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    811-21212

Nuveen California AMT-Free Quality Municipal Income Fund

 

(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 L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

 

(Name and address of agent for service)

 

Registrant’s telephone number, including area code:    (800) 257-8787

 

Date of fiscal year end:    August 31

 

Date of reporting period:    February 28, 2026

Item 1.

Reports to Stockholders.

Closed-End Funds
Closed-End Funds
Nuveen Municipal
February 28, 2026
Semi-Annual
Report
This semi-annual report contains the Funds' unaudited financial statements.
Nuveen Arizona Quality Municipal Income Fund
NAZ
Nuveen California AMT-Free Quality Municipal Income Fund
NKX
Nuveen California Municipal Value Fund
NCA
Nuveen California Quality Municipal Income Fund
NAC
Nuveen New Jersey Quality Municipal Income Fund
NXJ
Nuveen New York AMT-Free Quality Municipal Income Fund
NRK
Nuveen New York Municipal Value Fund
NNY
Nuveen New York Quality Municipal Income Fund
NAN
Nuveen Pennsylvania Quality Municipal Income Fund
NQP
2
Table
of Contents
Important Notices
3
Common Share Information
4
About the Funds’ Benchmarks
6
Fund Performance, Leverage and Holdings Summaries
7
Portfolios of Investments
26
Statement of Assets and Liabilities
117
Statement of Operations
119
Statement of Changes in Net Assets
121
Statement of Cash Flows
126
Financial Highlights
128
Notes to Financial Statements
141
Shareholder Meeting Report
158
Additional Fund Information
161
Glossary of Terms Used in this Report
162
Important Notices
3
Portfolio manager commentaries:
The Funds include portfolio manager commentary in their annual shareholder reports. For
your Fund’s most recent annual portfolio manager discussion, please refer to the Discussion of Fund Performance section of the
Fund’s annual shareholder report.
Fund changes:
For changes that occurred to your Fund both during and after this reporting period, please refer to the Notes to
Financial Statements section of this report.
Fund principal investment policies and principal risks:
Refer to the Shareholder Update section of your Fund’s annual
shareholder report for information on the Fund’s principal investment policies and principal risks
Fund performance:
For current information on your Fund’s average annual total returns please refer to the Fund’s website at
www.nuveen.com. For average annual total returns as of the end of this reporting period, please refer to the Fund Performance,
Expense Ratios and Holding Summaries section within this report.
NXJ - Portfolio manager update:
Effective September 18, 2025, Kristen DeJong was added as a portfolio manager of NXJ.
NXJ and NQP - Fund mergers:
On September 17, 2025, the Funds’ Board of Trustees approved the mergers of NXJ, NQP and
Nuveen Missouri Quality Municipal Income Fund (NOM) into the Nuveen Municipal High Income Opportunity Fund (NMZ). The
mergers were approved by shareholders on April 2, 2026, and became effective before market open on April 27, 2026.
4
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of February 28, 2026.  Each Fund's distribution levels may
vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current fiscal period, each Fund's distributions to common shareholders were as shown in the accompanying table.
Each Fund’s distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its
common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time).
The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution
and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common
share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the
Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains
and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Fund’s
distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate
of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the
full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds’ monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com
and can be found on Nuveen’s enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-
closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information,
shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)
NAZ
NKX
NCA
NAC
NXJ
September
$0.0655
$0.0760
$0.0290
$0.0735
$0.0785
October
0.0655
0.0760
0.0290
0.0735
0.0785
November
0.0655
0.0760
0.0290
0.0735
0.0785
December
0.0655
0.0760
0.0290
0.0735
0.0785
January
0.0655
0.0760
0.0290
0.0735
0.0785
February
0.0655
0.0760
0.0290
0.0735
0.0785
Total Distributions from Net Investment Income
$0.3930
$0.4560
$0.1740
$0.4410
$0.4710
Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)
NRK
NNY
NAN
NQP
September
$0.0690
$0.0295
$0.0720
$0.0780
October
0.0690
0.0295
0.0720
0.0780
November
0.0690
0.0295
0.0720
0.0780
December
0.0690
0.0295
0.0720
0.0780
January
0.0690
0.0295
0.0720
0.0780
February
0.0690
0.0295
0.0720
0.0780
Total Distributions from Net Investment Income
$0.4140
$0.1770
$0.4320
$0.4680
Yields
NAZ
NKX
NCA
NAC
NXJ
NRK
Market Yield
1
6.46%
7.07%
3.62%
7.31%
7.48%
7.89%
Taxable-Equivalent Yield
1
11.40%
15.40%
7.88%
15.93%
15.46%
16.33%
Yields
NNY
NAN
NQP
Market Yield
1
4.03%
7.44%
7.78%
Taxable-Equivalent Yield
1
8.34%
15.39%
13.87%
1
Market Yield is based on the Fund’s current annualized monthly distribution divided by the Fund’s current market price as of the end of the reporting period.
Taxable-Equivalent Yield represents the yield that must be earned on a fully taxable investment in order to equal the yield of the Fund on an after-tax basis. It is
based on a combined federal and state income tax rate of 43.3%, 54.1%, 54.1%, 54.1%, 51.6%, 51.7%,51.7%, 51.7% and 43.9% for NAZ, NKX, NCA, NAC, NXJ,
NRK, NNY, NAN and NQP, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Yield
also takes into account the percentage of the Fund’s income generated and paid by the Fund (based on payments made during the previous calendar year) that
was either exempt from federal income tax but not from state income tax (e.g., income from an out-of-state municipal bond), or was exempt from neither federal
nor state income tax. Separately, if the comparison were instead to investments that generate qualified dividend income, which is taxable at a rate lower than an
individual’s ordinary graduated tax rate, the fund’s Taxable-Equivalent Yield would be lower.
5
COMMON SHARE EQUITY SHELF PROGRAMS
During the current reporting period, NAZ, NKX, NAC and NAN were authorized by the Securities and Exchange Commission to
issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, NAZ, NKX, NAC and
NAN, subject to market conditions, may raise additional capital from time to time in varying amounts and offering methods at a net
price at or above the Fund’s NAV per common share. The maximum aggregate offering under these Shelf Offerings, are as shown in
the accompanying table.
During the current reporting period, NAZ, NKX, NAC and NAN sold common shares through its Shelf Offering at a weighted
average premium to its NAV per common share in the accompanying table.
Refer to the Notes to Financial Statements for further details on shelf offerings and each Fund's transactions.
COMMON SHARE REPURCHASES
The Funds’ Board of Trustees reauthorized an open-market share repurchase program, allowing each Fund to repurchase and retire
an aggregate of up to approximately 10% of its outstanding common shares.
During the current reporting period, the Funds did not repurchase any of their outstanding common shares. As of February 28, 2026
(and since the inception of the Funds’ repurchase programs), each Fund has cumulatively repurchased and retired its outstanding
common shares as shown in the accompanying table.
(1
NAZ
NKX
NAC
NAN
Maximum aggregate offering
1,200,000
19,548,000
30,400,000
3,100,000
NAZ
NKX
NAC
NAN
Common shares sold through shelf offering
697,533
3,663,747
10,465,314
864,735
Weighted average premium to NAV per common share sold
2.17%
4.47%
1.31%
0.60%
NAZ
NKX
NCA
NAC
NXJ
Common shares cumulatively repurchased and retired
133,000
230,000
-
383,000
1,960,343
Common shares authorized for repurchase
1,270,000
5,320,000
3,310,000
15,550,000
4,120,000
NRK
NNY
NAN
NQP
Common shares cumulatively repurchased and retired
390,000
-
292,714
900,440
Common shares authorized for repurchase
8,720,000
1,885,000
3,175,000
3,720,000
6
About the Funds’ Benchmarks
S&P Municipal Bond Index:
An index designed to measure the performance of the tax-exempt U.S. municipal bond market.
Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond Arizona Index:
An index designed to measure the performance of the tax-exempt Arizona municipal bond
market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management fees.
S&P Municipal Bond California Index:
An index designed to measure the performance of the tax-exempt California municipal
bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management
fees
.
S&P Municipal Bond New Jersey Index:
An index designed to measure the performance of the tax-exempt New Jersey
municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or
management fees.
S&P Municipal Bond New York Index:
An index designed to measure the performance of the tax-exempt New York municipal
bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or management
fees.
S&P Municipal Bond Pennsylvania Index
:
An index designed to measure the performance of the tax-exempt Pennsylvania
municipal bond market. Index returns assume reinvestment of distributions, but do not reflect any applicable sales charges or
management fees.
Fund Performance, Leverage and Holdings
Summaries
7
The Fund Performance, Leverage and Holding Summaries for each Fund are shown below within this section of the report.
Fund Performance
Performance data shown represents past performance and does not predict or guarantee future results.
Current performance may be higher or
lower than the data shown. Returns do not reflect the deduction of taxes that shareholders may have to pay on Fund distributions or upon the sale of
Fund shares. Returns at NAV are net of Fund expenses, and assume reinvestment of distributions. Comparative index return information is provided
for the Fund’s shares at NAV only. Indexes are not available for direct investment.
Total returns for a period of less than one year are not annualized (i.e. cumulative returns). Since inception returns are shown for share classes that
have less than 10-years of performance. For performance, current to the most recent month-end visit Nuveen.com or call (800) 257-8787.
Impact of Leverage
One important factor impacting the returns of the Funds’ common shares relative to their comparative benchmarks was the Funds’ use of leverage
through their issuance of preferred shares and/or investments in inverse floating rate securities, which represent leveraged investments in underlying
bonds. The Funds use leverage because our research has shown that, over time, leveraging provides opportunities for additional income. The
opportunity arises when short-term rates that a Fund pays on its leveraging instruments are lower than the interest the Fund earns on its portfolio of
long-term bonds that it has bought with the proceeds of that leverage.
However, use of leverage can expose Fund common shares to additional price volatility. When the Fund uses leverage, the Fund’s common shares
will experience a greater increase in their net asset value if the securities acquired through the use of leverage increase in value, but will also
experience a correspondingly larger decline in their net asset value if the securities acquired through leverage decline in value. All this will make the
shares’ total return performance more variable over time.
In addition, common share income in levered funds will typically decrease in comparison to unlevered funds when short-term interest rates increase
and increase when short-term interest rates decrease. In recent quarters, fund leverage expenses have generally tracked the overall movement
of short-term interest rates. While fund leverage expenses are higher than their prior year lows, leverage nevertheless continues to provide the
opportunity for incremental common share income, particularly over longer-term periods.
Leverage Ratios
Each Fund’s Effective Leverage and Regulatory Leverage Ratios are set forth below. “Effective Leverage” is a Fund’s effective economic leverage,
and includes both regulatory leverage and the leverage effects of certain derivative and other investments in a Fund’s portfolio that increase the
Fund’s investment exposure. Currently, the leverage effects of Tender Option Bond (TOB) inverse floater holdings are included in effective leverage
values, in addition to any regulatory leverage. “Regulatory Leverage” consists of preferred shares or borrowings of a Fund. Regulatory Leverage is a
part of a Fund’s capital structure. Regulatory leverage is subject to asset coverage limits set forth in the Investment Company Act of 1940. A Fund,
however, may from time to time borrow for temporary purposes, typically on a transient basis in connection with its day-to-day operations, primarily
in connection with the need to settle portfolio trades. Such temporary borrowings are excluded from the calculation of a Fund’s Effective Leverage
and Regulatory Leverage ratios.
Holding Summaries
The Holdings Summaries data relates to the securities held in each Fund’s portfolio of investments as of the end of this reporting period. It should
not be construed as a measure of performance for the Fund itself. Holdings are subject to change. Refer to the Fund’s Portfolio of Investments for
individual security information.
For financial reporting purposes, the ratings disclosed are the highest rating given by one of the following national rating agencies: Standard &
Poor’s, Moody’s Investors Service, Inc. or Fitch, Inc. 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 rating agencies.
8
Nuveen Arizona Quality Municipal Income Fund
Fund Performance, Leverage and Holdings Summaries February 28,
2026
NAZ
Performance*
*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond
Arizona
Index.
Daily Common Share NAV and Share Price
Total Returns as of
February 28, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NAZ at Common Share NAV
11/19/92
10.74%
5.14%
0.23%
2.23%
NAZ at Common Share Price
11/19/92
6.00%
2.84%
0.72%
2.17%
S&P Municipal Bond Index
—
5.86%
4.85%
1.62%
2.51%
S&P Municipal Bond Arizona Index
—
5.54%
4.87%
1.70%
2.41%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.91
$12.16
2.10%
2.13%
9
Leverage and Holdings
Leverage
Effective Leverage
36.66%
Regulatory Leverage
36.66%
Fund Allocation
(% of net assets)
Municipal Bonds
158
.3‌
%
Other Assets & Liabilities, Net
(0.4)%
AMTP Shares, Net
(
57
.9‌
)
%
Net Assets
100‌
%
Portfolio Credit Quality
(% of total investments)
AAA
8.8%
AA
55.7%
A
15.7%
BBB
4.3%
BB or Lower
4.0%
N/R (not rated)
11.5%
Total
100‌
%
Portfolio Composition
1
(% of total investments)
Tax Obligation/Limited
23.6%
Utilities
19.8%
Education and Civic
Organizations
19.4%
Health Care
13.0%
Tax Obligation/General
12.9%
Transportation
3.9%
Long-Term Care
3.0%
Housing/Single Family
2.2%
Other
2.2%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising  “Other” and not listed in the table above.
10
Nuveen California AMT-Free Quality Municipal
Income Fund
Fund Performance, Leverage and Holdings Summaries February 28,
2026
NKX
Performance*
*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond California Index.
Daily Common Share NAV and Share Price
Total Returns as of
February 28, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NKX at Common Share NAV
11/21/02
10.89%
3.83%
(0.48)%
2.20%
NKX at Common Share Price
11/21/02
13.25%
8.00%
2.38%
3.29%
S&P Municipal Bond Index
—
5.86%
4.85%
1.62%
2.51%
S&P Municipal Bond California Index
—
5.82%
4.67%
1.45%
2.40%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$12.35
$12.90
4.45%
4.40%
11
Leverage and Holdings
Leverage
Effective Leverage
39.48%
Regulatory Leverage
37.56%
Fund Allocation
(% of net assets)
Municipal Bonds
161
.8‌
%
Other Assets & Liabilities, Net
3.2%
Floating Rate Obligations
(5.1)%
MFP Shares, Net
(
21
.2‌
)
%
VRDP Shares, Net
(
38
.7‌
)
%
Net Assets
100‌
%
Portfolio Credit Quality
(% of total investments)
AAA
5.7%
AA
47.8%
A
13.0%
BBB
11.2%
BB or Lower
2.3%
N/R (not rated)
20.0%
Total
100‌
%
Portfolio Composition
1
(% of total investments)
Tax Obligation/General
23.2%
Health Care
18.7%
Utilities
17.4%
Housing/Multifamily
11.3%
Tax Obligation/Limited
10.8%
Transportation
9.0%
Education and Civic
Organizations
8.7%
U.S. Guaranteed
0.6%
Other
0.3%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising  “Other” and not listed in the table above.
12
Nuveen California Municipal Value Fund
Fund Performance, Leverage and Holdings Summaries February 28,
2026
NCA
Performance*
*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond California Index.
Daily Common Share NAV and Share Price
Total Returns as of
February 28, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NCA at Common Share NAV
10/07/87
7.55%
3.90%
0.86%
2.31%
NCA at Common Share Price
10/07/87
15.08%
15.82%
2.53%
2.54%
S&P Municipal Bond Index
—
5.86%
4.85%
1.62%
2.51%
S&P Municipal Bond California Index
—
5.82%
4.67%
1.45%
2.40%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$9.34
$9.62
3.00%
(1.30)%
13
Leverage and Holdings
Leverage
Effective Leverage
0.00%
Regulatory Leverage
0.00%
Fund Allocation
(% of net assets)
Municipal Bonds
98.2‌%
Variable Rate Demand Preferred
Shares
0.8‌%
Other Assets & Liabilities, Net
1.0%
Net Assets
100‌%
Portfolio Credit Quality
(% of total investments)
AAA
8.3%
AA
59.0%
A
11.1%
BBB
7.7%
BB or Lower
0.5%
N/R (not rated)
13.4%
Total
100‌%
Portfolio Composition
1
(% of total investments)
Tax Obligation/General
24.7%
Utilities
20.6%
Transportation
18.3%
Health Care
11.4%
Housing/Multifamily
10.0%
Tax Obligation/Limited
9.0%
Education and Civic
Organizations
3.3%
Other
2.7%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising  “Other” and not listed in the table above.
14
Nuveen California Quality Municipal Income
Fund
Fund Performance, Leverage and Holdings Summaries February 28,
2026
NAC
Performance*
*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond California Index.
Daily Common Share NAV and Share Price
Total Returns as of
February 28, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NAC at Common Share NAV
5/26/99
12.08%
4.42%
(0.50)%
1.96%
NAC at Common Share Price
5/26/99
11.49%
12.22%
1.88%
2.60%
S&P Municipal Bond Index
—
5.86%
4.85%
1.62%
2.51%
S&P Municipal Bond California Index
—
5.82%
4.67%
1.45%
2.40%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.94
$12.06
1.01%
0.68%
15
Leverage and Holdings
Leverage
Effective Leverage
39.32%
Regulatory Leverage
37.93%
Fund Allocation
(% of net assets)
Municipal Bonds
161
.9‌
%
Short-Term Municipal Bonds
1
.9‌
%
Other Assets & Liabilities, Net
0.9%
Floating Rate Obligations
(3.7)%
MFP Shares, Net
(
13
.8‌
)
%
VRDP Shares, Net
(
47
.2‌
)
%
Net Assets
100‌
%
Portfolio Credit Quality
(% of total investments)
AAA
5.0%
AA
51.5%
A
15.8%
BBB
8.8%
BB or Lower
2.0%
N/R (not rated)
16.9%
Total
100‌
%
Portfolio Composition
1
(% of total investments)
Tax Obligation/General
19.3%
Transportation
17.5%
Utilities
17.4%
Health Care
16.9%
Housing/Multifamily
11.4%
Tax Obligation/Limited
8.2%
Education and Civic
Organizations
7.2%
Other
2.1%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising  “Other” and not listed in the table above.
16
Nuveen New Jersey Quality Municipal Income
Fund
Fund Performance, Leverage and Holdings Summaries February 28,
2026
NXJ
Performance*
*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond New Jersey Index.
Daily Common Share NAV and Share Price
Total Returns as of
February 28, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NXJ at Common Share NAV
3/27/01
10.07%
5.37%
0.28%
2.76%
NXJ at Common Share Price
3/27/01
14.44%
10.71%
3.25%
4.35%
S&P Municipal Bond Index
—
5.86%
4.85%
1.62%
2.51%
S&P Municipal Bond New Jersey Index
—
5.78%
5.19%
2.01%
3.19%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$13.00
$12.59
(3.15)%
(2.45)%
17
Leverage and Holdings
Leverage
Effective Leverage
41.34%
Regulatory Leverage
36.93%
Fund Allocation
(% of net assets)
Municipal Bonds
168
.3‌
%
Short-Term Municipal Bonds
0
.7‌
%
Other Assets & Liabilities, Net
1.3%
Floating Rate Obligations
(11.9)%
VRDP Shares, Net
(
58
.4‌
)
%
Net Assets
100‌
%
Portfolio Credit Quality
(% of total investments)
AAA
8.8%
AA
55.1%
A
20.3%
BBB
8.5%
BB or Lower
2.9%
N/R (not rated)
4.4%
Total
100‌
%
Portfolio Composition
1
(% of total investments)
Tax Obligation/Limited
28.1%
Transportation
17.8%
Tax Obligation/General
12.7%
Education and Civic
Organizations
12.2%
Health Care
8.8%
Housing/Single Family
7.7%
Housing/Multifamily
4.4%
Utilities
3.5%
Consumer Staples
3.2%
Other
1.6%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising  “Other” and not listed in the table above.
18
Nuveen New York AMT-Free Quality Municipal
Income Fund
Fund Performance, Leverage and Holdings Summaries February 28,
2026
NRK
Performance*
*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond New York Index.
Daily Common Share NAV and Share Price
Total Returns as of
February 28, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NRK at Common Share NAV
11/21/02
12.11%
3.23%
(0.58)%
1.85%
NRK at Common Share Price
11/21/02
14.96%
6.06%
0.78%
2.86%
S&P Municipal Bond Index
—
5.86%
4.85%
1.62%
2.51%
S&P Municipal Bond New York Index
—
6.22%
4.57%
1.55%
2.32%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.12
$10.50
(5.58)%
(7.15)%
19
Leverage and Holdings
Leverage
Effective Leverage
41.12%
Regulatory Leverage
40.63%
Fund Allocation
(% of net assets)
Municipal Bonds
163
.9‌
%
Short-Term Municipal Bonds
2
.0‌
%
Other Assets & Liabilities, Net
3.8%
Floating Rate Obligations
(1.4)%
MFP Shares, Net
(
8
.2‌
)
%
VRDP Shares, Net
(
60
.1‌
)
%
Net Assets
100‌
%
Portfolio Credit Quality
(% of total investments)
AAA
9.8%
AA
48.7%
A
12.8%
BBB
9.1%
BB or Lower
7.5%
N/R (not rated)
12.1%
Total
100‌
%
Portfolio Composition
1
(% of total investments)
Tax Obligation/Limited
29.4%
Health Care
17.3%
Education and Civic
Organizations
14.5%
Utilities
13.3%
Transportation
10.4%
Tax Obligation/General
5.0%
Consumer Staples
4.7%
Industrials
2.1%
Other
3.3%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising  “Other” and not listed in the table above.
20
Nuveen New York Municipal Value Fund
Fund Performance, Leverage and Holdings Summaries February 28,
2026
NNY
Performance*
*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond New York Index.
Daily Common Share NAV and Share Price
Total Returns as of
February 28, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NNY at Common Share NAV
10/07/87
7.03%
3.78%
1.13%
2.36%
NNY at Common Share Price
10/07/87
10.92%
9.69%
1.93%
2.43%
S&P Municipal Bond Index
—
5.86%
4.85%
1.62%
2.51%
S&P Municipal Bond New York Index
—
6.22%
4.57%
1.55%
2.32%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$8.96
$8.79
(1.90)%
(4.38)%
21
Leverage and Holdings
Leverage
Effective Leverage
0.00%
Regulatory Leverage
0.00%
Fund Allocation
(% of net assets)
Municipal Bonds
98
.6‌
%
Other Assets & Liabilities, Net
1.4%
Net Assets
100‌
%
Portfolio Credit Quality
(% of total investments)
AAA
9.9%
AA
40.3%
A
12.6%
BBB
19.8%
BB or Lower
8.5%
N/R (not rated)
8.9%
Total
100‌
%
Portfolio Composition
1
(% of total investments)
Transportation
21.5%
Tax Obligation/Limited
17.9%
Health Care
16.3%
Utilities
14.8%
Education and Civic
Organizations
13.4%
Tax Obligation/General
9.5%
Consumer Staples
2.9%
Industrials
2.4%
Other
1.3%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising  “Other” and not listed in the table above.
22
Nuveen New York Quality Municipal Income
Fund
Fund Performance, Leverage and Holdings Summaries February 28,
2026
NAN
Performance*
*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond New York Index.
Daily Common Share NAV and Share Price
Total Returns as of
February 28, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NAN at Common Share NAV
5/26/99
10.70%
3.45%
(0.39)%
1.82%
NAN at Common Share Price
5/26/99
9.98%
6.11%
1.99%
3.03%
S&P Municipal Bond Index
—
5.86%
4.85%
1.62%
2.51%
S&P Municipal Bond New York Index
—
6.22%
4.57%
1.55%
2.32%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.60
$11.62
0.17%
(0.01)%
23
Leverage and Holdings
Leverage
Effective Leverage
39.79%
Regulatory Leverage
36.83%
Fund Allocation
(% of net assets)
Municipal Bonds
162
.5‌
%
Other Assets & Liabilities, Net
3.4%
Floating Rate Obligations
(7.8)%
AMTP Shares, Net
(
34
.3‌
)
%
VRDP Shares, Net
(
23
.8‌
)
%
Net Assets
100‌
%
Portfolio Credit Quality
(% of total investments)
AAA
12.2%
AA
38.4%
A
11.1%
BBB
18.6%
BB or Lower
9.2%
N/R (not rated)
10.5%
Total
100‌
%
Portfolio Composition
1
(% of total investments)
Tax Obligation/Limited
29.2%
Transportation
28.0%
Health Care
16.8%
Education and Civic
Organizations
6.7%
Utilities
5.3%
Tax Obligation/General
5.3%
Consumer Staples
3.7%
Financials
2.3%
Industrials
1.7%
Other
1.0%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising  “Other” and not listed in the table above.
24
Nuveen Pennsylvania Quality Municipal Income
Fund
Fund Performance, Leverage and Holdings Summaries February 28,
2026
NQP
Performance*
*For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Pennsylvania Index.
Daily Common Share NAV and Share Price
Total Returns as of
February 28, 2026
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NQP at Common Share NAV
2/21/91
11.11%
5.02%
0.59%
2.42%
NQP at Common Share Price
2/21/91
14.11%
10.25%
2.17%
3.54%
S&P Municipal Bond Index
—
5.86%
4.85%
1.62%
2.51%
S&P Municipal Bond Pennsylvania Index
—
5.87%
4.83%
1.61%
2.63%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$12.64
$12.03
(4.83)%
(3.87)%
25
Leverage and Holdings
Leverage
Effective Leverage
40.81%
Regulatory Leverage
31.61%
Fund Allocation
(% of net assets)
Municipal Bonds
164
.6‌
%
Variable Rate Senior Loan
Interests
0
.0‌
%
Short-Term Municipal Bonds
1
.2‌
%
Other Assets & Liabilities, Net
3.0%
Floating Rate Obligations
(22.7)%
VRDP Shares, Net
(
46
.1‌
)
%
Net Assets
100‌
%
Portfolio Credit Quality
(% of total investments)
AAA
0.6%
AA
63.0%
A
16.6%
BBB
9.0%
BB or Lower
2.2%
N/R (not rated)
8.6%
Total
100‌
%
Portfolio Composition
1
(% of total investments)
Health Care
16.1%
Housing/Single Family
15.6%
Tax Obligation/General
14.6%
Utilities
13.7%
Education and Civic
Organizations
11.1%
Transportation
10.5%
Tax Obligation/Limited
8.8%
Long-Term Care
5.7%
U.S. Guaranteed
1.8%
Other
2.1%
Variable Rate Senior Loan
Interests
0.0%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising  “Other” and not listed in the table above.
26
Portfolio of Investments February 28, 2026
NAZ
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 158.3% (100.0% of Total Investments)  
X
241,493,836
MUNICIPAL BONDS - 158.3%  (100.0% of Total Investments)
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 30.7% (19.4% of Total Investments)
$
2,175,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Green Series 2016B
5.000
%
07/01/47
$
2,179,119
2,000,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Green Series 2024A
5.000
07/01/50
2,114,612
2,030,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2020B
4.000
07/01/47
1,963,838
425,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2025A
5.000
07/01/45
466,232
1,095,000
(a)
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2026A
5.000
07/01/47
1,186,530
1,000,000
Arizona Board of Regents, Arizona State University System
Revenue Bonds, Series 2026A
5.000
08/01/51
1,055,632
1,000,000
(a)
Arizona Board of Regents, University of Arizona, SPEED
Revenue Bonds, Stimulus Plan for Economic and Educational
Development, Series 2026A
5.000
08/01/51
1,046,998
1,000,000
Arizona Board of Regents, University of Arizona, System Revenue
Bonds, Refunding Series 2021A
5.000
06/01/42
1,081,284
2,000,000
Arizona Board of Regents, University of Arizona, System Revenue
Bonds, Refunding Series 2025A
5.000
06/01/50
2,112,697
515,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A
5.125
07/01/37
516,107
525,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C
5.000
07/01/47
527,204
250,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D
5.000
07/01/47
238,927
1,700,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F
5.000
07/01/37
1,731,156
1,000,000
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F
5.000
07/01/52
1,001,341
380,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G
5.000
07/01/47
363,170
240,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Montessori Academy Projects, Refunding
Series 2017A
6.250
11/01/50
216,404
420,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Somerset Academy of Las Vegas Aliante
and Skye Canyon Campus Projects, Series 2021A
4.000
12/15/41
388,836
375,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds,  Arizona Agribusiness and Equine Center, Inc.
Project, Series 2017B
5.000
03/01/48
351,393
100,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2017B
4.250
07/01/27
100,425
615,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2018A
5.000
07/01/38
626,067
1,000,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Academies of Math & Science Projects, Series
2018A
5.000
07/01/48
996,433
125,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, GreatHearts Arizona Projects, Series 2021A
5.000
07/01/28
130,824
125,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, GreatHearts Arizona Projects, Series 2021A
5.000
07/01/29
133,077
130,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, GreatHearts Arizona Projects, Series 2021A
5.000
07/01/30
140,469
125,000
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, GreatHearts Arizona Projects, Series 2021A
5.000
07/01/31
136,711
455,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Pinecrest Academy of Nevada Horizon,
Inspirada and St. Rose Campus Projects, Series 2018A
5.750
07/15/38
457,152
27
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
100,000
(b)
Arizona Industrial Development Authority, Arizona, Education
Revenue Bonds, Social Bonds Pensar Academy Project, Series
2020
4.000
%
07/01/30
$
98,929
1,645,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, University of Indianapolis - Health Pavilion
Project, Series 2019A
4.000
10/01/39
1,603,959
1,080,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, University of Indianapolis - Health Pavilion
Project, Series 2019A
4.000
10/01/49
891,096
1,085,000
(b),(c)
Arizona Industrial Development Authority, Education Facility
Revenue Bonds, Caurus Academy Project, Series 2018A
6.375
06/01/39
868,000
500,000
Glendale Industrial Development Authority, Arizona, Revenue
Bonds, Midwestern University, Series 2025
5.000
05/15/45
531,534
360,000
Industrial Development Authority, Pima County, Arizona,
Education Revenue Bonds, Center for Academic Success Project,
Refunding Series 2019
4.000
07/01/31
363,679
340,000
Industrial Development Authority, Pima County, Arizona,
Education Revenue Bonds, Center for Academic Success Project,
Refunding Series 2019
4.000
07/01/33
341,910
780,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Arizona Autism Charter Schools
Project, Series 2020A
5.000
07/01/50
736,199
195,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Arizona Autism Charter Schools
Project, Social Series 2021A
4.000
07/01/51
154,805
355,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Great Hearts Academies Projects,
Series 2017A
5.000
07/01/37
361,274
490,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Great Hearts Academies Projects,
Series 2017C
5.000
07/01/48
491,240
1,715,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Highland Prep Project, Series 2019
5.000
01/01/50
1,725,826
700,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2021A
4.000
07/01/41
659,010
335,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Legacy Traditional Schools Projects,
Series 2024
4.250
07/01/44
309,625
870,000
(b)
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Paradise Schools Projects, Series
2016
5.000
07/01/47
820,906
520,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Reid Traditional School Projects,
Series 2016
5.000
07/01/36
520,845
300,000
Maricopa County Industrial Development Authority, Arizona,
Education Revenue Bonds, Reid Traditional School Projects,
Series 2016
5.000
07/01/47
283,948
2,000,000
Maricopa County Industrial Development Authority, Arizona,
Educational Facilities Revenue Bonds, Creighton University
Projects, Series 2020
4.000
07/01/50
1,796,183
775,000
McAllister Academic Village LLC, Arizona, Revenue Bonds,
Arizona State University Hassayampa Academic Village Project,
Refunding Series 2016
5.000
07/01/37
779,871
1,000,000
McAllister Academic Village LLC, Arizona, Revenue Bonds,
Arizona State University Hassayampa Academic Village Project,
Refunding Series 2016
5.000
07/01/38
1,005,939
1,000,000
Northern Arizona University, System Revenue Bonds, Refunding
Series 2020B - BAM Insured
5.000
06/01/39
1,073,652
70,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A
5.000
07/01/46
67,704
800,000
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Great Hearts Academies Project, Series
2016A
5.000
07/01/41
800,356
Portfolio of Investments February 28, 2026
(continued)
NAZ
28
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
315,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Legacy Traditional Schools Projects,
Series 2015
5.000
%
07/01/35
$
315,237
300,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Legacy Traditional Schools Projects,
Series 2015
5.000
07/01/45
297,884
650,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Legacy Traditional Schools Projects,
Series 2016A
5.000
07/01/41
650,628
1,110,000
(b)
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Northwest Christian School Project,
Series 2020A
5.000
09/01/45
999,806
400,000
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series
2015
5.000
07/01/35
400,330
900,000
Phoenix Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Vista College Preparatory Project, Series
2018A
4.125
07/01/38
901,882
1,995,000
Phoenix Industrial Development Authority, Arizona, Lease
Revenue Bonds, Eastern Kentucky University Project, Series 2016
5.000
10/01/36
2,013,016
500,000
Pima County Community College District, Arizona, Revenue
Bonds, Series 2019
5.000
07/01/36
526,675
120,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Champion Schools Project,
Series 2017
6.000
06/15/37
120,406
680,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Champion Schools Project,
Series 2017
6.125
06/15/47
680,676
200,000
(c)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, Edkey Charter Schools
Project, Series 2016
5.250
07/01/36
160,000
115,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Facility Revenue Bonds, San Tan Montessori School
Project, Series 2017
6.750
02/01/50
115,414
455,000
(b)
Pima County Industrial Development Authority, Arizona,
Education Revenue Bonds, Noah Webster Schools Mesa Project,
Series 2015A
5.000
12/15/34
446,287
730,000
Pinal County Community College District, Arizona, Revenue
Bonds, Central Arizona College, Series 2017 - BAM Insured
5.000
07/01/35
734,762
1,000,000
(b)
Sierra Vista Industrial Development Authority, Arizona, Education
Facility Revenue Bonds, Desert Heights Charter School Project,
Refunding Series 2024
6.125
06/01/57
957,649
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
46,869,780
HEALTH CARE - 20.5% (13.0% of Total Investments)
890,000
Arizona Industrial Development Authority, Arizona, Lease
Revenue Bonds, Children's National Prince County Regional
Medical Center, Series 2020A
4.000
09/01/38
913,079
4,975,000
Arizona Industrial Development Authority, Hospital Revenue
Bonds, Phoenix Children's Hospital, Series 2020A
4.000
02/01/50
4,384,148
1,000,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Honor Health, Series 2024D
5.000
12/01/44
1,070,923
1,250,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2019A
5.000
09/01/42
1,294,411
3,275,000
Maricopa County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, HonorHealth, Series 2021A
4.000
09/01/51
2,898,671
1,250,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Refunding Series 2016A
5.000
01/01/32
1,278,556
1,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Refunding Series 2016A
5.000
01/01/35
1,021,209
2,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2017A
5.000
01/01/41
2,056,794
2,000,000
Maricopa County Industrial Development Authority, Arizona,
Revenue Bonds, Banner Health, Series 2019A
4.000
01/01/44
1,955,538
29
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
3,000,000
Phoenix Industrial Development Authority, Arizona, Lease
Revenue Bonds, Mayo/Brooks Rehabilitation Facility Project,
Series 2024A
5.000
%
10/31/44
$
3,201,105
2,250,000
Pima County Industrial Development Authority, Arizona, Revenue
Bonds, Tucson Medical Center, Series 2021A
3.000
04/01/51
1,617,926
1,025,000
Yavapai County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Yavapai Regional Medical Center,
Refunding Series 2016
5.000
08/01/36
1,032,783
815,000
Yavapai County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Yavapai Regional Medical Center,
Series 2019
5.000
08/01/39
856,566
650,000
Yavapai County Industrial Development Authority, Arizona,
Hospital Revenue Bonds, Yavapai Regional Medical Center,
Series 2019
4.000
08/01/43
620,582
3,625,000
Yuma Industrial Development Authority, Arizona, Hospital
Revenue Bonds, Yuma Regional Medical Center, Series 2024A
5.250
08/01/49
3,804,583
500,000
Yuma Industrial Development Authority, Arizona, Hospital
Revenue Bonds, Yuma Regional Medical Center, Series 2024A
4.000
08/01/54
449,293
2,770,000
Yuma Industrial Development Authority, Arizona, Hospital
Revenue Bonds, Yuma Regional Medical Center, Series 2024A
5.250
08/01/54
2,869,634
TOTAL HEALTH CARE
31,325,801
HOUSING/MULTIFAMILY - 1.7% (1.1% of Total Investments)
1,830,000
Arizona Industrial Development Authority, Student Housing
Revenue Bonds, Provident Group - NCCU Properties LLC- North
Carolina Central University, Series 2019A - BAM Insured
5.000
06/01/49
1,851,659
250,000
Sierra Vista Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Convertible Capital Appreciation
Revenue Bonds, Series 2021A
5.375
10/01/56
209,371
500,000
Sierra Vista Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Convertible Capital Appreciation
Revenue Bonds, Series 2022A
7.000
10/01/56
507,825
TOTAL HOUSING/MULTIFAMILY
2,568,855
HOUSING/SINGLE FAMILY - 3.5% (2.2% of Total Investments)
1,805,000
Maricopa County and Phoenix City Industrial Development
Authority, Arizona, Single Family Mortgage Revenue Bonds,
Series 2024C
4.850
09/01/54
1,826,170
815,000
Phoenix and Maricopa County Industrial Development Authority,
Arizona, Single Family Mortgage Revenue Bonds, Series 2023A
5.450
09/01/48
840,233
785,000
Phoenix and Maricopa County Industrial Development Authority,
Arizona, Single Family Mortgage Revenue Bonds, Series 2024A
4.650
09/01/54
782,961
735,000
Tucson and Pima County Industrial Development Authority,
Arizona, Joint Single Family Mortgage Revenue Bonds, Series
2023A
4.850
07/01/48
751,799
1,090,000
Tucson and Pima County Industrial Development Authority,
Arizona, Joint Single Family Mortgage Revenue Bonds, Series
2024A
4.800
07/01/54
1,100,703
TOTAL HOUSING/SINGLE FAMILY
5,301,866
INFORMATION TECHNOLOGY - 0.3% (0.2% of Total Investments)
410,000
(d)
Chandler Industrial Development Authority, Arizona, Industrial
Development Revenue Bonds, Intel Corporation Project, Series
2007, (AMT), (Mandatory Put 6/15/28)
4.100
12/01/37
417,971
TOTAL INFORMATION TECHNOLOGY
417,971
LONG-TERM CARE - 4.8% (3.0% of Total Investments)
585,000
Arizona Industrial Development Authority, Multifamily Housing
Revenue Bonds, Bridgewater Avondale Project, Series 2017
5.375
01/01/38
495,201
1,000,000
Glendale Industrial Development Authority, Arizona, Senior
Living Revenue Bonds, Royal Oaks Royal Oaks - Inspirata Pointe
Project, Series 2020A
5.000
05/15/41
1,004,100
1,735,000
Phoenix Industrial Development Authority, Arizona, Multi-Family
Housing Revenue Bonds, 3rd and Indian Road Assisted Living
Project, Series 2016
5.400
10/01/36
1,451,763
2,000,000
Phoenix Industrial Development Authority, Arizona, Senior Living
Rental Housing Revenue Bonds, Christian Care Surprise, Inc.
Project, Refunding Series 2025A
5.500
12/01/50
2,005,508
Portfolio of Investments February 28, 2026
(continued)
NAZ
30
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE
(continued)
$
1,435,000
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Friendship Village of Tempe Project, Refunding Series
2021A
4.000
%
12/01/38
$
1,441,905
1,080,000
(b)
Tempe Industrial Development Authority, Arizona, Revenue
Bonds, Mirabella at ASU Project, Series 2017A
6.125
10/01/47
878,082
TOTAL LONG-TERM CARE
7,276,559
TAX OBLIGATION/GENERAL - 20.4% (12.9% of Total Investments)
575,000
Buckeye Union High School District 201, Maricopa County,
Arizona, General Obligation Bonds, School Improvement Project,
Refunding Series 2017 - BAM Insured
5.000
07/01/35
590,017
1,215,000
Buckeye, Arizona, General Obligation Bonds, Series 2025
5.250
07/01/50
1,305,226
665,000
Glendale, Arizona, General Obligation Bonds, Series 2024
5.000
07/01/44
734,977
2,105,000
Golder Ranch Fire District, Pima and Pinal Counties, Arizona,
General Obligation Bonds, Series 2021
4.000
07/01/45
2,107,398
450,000
Maricopa County Elementary District 59 Laveen, Arizona,
General Obligation Bonds, School Improvement Project 2024,
Series 2025A
5.000
07/01/45
492,174
1,045,000
Maricopa County School District 14 Creighton Elementary,
Arizona, General Obligation Bonds, School Improvement Series
2021C
4.000
07/01/34
1,117,438
2,315,000
Maricopa County School District 214 Tolleson Union High,
Arizona, General Obligation Bonds, School Improvement Project
1990, Series 1990A
5.000
07/01/38
2,436,117
630,000
Maricopa County School District 214 Tolleson Union High,
Arizona, General Obligation Bonds, School Improvement Project
2017, Series 2018A
5.000
07/01/37
649,123
800,000
Maricopa County School District 3 Tempe Elementary, Arizona,
General Obligation Bonds, School Improvement, Project of 2022,
Series 2025B
5.000
07/01/43
894,803
300,000
Maricopa County School District 3 Tempe Elementary, Arizona,
General Obligation Bonds, School Improvement, Project of 2022,
Series 2025B
5.000
07/01/44
331,283
600,000
Maricopa County School District 6, Arizona, General Obligation
Bonds, Washington Elementary School Improvement Project of
2022, Series 2025B - BAM Insured
5.000
07/01/44
652,299
1,250,000
Maricopa County School District 66 Roosevelt Elementary,
Arizona, General Obligation Bonds, School Improvement Project
of 2020, Series 2024C - AGM Insured
5.000
07/01/43
1,358,060
1,500,000
Maricopa County Special Health Care District, Arizona, General
Obligation Bonds, Series 2018C
5.000
07/01/36
1,580,024
1,275,000
Maricopa County Union High School District 210 Phoenix,
Arizona, General Obligation Bonds, School Improvement &
Project of 2011 Series 2017E
5.000
07/01/33
1,321,177
1,295,000
Maricopa County Union High School District 216 Agua Fria,
Arizona, General Obligation Bonds, School Improvement, Project
of 2023, Series 2024A
5.000
07/01/43
1,415,662
200,000
Maricopa County Union High School District 216 Agua Fria,
Arizona, General Obligation Bonds, School Improvement,
Projects of 2023 and 2024, Series 2025
5.000
07/01/44
218,779
1,000,000
Mohave County Union High School District 2 Colorado River,
Arizona, General Obligation Bonds, School Improvement Series
2017
5.000
07/01/34
1,029,379
1,000,000
Mohave County Union High School District 2 Colorado River,
Arizona, General Obligation Bonds, School Improvement Series
2017
5.000
07/01/36
1,025,940
690,000
Northwest Fire District of Pima County, Arizona, General
Obligation Bonds, Series 2017
5.000
07/01/36
709,846
2,000,000
Paradise Valley Unified School District No. 69, Maricopa County,
Arizona, General Obligation Bonds, School Improvement Project
of 2019, Series 2022D
4.000
07/01/41
2,070,386
1,000,000
Phoenix, Arizona, General Obligation Bonds, Various Purpose
Series 2024A
5.000
07/01/45
1,085,441
200,000
Pima County Unified School District 1, Tucson, Arizona, General
Obligation Bonds, Project of 2023 School Improvement Series
2024A - AGM Insured
5.000
07/01/43
219,041
31
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
750,000
Pima County Unified School District 6 Marana, Arizona, General
Obligation Bonds, School Improvement, Project of 2022, Series
2025C
5.000
%
07/01/43
$
817,925
620,000
Pinal County School District 4 Casa Grande Elementary, Arizona,
General Obligation Bonds, School improvement Project 2016,
Series 2017A - BAM Insured
5.000
07/01/34
637,176
1,000,000
Pinal County School District 4 Casa Grande Elementary, Arizona,
General Obligation Bonds, School improvement Project 2016,
Series 2017A - BAM Insured
5.000
07/01/35
1,026,117
550,000
Pinal County Unified School District 20 Maricopa, Arizona,
General Obligation Bonds, School Improvement Project of 2024,
Series 2025A - BAM Insured
5.000
07/01/44
592,919
2,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/46
1,805,697
500,000
Tempe Union High School District 213, Maricopa County,
Arizona, General Obligation Bonds, School Improvement Project
of 2022, Series 2025B
5.000
07/01/43
555,877
1,025,000
Tempe, Arizona, General Obligation Bonds, Refunding Series
2024
5.000
07/01/44
1,129,748
950,000
Tempe, Arizona, General Obligation Bonds, Series 2021
5.000
07/01/39
1,050,771
105,000
Western Maricopa Education Center District 402, Maricopa
County, Arizona, General Obligation Bonds, School Improvement
Project 2012, Series2014B
4.500
07/01/33
105,131
TOTAL TAX OBLIGATION/GENERAL
31,065,951
TAX OBLIGATION/LIMITED - 37.3% (23.6% of Total Investments)
100,000
(b)
Arizona Industrial Development Authority, Arizona, Economic
Development Revenue Bonds, Linder Village Project in Meridian,
Ada County, Idaho, Series 2020
5.000
06/01/31
102,914
1,250,000
Arizona State Transportation Board, Highway Revenue Bonds,
Refunding Series 2016
5.000
07/01/35
1,260,610
275,000
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding
Series 2016
4.000
07/01/36
275,745
1,000,000
Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding
Series 2025
4.500
07/01/43
1,057,883
1,213,000
Cadence Community Facilities District, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 3, Series 2020
4.000
07/01/45
1,065,521
122,853
(b),(c)
Cahava Springs Revitalization District, Cave Creek, Arizona,
Special Assessment Bonds, Series 2017A
7.000
07/01/41
122,853
1,210,000
(b)
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2015
5.000
07/15/39
1,210,315
1,810,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2017 - AGM Insured
5.000
07/15/42
1,850,856
2,445,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2018 - BAM Insured
4.375
07/15/43
2,457,535
650,000
Eastmark Community Facilities District 1, Mesa, Arizona, General
Obligation Bonds, Series 2021 - BAM Insured
4.000
07/15/41
658,056
484,000
Eastmark Community Facilities District 1, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 1, Series 2013
5.250
07/01/38
484,128
695,000
Eastmark Community Facilities District 1, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 1, Series 2019
5.200
07/01/43
681,867
2,279,000
Eastmark Community Facilities District 1, Mesa, Arizona, Special
Assessment Revenue Bonds, Assessment District 12, Series 2021
3.750
07/01/45
1,817,798
1,035,000
Eastmark Community Facilities District 2, Mesa, Arizona, General
Obligation Bonds, Series 2020
3.500
07/15/44
802,245
105,000
Estrella Mountain Ranch Community Facilities District, Goodyear,
Arizona, General Obligation Bonds, Refunding Series 2017 -
AGM Insured
5.000
07/15/32
108,179
1,145,000
Estrella Mountain Ranch Community Facilities District, Goodyear,
Arizona, Special Assessment Revenue Bonds, Lucero Assessment
District 2, Series 2023
5.750
07/01/46
1,161,609
370,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2016 - BAM Insured
4.000
07/15/36
370,911
1,000,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2017 - BAM Insured
5.000
07/15/37
1,021,407
Portfolio of Investments February 28, 2026
(continued)
NAZ
32
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
590,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2018 - BAM Insured
5.000
%
07/15/38
$
602,330
1,000,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2020 - BAM Insured
4.000
07/15/40
1,011,817
1,000,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Series 2022 - AGM Insured
5.000
07/15/42
1,051,585
299,000
Festival Ranch Community Facilities District, Buckeye, Arizona,
Special Assessment Revenue Bonds,  Assessment District 11,
Series 2017
5.200
07/01/37
299,180
1,469,000
Floreo at Teravalis Community Facilities District, Arizona, Special
Assessment Revenue Bonds, District 1 Series 2025
5.750
07/01/40
1,575,998
545,000
Goodyear Community Facilities Utilities District 1, Arizona,
General Obligation Bonds, Refunding Series 2016
4.000
07/15/32
547,978
1,250,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5.000
12/01/46
1,259,556
615,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5.000
10/01/39
652,107
200,000
Merrill Ranch Community Facilities District 2, Florence, Arizona,
General Obligation Bonds, Series 2016
5.000
07/15/31
201,574
385,000
Merrill Ranch Community Facilities District 2, Florence, Arizona,
General Obligation Bonds, Series 2017 - BAM Insured
5.000
07/15/42
391,670
400,000
Parkway Community Facilities District 1, Prescott Valley, Arizona,
General Obligation Bonds, Series 2006
5.350
07/15/31
400,107
1,625,000
Phoenix Civic Improvement Corporation, Arizona, Excise Tax
Revenue Bonds, Subordinate Lien Series 2020A
4.000
07/01/45
1,631,770
580,000
Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility
Revenue Bonds, Mesa Project, Series 2012, (AMT)
5.000
07/01/38
580,753
1,500,000
Pinal County, Arizona, Pledged Revenue Obligations, Series 2019
4.000
08/01/38
1,526,278
6,908,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/46
2,484,881
915,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
898,098
2,440,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.784
07/01/58
2,364,146
3,000,000
Queen Creek, Arizona, Certificates of Participation, Series 2026
5.250
10/01/56
3,178,108
390,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016
4.000
08/01/34
391,901
395,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016
4.000
08/01/36
396,329
2,500,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Series 2020
4.000
08/01/45
2,505,916
2,000,000
Queen Creek, Arizona, Excise Tax and State Shared Revenue
Obligation Bonds, Series 2024
5.000
08/01/49
2,109,614
1,000,000
Queen Creek, Arizona, Excise Tax and State Shared Revenue
Obligation Bonds, Series 2024
5.000
08/01/54
1,047,467
280,000
Sedona, Arizona, Excise Tax Revenue Bonds, Series 2024 - AGM
Insured
5.000
07/01/54
290,245
1,650,000
Sundance Community Facilities District, Buckeye, Arizona,
General Obligation Bonds, Refunding Series 2018 - BAM Insured
5.000
07/15/39
1,722,014
347,000
Superstition Vistas Community Facilities District 1, Apache
Junction, Arizona, Special Assessment Bonds,  Assessment Area
3, Series 2024
5.800
07/01/48
352,441
694,000
Superstition Vistas Community Facilities District 1, Apache
Junction, Arizona, Special Assessment Revenue Bonds, Series
2023
6.000
07/01/47
719,718
500,000
Superstition Vistas Community Facilities District 1, Arizona,
General Obligation Bonds, Series 2025
4.500
07/15/45
507,043
235,000
Superstition Vistas Community Facilities District 2, Arizona,
Special Assessment Bonds, Assessment Area 2, Series 2025
5.700
07/01/40
251,972
750,000
Tartesso West Community Facility District, Buckeye, Arizona,
General Obligation Bonds, Series 2024
4.000
07/15/47
731,112
2,500,000
Town of Queen Creek, Arizona, Excise Tax and State Shared
Revenue Obligation Bonds, Series 2022
5.000
08/01/47
2,628,530
500,000
Verrado District 1 Community Faciliites District, Buckeye, Arizona,
General Obligation Bonds, Series 2023 - BAM Insured
4.125
07/15/41
509,579
33
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
405,000
Vistancia North Community Facilities District, Peoria, Arizona,
General Obligation Bonds, Series 2024 - AGM Insured
4.375
%
07/15/49
$
396,388
3,965,000
Yavapai County Jail District, Arizona, Pleged Revenue Obligation
Bonds, Series 2020 - BAM Insured
4.000
07/01/40
4,010,585
1,160,000
Yuma County, Arizona, Pledge Revenue Obligations, Series 2022
- BAM Insured
4.250
07/15/42
1,201,867
TOTAL TAX OBLIGATION/LIMITED
56,941,089
TRANSPORTATION - 6.2% (3.9% of Total Investments)
2,000,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Junior Lien Series 2019B, (AMT)
5.000
07/01/49
2,024,389
1,550,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Refunding Junior Lien Series 2025
5.000
07/01/45
1,691,448
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Senior Lien Series 2017A, (AMT)
5.000
07/01/37
1,023,833
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Senior Lien Series 2017A, (AMT)
5.000
07/01/42
1,017,196
1,500,000
Phoenix Civic Improvement Corporation, Arizona, Airport
Revenue Bonds, Senior Lien Series 2018, (AMT)
5.000
07/01/43
1,536,013
1,045,000
Phoenix Civic Improvement Corporation, Arizona, Rental Car
Facility Charge Revenue Bonds, Series 2019A
5.000
07/01/35
1,118,463
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Rental Car
Facility Charge Revenue Bonds, Series 2019A
5.000
07/01/38
1,058,732
TOTAL TRANSPORTATION
9,470,074
U.S. GUARANTEED - 1.5% (e)(0.9% of Total Investments)
550,000
Estrella Mountain Ranch Community Facilities District, Goodyear,
Arizona, General Obligation Bonds, Refunding Series 2017, (Pre-
refunded 7/15/27) - AGM Insured
5.000
07/15/32
571,102
55,000
Goodyear Community Facilities Utilities District 1, Arizona,
General Obligation Bonds, Refunding Series 2016, (Pre-refunded
7/15/26)
4.000
07/15/32
55,339
150,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016, (Pre-refunded
8/01/26)
4.000
08/01/34
150,906
150,000
Queen Creek, Arizona, Excise Tax & State Shared Revenue
Obligation Bonds, Refunding Series 2016, (Pre-refunded
8/01/26)
4.000
08/01/36
150,905
1,320,000
Scottsdale Municipal Property Corporation, Arizona, Excise Tax
Revenue Bonds, Refunding Series 2017, (Pre-refunded 7/01/27)
5.000
07/01/36
1,370,106
TOTAL U.S. GUARANTEED
2,298,358
UTILITIES - 31.4% (19.8% of Total Investments)
30,000
Carefree Utilities Community Facilities District, Arizona, Water
System Revenue Bonds, Series 2021
4.000
07/01/41
30,541
650,000
Carefree Utilities Community Facilities District, Arizona, Water
System Revenue Bonds, Series 2021
4.000
07/01/46
621,400
655,000
Central Arizona Water Conservation District, Arizona, Water
Delivery O&M Revenue Bonds, Series 2016
5.000
01/01/36
656,707
2,615,000
City of Mesa, Arizona, Utility System Revenue Bonds, Series
2022C
5.000
07/01/36
3,150,404
1,250,000
Gilbert Water Resource Municipal Property Corporation, Arizona,
Utility System Revenue Bonds, Senior Lien Green Series 2022
4.000
07/15/47
1,256,307
1,000,000
Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding
Senior Lien Series 2025
5.000
07/01/45
1,097,017
785,000
Goodyear, Arizona, Water and Sewer Revenue Obligations,
Refunding Subordinate Lien Series 2016 - AGM Insured
5.000
07/01/45
788,014
875,000
Goodyear, Arizona, Water and Sewer Revenue Obligations,
Subordinate Lien Series 2020 - AGM Insured
4.000
07/01/49
835,533
1,825,000
Goodyear, Arizona, Water and Sewer Revenue Obligations,
Subordinate Lien Series 2025
5.000
07/01/43
2,018,301
200,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5.000
10/01/42
215,227
1,700,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2018
5.000
07/01/42
1,768,700
1,205,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2022A -
BAM Insured
5.000
07/01/46
1,270,765
500,000
Mesa, Arizona, Utility System Revenue Bonds, Series 2025
4.500
07/01/49
501,937
Portfolio of Investments February 28, 2026
(continued)
NAZ
34
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,840,000
Phoenix Civic Improvement Corporation, Arizona, Wastewater
System Revenue Bonds, Junior Lien Series 2023
5.250
%
07/01/47
$
1,998,163
1,135,000
Phoenix Civic Improvement Corporation, Arizona, Wastewater
System Revenue Bonds, Refunding Junior Lien Series 2014
5.000
07/01/29
1,137,596
1,000,000
Phoenix Civic Improvement Corporation, Arizona, Water System
Revenue Bonds, Junior Lien Series 2021A
4.000
07/01/42
1,020,417
750,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
751,682
1,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
5.000
07/01/37
1,044,258
2,500,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2023A
5.000
01/01/47
2,653,956
4,000,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2023A
5.000
01/01/50
4,200,598
1,155,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2023B
5.000
01/01/48
1,229,236
3,000,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2024A
5.000
01/01/49
3,202,257
1,290,000
Salt River Project Agricultural Improvement and Power District,
Arizona, Electric System Revenue Bonds, Series 2025
5.000
01/01/51
1,371,254
4,500,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series
2007
5.500
12/01/29
4,886,971
5,665,000
Salt Verde Financial Corporation, Arizona, Senior Gas Revenue
Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series
2007
5.000
12/01/37
6,315,760
805,000
Surprise, Arizona, Utility  System Revenue Bonds, Refunding
Senior Lien Series 2018
5.000
07/01/36
850,380
3,000,000
Yuma, Arizona, Utilities System Revenue Bonds, Series 2021 -
BAM Insured
4.000
07/01/40
3,084,151
TOTAL UTILITIES
47,957,532
TOTAL MUNICIPAL BONDS
(Cost $241,084,753)
241,493,836
TOTAL LONG-TERM INVESTMENTS
(Cost $241,084,753)
241,493,836
AMTP SHARES, NET - (57.9)% (f)
(88,276,062)
OTHER ASSETS & LIABILITIES, NET - (0.4)%
(681,581)
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
152,536,193
AMT
Alternative Minimum Tax
(a)
When-issued or delayed delivery security.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $14,732,058 or 6.1% 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)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(f)
AMTP Shares, Net as a percentage of Total Investments is 36.6%.
35
Portfolio of Investments February 28, 2026
NKX
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 161.8% (100.0% of Total Investments)  
X
1,068,061,453
MUNICIPAL BONDS - 161.8%  (100.0% of Total Investments)
X
–
CONSUMER STAPLES - 0.0% (0.0% of Total Investments)
$
235,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4.000
%
06/01/49
$
209,579
TOTAL CONSUMER STAPLES
209,579
EDUCATION AND CIVIC ORGANIZATIONS - 14.1% (8.7% of Total Investments)
1,515,000
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2023
5.000
11/01/53
1,587,401
700,000
(a)
California Enterprise Development Authority, Charter School
Revenue Bonds, Academy for Academic Excellence Project,
Series 2020A
5.000
07/01/50
668,886
500,000
(a)
California Enterprise Development Authority, Charter School
Revenue Bonds, Norton Science & Language Academy Project,
Series 2021
4.000
07/01/61
374,924
6,760,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Los Angeles County Museum of Natural History
Foundation, Series 2020
4.000
07/01/50
6,474,609
13,430,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, UCSF Clinical and Life Sciences Building, Series
2025
4.500
05/15/55
13,531,755
455,000
(a)
California Municipal Finance Authority Charter School Revenue
Bonds, River Charter Schools Project, Series 2018A
5.500
06/01/53
437,275
3,300,000
California Municipal Finance Authority, Academic Facilities
Revenue Bonds, Scripps College Series 2025
5.000
