N-CSRS 1 d105187dncsrs.htm NUVEEN CALIFORNIA MUNICIPAL VALUE FUND

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 |  | 811-05235

Nuveen California Municipal Value 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
Unl
imited
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 Municipal Value Fund

Date: May 7, 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: May 7, 2026 |  |  |  | By: |  | /s/ David J. Lamb
|  |  |  |  |  | David J. Lamb
|  |  |  |  |  | Chief Administrative Officer
|  |  |  |  |  | (principal executive officer)
Date: May 7, 2026 |  |  |  | By: |  | /s/ Marc Cardella
|  |  |  |  |  | Marc Cardella
|  |  |  |  |  | Vice President and Controller
|  |  |  |  |  | (principal financial officer)