Board proposed to reset the annual review schedule for the Advisory Agreements to permit the agreements to continue for a one-year period until August 1st following the renewal as opposed to the current May 1st deadline. To implement the new review schedule, at its in-person meeting held on May 27-28, 2026 (the “May Meeting”), the Board approved the continuance of the Advisory Agreements through July 31, 2027. A discussion of the Board’s approval at the May Meeting of the continuance of the Advisory Agreements is set forth in Section II below.

A. Nature, Extent and Quality of Services

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

The Board considered that the Adviser provides a wide array of management, oversight and other services necessary to manage and operate the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. In its review of the services provided by the Adviser and its affiliates, the Board considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel; succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or departures; business continuity functions which seek to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions; ongoing investments in the infrastructure and technology in enhancing the services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure in seeking to attract and retain high quality talent.

In its evaluation, the Board considered that the Adviser is responsible for providing investment advisory services and does so indirectly through a sub-adviser. In this regard, the Funds utilize the Sub-Adviser and its investment teams to manage the portfolios of the Funds subject to the supervision of the Adviser. In evaluating the investment advisory services, the Board and/or its investment committee considered the Adviser’s role, among other things, in monitoring and reporting to the Board on fund performance, market conditions and investment team matters; setting and evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance and investment capabilities of the Sub-Adviser and/or investment teams and recommending changes thereto as appropriate; monitoring compliance with portfolio guidelines; monitoring and analyzing the trade execution of the funds’ portfolios; and managing valuation matters.

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

In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance, regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such services include, but are not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers,

conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; regulatory and regulatory advocacy services, including monitoring regulatory developments that may impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management; oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); and legal support services.

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

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

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

B. The Investment Performance of the Funds and Fund Advisers

The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment performance process. In evaluating the quality of the services provided by the Fund Advisers, the Board and/or its Investment Committee monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, the Board and/or its Investment Committee considered, among other things, Fund performance over the quarter, one-, three- and five-year periods ended December 31, 2025 on an absolute basis and as compared to the performance of comparable funds (the “Performance Peer Group”) and to a benchmark for the prescribed periods. For Funds with multiple share classes, the performance data was based on Class I shares; however, the performance of other share classes was expected to be substantially similar as they invest in the same portfolio of securities, and differences in performance among the classes of a fund generally may be principally attributed to the variations in the expense structures of the share classes. Prior to the Meeting, the Board also received updated Fund performance over various periods ended March 31, 2026. In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile being the most desirable quartile ranking and the 4th quartile being the least desirable. The Board considered, in particular, the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts.

In evaluating performance, the Board considered some of the limitations of the performance data including, in particular, that differences between a Nuveen fund and its Performance Peer Group and its benchmark (such as with respect to the investment objectives and strategies) may lead to significantly different results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of a Performance Peer Group to the respective fund as low, medium or high. In addition, the Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. The Board also considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance of the periods reviewed by the Board.

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

In evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its discussions with management. Depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified as experiencing performance issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to monitor such funds more closely until performance improves.

Additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above are set forth below in Section I.F.

Item 11.

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

With respect to each Fund, on the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

C. Fees, Expenses and Profitability

Fees and Expenses

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

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by Broadridge, an independent third-party provider of fund data. More specifically, the Board Members generally considered, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”) and a more focused group of comparable peers (the “Expense Group”). With respect to the Broadridge comparative expense data, Broadridge applied Class I shares of the Funds. In its review of such comparative fee and expense data, the Board considered, among other things, a Fund’s quartile rankings of its contractual management fee rate, actual management fee rate and net total expense ratio within its Expense Universe and Expense Group (as applicable) with the first quartile representing the most desirable quartile ranking and the fourth quartile representing the least desirable ranking. The Board considered, in particular, each fund with a net total expense ratio that met certain expense screening criteria adopted by the Board when compared to its Expense Universe and Expense Group (if any) and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio.

In evaluating the fees and expenses of the Nuveen funds and comparative rankings, the Board considered some of the limitations which may reduce some of the value of the comparative data. In particular, although the Board considered the methodology employed by Broadridge to establish its Expense Universe and Expense Group (as applicable), the Board also considered that Broadridge had modified its methodology for open-end funds in 2025 resulting in significant changes to the composition of the Expense Universe and Expense Group (as applicable) and the comparative rankings of the funds from previous periods making comparisons of rankings from prior periods more difficult. In addition, the Board considered that the fee and expense information in the Broadridge report for each fund reflected information for a specific period and that historic asset levels and expenses may differ from current levels, particularly in a period of market volatility.

The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these differences into account in considering the comparative peer data.

The Board further considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in Section I.F below. Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.

Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also requested and received information concerning the advisory fees and services provided to other clients of the Adviser, affiliated sub-advisers and/or advisory affiliates which may include, among others: separately managed accounts (“SMAs”), foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts (as applicable). The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the open-end funds compared to the management fee of the applicable fund. The Board considered, among other things, that differences in the breadth of services provided to the funds compared to other types of clients (including the differences in the level of advisory services required of passively managed funds compared to actively managed funds); the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the differences in regulatory, disclosure and governance requirements applicable to funds and the infrastructure and activities necessary to support such requirements; the establishment and maintenance of servicing relationships with various service providers for the funds; the differences in investment policies and strategies, investor profiles and account sizes; and other factors all may contribute to the variations in relative fee rates. Further, the Board considered the differences in risks the Adviser incurs, including entrepreneurial, legal and regulatory risks when sponsoring and managing funds compared to serving as adviser to other types of clients or sub-adviser to other funds.

With respect to the Sub-Adviser, the Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates.

The Board concluded that the varying levels of fees were reasonable given the foregoing.

Profitability of Fund Advisers

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the affiliated sub-advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser (as well as the Adviser and TAL on a combined basis) attributable to servicing all applicable funds for 2025 and 2024; (c) certain profitability data of both the Adviser and TAL on a combined basis derived from the type of fund in the aggregate (i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of both the Adviser and TAL on a combined basis provided by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered estimated profitability data at the per fund level for the Adviser.

In reviewing the profitability data, the Board Members recognized the subjective nature and difficulty in calculating profitability, particularly on a per fund level. The Board considered that the information is not audited and is based on cost allocation methodologies seeking to allocate various expenses throughout the complex and among the various advisory products. The Board Members considered the allocation methodology used to prepare the profitability data but considered that other valid and reasonable methodologies also could be used and could lead to significantly different profit and loss results.

Further, the Board considered Nuveen’s estimated profitability (pre- and post-distribution margins and pre-tax) from its services to the funds compared to the profitability margins of certain peers. The Board Members, however, considered the inherent limitations of the comparative data given that profitability data is only available from peers which publish publicly available information and may be affected by numerous factors including, among other things, the types of funds a peer manages, its business mix, cost of capital, the assumptions and allocation methodology used in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).

Aside from the foregoing profitability data, the Board also considered the financial condition of TIAA. The Board Members considered certain financial data of TIAA as of December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s (together with its affiliated sub-advisers) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale as a fund and/or the complex grows larger. The Board considered the difficulty in measuring economies of scale with any precision but considered the various means the Fund Advisers employ to help share the benefits of economies of scale with the respective funds and their shareholders.

The Board considered the Funds’ advisory fee structure, including breakpoint schedules (as applicable). The Board considered that the management fees of the funds generally are comprised of a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that in 2024, the Board revised the breakpoint schedule which reduced the complex-level fee rates at various thresholds and expanded the assets included in calculating the complex-level fee rates. The Board considered that the complex-level breakpoint schedule was designed to share the benefits of economies of scale with the participating funds as a result of an increase in the asset size of the complex even if the particular fund has not grown or has even declined in asset size, whereas a fund-level breakpoint schedule seeks to share economies of scale with shareholders if the particular fund grows. The Board considered the fee reductions achieved overall from the fund-

Item 11.

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

level breakpoints and the complex-level breakpoints for the 2025 calendar year. In addition to the management fee structures, the Board Members also considered the temporary and/or permanent expense caps applicable to a fund (if any) which can provide a protection from an increase in expenses if the assets of the applicable funds decline. In addition, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business, including investments in various technology initiatives from which the fund complex may benefit as well as ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

The Board further considered that the scope of services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser, the use of affiliated sub-advisers in which case all the advisory revenue generated from such funds remains within Nuveen, and the use of certain funds as investment options for other products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2025 for serving as an underwriter on shelf offerings of existing closed-end Nuveen funds and reviewed the amounts paid for such services in 2025 and 2024.

In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients but such costs are reimbursed to the funds.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and non-profit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.

F. Additional Fund-Specific Factors

For each Fund, set forth below are (i) additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above; and (ii) additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above.

Nuveen Arizona Municipal Bond Fund


Relative Net Performance
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Fourth Quartile	Third Quartile	Third Quartile
Performance Benchmark	Underperformed	Underperformed	Underperformed


Comparative Fees and Expenses
	Expense Group	Expense Universe
Actual Management Fee Rate	Fourth Quartile	Fourth Quartile
Net Total Expense Ratio	Fourth Quartile	Third Quartile

••

In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered the small size of the set of peers in the Expense Group as well as a discussion of the differences in investment strategies of the peers limiting some of the value of the quartile rankings.