07/01/55
3,442,743
1,000,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable
Series 2019B
5.000
10/01/39
1,005,701
995,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, Palmdale Aerospace Academy Project, Series 2016A
5.000
07/01/46
964,778
1,560,000
(a)
California Municipal Finance Authority, Revenue Bonds, Goodwill
Industries of Sacramento Valley & Northern Nevada Project,
Series 2012A
6.875
01/01/42
1,554,590
1,000,000
California Municipal Finance Authority, Revenue Bonds, The
Master's University & Seminary, Series 2019
5.000
08/01/48
979,335
1,100,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group, Series
2020A
5.000
06/01/59
910,901
250,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Aspire Public School - Obligated Group,Issue No.6, Series
2020A
5.000
08/01/42
252,193
1,000,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Camino Nuevo Charter Academy Sustainability Series
2023A
5.000
06/01/43
1,014,678
415,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Lifeline Education Charter School Project, Series 2020A
5.000
07/01/55
396,398
600,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Social Bonds iLead Lancaster Project, Series 2021A
5.000
06/01/51
536,886
555,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Stem Preparatory Schools Obligated Group, Series 2023A
5.125
06/01/53
544,832
635,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2015A
5.000
07/01/45
635,105
750,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016A
5.000
07/01/46
750,056
4,925,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016C
5.000
07/01/46
4,927,526
1,000,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Granada Hills Charter High School Obligated Group,
Series 2019
5.000
07/01/43
1,000,881
Portfolio of Investments February 28, 2026
(continued)
NKX
36
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
280,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Value Schools, Series 2016A
5.750
%
07/01/41
$
281,300
7,710,000
California State University, Systemwide Revenue Bonds, Series
2017A
5.000
11/01/47
7,821,376
5,500,000
California State University, Systemwide Revenue Bonds, Series
2024A
4.000
11/01/49
5,417,898
1,115,000
California State University, Systemwide Revenue Bonds, Series
2024A
4.000
11/01/55
1,068,523
15,410,000
University of California, General Revenue Bonds, Limited Project
Series 2017M
5.000
05/15/37
15,857,625
10,000,000
University of California, General Revenue Bonds, Limited Project
Series 2018O
5.000
05/15/43
10,418,518
9,425,000
University of California, General Revenue Bonds, Series 2025CC
5.000
05/15/53
10,053,159
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
92,909,852
HEALTH CARE - 30.3% (18.7% of Total Investments)
15,875,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B
5.000
11/15/46
16,025,984
10,000,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2017A
4.000
11/15/48
9,182,746
5,375,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Refunding Series 2016A
4.000
03/01/39
5,374,887
7,760,000
California Health Facilities Financing Authority, Revenue Bonds,
Cedars-Sinai Health System, Series 2021A
4.000
08/15/48
7,430,182
7,900,000
California Health Facilities Financing Authority, Revenue Bonds,
Children's Hospital Los Angeles, Series 2017A
5.000
08/15/42
7,971,346
4,265,000
California Health Facilities Financing Authority, Revenue Bonds,
Children's Hospital Los Angeles, Series 2017A
5.000
08/15/47
4,239,448
2,930,000
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019
4.000
11/15/45
2,750,873
3,390,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4.000
04/01/44
3,325,452
7,500,000
California Health Facilities Financing Authority, Revenue Bonds,
Lucile Salter Packard Children's Hospital at Stanford, Refunding
Forward Delivery Series 2022A
4.000
05/15/46
7,278,910
5,235,000
California Health Facilities Financing Authority, Revenue Bonds,
Lucile Salter Packard Children's Hospital at Stanford, Refunding
Forward Delivery Series 2022A
4.000
05/15/51
4,944,882
795,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2014A
5.000
10/01/38
796,142
6,760,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Series 2014B
5.000
10/01/44
6,765,317
13,660,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Saint Joseph Health, Refunding Series 2016A - BAM
Insured
4.000
10/01/47
12,755,457
9,450,000
California Health Facilities Financing Authority, Revenue Bonds,
Stanford Health Care, Series 2020A
4.000
08/15/50
9,075,403
7,635,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series 2024A
5.250
07/01/49
7,846,989
6,465,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series 2024A
5.250
07/01/54
6,593,108
5,495,000
California Municipal Finance Authority, Revenue Bonds,
Community Health System, Series 2021A - AGM Insured
4.000
02/01/51
4,965,284
7,700,000
California Municipal Finance Authority, Revenue Bonds,
Community Health System, Series 2021A
4.000
02/01/51
6,761,518
2,000,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5.000
07/01/42
2,022,445
250,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5.000
07/01/47
250,730
1,635,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2015
5.000
11/01/35
1,635,773
1,000,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2015
5.000
11/01/40
1,000,190
37
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
3,000,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2015
5.000
%
11/01/44
$
3,000,001
2,690,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.250
11/01/36
2,710,159
2,585,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.250
11/01/41
2,596,137
1,000,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.000
11/01/47
969,588
3,200,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.250
11/01/47
3,201,086
3,000,000
California Municipal Finance Authority, Reveue Bonds,
Community Medical Centers, Series 2017A
5.000
02/01/42
3,027,393
1,855,000
California Municipal Financing Authority, Certificates of
Participation, Palomar Health, Series 2022A
5.250
11/01/52
1,892,525
500,000
California Public Finance Authority, Revenue Bonds, Henry Mayo
Newhall Hospital, Series 2017
5.000
10/15/37
503,143
13,615,000
California Public Finance Authority, Revenue Bonds, Henry Mayo
Newhall Hospital, Series 2017
5.000
10/15/47
13,625,270
1,100,000
California Statewide Communities Development Authority,
California, Redlands Community Hospital, Revenue Bonds, Series
2016
5.000
10/01/46
1,107,048
1,200,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5.250
12/01/44
1,201,601
4,000,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5.500
12/01/54
4,005,572
1,535,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5.250
12/01/56
1,535,839
15,205,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5.500
12/01/58
15,482,912
2,655,000
California Statewide Communities Development Authority,
Revenue Bonds, Adventist Health System/West, Series 2018A
5.000
03/01/42
2,711,018
1,940,000
California Statewide Communities Development Authority,
Revenue Bonds, Marin General Hospital, Green Series 2018A
4.000
08/01/45
1,799,308
845,000
California Statewide Community Development Authority, Health
Revenue Bonds, Enloe Medical Center, Refunding Series 2022A
- AGM Insured
5.250
08/15/52
866,365
2,550,000
Palomar Pomerado Health Care District, California, Certificates of
Participation, Series 2017
5.000
11/01/32
2,556,006
8,895,000
Palomar Pomerado Health System, California, Revenue Bonds,
Refunding Series 2016
4.000
11/01/39
7,554,900
520,000
Washington Township Health Care District, California, Revenue
Bonds, Series 2023A
5.750
07/01/48
554,611
TOTAL HEALTH CARE
199,893,548
HOUSING/MULTIFAMILY - 18.3% (11.3% of Total Investments)
5,915,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4.000
02/01/56
3,885,321
7,570,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Glendale Properties, Junior Series
2021A-2
4.000
08/01/47
6,113,530
5,355,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments, Series
2020A
5.000
02/01/50
4,096,575
230,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Summit at Sausalito Apartments, Series
2021A-2
4.000
02/01/50
173,825
1,645,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, The Arbors, Series 2020A
5.000
08/01/50
1,577,681
Portfolio of Investments February 28, 2026
(continued)
NKX
38
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
500,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Verdant at Green Valley Apartments,
Series 2019A
5.000
%
08/01/49
$
470,485
5,345,000
(a)
California Community Housing Agency, Workforce Housing
Revenue Bonds, Annadel Apartments, Series 2019A
5.000
04/01/49
4,338,441
6,924,688
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2019-2
4.000
03/20/33
7,213,184
6,067,574
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-1
3.500
11/20/35
6,211,903
1,010,564
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series2019-1
4.250
01/15/35
1,065,889
5,943,353
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Social Certificates Series 2023-1
4.375
09/20/36
6,322,372
5,041,731
(b)
California Municipal Finance Agency, Municipal Certificates,
Series 2025-2 Class A-1
4.217
11/20/40
5,124,538
160,000
(a)
California Public Finance Authority, University Housing Revenue
Bonds, National Campus Community Development - Claremont
Properties LLC Claremont Colleges Project, Refunding Series
2023A
5.250
07/01/40
176,639
8,205,000
(a)
CMFA Special Finance Agency I, California, Essential Housing
Revenue Bonds, The Mix at Center City, Series 2021A-2
4.000
04/01/56
6,444,201
2,740,000
(a)
CMFA Special Finance Agency, California, Essential Housing
Revenue Bonds, Enclave Apartments, Senior Series 2022A-1
4.000
08/01/58
2,124,590
1,440,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series
2021A-1
3.600
05/01/47
1,227,553
3,980,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series
2021A-2
3.250
05/01/57
2,802,713
6,135,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior
Lien Series 2021A
4.000
10/01/56
5,161,487
250,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-1
3.500
10/01/46
219,191
7,065,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-2
4.000
10/01/56
5,886,175
9,485,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Center City Anaheim, Series 2020A
5.000
01/01/54
8,463,035
7,485,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Moda at Monrovia Station, Social Series
2021A-2
4.000
10/01/56
5,858,954
770,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3.000
07/01/43
637,882
3,340,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3.125
07/01/56
2,226,922
2,485,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Oceanaire-Long Beach, Social Series
2021A-2
4.000
09/01/56
1,820,460
155,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Orange City Portfolio, Mezzanine Lien
Series 2021B
4.000
03/01/57
117,041
3,775,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Parallel-Anaheim Series 2021A
4.000
08/01/56
3,469,359
1,360,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond,
Mezzanine Senior Series 2021B
4.000
12/01/56
1,037,494
555,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series
2021A-2
3.000
12/01/56
393,133
2,720,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Union South Bay, Series 2021A-2
4.000
07/01/56
2,286,123
39
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
1,975,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-1
3.000
%
06/01/47
$
1,433,537
7,200,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-2
3.125
06/01/57
4,442,139
7,285,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Wood Creek Apartments, Senior Lien
Series 2021A-1
3.000
12/01/49
5,268,947
3,285,000
Independent Cities Finance Authority, California, Mobile Home
Park Revenue Bonds,  Rancho Vallecitos Mobile Home Park,
Series 2013
5.000
04/15/38
3,289,133
4,510,000
Independent Cities Finance Authority, California, Mobile Home
Park Revenue Bonds, Augusta Communities Mobile Home Park,
Refunding Series 2022A
5.250
05/15/56
4,634,348
670,000
La Verne, California, Mobile Home Park Revenue Bonds,
Copacabana Mobile Home Park, Refunding Series 2014
5.000
06/15/44
670,386
185,000
La Verne, California, Mobile Home Park Revenue Bonds,
Copacabana Mobile Home Park, Refunding Series 2014
5.000
06/15/49
185,052
1,420,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4.400
12/01/54
1,338,718
510,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4.500
12/01/59
486,939
1,965,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4.550
12/01/61
1,923,905
TOTAL HOUSING/MULTIFAMILY
120,619,800
LONG-TERM CARE - 0.4% (0.3% of Total Investments)
2,500,000
California Municipal Finance Authority, Revenue Bonds,
HumanGood California Obligated Group, Refunding Series
2019A
5.000
10/01/44
2,510,560
TOTAL LONG-TERM CARE
2,510,560
TAX OBLIGATION/GENERAL - 37.6% (23.2% of Total Investments)
2,210,000
Butte-Glenn Community College District, Butte and Glenn
Counties, California, General Obligation Bonds, Election 2016
Series 2017A
5.250
08/01/46
2,257,558
1,600,000
California State, General Obligation Bonds, Refunding Various
Purpose Bid Group C Series 2016
5.000
09/01/32
1,622,964
13,000,000
California State, General Obligation Bonds, Refunding Various
Purpose Series 2018. Bid Group C
5.000
08/01/37
13,758,749
3,000,000
California State, General Obligation Bonds, Various Purpose
Series 2017
5.000
11/01/47
3,053,197
5,000,000
California State, General Obligation Bonds, Various Purpose
Series 2018. Bid Group A/B
5.000
10/01/48
5,146,474
20,750,000
Coachella Valley Unified School District, Riverside County,
California, General Obligation Bonds, Election 2005 Series
2010C - AGM Insured
0.000
08/01/43
10,296,198
3,000,000
Franklin-McKinley School District, Santa Clara County, California,
General Obligation Bonds, Election of 2020, Series 2023B
4.250
08/01/49
2,995,997
1,725,000
Los Angeles Community College District, California, General
Obligation Bonds, 2008 Election Series 2017J
4.000
08/01/41
1,736,668
19,230,000
Los Angeles County, California, Tax and Revenue Anticipation
Notes, Series 2025-26
5.000
06/30/26
19,414,135
5,000,000
Los Angeles Unified School District, Los Angeles County,
California, General Obligation Bonds, Dedicated Ad Valorem
Property Tax, Sustainability Green Series 2022QRR
5.250
07/01/47
5,430,472
22,290,000
Los Angeles, California, General Obligation Bonds, Tax &
Revenue Anticipation Notes, Series 2025
5.000
06/25/26
22,484,396
1,150,000
Monterey Peninsula Community College District, Monterey
County, California, General Obligation Bonds, Election of 2020
Series 2024B
4.000
08/01/51
1,124,769
5,000,000
Palmdale School District, Los Angeles County, California, General
Obligation Bonds, 2022 Election Series 2025
4.250
08/01/55
4,886,283
Portfolio of Investments February 28, 2026
(continued)
NKX
40
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
16,744,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
%
07/01/41
$
16,251,281
5,000,000
San Diego Community College District, San Diego County,
California, General Obligation Bonds, Election of 2024, Series
2025A-1
4.000
08/01/50
4,888,319
10,000,000
San Diego Unified School District, San Diego County, California,
General Obligation Bonds, Dedicated Unlimited Ad Valorem
Property Tax, 2018 Election Green Series 2023G-3
4.000
07/01/53
9,673,703
11,980,000
San Diego Unified School District, San Diego County, California,
General Obligation Bonds, Refunding Series 2012R-1
0.000
07/01/31
10,577,243
3,400,000
San Francisco Community College District, California, General
Obligation Bonds, Election 2020 Series 2020A
4.000
06/15/45
3,400,526
3,345,000
San Jacinto Unified School District, Riverside County, California,
General Obligation Bonds, Election 2024 Series 2025
4.125
08/01/55
3,287,095
1,580,000
Santa Ana College Improvement District 1, Orange County,
California, General Obligation Bonds, Rancho Santiago
Community College District, Election of 2012, Series 2019C
3.000
08/01/39
1,497,522
10,000,000
Southwestern Community College District, San Diego County,
California, General Obligation Bonds, Election of 2008, Series
2011C
0.000
08/01/41
5,808,465
23,280,000
(c)
Stockton Unified School District, San Joaquin County, California,
General Obligation Bonds, Election 2008 Series 2011D - AGC
Insured
0.000
08/01/47
27,455,415
38,845,000
(c)
Stockton Unified School District, San Joaquin County, California,
General Obligation Bonds, Election 2008 Series 2011D - AGM
Insured
0.000
08/01/50
45,585,466
15,780,000
(c)
Sylvan Union School District, Stanislaus County, California,
General Obligation Bonds, Election of 2006, Series 2010 - AGM
Insured
0.000
08/01/49
14,818,280
2,500,000
Washington Township Health Care District, California, General
Obligation Bonds, 2020 Election Series 2023B - AGM Insured
4.500
08/01/53
2,510,399
8,345,000
(c)
Yosemite Community College District, California, General
Obligation Bonds, Capital Appreciation, Election 2004, Series
2010D
0.000
08/01/42
7,976,040
TOTAL TAX OBLIGATION/GENERAL
247,937,614
TAX OBLIGATION/LIMITED - 17.5% (10.8% of Total Investments)
1,260,000
Brea and Olinda Unified School District, Orange County,
California, Certificates of Participation Refunding, Series 2002A -
AGM Insured
5.125
08/01/26
1,262,396
210,000
Brentwood Infrastructure Financing Authority, California,
Infrastructure Revenue Bonds, Refunding Subordinated Series
2014B
5.000
09/02/36
210,138
1,000,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-11 Hesperia-
Silverwood Improvement Area 1, Series 2025
5.125
09/01/55
1,015,608
2,830,000
California Municipal Finance Authority, Special Tax Revenue
Bonds, Community Facilities District 2023-11 Hesperia-
Silverwood Improvement Area 1, Series 2025
5.250
09/01/60
2,880,351
2,065,000
California State Public Works Board, Lease Revenue Bonds,
Department of Education, Riverside Campus Project, Series
2012H
5.000
04/01/31
2,072,148
545,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2016B
5.000
09/02/46
546,488
1,000,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2017C
5.000
09/02/47
1,004,500
745,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2018A
5.000
09/02/47
754,140
750,000
Corona, California, Special Tax Bonds, Community Facilities
District 2018-1 Bedford, Series 2018A
5.000
09/01/48
754,764
41
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
3,455,000
(a)
El Monte, California, Senior Lien Certificates of Participation,
Department of Public Services Facility Phase II, Series 2001 -
AMBAC Insured
5.250
%
01/01/34
$
3,462,332
6,200,000
Fresno Joint Powers Financing Authority, California, Lease
Revenue Bonds, Public Safety Projects Series 2025A
4.625
04/01/55
6,294,738
980,000
Lathrop, California, Limited Obligation Improvement Bonds,
Crossroads Assessment District, Series 2015
5.000
09/02/40
983,894
2,760,000
Los Angeles County Facilities Inc, California, Lease Revenue
Bonds, Vermont Corridor County Administration Building, Series
2018A
5.000
12/01/51
2,826,616
10,000,000
Los Angeles County Metropolitan Transportation Authority,
California, Measure R Sales Tax Revenue Bonds, Senior Series
2016A
5.000
06/01/38
10,057,392
3,220,000
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Sales Tax Revenue Bonds, Green Senior
Lien Series 2019A
5.000
07/01/44
3,372,149
3,580,000
Los Angeles County Public Works Financing Authority, California,
Lease Revenue Bonds, Series 2025J
5.250
12/01/50
3,906,137
1,000,000
Menifee Union School District, Riverside County, California,
Special Tax Bonds, Community Facilities District 2014-2, Series
2017
5.000
09/01/47
1,007,652
16,657,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/46
5,991,699
32,445,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/51
8,536,520
17,239,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
16,920,570
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.329
07/01/40
1,002,068
1,482,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.536
07/01/53
1,390,532
3,175,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.784
07/01/58
3,076,297
2,160,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area 1,
Refunding Series 2022A-1 - AGM Insured
5.250
09/01/52
2,292,324
15,385,000
San Diego County Regional Transportation Commission,
California, Sales Tax Revenue Bonds, Limited Tax Series 2016A
5.000
04/01/48
15,423,932
325,000
San Diego Redevelopment Agency, California, Subordinate Lien
Tax Increment and Parking Revenue Bonds, Centre City Project,
Series 2003B
5.250
09/01/26
325,630
535,000
San Francisco City and County Redevelopment Agency
Successor Agency, California, Special Tax Bonds, Community
Facilities District 7, Hunters Point Shipyard Phase One
Improvements, Refunding Series 2014
5.000
08/01/39
537,760
10,000
Signal Hill Redevelopment Agency, California, Project 1 Tax
Allocation Bonds, Series 2011
7.000
10/01/26
10,034
3,600,000
Stockton Public Financing Authority, California, Revenue Bonds,
Arch Road East Community Facility District 99-02, Series 2018A
5.000
09/01/33
3,712,779
2,145,000
(a)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
6.125
09/01/37
2,226,379
990,000
(a)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
6.250
09/01/47
1,014,009
600,000
Tracy, California, Special Tax Bonds, Community Facilities District
2016-1 Tracy Hills,  Improvement Area 2, Series 2023
5.250
09/01/38
646,830
635,000
Transbay Joint Powers Authority, California, Tax Allocation Bonds,
Senior Green Series 2020A
5.000
10/01/45
643,219
2,540,000
Transbay Joint Powers Authority, California, Tax Allocation Bonds,
Senior Green Series 2020A
5.000
10/01/49
2,545,573
3,645,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2012A - AGM Insured
5.000
10/01/32
3,656,719
350,000
West Patterson Financing Authority, California, Special Tax Bonds,
Community Facilities District 2015-1 Arambel-KDN, Refunding
Series 2015
5.250
09/01/35
350,553
Portfolio of Investments February 28, 2026
(continued)
NKX
42
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
790,000
West Patterson Financing Authority, California, Special Tax Bonds,
Community Facilities District 2015-1 Arambel-KDN, Refunding
Series 2015
5.250
%
09/01/45
$
790,469
700,000
West Sacramento, California, Special Tax Bonds, Community
Facilities District 27 Bridge District, Refunding Series 2016
5.000
09/01/40
703,864
1,400,000
West Sacramento, California, Special Tax Bonds, Community
Facilities District 27 Bridge District, Series 2017
5.000
09/01/47
1,406,688
TOTAL TAX OBLIGATION/LIMITED
115,615,891
TRANSPORTATION - 14.5% (9.0% of Total Investments)
6,500,000
Bay Area Toll Authority, California, Revenue Bonds, San Francisco
Bay Area Toll Bridge, Subordinate Fixed Rate Series 2017S-7
4.000
04/01/47
6,322,864
2,000,000
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Senior Lien Series 2021A
4.000
01/15/46
1,964,454
4,000,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series 2019E
5.000
05/15/49
4,115,866
3,000,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Senior Series 2023A
5.000
07/01/53
3,168,982
4,230,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2021A
4.000
07/01/56
3,994,994
13,770,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2021A
5.000
07/01/56
14,283,460
4,535,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Governmental Purpose
Second Series 2017B
5.000
05/01/47
4,600,511
44,650,000
(d)
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Governmental Purpose
Second Series 2017B, (UB)
5.000
05/01/47
45,294,996
9,500,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023D
5.250
05/01/48
10,352,451
2,025,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Refunding Senior Lien Toll Road Revenue
Bonds, Series 2021A
4.000
01/15/50
1,904,353
TOTAL TRANSPORTATION
96,002,931
U.S. GUARANTEED - 1.0% (e)(0.6% of Total Investments)
2,040,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre-
refunded 11/15/26)
5.000
11/15/46
2,084,223
2,250,000
California Infrastructure and Economic Development Bank, First
Lien Revenue Bonds, San Francisco Bay Area Toll Bridge, Series
2003A, (Pre-refunded 1/01/28) - AMBAC Insured
5.000
07/01/36
2,376,603
2,000,000
Chaffey Community College District, San Bernardino County,
California, General Obligation Bonds, Taxable Refunding Series
2019, (Pre-refunded 6/01/28)
4.000
06/01/43
2,089,390
TOTAL U.S. GUARANTEED
6,550,216
UTILITIES - 28.1% (17.4% of Total Investments)
30,055,000
(b)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2021B-1, (Mandatory Put
8/01/31)
4.000
02/01/52
31,241,767
7,000,000
(b)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2023E-1, (Mandatory Put
3/01/31)
5.000
02/01/54
7,574,456
6,575,000
(b)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2023F, (Mandatory Put
11/01/30)
5.500
10/01/54
7,229,285
5,250,000
(b)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2023G, (Mandatory Put
4/01/30)
5.250
11/01/54
5,664,201
7,460,000
(b)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2024B, (Mandatory Put
12/01/32)
5.000
01/01/55
7,888,479
43
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
2,000,000
California Infrastructure and Economic Development Bank, Clean
Water and Drinking Water State Revolving Fund Revenue Bonds,
Green Series 2025
4.125
%
10/01/47
$
2,012,765
4,000,000
(a)
California Pollution Control Financing Authority, Water Furnishing
Revenue Bonds, San Diego County Water Authority Desalination
Project Pipeline, Refunding Series 2019
5.000
07/01/39
4,147,683
5,635,000
(b)
Central Valley Energy Authority, California, Commodity Supply
Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)
5.000
12/01/55
6,258,884
6,190,000
East Bay Municipal Utility District, Alameda and Contra Costa
Counties, California, Water System Revenue Bonds, Green Series
2019A
5.000
06/01/49
6,425,853
2,490,000
Long Beach Bond Finance Authority, California, Natural Gas
Purchase Revenue Bonds, Series 2007A
5.000
11/15/35
2,906,934
1,835,000
Long Beach Bond Finance Authority, California, Natural Gas
Purchase Revenue Bonds, Series 2007A
5.500
11/15/37
2,239,210
6,015,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2017C
5.000
07/01/47
6,082,059
8,340,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2019A
5.000
07/01/45
8,595,116
5,190,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2020B
5.000
07/01/50
5,334,818
3,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2022B
5.000
07/01/47
3,165,154
1,820,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025A - BAM Insured
5.000
07/01/53
1,911,097
8,250,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2020C
5.000
07/01/38
8,901,837
5,000,000
Los Angeles, California, Wastewater System Revenue Bonds,
Green Subordinate Series 2018A
5.000
06/01/43
5,196,751
1,000,000
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, New
York City Municipal Water Finance Authority Projects-Second
Resolution Bonds, Subordinated SRF Series 2017A
5.000
06/15/46
1,014,536
8,660,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
8,679,418
15,000,000
San Francisco City and County Public Utilities Commission,
California, Water Revenue Bonds, Regional Water & Local Water,
Series 2025D
5.000
11/01/55
16,032,585
600,000
San Joaquin County, California, Revenue Bonds, CSA County
Service Area 31, Refunding Series 2018A
5.000
08/01/42
607,199
5,000,000
South Coast Water District Financing Authority, California,
Revenue Bonds, Series 2019A
5.000
02/01/44
5,229,993
15,000,000
(b)
Southern California Public Power Authority, California, Revenue
Bonds, Clean Energy Project Revenue Bonds, Series 2024A,
(Mandatory Put 9/01/30)
5.000
04/01/55
16,146,123
14,530,000
Southern California Public Power Authority, Southern
Transmission System Renewal Project Revenue Bonds, Series
2023-1A
5.000
07/01/48
15,325,259
TOTAL UTILITIES
185,811,462
TOTAL MUNICIPAL BONDS
(Cost $1,041,000,688)
1,068,061,453
TOTAL LONG-TERM INVESTMENTS
(Cost $1,041,000,688)
1,068,061,453
FLOATING RATE OBLIGATIONS - (5.1)%  
(33,485,000)
MFP SHARES, NET - (21.2)% (f)
(140,070,493)
VRDP SHARES, NET - (38.7)% (g)
(255,801,320)
OTHER ASSETS & LIABILITIES, NET - 3.2%
21,438,961
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
660,143,601
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
Portfolio of Investments February 28, 2026
(continued)
NKX
44
See Notes to Financial Statements
(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 $129,296,835 or 12.1% 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)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the fiscal period.
(d)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(e)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(f)
MFP Shares, Net as a percentage of Total Investments is 13.1%.
(g)
VRDP Shares, Net as a percentage of Total Investments is 24.0%.
45
Portfolio of Investments February 28, 2026
NCA
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 99.0%   
X
303,661,108
MUNICIPAL BONDS - 98.2%  
X
–
CONSUMER STAPLES - 0.6%
$
70,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4.000
%
06/01/49
$
62,428
4,895,000
Silicon Valley Tobacco Securitization Authority, California,
Tobacco Settlement Asset-Backed Bonds, Santa Clara County
Tobacco Securitization Corporation, Series 2007A
0.000
06/01/41
1,864,975
TOTAL CONSUMER STAPLES
1,927,403
EDUCATION AND CIVIC ORGANIZATIONS - 3.2%
2,000,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Los Angeles County Museum of Natural History
Foundation, Series 2020
4.000
07/01/50
1,915,565
1,000,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5.000
12/31/43
1,016,848
335,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group, Series
2020A
5.000
06/01/59
277,411
125,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Lifeline Education Charter School Project, Series 2020A
5.000
07/01/55
119,397
220,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016A
5.000
07/01/46
220,016
1,425,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016C
5.250
07/01/52
1,425,628
3,780,000
California State University, Systemwide Revenue Bonds, Series
2017A
5.000
11/01/47
3,834,604
1,070,000
University of California, General Revenue Bonds, Series 2018AZ
5.000
05/15/38
1,124,213
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
9,933,682
HEALTH CARE - 11.3%
4,105,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B
5.000
11/15/46
4,144,042
1,000,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Series 2018A
5.000
11/15/36
1,038,922
2,045,000
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019
4.000
11/15/45
1,919,978
1,815,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4.000
04/01/44
1,780,441
3,700,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4.000
04/01/49
3,440,308
445,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2024A
5.000
12/01/54
463,351
240,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2014A
5.000
10/01/38
240,345
840,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Series 2014B
5.000
10/01/44
840,661
3,245,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series 2024A
5.250
07/01/49
3,335,099
1,600,000
California Municipal Finance Authority, Revenue Bonds,
Community Health System, Series 2021A - AGM Insured
4.000
02/01/51
1,445,761
2,000,000
California Municipal Finance Authority, Revenue Bonds,
Community Medical Centers, Series 2017A
5.000
02/01/47
2,007,727
2,000,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
4.000
07/01/47
1,786,317
120,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5.000
07/01/47
120,350
100,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.250
11/01/41
100,431
1,090,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.000
11/01/47
1,056,850
Portfolio of Investments February 28, 2026
(continued)
NCA
46
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
400,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.250
%
11/01/47
$
400,136
520,000
California Municipal Financing Authority, Certificates of
Participation, Palomar Health, Series 2022A
5.250
11/01/52
530,519
1,000,000
California Statewide Communities Development Authority,
California, Redlands Community Hospital, Revenue Bonds, Series
2016
5.000
10/01/46
1,006,407
150,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5.250
12/01/34
150,197
5,800,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5.250
12/01/56
5,803,168
1,000,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5.500
12/01/58
1,018,278
245,000
California Statewide Community Development Authority, Health
Revenue Bonds, Enloe Medical Center, Refunding Series 2022A
- AGM Insured
5.250
08/15/52
251,194
2,000,000
University of California Regents, Medical Center Pooled Revenue
Bonds, Series 2022P
5.000
05/15/47
2,127,612
TOTAL HEALTH CARE
35,008,094
HOUSING/MULTIFAMILY - 9.9%
1,445,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4.000
02/01/56
949,161
2,190,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Glendale Properties, Junior Series
2021A-2
4.000
08/01/47
1,768,643
1,650,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments, Series
2020A
5.000
02/01/50
1,262,250
1,285,000
(a)
California Community Housing Agency, Workforce Housing
Revenue Bonds, Annadel Apartments, Series 2019A
5.000
04/01/49
1,043,012
1,972,410
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2019-2
4.000
03/20/33
2,054,584
1,762,596
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-1
3.500
11/20/35
1,804,523
286,950
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series2019-1
4.250
01/15/35
302,660
1,742,605
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Social Certificates Series 2023-1
4.375
09/20/36
1,853,734
1,506,036
(b)
California Municipal Finance Agency, Municipal Certificates,
Series 2025-2 Class A-1
4.217
11/20/40
1,530,772
2,320,000
(a)
CMFA Special Finance Agency I, California, Essential Housing
Revenue Bonds, The Mix at Center City, Series 2021A-2
4.000
04/01/56
1,822,126
800,000
(a)
CMFA Special Finance Agency, California, Essential Housing
Revenue Bonds, Enclave Apartments, Senior Series 2022A-1
4.000
08/01/58
620,318
125,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series
2021A-1
3.600
05/01/47
106,558
1,130,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series
2021A-2
3.250
05/01/57
795,745
1,465,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior
Lien Series 2021A
4.000
10/01/56
1,232,531
2,005,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-2
4.000
10/01/56
1,670,457
2,820,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Center City Anaheim, Series 2020A
5.000
01/01/54
2,516,158
2,120,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Moda at Monrovia Station, Social Series
2021A-2
4.000
10/01/56
1,659,450
47
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
220,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3.000
%
07/01/43
$
182,252
950,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3.125
07/01/56
633,406
405,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Oceanaire-Long Beach, Social Series
2021A-2
4.000
09/01/56
296,695
860,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Parallel-Anaheim Series 2021A
4.000
08/01/56
790,370
530,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond,
Mezzanine Senior Series 2021B
4.000
12/01/56
404,318
555,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series
2021A-2
3.000
12/01/56
393,133
795,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Union South Bay, Series 2021A-2
4.000
07/01/56
668,187
560,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-1
3.000
06/01/47
406,471
2,035,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-2
3.125
06/01/57
1,255,521
2,080,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Wood Creek Apartments, Senior Lien
Series 2021A-1
3.000
12/01/49
1,504,380
435,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4.400
12/01/54
410,101
755,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4.500
12/01/59
720,860
TOTAL HOUSING/MULTIFAMILY
30,658,376
TAX OBLIGATION/GENERAL - 24.5%
4,000,000
Anaheim Union High School District, Orange County, California,
General Obligation Bonds, 2014 Election Series 2019 - BAM
Insured
3.000
08/01/40
3,786,508
10,000,000
Berkeley Unified School District, Alameda County, California,
General Obligation Bonds, Election of 2020 Series 2024D
4.000
08/01/54
9,694,161
375,000
Butte-Glenn Community College District, Butte and Glenn
Counties, California, General Obligation Bonds, Election 2016
Series 2017A
5.250
08/01/46
383,070
5,000
California State, General Obligation Bonds, Series 2013
5.000
02/01/29
5,012
130,000
California State, General Obligation Bonds, Various Purpose
Series 2015
5.000
08/01/34
130,276
2,000,000
California State, General Obligation Bonds, Various Purpose
Series 2018. Bid Group A/B
5.000
10/01/48
2,058,590
5,000,000
California State, General Obligation Bonds, Various Purpose
Series 2023
5.000
09/01/26
5,074,760
1,000,000
Chaffey Joint Union High School District, San Bernardino County,
California, General Obligation Bonds, Election 2012 Series
2017C
5.250
08/01/47
1,013,627
5,000,000
Chino Valley Unified School District, San Bernardino County,
California, General Obligation Bonds, 2016 Election Series
2020B
5.000
08/01/55
5,186,330
4,200,000
Corona-Norco Unified School District, Riverside County,
California, General Obligation Bonds, Election 2014, Series
2019C
4.000
08/01/49
4,045,806
2,000,000
Desert Community College District, Riverside County, California,
General Obligation Bonds, Election of 2016 Series 2024
4.000
08/01/51
1,949,973
2,000,000
Franklin-McKinley School District, Santa Clara County, California,
General Obligation Bonds, Election of 2020, Series 2023B
4.250
08/01/49
1,997,331
Portfolio of Investments February 28, 2026
(continued)
NCA
48
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
690,000
Los Angeles Community College District, California, General
Obligation Bonds, 2008 Election Series 2017J
4.000
%
08/01/41
$
694,667
2,000,000
Marin Healthcare District, Marin County, California, General
Obligation Bonds, 2013 Election, Series 2015A
4.000
08/01/40
2,000,490
519,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/41
503,728
5,000,000
San Diego Community College District, San Diego County,
California, General Obligation Bonds, Election of 2024, Series
2025A-1
4.000
08/01/50
4,888,319
11,875,000
(c)
San Mateo Union High School District, San Mateo County,
California, General Obligation Bonds, Election 2010 Series
2011A
0.000
09/01/41
13,321,824
19,860,000
(c)
Yosemite Community College District, California, General
Obligation Bonds, Capital Appreciation, Election 2004, Series
2010D
0.000
08/01/42
18,981,924
TOTAL TAX OBLIGATION/GENERAL
75,716,396
TAX OBLIGATION/LIMITED - 8.9%
70,000
Brentwood Infrastructure Financing Authority, California,
Infrastructure Revenue Bonds, Refunding Subordinated Series
2014B
5.000
09/02/36
70,046
1,000,000
California Infrastructure and Economic Development Bank, Lease
Revenue Bonds, California State Teachers Retirement System
Headquarters Expansion, Green Bond-Climate Bond Certified
Series 2019
5.000
08/01/44
1,053,357
165,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2016B
5.000
09/02/46
165,451
400,000
Corona, California, Special Tax Bonds, Community Facilities
District 2018-1 Bedford, Series 2018A
5.000
09/01/48
402,541
1,000,000
Los Angeles County Facilities Inc, California, Lease Revenue
Bonds, Vermont Corridor County Administration Building, Series
2018A
5.000
12/01/51
1,024,136
4,000,000
Los Angeles County Metropolitan Transportation Authority,
California, Measure R Sales Tax Revenue Bonds, Senior Series
2016A
5.000
06/01/39
4,021,600
2,300,000
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Sales Tax Revenue Bonds, Senior Lien
Series 2017A
5.000
07/01/42
2,361,135
4,923,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
4,832,065
29,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.329
07/01/40
29,060
2,095,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.784
07/01/58
2,029,871
625,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area 1,
Refunding Series 2022A-1 - AGM Insured
5.250
09/01/52
663,288
135,000
San Francisco City and County Redevelopment Agency
Successor Agency, California, Special Tax Bonds, Community
Facilities District 7, Hunters Point Shipyard Phase One
Improvements, Refunding Series 2014
5.000
08/01/39
135,696
5,000,000
San Francisco City and County Redevelopment Agency
Successor Agency, California, Tax Allocation Bonds, Mission Bay
North Redevelopment Project, Refunding Series 2016A - NPFG
Insured
5.000
08/01/41
5,035,820
30,000
Signal Hill Redevelopment Agency, California, Project 1 Tax
Allocation Bonds, Series 2011
7.000
10/01/26
30,101
1,000,000
Stockton Public Financing Authority, California, Revenue Bonds,
Arch Road East Community Facility District 99-02, Series 2018A
5.000
09/01/33
1,031,328
765,000
Stockton Public Financing Authority, California, Revenue Bonds,
Arch Road East Community Facility District 99-02, Series 2018A
5.000
09/01/43
779,007
1,335,000
Sulphur Springs Union School District, California, Special Tax
Bonds, Community Facilities District 2006-1, Series 2018
5.000
09/01/43
1,352,668
49
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
195,000
(a)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
5.750
%
09/01/32
$
203,135
2,185,000
Transbay Joint Powers Authority, California, Tax Allocation Bonds,
Senior Green Series 2020A
5.000
10/01/45
2,213,282
TOTAL TAX OBLIGATION/LIMITED
27,433,587
TRANSPORTATION - 18.1%
1,000,000
Burbank-Glendale-Pasadena Airport Authority, California, Airport
Revenue Bonds, Senior Series 2024B - AGM Insured, (AMT)
4.375
07/01/49
980,750
225,000
California Municipal Finance Authority, Special Facility Revenue
Bonds, United Airlines, Inc. Los Angeles International Airport
Project, Series 2019, (AMT)
4.000
07/15/29
229,456
10,415,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2018C, (AMT)
5.000
05/15/44
10,589,435
2,670,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2019D, (AMT)
5.000
05/15/33
2,838,367
1,480,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2022A, (AMT)
5.000
05/15/45
1,554,939
2,345,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, International Senior Series 2023B, (AMT)
5.250
07/01/58
2,440,191
3,075,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2021A
4.000
07/01/51
2,956,219
3,740,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Governmental Purpose
Second Series 2016C
5.000
05/01/46
3,748,027
16,295,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Governmental Purpose
Second Series 2017B
5.000
05/01/47
16,530,391
4,200,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023C, (AMT)
5.500
05/01/40
4,784,992
4,160,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D, (AMT)
5.000
05/01/43
4,269,544
1,035,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025A, (AMT)
5.250
05/01/55
1,092,049
2,885,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025A, (AMT)
5.500
05/01/55
3,106,646
665,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Refunding Senior Lien Toll Road Revenue
Bonds, Series 2021A
4.000
01/15/50
625,380
100,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Toll Road Revenue Bonds, Refunding Junior
Lien Series 2014B
5.250
01/15/44
100,074
TOTAL TRANSPORTATION
55,846,460
U.S. GUARANTEED - 1.3% (d)
795,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre-
refunded 11/15/26)
5.000
11/15/46
812,234
130,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A, (Pre-refunded 4/01/30)
4.000
04/01/49
140,670
3,000,000
Chaffey Community College District, San Bernardino County,
California, General Obligation Bonds, Taxable Refunding Series
2019, (Pre-refunded 6/01/28)
4.000
06/01/43
3,134,085
TOTAL U.S. GUARANTEED
4,086,989
Portfolio of Investments February 28, 2026
(continued)
NCA
50
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES - 20.4%
$
1,375,000
(a)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside LP
Desalination Project, Series 2012, (AMT)
5.000
%
07/01/37
$
1,380,256
3,750,000
(a)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside LP
Desalination Project, Series 2012, (AMT)
5.000
11/21/45
3,754,858
1,500,000
(a)
California Pollution Control Financing Authority, Water Furnishing
Revenue Bonds, San Diego County Water Authority Desalination
Project Pipeline, Refunding Series 2019
5.000
07/01/39
1,555,381
2,815,000
(b)
Central Valley Energy Authority, California, Commodity Supply
Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)
5.000
12/01/55
3,126,665
1,800,000
Long Beach Bond Finance Authority, California, Natural Gas
Purchase Revenue Bonds, Series 2007A
5.500
11/15/37
2,196,500
2,425,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2018D
5.000
07/01/48
2,469,866
3,395,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2020B
5.000
07/01/45
3,549,597
3,795,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2022A
5.000
07/01/51
3,916,442
560,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025A - BAM Insured
5.000
07/01/53
588,030
10,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025C
5.000
07/01/51
10,516,907
4,150,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2022B
5.000
07/01/47
4,362,415
1,500,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2018B
5.000
07/01/38
1,562,577
2,500,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2020C
5.000
07/01/36
2,723,430
6,000,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2020C
5.000
07/01/38
6,474,064
3,000,000
M-S-R Energy Authority, California, Gas Revenue Bonds,
Citigroup Prepay Contracts, Series 2009C
6.500
11/01/39
3,758,087
2,000,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
2,004,485
5,775,000
Riverside, California, Sewer Revenue Bonds, Refunding Series
2018A
5.000
08/01/39
6,082,109
3,000,000
San Diego Public Facilities Financing Authority, California, Water
Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B
5.000
08/01/37
3,028,452
TOTAL UTILITIES
63,050,121
TOTAL MUNICIPAL BONDS
(Cost $296,421,460)
303,661,108
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
X
2,500,000
VARIABLE RATE DEMAND PREFERRED SHARES - 0.8%  
X
–
$
2,500,000
(e)
BlackRock MuniHoldings California Quality Fund Inc, Series W-7,
LIQ: Barclays Bank PLC
2.500
09/01/54
$
2,500,000
TOTAL VARIABLE RATE DEMAND PREFERRED SHARES
(Cost $2,500,000)
2,500,000
TOTAL LONG-TERM INVESTMENTS
(Cost $298,921,460)
306,161,108
OTHER ASSETS & LIABILITIES, NET - 1.0%
2,991,285
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
309,152,393
AMT
Alternative Minimum Tax
LIQ
Liquidity Agreement
51
See Notes to Financial Statements
(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 $37,845,642 or 12.4% 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)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the fiscal period.
(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)
Variable Rate Demand Preferred Shares of a closed-end investment company which has a weekly demand feature. The rate shown is
the coupon as of the end of the reporting period.
52
Portfolio of Investments February 28, 2026
NAC
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 161.9% (98.9% of Total Investments)  
X
3,022,049,630
MUNICIPAL BONDS - 161.9%  (98.9% of Total Investments)
X
–
CONSUMER STAPLES - 0.7% (0.4% of Total Investments)
$
1,000,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Golden Gate Tobacco Funding
Corporation, Turbo, Series 2007A
5.000
%
06/01/47
$
958,253
2,575,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020A
4.000
06/01/49
2,296,450
520,000
California County Tobacco Securitization Agency, Tobacco
Settlement Asset-Backed Bonds, Los Angeles County
Securitization Corporation, Series 2020B-1
5.000
06/01/49
520,928
34,035,000
Golden State Tobacco Securitization Corporation, California,
Tobacco Settlement Asset-Backed Bonds, Capital Appreciation
Series 2021B-2
0.000
06/01/66
3,642,892
19,000,000
Silicon Valley Tobacco Securitization Authority, California,
Tobacco Settlement Asset-Backed Bonds, Santa Clara County
Tobacco Securitization Corporation, Series 2007B
0.000
06/01/47
4,741,182
TOTAL CONSUMER STAPLES
12,159,705
EDUCATION AND CIVIC ORGANIZATIONS - 11.8% (7.2% of Total Investments)
6,995,000
California Educational Facilities Authority, Revenue Bonds,
Chapman University, Series 2017B
4.000
04/01/47
6,756,834
5,725,000
California Educational Facilities Authority, Revenue Bonds,
Stanford University Series 2016U-7
5.000
06/01/46
6,768,063
4,385,000
California Educational Facilities Authority, Revenue Bonds,
University of the Pacific, Series 2023
5.000
11/01/53
4,594,556
650,000
(a)
California Enterprise Development Authority, Charter School
Revenue Bonds, Academy for Academic Excellence Project,
Series 2020A
5.000
07/01/55
609,856
1,500,000
(a)
California Enterprise Development Authority, Charter School
Revenue Bonds, Norton Science & Language Academy Project,
Series 2021
4.000
07/01/61
1,124,773
9,560,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, UCSF Clinical and Life Sciences Building, Series
2025
4.500
05/15/55
9,632,433
27,000,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, UCSF Clinical and Life Sciences Building, Series
2025
5.250
05/15/59
29,142,669
1,350,000
(a)
California Municipal Finance Authority Charter School Revenue
Bonds, River Charter Schools Project, Series 2018A
5.500
06/01/53
1,297,408
800,000
(a)
California Municipal Finance Authority,  Revenue Bonds, Creative
Center of Los Altos Project Pinewood & Oakwood Schools, Series
2016B
4.000
11/01/36
800,839
1,000,000
(a)
California Municipal Finance Authority,  Revenue Bonds, Creative
Center of Los Altos Project Pinewood & Oakwood Schools, Series
2016B
4.500
11/01/46
951,387
8,395,000
California Municipal Finance Authority, Academic Facilities
Revenue Bonds, Scripps College Series 2025
5.500
07/01/60
9,067,874
1,210,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable
Series 2019B
5.000
10/01/39
1,216,898
2,980,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable
Series 2019B
5.000
10/01/57
2,683,740
1,000,000
(a)
California Municipal Finance Authority, Charter School Revenue
Bonds, Palmdale Aerospace Academy Project, Series 2016A
5.000
07/01/46
969,626
3,820,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5.000
12/31/43
3,884,358
1,650,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
4.000
12/31/47
1,485,834
4,000,000
California Municipal Finance Authority, Revenue Bonds, Linxs
APM Project, Senior Lien Series 2018A, (AMT)
5.000
12/31/47
4,021,894
53
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,000,000
California Municipal Finance Authority, Revenue Bonds, The
Master's University & Seminary, Series 2019
5.000
%
08/01/48
$
979,335
3,250,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Arts in Action Charter Schools - Obligated Group, Series
2020A
5.000
06/01/59
2,691,298
750,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Aspire Public School - Obligated Group,Issue No.6, Series
2020A
5.000
08/01/42
756,578
1,550,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Camino Nuevo Charter Academy Sustainability Series
2023A
5.250
06/01/53
1,551,162
175,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Kepler Neighborhood School, Series 2017A
5.000
05/01/27
176,063
1,215,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Lifeline Education Charter School Project, Series 2020A
5.000
07/01/55
1,160,540
1,320,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Social Bonds iLead Lancaster Project, Series 2021A
5.000
06/01/61
1,144,370
1,100,000
(a)
California School Finance Authority, Charter School Revenue
Bonds, Stem Preparatory Schools Obligated Group, Series 2023A
5.375
05/01/63
1,100,623
1,615,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2015A
5.000
07/01/45
1,615,268
2,150,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016A
5.000
07/01/46
2,150,161
7,995,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016C
5.000
07/01/46
7,999,100
8,340,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Alliance for College-Ready Public Schools Project, Series
2016C
5.250
07/01/52
8,343,674
1,500,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Granada Hills Charter High School Obligated Group,
Series 2019
5.000
07/01/43
1,501,321
800,000
(a)
California School Finance Authority, School Facility Revenue
Bonds, Value Schools, Series 2016A
6.000
07/01/51
802,416
90,000
California State University, Systemwide Revenue Bonds, Series
2015A
5.000
11/01/43
90,116
10,440,000
California State University, Systemwide Revenue Bonds, Series
2018A
5.000
11/01/43
10,934,899
1,965,000
California State University, Systemwide Revenue Bonds, Series
2018A
5.000
11/01/48
2,022,786
2,935,000
University of California, General Revenue Bonds, Limited Project
Series 2017M
5.000
05/15/52
2,976,229
8,500,000
University of California, General Revenue Bonds, Limited Project
Series 2018O
5.000
05/15/43
8,855,740
10,390,000
University of California, General Revenue Bonds, Limited Project
Series 2018O
4.000
05/15/48
10,111,483
3,930,000
University of California, General Revenue Bonds, Series 2018AZ
5.000
05/15/38
4,129,117
19,025,000
University of California, General Revenue Bonds, Series 2018AZ
5.000
05/15/48
19,572,528
12,810,000
University of California, General Revenue Bonds, Series 2020BE
4.000
05/15/47
12,780,622
10,000,000
University of California, General Revenue Bonds, Series 2024BW
5.000
05/15/54
10,596,062
18,240,000
(b)
University of California, General Revenue Bonds, Series 2025CF
5.250
11/15/41
21,668,443
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
220,718,976
FINANCIALS - 0.0% (0.0% of Total Investments)
1,261,006
(c)
Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico.
0.000
08/01/54
275,120
TOTAL FINANCIALS
275,120
Portfolio of Investments February 28, 2026
(continued)
NAC
54
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE - 27.6% (16.9% of Total Investments)
$
6,365,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B
4.000
%
11/15/41
$
6,373,008
19,795,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B
5.000
11/15/46
19,983,266
20,215,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2017A
4.000
11/15/48
18,562,921
13,110,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2017A
5.000
11/15/48
13,261,116
5,890,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Series 2018A
5.000
11/15/38
6,099,454
7,960,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Refunding Series 2016A
4.000
03/01/39
7,959,832
7,870,000
California Health Facilities Financing Authority, Revenue Bonds,
Adventist Health System/West, Series 2013A
4.000
03/01/43
7,505,303
15,000,000
California Health Facilities Financing Authority, Revenue Bonds,
Cedars-Sinai Medical Center, Refunding Series 2016B
4.000
08/15/39
15,023,154
7,400,000
California Health Facilities Financing Authority, Revenue Bonds,
Children's Hospital Los Angeles, Series 2017A
5.000
08/15/47
7,355,667
1,030,000
California Health Facilities Financing Authority, Revenue Bonds,
Children's Hospital of Orange County, Series 2024A
5.000
11/01/54
1,090,492
16,625,000
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019
4.000
11/15/45
15,608,621
30,630,000
California Health Facilities Financing Authority, Revenue Bonds,
City of Hope National Medical Center, Series 2019
5.000
11/15/49
30,740,041
31,810,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4.000
04/01/44
31,204,312
8,475,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4.000
04/01/45
8,159,012
2,720,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A
4.000
04/01/49
2,529,091
4,430,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2024A
5.000
12/01/54
4,612,691
24,625,000
California Health Facilities Financing Authority, Revenue Bonds,
Lucile Salter Packard Children's Hospital at Stanford, Refunding
Forward Delivery Series 2022A
4.000
05/15/51
23,260,307
2,230,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Refunding Series 2014A
5.000
10/01/38
2,233,204
16,375,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Health & Services, Series 2014B
5.000
10/01/44
16,387,881
23,330,000
California Health Facilities Financing Authority, Revenue Bonds,
Providence Saint Joseph Health, Refunding Series 2016A - BAM
Insured
4.000
10/01/47
21,785,125
17,635,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series 2024A
5.250
07/01/49
18,124,643
21,020,000
California Infrastructure and Economic Development Bank,
Revenue Bonds, Adventist Health Energy Projects, Series 2024A
5.250
07/01/54
21,436,526
16,185,000
California Municipal Finance Authority, Revenue Bonds,
Community Health System, Series 2021A - AGM Insured
4.000
02/01/51
14,624,772
3,095,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5.000
07/01/42
3,129,734
685,000
California Municipal Finance Authority, Revenue Bonds,
Eisenhower Medical Center, Refunding Series 2017A
5.000
07/01/47
686,999
11,830,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.250
11/01/36
11,918,657
1,420,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.250
11/01/41
1,426,118
9,335,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.000
11/01/47
9,051,101
6,770,000
California Municipal Finance Authority, Revenue Bonds, NorthBay
Healthcare Group, Series 2017A
5.250
11/01/47
6,772,298
5,330,000
California Municipal Financing Authority, Certificates of
Participation, Palomar Health, Series 2022A
5.250
11/01/52
5,437,822
12,485,000
California Public Finance Authority, Revenue Bonds, Henry Mayo
Newhall Hospital, Series 2017
5.000
10/15/47
12,494,417
55
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
14,550,000
California Public Finance Authority, Revenue Bonds, Hoag
Memorial Hospital Presbyterian, Fixed Period Series 2022A
4.000
%
07/15/51
$
13,919,505
5,310,000
California Statewide Communities Development Authority,
California, Redlands Community Hospital, Revenue Bonds, Series
2016
5.000
10/01/46
5,344,020
1,000,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5.250
12/01/34
1,001,312
1,200,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5.250
12/01/44
1,201,601
2,375,000
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2014A
5.500
12/01/54
2,378,308
13,235,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2016A
5.250
12/01/56
13,242,230
46,490,000
(a)
California Statewide Communities Development Authority,
California, Revenue Bonds, Loma Linda University Medical
Center, Series 2018A
5.500
12/01/58
47,339,730
2,345,000
California Statewide Communities Development Authority,
Revenue Bonds, Adventist Health System/West, Series 2015A
5.000
03/01/35
2,347,160
5,000,000
California Statewide Communities Development Authority,
Revenue Bonds, Adventist Health System/West, Series 2018A
5.000
03/01/42
5,105,496
3,760,000
California Statewide Communities Development Authority,
Revenue Bonds, Adventist Health System/West, Series 2018A
5.000
03/01/48
3,791,472
6,465,000
California Statewide Communities Development Authority,
Revenue Bonds, John Muir Health, Series 2016A
4.000
08/15/51
5,878,314
4,000,000
California Statewide Community Development Authority,
Certificates of Participation, Methodist Hospital of Southern
California, Series 2018
5.000
01/01/48
4,065,205
2,475,000
California Statewide Community Development Authority, Health
Revenue Bonds, Enloe Medical Center, Refunding Series 2022A
- AGM Insured
5.250
08/15/52
2,537,577
2,685,000
Madera County, California, Certificates of Participation, Valley
Children's Hospital Project, Series 1995 - NPFG Insured
5.750
03/15/28
2,774,289
21,355,000
Palomar Pomerado Health System, California, Revenue Bonds,
Refunding Series 2016
5.000
11/01/36
21,370,777
4,500,000
Palomar Pomerado Health System, California, Revenue Bonds,
Refunding Series 2016
4.000
11/01/39
3,822,040
9,000,000
University of California Regents, Medical Center Pooled Revenue
Bonds, Series 2022P
5.000
05/15/47
9,574,254
4,410,000
University of California Regents, Medical Center Pooled Revenue
Bonds, Series 2022P
4.000
05/15/53
4,161,977
755,000
Washington Township Health Care District, California, Revenue
Bonds, Series 2023A
5.750
07/01/53
791,149
TOTAL HEALTH CARE
515,484,001
HOUSING/MULTIFAMILY - 18.6% (11.4% of Total Investments)
11,535,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Creekwood, Series 2021A
4.000
02/01/56
7,576,869
22,070,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Glendale Properties, Junior Series
2021A-2
4.000
08/01/47
17,823,725
35,110,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Serenity at Larkspur Apartments, Series
2020A
5.000
02/01/50
26,859,150
660,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Summit at Sausalito Apartments, Series
2021A-2
4.000
02/01/50
498,804
2,020,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, The Arbors, Series 2020A
5.000
08/01/50
1,937,335
Portfolio of Investments February 28, 2026
(continued)
NAC
56
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
1,385,000
(a)
California Community Housing Agency, California, Essential
Housing Revenue Bonds, Verdant at Green Valley Apartments,
Series 2019A
5.000
%
08/01/49
$
1,303,244
9,320,000
(a)
California Community Housing Agency, Workforce Housing
Revenue Bonds, Annadel Apartments, Series 2019A
5.000
04/01/49
7,564,877
20,331,971
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2019-2
4.000
03/20/33
21,179,041
13,034,902
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-1
3.500
11/20/35
13,344,964
4,876,905
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series 2021-3
3.250
08/20/36
4,866,560
2,960,993
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Series2019-1
4.250
01/15/35
3,123,099
17,362,769
California Housing Finance Agency, Municipal Certificate
Revenue Bonds, Class A Social Certificates Series 2023-1
4.375
09/20/36
18,470,026
14,347,241
(d)
California Municipal Finance Agency, Municipal Certificates,
Series 2025-2 Class A-1
4.217
11/20/40
14,582,885
1,500,000
California Municipal Finance Agency, Municipal Certificates,
Series 2026-1 Class A-1
4.050
07/20/41
1,518,489
1,465,000
(a)
California Public Finance Authority, University Housing Revenue
Bonds, National Campus Community Development - Claremont
Properties LLC Claremont Colleges Project, Refunding Series
2023A
5.500
07/01/50
1,543,088
1,000,000
(a)
California Public Finance Authority, University Housing Revenue
Bonds, National Campus Community Development - Claremont
Properties LLC Claremont Colleges Project, Refunding Series
2023A
6.000
07/01/53
1,094,399
23,750,000
(a)
CMFA Special Finance Agency I, California, Essential Housing
Revenue Bonds, The Mix at Center City, Series 2021A-2
4.000
04/01/56
18,653,233
8,060,000
(a)
CMFA Special Finance Agency, California, Essential Housing
Revenue Bonds, Enclave Apartments, Senior Series 2022A-1
4.000
08/01/58
6,249,706
3,265,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series
2021A-1
3.600
05/01/47
2,783,307
11,510,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series
2021A-2
3.250
05/01/57
8,105,334
12,910,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior
Lien Series 2021A
4.000
10/01/56
10,861,417
7,425,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-1
3.500
10/01/46
6,509,973
20,500,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Altana Glendale, Series 2021A-2
4.000
10/01/56
17,079,489
26,165,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Center City Anaheim, Series 2020A
5.000
01/01/54
23,345,842
4,450,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Jefferson-Anaheim Series 2021A-1
2.875
08/01/41
4,311,701
7,030,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Jefferson-Anaheim Series 2021A-2
3.125
08/01/56
5,397,626
3,565,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Moda at Monrovia Station, Social Series
2021A-1
3.400
10/01/46
2,917,794
23,660,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Moda at Monrovia Station, Social Series
2021A-2
4.000
10/01/56
18,520,087
2,215,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3.000
07/01/43
1,834,946
9,645,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Monterrey Station Apartments, Senior
Lien Series 2021A-1
3.125
07/01/56
6,430,737
57
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
7,345,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Oceanaire-Long Beach, Social Series
2021A-2
4.000
%
09/01/56
$
5,380,796
450,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Orange City Portfolio, Mezzanine Lien
Series 2021B
4.000
03/01/57
339,797
11,140,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Parallel-Anaheim Series 2021A
4.000
08/01/56
10,238,054
4,020,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Pasadena Portfolio Social Bond,
Mezzanine Senior Series 2021B
4.000
12/01/56
3,066,710
8,025,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Union South Bay, Series 2021A-2
4.000
07/01/56
6,744,903
2,010,000
(a)
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Waterscape Apartments, Mezzanine
Lien Series 2021B
4.000
09/01/46
1,726,344
5,700,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-1
3.000
06/01/47
4,137,295
20,760,000
(a)
CSCDA Community Improvement Authority, California,
Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena
Apartments, Senior Lien Series 2021A-2
3.125
06/01/57
12,808,169
21,185,000
CSCDA Community Improvement Authority, California, Essential
Housing Revenue Bonds, Wood Creek Apartments, Senior Lien
Series 2021A-1
3.000
12/01/49
15,322,257
4,190,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4.400
12/01/54
3,950,162
7,290,000
Los Angeles Housing Authority, California, Multifamily Housing
Revenue Bonds, Clarendon Apartments, Senior Series 2024A
4.500
12/01/59
6,960,359
TOTAL HOUSING/MULTIFAMILY
346,962,593
LONG-TERM CARE - 0.5% (0.3% of Total Investments)
6,120,000
California Municipal Finance Authority, Revenue Bonds,
HumanGood California Obligated Group, Refunding Series 2019
4.000
10/01/37
6,130,961
1,900,000
California Statewide Communities Development Authority,
Revenue Bonds, Odd Fellows Home of California Project, Insured
Refunding Series 2023A
4.000
04/01/43
1,924,025
1,000,000
California Statewide Communities Development Authority,
Revenue Bonds, Odd Fellows Home of California Project, Insured
Refunding Series 2023A
4.125
04/01/53
970,275
TOTAL LONG-TERM CARE
9,025,261
TAX OBLIGATION/GENERAL - 31.6% (19.3% of Total Investments)
20,995,000
Berkeley Unified School District, Alameda County, California,
General Obligation Bonds, Election of 2020 Series 2024D
4.000
08/01/54
20,352,891
4,420,000
Butte-Glenn Community College District, Butte and Glenn
Counties, California, General Obligation Bonds, Election 2016
Series 2017A
5.250
08/01/46
4,515,117
2,500,000
California State, General Obligation Bonds, Refunding Various
Purpose Bid Group C Series 2016
5.000
09/01/32
2,535,881
4,000,000
California State, General Obligation Bonds, Refunding Various
Purpose Series 2016
5.000
09/01/35
4,052,623
3,570,000
California State, General Obligation Bonds, Refunding Various
Purpose Series 2021. Forward Delivery
5.000
09/01/41
3,943,910
50,000
California State, General Obligation Bonds, Series 2013
5.000
02/01/29
50,117
1,000,000
California State, General Obligation Bonds, Various Purpose
Refunding Series 2016
5.000
09/01/34
1,013,654
14,780,000
California State, General Obligation Bonds, Various Purpose
Series 2017
5.000
11/01/47
15,042,082
5,000,000
California State, General Obligation Bonds, Various Purpose
Series 2018. Bid Group A/B
5.000
10/01/48
5,146,474
1,770,000
California State, General Obligation Bonds, Various Purpose
Series 2020
4.000
11/01/45
1,769,957
5,250,000
California State, General Obligation Bonds, Various Purpose
Series 2025
5.250
08/01/55
5,752,550
Portfolio of Investments February 28, 2026
(continued)
NAC
58
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
5,400,000
Central Unified School District, Fresno County, California,
General Obligation Bonds, 2016 Election Series 2018B.
4.000
%
08/01/48
$
5,254,523
7,850,000
Cerritos Community College District, California, General
Obligation Bonds, Election of 2022 Series 2024A
4.000
08/01/49
7,768,677
7,860,000
Corona-Norco Unified School District, Riverside County,
California, General Obligation Bonds, Election 2014, Series
2019C - BAM Insured
3.000
08/01/44
6,834,990
15,285,000
Desert Community College District, Riverside County, California,
General Obligation Bonds, Election of 2016 Series 2024
4.000
08/01/51
14,902,670
5,000,000
Elk Grove Unified School District, Sacramento County, California,
General Obligation Bonds, Election of 2016, Series 2017
4.000
08/01/46
4,909,628
5,000,000
Franklin-McKinley School District, Santa Clara County, California,
General Obligation Bonds, Election of 2020, Series 2023B
4.250
08/01/49
4,993,328
15,250,000
Glendale Community College District, Los Angeles County,
California, General Obligation Bonds, Election 2016 Taxable
Refunding Series 2020B
4.000
08/01/50
14,887,617
6,185,000
Grossmont-Cuyamaca Community College District, California,
General Obligation Bonds, Refunding Series 2018
4.000
08/01/47
6,135,718
5,150,000
Hacienda La Puente Unified School District Facilities Financing
Authority, California, General Obligation Revenue Bonds,
Program Series 2007 - AGM Insured
5.000
08/01/26
5,213,927
3,000,000
Hacienda La Puente Unified School District, Los Angeles County,
California, General Obligation Bonds, 2016 Election, Series
2017A
4.000
08/01/47
2,967,623
5,585,000
Lake Elsinore Unified School District, Riverside County, California,
General Obligation Bonds, 2016 Election Series B - BAM Insured
4.000
08/01/49
5,419,126
5,630,000
(e)
Lake Tahoe Unified School District, El Dorado County, California,
General Obligation Bonds, Series 2010 - AGM Insured
0.000
08/01/45
5,233,275
4,140,000
Los Angeles Community College District, California, General
Obligation Bonds, 2008 Election Series 2017J
4.000
08/01/41
4,168,004
14,425,000
Los Angeles County, California, Tax and Revenue Anticipation
Notes, Series 2025-26
5.000
06/30/26
14,563,125
1,285,000
Los Angeles Unified School District, Los Angeles County,
California, General Obligation Bonds, Measure Q Series 2020C
4.000
07/01/40
1,328,369
44,585,000
Los Angeles, California, General Obligation Bonds, Tax &
Revenue Anticipation Notes, Series 2025
5.000
06/25/26
44,973,835
3,100,000
Manteca Unified School District, San Joaquin County, California,
General Obligation Bonds, Election 2014 Series 2017B
4.000
08/01/42
3,113,461
10,000,000
Marin Healthcare District, Marin County, California, General
Obligation Bonds, 2013 Election, Series 2015A
4.000
08/01/40
10,002,450
7,500,000
Marin Healthcare District, Marin County, California, General
Obligation Bonds, 2013 Election, Series 2015A
4.000
08/01/45
7,439,365
4,100,000
Monrovia Unified School District, Los Angeles County, California,
General Obligation Bonds, Series 2001B - FGIC Insured
0.000
08/01/27
3,967,688
4,650,000
Monterey Peninsula Community College District, Monterey
County, California, General Obligation Bonds, Election of 2020
Series 2024B
4.000
08/01/51
4,547,977
6,950,000
Morgan Hill Unified School District, Santa Clara County,
California, General Obligation Bonds, Election 2012 Series
2017B
4.000
08/01/47
6,952,093
5,330,000
Mount San Antonio Community College District, Los Angeles
County, California, General Obligation Bonds, Election of 2024,
Series 2025A
5.250
08/01/55
5,822,729
10,765,000
North Orange County Community College District, California,
General Obligation Bonds, Election of 2002 Series 2003B - FGIC
Insured
0.000
08/01/27
10,464,332
2,250,000
Oak Grove School District, Santa Clara County, California,
General Obligation Bonds, Election of 2022, Series 2026
4.250
08/01/54
2,254,287
5,000,000
Oakland Unified School District, Alameda County, California,
General Obligation Bonds, Election 2020, Series 2023A - AGM
Insured
5.250
08/01/48
5,375,984
11,890,000
Palmdale School District, Los Angeles County, California, General
Obligation Bonds, 2022 Election Series 2025
4.250
08/01/55
11,619,581
59
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
10,330,000
Palomar Pomerado Health, California, General Obligation Bonds,
Convertible Capital Appreciation, Election 2004 Series 2010A
0.000
%
08/01/35
$
6,598,041
5,000,000
Paramount Unified School District, Los Angeles County,
California, General Obligation Bonds, Election 2006 Series 2011
6.375
08/01/45
5,823,402
7,350,000
Pleasant Valley School District, Ventura County, California,
General Obligation Bonds, Refunding Series B
4.000
08/01/46
7,327,713
16,736,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/41
16,243,516
28,000,000
San Bernardino Community College District, California, General
Obligation Bonds, Election of 2008 Series 2009B
0.000
08/01/44
13,021,537
9,000,000
San Diego Unified School District, San Diego County, California,
General Obligation Bonds, Dedicated Unlimited Ad Valorem
Property Tax, 2018 Election Green Series 2023G-3
4.000
07/01/53
8,706,333
7,500,000
San Francisco Bay Area Rapid Transit District, California, General
Obligation Bonds Election of 2016 Green Series 2022D-1
4.250
08/01/52
7,499,998
9,760,000
San Francisco Community College District, California, General
Obligation Bonds, Election 2020 Series 2020A
4.000
06/15/45
9,761,511
4,970,000
San Rafael City High School District, Marin County, California,
General Obligation Bonds, Series 2004B - FGIC Insured
0.000
08/01/27
4,808,940
10,000,000
Santa Cruz City High School District, Santa Cruz County,
California, General Obligation Bonds, Election of 2022, Series
2024A
4.000
08/01/54
9,694,161
5,530,000
(e)
Stockton Unified School District, San Joaquin County, California,
General Obligation Bonds, Election 2008 Series 2011D - AGM
Insured
0.000
08/01/50
6,489,577
26,000,000
(e)
Sylvan Union School District, Stanislaus County, California,
General Obligation Bonds, Election of 2006, Series 2010 - AGM
Insured
0.000
08/01/49
24,415,417
4,740,000
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2004 Election Series
2013B
5.500
08/01/38
4,770,523
4,830,000
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2004 Election Series
2013B
5.500
08/01/40
4,861,131
20,510,000
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2004 Election Series
2013B
5.000
08/01/43
20,519,334
4,355,000
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2012 Election Series
2013A
5.500
08/01/38
4,383,043
3,500,000
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2012 Election Series
2013A
5.500
08/01/40
3,522,559
8,410,000
Washington Township Health Care District, Alameda County,
California, General Obligation Bonds, 2012 Election Series
2015B
4.000
08/01/45
8,409,623
750,000
Washington Township Health Care District, California, General
Obligation Bonds, 2020 Election Series 2023B - AGM Insured
4.250
08/01/45
766,720
2,575,000
Washington Township Health Care District, California, General
Obligation Bonds, 2020 Election Series 2023B
5.250
08/01/48
2,816,892
140,160,000
(e)
Yosemite Community College District, California, General
Obligation Bonds, Capital Appreciation, Election 2004, Series
2010D
0.000
08/01/42
133,963,064
TOTAL TAX OBLIGATION/GENERAL
589,692,673
TAX OBLIGATION/LIMITED - 13.4% (8.2% of Total Investments)
1,655,000
Bell Community Housing Authority, California, Lease Revenue
Bonds, Series 2005 - AMBAC Insured
5.000
10/01/36
1,655,519
615,000
Brentwood Infrastructure Financing Authority, California,
Infrastructure Revenue Bonds, Refunding Subordinated Series
2014B
5.000
09/02/36
615,403
1,200,000
California Infrastructure and Economic Development Bank, Lease
Revenue Bonds, California State Teachers Retirement System
Headquarters Expansion, Green Bond-Climate Bond Certified
Series 2019
5.000
08/01/44
1,264,028
Portfolio of Investments February 28, 2026
(continued)
NAC
60
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
13,520,000
California State Public Works Board, Lease Revenue Bonds,
Various Capital Projects, Series 2014E
5.000
%
09/01/39
$
13,545,404
1,605,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2016B
5.000
09/02/46
1,609,383
2,550,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2017C
5.000
09/02/47
2,561,475
2,000,000
California Statewide Communities Development Authority,
Statewide Community Infrastructure Program Revenue Bonds,
Series 2018A
5.000
09/02/47
2,024,537
1,355,000
Corona, California, Special Tax Bonds, Community Facilities
District 2018-1 Bedford, Series 2018A
5.000
09/01/43
1,373,720
5,250,000
Irvine Facilities Financing Authority, California, Special Tax
Revenue Bonds, Great Park Infrastructure Project Series 2023A
5.000
09/01/43
5,838,609
980,000
Lathrop, California, Limited Obligation Improvement Bonds,
Crossroads Assessment District, Series 2015
5.000
09/02/40
983,894
5,620,000
Los Angeles County Metropolitan Transportation Authority,
California, Measure R Sales Tax Revenue Bonds, Senior Series
2016A
5.000
06/01/37
5,654,306
10,455,000
Los Angeles County Metropolitan Transportation Authority,
California, Measure R Sales Tax Revenue Bonds, Senior Series
2016A
5.000
06/01/38
10,515,003
5,000,000
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Sales Tax Revenue Bonds, Green Senior
Lien Series 2019A
5.000
07/01/39
5,273,650
20,735,000
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Sales Tax Revenue Bonds, Green Senior
Lien Series 2019A
5.000
07/01/44
21,714,756
3,995,000
Los Angeles County Metropolitan Transportation Authority,
California, Proposition C Sales Tax Revenue Bonds, Senior Lien
Series 2017A
5.000
07/01/42
4,101,188
2,000,000
Los Angeles County Public Works Financing Authority, California,
Lease Revenue Bonds, Series 2019E-1
5.000
12/01/49
2,085,186
8,000,000
Los Angeles County Public Works Financing Authority, California,
Lease Revenue Bonds, Series 2025J
5.250
12/01/54
8,649,166
1,835,000
Modesto, California, Speical Tax Bonds, Community Faclities
District 2004-1 Village One 2, Refunding Series 2014
5.000
09/01/31
1,838,314
1,000,000
Norco Redevelopment Agency, California, Tax Allocation Bonds,
Project Area 1, Series 2009
7.000
03/01/34
1,003,680
6,055,000
Orange County Local Transportation Authority, California,
Measure M2 Sales Tax Revenue Bonds, Limited Tax Series 2019
5.000
02/15/41
6,406,868
8,831,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/46
3,176,604
14,741,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/51
3,878,466
82,962,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
81,429,568
5,500,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.329
07/01/40
5,511,376
43,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.536
07/01/53
40,346
8,185,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.784
07/01/58
7,930,547
815,000
River Islands Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 2003-1 Improvement Area 1,
Refunding Series 2022A-1 - AGM Insured
4.250
09/01/47
816,762
5,000,000
Riverside County Transportation Commission, California, Sales
Tax Revenue Bonds, Refunding Limited Tax Series 2017B
5.000
06/01/38
5,226,201
4,250,000
Sacramento City Financing Authority, California, Tax Allocation
Revenue Bonds, Merged Downtown Sacramento and Oak Park
Projects, Series 2005A - FGIC Insured
0.000
12/01/31
3,624,494
610,000
San Buenaventura Redevelopment Agency, California, Tax
Allocation Bonds, Merged Project Areas, Series 2008
7.750
08/01/28
612,602
61
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,325,000
San Buenaventura Redevelopment Agency, California, Tax
Allocation Bonds, Merged Project Areas, Series 2008
8.000
%
08/01/38
$
1,330,617
1,605,000
San Francisco City and County Redevelopment Agency
Successor Agency, California, Special Tax Bonds, Community
Facilities District 7, Hunters Point Shipyard Phase One
Improvements, Refunding Series 2014
5.000
08/01/39
1,613,281
5,000,000
San Francisco City and County Redevelopment Agency
Successor Agency, California, Tax Allocation Bonds, Mission Bay
North Redevelopment Project, Refunding Series 2016A - NPFG
Insured
5.000
08/01/41
5,035,820
280,000
Signal Hill Redevelopment Agency, California, Project 1 Tax
Allocation Bonds, Series 2011
7.000
10/01/26
280,944
2,500,000
Stockton Public Financing Authority, California, Revenue Bonds,
Arch Road East Community Facility District 99-02, Series 2018A
5.000
09/01/37
2,577,660
495,000
(a)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
5.500
09/01/27
509,285
1,435,000
(a)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
5.750
09/01/32
1,494,862
5,520,000
(a)
Temecula Public Financing Authority, California, Special Tax
Bonds, Community Facilities District 16-01, Series 2017
6.250
09/01/47
5,653,871
1,700,000
Tracy, California, Special Tax Bonds, Community Facilities District
2016-1 Tracy Hills,  Improvement Area 2, Series 2023
5.750
09/01/48
1,805,637
4,315,000
Transbay Joint Powers Authority, California, Tax Allocation Bonds,
Senior Green Series 2020A
5.000
10/01/45
4,370,853
7,285,000
Transbay Joint Powers Authority, California, Tax Allocation Bonds,
Senior Green Series 2020A
5.000
10/01/49
7,300,983
1,315,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2012A - AGM Insured
5.000
10/01/32
1,319,228
2,105,000
West Sacramento, California, Special Tax Bonds, Community
Facilities District 27 Bridge District, Refunding Series 2016
5.000
09/01/40
2,116,618
4,205,000
West Sacramento, California, Special Tax Bonds, Community
Facilities District 27 Bridge District, Series 2017
5.000
09/01/47
4,225,089
TOTAL TAX OBLIGATION/LIMITED
250,595,803
TRANSPORTATION - 26.9% (16.4% of Total Investments)
7,025,000
Bay Area Toll Authority, California, Revenue Bonds, San Francisco
Bay Area Toll Bridge, Series 2023F-2
4.125
04/01/54
6,932,861
10,000,000
Bay Area Toll Authority, California, Revenue Bonds, San Francisco
Bay Area Toll Bridge, Subordinate Fixed Rate Series 2017S-7
4.000
04/01/37
10,106,840
5,760,000
Burbank-Glendale-Pasadena Airport Authority, California, Airport
Revenue Bonds, Senior Series 2024B - AGM Insured, (AMT)
4.500
07/01/54
5,700,628
7,775,000
California Municipal Finance Authority, Special Facility Revenue
Bonds, United Airlines, Inc. Los Angeles International Airport
Project, Series 2019, (AMT)
4.000
07/15/29
7,928,968
10,979,000
Foothill/Eastern Transportation Corridor Agency, California, Toll
Road Revenue Bonds, Refunding Senior Lien Series 2021A
4.000
01/15/46
10,783,869
7,500,000
Long Beach, California, Harbor Revenue Bonds, Series 2019A
5.000
05/15/49
7,791,745
11,400,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Refunding Subordinate Green
Series 2025A, (AMT)
5.250
05/15/50
12,094,451
13,600,000
(f)
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Refunding Subordinate Green
Series 2025A, (AMT), (UB)
5.250
05/15/50
14,428,467
4,160,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Refunding Subordinate Lien
Private Activity Series 2021A, (AMT)
5.000
05/15/46
4,311,528
13,625,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Refunding Subordinate Lien
Private Activity Series 2021A, (AMT)
5.000
05/15/51
13,936,852
4,850,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Senior Series 2022H, (AMT)
5.000
05/15/42
5,202,127
5,080,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Senior Series 2022H, (AMT)
5.000
05/15/52
5,185,832
Portfolio of Investments February 28, 2026
(continued)
NAC
62
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
24,405,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2016B, (AMT)
5.000
%
05/15/46
$
24,438,115
3,310,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2018C, (AMT)
5.000
05/15/44
3,365,437
5,000,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2018D, (AMT)
5.000
05/15/48
5,084,466
5,485,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series 2019E
5.000
05/15/44
5,760,310
945,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2021D, (AMT)
5.000
05/15/37
1,040,768
22,230,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2021D, (AMT)
5.000
05/15/46
23,108,810
3,750,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2022A, (AMT)
5.000
05/15/45
3,939,878
4,780,000
Riverside County Transportation Commission, California, Toll
Revenue Second Lien Bonds, RCTC 91 Express Lanes, Refunding
Series 2021C
4.000
06/01/47
4,414,354
7,750,000
Riverside County Transportation Commission, California, Toll
Revenue Senior Lien Bonds, RCTC 91 Express Lanes, Refunding
Series 2021B-1
4.000
06/01/46
7,265,950
20,000,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, International Senior Series 2023B, (AMT)
5.250
07/01/58
20,811,866
3,600,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Refunding Subordinate Series 2019A
5.000
07/01/34
3,934,680
1,250,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Refunding Subordinate Series 2019A
5.000
07/01/36
1,357,006
6,000,000
San Diego County Regional Airport Authority, California, Airport
Revenue Bonds, Subordinate Series 2021A
4.000
07/01/51
5,768,232
34,270,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Governmental Purpose
Second Series 2017B
5.000
05/01/47
34,765,051
3,040,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019A, (AMT)
5.000
05/01/38
3,209,628
43,180,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019A, (AMT)
5.000
05/01/44
44,488,596
22,345,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2019A, (AMT)
5.000
05/01/49
22,690,219
16,410,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023C, (AMT)
5.500
05/01/42
18,461,683
11,000,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023C, (AMT)
5.500
05/01/43
12,272,308
1,845,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Refunding Second Series
2023C, (AMT)
5.750
05/01/48
2,008,771
22,835,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2016B, (AMT)
5.000
05/01/46
22,859,776
10,910,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2017A, (AMT)
5.000
05/01/42
11,074,546
3,775,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D, (AMT)
5.000
05/01/48
3,819,002
24,820,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D, (AMT)
5.250
05/01/48
25,282,121
63
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
4,900,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2019E, (AMT)
5.000
%
05/01/40
$
5,142,058
3,540,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2019E, (AMT)
5.000
05/01/50
3,585,644
7,510,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2019F
5.000
05/01/50
7,724,938
4,135,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025A, (AMT)
5.250
05/01/55
4,362,920
10,815,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025A, (AMT)
5.500
05/01/55
11,645,885
30,000,000
(f)
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2025D, (AMT),
(UB)
5.250
05/01/55
31,653,588
16,936,000
San Joaquin Hills Transportation Corridor Agency, Orange
County, California, Refunding Senior Lien Toll Road Revenue
Bonds, Series 2021A
4.000
01/15/50
15,926,970
6,250,000
San Jose, California, Airport Revenue Bonds, Refunding Series
2017A, (AMT)
5.000
03/01/47
6,276,153
TOTAL TRANSPORTATION
501,943,897
U.S. GUARANTEED - 2.3% (g)(1.4% of Total Investments)
18,400,000
Antelope Valley Community College District, Los Angeles
County, California, General Obligation Bonds, Election 2016
Series 2017A, (Pre-refunded 2/15/27)
5.250
08/01/42
18,967,622
12,880,000
California Health Facilities Financing Authority, California,
Revenue Bonds, Sutter Health, Refunding Series 2016B, (Pre-
refunded 11/15/26)
5.000
11/15/46
13,159,217
95,000
California Health Facilities Financing Authority, Revenue Bonds,
CommonSpirit Health, Series 2020A, (Pre-refunded 4/01/30)
4.000
04/01/49
102,797
55,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2021D, (Pre-refunded 11/15/31), (AMT)
5.000
05/15/37
62,339
70,000
Los Angeles Department of Airports, California, Revenue Bonds,
Los Angeles International Airport, Subordinate Lien Series
2021D, (Pre-refunded 11/15/31), (AMT)
5.000
05/15/46
79,341
5,840,000
Orange County Water District, California, Revenue Certificates of
Participation, Series 1999A, (ETM)
5.375
08/15/29
6,298,039
905,000
Orange County Water District, California, Revenue Certificates
of Participation, Series 2003B, (Pre-refunded 8/15/32) - NPFG
Insured
5.000
08/15/34
1,061,032
2,000,000
Puerto Rico Public Finance Corporation, Commonwealth
Appropriation Bonds, Series 2002E, (ETM)
6.000
08/01/26
2,029,338
1,460,000
Rohnert Park Community Development Commission, California,
Tax Allocation Bonds, Redevelopment Project Series 2007R -
FGIC Insured, (ETM)
5.000
08/01/37
1,528,708
5,000
San Francisco Airport Commission, California, Revenue Bonds,
San Francisco International Airport, Second Series 2018D, (Pre-
refunded 5/01/28), (AMT)
5.000
05/01/48
5,199
TOTAL U.S. GUARANTEED
43,293,632
UTILITIES - 28.5% (17.4% of Total Investments)
44,950,000
(d),(f)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2023G, (Mandatory Put
4/01/30), (UB)
5.250
11/01/54
48,496,348
5,000,000
(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2024A, (Mandatory Put
4/01/32)
5.000
05/01/54
5,454,475
38,915,000
(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2024B, (Mandatory Put
12/01/32)
5.000
01/01/55
41,150,153
5,150,000
(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2024C, (Mandatory Put
10/01/32)
5.000
08/01/55
5,575,331
Portfolio of Investments February 28, 2026
(continued)
NAC
64
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
10,000,000
(d)
California Community Choice Financing Authority, Clean Energy
Project Revenue Bonds, Green Series 2025D, (Mandatory Put
7/01/34)
5.000
%
10/01/55
$
10,662,683
2,000,000
California Infrastructure and Economic Development Bank, Clean
Water and Drinking Water State Revolving Fund Revenue Bonds,
Green Series 2025
4.125
10/01/47
2,012,765
3,925,000
(a)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside LP
Desalination Project, Series 2012, (AMT)
5.000
07/01/37
3,940,003
69,535,000
(a)
California Pollution Control Financing Authority, Water
Furnishing Revenue Bonds, Poseidon Resources Channelside LP
Desalination Project, Series 2012, (AMT)
5.000
11/21/45
69,625,076
2,200,000
East Bay Municipal Utility District, Alameda and Contra Costa
Counties, California, Water System Revenue Bonds, Green Series
2017A
5.000
06/01/45
2,240,962
5,000,000
East Bay Municipal Utility District, Alameda and Contra Costa
Counties, California, Water System Revenue Bonds, Green Series
2019A
5.000
06/01/49
5,190,511
2,500,000
El Dorado Irrigation District, California, Certificates of
Participation, Revenue Bonds, Series 2024A
4.000
03/01/50
2,411,779
14,140,000
Long Beach Bond Finance Authority, California, Natural Gas
Purchase Revenue Bonds, Series 2007A
5.000
11/15/35
16,507,647
7,610,000
Long Beach Bond Finance Authority, California, Natural Gas
Purchase Revenue Bonds, Series 2007A
5.500
11/15/37
9,286,315
62,085,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2017C
5.000
07/01/47
62,777,161
8,960,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2018D
5.000
07/01/38
9,333,793
3,910,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2018D
5.000
07/01/39
4,060,366
8,980,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2019A
5.000
07/01/45
9,254,694
8,960,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2020B
5.000
07/01/40
9,588,595
5,105,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2020B
5.000
07/01/45
5,337,466
24,625,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2020B
5.000
07/01/50
25,312,116
2,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2021C
5.000
07/01/51
2,064,001
4,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2022B
5.000
07/01/47
4,220,206
6,500,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2022B
5.000
07/01/52
6,731,448
3,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2022C
5.000
07/01/39
3,291,591
2,325,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2022C
5.000
07/01/41
2,529,937
4,370,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025A - BAM Insured
5.000
07/01/53
4,588,732
10,000,000
Los Angeles Department of Water and Power, California, Power
System Revenue Bonds, Series 2025C
5.000
07/01/55
10,463,699
3,500,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2022B
5.000
07/01/52
3,615,955
2,875,000
Los Angeles Department of Water and Power, California, Water
System Revenue Bonds, Series 2023A
5.000
07/01/49
3,015,181
35,245,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2017A
5.000
07/01/44
35,608,972
2,000,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2020C
5.000
07/01/36
2,178,744
3,000,000
Los Angeles Department of Water and Power, California,
Waterworks Revenue Bonds, Series 2020C
5.000
07/01/38
3,237,032
5,000,000
Los Angeles, California, Wastewater System Revenue Bonds,
Green Subordinate Series 2018A
5.000
06/01/43
5,196,751
65
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
6,500,000
Metropolitan Water District of Southern California, Water
Revenue Bonds, Refunding Series 2023A
5.000
%
04/01/53
$
6,879,545
7,525,000
Moulton Niguel Water District, California, Certificates of
Participation, Series 2019
3.000
09/01/44
6,584,543
4,415,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
4,424,900
2,250,000
Roseville Finance Authority, California,Electric System Revenue
Bonds, Series 2026.
5.000
02/01/45
2,513,196
1,900,000
Roseville Finance Authority,California, Electric System Revenue
Bonds, Series 2026.
5.000
02/01/46
2,098,103
2,950,000
Sacramento County Sanitation Districts Financing Authority,
California, Revenue Bonds, Sacramento Regional County
Sanitation District, Series 2020A
5.000
12/01/50
3,079,381
16,670,000
Sacramento Municipal Utility District, California, Electric Revenue
Bonds, Climate Certified Green Series 2023K
5.000
08/15/53
17,666,916
1,510,000
Sacramento Municipal Utility District, California, Electric Revenue
Bonds, Series 2020H
5.000
08/15/50
1,571,899
7,000,000
Sacremento Municipal Utility District, California, Electric Revenue
Bonds, Series 2019G
5.000
08/15/41
7,495,359
4,000,000
San Diego Public Facilities Financing Authority, California, Water
Revenue Bonds, Senior Series 2023A
4.000
08/01/52
3,904,541
1,180,000
San Diego Public Facilities Financing Authority, California, Water
Utility Revenue Bonds, Refunding Subordinate Lien Series 2016B
5.000
08/01/37
1,191,191
1,250,000
San Joaquin County, California, Revenue Bonds, CSA County
Service Area 31, Refunding Series 2018A
5.000
08/01/38
1,276,135
4,000,000
Southern California Public Power Authority, Natural Gas Project 1
Revenue Bonds, Series 2007A
5.000
11/01/33
4,531,984
31,970,000
Southern California Public Power Authority, Southern
Transmission System Renewal Project Revenue Bonds, Series
2023-1A
5.000
07/01/48
33,719,788
TOTAL UTILITIES
531,897,969
TOTAL MUNICIPAL BONDS
(Cost $2,975,351,889)
3,022,049,630
TOTAL LONG-TERM INVESTMENTS
(Cost $2,975,351,889)
3,022,049,630
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  1.9% (1.1% of Total Investments)  
X
35,000,000
MUNICIPAL BONDS - 1.9%  (1.1% of Total Investments)
X
–
TRANSPORTATION - 1.9% (1.1% of Total Investments)
$
35,000,000
(h)
Bay Area Toll Authority, California, Revenue Bonds, San Francisco
Bay Area Toll Bridge, Series 2024A
1.100
04/01/59
$
35,000,000
TOTAL TRANSPORTATION
35,000,000
TOTAL MUNICIPAL BONDS
(Cost $35,000,000)
35,000,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $35,000,000)
35,000,000
TOTAL INVESTMENTS - 163.8%
(Cost $3,010,351,889)
3,057,049,630
FLOATING RATE OBLIGATIONS - (3.7)%  
(68,590,000)
MFP SHARES, NET - (13.8)% (i)
(256,956,885)
VRDP SHARES, NET - (47.2)% (j)
(881,741,949)
OTHER ASSETS & LIABILITIES, NET - 0.9%
16,691,158
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
1,866,451,954
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
Portfolio of Investments February 28, 2026
(continued)
NAC
66
See Notes to Financial Statements
(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 $430,521,809 or 14.1% of Total Investments.
(b)
When-issued or delayed delivery security.
(c)
Effective February 12, 2019, the par value of the original bonds was replaced with taxable and tax exempt Puerto Rico Sales Tax
Financing Corporation (commonly known as COFINA) bond units that are collateralized by a bundle of zero and coupon paying
bonds. The quantity shown represents units in a trust, which were assigned according to the original bond’s accreted value. These
securities do not have a stated coupon interest rate and income will be recognized through accretion of the discount associated
with the trust units. The factor at which these units accrete can also decrease, primarily for principal payments generated from
coupon payments received or dispositions of the underlying bond collateral. The quantity of units will not change as a result of
these principal payments.
(d)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(e)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the fiscal period.
(f)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(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.
(i)
MFP Shares, Net as a percentage of Total Investments is 8.4%.
(j)
VRDP Shares, Net as a percentage of Total Investments is 28.8%.
67
Portfolio of Investments February 28, 2026
NXJ
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 168.3% (99.6% of Total Investments)  
X
902,353,072
MUNICIPAL BONDS - 168.3%  (99.6% of Total Investments)
X
–
CONSUMER STAPLES - 5.3% (3.2% of Total Investments)
$
8,525,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018A
4.000
%
06/01/37
$
8,567,711
12,895,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018A
5.000
06/01/46
12,918,433
7,250,000
Tobacco Settlement Financing Corporation, New Jersey, Tobacco
Settlement Asset-Backed Bonds, Series 2018B
5.000
06/01/46
7,183,483
TOTAL CONSUMER STAPLES
28,669,627
EDUCATION AND CIVIC ORGANIZATIONS - 19.9% (11.8% of Total Investments)
1,000,000
Atlantic County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, Stockton University Atlantic
City Campus Phase II, Series 2021A - AGM Insured
4.000
07/01/53
905,824
715,000
Camden County Improvement Authority, New Jersey, School
Revenue Bonds, KIPP: Cooper Norcross Academy 2022 Project,
Social Series 2022
6.000
06/15/62
739,797
1,600,000
Essex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, Institute of Technology CHF-
Newark, LLC-NJIT Student Housing Project, Series 2021A - BAM
Insured
4.000
08/01/51
1,511,940
1,000,000
Essex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, Institute of Technology CHF-
Newark, LLC-NJIT Student Housing Project, Series 2021A - BAM
Insured
4.000
08/01/56
926,853
1,000,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, Rowan University Fossil Park & Student Center Projects,
Series 2021 - BAM Insured
4.000
07/01/46
993,451
3,210,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, Rowan University Project, County Guaranteed Loan,
Series 2024 - BAM Insured
5.000
07/01/49
3,352,380
4,000,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, Rowan University Project, County Guaranteed Loan,
Series 2024 - BAM Insured
5.000
07/01/54
4,149,193
1,290,000
Montclair State University, New Jersey, General Obligation
Bonds, Series 2025A
5.000
07/01/32
1,480,185
885,000
Montclair State University, New Jersey, General Obligation
Bonds, Series 2025A
5.000
07/01/33
1,027,989
715,000
Montclair State University, New Jersey, General Obligation
Bonds, Series 2025A
5.000
07/01/34
837,233
1,060,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Central Jersey College Prep Charter School
Project, Series 2025
5.125
11/01/55
1,063,367
1,000,000
New Jersey Economic Development Authority, Charter School
Revenue Bonds, Foundation Academy Charter School, Series
2018A
5.000
07/01/50
947,724
840,000
New Jersey Economic Development Authority, Revenue Bonds,
The Seeing Eye Inc., Refunding Series 2017
3.000
06/01/32
842,960
500,000
New Jersey Economic Development Authority, Revenue Bonds,
The Seeing Eye Inc., Refunding Series 2017
5.000
06/01/32
519,908
770,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Kean University, Refunding Series 2015H - AGM Insured
4.000
07/01/39
770,218
6,000,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2024A-1
5.000
03/01/37
7,035,192
10,000,000
(a)
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2024B, (UB)
4.000
03/01/53
9,834,979
2,000,000
(b)
New Jersey Educational Facilities Authority, Revenue Bonds,
Princeton University, Series 2025A, (Mandatory Put 7/01/35)
5.000
07/01/64
2,390,717
330,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
3.750
07/01/37
252,220
3,830,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Rider University, Series  2017F
4.000
07/01/42
2,748,666
1,200,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Refunding Series 2015C
5.000
07/01/35
1,201,152
Portfolio of Investments February 28, 2026
(continued)
NXJ
68
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
775,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Refunding Series 2017D
3.500
%
07/01/44
$
647,241
515,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2013D
5.000
07/01/38
515,424
1,935,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2013D
5.000
07/01/43
1,935,577
1,980,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Seton Hall University, Series 2016C
3.000
07/01/46
1,473,597
1,060,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
5.000
07/01/37
1,083,313
2,280,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
5.000
07/01/42
2,309,130
1,050,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
4.000
07/01/47
957,455
3,160,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Stevens Institute of Technology, Series 2017A
5.000
07/01/47
3,176,102
4,560,000
New Jersey Educational Facilities Authority, Revenue Bonds,
William Paterson University, Series 2015C
5.000
07/01/40
4,563,625
2,000,000
New Jersey Educational Facilities Authority, Revenue Bonds,
William Paterson University, Series 2017B - AGM Insured
5.000
07/01/42
2,033,310
2,295,000
New Jersey Educational Facilities Authority, Revenue Bonds,
William Paterson University, Series 2017B - AGM Insured
5.000
07/01/47
2,314,433
875,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Senior Series 2021B,
(AMT)
2.500
12/01/40
848,022
8,295,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Senior Series 2022B,
(AMT)
4.000
12/01/41
8,398,111
365,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
3.750
12/01/30
367,331
370,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
4.000
12/01/32
370,142
290,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
4.000
12/01/33
290,091
315,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2018A, (AMT)
4.000
12/01/35
315,049
1,180,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2023B, (AMT)
4.000
12/01/44
1,162,320
1,000,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2024B, (AMT)
4.250
12/01/45
1,033,511
2,650,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Series 2025-1B, (AMT)
4.500
12/01/45
2,777,845
2,430,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Subordinate Series
2021C, (AMT)
3.250
12/01/51
1,757,200
2,500,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Refunding Subordinate Series
2022C, (AMT)
5.000
12/01/52
2,500,647
365,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Series 2019B, (AMT)
3.250
12/01/39
359,960
465,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Senior Series 2020B, (AMT)
3.500
12/01/39
461,215
6,855,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Subordinate Series 2017-C, (AMT)
4.250
12/01/47
6,440,935
4,795,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Subordinate Series 2019C, (AMT)
3.625
12/01/49
3,712,094
1,000,000
New Jersey Higher Education Student Assistance Authority,
Student Loan Revenue Bonds, Subordinate Series 2020C, (AMT)
4.250
12/01/50
877,920
1,060,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5.000
07/01/45
1,159,359
3,430,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5.250
07/01/50
3,730,983
2,865,000
New Jersey Institute of Technology, New Jersey, General
Obligation Bonds, Series 2025A - BAM Insured
5.250
07/01/55
3,092,220
69
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,560,000
Passaic County Improvement Authority, New Jersey, Charter
School Revenue Bonds, Community Charter School of Paterson,
Series 2024A
5.000
%
01/01/55
$
1,503,143
1,000,000
Passaic County Improvement Authority, New Jersey, Charter
School Revenue Bonds, Paterson Arts & Science Charter School,
Series 2023
5.500
07/01/58
1,021,170
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
106,720,423
HEALTH CARE - 14.9% (8.8% of Total Investments)
2,880,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
2.375
07/01/46
1,905,211
1,215,000
New Jersey Health Care Facilities Authority, Revenue Bonds,
Atlanticare Health System Obligated Group Issue, Series 2021
3.000
07/01/51
910,924
85,000
New Jersey Health Care Facilities Finance Authority, Revenue
Bonds, AHS Hospital Corporation, Series 2008A
5.000
07/01/27
85,176
1,935,000
(a)
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, AHS Hospital Corporation, Refunding Series 2016
4.000
07/01/41
1,938,986
700,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Hackensack Meridian Health Obligated Group, Refunding
Series 2017A
5.000
07/01/28
726,048
4,140,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Hackensack Meridian Health Obligated Group, Refunding
Series 2017A
5.000
07/01/57
4,175,217
210,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Hunterdon Medical Center, Refunding Series 2014A
4.000
07/01/45
202,579
13,810,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2017A
5.000
07/01/42
14,065,852
6,220,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2024A
4.125
07/01/54
5,736,471
5,880,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Inspira Health Obligated Group Issue, Series 2024A
5.250
07/01/54
6,260,517
830,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Princeton HealthCare System, Series 2016A
5.000
07/01/32
836,922
1,055,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Princeton HealthCare System, Series 2016A
5.000
07/01/33
1,063,665
1,370,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Princeton HealthCare System, Series 2016A
5.000
07/01/34
1,381,174
2,150,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Refunding Series
2016A
5.000
07/01/43
2,162,766
375,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Refunding Series
2024A
4.250
07/01/54
355,679
1,000,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Refunding Series
2024B
5.000
07/01/36
1,171,044
2,055,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
4.000
07/01/45
2,046,687
2,155,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
3.000
07/01/51
1,655,602
1,755,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, RWJ Barnabas Health Obligated Group, Series 2021A
4.000
07/01/51
1,683,743
1,600,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
3.000
07/01/32
1,525,100
1,135,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
4.000
07/01/34
1,136,151
2,100,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
5.000
07/01/35
2,106,660
4,265,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
5.000
07/01/36
4,276,563
Portfolio of Investments February 28, 2026
(continued)
NXJ
70
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
3,085,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
5.000
%
07/01/41
$
3,091,127
6,595,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Saint Joseph's Healthcare System Obligated Group Issue,
Refunding Series 2016
4.000
07/01/48
5,764,808
3,875,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, University Hospital Issue, Refunding Series 2015A - AGM
Insured
4.125
07/01/38
3,876,889
3,915,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, University Hospital Issue, Refunding Series 2015A - AGM
Insured
5.000
07/01/46
3,921,493
1,500,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Valley Health System Obligated Group, Series 2019
4.000
07/01/44
1,430,435
5,350,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Valley Health System Obligated Group, Series 2019
3.000
07/01/49
4,236,500
TOTAL HEALTH CARE
79,729,989
HOUSING/MULTIFAMILY - 7.4% (4.4% of Total Investments)
450,000
New Jersey Economic Development Authority, Revenue Bonds,
Provident Group - Kean Properties LLC - Kean University Student
Housing Project, Series 2017A
5.000
07/01/47
435,629
1,400,000
New Jersey Economic Development Authority, Revenue Bonds,
Provident Group - Kean Properties LLC - Kean University Student
Housing Project, Series 2017A
5.000
01/01/50
1,323,821
1,900,000
New Jersey Economic Development Authority, Revenue Bonds,
Provident Group - Rowan Properties LLC - Rowan University
Student Housing Project, Series 2015A
5.000
01/01/48
1,891,051
6,575,000
New Jersey Economic Development Authority, Revenue Bonds,
West Campus Housing LLC - New Jersey City University Student
Housing Project, Series 2015
5.000
07/01/47
5,987,791
3,277,596
New Jersey Housing & Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Cherry Garden Apartments Project,
Series 2021B
2.375
01/01/39
2,722,773
1,729,098
New Jersey Housing & Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Riverview Towers Apartments, Series
2024B
5.250
12/20/65
1,907,964
3,500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Forest Hill House, Series 2024A-1
5.000
01/20/66
3,598,430
1,785,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Conduit Revenue Bonds, Montgomery Gateway Apartments,
Series 2025A
4.550
05/01/41
1,907,681
4,320,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2015A
4.000
11/01/45
4,187,173
2,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2017D, (AMT)
3.900
11/01/32
2,001,780
1,750,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2017D, (AMT)
4.250
11/01/37
1,751,502
1,150,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2020A
2.300
11/01/40
948,387
500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2020A
2.450
11/01/45
362,569
1,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2020A
2.550
11/01/50
667,416
1,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2020A
2.625
11/01/56
648,863
1,500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2021A
2.250
11/01/36
1,307,600
1,270,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2021A
2.650
11/01/46
933,002
1,445,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2021A
2.700
11/01/51
992,668
1,310,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2021A
2.750
11/01/56
869,200
1,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023C, (AMT)
5.000
11/01/38
1,045,972
71
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
1,000,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023E-1
4.350
%
05/01/45
$
1,013,736
1,500,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023E-1
4.550
05/01/55
1,502,084
1,175,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2023E-1
4.600
05/01/60
1,172,819
690,000
New Jersey Housing and Mortgage Finance Agency, Multifamily
Revenue Bonds, Series 2024A
4.500
05/01/50
680,773
TOTAL HOUSING/MULTIFAMILY
39,860,684
HOUSING/SINGLE FAMILY - 13.1% (7.7% of Total Investments)
5,280,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018A
3.600
04/01/33
5,316,774
3,025,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018A
3.750
10/01/35
3,040,858
2,840,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2018B, (AMT)
3.800
10/01/32
2,854,681
4,585,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2019C
3.500
10/01/34
4,618,908
4,835,000
(a)
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2019C, (UB)
3.850
10/01/39
4,855,700
2,780,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2019C
3.950
10/01/44
2,782,939
4,810,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2020E
2.050
10/01/35
4,197,430
6,235,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2020E
2.250
10/01/40
5,085,296
3,210,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2020E
2.400
10/01/45
2,418,856
1,000,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2024K
4.150
10/01/39
1,022,915
1,335,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2024K
4.550
10/01/44
1,359,490
1,500,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Series 2024K
4.700
10/01/50
1,504,477
5,995,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2021H
1.900
10/01/36
5,084,456
4,625,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2021H
2.150
10/01/41
3,560,757
8,070,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2021H
2.400
04/01/52
5,474,372
4,040,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2022I
4.500
10/01/42
4,162,432
2,980,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2022I
4.600
10/01/46
3,004,641
1,000,000
(a)
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2023J, (UB)
4.150
10/01/38
1,033,002
2,300,000
(a)
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2023J, (UB)
4.500
10/01/43
2,331,843
3,850,000
(a)
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2023J, (UB)
4.700
10/01/48
3,862,863
2,455,000
New Jersey Housing and Mortgage Finance Agency, Single
Family Housing Revenue Bonds, Social Series 2025M
5.050
10/01/45
2,543,973
TOTAL HOUSING/SINGLE FAMILY
70,116,663
INDUSTRIALS - 0.6% (0.4% of Total Investments)
1,000,000
New Jersey Economic Development Authority, Energy Facilities
Revenue Bonds, UMM Energy Partners, LLC Project, Series
2012A, (AMT)
4.750
06/15/32
1,000,718
1,225,000
New Jersey Economic Development Authority, Energy Facilities
Revenue Bonds, UMM Energy Partners, LLC Project, Series
2012A, (AMT)
5.125
06/15/43
1,225,277
1,000,000
(c)
New Jersey Economic Development Authority, New Jersey, Dock
and Wharf Facility Revenue Bonds, Repauno Port & Rail Terminal
Project, Series 2025, (AMT)
6.625
01/01/45
1,050,085
TOTAL INDUSTRIALS
3,276,080
Portfolio of Investments February 28, 2026
(continued)
NXJ
72
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE - 0.8% (0.4% of Total Investments)
$
1,110,000
New Jersey Economic Development Authority, Fixed Rate
Revenue Bonds, Lions Gate Project, Series 2014
5.250
%
01/01/44
$
1,100,654
2,683,235
(c)
New Jersey Economic Development Authority, Revenue Bonds,
White Horse HMT Urban Renewal LLC Project, Series 2020
5.000
01/01/40
1,906,791
1,410,000
(c)
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Village Drive Healthcare Urban Renewal LLC, Series 2018
5.750
10/01/38
1,038,136
TOTAL LONG-TERM CARE
4,045,581
TAX OBLIGATION/GENERAL - 21.5% (12.7% of Total Investments)
1,780,000
Bridgewater & Raritan School District, Somerset County, New
Jersey, General Obligation Bonds, Series 2024
4.000
07/15/45
1,781,521
2,920,000
Cumberland County Improvement Authority, New Jersey,
Guaranteed Lease Revenue Bonds, County Correctional Facility
Project, Series 2018 - BAM Insured
4.000
10/01/43
2,939,670
1,470,000
Cumberland County, New Jersey, General Obligation Bonds,
Series 2021
2.000
05/15/30
1,410,439
1,475,000
Cumberland County, New Jersey, General Obligation Bonds,
Series 2021
2.000
05/15/31
1,393,224
600,000
Essex County Improvement Authority, New Jersey, Lease
Revenue Bonds, Essex County Family Court Building Projects,
County Guaranteed Series 2025
5.000
03/17/26
600,596
2,000,000
Essex County, New Jersey, General Obligation Bonds, Bond
Anticipation Notes, Series 2025
4.000
07/08/26
2,011,595
3,000,000
Ewing Township, Mercer County, New Jersey, General Obligation
Bonds, Bond Anticipation Notes Series 2025
4.000
12/22/26
3,042,132
1,000,000
Freehold Township Board of Education, Monmouth County, New
Jersey, General Obligation Bonds, School Series 2025
4.000
08/15/41
1,046,384
625,000
Gloucester County Improvement Authority, New Jersey, General
Obligation Loan Revenue Bonds, Health Sciences Educational
Facilities Projects Series 2024
5.000
03/01/32
724,643
500,000
Gloucester County Improvement Authority, New Jersey, General
Obligation Loan Revenue Bonds, Health Sciences Educational
Facilities Projects Series 2024
5.000
03/01/36
586,064
680,000
Hamilton Township, Mercer County Board of Education, New
Jersey, General Obligation Bonds, Series 2017
3.250
12/15/38
680,084
1,340,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3.125
03/01/31
1,354,266
1,110,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3.250
03/01/32
1,122,382
1,255,000
Harrison, New Jersey, General Obligation Bonds, Parking Utility
Series 2018 - BAM Insured
3.500
03/01/36
1,268,486
1,040,000
Hudson County Improvement Authority, New Jersey, County
Guaranteed Governmental Loan Revenue Bonds, Guttenberg
General Obligation Bond Project, Series 2018
5.000
08/01/42
1,041,040
2,000,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Courthouse
Project, Series 2020
4.000
10/01/46
1,982,840
2,390,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Courthouse
Project, Series 2020
4.000
10/01/51
2,269,537
4,235,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Vocational
Technical Schools Project, Series 2016
5.000
05/01/46
4,241,980
9,775,000
Hudson County Improvement Authority, New Jersey, County
Secured Lease Revenue Bonds, Hudson County Vocational
Technical Schools Project, Series 2016
5.250
05/01/51
9,789,467
650,000
Jersey City Board of Education, Hudson County, New Jersey,
General Obligation Bonds, School Energy Savings Refunding
Series 2023 - AGM Insured
4.000
08/15/40
683,002
500,000
Jersey City Board of Education, Hudson County, New Jersey,
General Obligation Bonds, School Energy Savings Refunding
Series 2023 - AGM Insured
4.000
08/15/41
520,035
880,000
Jersey City Board of Education, Hudson County, New Jersey,
General Obligation Bonds, School Energy Savings Refunding
Series 2023 - AGM Insured
4.125
08/15/42
911,418
73
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
5,000,000
Jersey City, New Jersey, General Obligation Bonds, General
Improvement Series 2022A
3.000
%
02/15/37
$
4,853,622
1,000,000
Jersey City, New Jersey, General Obligation Bonds, Refunding
General Improvement Series 2017A
5.000
11/01/29
1,046,003
515,000
Jersey City, New Jersey, General Obligation Bonds, Refunding
General Improvement Series 2017A
5.000
11/01/31
537,675
440,000
Jersey City, New Jersey, General Obligation Bonds, Refunding
General Improvement Series 2017A
5.000
11/01/33
457,721
1,850,000
Madison Borough Board of Education, Morris County, New
Jersey, General Obligation Bonds, School Series 2024
1.000
08/15/30
1,716,079
1,585,000
Madison Borough Board of Education, Morris County, New
Jersey, General Obligation Bonds, School Series 2024
4.000
08/15/42
1,621,572
2,255,000
Manalapan-Englishtown Regional Board of Education, New
Jersey, General Obligation Bonds, School Series 2025
4.000
07/15/43
2,304,913
5,195,000
Manalapan-Englishtown Regional Board of Education, New
Jersey, General Obligation Bonds, School Series 2025
4.000
07/15/44
5,260,081
1,000,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2021A
3.000
03/01/36
1,008,252
1,825,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2025
5.000
12/01/32
2,145,779
1,000,000
Monmouth County Improvement Authority, New Jersey,
Governmental Pooled Loan Revenue Bonds, Series 2025
5.000
12/01/35
1,222,531
1,500,000
Montclair Township Board of Education, Essex County, New
Jersey, General Obligation Bonds, School Series 2025
4.250
08/01/44
1,530,290
35,000
Montclair Township Board of Education, Essex County, New
Jersey, General Obligation Bonds, School Series 2025
4.375
08/01/45
35,632
1,110,000
New Brunswick, New Jersey, General Obligation Bonds, Cultural
Center Project, Series 2017 - AGM Insured
4.000
09/15/44
1,114,750
2,000,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
5.000
06/01/27
2,075,485
3,180,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
4.000
06/01/31
3,466,079
3,940,000
New Jersey State, General Obligation Bonds, Covid-19
Emergency Series 2020A
3.000
06/01/32
4,064,126
3,280,000
New Jersey State, General Obligation Bonds, Various Purpose
Series 2020
2.250
06/01/35
3,061,930
1,465,000
New Jersey State, General Obligation Bonds, Various Purpose