Nuveen Colorado Municipal Bond Fund


Relative Net Performance
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Fourth Quartile	Third Quartile	Third Quartile
Performance Benchmark	Underperformed	Underperformed	Underperformed


Comparative Fees and Expenses
	Expense Group	Expense Universe
Actual Management Fee Rate	Fourth Quartile	Third Quartile
Net Total Expense Ratio	Second Quartile	Second Quartile

Nuveen Maryland Municipal Bond Fund


Relative Net Performance
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Third Quartile	Second Quartile	Third Quartile
Performance Benchmark	Underperformed	Outperformed	Underperformed


Comparative Fees and Expenses
	Expense Group	Expense Universe
Actual Management Fee Rate	Fourth Quartile	Fourth Quartile
Net Total Expense Ratio	Third Quartile	Fourth Quartile

••	In considering performance, the Board considered, among other things, that the Performance Peer Group was classified as low for relevancy.

••	The Board considered that management had agreed to a temporary expense cap last year, the impact of which was not fully reflected in the comparative expense data. The Board further considered that the Adviser agreed to extend its temporary expense cap for the Fund.

Nuveen New Mexico Municipal Bond Fund


Relative Net Performance
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Second Quartile	Second Quartile	Second Quartile
Performance Benchmark	Underperformed	Outperformed	Underperformed

Item 11.

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


Comparative Fees and Expenses
	Expense Group	Expense Universe
Actual Management Fee Rate	Fourth Quartile	Fourth Quartile
Net Total Expense Ratio	Third Quartile	Fourth Quartile

••	The Board considered that management had agreed to a temporary expense cap last year, the impact of which was not fully reflected in the comparative expense data. The Board further considered that the Adviser agreed to extend its temporary expense cap for the Fund.

Nuveen Pennsylvania Municipal Bond Fund


Relative Net Performance
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	First Quartile	Fourth Quartile	Second Quartile
Performance Benchmark	Underperformed	Underperformed	Underperformed


Comparative Fees and Expenses
	Expense Group	Expense Universe
Actual Management Fee Rate	Fourth Quartile	Fourth Quartile
Net Total Expense Ratio	Fourth Quartile	Fourth Quartile

••

In considering the Fund’s position relative to the peers in the Expense Group and Expense Universe, the Board considered, among other things, the small size of the set of peers in the Expense Group as well as the narrow range of the net expense ratios among various peers which could result in significant changes in relevant rankings year to year and limiting some of the value of the quartile rankings.

Nuveen Virginia Municipal Bond Fund


Relative Net Performance
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Third Quartile	First Quartile	Third Quartile
Performance Benchmark	Underperformed	Outperformed	Underperformed


Comparative Fees and Expenses
	Expense Group	Expense Universe
Actual Management Fee Rate	Fourth Quartile	Fourth Quartile
Net Total Expense Ratio	First Quartile	First Quartile

••	In considering performance, the Board considered, among other things, that the Performance Peer Group was classified as low for relevancy.

G. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

II. Subsequent Approvals of Advisory Agreements

As noted above, the 1940 Act provides, in general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more than two years only so long as the board, including a majority of the disinterested trustees, approves its continuance. During the annual review, management and the Board proposed, in relevant part, to reset the annual review schedule for the advisory and sub-advisory agreements of the Nuveen funds to permit the agreements to continue for a one-year period until August 1st the following year as opposed to the existing May 1st annual deadline.

At its May Meeting, with respect to the Funds, the Board approved the Investment Management Agreements with certain minor changes and the Sub-Advisory Agreements to continue through July 31, 2027. As part of its review of the foregoing arrangements, the Board, through independent legal counsel, requested and received information regarding, among other things, the proposed renewal of the Advisory Agreements.

In their review, the Board Members considered that they had recently completed their annual review of the Advisory Agreements at the Meeting and many of the factors considered at the annual review were applicable to their evaluation of the continuance of the Advisory Agreements. Accordingly, in evaluating the respective advisory and sub-advisory agreements, the Board Members relied upon their knowledge and experience with the Adviser and the Sub-Adviser and considered the information received and their evaluations and conclusions drawn at the annual review. The Board considered management’s representation that the information and materials provided in connection with the annual review of the Advisory Agreements at the Meeting remained unchanged in all material respects. Further, with respect to the continuance of the Advisory Agreements, the Board considered the terms of such agreements with certain minor changes as appropriate to reflect an internal restructuring.

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the fees of each of the Adviser and Sub-Adviser were reasonable in light of the services provided to each Fund and that each Advisory Agreement be renewed for an additional one-year period through July 31, 2027.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

Item 15.

Submission of Matters to a Vote of Security Holders.

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

Item 16.

Controls and Procedures.

(a)

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

(b)

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

Item 17.

Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

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

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

Item 18.

Recovery of Erroneously Awarded Compensation.

(a)	Not applicable.

(b)	Not applicable.

Item 19.

Exhibits.

(a)(1)

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

(a)(2)

Not applicable.

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nuveen Multistate Trust I

Date: August 6, 2026

By: /s/ Jordan M. Farris

Jordan M. Farris
Chief Administrative Officer

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

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT

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