Series 2020
5.000
06/01/40
1,508,963
1,000,000
New Jersey State, General Obligation Bonds, Various Purpose
Series 2021 - BAM Insured
2.000
06/01/36
884,663
750,000
Newark Board of Education, Essex County, New Jersey, General
Obligation Bonds, School Energy Savings Series 2021 - BAM
Insured
3.000
07/15/38
701,388
755,000
Newark Board of Education, Essex County, New Jersey, General
Obligation Bonds, School Energy Savings Series 2021 - BAM
Insured
3.000
07/15/39
695,863
1,000,000
Newark Board of Education, Essex County, New Jersey, General
Obligation Bonds, School Energy Savings Series 2021 - BAM
Insured
3.000
07/15/40
910,652
2,400,000
Newark, Essex County, New Jersey, Mass Transit Access Tax
Revenue Bonds, Mulberry Pedestrian Bridge Redevelopment
Project, Series 2022 - AGM Insured
6.000
11/15/62
2,663,159
1,290,000
Newark, New Jersey, General Obligation Bonds, Refunding
Qualified  General Improvement Series 2025A
5.000
07/15/26
1,301,486
2,937,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/33
3,008,014
2,032,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/35
2,066,878
2,000,000
Rahway, New Jersey, General Obligation Bonds, Bond
Anticipation Note Series 2025
4.000
07/22/26
2,013,076
1,000,000
Sayreville School District, Middlesex County, New Jersey, General
Obligation Bonds, School Series 2022 - BAM Insured
4.000
01/15/41
1,038,639
2,000,000
South Brunswick Township, Middlesex County, New Jersey,
General Obligation Bonds, BAN Series 2025A
4.000
10/19/26
2,019,981
Portfolio of Investments February 28, 2026
(continued)
NXJ
74
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
4,035,000
Tenafly Board of Education, Bergen County, New Jersey, General
Obligation Bonds, Series 2024
3.000
%
08/01/36
$
4,054,100
1,000,000
Toms River Board of Education, Ocean County, New Jersey,
General Obligation Bonds, Regional Schools Series 2019
2.000
07/15/26
993,404
4,620,000
Union County Utilities Authority, New Jersey, Resource Recovery
Facility Lease Revenue Bonds, Covantan Union Inc. Lessee,
Refunding Series 2011B, (AMT)
5.250
12/01/31
4,629,768
2,515,000
Union County Utilities Authority, New Jersey, Solid Waste System
County Deficiency Revenue Bonds, Series 2011A
5.000
06/15/41
2,517,240
590,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
5.000
07/01/40
676,801
500,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
5.000
07/01/41
562,475
750,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
5.000
07/01/42
834,431
700,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
4.500
07/01/43
737,136
700,000
Vineland Board of Education, Cumberland County, New Jersey,
General Obligation Bonds, Energy Savings Refunding School
Series 2025 - BAM Insured
4.500
07/01/44
731,058
1,515,000
Washington Township Board of Education, Mercer County, New
Jersey, General Obligation Bonds, Series 2005 - AGM Insured
5.250
01/01/27
1,552,541
TOTAL TAX OBLIGATION/GENERAL
115,025,041
TAX OBLIGATION/LIMITED - 47.4% (28.1% of Total Investments)
4,500,000
Bergen County Improvement Authority, New Jersey, County
Guaranteed Governmental Pooled Project Notes, Series 2025A
4.000
05/21/26
4,516,421
2,365,000
Bergen County Improvement Authority, New Jersey, County
Guaranteed Revenue Bonds, Bergen New Bridge Medical Center
Project, Series 2022
5.000
08/01/47
2,495,366
3,775,000
Bergen County Improvement Authority, New Jersey, Guaranteed
Lease Revenue Bonds, County Administration Complex Project,
Series 2005
5.000
11/15/26
3,851,808
3,065,000
Bergen County Improvement Authority, New Jersey, Lease
Revenue Bonds, County Courthouse Project, County Guaranteed
Series 2024
5.000
06/01/49
3,304,887
2,000,000
Bergen County Improvement Authority, New Jersey, Lease
Revenue Bonds, County Courthouse Project, County Guaranteed
Series 2024
5.000
06/01/54
2,145,255
2,605,000
Burlington County Bridge Commission, New Jersey,
Governmental Leasing Program Revenue Bonds, Notes Series
2025C-2
4.000
07/31/26
2,620,847
440,000
Camden County Improvement Authority, New Jersey, County
Guaranteed Loan Revenue Bonds, Refunding Capital Program
Series 2024B
5.000
01/15/33
516,186
475,000
Camden County Improvement Authority, New Jersey, County
Guaranteed Loan Revenue Bonds, Refunding Capital Program
Series 2024B
5.000
01/15/36
558,380
500,000
Camden County Improvement Authority, New Jersey, County
Guaranteed Loan Revenue Bonds, Refunding Capital Program
Series 2024B
5.000
01/15/37
583,294
1,000,000
Casino Reinvestement Development Authority, New Jersey,
Luxury Tax Revenue Bonds, Series 2024A
5.000
11/01/40
1,110,137
1,005,000
Casino Reinvestement Development Authority, New Jersey,
Luxury Tax Revenue Bonds, Series 2024A
4.000
11/01/44
986,853
560,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, County Guaranteed Loan Capital Program, Refunding
Series 2025
5.000
04/01/26
561,265
590,000
Gloucester County Improvement Authority, New Jersey, Revenue
Bonds, County Guaranteed Loan Capital Program, Refunding
Series 2025
5.000
04/01/27
608,167
75
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,965,000
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A
5.000
%
08/15/49
$
2,083,921
8,000,000
(a)
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A, (UB)
4.000
08/15/53
7,673,686
5,615,000
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A
5.000
08/15/53
5,902,305
7,785,000
(a)
Middlesex County Improvement Authority, New Jersey, General
Obligation Lease Revenue Bonds, New Jersey Health + Life
Science Exchange - H-1 Project Series 2023A, (UB)
5.000
08/15/53
8,183,339
5,445,000
New Jersey Economic Development Authority, Lease Revenue
Bonds, State House Project, Series 2017B
4.500
06/15/40
5,566,737
2,400,000
New Jersey Economic Development Authority, New Jersey,
Transit Transportation Project Revenue Bonds, Portal North
Bridge Project Series 2022A
5.250
11/01/47
2,554,054
1,685,000
New Jersey Economic Development Authority, New Jersey,
Transit Transportation Project Revenue Bonds, Portal North
Bridge Project Series 2022A
5.000
11/01/52
1,747,228
5,675,000
New Jersey Economic Development Authority, Revenue Bonds,
Motor Vehicle Surcharge, Refunding Subordinate Series 2017A
3.375
07/01/30
5,683,754
665,364
New Jersey Economic Development Authority, Revenue
Refunding Bonds, Kapkowski Road Landfill Project, Series 2002
6.500
04/01/28
686,616
1,300,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Social Series 2021QQQ
5.000
06/15/31
1,458,011
1,000,000
New Jersey Economic Development Authority, School Facilities
Construction Bonds, Social Series 2021QQQ
5.000
06/15/32
1,117,680
6,495,000
(a)
New Jersey Educational Facilities Authority, Revenue Bonds,
Higher Education Capital Improvement Fund Series 2023A, (UB)
4.625
09/01/48
6,639,939
590,000
New Jersey Educational Facilities Authority, Revenue Bonds,
Higher Education Capital Improvement Fund Series 2023A
5.250
09/01/53
623,984
1,140,000
New Jersey Transportation Trust Fund Authority, Federal Highway
Reimbursement Revenue Notes, Series 2016A-1
5.000
06/15/29
1,148,564
655,000
New Jersey Transportation Trust Fund Authority, Federal Highway
Reimbursement Revenue Notes, Series 2016A-1
5.000
06/15/30
659,762
2,000,000
New Jersey Transportation Trust Fund Authority, Federal Highway
Reimbursement Revenue Notes, Series 2018A
5.000
06/15/31
2,014,211
3,495,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2019AA
5.000
06/15/46
3,585,178
1,250,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022BB
3.000
06/15/50
955,766
260,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022BB
4.000
06/15/50
242,254
3,750,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC
5.000
06/15/42
4,095,525
1,000,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2023AA
4.250
06/15/44
1,017,024
31,175,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Capital Appreciation Series 2010A
0.000
12/15/30
27,570,310
37,000,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0.000
12/15/32
30,932,396
37,945,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0.000
12/15/33
30,653,394
5,160,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Refunding Series 2006C - AGM Insured
0.000
12/15/34
4,015,048
1,150,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2018A
5.000
12/15/35
1,221,582
440,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2018A
5.000
12/15/36
465,752
4,950,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019A
4.000
12/15/39
5,032,096
6,845,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
3.500
06/15/46
5,940,585
Portfolio of Investments February 28, 2026
(continued)
NXJ
76
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
2,720,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2019BB
4.000
%
06/15/50
$
2,534,347
4,425,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2020AA
5.000
06/15/45
4,629,992
2,045,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2020AA
3.000
06/15/50
1,563,633
1,940,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2024AA
4.000
06/15/42
1,969,556
3,170,000
New Jersey Transportation Trust Fund Authority, Transportation
System Bonds, Series 2024CC
4.125
06/15/55
2,990,227
600,000
Newark Parking Authority, Essex County, New Jersey, Lease
Revenue Bonds, Parking Facility/Office Project Series 2023 - AGM
Insured
5.250
02/01/43
633,089
1,250,000
Newark Parking Authority, Essex County, New Jersey, Lease
Revenue Bonds, Parking Facility/Office Project Series 2023 - AGM
Insured
5.500
02/01/51
1,292,908
1,140,000
Passaic County Improvement Authority, New Jersey, Guaranteed
Revenue Bonds, Senior Housing Project Series 2024
4.000
11/01/46
1,143,543
750,000
Passaic County Improvement Authority, New Jersey, Guaranteed
Revenue Bonds, Senior Housing Project Series 2024
4.125
11/01/56
736,441
375,000
Passaic County Improvement Authority, New Jersey, Lease
Revenue Bonds, Little Falls Board of Education Project Series
2025
5.000
09/15/36
437,357
3,790,000
Passaic County Improvement Authority, New Jersey, Lease
Revenue Bonds, Preakness Healthcare Center Expansion Project,
Refunding Series 2015
3.750
05/01/36
3,791,873
3,550,000
Passaic County Improvement Authority, New Jersey, Lease
Revenue Bonds, Preakness Healthcare Center Expansion Project,
Series 2012
3.500
05/01/35
3,551,372
909,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4.750
07/01/53
886,387
1,783,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
1,750,065
2,899,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.329
07/01/40
2,904,996
1,059,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.784
07/01/58
1,026,078
1,470,000
Union County Improvement Authority, New Jersey, County
Guaranteed Lease Revenue Bonds, Union County Administration
Complex Project, Series 2024
4.125
04/15/54
1,443,116
1,420,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5.500
05/01/28
1,523,240
1,425,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5.500
05/01/29
1,575,026
1,000,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5.500
05/01/30
1,136,398
1,830,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5.500
05/01/31
2,131,761
1,915,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5.500
05/01/32
2,281,512
1,990,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5.500
05/01/33
2,416,273
2,075,000
Union County Improvement Authority, New Jersey, General
Obligation Lease Bonds, Juvenile Detention Center Facility
Project, Refunding Series 2015A
5.500
05/01/34
2,563,182
12,510,000
Union County Improvement Authority, New Jersey, Lease
Revenue Bonds, Plainfield - Park Madison Redevelopment
Project, Refunding Series 2013A
5.000
03/01/34
13,888,423
TOTAL TAX OBLIGATION/LIMITED
254,130,362
77
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION - 30.1% (17.8% of Total Investments)
$
1,000,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Refunding Series 2024B
5.000
%
01/01/42
$
1,127,027
1,000,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Refunding Series 2024B
5.000
01/01/43
1,114,721
1,075,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Series 2019
4.000
01/01/44
1,078,402
665,000
Delaware River and Bay Authority, Delaware and New Jersey,
Revenue Bonds, Series 2024A
5.000
01/01/49
709,652
1,000,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2015 - BAM Insured
4.000
07/01/34
1,000,959
2,820,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2015 - BAM Insured
4.000
07/01/35
2,822,416
2,005,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2019B
5.000
07/01/28
2,135,764
1,520,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Refunding Series
2019B
5.000
07/01/29
1,659,111
3,320,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5.000
07/01/42
3,391,504
10,210,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2017
5.000
07/01/47
10,325,453
1,050,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2019A
5.000
07/01/28
1,118,480
1,350,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2019A
5.000
07/01/29
1,473,553
1,015,000
Delaware River Joint Toll Bridge Commission, New Jersey and
Pennsylvania, Bridge System Revenue Bonds, Series 2019A
5.000
07/01/30
1,105,235
4,140,000
Delaware River Port Authority, New Jersey and Pennsylvania,
Revenue Bonds, Refunding Series 2025
5.000
01/01/37
4,838,834
2,400,000
Delaware River Port Authority, New Jersey and Pennsylvania,
Revenue Bonds, Series 2018A
5.000
01/01/37
2,545,586
6,355,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013,
(AMT)
5.375
01/01/43
6,363,247
7,815,000
New Jersey Economic Development Authority, Private Activity
Bonds, The Goethals Bridge Replacement Project, Series 2013,
(AMT)
5.625
01/01/52
7,822,164
1,975,000
New Jersey Economic Development Authority, Special Facilities
Revenue Bonds, Continental Airlines Inc., Series 1999, (AMT)
5.250
09/15/29
1,978,876
2,250,000
New Jersey Economic Development Authority, Special Facilities
Revenue Bonds, Continental Airlines Inc., Series 2000A & 2000B,
(AMT)
5.625
11/15/30
2,258,739
5,215,000
New Jersey Economic Development Authority, Special Facility
Revenue Bonds, Port Newark Container Terminal LLC Project,
Refunding Series 2017, (AMT)
5.000
10/01/37
5,319,045
9,110,000
New Jersey Economic Development Authority, Special Facility
Revenue Bonds, Port Newark Container Terminal LLC Project,
Refunding Series 2017, (AMT)
5.000
10/01/47
9,125,011
2,565,000
New Jersey Turnpike Authority, Revenue Bonds, Series 2005A -
AGM Insured
5.250
01/01/29
2,792,185
2,000,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2021A
4.000
01/01/42
2,046,654
2,490,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2021A
4.000
01/01/51
2,419,236
1,230,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022A
4.000
01/01/42
1,266,687
2,500,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022A
4.000
01/01/43
2,553,282
7,500,000
(a)
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2022B, (UB)
5.250
01/01/52
7,969,201
8,500,000
(a)
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2024B, (UB)
4.125
01/01/54
8,307,670
Portfolio of Investments February 28, 2026
(continued)
NXJ
78
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
3,000,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2024B
5.250
%
01/01/54
$
3,201,096
5,000,000
(a)
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2025A, (UB)
4.750
01/01/50
5,200,158
5,000,000
(a)
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2025A, (UB)
4.750
01/01/55
5,160,204
2,800,000
New Jersey Turnpike Authority, Turnpike Revenue Bonds, Series
2025A
5.250
01/01/55
3,010,053
2,750,000
Passaic County Improvement Authority, New Jersey, Revenue
Bonds, Paterson Parking Deck Facility, Series 2005
5.000
04/15/35
2,755,262
2,890,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Seventy Seventh Series 2013,
(AMT)
4.000
01/15/43
2,849,823
7,895,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Eighteen Series 2019, (AMT)
4.000
11/01/41
7,886,111
4,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Eighteen Series 2019, (AMT)
4.000
11/01/47
3,754,924
1,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty-Fifth Series 2024
5.000
09/01/49
1,063,822
1,285,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty-Fifth Series 2024
5.000
09/01/54
1,352,041
4,500,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fouteen Series 2019, (AMT)
4.000
09/01/38
4,546,274
2,500,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fouteen Series 2019, (AMT)
4.000
09/01/39
2,516,155
1,265,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Eighth Series 2023, (AMT)
5.000
07/15/38
1,401,841
2,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Four Series 2022, (AMT)
5.500
08/01/52
2,115,450
10,720,000
(a)
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirty-Six Series 2022, (AMT), (UB)
5.000
01/15/47
11,035,815
1,385,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2020A
5.000
11/01/45
1,441,408
2,240,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2022A
4.625
11/01/47
2,276,868
1,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2022A - BAM
Insured
5.250
11/01/52
1,048,307
1,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2025A - BAM
Insured
4.000
11/01/38
1,048,324
1,000,000
South Jersey Transportation Authority, New Jersey,
Transportation System Revenue Bonds, Series 2025A - BAM
Insured
4.000
11/01/39
1,039,859
TOTAL TRANSPORTATION
161,372,489
U.S. GUARANTEED - 1.3% (d)(0.8% of Total Investments)
1,760,000
New Jersey Health Care Facilities Financing Authority, Revenue
Bonds, Kennedy Health System Obligated Group Issue,
Refunding Series 2012, (ETM)
3.750
07/01/27
1,777,022
1,875,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2019AA, (Pre-refunded 12/15/28)
5.000
06/15/46
2,026,408
1,250,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)
5.000
06/15/48
1,471,751
1,610,000
New Jersey Transportation Trust Fund Authority, Transportation
Program Bonds, Series 2022CC, (Pre-refunded 12/15/32)
5.500
06/15/50
1,946,147
TOTAL U.S. GUARANTEED
7,221,328
UTILITIES - 6.0% (3.5% of Total Investments)
500,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5.000
10/01/28
525,345
505,000
Guam Power Authority, Revenue Bonds, Refunding Series 2024A
5.000
10/01/29
539,989
1,970,000
New Jersey Economic Development Authority, Natural Gas
Facilities Revenue Bonds, New Jersey Natural Gas Company
Project, Refunding Series 2011A
2.750
08/01/39
1,685,144
79
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,495,000
New Jersey Economic Development Authority, Natural Gas
Facilities Revenue Bonds, New Jersey Natural Gas Company
Project, Refunding Series 2011C, (AMT)
3.000
%
08/01/41
$
1,324,225
2,355,000
New Jersey Economic Development Authority, Water Facilities
Revenue Bonds, Middlesex Water Company, Series 2019, (AMT)
4.000
08/01/59
2,067,612
835,000
New Jersey Environmental Infrastructure Trust, Environmental
Infrastructure Bonds, Green Series 2025A-SW1
5.000
09/01/36
1,010,158
4,455,000
New Jersey Infrastructure Bank, Environmental Infrastructure
Bonds, Green Series 2021A-1
3.000
09/01/34
4,495,251
925,000
New Jersey Infrastructure Bank, Environmental Infrastructure
Bonds, Green Series 2024A-W1
5.000
09/01/49
989,514
2,700,000
Passaic County Utilities Authority, New Jersey, Solid Waste
Disposal Revenue Bonds, Refunding Series 2018
5.000
03/01/37
3,092,288
1,365,000
Passaic Valley Water Commission, New Jersey, Water System
Revenue Bonds, Series 2023 - AGM Insured
4.000
12/01/53
1,330,480
1,500,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/35
1,567,667
1,000,000
(c)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
4.000
07/01/42
971,292
13,000,000
Salem County Pollution Control Financing Authority, New
Jersey, Revenue Bonds, Atlantic City Electric Company Project,
Refunding Series 2020
2.250
06/01/29
12,585,840
TOTAL UTILITIES
32,184,805
TOTAL MUNICIPAL BONDS
(Cost $896,815,625)
902,353,072
TOTAL LONG-TERM INVESTMENTS
(Cost $896,815,625)
902,353,072
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  0.7% (0.4% of Total Investments)  
X
3,500,000
MUNICIPAL BONDS - 0.7%  (0.4% of Total Investments)
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 0.7% (0.4% of Total Investments)
$
3,500,000
(e)
Rutgers State University, New Jersey, Revenue Bonds, Series
2009G
1.600
05/01/39
$
3,500,000
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
3,500,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,500,000)
3,500,000
TOTAL INVESTMENTS - 169.0%
(Cost $900,315,625)
905,853,072
FLOATING RATE OBLIGATIONS - (11.9)%  
(63,850,000)
VRDP SHARES, NET - (58.4)% (f)
(312,862,377)
OTHER ASSETS & LIABILITIES, NET - 1.3%
6,969,081
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
536,109,776
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
(a)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(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)
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 $6,533,971 or 0.7% of Total Investments.
(d)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(e)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
(f)
VRDP Shares, Net as a percentage of Total Investments is 34.5%.
80
Portfolio of Investments February 28, 2026
NRK
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 163.9% (98.8% of Total Investments)  
X
1,589,239,708
MUNICIPAL BONDS - 163.9%  (98.8% of Total Investments)
X
–
CONSUMER STAPLES - 7.8% (4.7% of Total Investments)
$
27,580,000
Erie County Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2005A
5.000
%
06/01/38
$
25,822,914
9,555,000
Erie County Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2005A
5.000
06/01/45
7,988,958
10,000,000
(a)
Erie County Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2005C
0.000
06/01/50
1,293,039
4,680,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Turbo Term Series 2016A.
Including 2016A-1, 2016A-2A and 2016A-2B
5.000
06/01/45
4,139,810
39,715,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006
5.000
06/01/48
36,606,932
TOTAL CONSUMER STAPLES
75,851,653
EDUCATION AND CIVIC ORGANIZATIONS - 24.0% (14.5% of Total Investments)
6,620,000
Brooklyn Arena Local Development Corporation, New York,
Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project,
Refunding Series 2016A
5.000
07/15/42
6,657,023
9,995,000
Brooklyn Arena Local Development Corporation, New York,
Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project,
Series 2009
0.000
07/15/45
3,956,085
29,145,000
Brooklyn Arena Local Development Corporation, New York,
Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project,
Series 2009
0.000
07/15/47
10,096,312
970,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4.500
06/15/43
928,350
850,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4.750
06/15/53
769,100
500,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4.750
06/15/58
446,329
725,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Global Community Charter School Project, Series 2022A
5.000
06/15/52
626,812
5,000,000
Build New York City Resource Corporation, New York, Revenue
Bonds, KIPP New York City Public School Facilities, Canal West
Project, Series 2022
5.250
07/01/57
5,047,716
5,325,000
Build New York City Resource Corporation, New York, Revenue
Bonds, KIPP New York City Public School Facilities, Canal West
Project, Series 2022
5.250
07/01/62
5,361,491
397,607
(b)
Build New York City Resource Corporation, New York, Revenue
Bonds, Metropolitan College of New York, Series 2014
5.250
11/01/29
318,086
2,063,559
(b)
Build New York City Resource Corporation, New York, Revenue
Bonds, Metropolitan College of New York, Series 2014
5.250
11/01/34
1,650,847
542,146
(b)
Build New York City Resource Corporation, New York, Revenue
Bonds, Metropolitan College of New York, Series 2014
5.000
11/01/39
433,717
880,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Success Academy Charter Schools Project, Series 2024
4.000
09/01/43
866,955
1,050,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Success Academy Charter Schools Project, Series 2024
4.000
09/01/44
1,021,933
2,440,000
(a)
Build NYC Resource Corporation Revenue Bonds, New York, East
Harlem Scholars Academy Charter School Project, Series 2022
(Social Bonds)
5.750
06/01/62
2,403,522
7,510,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020A-1
5.500
06/01/55
6,718,831
500,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Richmond Preparatory Charter School Project, Social Impact
Project Series 2021A
5.000
06/01/41
459,618
2,085,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Richmond Preparatory Charter School Project, Social Impact
Project Series 2021A
5.000
06/01/51
1,684,441
750,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Richmond Preparatory Charter School Project, Social Impact
Project Series 2021A
5.000
06/01/56
590,326
3,655,000
Dobbs Ferry Local Development Corporation, New York,
Revenue Bonds, Mercy College Project, Series 2014
5.000
07/01/44
3,657,237
81
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
4,750,000
(a)
Dormitory Authority of the State of New York, General Revenue
Bonds, American Musical and Dramatic Academy Inc., Series
2023A
7.250
%
07/01/53
$
4,880,474
6,055,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Yeshiva University, Series 2022A
5.000
07/15/42
6,251,151
8,655,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Yeshiva University, Series 2022A
5.000
07/15/50
8,647,642
4,265,000
Dormitory Authority of the State of New York, Housing Revenue
Bonds, Fashion Institute of Technology, Series 2007 - FGIC
Insured
5.250
07/01/34
4,671,928
9,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Fordham University, Series 2020
4.000
07/01/46
8,557,190
4,825,000
Dormitory Authority of the State of New York, Revenue Bonds,
Icahn School of Medicine at Mount Sinai, Refunding Series
2015A
5.000
07/01/40
4,830,035
8,145,000
Dormitory Authority of the State of New York, Revenue Bonds,
Icahn School of Medicine at Mount Sinai, Refunding Series
2015A
5.000
07/01/45
8,145,191
5,820,000
Dormitory Authority of the State of New York, Revenue Bonds,
New School University, Series 2016A
5.000
07/01/41
5,878,140
4,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
New School University, Series 2022A
4.000
07/01/47
3,647,572
4,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
New York University, Series 2001-1 - AMBAC Insured
5.500
07/01/40
4,803,180
2,605,000
Dormitory Authority of the State of New York, Revenue Bonds,
New York University, Series 2016A
4.000
07/01/43
2,602,350
2,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
New York University, Series 2019A
5.000
07/01/37
2,140,888
4,125,000
Dormitory Authority of the State of New York, Revenue Bonds,
Rockefeller University, Green Series 2019B
5.000
07/01/50
4,244,746
1,375,000
Dormitory Authority of the State of New York, Revenue Bonds,
Rockefeller University, Series 2020A
5.000
07/01/53
1,422,488
13,165,000
Dormitory Authority of the State of New York, Revenue Bonds,
Rockefeller University, Series 2022A
4.000
07/01/42
13,434,211
8,925,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Vaughn College of Aeronautics & Technology, Series 2016A
5.500
12/01/36
8,737,796
11,470,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Marist College Project, Series 2022
4.000
07/01/49
10,286,560
7,695,000
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Capital Appreciation Series 2016C
5.625
01/01/55
7,049,398
1,500,000
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Current Interest Series 2016A
5.000
01/01/56
1,237,510
1,785,000
Hempstead Town Local Development Corporation, New York,
Revenue Bonds, Adelphi University Project, Series 2013
5.000
09/01/38
1,786,750
1,785,000
Hempstead Town Local Development Corporation, New York,
Revenue Bonds, Adelphi University Project, Series 2013
5.000
09/01/43
1,785,989
5,750,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds,  University of Rochester Project, Series 2023A
5.000
07/01/53
5,984,771
635,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, St. John Fisher University Project, Series 2024
5.250
06/01/49
674,276
8,315,000
MTA Hudson Rail Yards Trust Obligations, New York,
MTA Financing Agreement Payable by the Metropolitan
Transportation Authority, Series 2016A
5.000
11/15/51
8,315,080
15,950,000
New York City Industrial Development Agency, New York, PILOT
Payment in Lieu of Taxes Revenue Bonds, Yankee Stadium
Project, Series 2020A
4.000
03/01/45
15,436,495
7,645,000
New York City Industrial Development Agency, New York, PILOT
Payment in Lieu of Taxes Revenue Bonds, Yankee Stadium
Project, Series 2020A - AGM Insured
4.000
03/01/45
7,516,586
10,000,000
Onondaga County Trust For Cultural Resources, New York,
Revenue Bonds, Syracuse University Project, Series 2019
5.000
12/01/43
10,575,558
15,805,000
Onondaga County Trust For Cultural Resources, New York,
Revenue Bonds, Syracuse University Project, Series 2019
4.000
12/01/47
15,151,160
Portfolio of Investments February 28, 2026
(continued)
NRK
82
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
350,000
Yonkers Economic Development Corporation, New York,
Educational Revenue Bonds, Lamartine/Warburton LLC-Charter
School of Educational Excellence Project, Series 2019A
5.000
%
10/15/39
$
354,796
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
232,744,642
FINANCIALS - 2.0% (1.2% of Total Investments)
1,615,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarter Revenue Bonds, Series 2005
5.250
10/01/35
1,937,441
13,835,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarters Revenue Bonds Series 2007
5.500
10/01/37
17,058,321
TOTAL FINANCIALS
18,995,762
HEALTH CARE - 28.6% (17.3% of Total Investments)
6,455,000
Albany Capital Resource Corporation, New York, Revenue Bonds,
Albany Medical Center Hospital Series 2025A
5.250
05/01/50
6,893,953
23,690,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
4.000
05/01/45
22,680,195
29,975,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
4.250
05/01/52
27,827,627
3,000,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
5.000
05/01/52
3,057,168
5,000,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2024A
4.000
05/01/54
4,487,100
5,645,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2024A
5.250
05/01/54
5,878,202
25,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan Kettering Cancer Center Series 2022-1A
4.000
07/01/51
23,298,880
10,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan Kettering Cancer Center Series 2022-1B
4.000
07/01/51
9,319,552
1,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Medical Center, Series 2024
5.500
11/01/47
1,051,545
6,750,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2018A
5.000
08/01/34
6,985,032
3,250,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2020A
5.000
09/01/33
3,466,717
2,450,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2020A
4.000
09/01/45
2,178,769
19,055,000
Dormitory Authority of the State of New York, Revenue Bonds,
Mount Sinai Health Obligated Group, Series 2025
5.250
07/01/50
19,227,577
14,365,000
Dormitory Authority of the State of New York, Revenue Bonds,
NYU Langone Hospitals Obligated Group, Series 2020A
4.000
07/01/50
13,089,283
21,830,000
Dormitory Authority of the State of New York, Revenue Bonds,
NYU Langone Hospitals Obligated Group, Series 2020A
4.000
07/01/53
19,390,299
1,000,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5.000
12/01/30
1,000,387
1,200,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5.000
12/01/34
1,200,293
3,500,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5.000
12/01/40
3,479,349
7,900,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5.000
12/01/45
7,269,064
1,000,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5.000
12/01/27
1,013,836
1,900,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5.000
12/01/29
1,908,004
2,600,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5.000
12/01/30
2,609,718
3,500,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5.000
12/01/34
3,501,307
590,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5.000
12/01/36
580,536
1,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Roswell Park Cancer Institute Obligated Group, Series 2025A
5.500
07/01/50
1,089,960
620,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5.250
10/01/49
631,597
83
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
5,475,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5.500
%
10/01/54
$
5,863,016
15,405,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B
4.000
07/01/41
15,189,441
8,765,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B
5.000
07/01/46
8,765,755
3,935,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2025A
5.250
12/01/50
4,057,143
4,290,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2025A
5.500
12/01/55
4,484,462
200,000
Livingston County Industrial Development Agency, New York,
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series
2005
6.000
07/01/30
200,422
3,975,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester General Hospital Project, Series
2013A
5.000
12/01/42
3,976,467
8,925,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester General Hospital Project, Series 2017
5.000
12/01/46
8,928,090
4,000,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester Regional Health Project, Series 2020A
4.000
12/01/46
3,547,690
1,765,000
New York State Dormitory Authority, Revenue Bonds, Memorial
Sloan-Kettering Cancer Center Series 2025-I
5.250
07/01/54
1,896,183
28,805,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Refunding Series 2016
5.000
11/01/46
26,930,670
665,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Series 2023
6.250
11/01/52
685,337
TOTAL HEALTH CARE
277,640,626
HOUSING/MULTIFAMILY - 1.2% (0.7% of Total Investments)
3,450,000
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2024B-1-A
4.750
11/01/54
3,478,420
3,430,000
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2024B-1-A
4.850
11/01/59
3,453,303
3,900,000
(a)
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F
Series 2024
5.250
12/15/31
4,059,952
TOTAL HOUSING/MULTIFAMILY
10,991,675
INDUSTRIALS - 3.4% (2.1% of Total Investments)
31,530,000
(a)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5.000
11/15/44
31,581,977
2,000,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 7 World Trade Center Project, Refunding Green
Series 2022A-CL2
3.250
09/15/52
1,494,271
120,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 7 World Trade Center Project, Refunding Green
Series 2022A-CL2
3.500
09/15/52
96,398
TOTAL INDUSTRIALS
33,172,646
LONG-TERM CARE - 0.1% (0.1% of Total Investments)
1,000,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Saint Anns Community Project, Series 2019
5.000
01/01/40
1,004,267
TOTAL LONG-TERM CARE
1,004,267
TAX OBLIGATION/GENERAL - 7.7% (4.6% of Total Investments)
5,030,000
Nassau County, New York, General Obligation Bonds, General
Improvement Series 2016C
5.000
04/01/33
5,039,766
10,000,000
Nassau County, New York, General Obligation Bonds, General
Improvement Series 2018B - AGM Insured
5.000
07/01/45
10,345,188
3,905,000
Nassau County, New York, General Obligation Bonds, General
Improvement Series 2021A - AGM Insured
4.000
04/01/51
3,731,333
5,000
New York City, New York, General Obligation Bonds, Fiscal 2013
Series F-1
5.000
03/01/29
5,011
Portfolio of Investments February 28, 2026
(continued)
NRK
84
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
7,560,000
New York City, New York, General Obligation Bonds, Fiscal 2018
Series B-1
5.250
%
10/01/32
$
7,894,464
4,525,000
New York City, New York, General Obligation Bonds, Fiscal 2018
Series E-1
5.000
03/01/40
4,699,955
6,830,000
New York City, New York, General Obligation Bonds, Fiscal 2018
Series F-1
5.000
04/01/40
7,103,264
1,500,000
New York City, New York, General Obligation Bonds, Fiscal 2020
Series A-1
5.000
08/01/43
1,575,230
5,890,000
New York City, New York, General Obligation Bonds, Fiscal 2020
Series A-1
4.000
08/01/44
5,799,659
6,500,000
New York City, New York, General Obligation Bonds, Fiscal 2021
Series C
5.000
08/01/38
6,998,453
5,000,000
New York City, New York, General Obligation Bonds, Fiscal 2021
Series F-1
5.000
03/01/44
5,266,229
10,000,000
New York City, New York, General Obligation Bonds, Fiscal 2026
Series D
5.250
10/01/51
10,658,129
4,344,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/41
4,216,171
725,000
Rochester, New York, General Obligation Bonds, Series 1999 -
NPFG Insured
5.250
10/01/26
738,355
TOTAL TAX OBLIGATION/GENERAL
74,071,207
TAX OBLIGATION/LIMITED - 47.5% (28.6% of Total Investments)
11,625,000
Battery Park City Authority, New York, Revenue Bonds, Senior
Sustainability Green Series 2025
5.250
11/01/55
12,558,640
25,000,000
Battery Park City Authority, New York, Revenue Bonds, Senior
Sustainability Series 2023A
5.000
11/01/48
26,541,395
85,000
Dormitory Authority of the State of New York, Revenue Bonds,
School Districts Financing Program, Series 2009A - AGC Insured
5.625
10/01/29
85,233
20,910,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose Series 2024A
4.000
03/15/54
19,331,914
13,805,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Bidding Group 5
Series 2021E
4.000
03/15/48
13,109,486
1,960,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2021A
5.000
03/15/49
2,018,705
1,400,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2017A Group C
5.000
03/15/41
1,430,484
17,510,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2018A
5.000
03/15/40
18,282,527
10,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2018C
4.000
03/15/45
9,838,121
15,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2025A
5.000
03/15/55
15,708,576
1,080,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Green Fiscal 2022 Series A
4.000
02/15/36
1,134,496
1,115,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A
5.000
02/15/34
1,143,073
3,500,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A
5.000
02/15/36
3,581,593
5,285,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A
5.000
02/15/39
5,402,676
13,275,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A
5.000
02/15/45
13,467,615
8,000,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Climate Bond Certified, Green Series 2017B-1
4.000
11/15/52
7,282,819
1,520,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Green Series 2024A
4.000
11/15/51
1,429,071
10,000,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Green Series 2024B-1
4.000
11/15/54
9,282,022
10,000,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Series 2022A
4.000
11/15/42
10,098,052
10,000,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Series 2022A
4.000
11/15/52
9,265,866
85
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
3,675,000
Monroe County Industrial Development Agency, New York,
School Facility Revenue Bonds, Rochester Schools Modernization
Project, Series 2013
5.000
%
05/01/28
$
3,682,210
5,000,000
New York City Transitional Finance Authority, New York, Building
Aid Revenue Bonds, Fiscal 2018, Series 2017S-3
5.000
07/15/43
5,179,869
7,500,000
New York City Transitional Finance Authority, New York, Building
Aid Revenue Bonds, Fiscal Series 2016S-1
4.000
07/15/40
7,501,928
4,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1
5.000
05/01/40
4,011,310
8,100,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series B-1
4.000
08/01/41
8,108,422
1,375,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1
5.000
02/01/39
1,401,788
5,625,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1
5.000
02/01/43
5,709,305
7,500,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2019 Subseries C-1
4.000
11/01/42
7,513,319
8,065,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2022 Subseries B-1
4.000
08/01/45
7,868,147
14,120,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2023F-1
4.000
02/01/51
12,874,005
18,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Series 2024C
5.250
05/01/48
19,173,316
6,500,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Series 2024F-1
4.250
02/01/54
6,258,335
10,000,000
New York City, New York, Educational Construction Fund
Revenue Bonds, Series 2021B
5.000
04/01/46
10,371,236
3,960,000
New York City, New York, Educational Construction Fund
Revenue Bonds, Series 2021B
5.000
04/01/52
4,057,822
9,980,000
New York State Dormitory Authority, Personal Income Tax
Revenue Bonds, General Purpose Series 2019A
4.000
03/15/49
9,376,611
21,000,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Bidding Group 1 Series 2022A
4.125
03/15/52
20,047,062
10,000,000
(c)
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A-3, (UB)
5.000
03/15/48
10,610,035
7,500,000
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2020C
5.000
03/15/47
7,884,432
18,525,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/46
6,663,639
90,206,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/51
23,733,866
47,925,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
47,039,753
3,500,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.329
07/01/40
3,507,239
3,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.329
07/01/40
3,006,205
259,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.536
07/01/53
243,015
5,140,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Green Bonds, Series 2022D-2
4.500
05/15/47
5,179,107
8,425,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2021B-1
4.000
05/15/56
7,756,692
9,600,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Subseries 2021A-1
5.000
05/15/51
9,965,651
1,325,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Senior Lien Bonds, Series 2022C
4.125
05/15/52
1,233,083
10,000,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Senior Lien Bonds, Series 2022C
5.250
05/15/52
10,488,420
10,000,000
Triborough Bridge and Tunnel Authority, New York, Sales Tax
Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox-
City Sales Tax, Series 2024A-1
4.000
05/15/54
9,226,745
TOTAL TAX OBLIGATION/LIMITED
460,664,931
Portfolio of Investments February 28, 2026
(continued)
NRK
86
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION - 17.3% (10.4% of Total Investments)
$
1,500,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Climate Bond Certified Series 2017A-1
5.250
%
11/15/57
$
1,508,025
7,775,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Climate Bond Certified Series 2020C-1
5.000
11/15/50
7,932,089
19,315,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Climate Bond Certified Series 2020C-1
5.250
11/15/55
19,834,332
10,135,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Refunding Series 2024A
5.500
11/15/47
10,970,541
2,250,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Refunding Series 2025B
5.000
11/15/43
2,463,504
2,500,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Refunding Green Series 2016B
5.000
11/15/37
2,529,254
2,500,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Refunding Series 2017D
5.000
11/15/32
2,630,839
2,440,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2016C-1
5.000
11/15/39
2,465,155
2,500,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, Secured by Port Authority Consolidated Bonds,
Refunding Series 1WTC-2021 - BAM Insured
4.000
02/15/43
2,506,653
20,780,000
New York State Thruway Authority, General Revenue Bonds,
Maturity Group 1 Series 2021O
4.000
01/01/46
20,027,269
2,280,000
New York State Thruway Authority, General Revenue Bonds,
Series 2020N
4.000
01/01/43
2,288,909
5,720,000
New York State Thruway Authority, General Revenue Bonds,
Series 2020N
4.000
01/01/45
5,601,972
2,400,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Refunding Series 2026A
5.000
01/01/48
2,554,136
9,355,000
New York State Thruway Authority, General Revenue Junior
Indebtedness Obligations, Series 2019B
4.000
01/01/50
8,535,945
1,175,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020C
5.000
12/01/32
1,298,271
3,750,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020C
5.000
12/01/34
4,115,531
3,465,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020C
4.000
12/01/39
3,488,931
1,800,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020C
4.000
12/01/40
1,804,045
1,515,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Eleventh Series 2018
4.000
09/01/43
1,518,888
1,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Eleventh Series 2018
5.000
09/01/48
1,028,379
1,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fifth Series 2017
5.000
11/15/47
1,018,827
7,495,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty-Fourth Series 2024
5.000
07/15/54
7,881,667
6,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Thirteenth Series 2019
5.000
09/01/37
6,481,186
11,500,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, MTA Bridges & Tunnels, Refunding
Series 2017B
5.000
11/15/38
11,822,478
7,715,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2018A
5.000
11/15/43
7,992,443
9,000,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2019A
5.000
11/15/49
9,212,427
16,000,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, MTA Bridges & Tunnels, Series 2021A
4.000
11/15/56
14,698,456
3,610,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, MTA Bridges & Tunnels, Series 2021A
5.000
11/15/56
3,721,280
TOTAL TRANSPORTATION
167,931,432
87
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S. GUARANTEED - 2.2% (d)(1.3% of Total Investments)
$
1,625,000
Dormitory Authority of the State of New York, Lease Revenue
Bonds, State University Dormitory Facilities, Series 2017A, (Pre-
refunded 7/01/27)
5.000
%
07/01/46
$
1,686,901
5,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2019A,
(Pre-refunded 3/15/29)
4.000
03/15/49
5,267
15,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2019A,
(Pre-refunded 3/15/29)
4.000
03/15/49
15,801
7,190,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A, (ETM)
0.000
06/01/26
7,147,992
12,810,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A, (ETM)
0.000
06/01/26
12,735,158
TOTAL U.S. GUARANTEED
21,591,119
UTILITIES - 22.1% (13.3% of Total Investments)
4,825,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Green Series 2023E
5.000
09/01/53
5,055,765
10,000,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A - AGM Insured
0.000
06/01/27
9,666,213
15,000,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A - AGM Insured
0.000
06/01/28
14,080,084
10,000,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2000A - AGM Insured
0.000
06/01/29
9,111,363
520,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2016B
5.000
09/01/46
523,014
1,000,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2017
5.000
09/01/47
1,016,620
5,000,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2018
5.000
09/01/38
5,276,669
8,815,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2024A
5.000
09/01/54
9,268,479
5,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2017 Series DD
5.000
06/15/47
5,047,623
2,990,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2017 Series DD
5.250
06/15/47
3,025,368
5,035,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2018 Series CC-1
5.000
06/15/48
5,098,524
21,815,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2018 Series EE
5.000
06/15/40
22,622,334
1,225,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2020 Series DD-3
4.000
06/15/42
1,234,099
2,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2020 Series EE
4.000
06/15/42
2,014,855
3,085,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2020 Series GG-1
5.000
06/15/50
3,193,409
2,500,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2021 Series AA-2
4.000
06/15/42
2,521,648
2,925,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2021 Series CC-1
5.000
06/15/51
3,036,253
5,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2022 Series AA-1
4.000
06/15/51
4,645,888
6,855,000
(c)
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2023 Series AA-1, (UB)
5.250
06/15/52
7,241,302
Portfolio of Investments February 28, 2026
(continued)
NRK
88
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
32,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2024 Series BB-2
4.000
%
06/15/45
$
31,345,584
7,775,000
(e)
New York Energy Finance Development Corporation, Energy
Supply Revenue Bonds, Series 2025, (Mandatory Put 12/01/33)
5.000
07/01/56
8,348,517
14,430,000
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, New
York City Municipal Water Finance Authority Projects-Second
Resolution Bonds, Subordinated SRF Series 2017A
5.000
06/15/46
14,639,760
5,000,000
New York State Environmental Facilities Corporation, State
Revolving Funds Revenue Bonds, 2010 Master Financing
Program, Green Series 2019A
5.000
02/15/49
5,192,724
3,000,000
New York State Environmental Facilities Corporation, State
Revolving Funds Revenue Bonds, Green Series 2022B
5.250
09/15/52
3,203,781
11,440,000
New York State Power Authority, General Revenue Bonds, Series
2020A
4.000
11/15/50
10,876,614
9,000,000
New York State Power Authority, General Revenue Bonds, Series
2020A
4.000
11/15/55
8,448,729
2,955,000
New York State Power Authority, General Revenue Bonds, Series
2020A
4.000
11/15/60
2,730,465
9,085,000
New York State Power Authority, Green Transmission Project
Revenue Bonds, Green Series 2023A - AGM Insured
5.000
11/15/53
9,570,065
3,190,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
3,197,153
3,205,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
5.000
07/01/37
3,346,846
TOTAL UTILITIES
214,579,748
TOTAL MUNICIPAL BONDS
(Cost $1,567,687,240)
1,589,239,708
TOTAL LONG-TERM INVESTMENTS
(Cost $1,567,687,240)
1,589,239,708
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  2.0% (1.2% of Total Investments)  
X
19,280,000
MUNICIPAL BONDS - 2.0%  (1.2% of Total Investments)
X
–
TAX OBLIGATION/GENERAL - 0.7% (0.4% of Total Investments)
$
6,280,000
(f)
New York City, New York, General Obligation Bonds, Fiscal
Adjustable Rate 2023 Series A-4
1.900
09/01/49
$
6,280,000
TOTAL TAX OBLIGATION/GENERAL
6,280,000
TAX OBLIGATION/LIMITED - 1.3% (0.8% of Total Investments)
13,000,000
(f)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Taxable Subordinate Fiscal 2019 Series A-4
1.900
08/01/45
13,000,000
TOTAL TAX OBLIGATION/LIMITED
13,000,000
TOTAL MUNICIPAL BONDS
(Cost $19,280,000)
19,280,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $19,280,000)
19,280,000
TOTAL INVESTMENTS - 165.9%
(Cost $1,586,967,240)
1,608,519,708
FLOATING RATE OBLIGATIONS - (1.4)%  
(13,480,000)
MFP SHARES, NET - (8.2)% (g)
(79,642,926)
VRDP SHARES, NET - (60.1)% (h)
(582,413,543)
OTHER ASSETS & LIABILITIES, NET - 3.8%
36,802,478
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
969,785,717
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
89
See Notes to Financial Statements
(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 $91,516,469 or 5.7% of Total Investments.
(b)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(c)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(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)
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.
(f)
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.
(g)
MFP Shares, Net as a percentage of Total Investments is 5.0%.
(h)
VRDP Shares, Net as a percentage of Total Investments is 36.2%.
90
Portfolio of Investments February 28, 2026
NNY
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 98.6%   
X
166,880,635
MUNICIPAL BONDS - 98.6%  
X
–
CONSUMER STAPLES - 2.8%
$
1,100,000
Erie County Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2005A
5.000
%
06/01/38
$
1,029,920
370,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Series Series 2016A-1
5.625
06/01/35
377,780
3,440,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Series Series 2016A-1
5.750
06/01/43
3,387,920
TOTAL CONSUMER STAPLES
4,795,620
EDUCATION AND CIVIC ORGANIZATIONS - 13.2%
640,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Enterprise Charter
School Project, Series 2011A
7.500
12/01/40
640,182
1,250,000
Build New York City Resource Corporation, New York, Revenue
Bonds, City University of New York - Queens College, Q Student
Residences, LLC Project, Refunding Series 2014A
5.000
06/01/43
1,251,054
100,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4.500
06/15/43
95,706
140,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4.750
06/15/58
124,972
1,015,000
Build New York City Resource Corporation, New York, Revenue
Bonds, KIPP New York City Public School Facilities, Canal West
Project, Series 2022
5.250
07/01/62
1,021,955
250,000
(a)
Build NYC Resource Corporation Revenue Bonds, New York, East
Harlem Scholars Academy Charter School Project, Series 2022
(Social Bonds)
5.750
06/01/62
246,263
220,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020C-1
5.000
06/01/40
216,631
385,000
(a)
Build NYC Resource Corporation, New York, Revenue Bonds,
Richmond Preparatory Charter School Project, Social Impact
Project Series 2021A
5.000
06/01/56
303,034
475,000
(a)
Dormitory Authority of the State of New York, General Revenue
Bonds, American Musical and Dramatic Academy Inc., Series
2023A
7.250
07/01/53
488,047
1,080,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Yeshiva University, Series 2022A
5.000
07/15/50
1,079,082
1,000,000
Dormitory Authority of the State of New York, Housing Revenue
Bonds, Fashion Institute of Technology, Series 2007 - FGIC
Insured
5.250
07/01/34
1,095,411
1,330,000
Dormitory Authority of the State of New York, Revenue Bonds,
Icahn School of Medicine at Mount Sinai, Refunding Series
2015A
5.000
07/01/40
1,331,388
2,180,000
Dormitory Authority of the State of New York, Revenue Bonds,
Icahn School of Medicine at Mount Sinai, Refunding Series
2015A
5.000
07/01/45
2,180,051
1,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
New School University, Series 2016A
5.000
07/01/41
1,009,990
385,000
Dormitory Authority of the State of New York, Revenue Bonds,
New School University, Series 2022A
4.000
07/01/47
351,079
2,760,000
Dormitory Authority of the State of New York, Revenue Bonds,
New York University, Series 2016A
5.000
07/01/35
2,781,862
175,000
Dormitory Authority of the State of New York, Revenue Bonds,
New York University, Series 2018A
5.000
07/01/48
179,236
2,625,000
Dormitory Authority of the State of New York, Revenue Bonds,
Rockefeller University, Green Series 2019B
5.000
07/01/50
2,701,202
670,000
Dormitory Authority of the State of New York, Revenue Bonds,
Rockefeller University, Series 2022A
4.000
07/01/42
683,701
845,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Vaughn College of Aeronautics & Technology, Series 2016A
5.500
12/01/36
827,276
725,000
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Capital Appreciation Series 2016C
5.625
01/01/55
664,173
91
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
100,000
Hempstead Town Local Development Corporation, New York,
Revenue Bonds, Adelphi University Project, Series 2013
5.000
%
09/01/38
$
100,098
300,000
Hempstead Town Local Development Corporation, New York,
Revenue Bonds, Adelphi University Project, Series 2013
5.000
09/01/43
300,166
405,000
New York City Industrial Development Agency, New York, PILOT
Payment in Lieu of Taxes Revenue Bonds, Queens Baseball
Stadium Project, Refunding Series 2021A - AGM Insured
3.000
01/01/37
395,643
3,000,000
New York City Industrial Development Agency, New York, PILOT
Payment in Lieu of Taxes Revenue Bonds, Yankee Stadium
Project, Series 2009A - AGC Insured
0.000
03/01/40
1,725,392
500,000
New York City Industrial Development Agency, New York, PILOT
Payment in Lieu of Taxes Revenue Bonds, Yankee Stadium
Project, Series 2020A - AGM Insured
4.000
03/01/45
491,601
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
22,285,195
FINANCIALS - 0.7%
1,000,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarters Revenue Bonds Series 2007
5.500
10/01/37
1,232,983
TOTAL FINANCIALS
1,232,983
HEALTH CARE - 16.1%
1,170,000
Albany Capital Resource Corporation, New York, Revenue Bonds,
Albany Medical Center Hospital Series 2025A
5.500
05/01/55
1,253,326
1,430,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
4.000
05/01/45
1,369,045
2,700,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
4.250
05/01/52
2,506,576
1,000,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
5.000
05/01/52
1,019,056
2,270,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2024A
5.250
05/01/54
2,363,776
2,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan Kettering Cancer Center Series 2022-1A
4.000
07/01/51
1,863,910
2,100,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2018A
5.000
08/01/34
2,173,121
935,000
Dormitory Authority of the State of New York, Revenue Bonds,
Mount Sinai Health Obligated Group, Series 2025
5.250
07/01/50
943,468
2,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
NYU Langone Hospitals Obligated Group, Series 2020A
4.000
07/01/50
1,822,385
1,040,000
Dormitory Authority of the State of New York, Revenue Bonds,
NYU Langone Hospitals Obligated Group, Series 2020A
4.000
07/01/53
923,771
800,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5.000
12/01/32
801,821
1,160,000
(a)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5.000
12/01/36
1,141,393
475,000
Dormitory Authority of the State of New York, Revenue Bonds,
Roswell Park Cancer Institute Obligated Group, Series 2025A
5.500
07/01/55
512,622
60,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5.250
10/01/49
61,122
550,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5.500
10/01/54
588,979
3,460,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B
4.000
07/01/41
3,411,585
415,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2025A
5.250
12/01/50
427,882
445,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2025A
5.500
12/01/55
465,171
200,000
Livingston County Industrial Development Agency, New York,
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series
2005
6.000
07/01/30
200,422
660,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester General Hospital Project, Series 2017
5.000
12/01/46
660,228
2,875,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Refunding Series 2016
5.000
11/01/46
2,687,925
Portfolio of Investments February 28, 2026
(continued)
NNY
92
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
65,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Series 2023
6.250
%
11/01/52
$
66,988
TOTAL HEALTH CARE
27,264,572
HOUSING/MULTIFAMILY - 0.1%
100,000
(a)
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F
Series 2024
5.250
12/15/31
104,101
TOTAL HOUSING/MULTIFAMILY
104,101
INDUSTRIALS - 2.3%
3,930,000
(a)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5.000
11/15/44
3,936,479
10,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 7 World Trade Center Project, Refunding Green
Series 2022A-CL2
3.500
09/15/52
8,033
TOTAL INDUSTRIALS
3,944,512
LONG-TERM CARE - 0.2%
220,000
Dormitory Authority of the State of New York, Non-State
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006
5.000
11/01/31
223,183
100,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Saint Anns Community Project, Series 2019
5.000
01/01/40
100,427
TOTAL LONG-TERM CARE
323,610
MATERIALS - 0.3%
490,000
(a)
Build New York City Resource Corporation, New York, Solid
Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project,
Series 2014, (AMT)
5.000
01/01/35
490,869
TOTAL MATERIALS
490,869
TAX OBLIGATION/GENERAL - 9.4%
1,000,000
Nassau County, New York, General Obligation Bonds, General
Improvement Bonds Series 2019B - AGM Insured
5.000
04/01/44
1,061,107
5,000,000
Nassau County, New York, General Obligation Bonds, General
Improvement Series 2022A - AGM Insured
4.125
04/01/47
4,926,042
1,000,000
New York City, New York, General Obligation Bonds, Fiscal 2018
Series E-1
5.000
03/01/40
1,038,664
835,000
New York City, New York, General Obligation Bonds, Fiscal 2020
SeriesD-1
4.000
03/01/50
778,141
1,900,000
New York City, New York, General Obligation Bonds, Fiscal 2022
Series A-1
5.000
08/01/47
1,973,245
1,000,000
New York City, New York, General Obligation Bonds, Fiscal 2025
Series A
5.000
08/01/38
1,141,664
1,250,000
New York City, New York, General Obligation Bonds, Fiscal 2026
Series A-1
5.250
08/01/53
1,329,242
3,000,000
New York City, New York, General Obligation Bonds, Fiscal 2026
Series D
5.250
10/01/51
3,197,439
409,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/41
396,965
TOTAL TAX OBLIGATION/GENERAL
15,842,509
TAX OBLIGATION/LIMITED - 17.7%
1,290,000
Battery Park City Authority, New York, Revenue Bonds, Senior
Sustainability Green Series 2025
5.250
11/01/55
1,393,604
1,000,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Bidding Group 1
Through 5, Series 2020A
4.000
03/15/44
987,829
3,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2017A Group C
5.000
03/15/41
3,065,322
2,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2025A
4.250
03/15/48
1,969,741
540,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Second Indenture Fiscal 2017 Series A
5.000
02/15/39
552,024
2,465,000
New York City Transitional Finance Authority, New York, Building
Aid Revenue Bonds, Fiscal 2020 Subseries S-1B
4.000
07/15/43
2,440,623
93
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
1,125,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1
5.000
%
02/01/39
$
1,146,917
1,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1
5.000
02/01/43
1,014,988
1,875,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2026 Subseries Series A-1
5.000
05/01/54
1,957,442
1,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2023F-1
4.000
02/01/51
911,757
2,120,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025D
4.250
05/01/54
2,043,215
565,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025H-1
5.250
11/01/48
607,649
1,685,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Bidding Group 1 Series 2022A
5.000
03/15/45
1,794,610
1,000,000
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, General Purpose Group 1, Series
2019A
4.000
03/15/48
934,014
2,000,000
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2020C
4.000
03/15/49
1,915,563
6,509,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/51
1,712,566
3,218,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
3,158,559
17,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.536
07/01/53
15,951
1,030,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2022 A
4.000
05/15/51
954,895
90,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Subseries 2021A-1
5.000
05/15/51
93,428
355,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Senior Lien Bonds, Series 2022C
4.125
05/15/52
330,373
1,000,000
Triborough Bridge and Tunnel Authority, New York, Sales Tax
Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox-
City Sales Tax Series 2023A
4.250
05/15/58
951,033
TOTAL TAX OBLIGATION/LIMITED
29,952,103
TRANSPORTATION - 21.2%
785,000
Build NYC Resource Corporation, New York, Airport Facilities
Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,
(AMT)
5.500
07/01/50
830,383
970,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Climate Bond Certified Series 2020C-1
5.000
11/15/50
989,598
1,950,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Refunding Series 2024B
4.000
11/15/44
1,880,248
2,000,000
(b)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
5.750
10/01/37
1,260,000
1,500,000
(b)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
5.875
10/01/46
945,000
1,255,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4.000
10/31/41
1,240,025
290,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4.000
10/31/46
263,631
1,830,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4.000
04/30/53
1,576,254
400,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.000
07/01/46
400,159
3,815,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.250
01/01/50
3,816,370
Portfolio of Investments February 28, 2026
(continued)
NNY
94
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,000,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green Series
2024A, (AMT)
5.250
%
12/31/54
$
1,027,305
2,130,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green Series
2024A, (AMT)
5.500
12/31/60
2,185,146
175,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5.000
08/01/26
175,203
2,625,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5.000
08/01/31
2,629,089
105,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Series 2020, (AMT)
5.375
08/01/36
110,742
500,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024, (AMT)
5.500
06/30/60
511,127
355,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, New Terminal 1 John F Kennedy
International Airport Project, Green Series 2023, (AMT)
6.000
06/30/54
372,667
1,515,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, New Terminal 1 John F Kennedy
International Airport Project, Green Series 2023, (AMT)
5.375
06/30/60
1,521,454
340,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020C
5.000
12/01/35
371,238
1,785,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5.000
12/01/35
1,964,553
2,000,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5.000
01/01/27
2,034,409
400,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5.000
01/01/28
414,957
850,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5.000
01/01/31
880,438
400,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2020, (AMT)
5.000
10/01/40
414,164
1,000,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2023, (AMT)
6.000
04/01/35
1,116,392
1,930,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Eleventh Series 2018
4.000
09/01/43
1,934,953
800,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fifth Series 2017
5.000
11/15/42
827,750
1,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Twentieth Series 2019, (AMT)
4.000
11/01/59
892,625
1,155,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, Refunding Subordinate Lien Series
2017A2
5.000
11/15/42
1,182,659
2,000,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, Refunding Series 2018C
5.000
11/15/37
2,124,166
TOTAL TRANSPORTATION
35,892,705
95
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES - 14.6%
$
300,000
Buffalo Municipal Water Finance Authority, New York, Water
System Revenue Bonds, Refunding Series 2015A
5.000
%
07/01/29
$
300,586
3,440,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Green Series 2023E
5.000
09/01/53
3,604,525
580,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2016B
5.000
09/01/46
583,362
3,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2018 Series CC-1
5.000
06/15/48
3,037,849
2,200,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2020 Series EE
4.000
06/15/42
2,216,340
1,145,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2023 Series AA-1
5.250
06/15/52
1,209,525
1,000,000
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, New
York City Municipal Water Finance Authority Projects-Second
Resolution Bonds, Subordinated SRF Series 2017A
5.000
06/15/46
1,
014,536
1,300,000
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, New
York City Municipal Water Finance Authority Projects-Second
Resolution Bonds, Subordinated SRF Series 2017E
5.000
06/15/47
1,317,200
1,895,000
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, New
York City Municipal Water Finance Authority Projects-Second
Resolution Bonds, Subordinated SRF Series 2022A
5.000
06/15/51
1,
990,798
2,000,000
New York State Environmental Facilities Corporation, State
Revolving Funds Revenue Bonds, Green Series 2022B
5.250
09/15/52
2,135,854
780,000
New York State Power Authority, General Revenue Bonds, Green
Series 2024A
4
.000
11/15/54
716,597
5,000,000
New York State Power Authority, General Revenue Bonds, Series
2020A
4.000
11/15/55
4,693,738
650,000
New York State Power Authority, Green Transmission Project
Revenue Bonds, Green Series 2023A - AGM Insured
5.000
11/15/48
690,610
500,000
(a)
Niagara Area Development Corporation, New York, Solid Waste
Disposal Facility Revenue Refunding Bonds, Covanta Energy
Project, Series 2018A, (AMT)
4.750
11/01/42
463,598
775,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
776,738
TOTAL UTILITIES
24,751,856
TOTAL MUNICIPAL BONDS
(Cost $165,298,076)
166,880,635
TOTAL LONG-TERM INVESTMENTS
(Cost $165,298,076)
166,880,635
OTHER ASSETS & LIABILITIES, NET - 1.4%
2,352,020
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
169,232,655
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 $9,796,250 or 5.9% of Total Investments.
(b)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
96
Portfolio of Investments February 28, 2026
NAN
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 162.5% (100.0% of Total Investments)  
X
602,188,131
MUNICIPAL BONDS - 162.5%  (100.0% of Total Investments)
X
–
CONSUMER STAPLES - 6.0% (3.7% of Total Investments)
$
12,500,000
Erie County Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2005A
5.000
%
06/01/38
$
11,703,641
3,210,000
Erie County Tobacco Asset Securitization Corporation, New York,
Tobacco Settlement Asset-Backed Bonds, Series 2005A
5.000
06/01/45
2,683,889
120,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Series Series 2016A-1
5.625
06/01/35
122,523
1,145,000
New York Counties Tobacco Trust VI, New York, Tobacco
Settlement Pass-Through Bonds, Series Series 2016A-1
5.750
06/01/43
1,127,665
7,155,000
TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006
5.000
06/01/48
6,595,055
TOTAL CONSUMER STAPLES
22,232,773
EDUCATION AND CIVIC ORGANIZATIONS - 10.9% (6.7% of Total Investments)
2,780,000
Buffalo and Erie County Industrial Land Development
Corporation, New York, Revenue Bonds, Enterprise Charter
School Project, Series 2011A
7.500
12/01/40
2,780,789
340,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4.500
06/15/43
325,401
550,000
Build New York City Resource Corporation, New York, Revenue
Bonds, Classical Charter Schools Series 2023A
4.750
06/15/58
490,962
400,000
Build New York City Resource Corporation, New York, Revenue
Bonds, KIPP New York City Public School Facilities, Canal West
Project, Series 2022
5.250
07/01/52
405,354
1,000,000
Build New York City Resource Corporation, New York, Revenue
Bonds, KIPP New York City Public School Facilities, Canal West
Project, Series 2022
5.250
07/01/57
1,009,543
200,000
Build New York City Resource Corporation, New York, Revenue
Bonds, KIPP New York City Public School Facilities, Canal West
Project, Series 2022
5.250
07/01/62
201,371
508,203
(a)
Build New York City Resource Corporation, New York, Revenue
Bonds, Metropolitan College of New York, Series 2014
5.250
11/01/34
406,563
469,860
(a)
Build New York City Resource Corporation, New York, Revenue
Bonds, Metropolitan College of New York, Series 2014
5.000
11/01/39
375,888
870,000
(b)
Build NYC Resource Corporation Revenue Bonds, New York, East
Harlem Scholars Academy Charter School Project, Series 2022
(Social Bonds)
5.750
06/01/62
856,994
1,000,000
(b)
Build NYC Resource Corporation, New York, Revenue Bonds,
Albert Einstein College of Medicine, Inc, Series 2023
7.250
06/01/55
1,044,920
1,000,000
(b)
Build NYC Resource Corporation, New York, Revenue Bonds,
Family Life Academy Charter School, Series 2020A-1
5.250
06/01/40
1,004,405
290,000
(b)
Build NYC Resource Corporation, New York, Revenue Bonds,
Richmond Preparatory Charter School Project, Social Impact
Project Series 2021A
5.000
06/01/41
266,579
1,000,000
(b)
Build NYC Resource Corporation, New York, Revenue Bonds,
Richmond Preparatory Charter School Project, Social Impact
Project Series 2021A
5.000
06/01/51
807,885
1,670,000
(b)
Dormitory Authority of the State of New York, General Revenue
Bonds, American Musical and Dramatic Academy Inc., Series
2023A
7.250
07/01/53
1,715,872
4,030,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Yeshiva University, Series 2022A
5.000
07/15/50
4,026,574
2,000,000
Dormitory Authority of the State of New York, Housing Revenue
Bonds, Fashion Institute of Technology, Series 2007 - FGIC
Insured
5.250
07/01/29
2,081,075
1,565,000
Dormitory Authority of the State of New York, Revenue Bonds,
Fordham University, Series 2020
4.000
07/01/46
1,488,000
1,055,000
Dormitory Authority of the State of New York, Revenue Bonds,
New York University, Series 2016A
5.000
07/01/35
1,063,357
2,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
New York University, Series 2016A
5.000
07/01/36
2,014,643
2,625,000
Dormitory Authority of the State of New York, Revenue Bonds,
Rockefeller University, Series 2020A
5.000
07/01/53
2,715,659
97
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
3,140,000
(b)
Dormitory Authority of the State of New York, Revenue Bonds,
Vaughn College of Aeronautics & Technology, Series 2016A
5.500
%
12/01/36
$
3,074,138
2,705,000
Glen Cove Local Economic Assistance Corporation, New York,
Revenue Bonds, Garvies Point Public Improvement Project,
Capital Appreciation Series 2016C
5.625
01/01/55
2,478,053
1,005,000
Hempstead Town Local Development Corporation, New York,
Revenue Bonds, Adelphi University Project, Series 2013
5.000
09/01/38
1,005,985
265,000
Hempstead Town Local Development Corporation, New York,
Revenue Bonds, Adelphi University Project, Series 2013
5.000
09/01/43
265,147
5,000,000
New York City Industrial Development Agency, New York, PILOT
Payment in Lieu of Taxes Revenue Bonds, Yankee Stadium
Project, Series 2020A
4.000
03/01/45
4,839,026
2,055,000
New York City Industrial Development Agency, New York, PILOT
Payment in Lieu of Taxes Revenue Bonds, Yankee Stadium
Project, Series 2020A - AGM Insured
4.000
03/01/45
2,020,482
1,515,000
Onondaga Civic Development Corporation, New York, Revenue
Bonds, Le Moyne College Project, Series 2015
5.000
07/01/40
1,515,944
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
40,280,609
FINANCIALS - 3.8% (2.3% of Total Investments)
4,725,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarter Revenue Bonds, Series 2005
5.250
10/01/35
5,668,363
6,885,000
Liberty Development Corporation, New York, Goldman Sachs
Headquarters Revenue Bonds Series 2007
5.500
10/01/37
8,489,088
TOTAL FINANCIALS
14,157,451
HEALTH CARE - 27.2% (16.8% of Total Investments)
4,000,000
Albany Capital Resource Corporation, New York, Revenue Bonds,
Albany Medical Center Hospital Series 2025A
5.500
05/01/55
4,284,874
11,020,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
4.250
05/01/52
10,230,540
4,745,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2022A
5.000
05/01/52
4,835,422
3,000,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2024A
4.000
05/01/54
2,692,260
4,440,000
Dormitory Authority of the State of New York, General Revenue
Bonds, Northwell Health Obligated Group, Series 2024A
5.250
05/01/54
4,623,422
5,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan Kettering Cancer Center Series 2022-1A
4.000
07/01/51
4,659,776
3,000,000
Dormitory Authority of the State of New York, Revenue Bonds,
Memorial Sloan Kettering Cancer Center Series 2022-1B
4.000
07/01/51
2,795,866
2,420,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2018A
5.000
08/01/30
2,530,916
4,275,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2018A
5.000
08/01/33
4,436,809
3,060,000
Dormitory Authority of the State of New York, Revenue Bonds,
Montefiore Obligated Group, Series 2018A
5.000
08/01/34
3,166,548
3,195,000
Dormitory Authority of the State of New York, Revenue Bonds,
Mount Sinai Health Obligated Group, Series 2025
5.250
07/01/50
3,223,936
9,150,000
Dormitory Authority of the State of New York, Revenue Bonds,
NYU Langone Hospitals Obligated Group, Series 2020A
4.000
07/01/50
8,337,413
3,820,000
Dormitory Authority of the State of New York, Revenue Bonds,
NYU Langone Hospitals Obligated Group, Series 2020A
4.000
07/01/53
3,393,080
2,000,000
(b)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2015
5.000
12/01/40
1,988,200
700,000
(b)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5.000
12/01/32
701,593
5,900,000
(b)
Dormitory Authority of the State of New York, Revenue Bonds,
Orange Regional Medical Center Obligated Group, Series 2017
5.000
12/01/35
5,866,893
1,625,000
Dormitory Authority of the State of New York, Revenue Bonds,
Roswell Park Cancer Institute Obligated Group, Series 2025A
5.500
07/01/55
1,753,708
220,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5.250
10/01/49
224,115
1,920,000
Dormitory Authority of the State of New York, Revenue Bonds,
White Plains Hospital, Series 2024
5.500
10/01/54
2,056,071
Portfolio of Investments February 28, 2026
(continued)
NAN
98
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
870,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B
4.000
%
07/01/41
$
857,826
8,300,000
Dutchess County Local Development Corporation, New York,
Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B
5.000
07/01/46
8,300,716
1,405,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2025A
5.250
12/01/50
1,448,611
1,530,000
Genesee County Funding Corporation, New York, Revenue
Bonds, Rochester Regional Health Project, Series 2025A
5.500
12/01/55
1,599,354
480,000
Livingston County Industrial Development Agency, New York,
Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series
2005
6.000
07/01/30
481,012
2,410,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester General Hospital Project, Series 2017
5.000
12/01/46
2,410,834
4,470,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Rochester Regional Health Project, Series 2020A
4.000
12/01/46
3,964,543
620,000
New York State Dormitory Authority, Revenue Bonds, Memorial
Sloan-Kettering Cancer Center Series 2025-I
5.250
07/01/54
666,081
9,795,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Refunding Series 2016
5.000
11/01/46
9,157,643
240,000
Westchester County Local Development Corporation, New York,
Revenue Bonds, Westchester Medical Center Obligated Group
Project, Series 2023
6.250
11/01/52
247,340
TOTAL HEALTH CARE
100,935,402
HOUSING/MULTIFAMILY - 0.6% (0.4% of Total Investments)
1,900,000
New York City Housing Development Corporation, New York,
Multifamily Housing Revenue Bonds, Sustainable Development
Series 2024B-1-A
4.650
11/01/49
1,911,649
325,000
(b)
New York City Housing Development Corporation, New York,
Multi-Family Mortgage Revenue Bonds, 8 Spruce Street, Class F
Series 2024
5.250
12/15/31
338,329
TOTAL HOUSING/MULTIFAMILY
2,249,978
HOUSING/SINGLE FAMILY - 0.1% (0.1% of Total Investments)
400,000
Guam Housing Corporation, Mortgage-Backed Securities
Program Single Family Mortgage Revenue Bonds, Series 1998A,
(AMT)
5.750
09/01/31
403,256
TOTAL HOUSING/SINGLE FAMILY
403,256
INDUSTRIALS - 2.8% (1.7% of Total Investments)
7,625,000
(b)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 1 Series
2014
5.000
11/15/44
7,637,570
2,500,000
(b)
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 3 World Trade Center Project, Class 2 Series
2014
5.375
11/15/40
2,504,117
40,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, 7 World Trade Center Project, Refunding Green
Series 2022A-CL2
3.500
09/15/52
32,132
TOTAL INDUSTRIALS
10,173,819
LONG-TERM CARE - 0.4% (0.2% of Total Investments)
1,045,000
Dormitory Authority of the State of New York, Non-State
Supported Debt, Ozanam Hall of Queens Nursing Home
Revenue Bonds, Series 2006
5.000
11/01/31
1,060,119
340,000
Monroe County Industrial Development Corporation, New York,
Revenue Bonds, Saint Anns Community Project, Series 2019
5.000
01/01/40
341,451
TOTAL LONG-TERM CARE
1,401,570
MATERIALS - 0.5% (0.3% of Total Investments)
1,780,000
(b)
Build New York City Resource Corporation, New York, Solid
Waste Disposal Revenue Bonds, Pratt Paper NY, Inc. Project,
Series 2014, (AMT)
5.000
01/01/35
1,783,158
TOTAL MATERIALS
1,783,158
99
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL - 8.6% (5.3% of Total Investments)
$
3,000,000
Nassau County, New York, General Obligation Bonds, General
Improvement Bonds Series 2019B - AGM Insured
5.000
%
04/01/44
$
3,183,321
4,390,000
New York City, New York, General Obligation Bonds, Fiscal 2018
Series E-1
5.000
03/01/40
4,559,736
2,200,000
New York City, New York, General Obligation Bonds, Fiscal 2018
Series F-1
5.000
04/01/38
2,298,268
3,110,000
New York City, New York, General Obligation Bonds, Fiscal 2021
Series C
5.000
08/01/43
3,270,605
4,210,000
New York City, New York, General Obligation Bonds, Fiscal 2023
Series B-1
5.250
10/01/47
4,460,264
12,000,000
New York City, New York, General Obligation Bonds, Fiscal 2026
Series D
5.250
10/01/55
12,714,632
1,506,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/41
1,461,684
TOTAL TAX OBLIGATION/GENERAL
31,948,510
TAX OBLIGATION/LIMITED - 47.4% (29.2% of Total Investments)
3,875,000
Battery Park City Authority, New York, Revenue Bonds, Senior
Sustainability Green Series 2025
5.250
11/01/55
4,186,213
10,000,000
Battery Park City Authority, New York, Revenue Bonds, Senior
Sustainability Series 2019A
5.000
11/01/49
10,265,472
7,500,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose Series 2024A
4.000
03/15/54
6,933,972
7,710,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Bidding Group 1
Through 5, Series 2020A
4.000
03/15/44
7,616,165
1,135,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2019D
4.000
02/15/38
1,159,905
1,000,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2021A
5.000
03/15/49
1,029,951
5,000,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2017A
5.000
03/15/44
5,080,802
3,990,000
Dormitory Authority of the State of New York, State Sales Tax
Revenue Bonds, Series 2018A
5.000
03/15/40
4,166,036
1,000,000
Hudson Yards Infrastructure Corporation, New York, Revenue
Bonds, Green Fiscal 2022 Series A
4.000
02/15/36
1,050,459
1,660,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Green Series 2024A
4.000
11/15/51
1,560,695
7,265,000
Metropolitan Transportation Authority, New York, Dedicated Tax
Fund Bonds, Series 2022A
4.000
11/15/42
7,336,235
2,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal 2017 Series E-1
5.000
02/01/43
2,029,975
5,295,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Fiscal Series 2025D
4.250
05/01/54
5,103,219
11,225,000
(c)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Series 2024C, (UB)
5.250
05/01/50
11,928,025
5,000,000
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Series 2024C
5.500
05/01/53
5,373,061
14,830,000
(c)
New York City Transitional Finance Authority, New York, Future
Tax Secured Bonds, Subordinate Series 2024C, (UB)
5.500
05/01/53
15,936,499
4,995,000
New York State Dormitory Authority, Personal Income Tax
Revenue Bonds, General Purpose Series 2019A
4.000
03/15/49
4,693,003
3,730,000
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Bidding Group 1 Series 2022A
5.000
03/15/45
3,972,639
10,000,000
(c)
New York State Thruway Authority, State Personal Income Tax
Revenue Bonds, Series 2025A-3, (UB)
5.000
03/15/48
10,610,035
4,135,000
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2020C
5.000
03/15/47
4,346,950
3,000,000
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2020C
4.000
03/15/49
2,873,345
7,700,000
New York State Urban Development Corporation, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2022A
5.000
03/15/48
8,067,419
4,415,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/46
1,588,122
Portfolio of Investments February 28, 2026
(continued)
NAN
100
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
11,014,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
%
07/01/51
$
2,897,865
22,975,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
22,550,617
32,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.536
07/01/53
30,025
1,000,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.784
07/01/58
968,912
2,000,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/29
1,665,287
1,000,000
Syracuse Industrial Development Authority, New York, PILOT
Revenue Bonds, Carousel Center Project, Refunding Series
2016A, (AMT)
5.000
01/01/35
766,910
5,000,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2021B-1
5.000
05/15/56
5,058,809
3,800,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Series 2022 A
4.000
05/15/51
3,522,915
1,000,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Bonds, Senior Lien Subseries 2021A-1
5.000
05/15/51
1,038,089
1,065,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Senior Lien Bonds, Series 2022C
4.125
05/15/52
991,120
1,785,000
Triborough Bridge and Tunnel Authority, New York, Payroll
Mobility Tax Senior Lien Bonds, Series 2022C
5.250
05/15/52
1,872,183
7,080,000
Triborough Bridge and Tunnel Authority, New York, Sales Tax
Revenue Bonds, MTA Bridges & Tunnels, TBTA Capital Lockbox-
City Sales Tax, Series 2024A-1
5.250
05/15/59
7,459,987
TOTAL TAX OBLIGATION/LIMITED
175,730,916
TRANSPORTATION - 45.6% (28.0% of Total Investments)
2,610,000
Build NYC Resource Corporation, New York, Airport Facilities
Revenue Bonds. TrIPs Obligated Group, Senior Series 2025,
(AMT)
5.500
07/01/50
2,760,891
5,425,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Climate Bond Certified Series 2016A-1
5.000
11/15/46
5,429,924
1,110,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Green Climate Bond Certified Series 2020C-1
5.000
11/15/50
1,132,427
5,000,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Refunding Green Series 2016B
5.000
11/15/37
5,058,508
11,920,000
Metropolitan Transportation Authority, New York, Transportation
Revenue Bonds, Series 2016C-1
5.250
11/15/56
11,951,612
200,000
(a)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
5.750
10/01/37
126,000
5,500,000
(a)
New York City Industrial Development Agency, New York, Civic
Facility Revenue Bonds, Bronx Parking Development Company,
LLC Project, Series 2007
5.875
10/01/46
3,465,000
5,495,000
New York Liberty Development Corporation, New York, Liberty
Revenue Bonds, Secured by Port Authority Consolidated Bonds,
Refunding Series 1WTC-2021 - BAM Insured
4.000
02/15/43
5,509,623
5,000,000
New York State Thruway Authority, General Revenue Bonds,
Series 2020N
4.000
01/01/42
5,042,705
3,000,000
New York State Thruway Authority, General Revenue Bonds,
Series 2020N
4.000
01/01/43
3,011,722
4,200,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4.000
10/31/41
4,149,883
1,060,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4.000
10/31/46
963,616
7,750,000
New York Transportation Development Corporation, New York,
Facility Revenue Bonds, Thruway Service Areas Project, Series
2021, (AMT)
4.000
04/30/53
6,675,394
1,000,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.000
07/01/46
1,000,397
101
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
13,895,000
New York Transportation Development Corporation, New
York, Special Facilities Bonds, LaGuardia Airport Terminal B
Redevelopment Project, Series 2016A, (AMT)
5.250
%
01/01/50
$
13,899,990
7,450,000
New York Transportation Development Corporation, New York,
Special Facilities Revenue Bonds, Terminal 6 John F Kennedy
International Airport Redevelopment Project, Senior Green Series
2024A, (AMT)
5.500
12/31/60
7,642,883
770,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5.000
08/01/26
770,892
9,730,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5.000
08/01/31
9,745,158
400,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Series 2020, (AMT)
5.375
08/01/36
421,872
6,850,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2023 - BAM
Insured, (AMT)
5.375
06/30/60
7,009,963
1,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport New Terminal 1 Project, Green Series 2024, (AMT)
5.500
06/30/60
1,022,255
6,950,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, John F Kennedy International
Airport Terminal One Project, Green Series 2025, (AMT)
6.000
06/30/55
7,423,868
1,340,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, New Terminal 1 John F Kennedy
International Airport Project, Green Series 2023, (AMT)
6.000
06/30/54
1,406,687
140,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020A, (AMT)
4.000
12/01/40
139,429
1,250,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2020C
5.000
12/01/34
1,371,844
5,825,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, Terminal 4 John F Kennedy
International Airport Project, Series 2022, (AMT)
5.000
12/01/35
6,410,937
8,515,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5.000
01/01/27
8,661,499
2,000,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5.000
01/01/31
2,071,619
2,745,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2018, (AMT)
5.000
01/01/36
2,823,870
3,100,000
New York Transportation Development Corporation, Special
Facility Revenue Bonds, Delta Air Lines, Inc. - LaGuardia Airport
Terminals C&D Redevelopment Project, Series 2023, (AMT)
6.000
04/01/35
3,460,816
5,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, One Hundred Ninety-Eighth Series 2016
5.250
11/15/56
5,028,693
3,975,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Fifth Series 2017
5.000
11/15/47
4,049,836
4,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Forty Second Series 2023, (AMT)
5.000
12/01/53
4,068,665
5,000,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Twentieth Series 2019, (AMT)
4.000
11/01/59
4,463,124
2,810,000
Port Authority of New York and New Jersey, Consolidated
Revenue Bonds, Two Hundred Twenty-One Series 2020, (AMT)
4.000
07/15/55
2,544,802
5,340,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017A
5.000
11/15/47
5,415,372
Portfolio of Investments February 28, 2026
(continued)
NAN
102
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
3,500,000
Triborough Bridge and Tunnel Authority, New York, General
Purpose Revenue Bonds, Refunding Subordinate Lien Series
2017A2
5.000
%
11/15/42
$
3,583,817
10,000,000
Triborough Bridge and Tunnel Authority, New York, General
Revenue Bonds, MTA Bridges & Tunnels, Series 2022A
4.000
11/15/52
9,181,798
TOTAL TRANSPORTATION
168,897,391
U.S. GUARANTEED - 0.0% (d)(0.0% of Total Investments)
5,000
Dormitory Authority of the State of New York, State Personal
Income Tax Revenue Bonds, General Purpose, Series 2019A,
(Pre-refunded 3/15/29)
4.000
03/15/49
5,267
TOTAL U.S. GUARANTEED
5,267
UTILITIES - 8.6% (5.3% of Total Investments)
2,945,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Green Series 2023E
5.000
09/01/53
3,085,850
1,310,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2016B
5.000
09/01/46
1,317,593
90,000
Long Island Power Authority, New York, Electric System General
Revenue Bonds, Series 2017
5.000
09/01/42
92,401
5,000,000
New York City Municipal Water Finance Authority, New York,
Water and Sewer System Second General Resolution Revenue
Bonds, Fiscal 2025 Series BB
5.250
06/15/55
5,329,335
3,680,000
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, New
York City Municipal Water Finance Authority Projects-Second
Resolution Bonds, Subordinated SRF Series 2017A
5.000
06/15/46
3,733,494
7,500,000
New York State Environmental Facilities Corporation, State Clean
Water and Drinking Water Revolving Funds Revenue Bonds, New
York City Municipal Water Finance Authority Projects-Second
Resolution Bonds, Subordinated SRF Series 2017E
5.000
06/15/47
7,599,231
5,000,000
New York State Power Authority, General Revenue Bonds, Series
2020A
4.000
11/15/55
4,693,738
2,270,000
New York State Power Authority, Green Transmission Project
Revenue Bonds, Green Series 2023A - AGM Insured
5.000
11/15/48
2,411,823
1,920,000
(b)
Niagara Area Development Corporation, New York, Solid Waste
Disposal Facility Revenue Refunding Bonds, Covanta Energy
Project, Series 2018A, (AMT)
4.750
11/01/42
1,780,216
1,940,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
1,944,350
TOTAL UTILITIES
31,988,031
TOTAL MUNICIPAL BONDS
(Cost $597,612,009)
602,188,131
TOTAL LONG-TERM INVESTMENTS
(Cost $597,612,009)
602,188,131
FLOATING RATE OBLIGATIONS - (7.8)%  
(28,840,000)
AMTP SHARES, NET - (34.3)% (e)
(126,973,221)
VRDP SHARES, NET - (23.8)% (f)
(88,363,758)
OTHER ASSETS & LIABILITIES, NET - 3.4%
12,534,397
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
370,545,549
AMT
Alternative Minimum Tax
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
(a)
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 $33,315,219 or 5.5% of Total Investments.
(c)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(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.
103
See Notes to Financial Statements
(e)
AMTP Shares, Net as a percentage of Total Investments is 21.1%.
(f)
VRDP Shares, Net as a percentage of Total Investments is 14.7%.
104
Portfolio of Investments February 28, 2026
NQP
See Notes to Financial Statements
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 164.6% (99.3% of Total Investments)  
X
774,643,314
MUNICIPAL BONDS - 164.6%  (99.3% of Total Investments)
X
–
CONSUMER STAPLES - 0.5% (0.3% of Total Investments)
$
2,000,000
Pennsylvania Economic Development Financing Authority, Solid
Waste Disposal Revenue Bonds, Procter & Gamble Paper Project,
Series 2001, (AMT)
5
.375
%
03/01/31
$
2,269,144
TOTAL CONSUMER STAPLES
2,269,144
EDUCATION AND CIVIC ORGANIZATIONS - 18.5% (11.1% of Total Investments)
20,000
Berks County Municipal Authority, Pennsylvania, Revenue
Bonds,  Alvernia University Project, Series 2020
5
.000
10/01/49
17,185
3,215,000
Bucks County Industrial Development Authority, Pennsylvania,
Revenue Bonds, School Lane Charter School Project, Series 2016
5
.125
03/15/36
3,249,770
835,000
Chester County Industrial Development Authority, Pennsylvania,
Avon Grove Charter School Revenue Bonds, Series 2017A
5
.000
12/15/47
819,094
1,000,000
(a)
Chester County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Collegium Charter School Project, Series 2022
6
.000
10/15/52
1,000,613
2,200,000
Crawford County Industrial Development Authority, Pennsylvania,
College Revenue Bonds, Allegheny College, Series 2016
3
.000
05/01/34
2,027,138
1,000,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Dickinson College Project, Second Series 2017A
5
.000
11/01/39
1,030,144
1,230,000
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,
Misericordia University Project, Series 2019
5
.000
05/01/48
1,112,822
720,000
Dallas Area Municipal Authority, Pennsylvania, Revenue Bonds,
Misericordia University, Series 2014
5
.000
05/01/37
720,053
4,595,000
Erie Higher Education Building Authority, Pennsylvania, Revenue
Bonds, Gannon University, Series 2016
4
.000
05/01/46
3,707,351
1,350,000
General Authority of Southcentral Pennsylvania, Revenue Bonds,
AICUP Financing Program-York College of Pennsylvania, Series
2017 PP4
3
.375
11/01/37
1,207,029
590,000
Huntingdon County General Authority, Pennsylvania, Revenue
Bonds, Juniata College, Series 2016OO2
3
.250
05/01/36
539,275
1,555,000
Huntingdon County General Authority, Pennsylvania, Revenue
Bonds, Juniata College, Series 2016OO2
3
.500
05/01/41
1,335,349
1,515,000
Indiana County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Foundation for Indiana University of
Pennsylvania Project, Refunding Series 2022 - BAM Insured
4
.000
05/01/54
1,402,674
350,000
Lackawanna County Industrial Development Authority,
Pennsylvania, Revenue Bonds, University of Scranton, Series 2017
3
.375
11/01/33
350,817
2,925,000
Lackawanna County Industrial Development Authority,
Pennsylvania, Revenue Bonds, University of Scranton, Series 2017
4
.000
11/01/40
2,917,220
985,000
Lehigh County, Pennsylvania, Revenue Bonds, Lehigh Valley Dual
Language Charter School, General Purpose Authority, Series
2023
7
.000
06/01/53
1,050,642
2,000,000
McCandless IDA, Pennsylvania, University Revenue Bonds Series
A and B of 2022 La Roche University
6
.750
12/01/46
1,872,274
1,005,000
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Revenue Bonds, Villanova University Project, Series
2024
4
.000
08/01/54
906,011
9,660,000
(b)
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Revenue Bonds, Villanova University Project, Series
2024, (UB)
4
.000
08/01/54
8,708,523
950,000
Pennsylvania Higher Education Assistance Agency, Education
Loan Revenue Bonds, Senior Series 2021A, (AMT)
2
.625
06/01/42
883,538
1,740,000
Pennsylvania Higher Education Assistance Agency, Education
Loan Revenue Bonds, Senior Series 2022A, (AMT)
4
.500
06/01/43
1,789,232
975,000
Pennsylvania Higher Education Assistance Agency, Education
Loan Revenue Bonds, Senior Series 2023A, (AMT)
4
.000
06/01/44
975,606
360,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, LaSalle University, Series 2012
4
.000
05/01/32
293,289
5,750,000
(b)
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Trustees, Series 2025A, (UB)
4
.250
02/15/55
5,620,413
1,030,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2012
4
.000
11/01/39
999,223
105
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
1,585,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2012
5
.000
%
11/01/42
$
1,585,535
380,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of the Sciences in Philadelphia, Series 2015A
5
.000
11/01/36
380,274
1,440,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Widener University, Series 2021A
4
.000
07/15/46
1,230,611
2,680,000
Pennsylvania State University, Revenue Bonds, Series 2022A
5
.000
09/01/47
2,832,490
1,000,000
Pennsylvania State University, Revenue Bonds, Series 2023
5
.250
09/01/48
1,075,720
2,000,000
Pennsylvania State University, Revenue Bonds, Series 2023
5
.250
09/01/53
2,128,145
2,000,000
Pennsylvania State University, Revenue Bonds, Series 2024
5
.000
09/01/49
2,126,169
9,285,000
Pennsylvania State University, Revenue Bonds, Series 2025A
5
.250
09/01/50
10,075,655
1,255,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, La Salle University, Series 2017
3
.625
05/01/35
896,706
425,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, Richard Allen Preparatory Charter School, Series
2006
6
.250
05/01/33
425,328
2,010,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, Saint Joseph's University Project, Refunding
Series 2020A
4
.000
11/01/45
1,829,465
1,500,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, Saint Joseph's University Project, Refunding
Series 2020C. Forward Delivery
4
.000
11/01/36
1,531,636
3,000,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, Saint Joseph's University Project, Series 2022
5
.500
11/01/60
3,135,655
707,174
(a),(c)
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, University of the Arts, Series 2017
5
.000
03/15/45
141,435
2,320,000
Scranton-Lackawanna Health and Welfare Authority,
Pennsylvania, Revenue Bonds, University of Scranton, Series 2016
5
.000
11/01/37
2,330,424
5,250,000
Scranton-Lackawanna Health and Welfare Authority,
Pennsylvania, University Revenue Bonds, Marywood University,
Series 2016
5
.000
06/01/46
4,585,280
2,285,000
University of Pittsburgh of the Commonwealth System of Higher
Education, Pennsylvania, Capital Project Series 2025A
5
.000
02/15/36
2,781,699
3,555,000
Washington County Industrial Development Authority,
Pennsylvania, College Revenue Bonds, AICUP Financing
Program-Washington and Jefferson College Project, Series
2017-PP5
3
.375
11/01/36
3,306,211
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
86,933,723
ENERGY - 0.2% (0.1% of Total Investments)
600,000
(a),(d)
Pennsylvania Economic Development Financing Authority, Solid
Waste Disposal Revenue Bonds, Core Natural Resources Inc.,
Project, Series 2025, (AMT), (Mandatory Put 3/27/35)
5
.450
01/01/51
658,256
TOTAL ENERGY
658,256
HEALTH CARE - 26.1% (15.7% of Total Investments)
4,420,000
Allegheny County Hospital Development Authority, Pennsylvania,
Revenue Bonds, Allegheny Health Network Obligated Group
Issue, Series 2018A
4
.000
04/01/44
4,221,951
13,100,000
Allegheny County Hospital Development Authority, Pennsylvania,
Revenue Bonds, Allegheny Health Network Obligated Group
Issue, Series 2018A
4
.000
04/01/44
12,735,258
210,000
Allegheny County Hospital Development Authority, Pennsylvania,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2019A
4
.000
07/15/35
215,411
2,285,000
Allegheny County Hospital Development Authority, Pennsylvania,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2019A
4
.000
07/15/36
2,333,895
610,000
Berks County Municipal Authority, Pennsylvania, Revenue Bonds,
Tower Health Project, Series 2024A-2
6
.000
06/30/34
658,266
8,187,000
Berks County Municipal Authority, Pennsylvania, Revenue Bonds,
Tower Health Project, Series 2024A-3
5
.000
06/30/39
7,837,020
4,091,000
(e)
Berks County Municipal Authority, Pennsylvania, Revenue Bonds,
Tower Health Project, Series 2024B-1
0
.000
06/30/44
3,040,876
Portfolio of Investments February 28, 2026
(continued)
NQP
106
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
1,282,000
Berks County Municipal Authority, Pennsylvania, Revenue Bonds,
Tower Health Project, Taxable Series 2024A-1
8
.000
%
06/30/34
$
1,336,546
10,170,000
Bucks County Industrial Development Authority, Pennsylvania,
Hospital Revenue Bonds, Saint Luke's University Health Network
Project, Series 2021 - BAM Insured
3
.000
08/15/53
7,439,209
2,000,000
Butler County Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Butler Health System Project, Series 2015A
5
.000
07/01/39
2,000,342
2,470,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Health System Revenue Bonds, Main Line Health
System, Series 2017A
4
.000
10/01/36
2,497,554
1,580,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Health System Revenue Bonds, Main Line Health
System, Series 2017A
4
.000
10/01/37
1,588,408
2,995,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Health System Revenue Bonds, Main Line Health
System, Series 2017A
4
.000
10/01/47
2,756,133
1,500,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Penn State Health, Series 2019
4
.000
11/01/49
1,314,514
1,845,000
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Series 2016A
5
.000
07/01/41
1,855,429
1,105,000
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Series 2019A
4
.000
07/01/45
1,058,925
1,350,000
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Series 2019A
5
.000
07/01/49
1,382,112
2,290,000
Dubois Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Penn Highlands Healthcare, Series 2018
5
.000
07/15/48
2,077,161
3,215,000
Geisinger Authority, Montour County, Pennsylvania, Health
System Revenue Bonds, Geisinger Health System, Series 2014A
5
.000
06/01/41
3,217,360
1,650,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, Penn State Health, Series 2021
5
.000
11/01/51
1,661,962
2,200,000
Lancaster County Hospital Authority, Revenue Bonds, University
of Pennsylvania Health System, Refunding Series 2016B
5
.000
08/15/46
2,207,673
3,000,000
Lancaster County Hospital Authority, Revenue Bonds, University
of Pennsylvania Health System, Series 2016A
5
.000
08/15/42
3,018,533
1,490,000
Lehigh County General Purpose Authority, Pennsylvania, Hospital
Revenue Bonds, Lehigh Valley Health Network, Series 2012B
4
.000
07/01/43
1,396,762
1,855,000
Lehigh County General Purpose Authority, Pennsylvania, Hospital
Revenue Bonds, Lehigh Valley Health Network, Series 2019A
5
.000
07/01/44
1,910,439
1,265,000
Lehigh County General Purpose Authority, Pennsylvania, Revenue
Bonds, Good Shepherd Group, Refunding Series 2016
3
.000
11/01/36
1,159,362
2,850,000
Lehigh County General Purpose Authority, Pennsylvania, Revenue
Bonds, Good Shepherd Group, Refunding Series 2016
4
.000
11/01/41
2,678,763
4,955,000
Lehigh County General Purpose Authority, Pennsylvania, Revenue
Bonds, Good Shepherd Group, Refunding Series 2016
4
.000
11/01/46
4,358,469
1,020,000
Monroe County Hospital Authority, Pennsylvania, Hospital
Revenue Bonds, Pocono Medical Center, Series 2016
3
.375
07/01/32
1,021,463
2,675,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2018A
4
.000
09/01/38
2,690,566
2,590,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2019 - BAM Insured
4
.000
09/01/44
2,502,905
1,015,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2019
4
.000
09/01/49
907,582
3,400,000
Montgomery County Higher Education and Health Authority,
Pennsylvania, Revenue Bonds, Thomas Jefferson University,
Series 2022B
4
.000
05/01/56
2,929,660
200,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Fixed
Rate Series 2023A-2
4
.000
05/15/48
180,991
4,750,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, University of Pittsburgh Medical Center, Series
2020A
4
.000
04/15/50
4,186,995
107
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
2,925,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, Thomas Jefferson University, Series 2024B-1
4
.250
%
11/01/51
$
2,767,349
14,445,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Health System, Refunding
Series 2016C
4
.000
08/15/41
14,449,825
3,600,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University of Pennsylvania Health System, Series 2019
4
.000
08/15/49
3,300,988
1,800,000
Philadelphia Hospitals and Higher Education Facilities Authority,
Pennsylvania, Hospital Revenue Bonds, Temple University Health
System Obligated Group, Series of 2017
5
.000
07/01/30
1,836,793
1,170,000
Pocono Mountains Industrial Park Authority, Pennsylvania,
Hospital Revenue Bonds, Saint Luke's Hospital -Monroe Project,
Series 2015A
4
.000
08/15/45
1,082,445
1,520,000
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Lehigh Valley Health Network, Series 2016B
5
.000
07/01/45
1,528,909
1,305,000
Southcentral Pennsylvania General Authority, Revenue Bonds,
Wellspan Health Obligated Group, Series 2019A
5
.000
06/01/49
1,325,559
3,500,000
Union County Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Evangelical Community Hospital Project, Series 2018B
5
.000
08/01/48
3,509,743
705,000
Westmoreland County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Excela Health Project, Series
2020A
4
.000
07/01/37
701,570
TOTAL HEALTH CARE
122,881,676
HOUSING/MULTIFAMILY - 0.6% (0.4% of Total Investments)
160,000
Chester County Industrial Development Authority, Pennsylvania,
Student Housing Revenue Bonds, University Student Housing,
LLC Project at West Chester University Series 2013A
5
.000
08/01/45
155,180
1,285,000
(a)
Erie County, Industrial Development Authority, Pennsylvania,
Essential Housing Revenue Bonds, Senior-CFC-Erie I LLC Erie
Apartments, Series 2024A
6
.750
09/01/61
1,285,705
270,000
Pennsylvania Higher Educational Facilities Authority, Revenue
Bonds, University Properties Inc. Student Housing Project at East
Stroudsburg University of Pennsylvania, Series 2016A
5
.000
07/01/31
270,459
1,159,000
Philadelphia Authority for Industrial Development, Pennsylvania,
Multifamily Housing Revenue Bonds, Presbyterian Homes
Germantown - Morrisville Project, Series 2005A
5
.625
07/01/35
1,160,948
TOTAL HOUSING/MULTIFAMILY
2,872,292
HOUSING/SINGLE FAMILY - 25.8% (15.6% of Total Investments)
2,560,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2015-117B
3
.900
10/01/35
2,560,439
4,890,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2016-120
3
.200
04/01/40
4,578,284
20,335,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2016-121
3
.200
10/01/41
19,236,290
1,080,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-122
3
.650
10/01/32
1,080,339
3,895,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-123B
3
.450
10/01/32
3,901,384
7,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2017-124B
3
.500
10/01/37
7,000,776
2,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-130A
2
.700
10/01/39
1,836,133
1,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-130A
3
.000
10/01/46
802,125
1,380,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2019-131A
3
.000
10/01/39
1,282,056
12,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-132A
2
.550
10/01/41
10,158,178
1,500,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-133
2
.350
10/01/40
1,254,327
1,450,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2020-133
2
.500
10/01/45
1,106,537
Portfolio of Investments February 28, 2026
(continued)
NQP
108
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/SINGLE FAMILY
(continued)
$
1,565,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2021-136
2
.550
%
10/01/51
$
1,119,987
4,105,000
(b)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2023-141A, (UB)
4
.600
10/01/43
4,205,398
5,000,000
(b)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Series 2023-141A, (UB)
4
.700
10/01/46
5,060,279
5,000,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-134A
1
.850
04/01/36
4,244,857
3,650,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-134A
2
.050
04/01/41
2,857,560
2,505,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-134A
2
.100
10/01/43
1,806,157
5,295,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-135A
2
.250
10/01/41
4,293,743
6,855,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-135A
2
.375
10/01/46
4,959,336
7,705,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-135A
2
.500
10/01/50
5,446,256
5,240,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-137
2
.450
10/01/41
4,257,532
6,545,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2021-137
2
.600
04/01/46
4,964,159
3,335,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2022-138A
3
.000
04/01/42
2,971,408
2,410,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2022-1394A
4
.150
10/01/42
2,436,133
1,980,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2022-140A
4
.450
10/01/47
1,986,033
10,000,000
(b)
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2023-142A, (UB)
4
.900
10/01/46
10,226,622
5,595,000
Pennsylvania Housing Finance Agency, Single Family Mortgage
Revenue Bonds, Social Series 2025-148A
4
.625
10/01/45
5,694,148
TOTAL HOUSING/SINGLE FAMILY
121,326,476
INDUSTRIALS - 2.2% (1.3% of Total Investments)
500,000
(a),(c),(f)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills
LLC Project, Series 2020A-1
10
.000
12/01/40
50
500,000
(a),(c),(f)
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, KDC Agribusiness Fairless Hills
LLC Project, Series 2020A-2, (AMT)
10
.000
12/01/40
50
6,455,000
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, National Gypsum Company,
Refunding Series 2014, (AMT)
5
.500
11/01/44
6,459,424
3,880,000
(d)
Pennsylvania Economic Development Financing Authority, Solid
Waste Disposal Revenue Bonds, Waste Management Inc., Project,
Series 2011, (AMT), (Mandatory Put 7/01/27)
4
.250
07/01/41
3,942,788
TOTAL INDUSTRIALS
10,402,312
LONG-TERM CARE - 9.4% (5.7% of Total Investments)
3,065,000
Adams County General Authority, Pennsylvania, Revenue Bonds,
The Brethren Home Community Project, Series 2024A
5
.000
06/01/54
3,006,405
1,000,000
Adams County General Authority, Pennsylvania, Revenue Bonds,
The Brethren Home Community Project, Series 2024A
5
.000
06/01/59
969,898
940,000
Berks County Industrial Development Authority, Pennsylvania,
Healthcare Facilities Revenue Bonds, Highlands at Wyomissing,
Series 2017A
5
.000
05/15/37
953,067
1,160,000
Berks County Industrial Development Authority, Pennsylvania,
Healthcare Facilities Revenue Bonds, Highlands at Wyomissing,
Series 2017A
5
.000
05/15/47
1,160,568
230,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Revenue Bonds, Simpson Senior Services Project,
Series 2015A
5
.000
12/01/35
207,977
109
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE
(continued)
$
1,760,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Revenue Bonds, Simpson Senior Services Project,
Series 2019
5
.000
%
12/01/51
$
1,363,160
3,910,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Revenue Bonds, Simpson Senior Services Project,
Series 2021A
4
.000
12/01/40
2,927,183
2,000,000
Chester County Health and Education Facilities Authority,
Pennsylvania, Revenue Bonds, Simpson Senior Services Project,
Series 2021A
4
.000
12/01/51
1,278,223
3,005,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Asbury Pennsylvania Obligated Group,  Refunding Series
2019
5
.000
01/01/45
2,974,957
1,075,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2015
4
.000
01/01/33
1,075,487
1,935,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2015
5
.000
01/01/38
1,936,578
985,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
5
.000
01/01/28
986,347
1,815,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
5
.000
01/01/29
1,817,488
735,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
5
.000
01/01/30
735,997
300,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
3
.250
01/01/36
289,410
1,405,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2016
3
.250
01/01/39
1,298,204
690,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2019A
4
.125
01/01/38
694,700
200,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2019A
5
.000
01/01/39
205,489
975,000
Lancaster County Hospital Authority, Pennsylvania, Health Center
Revenue Bonds, Saint Anne's Retirement Community, Inc., Series
2020
5
.000
03/01/40
963,281
715,000
Lancaster County Hospital Authority, Pennsylvania, Health Center
Revenue Bonds, Saint Anne's Retirement Community, Inc., Series
2020
5
.000
03/01/50
605,746
1,500,000
Lancaster County Hospital Authority, Pennsylvania, Revenue
Bonds, Landis Homes Retirement Community Project, Refunding
Series 2015A
5
.000
07/01/45
1,500,000
875,000
Lancaster Industrial Development Authority, Pennsylvania, Health
Center Revenue Bonds, Landis Homes Retirement Community
Project, Refunding Series 2021
4
.000
07/01/51
735,608
1,400,000
Lancaster Industrial Development Authority, Pennsylvania, Health
Center Revenue Bonds, Landis Homes Retirement Community
Project, Refunding Series 2021
4
.000
07/01/56
1,143,008
5,000,000
Maxatawny Township Municipal Authority Revenue Bonds,
Pennsylvania, Diakon Lutheran Social Ministries Project Series
2022A
4
.500
01/01/45
4,874,110
1,000,000
Montgomery County Industrial Development Authority,
Pennsylvania, Revenue Bonds, ACTS Retirement-Life
Communities, Inc. Obligated Group, Series 2023A
5
.250
11/15/53
1,014,419
1,000,000
Montgomery County Industrial Development Authority,
Pennsylvania, Revenue Bonds, ACTS Retirement-Life
Communities, Inc. Obligated Group, Series 2025A
5
.000
11/15/49
1,011,712
1,845,000
Northampton County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc.,
Series 2019
5
.000
11/01/44
1,761,621
1,000,000
Northampton County Industrial Development Authority,
Pennsylvania, Revenue Bonds, Morningstar Senior Living, Inc.,
Series 2019
5
.000
11/01/49
895,209
500,000
Pennsylvania Economic Development Finance Authority,
Revenue Bonds, Presbyterian Senior Living Project, Series
2023B-2
5
.000
07/01/42
520,170
Portfolio of Investments February 28, 2026
(continued)
NQP
110
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE
(continued)
$
1,250,000
Pennsylvania Economic Development Finance Authority,
Revenue Bonds, Presbyterian Senior Living Project, Series
2023B-2
5
.250
%
07/01/46
$
1,281,398
2,215,000
Westmoreland County Industrial Development Authority,
Pennsylvania, Retirement Community Revenue Bonds, Redstone
Presbyterian SeniorCare Obligated Group, Refunding Bonds,
Series 2021
4
.000
05/15/41
1,961,926
2,785,000
Westmoreland County Industrial Development Authority,
Pennsylvania, Retirement Community Revenue Bonds, Redstone
Presbyterian SeniorCare Obligated Group, Refunding Bonds,
Series 2021
4
.000
05/15/47
2,174,457
TOTAL LONG-TERM CARE
44,323,803
TAX OBLIGATION/GENERAL - 24.2% (14.6% of Total Investments)
840,000
Adams County, Pennsylvania, General Obligation Bonds, Series
2017B
2
.500
11/15/29
832,872
3,500,000
Allegheny County, Pennsylvania, General Obligation Bonds,
Refunding Series 2016C-76
5
.000
11/01/41
3,528,206
1,845,000
Allegheny County, Pennsylvania, General Obligation Bonds,
Series 2024C-80
5
.000
12/01/41
2,017,743
2,305,000
Allegheny County, Pennsylvania, General Obligation Bonds,
Series 2024C-80
5
.000
12/01/42
2,500,741
2,910,000
Allegheny County, Pennsylvania, General Obligation Bonds,
Series 2024C-80
5
.000
12/01/49
3,025,514
1,895,000
Allegheny County, Pennsylvania, General Obligation Bonds,
Series 2024C-80
5
.000
12/01/54
1,960,067
1,000,000
Bristol Township School District, Bucks County, Pennsylvania,
General Obligation Bonds, Series 2023 - BAM Insured
4
.125
06/01/40
1,035,522
600,000
Central Dauphin School District, Dauphin County, Pennsylvania,
General Obligation Bonds, Series 2026
5
.000
05/15/37
683,208
200,000
Chester County, Pennsylvania, General Obligation Bonds, Series
2025
5
.000
07/15/41
223,932
2,900,000
Colonial School District, Montgomery County, Pennsylvania,
General Obligation Bonds, Series 2020
5
.000
02/15/44
2,938,062
2,235,000
Cumberland Valley School District, Cumberland County,
Pennsylvania, General Obligation Bonds, Series 2023A - AGM
Insured
5
.000
11/15/47
2,339,217
900,000
Dallastown Area School District, York County, Pennsylvania,
General Obligation Bonds, Series 2025
5
.000
04/15/26
902,887
3,455,000
Delaware County, Pennsylvania, General Obligation Bonds,
Series 2024
5
.000
08/01/48
3,609,971
600,000
Dover Area School District, York County, Pennsylvania, General
Obligation Bonds, Series 2026 - BAM Insured
5
.000
04/01/38
668,913
300,000
Ephrata Area School District, Lancaster County, Pennsylvania,
General Obligation Bonds, Notes Series 2026B
5
.000
03/01/36
342,046
300,000
Ephrata Area School District, Lancaster County, Pennsylvania,
General Obligation Bonds, Notes Series 2026B
5
.000
03/01/38
336,875
7,465,000
Erie City School District, Erie County, Pennsylvania, General
Obligation Bonds, Series 2000 - AMBAC Insured
0
.000
09/01/30
6,460,370
425,000
Gateway School District, Allegheny County, Pennsylvania,
General Obligation Bonds, Series 2021 - BAM Insured
3
.000
10/15/35
421,108
750,000
Haverford Township School District, Delaware County,
Pennsylvania, General Obligation Bonds, Series 2025
5
.000
03/15/42
809,950
750,000
Haverford Township School District, Delaware County,
Pennsylvania, General Obligation Bonds, Series 2025
5
.000
03/15/44
798,251
5,750,000
Hempfield Area School District, Westmoreland County,
Pennsylvania, General Obligation Bonds, Series 2022A - AGM
Insured
5
.000
03/15/48
5,971,669
1,140,000
Kennett Consolidated School District, Chester County,
Pennsylvania, General Obligation Bonds, Series 2024
5
.000
02/15/51
1,186,404
2,200,000
Lancaster County, Pennsylvania, General Obligation Bonds,
Series 2024
5
.000
11/01/37
2,441,643
1,125,000
Lancaster, Pennsylvania, General Obligation Bonds, Series 2016
- AGM Insured
5
.000
11/01/27
1,129,310
111
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
1,260,000
Muhlenberg School District, Berks County, Pennsylvania, General
Obligation Bonds, Series 202
5
.000
%
05/15/49
$
1,306,866
400,000
Muhlenberg School District, Berks County, Pennsylvania, General
Obligation Bonds, Series 2025
5
.000
05/15/50
417,081
1,000,000
Penn Manor School District, Lancaster County, Pennsylvania,
General Obligation Bonds, Series 2019A
4
.000
03/01/35
1,016,212
1,000,000
Penn Manor School District, Lancaster County, Pennsylvania,
General Obligation Bonds, Series 2019A
4
.000
03/01/36
1,013,473
630,000
Pennsbury School District, Bucks County, Pennsylvania, General
Obligation Bonds, Series 2024
5
.000
08/01/44
671,082
6,000,000
Pennsylvania State, General Obligation Bonds, First Series 2026
5
.000
04/01/43
6,748,076
3,925,000
Philadelphia School District, Pennsylvania, General Obligation
Bonds, Series 2007A - NPFG Insured
5
.000
06/01/34
4,551,436
10,000,000
(b)
Philadelphia School District, Pennsylvania, General Obligation
Bonds, Series 2023A, (UB)
5
.500
09/01/48
10,703,912
1,000,000
Pittsburgh, Pennsylvania, General Obligation Bonds, Capital
Improvement Series 2024
5
.000
09/01/43
1,076,183
1,000,000
Pittsburgh, Pennsylvania, General Obligation Bonds, Capital
Improvement Series 2025
4
.250
09/01/44
1,006,073
1,355,000
Pittsburgh, Pennsylvania, General Obligation Bonds, Capital
Improvement Series 2025
4
.250
09/01/45
1,347,751
11,440,000
Reading School District, Berks County, Pennsylvania, General
Obligation Bonds, Series 2003B - NPFG Insured
0
.000
01/15/32
9,248,706
385,000
Rose Tree Media School District, Delaware County, Pennsylvania,
General Obligation Bonds, Series 2025
5
.000
04/01/33
448,459
1,520,000
Souderton Area School District, Pennsylvania, General Obligation
Bonds, Series 2026 - BAM Insured
4
.000
09/01/40
1,589,855
1,625,000
Souderton Area School District, Pennsylvania, General Obligation
Bonds, Series 2026 - BAM Insured
4
.000
09/01/41
1,695,799
21,000,000
(b)
State Public School Building Authority, Pennsylvania, Lease
Revenue Bonds, Philadelphia School District, Series 2003 - AGM
Insured, (UB)
5
.500
06/01/28
22,402,588
70,000
The Redevelopment Authority of the City of Scranton,
Lackawanna county, Pennsylvania, Guaranteed Lease Revenue
Bonds, Series 2016A
5
.000
11/15/28
70,070
1,000,000
Tredyffrin-Easttown School District, Chester County, Pennsylvania,
General Obligation Bonds, Series 2024
5
.000
02/15/43
1,079,642
1,265,000
Wilson School District, Berks County, Pennsylvania, General
Obligation Bonds, Notes Series 2025D
5
.000
05/15/43
1,371,863
TOTAL TAX OBLIGATION/GENERAL
113,929,608
TAX OBLIGATION/LIMITED - 14.0% (8.5% of Total Investments)
180,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, 615 Waterfront
Project, Senior Series 2021
6
.000
05/01/42
191,296
155,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center Project,
Series 2018
5
.000
05/01/33
160,330
1,115,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, City Center
Refunding Project, Series 2017
5
.000
05/01/42
1,122,336
1,415,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Neuweiler Lofts
Project, Series 2023
6
.250
05/01/42
1,457,728
450,000
(a)
Allentown Neighborhood Improvement Zone Development
Authority, Pennsylvania, Tax Revenue Bonds, Waterfront-30 E
Allen Street Project, Senior Series 2024A
5
.250
05/01/42
465,712
1,500,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018
5
.000
06/01/31
1,579,511
5,190,000
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018 -
AGM Insured
4
.000
06/01/39
5,209,336
Portfolio of Investments February 28, 2026
(continued)
NQP
112
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
7,215,000
(b)
Commonwealth Financing Authority, Pennsylvania, State
Appropriation Lease Bonds, Master Settlement, Series 2018 -
AGM Insured, (UB)
4
.000
%
06/01/39
$
7,241,881
1,000,000
Delaware County Vocational-Technical School Authority,
Pennsylvania, Lease Revenue Bonds, Intermediate Unit Project,
Series 2025 - BAM Insured
5
.500
11/01/50
1,079,678
1,100,000
Montgomery County Redevelopment Authority, Pennsylvania,
Special Obligation Revenue Bonds, River Pointe Project Series
2023
6
.500
09/01/43
1,145,841
2,650,000
Pennsylvania Turnpike Commission, Motor License Fund-
Enhanced Turnpike Special Revenue Bonds, Subordinate Series
2014A
4
.750
12/01/37
2,690,910
4,000,000
Pennsylvania Turnpike Commission, Motor License Fund-
Enhanced Turnpike Special Revenue Bonds, Subordinate Series
2014A
4
.900
12/01/44
4,038,095
5,535,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
Bonds, Senior Lien Series 2021A
4
.000
12/01/51
5,095,912
1,125,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
Bonds, Senior Series 2018A
5
.250
12/01/44
1,177,528
1,245,000
Pennsylvania Turnpike Commission, Oil Franchise Tax Revenue
Bonds, Subordinate Series 2018B
5
.000
12/01/48
1,276,402
4,000,000
Pennsylvania Turnpike Commission, Registration Fee Revenue
Bonds, Refunding Series 2025
5
.000
07/15/38
4,634,272
2,000,000
Pennsylvania Turnpike Commission, Registration Fee Revenue
Bonds, Refunding Series 2025
5
.000
07/15/40
2,273,118
600,000
Philadelphia Authority for Industrial Development, Pennsylvania,
City Service Agreement Revenue Bonds, Rebuild Project Series
2025A
5
.000
12/01/36
711,146
2,500,000
Philadelphia Authority for Industrial Development, Pennsylvania,
City Service Agreement Revenue Bonds, Rebuild Project Series
2025A
5
.000
12/01/45
2,713,220
1,037,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.750
07/01/53
1,011,202
1,150,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
1,128,758
1,918,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.329
07/01/40
1,921,967
839,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.329
07/01/40
840,735
2,319,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
2,246,908
10,000,000
(b)
Southeastern Pennsylvania Transportation Authority, Revenue
Bonds, Asset Improvement Series 2022, (UB)
5
.250
06/01/47
10,595,377
3,000,000
Southeastern Pennsylvania Transportation Authority, Revenue
Bonds, Asset Improvement Series 2022
5
.250
06/01/52
3,138,994
825,000
Washington County Redevelopment Authority, Pennsylvania,
Tanger Outlet Victory Center Tax Increment Bonds, Series 2018
5
.000
07/01/35
833,456
TOTAL TAX OBLIGATION/LIMITED
65,981,649
TRANSPORTATION - 17.4% (10.5% of Total Investments)
1,760,000
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2021A,
(AMT)
5
.000
01/01/51
1,781,694
8,020,000
(b)
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2021B,
(UB)
5
.000
01/01/56
8,163,814
10,000,000
(b)
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2023A -
AGM Insured, (AMT), (UB)
5
.500
01/01/53
10,508,820
4,000,000
Allegheny County Airport Authority, Pennsylvania, Airport
Revenue Bonds, Pittsburgh International Airport, Series 2025A,
(AMT)
5
.500
01/01/50
4,274,845
2,485,000
Delaware River Port Authority, New Jersey and Pennsylvania,
Revenue Bonds, Refunding Series 2025
5
.000
01/01/36
2,937,548
113
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
1,340,000
Delaware River Port Authority, New Jersey and Pennsylvania,
Revenue Bonds, Series 2018A
5
.000
%
01/01/37
$
1,421,286
2,000,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, New Terminal 1 John F Kennedy
International Airport Project, Green Series 2023 - AGM Insured,
(AMT)
5
.125
06/30/60
2,019,757
3,000,000
Pennsylvania Economic Development Financing Authority,
Pennsylvania, Private Activity Revenue Bonds, The PennDOT
Major Bridges Package One Project, Series 2022 - AGM Insured,
(AMT)
5
.000
12/31/57
3,043,013
12,170,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Capital Appreciation Series 2009E
6
.375
12/01/38
12,861,858
2,845,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
First Series 2024
5
.000
12/01/42
3,190,995
500,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Refunding Subordinate First Series 2025
5
.000
12/01/40
574,299
1,215,000
(b)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2022B, (UB)
5
.250
12/01/47
1,298,990
2,365,000
(b)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2022B, (UB)
5
.250
12/01/52
2,498,236
11,500,000
(b)
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Series 2023A, (UB)
5
.000
12/01/48
12,150,094
2,005,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2009C - AGM Insured
6
.250
06/01/33
2,023,827
1,435,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2017B-1
5
.000
06/01/31
1,483,688
1,430,000
Pennsylvania Turnpike Commission, Turnpike Revenue Bonds,
Subordinate Series 2017B-1
5
.000
06/01/33
1,475,017
780,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2017A - AGM Insured
3
.000
07/01/34
767,827
1,490,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2017B, (AMT)
5
.000
07/01/47
1,499,314
1,470,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2020C, (AMT)
4
.000
07/01/50
1,306,896
1,625,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2025B, (AMT)
5
.000
07/01/35
1,887,142
1,740,000
Philadelphia, Pennsylvania, Airport Revenue Bonds, Refunding
Series 2025B, (AMT)
5
.000
07/01/39
1,950,463
1,000,000
Pittsburgh and Allegheny County Sports and Exhibition Authority,
Pennsylvania, Parking Revenue Bonds, Series 2017
5
.000
12/15/30
1,041,727
550,000
Pittsburgh and Allegheny County Sports and Exhibition Authority,
Pennsylvania, Parking Revenue Bonds, Series 2017
5
.000
12/15/34
568,967
1,250,000
Pittsburgh and Allegheny County Sports and Exhibition Authority,
Pennsylvania, Parking Revenue Bonds, Series 2017
5
.000
12/15/37
1,285,148
TOTAL TRANSPORTATION
82,015,265
U.S. GUARANTEED - 3.0% (g)(1.8% of Total Investments)
455,000
Allegheny County Higher Education Building Authority,
Pennsylvania, College Revenue Refunding Bonds, Robert Morris
College, Series 1998A, (ETM)
6
.000
05/01/28
474,172
735,000
Allegheny County Higher Education Building Authority,
Pennsylvania, Revenue Bonds, Robert Morris University, Series
2016, (Pre-refunded 10/15/26)
3
.000
10/15/30
738,230
1,000,000
Allegheny County Higher Education Building Authority,
Pennsylvania, Revenue Bonds, Robert Morris University, Series
2016, (Pre-refunded 10/15/26)
5
.000
10/15/38
1,016,741
1,625,000
Allegheny County Higher Education Building Authority,
Pennsylvania, Revenue Bonds, Robert Morris University, Series
2017, (Pre-refunded 10/15/27)
5
.000
10/15/47
1,695,926
135,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,
(Pre-refunded 1/01/29)
5
.000
01/01/39
144,798
Portfolio of Investments February 28, 2026
(continued)
NQP
114
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
U.S. GUARANTEED (g)
(continued)
$
1,075,000
Cumberland County Municipal Authority, Pennsylvania, Revenue
Bonds, Diakon Lutheran Social Ministries Project, Series 2019A,
(Pre-refunded 1/01/29)
5
.000
%
01/01/39
$
1,153,025
430,000
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Series 2016A, (Pre-refunded 7/01/26)
5
.000
07/01/41
433,490
120,000
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Series 2019A, (Pre-refunded 7/01/29)
4
.000
07/01/45
125,764
150,000
Doylestown Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Series 2019A, (Pre-refunded 7/01/29)
5
.000
07/01/49
161,969
2,350,000
Monroe County Hospital Authority, Pennsylvania, Hospital
Revenue Bonds, Pocono Medical Center, Series 2016, (Pre-
refunded 7/01/26)
5
.000
07/01/41
2,372,212
140,000
(a),(c)
Philadelphia Authority for Industrial Development, Pennsylvania,
Revenue Bonds, University of the Arts, Series 2017, (Pre-refunded
3/15/28)
5
.000
03/15/45
147,799
4,140,000
Pottsville Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Lehigh Valley Health Network, Series 2016B, (Pre-
refunded 1/01/27)
5
.000
07/01/45
4,238,273
1,335,000
Saint Mary Hospital Authority, Pennsylvania, Hospital Revenue
Bonds, Trinity Health Credit Group, Refunding Series 2019PA,
(Pre-refunded 12/01/28)
5
.000
12/01/48
1,432,805
TOTAL U.S. GUARANTEED
14,135,204
UTILITIES - 22.7% (13.7% of Total Investments)
1,000,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2018
5
.000
06/01/43
1,033,318
4,165,000
(b)
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2022, (UB)
5
.000
06/01/53
4,315,476
2,625,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2025
5
.000
12/01/45
2,843,277
3,925,000
Allegheny County Sanitary Authority, Pennsylvania, Sewer
Revenue Bonds, Series 2025
5
.000
12/01/50
4,131,496
6,500,000
(d)
Beaver County Industrial Development Authority, Pennsylvania,
Pollution Control Revenue Bonds, FirstEnergy Generation Project,
Refunding Series 2006A, (Mandatory Put 7/01/33)
4
.750
01/01/35
7,009,046
2,000,000
Bethel Park Municipal Authority, Pennsylvania, Guaranteed Sewer
Revenue Bonds, Series 2020B
3
.000
09/01/47
1,553,920
7,000,000
(b)
Bucks County Water and Sewer Authority, Pennsylvania, Sewer
System Revenue Bonds, Series 2022A - AGM Insured, (UB)
4
.250
12/01/47
6,995,468
1,090,000
Bucks County Water and Sewer Authority, Pennsylvania, Water
System Revenue Bonds, Series 2024
4
.000
12/01/43
1,114,288
1,150,000
Bucks County Water and Sewer Authority, Pennsylvania, Water
System Revenue Bonds, Series 2024
4
.000
12/01/46
1,124,829
2,345,000
Canonsburg-Houston Joint Authority, Washington County,
Pennsylvania, Sewer Revenue Bonds, Series 2025
5
.000
12/01/37
2,650,183
1,110,000
Delaware County Regional Water Quality Control Authority,
Pennsylvania, Sewer Revenue Bonds, Series 2015
5
.000
05/01/40
1,111,702
855,000
Delaware County Regional Water Quality Control Authority,
Pennsylvania, Sewer Revenue Bonds, Series 2015
4
.000
05/01/45
854,956
540,000
Erie Sewer Authority, Erie County, Pennsylvania, Sewer Revenue
Bonds, Series 2025 - BAM Insured
5
.000
12/01/42
583,044
7,295,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Capital Appreciation
Series 2013B
0
.000
12/01/34
5,558,456
4,420,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Capital Appreciation
Series 2013B
0
.000
12/01/35
3,221,118
2,000,000
Lehigh County Authority, Pennsylvania, Water and Sewer
Revenue Bonds, Allentown Concession, Series 2024 - BAM
Insured
4
.000
12/01/46
1,946,017
295,000
(d)
Luzerne County Industrial Development Authority, Pennsylvania,
Revenue Bonds, Pennsylvania-American Water Company Project,
Refunding Series 2019, (AMT), (Mandatory Put 12/03/29)
2
.450
12/01/39
277,017
115
See Notes to Financial Statements
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
4,440,000
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, York Water Company Project,
Refunding Series 2019A, (AMT)
3
.000
%
10/01/36
$
4,377,005
3,900,000
Pennsylvania Economic Development Financing Authority,
Exempt Facilities Revenue Bonds, York Water Company Project,
Refunding Series 2019B, (AMT)
3
.100
11/01/38
3,794,867
10,500,000
Pennsylvania Economic Development Financing Authority,
Revenue Bonds, Pennsylvania-American Water Company,
Refunding Series 2019
3
.000
04/01/39
9,880,672
2,000,000
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998
General Ordinance, Fifteenth Series 2017
5
.000
08/01/37
2,051,924
1,000,000
Philadelphia Gas Works, Pennsylvania, Revenue Bonds, 1998
General Ordinance, Sixteenth Series 2020A - AGM Insured
5
.000
08/01/50
1,031,466
7,000,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2018A
5
.000
10/01/48
7,148,839
4,175,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2018A
5
.000
10/01/53
4,251,698
4,695,000
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2022C
5
.500
06/01/47
5,055,263
12,000,000
(b)
Philadelphia, Pennsylvania, Water and Wastewater Revenue
Bonds, Series 2023B - AGM Insured, (UB)
4
.500
09/01/48
12,177,170
3,250,000
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and
Sewer System Revenue Bonds, First Lien Series 2023A - AGM
Insured
5
.000
09/01/48
3,407,641
2,630,000
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and
Sewer System Revenue Bonds, First Lien Series 2023A - AGM
Insured
4
.250
09/01/53
2,599,176
1,925,000
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and
Sewer System Revenue Bonds, First Lien Series 2025A
5
.000
09/01/55
2,000,500
1,295,000
Pittsburgh Water and Sewer Authority, Pennsylvania, Water and
Sewer System Revenue Bonds, Refunding First Lien Series 2023B
5
.000
09/01/36
1,488,879
450,000
University Area Joint Authority, Centre County, Pennsylvania,
Sewer Revenue Bonds, Series 2025 - BAM Insured
4
.250
11/01/49
446,194
1,000,000
Westmoreland County Municipal Authority, Pennsylvania,
Municipal Service Revenue Bonds, Refunding Series 2020 - AGM
Insured
2
.450
08/15/37
879,001
TOTAL UTILITIES
106,913,906
TOTAL MUNICIPAL BONDS
(Cost $786,324,794)
774,643,314
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
X
6
VARIABLE RATE SENIOR LOAN INTERESTS - 0.0%  (0.0% of Total Investments)
X
–
CAPITAL GOODS - 0.0% (0.0% of Total Investments)
$
64,338
(c),(f)
KDC Agribusiness Fairless Hills LLC
12
.000
09/17/26
$
6
TOTAL CAPITAL GOODS
6
TOTAL VARIABLE RATE SENIOR LOAN INTERESTS
(Cost $64,338)
6
TOTAL LONG-TERM INVESTMENTS
(Cost $786,389,132)
774,643,320
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS -  1.2% (0.7% of Total Investments)  
X
5,500,000
MUNICIPAL BONDS - 1.2%  (0.7% of Total Investments)
X
–
HEALTH CARE - 0.7% (0.4% of Total Investments)
$
3,000,000
(h)
Philadelphia Authority for Industrial Development, Pennsylvania,
Hospital Revenue Bonds, The Children's Hospital of Philadelphia,
Series 2024B-1
1
.850
07/01/54
$
3,000,000
TOTAL HEALTH CARE
3,000,000
Portfolio of Investments February 28, 2026
(continued)
NQP
116
See Notes to Financial Statements
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED - 0.5% (0.3% of Total Investments)
$
2,500,000
(h)
Philadelphia Authority for Industrial Development, Pennsylvania,
Multi-Modal Lease Revenue Bonds, Refunding Series 2007B-2
1
.880
%
10/01/30
$
2,500,000
TOTAL TAX OBLIGATION/LIMITED
2,500,000
TOTAL MUNICIPAL BONDS
(Cost $5,500,000)
5,500,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $5,500,000)
5,500,000
TOTAL INVESTMENTS - 165.8%
(Cost $791,889,132)
780,143,320
FLOATING RATE OBLIGATIONS - (22.7)%  
(
106,940,000
)
VRDP SHARES, NET - (46.1)% (i)
(
216,923,225
)
OTHER ASSETS & LIABILITIES, NET - 3.0%
14,323,440
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
470,603,535
AMT
Alternative Minimum Tax
ETM
Escrowed to maturity
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $6,631,310 or 0.9% of Total Investments.
(b)
Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse
floating rate transactions.
(c)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(d)
Floating or variable rate security includes the reference rate and spread, when applicable.  For mortgage-backed or asset-backed
securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(e)
Step-up coupon bond, a bond with a coupon that increases ("steps up"), usually at regular intervals, while the bond is outstanding.
The rate shown is the coupon as of the end of the fiscal period.
(f)
For fair value measurement disclosure purposes, investment classified as Level 3.
(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.
(i)
VRDP Shares, Net as a percentage of Total Investments is 27.8%.
Statement of Assets and Liabilities
See Notes to Financial Statements
117
February 28, 2026 (Unaudited)
NAZ
NKX
NCA
NAC
NXJ
NRK
ASSETS
Long-term investments, at value
†
$
241,493,836‌
$
1,068,061,453‌
$
306,161,108‌
$
3,022,049,630‌
$
902,353,072‌
$
1,589,239,708‌
Short-term investments, at value
◊
–‌
–‌
–‌
35,000,000‌
3,500,000‌
19,280,000‌
Cash
216,371‌
13,073,770‌
1,220,467‌
17,319,041‌
1,167,376‌
24,419,554‌
Receivables:
Interest
2,169,993‌
12,498,996‌
2,887,165‌
33,627,177‌
9,737,403‌
19,028,631‌
Investments sold
–‌
20,000‌
–‌
1,280,476‌
1,250,000‌
–‌
Shares sold
128,547‌
861,894‌
–‌
1,294,080‌
–‌
–‌
Deferred offering costs
3,347‌
71,069‌
–‌
85,528‌
–‌
–‌
Other
10,795‌
247,521‌
16,725‌
582,113‌
71,229‌
516,179‌
Total assets
244,022,889‌
1,094,834,703‌
310,285,465‌
3,111,238,045‌
918,079,080‌
1,652,484,072‌
LIABILITIES
Floating rate obligations
–‌
33,485,000‌
–‌
68,590,000‌
63,850,000‌
13,480,000‌
AMTP Shares, Net
*
88,276,062‌
–‌
–‌
–‌
–‌
–‌
MFP Shares, Net
**
–‌
140,070,493‌
–‌
256,956,885‌
–‌
79,642,926‌
VRDP Shares, Net
***
–‌
255,801,320‌
–‌
881,741,949‌
312,862,377‌
582,413,543‌
Payables:
Management fees
109,791‌
478,582‌
118,075‌
1,296,713‌
394,975‌
714,418‌
Dividends
803,591‌
3,870,462‌
920,345‌
11,051,766‌
2,922,641‌
5,710,201‌
Interest
49‌
745,832‌
109‌
1,455,729‌
1,009,500‌
330,592‌
Investments purchased - regular settlement
—‌
–‌
–‌
1,517,213‌
–‌
–‌
Investments purchased - when-issued/delayed-
delivery settlement
2,220,639‌
–‌
–‌
21,552,384‌
–‌
–‌
Accrued expenses:
Custodian fees
38,420‌
94,272‌
38,061‌
246,065‌
94,211‌
145,381‌
Investor relations fees
3,247‌
12,555‌
3,826‌
32,639‌
13,012‌
22,316‌
Trustees fees
6,050‌
74,007‌
20,315‌
243,659‌
68,246‌
136,177‌
Professional fees
16,756‌
14,801‌
16,750‌
16,132‌
14,874‌
10,589‌
Shareholder reporting expenses
6,046‌
19,427‌
11,351‌
32,645‌
13,912‌
21,890‌
Shareholder servicing agent fees
5,232‌
3,538‌
3,421‌
13,950‌
8,824‌
14,874‌
Shelf offering costs
–‌
10,546‌
–‌
23,598‌
–‌
–‌
Other
813‌
10,267‌
819‌
14,764‌
716,732‌
55,448‌
Total liabilities
91,486,696‌
434,691,102‌
1,133,072‌
1,244,786,091‌
381,969,304‌
682,698,355‌
Commitments and contingencies
(1)
Net assets applicable to common shares
$
152,536,193‌
$
660,143,601‌
$
309,152,393‌
$
1,866,451,954‌
$
536,109,776‌
$
969,785,717‌
Common shares outstanding
12,809,651‌
53,443,804‌
33,111,526‌
156,326,698‌
41,232,935‌
87,235,304‌
Net asset value ("NAV") per common share
outstanding
$
11.91‌
$
12.35‌
$
9.34‌
$
11.94‌
$
13.00‌
$
11.12‌
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share
$
128,097‌
$
534,438‌
$
331,115‌
$
1,563,267‌
$
412,329‌
$
872,353‌
Paid-in capital
163,536,671‌
682,450,536‌
312,906,535‌
2,019,468,362‌
559,289,658‌
1,130,811,326‌
Total distributable earnings (loss)
(11,128,575‌)
(22,841,373‌)
(4,085,257‌)
(154,579,675‌)
(23,592,211‌)
(161,897,962‌)
Net assets applicable to common shares
$
152,536,193‌
$
660,143,601‌
$
309,152,393‌
$
1,866,451,954‌
$
536,109,776‌
$
969,785,717‌
Authorized shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
—
Unlimited
Unlimited
Unlimited
†
   Long-term investments, cost
$
241,084,753‌
$
1,041,000,688‌
$
298,921,460‌
$
2,975,351,889‌
$
896,815,625‌
$
1,567,687,240‌
◊
   Short-term investments, cost
$
—‌
$
—‌
$
—‌
$
35,000,000‌
$
3,500,000‌
$
19,280,000‌
*
   AMTP Shares, liquidation preference
$
88,300,000‌
$
–‌
$
–‌
$
–‌
$
–‌
$
–‌
**
   MFP Shares, liquidation preference
$
–‌
$
140,400,000‌
$
–‌
$
257,000,000‌
$
–‌
$
80,000,000‌
***
    VRDP Shares, liquidation preference
$
–‌
$
256,700,000‌
$
–‌
$
883,800,000‌
$
313,900,000‌
$
583,800,000‌
Statement of Assets and Liabilities
(continued)
See Notes to Financial Statements
118
February 28, 2026 (Unaudited)
NNY
NAN
NQP
ASSETS
Long-term investments, at value
†
$
166,880,635‌
$
602,188,131‌
$
774,643,320‌
Short-term investments, at value
◊
–‌
–‌
5,500,000‌
Cash
981,130‌
6,915,039‌
–‌
Receivables:
Interest
2,022,503‌
8,436,351‌
10,881,370‌
Investments sold
–‌
30,000‌
1,500,000‌
Shares sold
–‌
250,086‌
–‌
Sale of Vistra Vision interest
#
(2)
–‌
–‌
10,433,641‌
Deferred offering costs
–‌
54,810‌
–‌
Other
1,074‌
104,253‌
62,038‌
Total assets
169,885,342‌
617,978,670‌
803,020,369‌
LIABILITIES
Cash overdraft
–‌
–‌
2,488,220‌
Floating rate obligations
–‌
28,840,000‌
106,940,000‌
AMTP Shares, Net
*
–‌
126,973,221‌
–‌
VRDP Shares, Net
***
–‌
88,363,758‌
216,923,225‌
Payables:
Management fees
65,474‌
274,040‌
352,684‌
Dividends
524,177‌
2,112,688‌
2,658,837‌
Interest
60‌
720,534‌
2,052,422‌
Vistra Vision sale transactions costs
(2)
–‌
–‌
240,958‌
Accrued expenses:
Custodian fees
27,693‌
60,765‌
82,624‌
Investor relations fees
2,668‌
8,838‌
11,578‌
Trustees fees
4,317‌
42,439‌
61,809‌
Professional fees
16,785‌
13,874‌
14,973‌
Shareholder reporting expenses
7,632‌
11,780‌
12,262‌
Shareholder servicing agent fees
3,556‌
10,632‌
11,217‌
Other
325‌
552‌
566,025‌
Total liabilities
652,687‌
247,433,121‌
332,416,834‌
Commitments and contingencies
(1)
Net assets applicable to common shares
$
169,232,655‌
$
370,545,549‌
$
470,603,535‌
Common shares outstanding
18,886,052‌
31,947,851‌
37,217,802‌
Net asset value ("NAV") per common share outstanding
$
8.96‌
$
11.60‌
$
12.64‌
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share
$
188,861‌
$
319,479‌
$
372,178‌
Paid-in capital
178,431,300‌
432,875,602‌
501,380,791‌
Total distributable earnings (loss)
(9,387,506‌)
(62,649,532‌)
(31,149,434‌)
Net assets applicable to common shares
$
169,232,655‌
$
370,545,549‌
$
470,603,535‌
Authorized shares:
Common
Unlimited
Unlimited
Unlimited
Preferred
—
Unlimited
Unlimited
†
   Long-term investments, cost
$
165,298,076‌
$
597,612,009‌
$
786,389,132‌
◊
   Short-term investments, cost
$
—‌
$
—‌
$
5,500,000‌
*
   AMTP Shares, liquidation preference
$
–‌
$
127,000,000‌
$
–‌
***
    VRDP Shares, liquidation preference
$
–‌
$
89,000,000‌
$
217,500,000‌
#
   Net of discount of
$
–‌
$
–‌
$
518,992‌
(1)
As disclosed in Notes to Financial Statements.
(2)
Refer to Note 4 of the Notes to Financial Statements for more information.
Statement of Operations
See Notes to Financial Statements
119
Six Months Ended February 28, 2026 (Unaudited)
NAZ
NKX
NCA
NAC
NXJ
INVESTMENT INCOME
Interest
$
4,930,710‌
$
23,735,012‌
$
6,667,533‌
$
67,427,786‌
$
18,208,637‌
Total investment income
4,930,710‌
23,735,012‌
6,667,533‌
67,427,786‌
18,208,637‌
EXPENSES
–
–
–
–
–
Management fees
694,203‌
3,003,731‌
734,298‌
8,168,695‌
2,545,856‌
Shareholder servicing agent fees
7,666‌
5,201‌
4,315‌
17,499‌
11,116‌
Interest expense and amortization of offering costs
1,496,009‌
5,679,507‌
410‌
18,810,530‌
6,408,877‌
Trustees fees
6,929‌
30,756‌
9,056‌
87,218‌
25,457‌
Custodian expenses, net
16,304‌
39,894‌
16,144‌
104,029‌
39,885‌
Investor relations expenses
10,713‌
43,843‌
7,790‌
113,586‌
44,080‌
Liquidity fees
—‌
983,372‌
—‌
1,891,308‌
—‌
Merger expenses
—‌
—‌
—‌
—‌
1,145,000‌
Professional fees
28,165‌
73,617‌
23,937‌
80,542‌
56,907‌
Remarketing fees
—‌
330,450‌
—‌
250,334‌
—‌
Shareholder reporting expenses
10,735‌
28,570‌
15,935‌
40,807‌
23,468‌
Stock exchange listing fees
3,827‌
7,459‌
5,208‌
22,693‌
6,469‌
Other
30,836‌
68,207‌
5,989‌
91,780‌
44,076‌
Total expenses
2,305,387‌
10,294,607‌
823,082‌
29,679,021‌
10,351,191‌
Net investment income (loss)
2,625,323‌
13,440,405‌
5,844,451‌
37,748,765‌
7,857,446‌
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
498‌
(
786,395‌
)
(
9,952‌
)
(
204,401‌
)
(
1,071,725‌
)
Net realized gain (loss)
498‌
(
786,395‌
)
(
9,952‌
)
(
204,401‌
)
(
1,071,725‌
)
Change in unrealized appreciation (depreciation) on:
Investments
11,868,868‌
49,759,277‌
16,012,720‌
159,445,285‌
43,525,981‌
Net change in unrealized appreciation (depreciation)
11,868,868‌
49,759,277‌
16,012,720‌
159,445,285‌
43,525,981‌
Net realized and unrealized gain (loss)
11,869,366‌
48,972,882‌
16,002,768‌
159,240,884‌
42,454,256‌
Net increase (decrease) in net assets applicable to
common shares from operations
$
14,494,689‌
$
62,413,287‌
$
21,847,219‌
$
196,989,649‌
$
50,311,702‌
Statement of Operations
(continued)
See Notes to Financial Statements
120
Six Months Ended February 28, 2026 (Unaudited)
NRK
NNY
NAN
NQP
INVESTMENT INCOME
Interest
$
38,047,423‌
$
3,784,199‌
$
14,230,195‌
$
16,485,633‌
Total investment income
38,047,423‌
3,784,199‌
14,230,195‌
16,485,633‌
EXPENSES
–
–
–
–
Management fees
4,587,830‌
410,098‌
1,758,996‌
2,262,937‌
Shareholder servicing agent fees
18,714‌
4,455‌
14,658‌
14,296‌
Interest expense and amortization of offering costs
8,743,744‌
5,019‌
3,782,916‌
5,219,161‌
Trustees fees
48,415‌
4,978‌
17,461‌
21,134‌
Custodian expenses, net
61,490‌
11,764‌
25,735‌
34,979‌
Investor relations expenses
69,288‌
4,519‌
28,969‌
41,227‌
Liquidity fees
2,248,993‌
—‌
364,600‌
—‌
Merger expenses
—‌
—‌
—‌
1,090,000‌
Professional fees
64,385‌
22,781‌
47,658‌
62,932‌
Remarketing fees
370,438‌
—‌
22,497‌
—‌
Shareholder reporting expenses
22,440‌
10,563‌
15,244‌
23,597‌
Stock exchange listing fees
13,675‌
3,827‌
4,835‌
5,837‌
Other
32,988‌
5,302‌
47,455‌
39,782‌
Total expenses
16,282,400‌
483,306‌
6,131,024‌
8,815,882‌
Net investment income (loss)
21,765,023‌
3,300,893‌
8,099,171‌
7,669,751‌
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
(
1,773,623‌
)
897‌
(
499,044‌
)
(
623,749‌
)
Net realized gain (loss)
(
1,773,623‌
)
897‌
(
499,044‌
)
(
623,749‌
)
Change in unrealized appreciation (depreciation) on:
Investments
87,142,471‌
8,034,344‌
28,532,642‌
41,327,702‌
Net change in unrealized appreciation (depreciation)
87,142,471‌
8,034,344‌
28,532,642‌
41,327,702‌
Net realized and unrealized gain (loss)
85,368,848‌
8,035,241‌
28,033,598‌
40,703,953‌
Net increase (decrease) in net assets applicable to common shares from
operations
$
107,133,871‌
$
11,336,134‌
$
36,132,769‌
$
48,373,704‌
Statement of Changes in Net Assets
See Notes to Financial Statements
121
NAZ
NKX
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
OPERATIONS
Net investment income (loss)
$
2,625,323‌
$
4,665,578‌
$
13,440,405‌
$
24,051,254‌
Net realized gain (loss)
498‌
(
831,469‌
)
(
786,395‌
)
(
3,750,023‌
)
Net change in unrealized appreciation (depreciation)
11,868,868‌
(
11,152,391‌
)
49,759,277‌
(
57,718,350‌
)
Net increase (decrease) in net assets applicable to common shares
from operations
14,494,689‌
(
7,318,282‌
)
62,413,287‌
(
37,417,119‌
)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
4,876,178‌
)
(
4,670,083‌
)
(
23,536,679‌
)
(
23,818,712‌
)
Return of Capital
–‌
(
5,502,803‌
)
–‌
(
20,059,831‌
)
Total distributions
(
4,876,178‌
)
(
10,172,886‌
)
(
23,536,679‌
)
(
43,878,543‌
)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs
8,169,886‌
5,699,157‌
45,922,859‌
24,501,438‌
Reinvestments of distributions
166,900‌
199,112‌
943,675‌
1,748,791‌
Net increase (decrease) applicable to common shares from capital
share transactions
8,336,786‌
5,898,269‌
46,866,534‌
26,250,229‌
Net increase (decrease) in net assets applicable to common shares
17,955,297‌
(
11,592,899‌
)
85,743,142‌
(
55,045,433‌
)
Net assets applicable to common shares at the beginning of period
134,580,896‌
146,173,795‌
574,400,459‌
629,445,892‌
Net assets applicable to common shares at the end of period
$
152,536,193‌
$
134,580,896‌
$
660,143,601‌
$
574,400,459‌
See Notes to Financial Statements
122
Statement of Changes in Net Assets
(continued)
NCA
NAC
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
OPERATIONS
Net investment income (loss)
$
5,844,451‌
$
11,539,868‌
$
37,748,765‌
$
69,149,547‌
Net realized gain (loss)
(
9,952‌
)
(
764,730‌
)
(
204,401‌
)
(
11,056,790‌
)
Net change in unrealized appreciation (depreciation)
16,012,720‌
(
17,888,504‌
)
159,445,285‌
(
176,332,870‌
)
Net increase (decrease) in net assets applicable to common shares
from operations
21,847,219‌
(
7,113,366‌
)
196,989,649‌
(
118,240,113‌
)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
5,760,923‌
)
(
11,521,652‌
)
(
66,283,033‌
)
(
68,173,750‌
)
Return of Capital
–‌
–‌
–‌
(
59,498,838‌
)
Total distributions
(
5,760,923‌
)
(
11,521,652‌
)
(
66,283,033‌
)
(
127,672,588‌
)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs
—‌
—‌
122,855,185‌
11,173,911‌
Reinvestments of distributions
30,770‌
—‌
1,542,273‌
—‌
Net increase (decrease) applicable to common shares from capital
share transactions
30,770‌
—‌
124,397,458‌
11,173,911‌
Net increase (decrease) in net assets applicable to common shares
16,117,066‌
(
18,635,018‌
)
255,104,074‌
(
234,738,790‌
)
Net assets applicable to common shares at the beginning of period
293,035,327‌
311,670,345‌
1,611,347,880‌
1,846,086,670‌
Net assets applicable to common shares at the end of period
$
309,152,393‌
$
293,035,327‌
$
1,866,451,954‌
$
1,611,347,880‌
See Notes to Financial Statements
123
NXJ
NRK
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
OPERATIONS
Net investment income (loss)
$
7,857,446‌
$
16,989,521‌
$
21,765,023‌
$
40,509,089‌
Net realized gain (loss)
(
1,071,725‌
)
(
2,866,267‌
)
(
1,773,623‌
)
(
2,530,510‌
)
Net change in unrealized appreciation (depreciation)
43,525,981‌
(
33,829,130‌
)
87,142,471‌
(
115,012,924‌
)
Net increase (decrease) in net assets applicable to common shares
from operations
50,311,702‌
(
19,705,876‌
)
107,133,871‌
(
77,034,345‌
)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
19,420,712‌
)
(
16,622,814‌
)
(
36,115,416‌
)
(
39,862,750‌
)
Return of Capital
–‌
(
22,218,611‌
)
–‌
(
32,368,083‌
)
Total distributions
(
19,420,712‌
)
(
38,841,425‌
)
(
36,115,416‌
)
(
72,230,833‌
)
Net increase (decrease) in net assets applicable to common shares
30,890,990‌
(
58,547,301‌
)
71,018,455‌
(
149,265,178‌
)
Net assets applicable to common shares at the beginning of period
505,218,786‌
563,766,087‌
898,767,262‌
1,048,032,440‌
Net assets applicable to common shares at the end of period
$
536,109,776‌
$
505,218,786‌
$
969,785,717‌
$
898,767,262‌
See Notes to Financial Statements
124
Statement of Changes in Net Assets
(continued)
NNY
NAN
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
OPERATIONS
Net investment income (loss)
$
3,300,893‌
$
6,698,335‌
$
8,099,171‌
$
15,165,340‌
Net realized gain (loss)
897‌
(
163,189‌
)
(
499,044‌
)
(
1,953,164‌
)
Net change in unrealized appreciation (depreciation)
8,034,344‌
(
9,797,640‌
)
28,532,642‌
(
36,361,886‌
)
Net increase (decrease) in net assets applicable to common shares
from operations
11,336,134‌
(
3,262,494‌
)
36,132,769‌
(
23,149,710‌
)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
3,342,831‌
)
(
6,685,663‌
)
(
13,608,994‌
)
(
14,970,712‌
)
Return of Capital
–‌
–‌
–‌
(
11,680,591‌
)
Total distributions
(
3,342,831‌
)
(
6,685,663‌
)
(
13,608,994‌
)
(
26,651,303‌
)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs
—‌
—‌
9,830,981‌
1,811,164‌
Reinvestments of distributions
—‌
—‌
444,870‌
444,021‌
Net increase (decrease) applicable to common shares from capital
share transactions
—‌
—‌
10,275,851‌
2,255,185‌
Net increase (decrease) in net assets applicable to common shares
7,993,303‌
(
9,948,157‌
)
32,799,626‌
(
47,545,828‌
)
Net assets applicable to common shares at the beginning of period
161,239,352‌
171,187,509‌
337,745,923‌
385,291,751‌
Net assets applicable to common shares at the end of period
$
169,232,655‌
$
161,239,352‌
$
370,545,549‌
$
337,745,923‌
See Notes to Financial Statements
125
NQP
Unaudited
Six Months Ended
2/28/26
Year Ended
8/31/25
OPERATIONS
Net investment income (loss)
$
7,669,751‌
$
15,728,114‌
Net realized gain (loss)
(
623,749‌
)
4,043,590‌
Net change in unrealized appreciation (depreciation)
41,327,702‌
(
54,001,323‌
)
Net increase (decrease) in net assets applicable to common shares from operations
48,373,704‌
(
34,229,619‌
)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
17,417,932‌
)
(
16,596,680‌
)
Return of Capital
–‌
(
18,239,183‌
)
Total distributions
(
17,417,932‌
)
(
34,835,863‌
)
Net increase (decrease) in net assets applicable to common shares
30,955,772‌
(
69,065,482‌
)
Net assets applicable to common shares at the beginning of period
439,647,763‌
508,713,245‌
Net assets applicable to common shares at the end of period
$
470,603,535‌
$
439,647,763‌
Statement of Cash Flows
See Notes to Financial Statements
126
Six Months Ended February 28, 2026 (Unaudited)
NAZ
NKX
NAC
NXJ
NRK
CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Applicable to Common Shares from
Operations
$
14,494,689‌
$
62,413,287‌
$
196,989,649‌
$
50,311,702‌
$
107,133,871‌
Adjustments to reconcile the net increase (decrease) in net assets applicable to
common shares from operations to net cash provided by (used in) operating
activities:
Purchases of investments
(15,294,714‌)
(116,516,081‌)
(168,530,535‌)
(20,056,514‌)
(94,157,026‌)
Proceeds from sale and maturities of investments
3,202,000‌
89,693,805‌
91,475,907‌
35,102,646‌
123,236,800‌
Proceeds from (Purchase of) short-term investments, net
—‌
16,000,000‌
(11,400,000‌)
(1,540,000‌)
8,720,000‌
Amortization (Accretion) of premiums and discounts, net
500,994‌
(1,971,554‌)
(2,071,533‌)
(647,373‌)
(1,726,600‌)
Amortization of deferred offering costs
178,496‌
454,233‌
376,653‌
29,894‌
53,202‌
(Increase) Decrease in:
Receivable for interest
30,877‌
(1,678,870‌)
(2,465,788‌)
(744,862‌)
(20,423‌)
Receivable for investments sold
4,060,807‌
1,410,000‌
3,659,524‌
(825,000‌)
4,020,000‌
Other assets
14,494‌
(2,346‌)
(5,265‌)
(641‌)
13,958‌
Increase (Decrease) in:
Payable for interest
(2‌)
427,574‌
1,021,601‌
532,907‌
279,092‌
Payable for investments purchased - regular settlement
—‌
—‌
1,517,213‌
—‌
—‌
Payable for investments purchased - when-issued/delayed-delivery
settlement
1,783,403‌
(3,699,930‌)
13,303,984‌
—‌
—‌
Payable for management fees
(3,879‌)
(5,818‌)
(37,105‌)
(30,358‌)
(44,903‌)
Accrued custodian fees
16,210‌
39,798‌
103,934‌
39,790‌
61,394‌
Accrued investor relations fees
(770‌)
(3,135‌)
(13,214‌)
(1,272‌)
(6,739‌)
Accrued Trustees fees
689‌
(691‌)
(10,238‌)
(2,017‌)
(4,685‌)
Accrued professional fees
(16,529‌)
(18,835‌)
(8,900‌)
(815‌)
(19,541‌)
Accrued shareholder reporting expenses
(2,170‌)
(2,050‌)
(14,578‌)
(9,122‌)
3,241‌
Accrued shareholder servicing agent fees
1,201‌
801‌
4,122‌
2,645‌
4,416‌
Accrued shelf offering costs
—‌
10,546‌
(66,402‌)
—‌
—‌
Accrued other expenses
345‌
(8,432‌)
(16,719‌)
714,010‌
(31,357‌)
Net realized (gain) loss from investments
(498‌)
786,395‌
204,401‌
1,071,725‌
1,773,623‌
Net change in unrealized (appreciation) depreciation of investments
(11,868,868‌)
(49,759,277‌)
(159,445,285‌)
(43,525,981‌)
(87,142,471‌)
Net cash provided by (used in) operating activities
(2,903,225‌)
(2,430,580‌)
(35,428,574‌)
20,421,364‌
62,145,852‌
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
5,633,391‌
24,300,000‌
17,627,850‌
13,793,734‌
45,541,585‌
(Repayments) of borrowings
(5,633,391‌)
(24,300,000‌)
(17,627,850‌)
(13,793,734‌)
(45,541,585‌)
Proceeds from floating rate obligations
—‌
—‌
24,000,000‌
—‌
—‌
(Repayments for) VRDP Shares redeemed, at liquidation preference
—‌
—‌
(24,000,000‌)
—‌
—‌
(Payments for) deferred offering costs
(87,093‌)
(68,154‌)
(44,737‌)
—‌
—‌
Increase (Decrease) in:
Cash overdraft
(86,330‌)
(7,197,693‌)
(4,812,185‌)
—‌
(1,599,330‌)
Cash distributions paid to common shareholders
(4,748,320‌)
(22,290,768‌)
(63,956,568‌)
(19,454,288‌)
(36,126,968‌)
Proceeds from shelf offering, net of offering costs
8,041,339‌
45,060,965‌
121,561,105‌
—‌
—‌
Net cash provided by (used in) financing activities
3,119,596‌
15,504,350‌
52,747,615‌
(19,454,288‌)
(37,726,298‌)
Net increase (decrease) in cash
216,371‌
13,073,770‌
17,319,041‌
967,076‌
24,419,554‌
Cash at the beginning of period
—‌
—‌
—‌
200,300‌
—‌
Cash at the end of period
$
216,371‌
$
13,073,770‌
$
17,319,041‌
$
1,167,376‌
$
24,419,554‌
Statement of Cash Flows
(continued)
See Notes to Financial Statements
127
e
Six Months Ended February 28, 2026 (Unaudited)
NAN
NQP
CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations
$
36,132,769‌
$
48,373,704‌
Adjustments to reconcile the net increase (decrease) in net assets applicable to common shares from operations to net cash
provided by (used in) operating activities:
Purchases of investments
(28,290,610‌)
(62,796,265‌)
Proceeds from sale and maturities of investments
30,758,598‌
68,864,082‌
Proceeds from (Purchase of) short-term investments, net
—‌
(5,500,000‌)
Amortization (Accretion) of premiums and discounts, net
334,336‌
386,490‌
Amortization of deferred offering costs
234,343‌
17,058‌
(Increase) Decrease in:
Receivable for interest
(712,622‌)
(1,010,293‌)
Receivable for investments sold
—‌
(1,500,000‌)
Receivable for sale of Vistra Vision
—‌
10,947,170‌
Other assets
22,974‌
2,423‌
Increase (Decrease) in:
Payable for interest
504,227‌
1,203,891‌
Payable for management fees
(16,340‌)
(28,130‌)
Payable for Vistra Vision sale transactions costs
—‌
(281,370‌)
Accrued custodian fees
25,640‌
34,888‌
Accrued investor relations fees
(2,045‌)
47‌
Accrued Trustees fees
(334‌)
(2,005‌)
Accrued professional fees
(15,787‌)
(15,096‌)
Accrued shareholder reporting expenses
2,633‌
(11,492‌)
Accrued shareholder servicing agent fees
2,988‌
3,707‌
Accrued shelf offering costs
(80,000‌)
—‌
Accrued other expenses
(18,232‌)
563,666‌
Net realized (gain) loss from investments
499,044‌
623,749‌
Net change in unrealized (appreciation) depreciation of investments
(28,532,642‌)
(41,327,702‌)
Net cash provided by (used in) operating activities
10,848,940‌
18,548,522‌
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
4,952,582‌
2,700,000‌
(Repayments) of borrowings
(4,952,582‌)
(2,700,000‌)
(Payments for) deferred offering costs
(22,751‌)
—‌
Increase (Decrease) in:
Cash overdraft
(388,631‌)
(1,112,613‌)
Cash distributions paid to common shareholders
(13,103,414‌)
(17,435,909‌)
Proceeds from shelf offering, net of offering costs
9,580,895‌
—‌
Net cash provided by (used in) financing activities
(3,933,901‌)
(18,548,522‌)
Net increase (decrease) in cash
6,915,039‌
–‌
Cash at the beginning of period
—‌
—‌
Cash at the end of period
$
6,915,039‌
$
—‌
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
NAZ
NKX
NAC
NXJ
Cash paid for interest
$
1,484,226‌
$
5,215,510‌
$
17,642,493‌
$
5,834,219‌
Non-cash financing activities not included herein consists of reinvestments of common
share distributions
166,900‌
943,675‌
1,542,273‌
—‌
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
NRK
NAN
NQP
Cash paid for interest
$
8,394,426‌
$
3,237,787‌
$
3,997,162‌
Non-cash financing activities not included herein consists of reinvestments of common share distributions
—‌
444,870‌
—‌
Financial Highlights
128
Ratios of Interest
Expense
to Average Net Assets
Applicable
to Common Shares
NAZ
2/28/26
(d)
2.08
%
(e)
8/31/25
2.43
8/31/24
(f)
2.61
(e)
2/29/24
2.74
2/28/23
1.57
2/28/22
0.48
2/28/21
0.68
NKX
2/28/26
(d)
2.25
(e)
8/31/25
2.68
8/31/24
(f)
2.96
(e)
2/29/24
2.99
2/28/23
1.76
2/28/22
0.49
2/28/21
0.74
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions to
Common Shareholders
Common Share
Common
Share
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From Net
Realized
Gains
Return of
Capital
Total
Discount
Per
Share
Repurchased
and Retired
Premium
per
Share
Sold
through
Shelf
Offering
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
NAZ
2/28/26
(d)
$
11.12
$
0.21
$
0.97
$
1.18
$
(0.39)
$
—
$
—
$
(0.39)
$
—
$
—
$
11.91
$
12.16
8/31/25
12.61
0.40
(1.02)
(0.62)
(0.40)
—
(0.47)
(0.87)
—
—
11.12
11.86
8/31/24
(f)
12.68
0.17
0.11
0.28
(0.21)
—
(0.14)
(0.35)
—
—
12.61
11.66
2/29/24
12.33
0.34
0.40
0.74
(0.38)
—
(0.01)
(0.39)
—
(g)
—
12.68
10.83
2/28/23
14.50
0.47
(2.12)
(1.65)
(0.52)
—
—
(0.52)
—
—
12.33
11.30
2/28/22
15.07
0.61
(0.58)
0.03
(0.60)
—
—
(0.60)
—
—
14.50
13.78
2/28/21
15.56
0.61
(0.53)
0.08
(0.57)
—
—
(0.57)
—
—
15.07
15.17
NKX
2/28/26
(d)
11.56
0.26
0.99
1.25
(0.46)
—
—
(0.46)
—
—
12.35
12.90
8/31/25
13.25
0.50
(1.28)
(0.78)
(0.49)
—
(0.42)
(0.91)
—
—
11.56
11.82
8/31/24
(f)
13.33
0.22
0.08
0.30
(0.25)
—
(0.13)
(0.38)
—
—
13.25
13.34
2/29/24
12.99
0.46
0.39
0.85
(0.51)
—
—
(0.51)
—
—
13.33
11.48
2/28/23
15.64
0.56
(2.60)
(2.04)
(0.61)
—
—
(0.61)
—
—
12.99
11.72
2/28/22
16.48
0.68
(0.85)
(0.17)
(0.67)
—
—
(0.67)
—
—
15.64
14.15
2/28/21
17.27
0.66
(0.80)
(0.14)
(0.65)
—
—
(0.65)
—
—
16.48
15.13
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual
reinvest price for the last distribution declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the
price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at the average
price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place over several days, and in some
instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse repurchase
agreements (as described in Notes to Financial Statements), where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase agreements (as
described in Notes to Financial Statements) and/or 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 (as described in Notes to Financial Statements), where applicable, as follows:
See Notes to Financial Statements
129
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
10.74‌
%
6.00‌
%
$
152,536
3.21‌
%
(e)
3.65‌
%
(e)
1‌
%
(5.10‌)
9.53‌
134,581
3.55‌
3.37‌
21‌
2.22‌
11.08‌
146,174
3.72‌
(e)
2.70‌
(e)
9‌
6.17‌
(0.56‌)
146,928
3.85‌
2.80‌
11‌
(11.40‌)
(14.48‌)
143,013
2.68‌
3.65‌
25‌
0.09‌
(5.49‌)
167,972
1.52‌
3.98‌
7‌
0.62‌
13.67‌
174,401
1.75‌
4.06‌
13‌
10.89‌
13.25‌
660,144
3.31‌
(e)
4.33‌
(e)
9‌
(6.12‌)
(4.64‌)
574,400
3.77‌
4.02‌
19‌
2.31‌
19.82‌
629,446
4.02‌
(e)
3.37‌
(e)
8‌
6.77‌
2.54‌
633,220
4.02‌
3.57‌
26‌
(13.14‌)
(13.15‌)
617,228
2.82‌
4.15‌
58‌
(1.19‌)
(2.44‌)
742,993
1.51‌
4.10‌
9‌
(0.77‌)
1.67‌
783,202
1.72‌
4.03‌
8‌
(d)
Unaudited.
(e)
Annualized.
(f)
For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund's fiscal year end was February 28/29th.
(g)
Value rounded to zero.
130
Financial Highlights (continued)
Ratios of Interest
Expense
to Average Net Assets
Applicable
to Common Shares
NCA
2/28/26
(d)
—
%
(e)
8/31/25
0.01
8/31/24
(f)
—
(e)
2/29/24
—
2/28/23
—
2/28/22
—
2/28/21
—
NAC
2/28/26
(d)
2.41
(e)
8/31/25
2.78
8/31/24
(f)
2.99
(e)
2/29/24
3.04
2/28/23
1.73
2/28/22
0.55
2/28/21
0.74
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions to
Common Shareholders
Common Share
Common
Share
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From Net
Realized
Gains
Return of
Capital
Total
Discount
Per
Share
Repurchased
and Retired
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
NCA
2/28/26
(d)
$
8.85
$
0.18
$
0.48
$
0.66
$
(0.17)
$
—
$
—
$
(0.17)
$
—
$
9.34
$
9.62
8/31/25
9.41
0.35
(0.56)
(0.21)
(0.35)
—
—
(0.35)
—
8.85
8.52
8/31/24
(f)
9.40
0.17
0.01
0.18
(0.17)
—
—
(0.17)
—
9.41
8.97
2/29/24
9.22
0.35
0.18
0.53
(0.35)
—
—
(0.35)
—
9.40
8.77
2/28/23
10.32
0.33
(1.11)
(0.78)
(0.32)
—
—
(0.32)
—
9.22
8.72
2/28/22
10.66
0.31
(0.35)
(0.04)
(0.30)
—
—
(0.30)
—
10.32
9.53
2/28/21
11.05
0.32
(0.39)
(0.07)
(0.32)
—
—
(0.32)
—
10.66
10.21
NAC
2/28/26
(d)
11.06
0.25
1.07
1.32
(0.44)
—
—
(0.44)
—
11.94
12.06
8/31/25
12.76
0.48
(1.30)
(0.82)
(0.47)
—
(0.41)
(0.88)
—
11.06
11.23
8/31/24
(f)
12.83
0.21
0.09
0.30
(0.24)
—
(0.13)
(0.37)
—
12.76
11.79
2/29/24
12.52
0.43
0.34
0.77
(0.45)
—
(0.01)
(0.46)
—
(g)
12.83
10.97
2/28/23
15.07
0.55
(2.53)
(1.98)
(0.57)
—
—
(0.57)
—
12.52
10.87
2/28/22
15.91
0.66
(0.85)
(0.19)
(0.65)
—
—
(0.65)
—
15.07
13.71
2/28/21
16.71
0.64
(0.80)
(0.16)
(0.64)
—
—
(0.64)
—
15.91
14.57
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual
reinvest price for the last distribution declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the
price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at the average
price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place over several days, and in some
instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse repurchase
agreements (as described in Notes to Financial Statements), where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase agreements (as
described in Notes to Financial Statements) and/or 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 (as described in Notes to Financial Statements), where applicable, as follows:
See Notes to Financial Statements
131
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
7.55‌
%
15.08‌
%
$
309,152
0.55‌
%
(e)
3.88‌
%
(e)
2‌
%
(2.31‌)
(1.12‌)
293,035
0.54‌
3.81‌
11‌
1.99‌
4.32‌
311,670
0.55‌
(e)
3.65‌
(e)
7‌
5.87‌
4.70‌
311,156
0.54‌
3.79‌
20‌
(7.58‌)
(5.13‌)
305,143
0.53‌
3.52‌
58‌
(0.43‌)
(3.89‌)
341,804
0.56‌
2.85‌
6‌
(0.62‌)
0.73‌
299,625
0.60‌
2.94‌
9‌
12.08‌
11.49‌
1,866,452
3.41‌
(e)
4.34‌
(e)
3‌
(6.68‌)
2.96‌
1,611,348
3.79‌
4.00‌
17‌
2.37‌
11.00‌
1,846,087
3.98‌
(e)
3.31‌
(e)
4‌
6.34‌
5.39‌
1,856,151
4.03‌
3.48‌
25‌
(13.20‌)
(16.78‌)
1,811,752
2.72‌
4.19‌
69‌
(1.33‌)
(1.81‌)
2,181,074
1.46‌
4.14‌
12‌
(0.90‌)
0.88‌
2,302,711
1.67‌
4.00‌
17‌
(d)
Unaudited.
(e)
Annualized.
(f)
For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund's fiscal year end was February 28/29th.
(g)
Value rounded to zero.
132
Financial Highlights (continuted)
Ratios of Interest
Expense
to Average Net Assets
Applicable
to Common Shares
NXJ
2/28/26
(d)
2.44
%
(e)
8/31/25
2.76
8/31/24
(f)
2.95
(e)
2/29/24
2.75
2/28/23
1.50
2/28/22
0.45
2/28/21
0.60
NRK
2/28/26
(d)
2.41
(e)
8/31/25
2.61
8/31/24
(f)
2.84
(e)
2/29/24
2.89
2/28/23
1.80
2/28/22
0.55
2/28/21
0.80
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions to
Common Shareholders
Common Share
Common
Share
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From Net
Realized
Gains
Return of
Capital
Total
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
NXJ
2/28/26
(d)
$
12.25
$
0.19
$
1.03
$
1.22
$
(0.47)
$
—
$
—
$
(0.47)
$
13.00
$
12.59
8/31/25
13.67
0.41
(0.89)
(0.48)
(0.40)
—
(0.54)
(0.94)
12.25
11.42
8/31/24
(f)
13.89
0.18
(0.02)
0.16
(0.23)
—
(0.15)
(0.38)
13.67
12.75
2/29/24
13.36
0.36
0.55
0.91
(0.35)
—
(0.03)
(0.38)
13.89
12.00
2/28/23
15.49
0.52
(2.09)
(1.57)
(0.56)
—
—
(0.56)
13.36
11.37
2/28/22
16.44
0.68
(0.93)
(0.25)
(0.70)
—
—
(0.70)
15.49
13.52
2/28/21
17.12
0.71
(0.72)
(0.01)
(0.67)
—
—
(0.67)
16.44
14.09
NRK
2/28/26
(d)
10.30
0.25
0.98
1.23
(0.41)
—
—
(0.41)
11.12
10.50
8/31/25
12.01
0.46
(1.34)
(0.88)
(0.46)
—
(0.37)
(0.83)
10.30
9.51
8/31/24
(f)
12.17
0.21
(0.02)
0.19
(0.24)
—
(0.11)
(0.35)
12.01
11.09
2/29/24
11.77
0.41
0.43
0.84
(0.44)
—
—
(0.44)
12.17
10.83
2/28/23
14.18
0.50
(2.38)
(1.88)
(0.53)
—
—
(0.53)
11.77
10.29
2/28/22
14.84
0.57
(0.65)
(0.08)
(0.58)
—
—
(0.58)
14.18
12.69
2/28/21
15.45
0.60
(0.64)
(0.04)
(0.57)
—
—
(0.57)
14.84
13.44
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual
reinvest price for the last distribution declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the
price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at the average
price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place over several days, and in some
instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse repurchase
agreements (as described in Notes to Financial Statements), where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase agreements (as
described in Notes to Financial Statements) and/or 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 (as described in Notes to Financial Statements), where applicable, as follows:
(d)
Unaudited.
See Notes to Financial Statements
133
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
10.07‌
%
14.44‌
%
$
536,110
3.94‌
%
(e)
3.00‌
%
(e)
2‌
%
(3.62‌)
(3.08‌)
505,219
3.82‌
3.19‌
17‌
1.17‌
9.54‌
563,766
4.00‌
(e)
2.69‌
(e)
9‌
6.97‌
9.14‌
572,619
3.79‌
2.68‌
16‌
(10.16‌)
(11.96‌)
554,192
2.53‌
3.82‌
17‌
(1.68‌)
0.53‌
642,438
1.39‌
4.10‌
9‌
0.08‌
0.42‌
681,846
1.55‌
4.36‌
12‌
12.11‌
14.96‌
969,786
3.45‌
(e)
4.61‌
(e)
6‌
(7.66‌)
(7.08‌)
898,767
3.69‌
4.14‌
10‌
1.58‌
5.68‌
1,048,032
3.87‌
(e)
3.47‌
(e)
9‌
7.31‌
9.87‌
1,062,016
3.90‌
3.49‌
27‌
(13.32‌)
(14.87‌)
1,026,334
2.84‌
4.07‌
69‌
(0.70‌)
(1.55‌)
1,237,080
1.53‌
3.77‌
11‌
(0.16‌)
2.31‌
1,294,269
1.80‌
4.10‌
22‌
(e)
Annualized.
(f)
For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund's fiscal year end was February 28/29th.
134
Financial Highlights (continued)
Ratios of Interest
Expense
to Average Net Assets
Applicable
to Common Shares
NNY
2/28/26
(d)
0.01
%
(e)
8/31/25
0.01
8/31/24
(f)
—
(e)
2/29/24
0.01
2/28/23
—
2/28/22
—
2/28/21
—
NAN
2/28/26(
d)
2.33
(e)
8/31/25
2.67
8/31/24
(f)
2.79
(e)
2/29/24
2.78
2/28/23
1.64
2/28/22
0.53
2/28/21
0.70
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions to
Common Shareholders
Common Share
Common
Share
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From Net
Realized
Gains
Return of
Capital
Total
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
NNY
2/28/26
(d)
$
8.54
$
0.17
$
0.43
$
0.60
$
(0.18)
$
—
$
—
$
(0.18)
$
8.96
$
8.79
8/31/25
9.06
0.35
(0.52)
(0.17)
(0.35)
—
—
(0.35)
8.54
8.09
8/31/24
(f)
9.06
0.17
 —(g)
0.17
(0.17)
—
—
(0.17)
9.06
8.58
2/29/24
8.88
0.34
0.17
0.51
(0.33)
—
—
(0.33)
9.06
8.30
2/28/23
9.84
0.31
(0.97)
(0.66)
(
0.30)
—
—
(0.30)
8.88
8.31
2/28/22
10.11
0.26
(0.24)
0.02
(0.29)
—
—
(0.29)
9.84
9.27
2/28/21
10.46
0.31
(0.34)
(0.03)
(0.32)
—
—
(
0.32)
10.11
9.63
NAN
2/28/26
(d)
10.88
0.26
0.89
1.15
(0.43)
—
—
(0.43)
11.60
11.62
8/31/25
12.49
0.49
(1.24)
(0.75)
(0.48)
—
(0.38
)
(0.86)
10.88
10.97
8/31/24
(f)
12.63
0.23
(0.01)
0.22
(0.25)
—
(0.11)
(0.36)
12.49
11.48
2/29/24
12.25
0.43
0.42
0.85
(0.47)
—
—
(
0.47)
12.63
10.92
2/28/23
14.67
0.51
(2.39)
(1.88)
(0.54)
—
—
(0.54)
12.25
10.60
2/28/22
15.34
0.58
(0.64)
(0.06)
(0.61)
—
—
(0.61)
14.67
13.21
2/28/21
16.04
0.65
(0.73)
(0.08)
(0.62)
—
—
(0.62)
15.34
13.92
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual
reinvest price for the last distribution declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the
price used in the calculation. Total returns are not annualized
.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at the average
price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place over several days, and in some
instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized
.
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse repurchase
agreements (as described in Notes to Financial Statements), where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase agreements (as
described in Notes to Financial Statements) and/or 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 (as described in Notes to Financial Statements), where applicable, as follows:
(d)
Unaudited.
See Notes to Financial Statements.
135
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
7.03‌
%
10.92‌
%
$
169,233
0.59‌
%
(e)
3.99‌
%
(e)
5‌
%
(1.89‌)
(1.58‌)
161,239
0.58‌
4.02‌
13‌
1.88‌
5.47‌
171,188
0.59‌
(e)
3.83‌
(e)
3‌
5.91‌
3.96‌
171,146
0.56‌
3.81‌
24‌
(6.76‌)
(7.22‌)
167,749
0.56‌
3.42‌
69‌
0.10‌
(0.91‌)
185,909
0.60‌
2.55‌
10‌
(0.17‌)
(3.94‌)
154,122
0.57‌
3.08‌
24‌
10.70‌
9.98‌
370,546
3.43‌
(e)
4.53‌
(e)
5‌
(6.24‌)
3.08‌
337,746
3.77‌
4.19‌
14‌
1.80‌
8.59‌
385,292
3.84‌
(e)
3.62‌
(e)
4‌
7.07‌
7.65‌
389,442
3.82‌
3.53‌
35‌
(12.84‌)
(15.82‌)
378,021
2.73‌
4.03‌
73‌
(0.55‌)
(1.06‌)
452,687
1.51‌
3.71‌
16‌
(0.40‌)
0.90‌
473,214
1.70‌
4.29‌
23‌
(e)
Annualized.
(f)
For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund's fiscal year end was February 28/29th.
(g)
Value rounded to zero.
136
Financial Highlights (continued)
Ratios of Interest
Expense
to Average Net Assets
Applicable
to Common Shares
NQP
2/28/26
(d)
2.28
%
(e)
8/31/25
2.65
8/31/24
(f)
2.79
(e)
2/29/24
2.84
2/28/23
1.53
2/28/22
0.43
2/28/21
0.64
The following data is for a common share outstanding for each fiscal year end unless otherwise noted:
Investment Operations
Less Distributions to
Common Shareholders
Common Share
Common
Share
Net Asset
Value,
Beginning
of Period
Net
Investment
Income (NII)
(Loss)
(a)
Net
Realized/
Unrealized
Gain (Loss)
Total
From
NII
From Net
Realized
Gains
Return of
Capital
Total
Net Asset
Value,
End of
Period
Share
Price,
End of
Period
NQP
2/28/26
(d)
$
11.81
$
0.21
$
1.09
$
1.30
$
(0.47)
$
—
$
—
$
(0.47)
$
12.64
$
12.03
8/31/25
13.67
0.42
(1.34)
(0.92)
(0.45)
—
(0.49)
(0.94)
11.81
10.96
8/31/24
(f)
13.60
0.16
0.28
0.44
(0.20)
—
(0.17)
(0.37)
13.67
12.50
2/29/24
13.08
0.34
0.54
0.88
(0.33)
—
(0.03)
(0.36)
13.60
11.59
2/28/23
15.30
0.47
(2.19)
(1.72)
(0.50)
—
—
(0.50)
13.08
11.19
2/28/22
15.68
0.64
(0.36)
0.28
(0.66)
—
—
(0.66)
15.30
14.16
2/28/21
16.37
0.67
(0.71)
(0.04)
(0.65)
—
—
(0.65)
15.68
14.15
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The actual
reinvest price for the last distribution declared in the period may often be based on the Fund’s market price (and not its NAV), and therefore may be different from the
price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at the average
price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the following month, is
assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place over several days, and in some
instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the calculation. Total returns are not annualized.
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse repurchase
agreements (as described in Notes to Financial Statements), where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase agreements (as
described in Notes to Financial Statements) and/or 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 (as described in Notes to Financial Statements), where applicable, as follows:
(d)
Unaudited.
(e)
Annualized.
(f)
For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund's fiscal year end was February 28/29th.
See Notes to Financial Statements.
137
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
11.11‌
%
14.11‌
%
$
470,604
3.85‌
%
(e)
3.35‌
%
(e)
10‌
%
(6.93‌)
(4.89‌)
439,648
3.75‌
3.36‌
18‌
3.30‌
11.19‌
508,713
3.84‌
(e)
2.33‌
(e)
12‌
6.88‌
7.00‌
506,188
3.90‌
2.59‌
14‌
(11.31‌)
(17.61‌)
488,980
2.57‌
3.48‌
15‌
1.72‌
4.65‌
571,897
1.39‌
3.99‌
12‌
(0.29‌)
2.56‌
586,028
1.62‌
4.28‌
10‌
138
Financial Highlights (continued)
The following table sets forth information regarding each Fund's outstanding senior securities as of the
end of each of the Fund's last five fiscal periods, as applicable.
AMTP Shares
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(b)
NAZ
2/28/26
(c)
$
88,300
$
272,748
8/31/25
88,300
252,413
8/31/24
(d)
88,300
265,542
2/29/24
88,300
266,396
2/28/23
88,300
261,963
2/28/22
88,300
290,229
2/28/21
88,300
297,509
(a)
Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal
year.
(b)
Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not
represented by senior securities from the Fund’s total assets, dividing the result by the aggregate of the involuntary liquidation preference
of the outstanding preferred shares and multiplying the result by 100,000. For purpose of asset coverage above, senior securities consist
of preferred shares or borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other
investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage
effects of such investments were included, the asset coverage amounts presented would be lower.
(c)
Unaudited.
(d)
For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund's fiscal year end was February 28/29th.
Financial Highlights (continued)
139
The following table sets forth information regarding each Fund's outstanding senior securities as of the
end of each of the Fund's last five fiscal periods, as applicable.
iMTP Shares
MFP Shares
VMTP Shares
VRDP Shares
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per $5,000
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(c)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(c)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(c)
Asset
Coverage
Per $1
Liquidation
Preference
(d)
NKX
2/28/26
(e)
$
—
$
—
$
140,400
$
266,241
$
—
$
—
$
256,700
$
266,241
$
2.66
8/31/25
—
—
140,400
244,649
—
—
256,700
244,649
2.45
8/31/24
(f)
—
—
140,400
258,511
—
—
256,700
258,511
2.59
2/29/24
—
—
140,400
259,461
—
—
256,700
259,461
2.59
2/28/23
—
—
140,400
255,434
—
—
256,700
255,434
2.55
2/28/22
—
—
140,400
271,751
—
—
292,200
271,751
2.72
2/28/21
—
—
140,400
281,045
—
—
292,200
281,045
2.81
NAC
2/28/26
(e)
—
—
257,000
263,609
—
—
883,800
263,609
2.64
8/31/25
—
—
257,000
238,337
—
—
907,800
238,337
2.38
8/31/24
(f)
—
—
275,000
256,078
—
—
907,800
256,078
2.56
2/29/24
—
—
275,000
256,929
—
—
907,800
256,929
2.57
2/28/23
—
—
320,000
247,561
—
—
907,800
247,561
2.48
2/28/22
—
—
320,000
270,716
—
—
957,600
270,716
2.71
2/28/21
—
—
320,000
280,237
—
—
957,600
280,237
2.80
NXJ
2/28/26
(e)
—
—
—
—
—
—
313,900
270,790
—
8/31/25
—
—
—
—
—
—
313,900
260,949
—
8/31/24
(f)
—
—
—
—
—
—
313,900
279,601
—
2/29/24
—
—
—
—
—
—
313,900
282,421
—
2/28/23
—
—
—
—
—
—
313,900
276,550
—
2/28/22
—
—
—
—
—
—
313,900
304,663
—
2/28/21
—
—
—
—
—
—
313,900
317,218
—
NRK
2/28/26
(e)
—
—
80,000
246,096
—
—
583,800
246,096
2.46
8/31/25
—
—
80,000
235,397
—
—
583,800
235,397
2.35
8/31/24
(f)
—
—
80,000
257,884
—
—
583,800
257,884
2.58
2/29/24
—
—
80,000
259,990
—
—
583,800
259,990
2.60
2/28/23
—
—
80,000
254,012
—
—
583,800
254,012
2.54
2/28/22
—
—
80,000
266,319
—
—
663,800
266,319
2.66
2/28/21
—
—
80,000
274,008
—
—
663,800
274,008
2.74
(a)
Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal
year.
(b)
Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not
represented by senior securities from the Fund’s total assets, dividing the result by the aggregate of the involuntary liquidation preference
of the outstanding preferred shares and multiplying the result by 100,000. For purpose of asset coverage above, senior securities consist
of preferred shares or borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other
investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage
effects of such investments were included, the asset coverage amounts presented would be lower.
(c)
Asset Coverage Per $5,000: Asset coverage per $5,000 is calculated by subtracting the Fund’s liabilities and indebtedness not represented
by senior securities from the Fund’s total assets, dividing the result by the aggregate amount of the Fund’s senior securities representing
indebtedness then outstanding (if applicable,) plus the aggregate of the involuntary liquidation preference of the outstanding preferred
shares, if applicable, and multiplying the result by 5,000.  For purpose of asset coverage above, senior securities consist of preferred
shares or borrowings of a Fund and does not include derivative transactions and other investments that have the economic effect of
leverage such as reverse repurchase agreements and tender option bonds. If the leverage effects of such investments were included, the
asset coverage amounts presented would be lower.
(d)
Includes all preferred shares presented for the Fund.
(e)
Unaudited.
(f)
For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund's fiscal year end was February 28/29th.
140
Financial Highlights (continued)
The following table sets forth information regarding each Fund's outstanding senior securities as of the
end of each of the Fund's last five fiscal periods, as applicable.
AMTP Shares
VMTP Shares
VRDP Shares
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(b)
Asset
Coverage
Per $1
Liquidation
Preference
(c)
NAN
2/28/26
(d)
$
127,000
$
271,549
$
—
$
—
$
89,000
$
271,549
$
2.72
8/31/25
127,000
256,364
—
—
89,000
256,364
2.56
8/31/24
(e)
127,000
278,376
—
—
89,000
278,376
2.78
2/29/24
127,000
280,297
—
—
89,000
280,297
2.80
2/28/23
127,000
275,010
—
—
89,000
275,010
2.75
2/28/22
147,000
291,007
—
—
89,000
291,007
2.91
2/28/21
147,000
300,514
—
—
89,000
300,514
3.01
NQP
2/28/26
(d)
—
—
—
—
217,500
316,369
—
8/31/25
—
—
—
—
217,500
302,137
—
8/31/24
(e)
—
—
—
—
217,500
333,891
—
2/29/24
—
—
—
—
217,500
332,730
—
2/28/23
—
—
—
—
217,500
324,818
—
2/28/22
—
—
—
—
217,500
362,941
—
2/28/21
—
—
—
—
217,500
369,438
—
(a)
Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal
year.
(b)
Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund’s liabilities and indebtedness not
represented by senior securities from the Fund’s total assets, dividing the result by the aggregate of the involuntary liquidation preference
of the outstanding preferred shares and multiplying the result by 100,000. For purpose of asset coverage above, senior securities consist
of preferred shares or borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other
investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage
effects of such investments were included, the asset coverage amounts presented would be lower.
(c)
Includes all preferred shares presented for the Fund.
(d)
Unaudited.
(e)
For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund's fiscal year end was February 28/29th.
Notes to Financial Statements
141
(Unaudited)
1. General Information 
Fund Information:
The funds covered in this report and their corresponding New York Stock Exchange (“NYSE”) symbols are as follows (each a
“Fund” and collectively, the “Funds”):
Nuveen Arizona Quality Municipal Income Fund (NAZ)
Nuveen California AMT-Free Quality Municipal Income Fund (NKX)
Nuveen California Municipal Value Fund (NCA)
Nuveen California Quality Municipal Income Fund (NAC)
Nuveen New Jersey Quality Municipal Income Fund (NXJ)
Nuveen New York AMT-Free Quality Municipal Income Fund (NRK)
Nuveen New York Municipal Value Fund (NNY)
Nuveen New York Quality Municipal Income Fund (NAN)
Nuveen Pennsylvania Quality Municipal Income Fund (NQP)
The Funds are registered under the Investment Company Act of 1940 (the “1940 Act”), as amended, as closed-end management investment
companies. NAZ, NKX, NCA, NAC, NXJ, NRK, NNY, NAN and NQP were organized as Massachusetts business trusts on August 24, 2012, July 29,
2002, March 8, 2021, December 1, 1998, June 1, 1999, April 19, 2002, April 12, 2021, December 1, 1998 and December 20, 1990, respectively.
NAZ, NCA and NNY were previously organized as a Minnesota trust on September 15, 1992, July 15, 1987, and July 14, 1987, respectively.
Current Fiscal Period
: The end of the reporting period for the Funds is February 28, 2026, and the period covered by these Notes to Financial
Statements is the six months ended February 28, 2026 (the "current fiscal period").
Fund Mergers:
On September 17, 2025, the Funds’ Board of Trustees (the “Board”) approved the mergers of NXJ, NQP and Nuveen Missouri
Quality Municipal Income Fund (NOM) into the Nuveen Municipal High Income Opportunity Fund (NMZ). The mergers were approved by
shareholders on April 2, 2026 (subsequent to the close of the reporting period) and became effective before market open on April 27, 2026
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.
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 accounting guidance in the Financial Accounting Standards Board (“FASB”)
Accounting Standards Codification 946, Financial Services — Investment Companies. The net asset value (“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 Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds
from the Adviser or its affiliates. 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 Funds did not receive any custodian fee credits.
Distributions to Common Shareholders:
Distributions to common 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.
142
Notes to Financial Statements
(continued)
The Funds' distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares
(stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute
all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least
annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than
its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such
distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share
may erode. 
Indemnifications:
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out
of the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general
indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may
be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and
expects the risk of loss to be remote.
Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized
gains and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income,
which is recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment
income also reflects payment-in-kind (“PIK”) interest and paydown gains and losses, if any. PIK interest represents income received in the form of
securities in lieu of cash.
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. Management
is currently evaluating the implications of these changes on the financial statements. 
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.).
143
Level 3 – Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of
investments).
A description of the valuation techniques applied to the Funds’ major classifications of assets and liabilities measured at fair value follows:
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and
oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or
prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,
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.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds’ investments as of the end of the current fiscal period, based on the inputs used to
value them:
NAZ
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
241,493,836
$
–
$
241,493,836
Total
$
–
$
241,493,836
$
–
$
241,493,836
NKX
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
1,068,061,453
$
–
$
1,068,061,453
Total
$
–
$
1,068,061,453
$
–
$
1,068,061,453
NCA
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
303,661,108
$
–
$
303,661,108
Variable Rate Demand Preferred Shares
–
2,500,000
–
2,500,000
Total
$
–
$
306,161,108
$
–
$
306,161,108
NAC
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
3,022,049,630
$
–
$
3,022,049,630
Short-Term Investments:
Municipal Bonds
–
35,000,000
–
35,000,000
Total
$
–
$
3,057,049,630
$
–
$
3,057,049,630
NXJ
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
902,353,072
$
–
$
902,353,072
Short-Term Investments:
Municipal Bonds
–
3,500,000
–
3,500,000
Total
$
–
$
905,853,072
$
–
$
905,853,072
NRK
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
1,589,239,708
$
–
$
1,589,239,708
Short-Term Investments:
Municipal Bonds
–
19,280,000
–
19,280,000
Total
$
–
$
1,608,519,708
$
–
$
1,608,519,708
144
Notes to Financial Statements
(continued)
The Funds hold liabilities in floating rate obligations and preferred shares, where applicable, which are not reflected in the tables above. The fair
values of the Funds’ liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as
Level 2 and further described in these Notes to Financial Statements. The fair values of the Funds’ liabilities for preferred shares approximate their
liquidation preference. Preferred shares are generally classified as Level 2 and further described in these Notes to Financial Statements. The Funds,
where applicable, have a receivable for the sale of their interest in Vistra Vision, which is not reflected in the tables above. The carrying value of this
receivable approximates fair value. The “Receivable for sale of Vistra Vision interest” is generally classified as Level 2 and further described in these
Notes to Financial Statements.
4. Portfolio Securities
Inverse Floating Rate Securities:
Each Fund is authorized to invest in inverse floating rate securities. An inverse floating rate security is created
by depositing a municipal bond (referred to as an “Underlying Bond”), typically with a fixed interest rate, into a special purpose tender option
bond (“TOB”) trust (referred to as the “TOB Trust”) created by or at the direction of one or more Funds. In turn, the TOB Trust issues (a) floating
rate certificates (referred to as “Floaters”), in face amounts equal to some fraction of the Underlying Bond’s par amount or market value, and (b)
an inverse floating rate certificate (referred to as an “Inverse Floater”) that represents all remaining or residual interest in the TOB Trust. Floaters
typically pay short-term tax-exempt interest rates to third parties who are also provided a right to tender their certificate and receive its par value,
which may be paid from the proceeds of a remarketing of the Floaters, by a loan to the TOB Trust from a third party liquidity provider (“Liquidity
Provider”), or by the sale of assets from the TOB Trust. The Inverse Floater is issued to a long term investor, such as one or more Funds. The income
received by the Inverse Floater holder varies inversely with the short-term rate paid to holders of the Floaters, and in most circumstances the Inverse
Floater holder bears substantially all of the Underlying Bond’s downside investment risk and also benefits disproportionately from any potential
appreciation of the Underlying Bond’s value. The value of an Inverse Floater will be more volatile than that of the Underlying Bond because the
interest rate is dependent on not only the fixed coupon rate of the Underlying Bond but also on the short-term interest paid on the Floaters, and
because the Inverse Floater essentially bears the risk of loss (and possible gain) of the greater face value of the Underlying Bond.
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more
than par in certain circumstances), and (b) have the trustee of the TOB Trust (the “Trustee”) transfer the Underlying Bond held by the TOB Trust to
the Fund, thereby collapsing the TOB Trust.
A Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party
or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse
Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a “self-deposited Inverse
Floater”). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first
owning the Underlying Bond (referred to as an “externally-deposited Inverse Floater”).
An investment in a self-deposited Inverse Floater is accounted for as a “financing” transaction (i.e., a secured borrowing). For a self-deposited
Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund’s Portfolio of Investments as “(UB) – Underlying bond of
an inverse floating rate trust reflected as a financing transaction,” with the Fund recognizing as liabilities, labeled “Floating rate obligations” on the
Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB
Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in
“Investment Income” the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB
Trust’s borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component
of “Interest expense and amortization of offering costs” 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.
NNY
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
166,880,635
$
–
$
166,880,635
Total
$
–
$
166,880,635
$
–
$
166,880,635
NAN
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
602,188,131
$
–
$
602,188,131
Total
$
–
$
602,188,131
$
–
$
602,188,131
NQP
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
774,643,214
$
100
$
774,643,314
Variable Rate Senior Loan Interests
–
–
6
6
Short-Term Investments:
Municipal Bonds
–
5,500,000
–
5,500,000
Total
$
–
$
780,143,214
$
106
$
780,143,320
145
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the
Fund’s Portfolio of Investments as “(IF) – Inverse floating rate investment.” For an externally-deposited Inverse Floater, a Fund’s Statement of Assets
and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related
borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in “Investment Income” only the net amount of earnings on the
Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not
show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of
the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the current fiscal period, the aggregate value of Floaters issued by each Fund’s TOB Trust for self-deposited Inverse Floaters and
externally-deposited Inverse Floaters was as follows:
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average
annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that
Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the
terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of
Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire
the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated
to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
The size of the commitment under the loan facility for a given TOB Trust is at least equal to the balance of that TOB Trust’s outstanding Floaters plus
any accrued interest. In consideration of the loan facility, fee schedules are in place and are charged by the Liquidity Provider(s). Any loans made
by the Liquidity Provider will be secured by the purchased Floaters held by the TOB Trust. Interest paid on any outstanding loan balances will be
effectively borne by the Fund that owns the Inverse Floaters of the TOB Trust that has incurred the borrowing and may be at a rate that is greater
than the rate that would have been paid had the Floaters been successfully remarketed.
As described above, any amounts outstanding under a liquidity facility are recognized as a component of “Floating rate obligations” on the
Statement of Assets and Liabilities by the Fund holding the corresponding Inverse Floaters issued by the borrowing TOB Trust. As of the end of the
current fiscal period, there were no loans outstanding under any such facility.
Fund
Floating Rate
Obligations: Self-
Deposited
Inverse Floaters
Floating Rate
Obligations:
Externally-Deposited
Inverse Floaters
Total
NAZ
$
—
$
—
$
—
NKX
33,485,000
—
33,485,000
NCA
—
—
—
NAC
68,590,000
—
68,590,000
NXJ
63,850,000
—
63,850,000
NRK
13,480,000
—
13,480,000
NNY
—
—
—
NAN
28,840,000
—
28,840,000
NQP
106,940,000
—
106,940,000
Fund
Average Floating
Rate Obligations
Outstanding
Average Annual
Interest Rate
And Fees
NAZ
$
—
—
%
NKX
33,485,000
2.94
NCA
—
—
NAC
49,455,753
3.42
NXJ
63,850,000
2.93
NRK
13,480,000
2.92
NNY
—
—
NAN
28,840,000
2.93
NQP
106,940,000
3.00
146
Notes to Financial Statements
(continued)
Each Fund may also enter into shortfall and forbearance agreements (sometimes referred to as a “recourse arrangement”) (TOB Trusts involving
such agreements are referred to herein as “Recourse Trusts”), under which a Fund agrees to reimburse the Liquidity Provider for the Trust’s Floaters,
in certain circumstances, for the amount (if any) by which the liquidation value of the Underlying Bond held by the TOB Trust may fall short of the
sum of the liquidation value of the Floaters issued by the TOB Trust plus any amounts borrowed by the TOB Trust from the Liquidity Provider, plus
any shortfalls in interest cash flows (sometimes referred to as "shortfall payments"). Under these agreements, a Fund’s potential exposure to losses
related to or on an Inverse Floater may increase beyond the value of the Inverse Floater as a Fund may potentially be liable to fulfill all amounts
owed to holders of the Floaters or the Liquidity Provider. Any such shortfall amount in the aggregate is recognized as “Unrealized depreciation on
Recourse Trusts” on the Statement of Assets and Liabilities.
As of the end of the current fiscal period, each Fund's maximum exposure to the Floaters issued by Recourse Trusts for self-deposited Inverse
Floaters and externally-deposited Inverse Floaters was as follows:
Zero Coupon Securities:
A zero coupon security does not pay a regular interest coupon to its holders during the life of the security. Income to
the holder of the security comes from accretion of the difference between the original purchase price of the security at issuance and the par value
of the security at maturity and is effectively paid at maturity. The market prices of zero coupon securities generally are more volatile than the market
prices of securities that pay interest periodically.
Purchases and Sales:
Long-term purchases and sales during the current fiscal period were as follows:
The Funds may purchase securities on a when-issued or delayed-delivery basis. Securities purchased on a when-issued or delayed-delivery basis may
have extended settlement periods; interest income is not accrued until settlement date. Any securities so purchased are subject to market fluctuation
during this period. If a Fund has outstanding when-issued/delayed-delivery purchases commitments as of the end of the 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, NQP will receive proceeds from the sale over a series of payments from Vistra through December
31, 2026. The resulting receivables have 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.
Fund
Maximum Exposure
to Recourse Trusts:
Self-Deposited
Inverse Floaters
Maximum Exposure
to Recourse Trusts:
Externally-Deposited
Inverse Floaters
Total
NAZ
$
—
$
—
$
—
NKX
33,485,000
—
33,485,000
NCA
—
—
—
NAC
68,590,000
—
68,590,000
NXJ
63,850,000
—
63,850,000
NRK
13,480,000
—
13,480,000
NNY
—
—
—
NAN
28,840,000
—
28,840,000
NQP
106,940,000
—
106,940,000
Fund
Non-U.S.
Government
Purchases
Non-U.S.
Government Sales
and Maturities
NAZ
$
15,294,714
$
3,202,000
NKX
116,516,081
89,693,805
NCA
16,790,695
7,115,133
NAC
168,530,535
91,475,907
NXJ
20,056,514
35,102,646
NRK
94,157,026
123,236,800
NNY
9,570,213
8,300,000
NAN
28,290,610
30,758,598
NQP
62,796,265
68,864,082
147
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
Common Shares Equity Shelf Programs and Offering Costs:
The following Funds have filed a registration statement with the Securities
and Exchange Commission ("SEC") authorizing each Fund to issue additional common shares through one or more equity shelf programs (“Shelf
Offering”), which became effective with the SEC during the current fiscal period.
Under this Shelf Offering, the Funds, subject to market conditions, may raise additional equity capital by issuing additional common shares from time
to time in varying amounts and by different offering methods at a net price at or above each Fund’s NAV per common share. In the event the Fund’s
Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the
registration statement has been filed with the SEC.
Maximum aggregate offering, common shares sold and offering proceeds, net of offering costs under the Fund’s Shelf Offering during the Fund’s
current and prior fiscal period were as follows:
Costs incurred by the Funds’ in connection with their initial shelf registration are recorded as a prepaid expense and recognized as “Deferred offering
costs” on the Statement of Assets and Liabilities. These costs are amortized pro rata as common shares are sold and are recognized as a component
of “Proceeds from shelf offering, net of offering costs” on the Statement of Changes in Net Assets. Any deferred offering costs remaining one year
after effectiveness of the initial shelf registration will be expensed. Costs incurred by the Fund to keep the shelf registration current are expensed as
incurred and recognized as a component of “Other expenses” on the Statement of Operations.
NAZ
NKX
Six Months
Ended
2/28/26
Year Ended
8/31/25
Six Months
Ended
2/28/26
Year Ended
8/31/25
Maximum aggregate offering
1,200,000
1,200,000
19,548,000
4,800,000
Common shares sold
697,533
490,326
3,663,747
2,040,416
Offering proceeds, net of offering costs
$8,169,886
$5,699,157
$45,922,859
$24,501,438
NAC
NAN
Six Months
Ended
2/28/26
Year Ended
8/31/25
Six Months
Ended
2/28/26
Year Ended
8/31/25
Maximum aggregate offering
30,400,000
14,500,000
3,100,000
3,100,000
Common shares sold
10,465,314
1,006,029
864,735
166,880
Offering proceeds, net of offering costs
$122,855,185
$11,173,911
$9,830,981
$1,811,164
148
Notes to Financial Statements
(continued)
Common Shares Repurchase Program: 
 The Board reauthorized an open-market share repurchase program, allowing each Fund to
repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.
Common Share Transactions: 
 Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable,
were as follows:
Preferred Shares
Adjustable Rate MuniFund Term Preferred Shares:
The following Funds have issued and has outstanding Adjustable Rate MuniFund Term
Preferred (“AMTP”) Shares, with a $100,000 liquidation preference per share. AMTP Shares are issued via private placement and are not publicly
available.
The details of the Funds’ AMTP Shares outstanding as of the end of the current fiscal period, were as follows:
The Fund is obligated to redeem its AMTP Shares by the date as specified in its offering document (“Term Redemption Date”), unless earlier
redeemed by the Fund. AMTP Shares are subject to optional and mandatory redemption in certain circumstances. The AMTP Shares may be
redeemed at the option of the Fund, subject to payment of premium for approximately six months following the date of issuance (“Premium
Expiration Date”), and at the redemption price per share thereafter. The redemption price per share is equal to the sum of the liquidation preference
per share plus any accumulated but unpaid dividends.
AMTP Shares are short-term or short/intermediate-term instruments that pay a variable dividend rate tied to a short-term index, plus an additional
fixed “spread” amount which is initially established at the time of issuance and may be adjusted in the future based upon a mutual agreement
between the majority owner and the Fund. From time-to-time the majority owner may propose to the Fund an adjustment to the dividend rate.
Should the majority owner and the Fund fail to agree upon an adjusted dividend rate, and such proposed dividend rate adjustment is not withdrawn,
the Fund will be required to redeem all outstanding shares upon the end of a notice period.
In addition, the Fund may be obligated to redeem a certain amount of the AMTP Shares if the Fund fails to maintain certain asset coverage and
leverage ratio requirements and such failures are not cured by the applicable cure date. The Term Redemption Date and Premium Expiration Date
for the Fund’s AMTP Shares are as follows:
NAZ
NKX
Unaudited  
Six Months
Ended
2/28/26
Year Ended
8/31/25
Unaudited  
Six Months
Ended
2/28/26
Year Ended
8/31/25
Common Shares:
Sold through shelf offering
697,533
490,326
3,663,747
2,040,416
Issued to shareholders due to reinvestment of distributions
14,348
17,078
78,225
141,083
Total
711,881
507,404
3,741,972
2,181,499
Weighted average common share:
Premium to NAV per shelf offering common share sold
2.17%
4.97%
4.47%
1.51%
NAC
NAN
Unaudited  
Six Months
Ended
2/28/26
Year Ended
8/31/25
Unaudited  
Six Months
Ended
2/28/26
Year Ended
8/31/25
Common Shares:
Sold through shelf offering
10,465,314
1,006,029
864,735
166,880
Issued to shareholders due to reinvestment of distributions
133,297
—
39,612
40,292
Total
10,598,611
1,006,029
904,347
207,172
Weighted average common share:
Premium to NAV per shelf offering common share sold
1.31%
1.41%
0.60%
0.87%
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference,
net of
deferred
offering costs
NAZ
2028
883
$88,300,000
$88,276,062
NAN
2028
1,270
$127,000,000
$126,973,221
149
The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period were as
follows:
AMTP Shares are subject to restrictions on transfer, generally do not trade, and market quotations are generally not available. The fair value of AMTP
Shares is expected to be approximately their liquidation preference so long as the fixed “spread” on the AMTP Shares remains roughly in line with
the “spread” being demanded by investors on instruments having similar terms in the current market environment. In present market conditions,
the Funds’ Adviser has determined that the fair value of AMTP Shares is approximately their liquidation preference, but their fair value could vary if
market conditions change materially. For financial reporting purposes, the liquidation preference of AMTP Shares is a liability and is recognized as a
component of “AMTP Shares, Net” on the Statement of Assets and Liabilities.
AMTP Share dividends are treated as interest payments for financial reporting purposes. Unpaid dividends on AMTP Shares are recognized as a
component of “Payable for interest” on the Statement of Assets and Liabilities. Dividends accrued on AMTP Shares are recognized as a component
of “Interest expense and amortization of offering costs” on the Statement of Operations.
Costs incurred in connection with the Fund’s offering of AMTP Shares were recorded as deferred charges, which are amortized over the life of the
shares and are recognized as components of “AMTP Shares, Net” on the Statement of Assets and Liabilities and “Interest expense and amortization
of offering costs” on the Statement of Operations.
MuniFund Preferred Shares
: NKX, NAC and NRK have issued and have outstanding MuniFund Preferred (“MFP”) Shares, with a $100,000
liquidation preference per share. These MFP Shares were issued via private placement and are not publicly available.
The Funds are obligated to redeem their MFP Shares by the date as specified in its offering documents (“Term Redemption Date”), unless earlier
redeemed by the Funds. MFP Shares are initially issued in a pre-specified mode, however, MFP Shares can be subsequently designated as an
alternative mode at a later date at the discretion of the Funds. The modes within MFP Shares detail the dividend mechanics and are described as
follows. At a subsequent date, the Funds may establish additional mode structures with the MFP Share.
• Variable Rate Remarketed Mode (“VRRM”) – Dividends for MFP Shares within this mode will be established by a remarketing agent; therefore,
market value of the MFP Shares is expected to approximate its liquidation preference. Shareholders have the ability to request a best-efforts
tender of its shares upon seven days notice. If the remarketing agent is unable to identify an alternative purchaser, the shares will be retained by
the shareholder requesting tender and the subsequent dividend rate will increase to its step-up dividend rate. If after one consecutive year of
unsuccessful remarketing attempts, the Fund will be required to designate an alternative mode or redeem the shares.
Each Fund will pay a remarketing fee on the aggregate principal amount of all MFP Shares while designated in VRRM. Payments made by the Fund
to the remarketing agent are recognized as “Remarketing fees” on the Statement of Operations.
• Variable Rate Mode (“VRM”) – Dividends for MFP Shares designated in this mode are based upon a short-term index plus an additional fixed
“spread” amount established at the time of issuance or renewal / conversion of its mode. At the end of the period of the mode, the Fund will be
required to either extend the term of the mode, designate an alternative mode or redeem the MFP Shares.
The fair value of MFP Shares while in VRM are expected to approximate their liquidation preference so long as the fixed “spread” on the shares
remains roughly in line with the “spread” being demanded by investors on instruments having similar terms in the current market. During the current
fiscal period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.
• Variable Rate Demand Mode (“VRDM”) – Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore,
the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional
liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase
shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully
Fund
Notice
Period
Series
Term
Redemption Date
Premium
Expiration Date
NAZ
180-day
2028
December 1, 2028*
February 13, 2019
NAN
180-day
2028
December 1, 2028*
November 30, 2019
*
Subject to early termination by either the Fund or the holder.
Fund
Average
Liquidation
Preference of
AMTP
Shares
Outstanding
Annualized
Dividend Rate
NAZ
$
88,300,000
3.39
%
NAN
127,000,000
3.54
150
Notes to Financial Statements
(continued)
remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a
specified schedule in order to enhance the remarketing agent’s ability to successfully remarket the shares. Each Fund is required to redeem any
shares that are still owned by a liquidity provider after six months of continuous, unsuccessful remarketing.
The Fund will pay a liquidity and remarketing fee on the aggregate principal amount of all MFP shares while within VRDM. Payments made by the
Fund to the liquidity provider and remarketing agent are recognized as “Liquidity fees” and “Remarketing fees”, respectively, on the Statement
Operations.
For financial reporting purposes, the liquidation preference of MFP Shares is recorded as a liability and is recognized as a component of “MFP
Shares, Net” on the Statement of Assets and Liabilities. Dividends on the MFP shares are treated as interest payments for financial reporting
purposes. Unpaid dividends on MFP shares are recognized as a component on “Payable for interest” on the Statement of Assets and Liabilities.
Dividends accrued on MFP Shares are recognized as a component of “Interest expense and amortization of offering costs” on the Statement of
Operations.
Subject to certain conditions, MFP Shares may be redeemed, in whole or in part, at any time at the option of the Fund. The Fund may also be
required to redeem certain MFP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the
applicable cure date. The redemption price per share in all circumstances is equal to the liquidation preference per share plus any accumulated but
unpaid dividends.
Costs incurred in connection with the Fund’s offering of MFP Shares were recorded as a deferred charge and are being amortized over the life of the
shares. These offering costs are recognized as a component of “MFP Shares, Net” on the Statement of Assets and Liabilities and “Interest expense
and amortization of offering costs” on the Statement of Operations.
As of the end of the current fiscal period, NKX, NAC and NRK had $140,070,493, $256,956,885 and $79,642,926 respectively, of MFP Shares at
liquidation preference, net of deferred offering costs. Further details of each Fund’s MFP Shares outstanding were as follows:
The average liquidation preference of MFP Shares outstanding and the annualized dividend rate for the Fund during the current fiscal period were as
follows:
Variable Rate Demand Preferred Shares:
The following Funds have issued and have outstanding Variable Rate Demand Preferred (“VRDP”)
Shares, with a $100,000 liquidation preference per share. VRDP Shares are issued via private placement and are not publicly available.
As of the end of the current fiscal period, NKX, NAC, NXJ, NRK, NAN and NQP had $255,801,320, $881,741,949, $312,862,377, $582,413,543,
$88,363,758 and $216,923,225 VRDP Shares at liquidation preference, net of deferred offering costs, respectively. Further details of the Funds’ VRDP
Shares outstanding as of the end of the current fiscal period, were as follows:
Fund
Series
Shares
Outstanding
Liquidation
Preference
Term
Redemption Date
Mode
Mode
Termination Date
NKX
A
1,404
$140,400,000
October 1, 2047
VRRM
N/A
NAC
A
2,570
$257,000,000
January 3, 2028
VRM
January 3, 2028*
NRK
A
800
$80,000,000
May
1,
2047
VRRM
May
1,
2047
*
Subject to early termination by either the Fund or the holder.
Fund
Average
Liquidation
Preference of MFP
Shares
Outstanding
Annualized
Dividend Rate
NKX
$
140,400,000
2.93
%
NAC
257,000,000
3.81
NRK
80,000,000
2.93
151
VRDP Shares include a liquidity feature that allows VRDP shareholders to have their shares purchased by a liquidity provider with whom each Fund
has contracted in the event that the VRDP Shares are not able to be successfully remarketed. Each Fund is required to redeem any VRDP Shares that
are still owned by the liquidity provider after six months of continuous, unsuccessful remarketing. Each Fund pays an annual remarketing fee on the
aggregate principal amount of all VRDP Shares outstanding. Each Fund’s VRDP Shares have successfully remarketed since issuance.
NAC's Series 2, Series 5 and Series 8 VRDP Shares and all series of NXJ and NQP’s VRDP Shares are considered to be Special Rate VRDP, which
are sold to institutional investors. During the special rate period, the VRDP Shares will not be remarketed by a remarketing agent, be subject to
optional or mandatory tender events, or be supported by a liquidity provider and are not subject to remarking fees or liquidity fees. During the
special rate period, VRDP dividends will be set monthly as a floating rate based on the predetermined formula. Following the initial special rate
period, Special Rate Period VRDP Shares may transition to traditional VRDP Shares with dividends set at weekly remarketings, and be supported by
a designated liquidity provider, or the Board may approve a subsequent special rate period. The fair value of Special Rate VRDP Shares is expected
to approximate their liquidation preference so long as the fixed “spread” on the shares remains roughly in line with the “spread” being demanded
by investors on instruments having similar terms in the current market. During the current reporting period, the Adviser has determined that the fair
value of the shares approximated their liquidation preference.
Dividends on the VRDP Shares (which are treated as interest payments for financial reporting purposes) are set at a rate established by a remarketing
agent; therefore, the market value of the VRDP Shares is expected to approximate its liquidation preference. In the event that VRDP Shares are
unable to be successfully remarketed, the dividend rate will be the maximum rate which is designed to escalate according to a specified schedule in
order to enhance the remarketing agent’s ability to successfully remarket the VRDP Shares.
Subject to certain conditions, VRDP Shares may be redeemed, in whole or in part, at any time at the option of each Fund. Each Fund may also
redeem certain of the VRDP Shares if the Fund fails to maintain certain asset coverage requirements and such failures are not cured by the applicable
cure date. The redemption price per share is equal to the sum of the liquidation preference per share plus any accumulated but unpaid dividends.
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Special Rate
Period Expiration
Maturity
NKX
3
427
0.05%
$42,700,000
N/A
March 1, 2040
4
1,090
0.10%
$109,000,000
N/A
December 1, 2040
6
1,050
0.10%
$105,000,000
N/A
June 1, 2046
NAC
1
1,362
0.10%
$136,200,000
N/A
June 1, 2041
2
910
N/A**
$91,000,000
February 3, 2027
December 1, 2040
4
1,056
0.10%
$105,600,000
N/A
December 1, 2042
5
1,349
N/A**
$134,900,000
September 2, 2026
August 1, 2040
6
1,581
0.10%
$158,100,000
N/A
August 1, 2040
7
980
0.10%
$98,000,000
N/A
August 3, 2043
8
1,600
N/A**
$160,000,000
N/A
November 6, 2026
NXJ
1
810
N/A**
$81,000,000
July 15, 2026
August 3, 2043
2
1,443
N/A**
$144,300,000
April 1, 2043***
April 1, 2043
3
886
N/A**
$88,600,000
April 1, 2043***
April 1, 2043
NRK
1
1,123
0.10%
$112,300,000
N/A
August 1, 2040
2
1,348
0.10%
$134,800,000
N/A
August 1, 2040
3
1,617
0.10%
$161,700,000
N/A
December 1, 2040
5
1,750
0.05%
$175,000,000
N/A
June 1, 2046
NAN
1
890
0.05%
$89,000,000
N/A
March 1, 2040
NQP
2
1,125
N/A**
$112,500,000
December 1,
2042***
December 1, 2042
3
1,050
N/A**
$105,000,000
December 1,
2042***
December 1, 2042
*
Remarketing fees as a percentage of the aggregate principal amount of all VRDP Shares outstanding for each series.
**
Not applicable. Series is considered to be Special Rate VRDP and therefore does not pay a remarketing fee.
***
Subject to earlier termination by either the Fund or the holder.
152
Notes to Financial Statements
(continued)
The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period were as
follows:
For financial reporting purposes, the liquidation preference of VRDP Shares is a liability and is recognized as a component of “VRDP Shares, Net” on
the Statement of Assets and Liabilities. Unpaid dividends on VRDP Shares are recognized as a component of “Payable for interest” on the Statement
of Assets and Liabilities, when applicable. Dividends accrued on VRDP Shares are recognized as a component of “Interest expense and amortization
of offering costs” on the Statement of Operations. Costs incurred by the Funds in connection with their offerings of VRDP Shares were recorded as
a deferred charge, which are amortized over the life of the shares and are recognized as a component of “VRDP Shares, Net” on the Statement of
Assets and Liabilities and “Interest expense and amortization of offering costs” on the Statement of Operations. In addition to interest expense,
each Fund may also pay a per annum liquidity fee to the liquidity provider, as well as a remarketing fee, which are recognized as “Liquidity fees” and
“Remarketing fees,” respectively, on the Statement of Operations.
Preferred Share Transactions: 
Transactions in preferred shares during the Funds' current and prior fiscal period, where applicable, are noted in
the following tables.
Transactions in MFP Shares for the Funds, where applicable, were as follows:
Transactions in VRDP Shares for the Funds, where applicable, were as follows:
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, and in the case of NKX and NRK, the alternative minimum tax applicable to individuals, 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 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.
Fund
Average
Liquidation
Preference of
VRDP
Shares
Outstanding
Annualized
Dividend Rate
NKX
$
256,700,000
2.51
%
NAC
897,987,845
2.94
NXJ
313,900,000
3.59
NRK
583,800,000
2.53
NAN
89,000,000
2.64
NQP
217,500,000
3.59
Year Ended
August 31, 2025
Series
Shares
Amount
MFP Shares redeemed
A
(180)
$(18,000,000)
Six-Month Ended
February 28, 2026
NAC
Series
Shares
Amount
VRDP Shares redeemed
5
(240)
$(24,000,000)
153
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally
subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional
period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the Fund's financial statements.
As of the end of the reporting period, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax
purposes were as follows:
For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on
derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.
As of prior fiscal period end, the components of accumulated earnings on a tax basis were as follows:
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NAZ
$
240,888,249
$
5,081,583
$
(4,475,996)
$
605,587
NKX
1,006,582,370
50,476,905
(22,482,822)
27,994,083
NCA
298,665,179
14,423,380
(6,927,451)
7,495,929
NAC
2,941,251,841
116,874,887
(69,667,098)
47,207,789
NXJ
833,742,925
32,586,338
(24,326,191)
8,260,147
NRK
1,571,945,881
45,612,712
(22,518,885)
23,093,827
NNY
164,920,476
4,062,159
(2,102,000)
1,960,159
NAN
568,256,652
13,516,849
(8,425,370)
5,091,479
NQP
673,427,909
17,593,367
(17,817,956)
(224,589)
Fund
Undistributed
Tax-Exempt
Income
1
Undistributed
Ordinary
Income
Undistributed
Long-Term
Capital Gains
Unrealized
Appreciation
(Depreciation)
Capital Loss
Carryforwards
Late-Year Loss
Deferrals
Other
Book-to-Tax
Differences
Total
NAZ
$
—
$
—
$
—
$
(11,283,633)
$
(8,588,658)
$
—
$
(874,795)
$
(20,747,086)
NKX
—
8,689
—
(21,813,935)
(36,154,230)
—
(3,758,505)
(61,717,981)
NCA
1,197,736
64,513
—
(8,552,932)
(11,920,732)
—
(960,138)
(20,171,553)
NAC
—
21,946
—
(112,569,965)
(162,073,468)
—
(10,664,804)
(285,286,291)
NXJ
—
393
—
(35,497,078)
(15,749,731)
—
(3,236,785)
(54,483,201)
NRK
—
18,332
—
(64,305,111)
(162,610,402)
—
(6,019,236)
(232,916,417)
NNY
640,663
—
—
(6,049,569)
(11,414,764)
—
(557,139)
(17,380,809)
NAN
—
—
—
(23,417,669)
(59,529,598)
—
(2,226,040)
(85,173,307)
NQP
—
604,096
—
(41,743,516)
(18,062,797)
—
(2,902,989)
(62,105,206)
1
Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividend declared on August 1, 2025 and paid on September 1, 2025.
154
Notes to Financial Statements
(continued)
As of prior fiscal period end, the Funds had capital loss carryforwards, which will not expire:
8. Management Fees and Other Transactions with Affiliates
Management Fees
:
Each Fund’s management fee compensates the Adviser for overall investment advisory and administrative services and
general office facilities. The Sub-Adviser is compensated for its services to the Funds from the management fees paid to the Adviser.
Each Fund’s management fee consists of two components – a fund-level fee, based only on the amount of assets within each individual Fund, and
a complex-level fee, based on the aggregate amount of all eligible fund assets managed by the Adviser, and for NCA and NNY a gross interest
income component. This pricing structure enables Fund 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.
NCA and NNY pay an annual fund-level fee, payable monthly, of 0.15% of the average daily net assets of each Fund, as well as 4.125% of the gross
interest income (excluding interest on bonds underlying a “self-deposited inverse floater” trust that is attributed to the Fund over and above the net
interest earned on the inverse floater itself) of each Fund.
The annual fund-level fee, payable monthly, for NAZ, NKX, NAC, NXJ, NRK, NAN and NQP is calculated according to the following schedules:
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. 
Fund
Short-Term
Long-Term
Total
NAZ
$
3,449,252
$
5,139,406
$
8,588,658
NKX
14,139,534
22,014,696
36,154,230
NCA
5,106,209
6,814,523
11,920,732
NAC
87,436,438
74,637,030
162,073,468
NXJ
1,941,347
13,808,384
15,749,731
NRK
103,110,661
59,499,741
162,610,402
NNY
1
6,410,025
5,004,739
11,414,764
NAN
37,765,230
21,764,368
59,529,598
NQP
15,235,187
2,827,610
18,062,797
1
A portion of NNY's capital loss carryforwards is subject to an annual limitation under the Internal Revenue Code and related regulations.
Average Daily Managed Assets*
NAZ
NKX
NAC
NXJ
NRK
NAN
NQP
For the first $125 million
0.4500
%
0.4500
%
0.4500
%
0.4500
%
0.4500
%
0.4500
%
0.4500
%
For the next $125 million
0.4375
0.4375
0.4375
0.4375
0.4375
0.4375
0.4375
For the next $250 million
0.4250
0.4250
0.4250
0.4250
0.4250
0.4250
0.4250
For the next $500 million
0.4125
0.4125
0.4125
0.4125
0.4125
0.4125
0.4125
For the next $1 billion
0.4000
0.4000
0.4000
0.4000
0.4000
0.4000
0.4000
For the next $3 billion
0.3750
0.3750
0.3750
0.3750
0.3750
0.3750
0.3750
For managed assets over $5 billion
0.3625
0.3625
0.3625
0.3625
0.3625
0.3625
0.3625
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
155
As of the end of the current fiscal period, the annual complex-level fee for each Fund was as follows:
Other Transactions with Affiliates:
Each Fund is 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 cross-trades pursuant to these procedures as follows: 
9. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include
recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are described elsewhere in these Notes
to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the
current fiscal period, the Funds did not have any unfunded commitments other then those disclosed in the Notes to Financial Statements, when
applicable.
From time to time, the Funds may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to
the enforcement of the Funds’ rights under contracts. As of the end of the current fiscal period, management has determined that any legal
proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds’
financial statements.
10. Borrowing Arrangements
Line of Credit:
The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser (“Participating Funds”), have
established a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary
purposes (other than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility’s
capacity (and its associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw
on the facility, the size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the
Fund, relative to those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other
Participating Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed. 
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher
of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts
borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of “Interest expense and
amortization of offering costs” on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are
recognized as a component of “Interest expense and amortization of offering costs” 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.
Fund
Complex-Level Fee
NAZ
0.1555
%
NKX
0.1555
NCA
0.1555
NAC
0.1555
NXJ
0.1555
NRK
0.1555
NNY
0.1555
NAN
0.1555
NQP
0.1555
Fund
Purchases
Sales
Realized
Gain (Loss)
NKX
$
—
$
8,601,840
$
34,845
NAC
8,601,840
—
—
NXJ
—
5,000,000
—
156
Notes to Financial Statements
(continued)
During the current fiscal period, the following Funds utilized this facility. The Fund’s maximum outstanding balance during the utilization period was
as follows:
During the 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.
Inter-Fund Lending Program:
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds
to participate in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary
purposes (e.g., to satisfy redemption requests or when a sale of securities “fails,” resulting in an unanticipated cash shortfall) (the “Inter-Fund
Program”). The closed-end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as
borrowers, in the Inter-Fund Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund
Program is subject to a number of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through
the Inter-Fund Program unless it receives a more favorable interest rate than is typically available from a bank or other financial institution for a
comparable transaction; (2) no fund may borrow on an unsecured basis through the Inter-Fund Program unless the fund’s outstanding borrowings
from all sources immediately after the inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured
borrowing outstanding from any other lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal
priority basis with at least an equivalent percentage of collateral to loan value; (3) if a fund’s total outstanding borrowings immediately after an
inter-fund borrowing would be greater than 10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4)
no fund may lend money if the loan would cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets
at the time of the loan; (5) a fund’s inter-fund loans to any one fund shall not exceed 5% of the lending fund’s net assets; (6) the duration of inter-
fund loans will be limited to the time required to receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund
loan may be called on one business day’s notice by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund
may participate in the Inter-Fund Program only if and to the extent that such participation is consistent with the fund’s investment objective and
investment policies. The Board is responsible for overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize
the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without
risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day’s notice or not renewed, in which case
the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another
fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current fiscal period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
Fund
Maximum
Outstanding
Balance
NAZ
$
2,700,000
NKX
21,400,000
NCA
—
NAC
15,898,480
NXJ
9,193,734
NRK
17,900,000
NNY
1,073,998
NAN
4,482,582
NQP
2,700,000
Fund
Utilization
Period (Days
Outstanding)
Average
Daily Balance
Outstanding
Average Annual
Interest Rate
NAZ
9
$
1,829,642
4.92
%
NKX
6
5,983,333
5.26
NCA
—
—
—
NAC
14
10,875,516
5.23
NXJ
8
5,223,433
4.84
NRK
11
9,821,962
5.11
NNY
2
1,073,998
4.84
NAN
15
858,344
5.05
NQP
6
1,866,667
5.29
157
11. Subsequent Event
Fund Mergers:
As discussed earlier in these Notes to Financial Statements, the mergers of NXJ, NQP and Nuveen Missouri Quality Municipal
Income Fund (NOM) into the Nuveen Municipal High Income Opportunity Fund (NMZ) were completed before market open on April 27, 2026.
Variable Rate Demand Preferred Shares:
During April 2026, NXJ redeemed 810 of its Series 1 VRDP Shares ($81,000,000 liquidation
preference).
158
Shareholder Meeting Report
(Unaudited)
The annual meeting of shareholders for NAZ, NKX, and NAC was held on December 18, 2025; at this meeting the shareholders were asked to elect
Board Members.
The vote totals for NAZ, NKX, and NAC are set forth below:
NAZ
NKX
NAC
Common and
Preferred
shares voting
together
as a class
Preferred
shares
Common and
Preferred
shares voting
together
as a class
Preferred
shares
Common and
Preferred
shares voting
together
as a class
Preferred
shares
Approval of the Board Members was reached as follows:
Michael A. Forrester
For
8,647,825
—
36,172,336
—
107,723,998
—
Withhold
401,413
—
1,806,465
—
2,735,753
—
Total Voted
9,049,238
—
37,978,801
—
110,459,751
—
Thomas J. Kenny
For
8,652,150
—
36,239,595
—
107,719,299
—
Withhold
397,088
—
1,739,206
—
2,740,452
—
Total Voted
9,049,238
—
37,978,801
—
110,459,751
—
Robert L. Young
For
8,652,150
—
36,136,242
—
107,771,182
—
Withhold
397,088
—
1,842,559
—
2,688,569
—
Total Voted
9,049,238
—
37,978,801
—
110,459,751
—
Albin F. Moschner
For
—
883
—
3,633
—
11,648
Withhold
—
—
—
130
—
—
Total Voted
—
883
—
3,763
—
11,648
Margaret L. Wolff
For
—
883
—
3,633
—
11,648
Withhold
—
—
—
130
—
—
Total Voted
—
883
—
3,763
—
11,648
159
The annual meeting of shareholders for NCA was held on December 18, 2025; at this meeting the shareholders were asked to elect Board Members.
The vote totals for NCA are set forth below:
NCA
Common
shares
Approval of the Board Members was reached as follows:
Michael A. Forrester
For
26,033,462
Withhold
410,817
Total Voted
26,444,279
Thomas J. Kenny
For
25,925,374
Withhold
518,905
Total Voted
26,444,279
Margaret L. Wolff
For
26,028,272
Withhold
416,007
Total Voted
26,444,279
Robert L. Young
For
25,919,664
Withhold
524,615
Total Voted
26,444,279
160
Shareholder Meeting Report
(continued)
The annual meeting of shareholders was held on January 16, 2026 for NQP and NXJ. At this meeting, the shareholders were asked to elect Board
members and to approve an Agreement and Plan of Merger. The meeting for NQP and NXJ was subsequently adjourned to February 26, 2026 and
additionally to March 19, 2026 and April 2, 2026 for NXJ in order to seek additional shareholder participation.
The vote totals for NQP and NXJ are set forth below:
NQP
NXJ
Common and
Preferred
shares voting
together
as a class
Preferred
shares
Common and
Preferred
shares voting
together
as a class
Preferred
shares
To approve an Agreement and Plan of Merger:
For
20,258,678
2,175
20,675,148
3,139
Against
3,591,985
—
4,676,096
—
Abstain
674,689
—
727,653
—
Broker Non-Votes
8,687,542
—
12,072,420
—
Total Voted
33,212,894
2,175
38,151,317
3,139
Approval of the Board Members was reached as follows:
Michael A. Forrester
For
28,419,543
—
31,896,325
—
Withhold
2,567,053
—
2,912,847
—
Total Voted
30,986,596
—
34,809,172
—
Thomas J. Kenny
For
28,459,730
—
31,887,453
—
Withhold
2,526,866
—
2,921,719
—
Total Voted
30,986,596
—
34,809,172
—
Robert L. Young
For
28,477,124
—
31,914,480
—
Withhold
2,509,472
—
2,894,692
—
Total Voted
30,986,596
—
34,809,172
—
Albin F. Moschner
For
—
2,175
—
3,139
Withhold
—
—
—
—
Total Voted
—
2,175
—
3,139
Margaret L. Wolff
For
—
2,175
—
3,139
Withhold
—
—
—
—
Total Voted
—
2,175
—
3,139
161
Additional Fund Information
(Unaudited)
Portfolio of Investments Information
The Fund is required to file its complete schedule of portfolio holdings with the
Securities and Exchange Commission (SEC) for the first and third quarters of each fiscal year as an exhibit to its report
on Form N-PORT. You may obtain this information on the SEC’s website at http://www.sec.gov.
Nuveen Funds’ Proxy Voting Information
You may obtain (i) information regarding how each fund voted proxies
relating to portfolio securities held during the most recent twelve-month period ended June 30, without charge, upon
request, by calling Nuveen toll-free at (800) 257-8787 or on Nuveen’s website at www.nuveen.com and (ii) a description
of the policies and procedures that each fund used to determine how to vote proxies relating to portfolio securities
without charge, upon request, by calling Nuveen toll-free at (800) 257-8787. You may also obtain this information
directly from the SEC. Visit the SEC on-line at http://www.sec.gov.
CEO Certification Disclosure
The Fund’s Chief Executive Officer (CEO) has submitted to the New York Stock
Exchange (NYSE) the annual CEO certification as required by Section 303A.12(a) of the NYSE Listed Company Manual.
Each Fund has filed with the SEC the certification of its CEO and Chief Financial Officer required by Section 302 of the
Sarbanes-Oxley Act.
Common Share Repurchases
Each Fund intends to repurchase, through its open-market share repurchase program,
shares of its own common stock at such times and in such amounts as is deemed advisable. During the period covered
by this report, each Fund repurchased shares of its common stock as shown in the accompanying table. Any future
repurchases will be reported to shareholders in the next annual or semi-annual report.
FINRA BrokerCheck:
The Financial Industry Regulatory Authority (FINRA) provides information regarding the
disciplinary history of FINRA member firms and associated investment professionals. This information as well as an
investor brochure describing FINRA BrokerCheck is available to the public by calling the FINRA BrokerCheck Hotline
number at (800) 289-9999 or by visiting www.FINRA.org.
Board of Trustees
Joseph A. Boateng
Michael A. Forrester
Thomas J. Kenny
Amy B.R. Lancellotta
Joanne T. Medero
Albin F. Moschner
John K. Nelson
Loren M. Starr
Matthew Thornton III
Terence J. Toth
Margaret L. Wolff
Robert L. Young
Investment Adviser
Nuveen Fund Advisors, LLC
333 West Wacker Drive
Chicago, IL 60606
Custodian
State Street Bank
& Trust Company
One Congress Street
Suite 1
Boston, MA 02114-2016
Legal Counsel
Chapman and Cutler
LLP
Chicago, IL 60606
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers
LLP
One North Wacker Drive
Chicago, IL 60606
Transfer Agent and
Shareholder Services
Computershare Trust Company,
N.A.
150 Royall Street
Canton, MA 02021
(800) 257-8787
NAZ
NKX
NCA
NAC
NXJ
Common Shares Repurchased
0
0
0
0
0
NRK
NNY
NAN
NQP
Common Shares Repurchased
0
0
0
0
162
Glossary of Terms Used in this Report
(U
naudited)
Average Annual Total Return:
This is a commonly used method to express an investment’s performance over a particular, usually
multi-year time period. It expresses the return that would have been necessary each year to equal the investment’s actual cumulative
performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over the time
period being considered.
Effective Leverage:
Effective leverage is a fund’s effective economic leverage, and includes both regulatory leverage (see leverage)
and the leverage effects of certain derivative investments in the fund’s portfolio. Currently, the leverage effects of Tender Option
Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
Inverse Floating Rate Securities:
Inverse floating rate securities, are the residual interest in a tender option bond (TOB) trust,
sometimes referred to as “inverse floaters”, are created by depositing a municipal bond, typically with a fixed interest rate,
into a special purpose trust. This trust, in turn, (a) issues floating rate certificates typically paying short-term tax-exempt interest
rates to third parties in amounts equal to some fraction of the deposited bond’s par amount or market value, and (b) issues an
inverse floating rate certificate (sometimes referred to as an “inverse floater”) to an investor (such as a Fund) interested in gaining
investment exposure to a long-term municipal bond. The income received by the holder of the inverse floater varies inversely
with the short-term rate paid to the floating rate certificates’ holders, and in most circumstances the holder of the inverse floater
bears substantially all of the underlying bond’s downside investment risk. The holder of the inverse floater typically also benefits
disproportionately from any potential appreciation of the underlying bond’s value. Hence, an inverse floater essentially represents an
investment in the underlying bond on a leveraged basis.
Leverage:
Leverage is created whenever a fund has investment exposure (both reward and/or risk) equivalent to more than 100% of
the investment capital.
Net Asset Value (NAV) Per Share:
A fund’s Net Assets is equal to its total assets (securities, cash, accrued earnings and
receivables) less its total liabilities. NAV per share is equal to the fund’s Net Assets divided by its number of shares outstanding.
Pre-Refunded Bond/Pre-Refunding:
Pre-Refunded Bond/Pre-Refunding, also known as advanced refundings or refinancings, is a
procedure used by state and local governments to refinance municipal bonds to lower interest expenses. The issuer sells new bonds
with a lower yield and uses the proceeds to buy U.S. Treasury securities, the interest from which is used to make payments on the
higher-yielding bonds. Because of this collateral, pre-refunding generally raises a bond’s credit rating and thus its value.
Regulatory Leverage:
Regulatory leverage consists of preferred shares issued by or borrowings of a fund. Both of these are part of
a fund’s capital structure. Regulatory leverage is subject to asset coverage limits set in the Investment Company Act of 1940.
Tax Obligation/General Bonds:
Bonds backed by the general revenues of an issuer, including taxes, where the issuer has the ability
to increase taxes by an unlimited amount to pay the bonds back.
Tax Obligation/Limited Bonds:
Bonds backed by the general revenues of an issuer, including taxes, where the issuer doesn’t have
the ability to increase taxes by an unlimited amount to pay the bonds back
.
Total Investment Exposure:
Total investment exposure is a fund’s assets managed by the Adviser that are attributable to financial
leverage. For these purposes, financial leverage includes a fund’s use of preferred stock and borrowings and 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.
Nuveen Securities, LLC, member FINRA and SIPC
333 West Wacker Drive
Chicago, IL 60606
www.nuveen.com
ESA-A-0226P 5278237
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable
investment solutions through continued adherence to proven, long-term investing principles. Today,
we offer a range of high quality solutions designed to be integral components of a well-diversified core
portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world’s premier global
asset managers, with specialist knowledge across all major asset classes and particular strength
in solutions that provide income for investors and that draw on our expertise in alternatives and
responsible investing. Nuveen is driven not only by the independent investment processes across
the firm, but also the insights, risk management, analytics and other tools and resources that a truly
world-class platform provides. As a global asset manager, our mission is to work in partnership with
our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your
financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information
provided carefully before you invest. Investors should consider the investment objective and policies,
risk considerations, charges and expenses of any investment carefully. Where applicable, be sure
to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus,
please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:
www.nuveen.com/closed-end-funds
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE

Item 2.

Code of Ethics.

Not applicable to this filing.

Item 3.

Audit Committee Financial Expert.

Not applicable to this filing.

Item 4.

Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5.

Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6.

Investments.

 

(a)

Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR.

 

(b)

Not applicable.

Item 7.

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

Not applicable to closed-end investment companies.

Item 8.

Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9.

Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10.

Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11.

Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable.

Item 12.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 14.

Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

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 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.

Not applicable.

Item 18.

Recovery of Erroneously Awarded Compensation.

 

(a)

Not applicable.

 

(b)

Not applicable.

Item 19.

Exhibits.

 

(a)(1)

Not applicable to this filing.

 

(a)(2)

Not applicable to this filing.

 

(a)(3)

Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

 

(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 California AMT-Free Quality Municipal Income Fund

 

Date: August 17, 2026

    

By:

  

/s/ David J. Lamb          

     

David J. Lamb

     

Chief Administrative Officer

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

Date: August 17, 2026

    

By:

  

/s/ David J. Lamb          

     

David J. Lamb

     

Chief Administrative Officer

     

(principal executive officer)

Date: August 17, 2026

    

By:

  

/s/ Marc Cardella          

     

Marc Cardella

     

Vice President and Controller

     

(principal financial officer)

 

ATTACHMENTS / EXHIBITS

ATTACHMENTS / EXHIBITS

CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT

CERTIFICATION PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT