Nuveen New York fund posts 5.67% annual NAV return

Nuveen New York fund posts 5.67% annual NAV return

How much did NNY distribute from net investment income per share?

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Q: What was NNY's return for the year ended August 31, 2026?

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What was NNY's return for the year ended August 31, 2026?

How does NNY notify shareholders when a distribution includes other sources?

Key Figures

Key Terms

What was NNY's return for the year ended August 31, 2026?

How much did NNY distribute from net investment income per share?

How does NNY notify shareholders when a distribution includes other sources?

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NNY's distributions from net investment income totaled $0.3540 per common share during the reporting period, with monthly distributions of $0.0295 each.

NNY returned 5.67% at common-share NAV and 5.15% at the common-share price for the 12 months ended August 31, 2026. The S&P Municipal Bond New York Index returned 4.33% over the same period.

The Board reauthorized an open-market program allowing each fund to repurchase and retire an aggregate of up to approximately 10% of its outstanding common shares.

Available on EDGAR 11/06/2026 - 10:40 AM EST Accepted by SEC EDGAR 11/06/2026 - 10:39 AM EST

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Form Type

N-CSR

Nuveen New York Municipal Value Fund (NNY) returned 5.67% at common-share NAV for the 12 months ended August 31, 2026, versus 4.33% for the S&P Municipal Bond New York Index; its common-share price return was 5.15%. Average annual NAV returns were 0.26% over five years and 1.77% over 10 years, compared with 0.65% and 1.82% for the index, respectively.

As of August 31, 2026, NNY's common-share NAV was $8.67 and its share price was $8.16, a 5.88% discount to NAV. Net-investment-income distributions totaled $0.3540 per common share, with monthly amounts of $0.0295. NNY intends to distribute all or substantially all net investment income each year through regular monthly distributions and realized capital gains at least annually. If yearly distributions exceed net investment income, they may include realized gains and/or return of capital, which may erode NAV.

Effective and regulatory leverage were each 0.00% as of August 31, 2026. The board approved changing the fund's name to Nuveen New York Municipal Income Fund, effective October 30, 2026. PricewaterhouseCoopers LLP opined that the financial statements present fairly, in all material respects, NNY's financial position and results in conformity with U.S. GAAP.

The board reauthorized a program allowing NNY to repurchase and retire up to about 10% of its outstanding common shares; that is the program’s authorization limit, not a statement that the full amount was repurchased.

NNY common-share NAV return: 5.67% S&P Municipal Bond New York Index return: 4.33% NNY common-share price return: 5.15% +5 more

8 metrics

NNY common-share NAV return 5.67% 12 months ended August 31, 2026

S&P Municipal Bond New York Index return 4.33% 12 months ended August 31, 2026

NNY common-share price return 5.15% 12 months ended August 31, 2026

Net-investment-income distributions $0.3540 per common share Reporting period ended August 31, 2026

Discount to NAV 5.88% As of August 31, 2026

Effective leverage 0.00% As of August 31, 2026

Regulatory leverage 0.00% As of August 31, 2026

Open-market repurchase authorization Up to approximately 10% of outstanding common shares Aggregate per fund

Common Share NAV, Effective Leverage, Regulatory Leverage, Taxable-Equivalent Rate, +1 more

5 terms

Effective Leverage financial

"Effective Leverage is a Fund’s effective economic leverage"

Regulatory Leverage financial

"Regulatory Leverage consists of preferred shares or borrowings"

Regulatory leverage is a company’s ability to use laws, approvals or industry rules to strengthen its market position or magnify financial outcomes—for example by obtaining permits competitors cannot, meeting compliance more cheaply, influencing standards, or benefiting from barriers that limit rivals. It matters to investors because, like a ramp that makes it easier for a car to climb a hill, regulatory leverage can boost profits and protect market share over time, or become a source of risk if rules change.

Taxable-Equivalent Rate financial

"Taxable-Equivalent Rate"

return of capital financial

"distributions may also include realized gains and/or a return of capital"

Return of capital is when an investor receives money from their investment that is not considered profit or earnings but rather a portion of the original amount they invested. It’s similar to getting back part of your initial savings rather than gains from it. This matters because it can affect how much money an investor still has in the investment and may have tax implications.

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

NNY returned 5.67% at common-share NAV and 5.15% at the common-share price for the 12 months ended August 31, 2026. The S&P Municipal Bond New York Index returned 4.33% over the same period.

If a distribution includes anything other than net investment income, NNY will provide shareholders a notice of its best estimate of the distribution sources. That estimate may differ from the final tax characterization in shareholders' 1099-DIV forms after year-end.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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		811-05238

Nuveen New York 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: August 31, 2026

Item 1.

Reports to Stockholders.

LOGO

Nuveen Municipal

Closed-End Funds



Nuveen Arizona Quality Municipal Income Fund			NAZ

Nuveen California AMT-Free Quality Municipal Income Fund			NKX

Nuveen California Municipal Value Fund (to be known as Nuveen California Municipal Income Fund effective October 30, 2026)			NCA

Nuveen California Quality Municipal Income Fund			NAC

Nuveen New York AMT-Free Quality Municipal Income Fund			NRK

Nuveen New York Municipal Value Fund (to be known as Nuveen New York Municipal Income Fund effective October 30, 2026)			NNY

Nuveen New York Quality Municipal Income Fund			NAN

Annual

Report

Table

of Contents


Important Notices			3

Discussion of Fund Performance			4

Common Share Information			12

About the Funds’ Benchmarks			14

Fund Performance, Leverage and Holdings Summaries			15

Report of Independent Registered Public Accounting Firm			30

Portfolios of Investments			32

Statement of Assets and Liabilities			99

Statement of Operations			101

Statement of Changes in Net Assets			103

Statement of Cash Flows			107

Financial Highlights			108

Notes to Financial Statements			119

Shareholder Update			135

Important Tax Information			176

Shareholder Meeting Report			177

Additional Fund Information			178

Glossary of Terms Used in this Report			179

Statement Regarding Basis for Approval of Investment Advisory Contract			181

Board Members & Officers			190

Important Notices

NAZ, NKX, NAC, NRK and NAN – Investment policy change: Effective July 31, 2026, each Fund will replace its policy to invest at least 80% of its Managed Assets in securities that at the time of investment are investment grade quality with the following investment policy, adopted pursuant to Rule 35d-1 under the Investment Company Act of 1940:

Under normal circumstances, the Fund will invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality.

The policy may be changed without a shareholder vote, but in accordance with Rule 35d-1 it may not be changed without 60 days’ prior written notice to shareholders.

A security is considered investment grade quality if it is rated within the four highest letter grades (Baa or BBB or better) by at least one nationally recognized statistical rating organization (“NRSRO”) that rates such security (even if it is rated lower by another), or if it is unrated by any NRSRO but judged to be of comparable quality by the Fund’s sub-adviser.

NCA and NNY – Name changes: On October 8, 2026, the Board of Trustees of the Funds approved name changes for NCA and NNY. Effective October 30, 2026, NCA will be renamed Nuveen California Municipal Income Fund and NNY will be renamed Nuveen New York Municipal Income Fund.

Discussion of Fund Performance

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 York AMT-Free Quality Municipal Income Fund (NRK)

Nuveen New York Municipal Value Fund (NNY)

Nuveen New York Quality Municipal Income Fund (NAN)

Nuveen Asset Management, LLC (NAM), an affiliate of Nuveen Fund Advisors, LLC, is the investment adviser for 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 York AMT-Free Quality Municipal Income Fund (NRK), Nuveen New York Municipal Value Fund (NNY), and Nuveen New York Quality Municipal Income Fund (NAN).

The portfolio managers for NAZ are Michael Hamilton and Stephen Candido, CFA. The portfolio managers for NKX, NCA, NAC, NRK, NNY and NAN are Scott Romans, PhD., and Kristen DeJong, CFA.

Below is a discussion of Fund performance and the factors that contributed and detracted during the reporting period ended August 31, 2026. For more information on Fund investment objectives and policies, please refer to the Shareholder Update section at the end of the report.

Nuveen Arizona Quality Municipal Income Fund (NAZ)

What factors affected markets during the reporting period?

•

Yields ended the reporting period higher across much of the municipal curve. Short and intermediate maturity yields increased more than those on longer maturities, and the 30-year maturity ended the period where it began. As a result, the municipal curve flattened somewhat but maintained its overall steepness. Yields saw elevated volatility during the reporting period. This was in response to uncertainties related to U.S. fiscal and trade policy under the Trump administration, federal debt sustainability, the path of monetary policy and Federal Reserve independence, and intensifying geopolitical risks that drove energy prices sharply higher and increased inflation pressures in the second half of the reporting period.

•

While credit fundamentals remained strong, unprecedented supply pressure weighed on the municipal market during the reporting period. Demand for municipal debt increased during the reporting period but was less robust when compared to the elevated level of supply.

What key strategies were used to manage the Fund during the reporting period?

•

The Fund’s trading activity remained focused on pursuing its investment objectives. During the reporting period, the Fund continued to emphasize a long-term view of investing in longer-duration and lower-rated bonds, which offered incrementally higher yields to support the Fund’s income earnings capability.

•

The portfolio management team took advantage of periods of market stress to buy bonds at attractive valuations and continued to carefully manage the Fund’s income sustainability via tactical trading.

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended August 31, 2026, NAZ returned 7.47%. The Fund outperformed the returns of the S&P Municipal Bond Arizona Index, which returned 4.09%.

Top contributors to relative performance

•

The Fund’s use of leverage through the issuance of preferred shares.

•

Overweight to the longest-duration bonds (10 to 12 years and longer).

•

Overweights to the incremental tax and higher education sectors.

•

Overweights to non-rated and A-rated bonds and an underweight to B-rated bonds.

Top detractors from relative performance

•

Underweight to the airport sector.

•

Underweight to BBB-rated bonds.

Nuveen California AMT-Free Quality Municipal Income Fund (NKX)

What factors affected markets during the reporting period?

•

What key strategies were used to manage the Fund during reporting period?

•

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended August 31, 2026, NKX returned 8.20%. The Fund outperformed the returns of the S&P Municipal Bond California Index, which returned 3.97%.

Top contributors to relative performance

•

The Fund’s use of leverage through inverse floating rate securities and the issuance of preferred shares.

•

Overall sector positioning, especially overweights to the airport and industrial development revenue/pollution control revenue (IDR/PCR) sectors.

•

Duration positioning, especially an overweight to bonds in the longest duration range and an underweight to bonds in the intermediate duration range.

•

Security selection.


		5

Discussion of Fund Performance (continued)

Top detractors from relative performance

•

Credit ratings exposure, led by an overweight to non-rated bonds.

•

Underweight to the tobacco settlement sector.

Nuveen California Municipal Value Fund (NCA)

What factors affected markets during the reporting period?

•

What key strategies were used to manage the Fund during the reporting period?

•

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended August 31, 2026, NCA returned 6.04%. The Fund outperformed the returns of the S&P Municipal Bond California Index, which returned 3.97%.

Top contributors to relative performance

•

Duration positioning, especially an overweight to bonds in the longest duration range and an underweight to bonds in the intermediate duration range.

•

Security selection.

•

Overall sector positioning, especially overweights to the airport and dedicated tax sectors.

Top detractors from relative performance

•

Underweight to the other revenue sector.

•

Underweight to B-rated bonds and an overweight to A-rated bonds.


6

Nuveen California Quality Municipal Income Fund (NAC)

What factors affected markets during the reporting period?

•

What key strategies were used to manage the Fund during the reporting period?

•

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended August 31, 2026, NAC returned 8.73%. The Fund outperformed the returns of the S&P Municipal Bond California Index, which returned 3.97%.

Top contributors to relative performance

•

The Fund’s use of leverage through inverse floating rate securities and the issuance of preferred shares.

•

Duration positioning, especially an overweight to bonds in the longest duration range and an underweight to bonds in the intermediate duration range.

•

Security selection.

•

Credit ratings exposure, especially overweights to BBB-rated and BB-rated bonds.

Top detractors from relative performance

•

Overweight to the utility sector and an underweight to the other revenue sector.

•

Underweight to the life care sector.


		7

Discussion of Fund Performance (continued)

Nuveen New York AMT-Free Quality Municipal Income Fund (NRK)

What factors affected markets during the reporting period?

•

What key strategies were used to manage the Fund during the reporting period?

•

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended August 31, 2026, NRK returned 7.74%. The Fund outperformed the returns of the S&P Municipal Bond New York Index, which returned 4.33%.

Top contributors to relative performance

•

The Fund’s use of leverage through inverse floating rate securities and the issuance of preferred shares.

•

Duration positioning.

•

Credit ratings exposure, especially an overweight to bonds lower down the credit spectrum.

•

Security selection.

Top detractors from relative performance

•

Underweights to the life care, port and other transportation sectors.

•

Underweight to the industrial development revenue/pollution control revenue (IDR/PCR) sector.


8

Nuveen New York Municipal Value Fund (NNY)

What factors affected markets during the reporting period?

•

What key strategies were used to manage the Fund during the reporting period?

•

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended August 31, 2026, NNY returned 5.67%. The Fund outperformed the returns of the S&P Municipal Bond New York Index, which returned 4.33%.

Top contributors to relative performance

•

Credit ratings exposure, especially an overweight to bonds lower down the credit spectrum.

•

Duration positioning.

•

Security selection.

Top detractors from relative performance

•

Underweights to the other transportation, life care and local general obligation sectors.

•

Credit selection in the other transportation and industrial development revenue/pollution control revenue (IDR/PCR) sectors.


		9

Discussion of Fund Performance (continued)

Nuveen New York Quality Municipal Income Fund (NAN)

What factors affected markets during the reporting period?

•

What key strategies were used to manage the Fund during the reporting period?

•

How did the Fund perform and what factors affected relative performance?

For the 12-month reporting period ended August 31, 2026, NAN returned 7.49%. The Fund outperformed the returns of the S&P Municipal Bond New York Index, which returned 4.33%.

Top contributors to relative performance

•

The Fund’s use of leverage through inverse floating rate securities and the issuance of preferred shares.

•

Duration positioning.

•

Credit ratings exposure, especially an overweight to bonds lower down the credit spectrum.

•

Overall sector positioning, especially overweights to the airport and higher education sectors.

Top detractors from relative performance

•

Underweight to the life care sector and overweight to the other transportation sector.

•

Credit selection in the other transportation sector.


10

This material is not intended to be a recommendation or investment advice, does not constitute a solicitation to buy, sell or hold a security or an investment strategy, and is not provided in a fiduciary capacity. The information provided does not take into account the specific objectives or circumstances of any particular investor, or suggest any specific course of action. Investment decisions should be made based on an investor’s objectives and circumstances and in consultation with his or her advisors.

Certain statements in this report are forward-looking statements. Discussions of specific investments are for illustration only and are not intended as recommendations of individual investments. The forward-looking statements and other views expressed herein are those of the portfolio manager as of the date of this report. Actual future results or occurrences may differ significantly from those anticipated in any forward-looking statements, and the views expressed herein are subject to change at any time, due to numerous market and other factors. The Fund disclaims any obligation to update publicly or revise any forward-looking statements or views expressed herein.

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

Bond insurance guarantees only the payment of principal and interest on the bond when due, and not the value of the bonds themselves, which will fluctuate with the bond market and the financial success of the issuer and the insurer. Insurance relates specifically to the bonds in the portfolio and not to the share prices of a Fund. No representation is made as to the insurers’ ability to meet their commitments.

Refer to the Glossary of Terms Used in this Report for further definition of the terms used within this section.


		11

Common Share Information

COMMON SHARE DISTRIBUTION INFORMATION

The following information regarding the Funds’ distributions is current as of August 31, 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.


			Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)			NAZ		NKX		NCA		NAC		NRK
September			$	0.0655	$	0.0760	$	0.0290	$	0.0735	$	0.0690
October				0.0655		0.0760		0.0290		0.0735		0.0690
November				0.0655		0.0760		0.0290		0.0735		0.0690
December				0.0655		0.0760		0.0290		0.0735		0.0690
January				0.0655		0.0760		0.0290		0.0735		0.0690
February				0.0655		0.0760		0.0290		0.0735		0.0690
March				0.0655		0.0760		0.0300		0.0735		0.0690
April				0.0655		0.0760		0.0300		0.0735		0.0690
May				0.0655		0.0760		0.0300		0.0735		0.0690
June				0.0620		0.0720		0.0300		0.0695		0.0655
July				0.0620		0.0720		0.0300		0.0695		0.0655
August				0.0620		0.0720		0.0300		0.0695		0.0655
Total Distributions from Net Investment Income			$	0.7755	$	0.9000	$	0.3540	$	0.8700	$	0.8175

							Per Common Share Amounts
Monthly Distributions (Ex-Dividend Date)									NNY		NAN
September									$	0.0295	$	0.0720
October										0.0295		0.0720
November										0.0295		0.0720
December										0.0295		0.0720
January										0.0295		0.0720
February										0.0295		0.0720
March										0.0295		0.0720
April										0.0295		0.0720
May										0.0295		0.0720
June										0.0295		0.0680
July										0.0295		0.0680
August										0.0295		0.0680
Total Distributions from Net Investment Income									$	0.3540	$	0.8520

Rates	NAZ		NKX		NCA		NAC		NRK		NNY
Market Rate¹		6.39%		7.57%		3.98%		7.57%		8.05%		4.34%
Taxable-Equivalent Rate¹		11.26%		16.49%		8.67%		16.49%		16.68%		8.98%

Rates											NAN
Market Rate¹												7.49%
Taxable-Equivalent Rate¹												15.51%

Market Rate 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 Rate represents the yield that must be earned on a fully taxable investment in order to equal the distribution rate 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%, 51.7%,51.7% and 51.7% for NAZ, NKX, NCA, NAC, NRK, NNY and NAN, respectively. Your actual combined federal and state income tax rate may differ from the assumed rate. The Taxable-Equivalent Rate 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 Rate would be lower. The Taxable Equivalent Rate is based on the Fund’s current distribution rate which may include return of capital. The Fund’s actual Taxable-Equivalent Rate will be lower to the extent that a Fund’s distributions include anything other than tax-exempt net investment income, including return of capital.

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 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. Each Fund’s distribution policy had no material effect on its investment strategy during the most recent fiscal period and is not expecting to have such an effect in future periods.

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).

COMMON SHARE EQUITY SHELF PROGRAMS

During the current reporting period, the following Funds were authorized by the Securities and Exchange Commission to issue additional common shares through an equity shelf program (Shelf Offering). Under these programs, the Funds 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.

NAZ

NKX

NCA

NAC

NAN

Maximum aggregate offering

5,400,000

19,548,000

13,700,000

Unlimited

3,100,000

During the current reporting period, the Funds sold common shares through their Shelf Offering at a weighted average premium to its NAV per common share in the accompanying table.


	NAZ		NKX		NCA		NAC		NAN
Common shares sold through shelf offering		994,942		6,369,584		312,300		22,685,653		2,419,378
Weighted average premium to NAV per common share sold		4.06%		4.14%		0.95%		2.07%		1.14%

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.

Refer to the Notes to Financial Statements for further details on share repurchases and each Fund’s transactions.

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 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.

Fund Performance, Leverage and Holdings Summaries

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.

NAZ

Nuveen Arizona Quality Municipal Income Fund

Fund Performance, Leverage and Holdings Summaries August 31, 2026

Performance*


			Total Returns as of August 31, 2026
			Average Annual
	Inception Date		1-Year		5-Year		10-Year
NAZ at Common Share NAV		11/19/92		7.47%		(1.22)%		1.37%
NAZ at Common Share Price		11/19/92		10.80%		0.14%		1.67%
S&P Municipal Bond Index		—		4.16%		0.79%		2.01%
S&P Municipal Bond Arizona Index		—		4.09%		0.91%		2.00%

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond Arizona Index.

Daily Common Share NAV and Share Price

LOGO

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$11.18

$12.31

10.11%

5.33%

Growth of an Assumed $10,000 Investment as of August 31, 2026 - Common Share Price

LOGO

Leverage and Holdings


Leverage
Effective Leverage			37.57%
Regulatory Leverage			37.57%

Fund Allocation
(% of net assets)
Municipal Bonds			158.1%
Short-Term Municipal Bonds			1.4%
Other Assets & Liabilities, Net			0.7%
AMTP Shares, Net			(60.2)%
Net Assets			100%


Portfolio Credit Quality
(% of total investments)
AAA			9.1%
AA			57.1%
A			14.0%
BBB			5.0%
BB or Lower			3.5%
N/R (not rated)			11.3%
Total			100%


Portfolio Composition¹
(% of total investments)
Tax Obligation/Limited			23.0%
Utilities			18.9%
Education and Civic Organizations			18.2%
Health Care			14.2%
Tax Obligation/General			13.1%
Transportation			3.9%
Long-Term Care			3.0%
Housing/Single Family			2.1%
Other			3.6%
Total			100%

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.


		17

NKX

Nuveen California AMT-Free Quality Municipal

Income Fund

Fund Performance, Leverage and Holdings Summaries August 31, 2026

Performance*


			Total Returns as of August 31, 2026
			Average Annual
	Inception Date		1-Year		5-Year		10-Year
NKX at Common Share NAV		11/21/02		8.20%		(1.80)%		1.27%
NKX at Common Share Price		11/21/02		9.81%		(0.48)%		1.81%
S&P Municipal Bond Index		—		4.16%		0.79%		2.01%
S&P Municipal Bond California Index		—		3.97%		0.61%		1.87%

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond California Index.

Daily Common Share NAV and Share Price

LOGO

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average
Premium/(Discount)

to NAV

$11.61

$12.05

3.79%

4.02%

Growth of an Assumed $10,000 Investment as of August 31, 2026 - Common Share Price

LOGO

Leverage and Holdings


Leverage
Effective Leverage			39.75%
Regulatory Leverage			37.83%

Fund Allocation
(% of net assets)
Municipal Bonds			164.3%
Short-Term Municipal Bonds			0.9%
Other Assets & Liabilities, Net			0.6%
Floating Rate Obligations			(5.1)%
MFP Shares, Net			(21.5)%
VRDP Shares, Net			(39.2)%
Net Assets			100%


Portfolio Credit Quality
(% of total investments)
AAA			3.4%
AA			50.3%
A			8.7%
BBB			10.8%
BB or Lower			2.3%
N/R (not rated)			24.5%
Total			100%


Portfolio Composition¹
(% of total investments)
Tax Obligation/General			25.1%
Health Care			19.3%
Utilities			13.5%
Tax Obligation/Limited			11.9%
Housing/Multifamily			10.3%
Education and Civic Organizations			9.7%
Transportation			9.4%
U.S. Guaranteed			0.6%
Other			0.2%
Total			100%

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.


		19

NCA

Nuveen California Municipal Value Fund

Fund Performance, Leverage and Holdings Summaries August 31, 2026

Performance*


			Total Returns as of August 31, 2026
			Average Annual
	Inception Date		1-Year		5-Year		10-Year
NCA at Common Share NAV		10/07/87		6.04%		(0.08)%		1.62%
NCA at Common Share Price		10/07/87		10.42%		0.52%		1.33%
S&P Municipal Bond Index		—		4.16%		0.79%		2.01%
S&P Municipal Bond California Index		—		3.97%		0.61%		1.87%

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond California Index.

Daily Common Share NAV and Share Price

LOGO

Common

Share

NAV

Common
Share Price

Premium/(Discount)

to NAV

Average
Premium/(Discount)

to NAV

$9.03

$9.05

0.22%

(0.13)%

Growth of an Assumed $10,000 Investment as of August 31, 2026 - Common Share Price

LOGO

Leverage and Holdings


Leverage
Effective Leverage			0.00%
Regulatory Leverage			0.00%

Fund Allocation
(% of net assets)
Municipal Bonds			99.5%
Variable Rate Demand Preferred Shares			0.8%
Other Assets & Liabilities, Net			(0.3)%
Net Assets			100%


Portfolio Credit Quality
(% of total investments)
AAA			7.1%
AA			57.3%
A			11.5%
BBB			7.5%
BB or Lower			0.4%
N/R (not rated)			16.2%
Total			100%


Portfolio Composition¹
(% of total investments)
Tax Obligation/General			28.1%
Utilities			19.5%
Transportation			17.0%
Health Care			12.6%
Housing/Multifamily			9.2%
Tax Obligation/Limited			7.7%
Education and Civic Organizations			3.2%
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.


		21

NAC

Nuveen California Quality Municipal Income Fund

Fund Performance, Leverage and Holdings Summaries August 31, 2026

Performance*


			Total Returns as of August 31, 2026
			Average Annual
	Inception Date		1-Year		5-Year		10-Year
NAC at Common Share NAV		5/26/99		8.73%		(1.93)%		0.95%
NAC at Common Share Price		5/26/99		11.77%		(0.38)%		1.80%
S&P Municipal Bond Index		—		4.16%		0.79%		2.01%
S&P Municipal Bond California Index		—		3.97%		0.61%		1.87%

* For purposes of Fund performance, relative results are measured against the S&P Municipal Bond California Index.

Daily Common Share NAV and Share Price

LOGO

Common

Share

NAV

Common
Share Price

Premium/(Discount)

to NAV

Average
Premium/(Discount)

to NAV

$11.16

$11.65

4.39%

1.81%

Growth of an Assumed $10,000 Investment as of August 31, 2026 - Common Share Price

LOGO

Leverage and Holdings


Leverage
Effective Leverage			39.11%
Regulatory Leverage			37.73%

Fund Allocation
(% of net assets)
Municipal Bonds			164.4%
Other Assets & Liabilities, Net			(0.4)%
Floating Rate Obligations			(3.6)%
MFP Shares, Net			(13.6)%
VRDP Shares, Net			(46.8)%
Net Assets			100%


Portfolio Credit Quality
(% of total investments)
AAA			3.8%
AA			52.3%
A			15.5%
BBB			8.8%
BB or Lower			1.2%
N/R (not rated)			18.4%
Total			100%


Portfolio Composition¹
(% of total investments)
Tax Obligation/General			19.8%
Utilities			17.7%
Health Care			16.4%
Transportation			16.2%
Tax Obligation/Limited			10.3%
Housing/Multifamily			10.1%
Education and Civic Organizations			7.5%
Other			2.0%
Total			100%

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.


		23

NRK

Nuveen New York AMT-Free Quality Municipal Income Fund

Fund Performance, Leverage and Holdings Summaries August 31, 2026

Performance*


			Total Returns as of August 31, 2026
			Average Annual
	Inception Date		1-Year		5-Year		10-Year
NRK at Common Share NAV		11/21/02		7.74%		(2.21)%		0.78%
NRK at Common Share Price		11/21/02		16.97%		(0.37)%		1.92%
S&P Municipal Bond Index		—		4.16%		0.79%		2.01%
S&P Municipal Bond New York Index		—		4.33%		0.65%		1.82%

* 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

LOGO

Common

Share

NAV

Common
Share Price

Premium/(Discount)

to NAV

Average
Premium/(Discount)

to NAV

$10.29

$10.28

(0.10)%

(4.71)%

Growth of an Assumed $10,000 Investment as of August 31, 2026 - Common Share Price

LOGO

Leverage and Holdings


Leverage
Effective Leverage			43.01%
Regulatory Leverage			42.52%

Fund Allocation
(% of net assets)
Municipal Bonds			170.7%
Short-Term Municipal Bonds			3.3%
Other Assets & Liabilities, Net			1.3%
Floating Rate Obligations			(1.5)%
MFP Shares, Net			(8.9)%
VRDP Shares, Net			(64.9)%
Net Assets			100%


Portfolio Credit Quality
(% of total investments)
AAA			9.4%
AA			48.5%
A			13.1%
BBB			7.6%
BB or Lower			6.8%
N/R (not rated)			14.6%
Total			100%


Portfolio Composition¹
(% of total investments)
Tax Obligation/Limited			29.2%
Health Care			17.0%
Education and Civic Organizations			14.7%
Utilities			13.2%
Transportation			9.7%
Tax Obligation/General			6.3%
Consumer Staples			4.7%
Industrials			2.1%
Other			3.1%
Total			100%

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.


		25

NNY

Nuveen New York Municipal Value Fund

Fund Performance, Leverage and Holdings Summaries August 31, 2026

Performance*


			Total Returns as of August 31, 2026
			Average Annual
	Inception Date		1-Year		5-Year		10-Year
NNY at Common Share NAV		10/07/87		5.67%		0.26%		1.77%
NNY at Common Share Price		10/07/87		5.15%		(0.68)%		1.33%
S&P Municipal Bond Index		—		4.16%		0.79%		2.01%
S&P Municipal Bond New York Index		—		4.33%		0.65%		1.82%

* 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

LOGO

Common

Share

NAV

Common
Share Price

Premium/(Discount)

to NAV

Average
Premium/(Discount)

to NAV

$8.67

$8.16

(5.88)%

(3.96)%

Growth of an Assumed $10,000 Investment as of August 31, 2026 - Common Share Price

LOGO

Leverage and Holdings


Leverage
Effective Leverage			0.00%
Regulatory Leverage			0.00%

Fund Allocation
(% of net assets)
Municipal Bonds			96.1%
Short-Term Municipal Bonds			2.4%
Other Assets & Liabilities, Net			1.5%
Net Assets			100%


Portfolio Credit Quality
(% of total investments)
AAA			9.9%
AA			42.7%
A			11.5%
BBB			18.6%
BB or Lower			7.9%
N/R (not rated)			9.4%
Total			100%


Portfolio Composition¹
(% of total investments)
Transportation			21.6%
Tax Obligation/Limited			17.8%
Health Care			16.2%
Utilities			14.6%
Education and Civic Organizations			11.4%
Tax Obligation/General			9.4%
Consumer Staples			2.8%
Housing/Multifamily			2.6%
Other			3.6%
Total			100%

1	See the Portfolio of Investments for the remaining industries/sectors comprising “Other” and not listed in the table above.


		27

NAN

Nuveen New York Quality Municipal Income Fund

Fund Performance, Leverage and Holdings Summaries August 31, 2026

Performance*


			Total Returns as of August 31, 2026
			Average Annual
	Inception Date		1-Year		5-Year		10-Year
NAN at Common Share NAV		5/26/99		7.49%		(1.82)%		1.00%
NAN at Common Share Price		5/26/99		7.01%		(0.77)%		1.80%
S&P Municipal Bond Index		—		4.16%		0.79%		2.01%
S&P Municipal Bond New York Index		—		4.33%		0.65%		1.82%

* 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

LOGO

Common

Share

NAV

Common

Share Price

Premium/(Discount)

to NAV

Average

Premium/(Discount)

to NAV

$10.85

$10.89

0.37%

0.69%

Growth of an Assumed $10,000 Investment as of August 31, 2026 - Common Share Price

LOGO

Leverage and Holdings


Leverage
Effective Leverage			40.19%
Regulatory Leverage			37.22%

Fund Allocation
(% of net assets)
Municipal Bonds			163.8%
Short-Term Municipal Bonds			1.1%
Other Assets & Liabilities, Net			2.1%
Floating Rate Obligations			(7.9)%
AMTP Shares, Net			(34.8)%
VRDP Shares, Net			(24.3)%
Net Assets			100%


Portfolio Credit Quality
(% of total investments)
AAA			11.9%
AA			39.8%
A			12.0%
BBB			17.2%
BB or Lower			8.3%
N/R (not rated)			10.8%
Total			100%


Portfolio Composition¹
(% of total investments)
Tax Obligation/Limited			30.6%
Transportation			25.7%
Health Care			16.1%
Utilities			6.6%
Tax Obligation/General			6.5%
Education and Civic Organizations			6.1%
Consumer Staples			3.5%
financials			2.2%
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.


		29

Report of Independent Registered Public Accounting Firm

To the Board of Trustees and Shareholders of Nuveen Arizona Quality Municipal Income Fund, Nuveen California AMT-Free Quality Municipal Income Fund, Nuveen California Municipal Value Fund, Nuveen California Quality Municipal Income Fund, Nuveen New York AMT-Free Quality Municipal Income Fund, Nuveen New York Municipal Value Fund and Nuveen New York Quality Municipal Income Fund

Opinions on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the portfolios of investments, of each of the funds listed in the table below (hereafter collectively referred to as the “Funds”) as of August 31, 2026, the related statements of operations, of changes in net assets, and for the funds indicated in the table below, of cash flows, for each of the periods indicated in the table below, including the related notes, and the financial highlights for each of the periods indicated in the table below (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds listed in the table below as of August 31, 2026, the results of each of their operations, the changes in each of their net assets, and for the funds indicated in the table below, each of their cash flows, for the periods indicated in the table below, and each of the financial highlights for each of the periods indicated in the table below, in conformity with accounting principles generally accepted in the United States of America.

Nuveen Arizona Quality Municipal Income Fund (1)

Nuveen California AMT-Free Quality Municipal Income Fund (1)

Nuveen California Municipal Value Fund (2)

Nuveen California Quality Municipal Income Fund (1)

Nuveen New York AMT-Free Quality Municipal Income Fund (1)

Nuveen New York Municipal Value Fund (2)

Nuveen New York Quality Municipal Income Fund (1)

(1) Statement of operations and statement of cash flows for the year ended August 31, 2026, and statement of changes in net assets and financial highlights for each of the two years in the period ended August 31, 2026

(2) Statement of operations for the year ended August 31, 2026 and the statement of changes in net assets and financial highlights for each of the two years in the period ended August 31, 2026

The financial statements of the Funds as of and for the six months ended August 31, 2024 and the financial highlights for each of the periods ended on or prior to August 31, 2024 (not presented herein, other than the financial highlights) were audited by other auditors whose report dated October 29, 2024 expressed an unqualified opinion on those financial statements and financial highlights.

Basis for Opinions

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits of these financial statements in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. Our procedures included confirmation of securities owned as of August 31, 2026 by correspondence with the custodian, and brokers; when replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinions.

/s/ PricewaterhouseCoopers LLP

Chicago, Illinois

October 29, 2026

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


		31

Portfolio of Investments August 31, 2026

NAZ


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			LONG-TERM INVESTMENTS - 158.1% (99.1% of Total Investments)
			MUNICIPAL BONDS - 158.1% (99.1% of Total Investments)
			EDUCATION AND CIVIC ORGANIZATIONS - 29.1% (18.2% of Total Investments)
$	2,605,000		Arizona Board of Regents, Arizona State University System Revenue Bonds, Green Series 2024A		5.000%		07/01/50	$	2,650,121
	2,030,000		Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2020B		4.000		07/01/47		1,870,488
	425,000		Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2025A		5.000		07/01/45		442,733
	1,095,000		Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2026A		5.000		07/01/47		1,136,877
	1,000,000		Arizona Board of Regents, Arizona State University System Revenue Bonds, Series 2026A		5.000		08/01/51		1,024,407
	1,000,000		Arizona Board of Regents, University of Arizona, SPEED Revenue Bonds, Stimulus Plan for Economic and Educational Development, Series 2026A		5.000		08/01/51		1,008,860
	1,000,000		Arizona Board of Regents, University of Arizona, System Revenue Bonds, Refunding Series 2021A		5.000		06/01/42		1,037,335
	2,000,000		Arizona Board of Regents, University of Arizona, System Revenue Bonds, Refunding Series 2025A		5.000		06/01/50		2,035,561
	200,000		Arizona Board of Regents, University of Arizona, System Revenue Bonds, Series 2026B		5.000		06/01/46		208,994
	515,000	(a)	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017A		5.125		07/01/37		515,013
	525,000		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017C		5.000		07/01/47		520,714
	250,000	(a)	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017D		5.000		07/01/47		232,813
	1,700,000		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F		5.000		07/01/37		1,709,001
	1,000,000		Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017F		5.000		07/01/52		958,181
	380,000	(a)	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2017G		5.000		07/01/47		353,876
	240,000	(a)	Arizona Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Montessori Academy Projects, Refunding Series 2017A		6.250		11/01/50		210,722
	420,000	(a)	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		355,172
	375,000	(a)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Agribusiness and Equine Center, Inc. Project, Series 2017B		5.000		03/01/48		342,231
	45,000	(a)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2017B		4.250		07/01/27		45,106
	615,000		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A		5.000		07/01/38		618,486
	1,000,000		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Academies of Math & Science Projects, Series 2018A		5.000		07/01/48		970,446
	125,000		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, GreatHearts Arizona Projects, Series 2021A		5.000		07/01/28		128,633
	125,000		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, GreatHearts Arizona Projects, Series 2021A		5.000		07/01/29		130,046
	130,000		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, GreatHearts Arizona Projects, Series 2021A		5.000		07/01/30		136,293
	125,000		Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, GreatHearts Arizona Projects, Series 2021A		5.000		07/01/31		131,781
	455,000	(a)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Pinecrest Academy of Nevada Horizon, Inspirada and St. Rose Campus Projects, Series 2018A		5.750		07/15/38		455,207


32		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EDUCATION AND CIVIC ORGANIZATIONS (continued)
$	80,000	(a)	Arizona Industrial Development Authority, Arizona, Education Revenue Bonds, Social Bonds Pensar Academy Project, Series 2020		4.000%		07/01/30	$	77,603
	1,645,000		Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, University of Indianapolis - Health Pavilion Project, Series 2019A		4.000		10/01/39		1,479,487
	1,080,000		Arizona Industrial Development Authority, Arizona, Lease Revenue Bonds, University of Indianapolis - Health Pavilion Project, Series 2019A		4.000		10/01/49		846,298
	1,085,000	(a),(b)	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		517,885
	360,000		Industrial Development Authority, Pima County, Arizona, Education Revenue Bonds, Center for Academic Success Project, Refunding Series 2019		4.000		07/01/31		354,838
	340,000		Industrial Development Authority, Pima County, Arizona, Education Revenue Bonds, Center for Academic Success Project, Refunding Series 2019		4.000		07/01/33		329,837
	780,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Autism Charter Schools Project, Series 2020A		5.000		07/01/50		709,074
	195,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Arizona Autism Charter Schools Project, Social Series 2021A		4.000		07/01/51		148,806
	355,000		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017A		5.000		07/01/37		356,735
	490,000		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Great Hearts Academies Projects, Series 2017C		5.000		07/01/48		477,385
	1,715,000		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Highland Prep Project, Series 2019		5.000		01/01/50		1,687,326
	700,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2021A		4.000		07/01/41		600,242
	335,000		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Legacy Traditional Schools Projects, Series 2024		4.250		07/01/44		285,146
	870,000	(a)	Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Paradise Schools Projects, Series 2016		5.000		07/01/47		800,128
	520,000		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016		5.000		07/01/36		511,111
	300,000		Maricopa County Industrial Development Authority, Arizona, Education Revenue Bonds, Reid Traditional School Projects, Series 2016		5.000		07/01/47		270,389
	2,000,000		Maricopa County Industrial Development Authority, Arizona, Educational Facilities Revenue Bonds, Creighton University Projects, Series 2020		4.000		07/01/50		1,696,928
	775,000		McAllister Academic Village LLC, Arizona, Revenue Bonds, Arizona State University Hassayampa Academic Village Project, Refunding Series 2016		5.000		07/01/37		775,690
	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		1,000,785
	1,000,000		Northern Arizona University, System Revenue Bonds, Refunding Series 2020B - BAM Insured		5.000		06/01/39		1,032,376
	70,000	(a)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Basis Schools, Inc. Projects, Series 2016A		5.000		07/01/46		66,012
	800,000		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Great Hearts Academies Project, Series 2016A		5.000		07/01/41		798,381


See Notes to Financial Statements		33

Portfolio of Investments August 31, 2026 (continued)

NAZ


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EDUCATION AND CIVIC ORGANIZATIONS (continued)
$	285,000	(a)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2015		5.000%		07/01/35	$	285,043
	300,000	(a)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2015		5.000		07/01/45		277,862
	650,000	(a)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Legacy Traditional Schools Projects, Series 2016A		5.000		07/01/41		615,464
	1,095,000	(a)	Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Northwest Christian School Project, Series 2020A		5.000		09/01/45		958,277
	370,000		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Villa Montessori, Inc. Projects, Series 2015		5.000		07/01/35		370,088
	900,000		Phoenix Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Vista College Preparatory Project, Series 2018A		4.125		07/01/38		846,200
	1,995,000		Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Eastern Kentucky University Project, Series 2016		5.000		10/01/36		1,995,974
	500,000		Pima County Community College District, Arizona, Revenue Bonds, Series 2019		5.000		07/01/36		513,958
	200,000	(b)	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	(a)	Pima County Industrial Development Authority, Arizona, Education Facility Revenue Bonds, San Tan Montessori School Project, Series 2017		6.750		02/01/50		114,534
	730,000		Pinal County Community College District, Arizona, Revenue Bonds, Central Arizona College, Series 2017 - BAM Insured		5.000		07/01/35		730,920
	1,000,000	(a)	Sierra Vista Industrial Development Authority, Arizona, Education Facility Revenue Bonds, Desert Heights Charter School Project, Refunding Series 2024		6.125		06/01/57		921,557


			TOTAL EDUCATION AND CIVIC ORGANIZATIONS						42,709,436


			HEALTH CARE - 21.3% (13.3% 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		869,046
	4,975,000		Arizona Industrial Development Authority, Hospital Revenue Bonds, Phoenix Children’s Hospital, Series 2020A		4.000		02/01/50		4,399,584
	1,000,000		Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Honor Health, Series 2024D		5.000		12/01/44		1,033,122
	1,250,000		Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2019A		5.000		09/01/42		1,265,237
	3,275,000		Maricopa County Industrial Development Authority, Arizona, Hospital Revenue Bonds, HonorHealth, Series 2021A		4.000		09/01/51		2,765,502
	2,000,000		Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2017A		5.000		01/01/41		2,016,086
	2,000,000		Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2019A		4.000		01/01/44		1,846,668
	870,000	(c)	Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Series 2026D		5.000		01/01/38		948,814
	3,000,000		Phoenix Industrial Development Authority, Arizona, Lease Revenue Bonds, Mayo/Brooks Rehabilitation Facility Project, Series 2024A		5.000		10/31/44		3,102,072
	2,250,000		Pima County Industrial Development Authority, Arizona, Revenue Bonds, Tucson Medical Center, Series 2021A		3.000		04/01/51		1,539,481
	1,025,000		Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Refunding Series 2016		5.000		08/01/36		1,025,493
	815,000		Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2019		5.000		08/01/39		830,692


34		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HEALTH CARE (continued)
$	650,000		Yavapai County Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yavapai Regional Medical Center, Series 2019		4.000%		08/01/43	$	580,339
	3,625,000		Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2024A		5.250		08/01/49		3,723,444
	500,000		Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2024A		4.000		08/01/54		425,503
	4,770,000		Yuma Industrial Development Authority, Arizona, Hospital Revenue Bonds, Yuma Regional Medical Center, Series 2024A		5.250		08/01/54		4,839,156


			TOTAL HEALTH CARE						31,210,239


			HOUSING/MULTIFAMILY - 2.6% (1.6% of Total Investments)
	1,230,000		Arizona Industrial Development Authority, Student Housing Revenue Bonds, CHF - Arizona, L.L.C. - University of Arizona Project, Series 2026A - BAM Insured		5.250		07/01/56		1,258,238
	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		1,838,984
	250,000	(d)	Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2021A		5.375		10/01/56		194,881
	500,000	(d)	Sierra Vista Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Convertible Capital Appreciation Revenue Bonds, Series 2022A		7.000		10/01/56		486,444


			TOTAL HOUSING/MULTIFAMILY						3,778,547


			HOUSING/SINGLE FAMILY - 3.4% (2.1% of Total Investments)
	1,765,000		Maricopa County and Phoenix City Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024C		4.850		09/01/54		1,708,235
	740,000		Phoenix and Maricopa County Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2023A		5.450		09/01/48		746,089
	785,000		Phoenix and Maricopa County Industrial Development Authority, Arizona, Single Family Mortgage Revenue Bonds, Series 2024A		4.650		09/01/54		753,404
	735,000		Tucson and Pima County Industrial Development Authority, Arizona, Joint Single Family Mortgage Revenue Bonds, Series 2023A		4.850		07/01/48		726,582
	1,090,000		Tucson and Pima County Industrial Development Authority, Arizona, Joint Single Family Mortgage Revenue Bonds, Series 2024A		4.800		07/01/54		1,047,244


			TOTAL HOUSING/SINGLE FAMILY						4,981,554


			INFORMATION TECHNOLOGY - 0.3% (0.2% of Total Investments)
	410,000	(e)	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		415,427


			TOTAL INFORMATION TECHNOLOGY						415,427


			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		473,981
	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		968,047
	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		1,397,287
	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		1,998,118
	1,435,000		Tempe Industrial Development Authority, Arizona, Revenue Bonds, Friendship Village of Tempe Project, Refunding Series 2021A		4.000		12/01/38		1,346,038
	1,080,000	(a)	Tempe Industrial Development Authority, Arizona, Revenue Bonds, Mirabella at ASU Project, Series 2017A		6.125		10/01/47		841,647


			TOTAL LONG-TERM CARE						7,025,118


See Notes to Financial Statements		35

Portfolio of Investments August 31, 2026 (continued)

NAZ


PRINCIPAL		DESCRIPTION	RATE		MATURITY		VALUE


		TAX OBLIGATION/GENERAL - 20.8% (13.1% of Total Investments)
$	805,000	Avondale, Arizona, General Obligation Bonds, Series 2026		4.000%		07/01/46	$	757,174
	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		582,556
	1,215,000	Buckeye, Arizona, General Obligation Bonds, Series 2025		5.250		07/01/50		1,259,946
	665,000	Glendale, Arizona, General Obligation Bonds, Series 2024		5.000		07/01/44		697,963
	2,105,000	Golder Ranch Fire District, Pima and Pinal Counties, Arizona, General Obligation Bonds, Series 2021		4.000		07/01/45		1,973,260
	450,000	Maricopa County Elementary District 59 Laveen, Arizona, General Obligation Bonds, School Improvement Project 2024, Series 2025A		5.000		07/01/45		472,470
	1,045,000	Maricopa County School District 14 Creighton Elementary, Arizona, General Obligation Bonds, School Improvement Series 2021C		4.000		07/01/34		1,059,448
	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		2,372,217
	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		639,319
	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		841,069
	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		314,190
	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		623,255
	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		1,295,665
	1,500,000	Maricopa County Special Health Care District, Arizona, General Obligation Bonds, Series 2018C		5.000		07/01/36		1,541,874
	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		1,297,454
	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		1,351,638
	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		208,829
	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		1,014,379
	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		1,012,564
	690,000	Northwest Fire District of Pima County, Arizona, General Obligation Bonds, Series 2017		5.000		07/01/36		699,922
	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		1,964,674
	1,000,000	Phoenix, Arizona, General Obligation Bonds, Various Purpose Series 2024A		5.000		07/01/45		1,047,204
	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		209,351
	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		780,272


36		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/GENERAL (continued)
$	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	$	628,915
	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		1,013,388
	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		568,672
	2,000,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/46		1,776,954
	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		530,045
	1,025,000		Tempe, Arizona, General Obligation Bonds, Refunding Series 2024		5.000		07/01/44		1,076,620
	950,000		Tempe, Arizona, General Obligation Bonds, Series 2021		5.000		07/01/39		1,003,388


			TOTAL TAX OBLIGATION/GENERAL						30,614,675


			TAX OBLIGATION/LIMITED - 36.6% (23.0% of Total Investments)
	100,000	(a)	Arizona Industrial Development Authority, Arizona, Economic Development Revenue Bonds, Linder Village Project in Meridian, Ada County, Idaho, Series 2020		5.000		06/01/31		100,894
	275,000		Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2016		4.000		07/01/36		272,774
	1,000,000		Buckeye, Arizona, Excise Tax Revenue Obligations, Refunding Series 2025		4.500		07/01/43		1,006,858
	1,213,000		Cadence Community Facilities District, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 3, Series 2020		4.000		07/01/45		975,068
	122,853	(a),(b)	Cahava Springs Revitalization District, Cave Creek, Arizona, Special Assessment Bonds, Series 2017A		7.000		07/01/41		122,853
	1,150,000	(a)	Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2015		5.000		07/15/39		1,121,998
	1,810,000		Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2017 - AGM Insured		5.000		07/15/42		1,823,254
	2,445,000		Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2018 - BAM Insured		4.375		07/15/43		2,386,571
	650,000		Eastmark Community Facilities District 1, Mesa, Arizona, General Obligation Bonds, Series 2021 - BAM Insured		4.000		07/15/41		604,669
	484,000		Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 1, Series 2013		5.250		07/01/38		481,415
	695,000		Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 1, Series 2019		5.200		07/01/43		669,804
	2,278,000		Eastmark Community Facilities District 1, Mesa, Arizona, Special Assessment Revenue Bonds, Assessment District 12, Series 2021		3.750		07/01/45		1,768,208
	1,035,000		Eastmark Community Facilities District 2, Mesa, Arizona, General Obligation Bonds, Series 2020		3.500		07/15/44		757,001
	105,000		Estrella Mountain Ranch Community Facilities District, Goodyear, Arizona, General Obligation Bonds, Refunding Series 2017 - AGM Insured		5.000		07/15/32		106,644
	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		1,147,489
	370,000		Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2016 - BAM Insured		4.000		07/15/36		362,425
	1,000,000		Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2017 - BAM Insured		5.000		07/15/37		1,005,845
	590,000		Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2018 - BAM Insured		5.000		07/15/38		593,220
	1,000,000		Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2020 - BAM Insured		4.000		07/15/40		930,406
	1,000,000		Festival Ranch Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Series 2022 - AGM Insured		5.000		07/15/42		1,007,993


See Notes to Financial Statements		37

Portfolio of Investments August 31, 2026 (continued)

NAZ


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/LIMITED (continued)
$	296,000		Festival Ranch Community Facilities District, Buckeye, Arizona, Special Assessment Revenue Bonds, Assessment District 11, Series 2017		5.200%		07/01/37	$	296,176
	1,469,000		Floreo at Teravalis Community Facilities District, Arizona, Special Assessment Revenue Bonds, District 1 Series 2025		5.750		07/01/40		1,516,463
	545,000		Goodyear Community Facilities Utilities District 1, Arizona, General Obligation Bonds, Refunding Series 2016		4.000		07/15/32		545,240
	1,250,000		Guam Government, Limited Obligation Section 30 Revenue Bonds, Series 2016A		5.000		12/01/46		1,183,516
	615,000		Matching Fund Special Purpose Securitization Corporation, Virgin Islands, Revenue Bonds, Series 2022A		5.000		10/01/39		628,184
	165,000		Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2016		5.000		07/15/31		165,191
	385,000		Merrill Ranch Community Facilities District 2, Florence, Arizona, General Obligation Bonds, Series 2017 - BAM Insured		5.000		07/15/42		386,540
	350,000		Parkway Community Facilities District 1, Prescott Valley, Arizona, General Obligation Bonds, Series 2006		5.350		07/15/31		350,021
	1,625,000		Phoenix Civic Improvement Corporation, Arizona, Excise Tax Revenue Bonds, Subordinate Lien Series 2020A		4.000		07/01/45		1,577,756
	580,000		Phoenix Mesa Gateway Airport Authority, Arizona, Special Facility Revenue Bonds, Mesa Project, Series 2012, (AMT)		5.000		07/01/38		580,377
	1,500,000		Pinal County, Arizona, Pledged Revenue Obligations, Series 2019		4.000		08/01/38		1,463,488
	6,908,000	(f)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/46		2,486,530
	915,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		887,994
	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		2,303,939
	3,000,000		Queen Creek, Arizona, Certificates of Participation, Series 2026		5.250		10/01/56		3,089,110
	390,000		Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding Series 2016		4.000		08/01/34		390,039
	395,000		Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Refunding Series 2016		4.000		08/01/36		391,436
	2,500,000		Queen Creek, Arizona, Excise Tax & State Shared Revenue Obligation Bonds, Series 2020		4.000		08/01/45		2,407,078
	2,000,000		Queen Creek, Arizona, Excise Tax and State Shared Revenue Obligation Bonds, Series 2024		5.000		08/01/49		2,044,189
	1,000,000		Queen Creek, Arizona, Excise Tax and State Shared Revenue Obligation Bonds, Series 2024		5.000		08/01/54		1,010,701
	280,000		Sedona, Arizona, Excise Tax Revenue Bonds, Series 2024 - AGM Insured		5.000		07/01/54		281,689
	1,650,000		Sundance Community Facilities District, Buckeye, Arizona, General Obligation Bonds, Refunding Series 2018 - BAM Insured		5.000		07/15/39		1,678,371
	337,000		Superstition Vistas Community Facilities District 1, Apache Junction, Arizona, Special Assessment Bonds, Assessment Area 3, Series 2024		5.800		07/01/48		331,004
	694,000		Superstition Vistas Community Facilities District 1, Apache Junction, Arizona, Special Assessment Revenue Bonds, Series 2023		6.000		07/01/47		697,376
	500,000		Superstition Vistas Community Facilities District 1, Arizona, General Obligation Bonds, Series 2025		4.500		07/15/45		485,262
	235,000		Superstition Vistas Community Facilities District 2, Arizona, Special Assessment Bonds, Assessment Area 2, Series 2025		5.700		07/01/40		235,524
	750,000		Tartesso West Community Facility District, Buckeye, Arizona, General Obligation Bonds, Series 2024		4.000		07/15/47		693,322
	2,500,000		Town of Queen Creek, Arizona, Excise Tax and State Shared Revenue Obligation Bonds, Series 2022		5.000		08/01/47		2,568,608
	500,000		Verrado District 1 Community Faciliites District, Buckeye, Arizona, General Obligation Bonds, Series 2023 - BAM Insured		4.125		07/15/41		468,500
	405,000		Vistancia North Community Facilities District, Peoria, Arizona, General Obligation Bonds, Series 2024 - AGM Insured		4.375		07/15/49		387,661
	3,965,000		Yavapai County Jail District, Arizona, Pleged Revenue Obligation Bonds, Series 2020 - BAM Insured		4.000		07/01/40		3,812,891


38		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY		VALUE


		TAX OBLIGATION/LIMITED (continued)
$	1,160,000	Yuma County, Arizona, Pledge Revenue Obligations, Series 2022 - BAM Insured		4.250%		07/15/42	$	1,150,252


		TOTAL TAX OBLIGATION/LIMITED						53,739,817


		TRANSPORTATION - 6.3% (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		1,976,700
	1,550,000	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Refunding Junior Lien Series 2025		5.000		07/01/45		1,623,094
	1,000,000	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, (AMT)		5.000		07/01/37		1,009,217
	1,000,000	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2017A, (AMT)		5.000		07/01/42		1,004,904
	1,500,000	Phoenix Civic Improvement Corporation, Arizona, Airport Revenue Bonds, Senior Lien Series 2018, (AMT)		5.000		07/01/43		1,514,436
	1,045,000	Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue Bonds, Series 2019A		5.000		07/01/35		1,085,811
	1,000,000	Phoenix Civic Improvement Corporation, Arizona, Rental Car Facility Charge Revenue Bonds, Series 2019A		5.000		07/01/38		1,029,624


		TOTAL TRANSPORTATION						9,243,786


		U.S. GUARANTEED - 2.8% (g)(1.8% 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		561,470
	1,250,000	Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, (Pre-refunded 1/01/27)		5.000		01/01/32		1,259,326
	1,000,000	Maricopa County Industrial Development Authority, Arizona, Revenue Bonds, Banner Health, Refunding Series 2016A, (Pre-refunded 1/01/27)		5.000		01/01/35		1,007,460
	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		1,346,855


		TOTAL U.S. GUARANTEED						4,175,111


		UTILITIES - 30.1% (18.9% of Total Investments)
	500,000	Avondale, Arizona, Wastewater System Revenue Obligation Bonds, Series 2026A		5.000		07/01/51		516,090
	30,000	Carefree Utilities Community Facilities District, Arizona, Water System Revenue Bonds, Series 2021		4.000		07/01/41		28,250
	650,000	Carefree Utilities Community Facilities District, Arizona, Water System Revenue Bonds, Series 2021		4.000		07/01/46		587,879
	655,000	Central Arizona Water Conservation District, Arizona, Water Delivery O&M Revenue Bonds, Series 2016		5.000		01/01/36		656,589
	2,615,000	City of Mesa, Arizona, Utility System Revenue Bonds, Series 2022C		5.000		07/01/36		2,926,475
	1,250,000	Gilbert Water Resource Municipal Property Corporation, Arizona, Utility System Revenue Bonds, Senior Lien Green Series 2022		4.000		07/15/47		1,206,140
	1,000,000	Glendale, Arizona, Water and Sewer Revenue Bonds, Refunding Senior Lien Series 2025		5.000		07/01/45		1,043,955
	785,000	Goodyear, Arizona, Water and Sewer Revenue Obligations, Refunding Subordinate Lien Series 2016 - AGM Insured		5.000		07/01/45		785,457
	875,000	Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2020 - AGM Insured		4.000		07/01/49		789,283
	1,825,000	Goodyear, Arizona, Water and Sewer Revenue Obligations, Subordinate Lien Series 2025		5.000		07/01/43		1,913,217
	200,000	Guam Power Authority, Revenue Bonds, Refunding Series 2024A		5.000		10/01/42		204,358
	1,700,000	Mesa, Arizona, Utility System Revenue Bonds, Series 2018		5.000		07/01/42		1,728,850
	1,205,000	Mesa, Arizona, Utility System Revenue Bonds, Series 2022A - BAM Insured		5.000		07/01/46		1,238,410
	500,000	Mesa, Arizona, Utility System Revenue Bonds, Series 2025		4.500		07/01/49		487,425
	1,840,000	Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Junior Lien Series 2023		5.250		07/01/47		1,943,476
	1,135,000	Phoenix Civic Improvement Corporation, Arizona, Wastewater System Revenue Bonds, Refunding Junior Lien Series 2014		5.000		07/01/29		1,137,367


See Notes to Financial Statements		39

Portfolio of Investments August 31, 2026 (continued)

NAZ


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			UTILITIES (continued)
$	1,000,000		Phoenix Civic Improvement Corporation, Arizona, Water System Revenue Bonds, Junior Lien Series 2021A		4.000%		07/01/42	$	963,465
	1,470,000		Pinal County Electrical District 3, Arizona, Electric System Revenue Bonds, Refunding Series 2026		5.000		07/01/56		1,483,395
	750,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/47		753,825
	1,000,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		5.000		07/01/37		1,036,493
	2,500,000		Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2023A		5.000		01/01/47		2,564,534
	4,000,000		Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2023A		5.000		01/01/50		4,064,693
	1,155,000		Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2023B		5.000		01/01/48		1,182,800
	3,000,000		Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2024A		5.000		01/01/49		3,070,779
	1,290,000		Salt River Project Agricultural Improvement and Power District, Arizona, Electric System Revenue Bonds, Series 2025		5.000		01/01/51		1,319,973
	3,000,000		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007		5.500		12/01/29		3,164,840
	3,500,000		Salt Verde Financial Corporation, Arizona, Senior Gas Revenue Bonds, Citigroup Energy Inc Prepay Contract Obligations, Series 2007		5.000		12/01/37		3,562,867
	805,000		Surprise, Arizona, Utility System Revenue Bonds, Refunding Senior Lien Series 2018		5.000		07/01/36		828,919
	3,000,000		Yuma, Arizona, Utilities System Revenue Bonds, Series 2021 - BAM Insured		4.000		07/01/40		2,925,220


			TOTAL UTILITIES						44,115,024


			TOTAL MUNICIPAL BONDS (Cost $239,378,116)						232,008,734


			TOTAL LONG-TERM INVESTMENTS (Cost $239,378,116)						232,008,734



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 1.4% (0.9% of Total Investments)
			MUNICIPAL BONDS - 1.4% (0.9% of Total Investments)
			HEALTH CARE - 1.4% (0.9% of Total Investments)
$	2,000,000	(h)	Phoenix Industrial Development Authority, Arizona, Health Care Facilities Revenue Bonds, Mayo Clinic, Series 2014B		2.950		11/15/52	$	2,000,000


			TOTAL HEALTH CARE						2,000,000


			TOTAL MUNICIPAL BONDS (Cost $2,000,000)						2,000,000


			TOTAL SHORT-TERM INVESTMENTS (Cost $2,000,000)						2,000,000


			TOTAL INVESTMENTS - 159.5% (Cost $241,378,116)						234,008,734


			AMTP SHARES, NET - (60.2)% (i)						(88,280,443)


			OTHER ASSETS & LIABILITIES, NET - 0.7%						986,164


			NET ASSETS APPLICABLE TO COMMON SHARES - 100%					$	146,714,455

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.


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 $12,930,452 or 5.5% 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)		When-issued or delayed delivery security.


40		See Notes to Financial Statements


(d)		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.
(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)		Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(g)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(h)		Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(i)		AMTP Shares, Net as a percentage of Total Investments is 37.7%.


See Notes to Financial Statements		41

Portfolio of Investments August 31, 2026

NKX


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			LONG-TERM INVESTMENTS - 164.3% (99.4% of Total Investments)
			MUNICIPAL BONDS - 164.3% (99.4% of Total Investments)
			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	$	208,387


			TOTAL CONSUMER STAPLES						208,387


			EDUCATION AND CIVIC ORGANIZATIONS - 15.0% (9.1% of Total Investments)
	2,415,000		California Educational Facilities Authority, Revenue Bonds, University of Southern California, Series 2025A		5.000		10/01/55		2,511,778
	1,515,000		California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2023		5.000		11/01/53		1,542,082
	700,000	(a)	California Enterprise Development Authority, Charter School Revenue Bonds, Academy for Academic Excellence Project, Series 2020A		5.000		07/01/50		651,250
	500,000	(a)	California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science & Language Academy Project, Series 2021		4.000		07/01/61		358,413
	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		6,013,810
	13,430,000		California Infrastructure and Economic Development Bank, Revenue Bonds, UCSF Clinical and Life Sciences Building, Series 2025		4.500		05/15/55		13,094,813
	455,000	(a)	California Municipal Finance Authority Charter School Revenue Bonds, River Charter Schools Project, Series 2018A		5.500		06/01/53		414,228
	3,300,000		California Municipal Finance Authority, Academic Facilities Revenue Bonds, Scripps College Series 2025		5.000		07/01/55		3,330,722
	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		978,234
	995,000	(a)	California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A		5.000		07/01/46		938,308
	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		1,515,990
	1,000,000		California Municipal Finance Authority, Revenue Bonds, The Master’s University & Seminary, Series 2019		5.000		08/01/48		929,745
	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		872,181
	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		242,861
	1,000,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Camino Nuevo Charter Academy Sustainability Series 2023A		5.000		06/01/43		960,010
	415,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Lifeline Education Charter School Project, Series 2020A		5.000		07/01/55		380,868
	600,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Social Bonds iLead Lancaster Project, Series 2021A		5.000		06/01/51		519,531
	555,000	(a)	California School Finance Authority, Charter School Revenue Bonds, Stem Preparatory Schools Obligated Group, Series 2023A		5.125		06/01/53		514,118
	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		617,555
	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		721,089
	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		4,735,155


42		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EDUCATION AND CIVIC ORGANIZATIONS (continued)
$	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	$	958,827
	280,000	(a)	California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A		5.750		07/01/41		280,073
	7,710,000		California State University, Systemwide Revenue Bonds, Series 2017A		5.000		11/01/47		7,759,634
	5,500,000		California State University, Systemwide Revenue Bonds, Series 2024A		4.000		11/01/49		5,169,722
	1,115,000		California State University, Systemwide Revenue Bonds, Series 2024A		4.000		11/01/55		1,026,906
	15,410,000		University of California, General Revenue Bonds, Limited Project Series 2017M		5.000		05/15/37		15,584,772
	10,000,000		University of California, General Revenue Bonds, Limited Project Series 2018O		5.000		05/15/43		10,206,750
	9,425,000		University of California, General Revenue Bonds, Series 2025CC		5.000		05/15/53		9,814,335
	4,530,000		University of California, General Revenue Bonds, Series 2025CH		5.250		05/15/38		5,184,185


			TOTAL EDUCATION AND CIVIC ORGANIZATIONS						97,827,945


			HEALTH CARE - 32.0% (19.3% of Total Investments)
	15,875,000		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B		5.000		11/15/46		15,956,250
	10,000,000		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A		4.000		11/15/48		8,784,637
	13,050,000		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2026A		5.000		11/15/56		13,203,750
	5,375,000		California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Refunding Series 2016A		4.000		03/01/39		5,038,487
	7,760,000		California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Health System, Series 2021A		4.000		08/15/48		7,236,762
	7,900,000		California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2017A		5.000		08/15/42		7,808,487
	4,265,000		California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2017A		5.000		08/15/47		4,176,333
	2,930,000		California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2019		4.000		11/15/45		2,576,664
	3,390,000		California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A		4.000		04/01/44		3,119,756
	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		7,116,415
	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		4,686,202
	795,000		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A		5.000		10/01/38		795,549
	6,760,000		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B		5.000		10/01/44		6,762,050
	13,660,000		California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2016A - BAM Insured		4.000		10/01/47		12,138,992
	9,450,000		California Health Facilities Financing Authority, Revenue Bonds, Stanford Health Care, Series 2020A		4.000		08/15/50		8,738,642
	7,635,000		California Infrastructure and Economic Development Bank, Revenue Bonds, Adventist Health Energy Projects, Series 2024A		5.250		07/01/49		7,714,090
	6,465,000		California Infrastructure and Economic Development Bank, Revenue Bonds, Adventist Health Energy Projects, Series 2024A		5.250		07/01/54		6,474,241
	5,495,000		California Municipal Finance Authority, Revenue Bonds, Community Health System, Series 2021A - AGM Insured		4.000		02/01/51		4,722,812
	7,700,000		California Municipal Finance Authority, Revenue Bonds, Community Health System, Series 2021A		4.000		02/01/51		6,494,709
	2,000,000		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A		5.000		07/01/42		2,001,046


See Notes to Financial Statements		43

Portfolio of Investments August 31, 2026 (continued)

NKX


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HEALTH CARE (continued)
$	250,000		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A		5.000%		07/01/47	$	243,874
	1,635,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2015		5.000		11/01/35		1,635,123
	1,000,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2015		5.000		11/01/40		961,706
	3,000,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2015		5.000		11/01/44		2,826,435
	2,690,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.250		11/01/36		2,691,974
	2,585,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.250		11/01/41		2,577,087
	1,000,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.000		11/01/47		933,896
	3,200,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.250		11/01/47		3,087,498
	3,000,000		California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series 2017A		5.000		02/01/42		3,002,783
	1,855,000		California Municipal Financing Authority, Certificates of Participation, Palomar Health, Series 2022A		5.250		11/01/52		1,821,590
	500,000		California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017		5.000		10/15/37		500,094
	13,615,000		California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017		5.000		10/15/47		13,143,523
	1,100,000		California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016		5.000		10/01/46		1,100,649
	1,200,000		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A		5.250		12/01/44		1,200,193
	4,000,000		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A		5.500		12/01/54		4,000,596
	1,535,000	(a)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A		5.250		12/01/56		1,535,765
	15,205,000	(a)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A		5.500		12/01/58		15,233,362
	2,655,000		California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2018A		5.000		03/01/42		2,668,394
	1,940,000		California Statewide Communities Development Authority, Revenue Bonds, Marin General Hospital, Green Series 2018A		4.000		08/01/45		1,723,912
	845,000		California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2022A - AGM Insured		5.250		08/15/52		845,896
	2,550,000		Palomar Pomerado Health Care District, California, Certificates of Participation, Series 2017		5.000		11/01/32		2,551,463
	8,895,000		Palomar Pomerado Health System, California, Revenue Bonds, Refunding Series 2016		4.000		11/01/39		8,108,137
	520,000		Washington Township Health Care District, California, Revenue Bonds, Series 2023A		5.750		07/01/48		540,226


			TOTAL HEALTH CARE						208,480,050


			HOUSING/MULTIFAMILY - 16.9% (10.3% of Total Investments)
	5,915,000	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A		4.000		02/01/56		3,607,268
	7,570,000	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Junior Series 2021A-2		4.000		08/01/47		5,841,354
	1,177,881	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A		5.000		02/01/50		22,380


44		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HOUSING/MULTIFAMILY (continued)
$	230,000	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-2		4.000%		02/01/50	$	168,728
	1,645,000	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, The Arbors, Series 2020A		5.000		08/01/50		1,514,626
	500,000	(a)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Verdant at Green Valley Apartments, Series 2019A		5.000		08/01/49		455,960
	5,345,000	(a)	California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A		5.000		04/01/49		4,111,818
	6,595,104		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2019-2		4.000		03/20/33		6,645,446
	6,009,621		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-1		3.500		11/20/35		5,725,335
	999,872		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2019-1		4.250		01/15/35		1,019,785
	5,903,231		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Social Certificates Series 2023-1		4.375		09/20/36		5,875,206
	5,020,022	(b)	California Municipal Finance Agency, Municipal Certificates, Series 2025-2 Class A-1		4.335		11/20/40		4,851,888
	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		166,340
	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		6,197,055
	2,740,000	(a)	CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Enclave Apartments, Senior Series 2022A-1		4.000		08/01/58		2,032,563
	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		2,677,036
	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		4,933,004
	250,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-1		3.500		10/01/46		194,706
	7,065,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2		4.000		10/01/56		5,320,409
	9,485,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A		5.000		01/01/54		8,153,069
	1,440,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien Series 2021A-1		3.000		06/01/48		1,010,999
	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		5,610,811
	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		592,911
	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		2,076,134
	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		1,874,989
	155,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Orange City Portfolio, Mezzanine Lien Series 2021B		4.000		03/01/57		113,017
	3,765,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Parallel-Anaheim Series 2021A		4.000		08/01/56		3,214,694
	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		1,009,392


See Notes to Financial Statements		45

Portfolio of Investments August 31, 2026 (continued)

NKX


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HOUSING/MULTIFAMILY (continued)
$	555,000		CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series 2021A-2		3.000%		12/01/56	$	379,426
	2,720,000	(a)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Union South Bay, Series 2021A-2		4.000		07/01/56		2,186,149
	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		1,396,606
	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		4,301,937
	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		5,115,948
	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		3,287,259
	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		4,533,602
	670,000		La Verne, California, Mobile Home Park Revenue Bonds, Copacabana Mobile Home Park, Refunding Series 2014		5.000		06/15/44		670,080
	185,000		La Verne, California, Mobile Home Park Revenue Bonds, Copacabana Mobile Home Park, Refunding Series 2014		5.000		06/15/49		184,992
	1,420,000		Los Angeles Housing Authority, California, Multifamily Housing Revenue Bonds, Clarendon Apartments, Senior Series 2024A		4.400		12/01/54		1,254,861
	510,000		Los Angeles Housing Authority, California, Multifamily Housing Revenue Bonds, Clarendon Apartments, Senior Series 2024A		4.500		12/01/59		452,951
	1,965,000		Los Angeles Housing Authority, California, Multifamily Housing Revenue Bonds, Clarendon Apartments, Senior Series 2024A		4.550		12/01/61		1,800,424


			TOTAL HOUSING/MULTIFAMILY						110,581,158


			LONG-TERM CARE - 0.4% (0.2% of Total Investments)
	2,500,000		California Municipal Finance Authority, Revenue Bonds, HumanGood California Obligated Group, Refunding Series 2019A		5.000		10/01/44		2,501,188


			TOTAL LONG-TERM CARE						2,501,188


			TAX OBLIGATION/GENERAL - 41.4% (25.1% 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		2,232,233
	1,600,000		California State, General Obligation Bonds, Refunding Various Purpose Bid Group C Series 2016		5.000		09/01/32		1,602,252
	13,000,000		California State, General Obligation Bonds, Refunding Various Purpose Series 2018. Bid Group C		5.000		08/01/37		13,414,302
	3,000,000		California State, General Obligation Bonds, Various Purpose Series 2017		5.000		11/01/47		3,047,304
	5,000,000		California State, General Obligation Bonds, Various Purpose Series 2018. Bid Group A/B		5.000		10/01/48		5,116,107
	20,750,000	(c)	Coachella Valley Unified School District, Riverside County, California, General Obligation Bonds, Election 2005 Series 2010C - AGM Insured		0.000		08/01/43		9,570,529
	3,000,000		Franklin-McKinley School District, Santa Clara County, California, General Obligation Bonds, Election of 2020, Series 2023B		4.250		08/01/49		2,853,642
	1,725,000		Los Angeles Community College District, California, General Obligation Bonds, 2008 Election Series 2017J		4.000		08/01/41		1,633,539
	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		5,245,535
	35,000,000		Los Angeles, California, Tax & Revenue Anticipation Notes, Series 2026		5.000		06/24/27		35,737,999
	1,150,000		Monterey Peninsula Community College District, Monterey County, California, General Obligation Bonds, Election of 2020 Series 2024B		4.000		08/01/51		1,052,959


46		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/GENERAL (continued)
$	5,000,000		Oak Grove School District, Santa Clara County, California, General Obligation Bonds, Election of 2022, Series 2026		4.250%		08/01/54	$	4,706,650
	5,000,000		Palmdale School District, Los Angeles County, California, General Obligation Bonds, 2022 Election Series 2025		4.250		08/01/55		4,677,431
	4,737,350		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		5.625		07/01/27		4,815,152
	16,744,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		15,552,145
	20,135,000		Riverside County, California, Tax and Revenue Anticipation Notes, Series 2026		5.000		06/30/27		20,586,175
	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		4,673,399
	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		9,221,782
	11,980,000	(c)	San Diego Unified School District, San Diego County, California, General Obligation Bonds, Refunding Series 2012R-1		0.000		07/01/31		10,383,587
	3,400,000		San Francisco Community College District, California, General Obligation Bonds, Election 2020 Series 2020A		4.000		06/15/45		3,231,447
	3,345,000		San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, Election 2024 Series 2025		4.125		08/01/55		3,068,118
	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		1,337,354
	10,000,000	(c)	Southwestern Community College District, San Diego County, California, General Obligation Bonds, Election of 2008, Series 2011C		0.000		08/01/41		5,295,126
	2,185,000		State of California General Obligation Bonds Various Purpose General obligation bonds		5.000		08/01/46		2,317,026
	2,185,000		State of California General Obligation Bonds Various Purpose General obligation Refunding bonds		5.000		08/01/46		2,317,026
	23,280,000	(d)	Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D - AGC Insured		0.000		08/01/47		27,311,181
	38,845,000	(d)	Stockton Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2008 Series 2011D - AGM Insured		0.000		08/01/50		45,247,013
	15,780,000	(d)	Sylvan Union School District, Stanislaus County, California, General Obligation Bonds, Election of 2006, Series 2010 - AGM Insured		0.000		08/01/49		14,177,382
	2,500,000		Washington Township Health Care District, California, General Obligation Bonds, 2020 Election Series 2023B - AGM Insured		4.500		08/01/53		2,315,403
	8,345,000	(d)	Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D		0.000		08/01/42		7,555,881


			TOTAL TAX OBLIGATION/GENERAL						270,295,679


			TAX OBLIGATION/LIMITED - 19.7% (11.9% of Total Investments)
	210,000		Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Subordinated Series 2014B		5.000		09/02/36		210,090
	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		986,159
	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		2,811,629
	2,065,000		California State Public Works Board, Lease Revenue Bonds, Department of Education, Riverside Campus Project, Series 2012H		5.000		04/01/31		2,071,947
	100,000	(a)	California Statewide Communities Development Authority, Limited Obligation Improvement Bonds, Open PACE, Property Assessment Clean Energy, GreenRock, HR Ontario Hotel Project, Series 2026		5.125		09/02/48		99,044


See Notes to Financial Statements		47

Portfolio of Investments August 31, 2026 (continued)

NKX


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/LIMITED (continued)
$	100,000	(a)	California Statewide Communities Development Authority, Limited Obligation Improvement Bonds, Open PACE, Property Assessment Clean Energy, GreenRock, HR Ontario Hotel Project, Series 2026		5.250%		09/02/61	$	98,716
	545,000		California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2016B		5.000		09/02/46		545,033
	1,000,000		California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2017C		5.000		09/02/47		993,145
	745,000		California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2018A		5.000		09/02/47		747,201
	750,000		Corona, California, Special Tax Bonds, Community Facilities District 2018-1 Bedford, Series 2018A		5.000		09/01/48		750,521
	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		3,461,592
	6,200,000		Fresno Joint Powers Financing Authority, California, Lease Revenue Bonds, Public Safety Projects Series 2025A		4.625		04/01/55		6,040,008
	935,000		Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment District, Series 2015		5.000		09/02/40		935,009
	2,760,000		Los Angeles County Facilities Inc, California, Lease Revenue Bonds, Vermont Corridor County Administration Building, Series 2018A		5.000		12/01/51		2,789,680
	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		3,310,946
	3,580,000		Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Series 2025J		5.250		12/01/50		3,795,327
	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		1,001,608
	16,657,000	(c)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/46		5,995,675
	32,445,000	(c)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/51		8,503,283
	17,239,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		16,730,193
	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		978,819
	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		1,360,451
	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		2,997,954
	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		2,233,057
	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		325,000
	40,000,000		San Diego, California, General Obligation Bonds, Tax & Revenue Anticipation Note Series 2026-27		5.000		06/30/27		40,859,352
	530,000		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		531,023
	10,000		Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011		7.000		10/01/26		10,033
	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		3,675,047
	2,145,000	(a)	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017		6.125		09/01/37		2,184,180


48		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/LIMITED (continued)
$	990,000	(a)	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017		6.250%		09/01/47	$	1,002,664
	600,000		Tracy, California, Special Tax Bonds, Community Facilities District 2016-1 Tracy Hills, Improvement Area 2, Series 2023		5.250		09/01/38		627,844
	635,000		Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series 2020A		5.000		10/01/45		631,076
	2,540,000		Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series 2020A		5.000		10/01/49		2,490,019
	3,645,000		Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A - AGM Insured		5.000		10/01/32		3,680,386
	330,000		West Patterson Financing Authority, California, Special Tax Bonds, Community Facilities District 2015-1 Arambel-KDN, Refunding Series 2015		5.250		09/01/35		330,353
	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		790,199
	700,000		West Sacramento, California, Special Tax Bonds, Community Facilities District 27 Bridge District, Refunding Series 2016		5.000		09/01/40		700,131
	1,400,000		West Sacramento, California, Special Tax Bonds, Community Facilities District 27 Bridge District, Series 2017		5.000		09/01/47		1,393,993


			TOTAL TAX OBLIGATION/LIMITED						128,678,387


			TRANSPORTATION - 15.5% (9.4% 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		6,040,410
	2,000,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2021A		4.000		01/15/46		1,824,042
	7,095,000	(e)	Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Governmental Purpose Refunding Senior Series 2026C		5.000		05/15/51		7,360,266
	4,000,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2019E		5.000		05/15/49		4,039,915
	3,000,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Senior Series 2023A		5.000		07/01/53		3,095,728
	4,230,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021A		4.000		07/01/56		3,768,931
	13,770,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021A		5.000		07/01/56		14,070,439
	4,535,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017B		5.000		05/01/47		4,556,168
	44,650,000	(f)	San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017B, (UB)		5.000		05/01/47		44,858,413
	9,500,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2023D		5.250		05/01/48		10,018,830
	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		1,752,943


			TOTAL TRANSPORTATION						101,386,085


			U.S. GUARANTEED - 1.0% (g)(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		2,050,441
	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		2,329,160
	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		2,056,651


			TOTAL U.S. GUARANTEED						6,436,252


See Notes to Financial Statements		49

Portfolio of Investments August 31, 2026 (continued)

NKX


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			UTILITIES - 22.4% (13.5% of Total Investments)
$	7,000,000	(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	$	7,028,211
	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		7,057,366
	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		5,503,592
	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		7,580,207
	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		1,951,801
	4,000,000	(a)	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019		5.000		07/01/39		4,077,668
	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		5,950,612
	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		6,327,145
	2,490,000		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A		5.000		11/15/35		2,675,499
	1,835,000		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A		5.500		11/15/37		2,022,926
	3,485,000	(e)	Los Angeles County Sanitation Districts Financing Authority, California, Revenue Bonds, Joint Outfall System, Series 2026A		5.000		10/01/56		3,607,302
	6,015,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C		5.000		07/01/47		6,031,957
	8,340,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2019A		5.000		07/01/45		8,434,476
	5,190,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2020B		5.000		07/01/50		5,225,836
	3,000,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2022B		5.000		07/01/47		3,050,875
	1,820,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2025A - BAM Insured		5.000		07/01/53		1,843,116
	3,000,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2026A		5.000		07/01/44		3,104,488
	8,250,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2020C		5.000		07/01/38		8,557,256
	5,000,000		Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Series 2018A		5.000		06/01/43		5,097,471
	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		1,007,098
	8,660,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/47		8,704,161
	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		15,491,173
	600,000		San Joaquin County, California, Revenue Bonds, CSA County Service Area 31, Refunding Series 2018A		5.000		08/01/42		586,955
	5,000,000		South Coast Water District Financing Authority, California, Revenue Bonds, Series 2019A		5.000		02/01/44		5,120,030
	5,000,000	(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		5,193,662


50		See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES (continued)

14,530,000

Southern California Public Power Authority, Southern Transmission System Renewal Project Revenue Bonds, Series 2023-1A

5.000%

07/01/48

14,766,009

TOTAL UTILITIES

145,996,892

TOTAL MUNICIPAL BONDS

(Cost $1,076,575,301)

1,072,392,023

TOTAL LONG-TERM INVESTMENTS

(Cost $1,076,575,301)

1,072,392,023

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 0.9% (0.6% of Total Investments)

MUNICIPAL BONDS - 0.9% (0.6% of Total Investments)

EDUCATION AND CIVIC ORGANIZATIONS - 0.9% (0.6% of Total Investments)

6,000,000

(h)

University of California, General Revenue Bonds, Refunding Series 2013AL-3

2.350

05/15/48

6,000,000

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

6,000,000

TOTAL MUNICIPAL BONDS

(Cost $6,000,000)

6,000,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $6,000,000)

6,000,000

TOTAL INVESTMENTS - 165.2%

(Cost $1,082,575,301)

1,078,392,023

FLOATING RATE OBLIGATIONS - (5.1)%

(33,485,000)

MFP SHARES, NET - (21.5)% (i)

(140,078,184)

VRDP SHARES, NET - (39.2)% (j)

(255,829,749)

OTHER ASSETS & LIABILITIES, NET - 0.6%

3,585,189

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

652,584,279

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.


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 $120,839,798 or 11.2% of Total Investments.
(b)		Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(c)		Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(d)		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.
(e)		When-issued or delayed delivery security.
(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 13.0%.
(j)		VRDP Shares, Net as a percentage of Total Investments is 23.7%.


See Notes to Financial Statements		51

Portfolio of Investments August 31, 2026

NCA


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			LONG-TERM INVESTMENTS - 100.3%
			MUNICIPAL BONDS - 99.5%
			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	$	62,072
	4,895,000	(a)	Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007A		0.000		06/01/41		1,870,394


			TOTAL CONSUMER STAPLES						1,932,466


			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		1,779,234
	1,000,000		California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT)		5.000		12/31/43		1,005,416
	335,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A		5.000		06/01/59		265,619
	125,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Lifeline Education Charter School Project, Series 2020A		5.000		07/01/55		114,719
	220,000	(b)	California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A		5.000		07/01/46		211,520
	1,425,000	(b)	California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C		5.250		07/01/52		1,351,900
	3,780,000		California State University, Systemwide Revenue Bonds, Series 2017A		5.000		11/01/47		3,804,334
	1,070,000		University of California, General Revenue Bonds, Series 2018AZ		5.000		05/15/38		1,097,963


			TOTAL EDUCATION AND CIVIC ORGANIZATIONS						9,630,705


			HEALTH CARE - 12.7%
	4,105,000		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B		5.000		11/15/46		4,126,010
	1,000,000		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A		5.000		11/15/36		1,016,804
	4,030,000		California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2026A		5.000		11/15/56		4,077,480
	2,045,000		California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2019		4.000		11/15/45		1,798,388
	1,815,000		California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A		4.000		04/01/44		1,670,312
	3,700,000		California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A		4.000		04/01/49		3,315,854
	445,000		California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2024A		5.000		12/01/54		450,981
	240,000		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A		5.000		10/01/38		240,166
	840,000		California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B		5.000		10/01/44		840,255
	3,245,000		California Infrastructure and Economic Development Bank, Revenue Bonds, Adventist Health Energy Projects, Series 2024A		5.250		07/01/49		3,278,615
	1,600,000		California Municipal Finance Authority, Revenue Bonds, Community Health System, Series 2021A - AGM Insured		4.000		02/01/51		1,375,159
	2,000,000		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A		4.000		07/01/47		1,689,213
	120,000		California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A		5.000		07/01/47		117,059
	100,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.250		11/01/41		99,694
	1,090,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.000		11/01/47		1,017,947


52		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	$	385,937
	2,000,000		California Municipal Finance Authority, Reveue Bonds, Community Medical Centers, Series 2017A		5.000		02/01/47		1,972,581
	520,000		California Municipal Financing Authority, Certificates of Participation, Palomar Health, Series 2022A		5.250		11/01/52		510,634
	1,000,000		California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016		5.000		10/01/46		1,000,590
	150,000		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A		5.250		12/01/34		150,112
	5,800,000	(b)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A		5.250		12/01/56		5,802,891
	1,000,000	(b)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A		5.500		12/01/58		1,001,865
	245,000		California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2022A - AGM Insured		5.250		08/15/52		245,260
	2,000,000		University of California Regents, Medical Center Pooled Revenue Bonds, Series 2022P		5.000		05/15/47		2,075,365


			TOTAL HEALTH CARE						38,259,172


			HOUSING/MULTIFAMILY - 9.2%
	1,445,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A		4.000		02/01/56		881,234
	2,190,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Junior Series 2021A-2		4.000		08/01/47		1,689,903
	362,933	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A		5.000		02/01/50		6,896
	1,285,000	(b)	California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A		5.000		04/01/49		988,529
	1,878,532		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2019-2		4.000		03/20/33		1,892,871
	1,745,761		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-1		3.500		11/20/35		1,663,177
	283,914		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2019-1		4.250		01/15/35		289,569
	1,730,841		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Social Certificates Series 2023-1		4.375		09/20/36		1,722,624
	1,499,551	(c)	California Municipal Finance Agency, Municipal Certificates, Series 2025-2 Class A-1		4.335		11/20/40		1,449,328
	2,320,000	(b)	CMFA Special Finance Agency I, California, Essential Housing Revenue Bonds, The Mix at Center City, Series 2021A-2		4.000		04/01/56		1,752,245
	800,000	(b)	CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Enclave Apartments, Senior Series 2022A-1		4.000		08/01/58		593,449
	1,130,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-2		3.250		05/01/57		760,063
	1,465,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior Lien Series 2021A		4.000		10/01/56		1,177,971
	2,005,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2		4.000		10/01/56		1,509,897
	2,820,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A		5.000		01/01/54		2,424,001
	125,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien Series 2021A-1		3.000		06/01/48		87,760


See Notes to Financial Statements		53

Portfolio of Investments August 31, 2026 (continued)

NCA


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HOUSING/MULTIFAMILY (continued)
$	2,120,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2		4.000%		10/01/56	$	1,589,168
	220,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1		3.000		07/01/43		169,403
	950,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1		3.125		07/01/56		590,517
	405,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Oceanaire-Long Beach, Social Series 2021A-2		4.000		09/01/56		305,582
	860,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Parallel-Anaheim Series 2021A		4.000		08/01/56		734,299
	530,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B		4.000		12/01/56		393,366
	555,000		CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Series 2021A-2		3.000		12/01/56		379,426
	795,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Union South Bay, Series 2021A-2		4.000		07/01/56		638,966
	560,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-1		3.000		06/01/47		395,999
	2,035,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2		3.125		06/01/57		1,215,895
	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		1,460,696
	435,000		Los Angeles Housing Authority, California, Multifamily Housing Revenue Bonds, Clarendon Apartments, Senior Series 2024A		4.400		12/01/54		384,412
	755,000		Los Angeles Housing Authority, California, Multifamily Housing Revenue Bonds, Clarendon Apartments, Senior Series 2024A		4.500		12/01/59		670,545


			TOTAL HOUSING/MULTIFAMILY						27,817,791


			TAX OBLIGATION/GENERAL - 28.2%
	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		3,385,660
	10,000,000		Berkeley Unified School District, Alameda County, California, General Obligation Bonds, Election of 2020 Series 2024D		4.000		08/01/54		8,979,988
	375,000		Butte-Glenn Community College District, Butte and Glenn Counties, California, General Obligation Bonds, Election 2016 Series 2017A		5.250		08/01/46		378,773
	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		130,258
	2,000,000		California State, General Obligation Bonds, Various Purpose Series 2018. Bid Group A/B		5.000		10/01/48		2,046,443
	5,000,000		California State, General Obligation Bonds, Various Purpose Series 2023		5.000		09/01/26		5,000,000
	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		1,004,459
	5,000,000		Chino Valley Unified School District, San Bernardino County, California, General Obligation Bonds, 2016 Election Series 2020B		5.000		08/01/55		5,081,825
	4,200,000		Corona-Norco Unified School District, Riverside County, California, General Obligation Bonds, Election 2014, Series 2019C		4.000		08/01/49		3,828,961
	2,000,000		Desert Community College District, Riverside County, California, General Obligation Bonds, Election of 2016 Series 2024		4.000		08/01/51		1,837,478


54		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/GENERAL (continued)
$	2,000,000		Franklin-McKinley School District, Santa Clara County, California, General Obligation Bonds, Election of 2020, Series 2023B		4.250%		08/01/49	$	1,902,428
	690,000		Los Angeles Community College District, California, General Obligation Bonds, 2008 Election Series 2017J		4.000		08/01/41		653,415
	10,000,000		Los Angeles, California, Tax & Revenue Anticipation Notes, Series 2026		5.000		06/24/27		10,210,857
	2,000,000		Marin Healthcare District, Marin County, California, General Obligation Bonds, 2013 Election, Series 2015A		4.000		08/01/40		1,902,726
	519,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		482,057
	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		4,673,398
	11,875,000	(d)	San Mateo Union High School District, San Mateo County, California, General Obligation Bonds, Election 2010 Series 2011A		0.000		09/01/41		12,843,401
	1,315,000		State of California General Obligation Bonds Various Purpose General obligation bonds		5.000		08/01/46		1,394,457
	1,315,000		State of California General Obligation Bonds Various Purpose General obligation Refunding bonds		5.000		08/01/46		1,394,457
	19,860,000	(d)	Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D		0.000		08/01/42		17,982,001


			TOTAL TAX OBLIGATION/GENERAL						85,118,054


			TAX OBLIGATION/LIMITED - 7.7%
	70,000		Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Subordinated Series 2014B		5.000		09/02/36		70,030
	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		1,022,753
	100,000	(b)	California Statewide Communities Development Authority, Limited Obligation Improvement Bonds, Open PACE, Property Assessment Clean Energy, GreenRock, HR Ontario Hotel Project, Series 2026		5.125		09/02/48		99,044
	165,000		California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2016B		5.000		09/02/46		165,010
	400,000		Corona, California, Special Tax Bonds, Community Facilities District 2018-1 Bedford, Series 2018A		5.000		09/01/48		400,278
	1,000,000		Los Angeles County Facilities Inc, California, Lease Revenue Bonds, Vermont Corridor County Administration Building, Series 2018A		5.000		12/01/51		1,010,754
	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		2,324,597
	4,923,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		4,777,698
	29,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.329		07/01/40		28,386
	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		1,978,177
	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		646,139
	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		135,261
	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		5,003,454


See Notes to Financial Statements		55

Portfolio of Investments August 31, 2026 (continued)

NCA


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/LIMITED (continued)
$	30,000		Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011		7.000%		10/01/26	$	30,097
	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		1,020,846
	765,000		Stockton Public Financing Authority, California, Revenue Bonds, Arch Road East Community Facility District 99-02, Series 2018A		5.000		09/01/43		766,959
	1,335,000		Sulphur Springs Union School District, California, Special Tax Bonds, Community Facilities District 2006-1, Series 2018		5.000		09/01/43		1,338,557
	195,000	(b)	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017		5.750		09/01/32		199,120
	2,185,000		Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series 2020A		5.000		10/01/45		2,171,498


			TOTAL TAX OBLIGATION/LIMITED						23,188,658


			TRANSPORTATION - 17.0%
	1,000,000		Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue Bonds, Senior Series 2024B - AGM Insured, (AMT)		4.375		07/01/49		941,865
	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		226,156
	450,000	(e)	Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Refunding Senior Green Series 2026A, (AMT)		5.000		05/15/56		447,209
	10,415,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C, (AMT)		5.000		05/15/44		10,469,002
	2,670,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2019D, (AMT)		5.000		05/15/33		2,755,139
	1,480,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2022A, (AMT)		5.000		05/15/45		1,498,901
	2,345,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, International Senior Series 2023B, (AMT)		5.250		07/01/58		2,379,587
	3,075,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021A		4.000		07/01/51		2,795,383
	16,295,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017B		5.000		05/01/47		16,371,060
	4,200,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2023C, (AMT)		5.500		05/01/40		4,527,395
	4,160,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT)		5.000		05/01/43		4,195,174
	1,035,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2025A, (AMT)		5.250		05/01/55		1,059,662
	2,885,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2025A, (AMT)		5.500		05/01/55		3,010,362
	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		575,658
	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		100,027


			TOTAL TRANSPORTATION						51,352,580


56		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			U.S. GUARANTEED - 1.3% (f)
$	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	$	799,069
	130,000		California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A, (Pre-refunded 4/01/30)		4.000		04/01/49		135,750
	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		3,084,976


			TOTAL U.S. GUARANTEED						4,019,795


			UTILITIES - 19.6%
	1,375,000	(b)	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT)		5.000		07/01/37		1,375,689
	3,750,000	(b)	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT)		5.000		11/21/45		3,751,004
	1,500,000	(b)	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, San Diego County Water Authoriity Desalination Project Pipeline, Refunding Series 2019		5.000		07/01/39		1,529,125
	2,815,000	(c)	Central Valley Energy Authority, California, Commodity Supply Revenue Bonds, Series 2025, (Mandatory Put 8/01/35)		5.000		12/01/55		2,972,666
	1,800,000		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A		5.500		11/15/37		1,984,342
	1,005,000	(e)	Los Angeles County Sanitation Districts Financing Authority, California, Revenue Bonds, Joint Outfall System, Series 2026A		5.000		10/01/56		1,040,269
	2,425,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2018D		5.000		07/01/48		2,442,223
	3,395,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2020B		5.000		07/01/45		3,447,921
	3,795,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2022A		5.000		07/01/51		3,827,325
	560,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2025A - BAM Insured		5.000		07/01/53		567,113
	10,000,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2025C		5.000		07/01/51		10,142,751
	4,150,000		Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Series 2022B		5.000		07/01/47		4,224,843
	1,500,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2018B		5.000		07/01/38		1,525,593
	2,500,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2020C		5.000		07/01/36		2,612,893
	6,000,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2020C		5.000		07/01/38		6,223,459
	3,000,000		M-S-R Energy Authority, California, Gas Revenue Bonds, Citigroup Prepay Contracts, Series 2009C		6.500		11/01/39		3,518,918
	2,000,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/47		2,010,199
	5,775,000		Riverside, California, Sewer Revenue Bonds, Refunding Series 2018A		5.000		08/01/39		5,926,582


			TOTAL UTILITIES						59,122,915


			TOTAL MUNICIPAL BONDS (Cost $303,238,655)						300,442,136


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			VARIABLE RATE DEMAND PREFERRED SHARES - 0.8%
$	2,500,000	(g)	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 $305,738,655)						302,942,136


			OTHER ASSETS & LIABILITIES, NET - (0.3)%						(949,299)


			NET ASSETS APPLICABLE TO COMMON SHARES - 100%					$	301,992,837


See Notes to Financial Statements		57

Portfolio of Investments August 31, 2026 (continued)

NCA

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.


AMT		Alternative Minimum Tax
LIQ		Liquidity Agreement

(a)		Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(b)		Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the fiscal period, the aggregate value of these securities is $35,617,838 or 11.8% of Total Investments.
(c)		Floating or variable rate security includes the reference rate and spread, when applicable. For mortgage-backed or asset-backed securities the variable rate is based on the underlying asset of the security. Coupon rate reflects the rate at period end.
(d)		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.
(e)		When-issued or delayed delivery security.
(f)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(g)		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.


58		See Notes to Financial Statements

Portfolio of Investments August 31, 2026

NAC


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			LONG-TERM INVESTMENTS - 164.4% (100.0% of Total Investments)
			MUNICIPAL BONDS - 164.4% (100.0% of Total Investments)
			CONSUMER STAPLES - 0.6% (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	$	934,975
	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		2,283,386
	34,035,000	(a)	Golden State Tobacco Securitization Corporation, California, Tobacco Settlement Asset-Backed Bonds, Capital Appreciation Series 2021B-2		0.000		06/01/66		3,184,104
	19,000,000	(a)	Silicon Valley Tobacco Securitization Authority, California, Tobacco Settlement Asset-Backed Bonds, Santa Clara County Tobacco Securitization Corporation, Series 2007B		0.000		06/01/47		4,696,714


			TOTAL CONSUMER STAPLES						11,099,179


			EDUCATION AND CIVIC ORGANIZATIONS - 12.4% (7.5% of Total Investments)
	6,995,000		California Educational Facilities Authority, Revenue Bonds, Chapman University, Series 2017B		4.000		04/01/47		6,376,376
	5,725,000		California Educational Facilities Authority, Revenue Bonds, Stanford University Series 2016U-7		5.000		06/01/46		6,412,365
	4,385,000		California Educational Facilities Authority, Revenue Bonds, University of the Pacific, Series 2023		5.000		11/01/53		4,463,386
	650,000	(b)	California Enterprise Development Authority, Charter School Revenue Bonds, Academy for Academic Excellence Project, Series 2020A		5.000		07/01/55		591,188
	1,500,000	(b)	California Enterprise Development Authority, Charter School Revenue Bonds, Norton Science & Language Academy Project, Series 2021		4.000		07/01/61		1,075,238
	9,560,000		California Infrastructure and Economic Development Bank, Revenue Bonds, UCSF Clinical and Life Sciences Building, Series 2025		4.500		05/15/55		9,321,400
	27,000,000		California Infrastructure and Economic Development Bank, Revenue Bonds, UCSF Clinical and Life Sciences Building, Series 2025		5.250		05/15/59		28,183,645
	1,350,000	(b)	California Municipal Finance Authority Charter School Revenue Bonds, River Charter Schools Project, Series 2018A		5.500		06/01/53		1,229,029
	800,000	(b)	California Municipal Finance Authority, Revenue Bonds, Creative Center of Los Altos Project Pinewood & Oakwood Schools, Series 2016B		4.000		11/01/36		775,525
	1,000,000	(b)	California Municipal Finance Authority, Revenue Bonds, Creative Center of Los Altos Project Pinewood & Oakwood Schools, Series 2016B		4.500		11/01/46		926,170
	8,395,000		California Municipal Finance Authority, Academic Facilities Revenue Bonds, Scripps College Series 2025		5.500		07/01/60		8,763,457
	1,210,000	(b)	California Municipal Finance Authority, Charter School Revenue Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable Series 2019B		5.000		10/01/39		1,183,663
	2,980,000	(b)	California Municipal Finance Authority, Charter School Revenue Bonds, John Adams Academies, Inc. - Lincoln Project, Taxable Series 2019B		5.000		10/01/57		2,595,549
	1,000,000	(b)	California Municipal Finance Authority, Charter School Revenue Bonds, Palmdale Aerospace Academy Project, Series 2016A		5.000		07/01/46		943,023
	3,820,000		California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT)		5.000		12/31/43		3,840,690
	1,650,000		California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT)		4.000		12/31/47		1,442,202
	4,000,000		California Municipal Finance Authority, Revenue Bonds, Linxs APM Project, Senior Lien Series 2018A, (AMT)		5.000		12/31/47		3,951,492
	1,000,000		California Municipal Finance Authority, Revenue Bonds, The Master’s University & Seminary, Series 2019		5.000		08/01/48		929,745


See Notes to Financial Statements		59

Portfolio of Investments August 31, 2026 (continued)

NAC


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EDUCATION AND CIVIC ORGANIZATIONS (continued)
$	3,250,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Arts in Action Charter Schools - Obligated Group, Series 2020A		5.000%		06/01/59	$	2,576,900
	750,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Aspire Public School - Obligated Group,Issue No.6, Series 2020A		5.000		08/01/42		728,583
	1,550,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Camino Nuevo Charter Academy Sustainability Series 2023A		5.250		06/01/53		1,466,433
	115,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Kepler Neighborhood School, Series 2017A		5.000		05/01/27		115,414
	1,215,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Lifeline Education Charter School Project, Series 2020A		5.000		07/01/55		1,115,072
	1,320,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Social Bonds iLead Lancaster Project, Series 2021A		5.000		06/01/61		1,096,400
	1,100,000	(b)	California School Finance Authority, Charter School Revenue Bonds, Stem Preparatory Schools Obligated Group, Series 2023A		5.375		05/01/63		1,033,742
	1,615,000	(b)	California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2015A		5.000		07/01/45		1,570,633
	2,150,000	(b)	California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016A		5.000		07/01/46		2,067,123
	7,995,000	(b)	California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C		5.000		07/01/46		7,686,815
	8,340,000	(b)	California School Finance Authority, School Facility Revenue Bonds, Alliance for College-Ready Public Schools Project, Series 2016C		5.250		07/01/52		7,912,171
	1,500,000	(b)	California School Finance Authority, School Facility Revenue Bonds, Granada Hills Charter High School Obligated Group, Series 2019		5.000		07/01/43		1,438,240
	800,000	(b)	California School Finance Authority, School Facility Revenue Bonds, Value Schools, Series 2016A		6.000		07/01/51		800,193
	90,000		California State University, Systemwide Revenue Bonds, Series 2015A		5.000		11/01/43		90,102
	10,440,000		California State University, Systemwide Revenue Bonds, Series 2018A		5.000		11/01/43		10,720,867
	1,965,000		California State University, Systemwide Revenue Bonds, Series 2018A		5.000		11/01/48		1,998,831
	4,000,000		California Statewide Community Development Authority, Certificates of Participation, Methodist Hospital of Southern California, Series 2018		5.000		01/01/48		4,029,902
	2,935,000		University of California, General Revenue Bonds, Limited Project Series 2017M		5.000		05/15/52		2,947,752
	8,500,000		University of California, General Revenue Bonds, Limited Project Series 2018O		5.000		05/15/43		8,675,738
	3,930,000		University of California, General Revenue Bonds, Series 2018AZ		5.000		05/15/38		4,032,705
	19,025,000		University of California, General Revenue Bonds, Series 2018AZ		5.000		05/15/48		19,319,439
	12,810,000		University of California, General Revenue Bonds, Series 2020BE		4.000		05/15/47		12,229,557
	10,000,000		University of California, General Revenue Bonds, Series 2024BW		5.000		05/15/54		10,363,927
	18,240,000		University of California, General Revenue Bonds, Series 2025CF		5.250		11/15/39		20,314,043
	22,500,000		University of California, General Revenue Bonds, Series 2025CH		5.250		05/15/38		25,749,261


			TOTAL EDUCATION AND CIVIC ORGANIZATIONS						233,083,986


			FINANCIALS - 0.0% (0.0% of Total Investments)
	1,261,006	(a),(c)	Cofina Class 2 Trust Tax-Exempt Class 2054, Puerto Rico.		0.000		08/01/54		270,198


			TOTAL FINANCIALS						270,198


60		See Notes to Financial Statements


PRINCIPAL		DESCRIPTION	RATE		MATURITY		VALUE


		HEALTH CARE - 27.0% (16.4% of Total Investments)
$	6,365,000	California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B		4.000%		11/15/41	$	6,008,443
	19,795,000	California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2016B		5.000		11/15/46		19,896,313
	20,215,000	California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A		4.000		11/15/48		17,758,144
	13,110,000	California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Refunding Series 2017A		5.000		11/15/48		13,237,645
	5,890,000	California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2018A		5.000		11/15/38		5,970,006
	30,310,000	California Health Facilities Financing Authority, California, Revenue Bonds, Sutter Health, Series 2026A		5.000		11/15/56		30,667,100
	7,960,000	California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Refunding Series 2016A		4.000		03/01/39		7,461,648
	7,870,000	California Health Facilities Financing Authority, Revenue Bonds, Adventist Health System/West, Series 2013A		4.000		03/01/43		7,063,194
	15,000,000	California Health Facilities Financing Authority, Revenue Bonds, Cedars-Sinai Medical Center, Refunding Series 2016B		4.000		08/15/39		14,946,821
	7,400,000	California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital Los Angeles, Series 2017A		5.000		08/15/47		7,246,158
	1,030,000	California Health Facilities Financing Authority, Revenue Bonds, Children’s Hospital of Orange County, Series 2024A		5.000		11/01/54		1,057,873
	16,625,000	California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2019		4.000		11/15/45		14,620,148
	30,630,000	California Health Facilities Financing Authority, Revenue Bonds, City of Hope National Medical Center, Series 2019		5.000		11/15/49		30,640,261
	31,810,000	California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A		4.000		04/01/44		29,274,170
	8,475,000	California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A		4.000		04/01/45		7,769,497
	2,720,000	California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A		4.000		04/01/49		2,437,601
	4,430,000	California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2024A		5.000		12/01/54		4,489,538
	24,805,000	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		22,204,630
	2,500,000	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital at Stanford, Refunding Series 2026A		5.000		08/15/45		2,676,280
	1,250,000	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital at Stanford, Refunding Series 2026A		5.000		08/15/46		1,331,369
	1,465,000	California Health Facilities Financing Authority, Revenue Bonds, Lucile Salter Packard Children’s Hospital at Stanford, Refunding Series 2026A		5.000		08/15/47		1,546,070
	2,230,000	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Refunding Series 2014A		5.000		10/01/38		2,231,540
	16,375,000	California Health Facilities Financing Authority, Revenue Bonds, Providence Health & Services, Series 2014B		5.000		10/01/44		16,379,967
	18,330,000	California Health Facilities Financing Authority, Revenue Bonds, Providence Saint Joseph Health, Refunding Series 2016A - BAM Insured		4.000		10/01/47		16,288,999
	17,635,000	California Infrastructure and Economic Development Bank, Revenue Bonds, Adventist Health Energy Projects, Series 2024A		5.250		07/01/49		17,817,679
	21,020,000	California Infrastructure and Economic Development Bank, Revenue Bonds, Adventist Health Energy Projects, Series 2024A		5.250		07/01/54		21,050,044
	16,185,000	California Municipal Finance Authority, Revenue Bonds, Community Health System, Series 2021A - AGM Insured		4.000		02/01/51		13,910,593
	3,095,000	California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A		5.000		07/01/42		3,096,619
	685,000	California Municipal Finance Authority, Revenue Bonds, Eisenhower Medical Center, Refunding Series 2017A		5.000		07/01/47		668,214


See Notes to Financial Statements		61

Portfolio of Investments August 31, 2026 (continued)

NAC


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HEALTH CARE (continued)
$	11,830,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.250%		11/01/36	$	11,838,679
	1,420,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.250		11/01/41		1,415,653
	9,335,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.000		11/01/47		8,717,922
	6,770,000		California Municipal Finance Authority, Revenue Bonds, NorthBay Healthcare Group, Series 2017A		5.250		11/01/47		6,531,988
	5,330,000		California Municipal Financing Authority, Certificates of Participation, Palomar Health, Series 2022A		5.250		11/01/52		5,234,002
	12,485,000		California Public Finance Authority, Revenue Bonds, Henry Mayo Newhall Hospital, Series 2017		5.000		10/15/47		12,052,654
	14,550,000		California Public Finance Authority, Revenue Bonds, Hoag Memorial Hospital Presbyterian, Fixed Period Series 2022A		4.000		07/15/51		13,230,923
	5,310,000		California Statewide Communities Development Authority, California, Redlands Community Hospital, Revenue Bonds, Series 2016		5.000		10/01/46		5,313,133
	1,000,000		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A		5.250		12/01/34		1,000,750
	1,200,000		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A		5.250		12/01/44		1,200,192
	2,375,000		California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2014A		5.500		12/01/54		2,375,354
	13,235,000	(b)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2016A		5.250		12/01/56		13,241,598
	46,490,000	(b)	California Statewide Communities Development Authority, California, Revenue Bonds, Loma Linda University Medical Center, Series 2018A		5.500		12/01/58		46,576,718
	2,345,000		California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2015A		5.000		03/01/35		2,346,352
	5,000,000		California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2018A		5.000		03/01/42		5,025,224
	3,760,000		California Statewide Communities Development Authority, Revenue Bonds, Adventist Health System/West, Series 2018A		5.000		03/01/48		3,763,443
	6,465,000		California Statewide Communities Development Authority, Revenue Bonds, John Muir Health, Series 2016A		4.000		08/15/51		5,575,261
	2,475,000		California Statewide Community Development Authority, Health Revenue Bonds, Enloe Medical Center, Refunding Series 2022A - AGM Insured		5.250		08/15/52		2,477,626
	2,685,000		Madera County, California, Certificates of Participation, Valley Children’s Hospital Project, Series 1995 - NPFG Insured		5.750		03/15/28		2,779,727
	4,500,000		Palomar Pomerado Health System, California, Revenue Bonds, Refunding Series 2016		4.000		11/01/39		4,101,924
	9,000,000		University of California Regents, Medical Center Pooled Revenue Bonds, Series 2022P		5.000		05/15/47		9,339,141
	4,410,000		University of California Regents, Medical Center Pooled Revenue Bonds, Series 2022P		4.000		05/15/53		4,006,404
	755,000		Washington Township Health Care District, California, Revenue Bonds, Series 2023A		5.750		07/01/53		776,720


			TOTAL HEALTH CARE						508,667,952


			HOUSING/MULTIFAMILY - 16.6% (10.1% of Total Investments)
	11,535,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Creekwood, Series 2021A		4.000		02/01/56		7,034,630
	22,070,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Glendale Properties, Junior Series 2021A-2		4.000		08/01/47		17,030,210
	7,722,764	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Serenity at Larkspur Apartments, Series 2020A		5.000		02/01/50		146,733


62		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HOUSING/MULTIFAMILY (continued)
$	660,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Summit at Sausalito Apartments, Series 2021A-2		4.000%		02/01/50	$	484,175
	2,020,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, The Arbors, Series 2020A		5.000		08/01/50		1,859,905
	1,385,000	(b)	California Community Housing Agency, California, Essential Housing Revenue Bonds, Verdant at Green Valley Apartments, Series 2019A		5.000		08/01/49		1,263,008
	9,320,000	(b)	California Community Housing Agency, Workforce Housing Revenue Bonds, Annadel Apartments, Series 2019A		5.000		04/01/49		7,169,718
	19,364,261		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2019-2		4.000		03/20/33		19,512,072
	12,910,402		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-1		3.500		11/20/35		12,299,674
	4,830,390		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series 2021-3		3.250		08/20/36		4,550,811
	2,929,666		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Series2019-1		4.250		01/15/35		2,988,013
	17,245,558		California Housing Finance Agency, Municipal Certificate Revenue Bonds, Class A Social Certificates Series 2023-1		4.375		09/20/36		17,163,685
	14,285,463	(d)	California Municipal Finance Agency, Municipal Certificates, Series 2025-2 Class A-1		4.335		11/20/40		13,807,006
	7,965,539		California Municipal Finance Agency, Municipal Certificates, Series 2026-1 Class A-1		4.050		07/20/41		7,546,426
	4,493,721		California Municipal Finance Authority, Affordable Housing Certificates, Taxable Series 2026-1 Class A1		5.350		06/20/46		4,728,324
	1,465,000	(b)	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		1,510,976
	1,000,000	(b)	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		1,068,134
	23,750,000	(b)	CMFA Special Finance Agency I, California, Essential Housing Revenue Bonds, The Mix at Center City, Series 2021A-2		4.000		04/01/56		17,937,850
	8,060,000	(b)	CMFA Special Finance Agency, California, Essential Housing Revenue Bonds, Enclave Apartments, Senior Series 2022A-1		4.000		08/01/58		5,979,000
	11,510,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, 777 Place-Pomona, Senior Lien Series 2021A-2		3.250		05/01/57		7,741,880
	12,910,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Acacia on Santa Rosa Creek, Senior Lien Series 2021A		4.000		10/01/56		10,380,617
	7,425,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-1		3.500		10/01/46		5,782,774
	20,500,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Altana Glendale, Series 2021A-2		4.000		10/01/56		15,437,847
	26,165,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Center City Anaheim, Series 2020A		5.000		01/01/54		22,490,780
	3,265,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Escondido Portfolio, Social Senior Lien Series 2021A-1		3.000		06/01/48		2,292,300
	4,315,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Jefferson-Anaheim Series 2021A-1		2.875		08/01/41		3,830,780
	7,030,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Jefferson-Anaheim Series 2021A-2		3.125		08/01/56		5,072,645
	3,565,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-1		3.400		10/01/46		2,842,225
	23,660,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Moda at Monrovia Station, Social Series 2021A-2		4.000		10/01/56		17,735,711


See Notes to Financial Statements		63

Portfolio of Investments August 31, 2026 (continued)

NAC


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HOUSING/MULTIFAMILY (continued)
$	2,215,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1		3.000%		07/01/43	$	1,705,582
	9,645,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Monterrey Station Apartments, Senior Lien Series 2021A-1		3.125		07/01/56		5,995,304
	7,345,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Oceanaire-Long Beach, Social Series 2021A-2		4.000		09/01/56		5,541,970
	450,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Orange City Portfolio, Mezzanine Lien Series 2021B		4.000		03/01/57		328,114
	11,115,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Parallel-Anaheim Series 2021A		4.000		08/01/56		9,490,393
	4,020,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Pasadena Portfolio Social Bond, Mezzanine Senior Series 2021B		4.000		12/01/56		2,983,644
	8,025,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Union South Bay, Series 2021A-2		4.000		07/01/56		6,449,942
	2,010,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Waterscape Apartments, Mezzanine Lien Series 2021B		4.000		09/01/46		1,682,187
	5,700,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-1		3.000		06/01/47		4,030,710
	20,760,000	(b)	CSCDA Community Improvement Authority, California, Essential Housing Revenue Bonds, Westgate Phase 1-Pasadena Apartments, Senior Lien Series 2021A-2		3.125		06/01/57		12,403,917
	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		14,877,332
	4,190,000		Los Angeles Housing Authority, California, Multifamily Housing Revenue Bonds, Clarendon Apartments, Senior Series 2024A		4.400		12/01/54		3,702,722
	7,290,000		Los Angeles Housing Authority, California, Multifamily Housing Revenue Bonds, Clarendon Apartments, Senior Series 2024A		4.500		12/01/59		6,474,535


			TOTAL HOUSING/MULTIFAMILY						313,354,261


			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		5,980,220
	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		1,826,599
	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		902,786


			TOTAL LONG-TERM CARE						8,709,605


			TAX OBLIGATION/GENERAL - 32.6% (19.8% 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		18,853,485
	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		4,464,467
	2,500,000		California State, General Obligation Bonds, Refunding Various Purpose Bid Group C Series 2016		5.000		09/01/32		2,503,518
	4,000,000		California State, General Obligation Bonds, Refunding Various Purpose Series 2016		5.000		09/01/35		4,005,016
	3,570,000		California State, General Obligation Bonds, Refunding Various Purpose Series 2021. Forward Delivery		5.000		09/01/41		3,793,678
	50,000		California State, General Obligation Bonds, Series 2013		5.000		02/01/29		50,120
	1,000,000		California State, General Obligation Bonds, Various Purpose Refunding Series 2016		5.000		09/01/34		1,001,316
	14,780,000		California State, General Obligation Bonds, Various Purpose Series 2017		5.000		11/01/47		15,013,051


64		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/GENERAL (continued)
$	5,000,000		California State, General Obligation Bonds, Various Purpose Series 2018. Bid Group A/B		5.000%		10/01/48	$	5,116,107
	1,770,000		California State, General Obligation Bonds, Various Purpose Series 2020		4.000		11/01/45		1,700,958
	5,250,000		California State, General Obligation Bonds, Various Purpose Series 2025		5.250		08/01/55		5,548,970
	5,400,000		Central Unified School District, Fresno County, California, General Obligation Bonds, 2016 Election Series 2018B.		4.000		08/01/48		5,048,023
	7,850,000		Cerritos Community College District, California, General Obligation Bonds, Election of 2022 Series 2024A		4.000		08/01/49		7,283,579
	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		6,210,570
	15,285,000		Desert Community College District, Riverside County, California, General Obligation Bonds, Election of 2016 Series 2024		4.000		08/01/51		14,042,926
	5,000,000		Elk Grove Unified School District, Sacramento County, California, General Obligation Bonds, Election of 2016, Series 2017		4.000		08/01/46		4,613,712
	5,000,000		Franklin-McKinley School District, Santa Clara County, California, General Obligation Bonds, Election of 2020, Series 2023B		4.250		08/01/49		4,756,070
	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		13,942,997
	6,185,000		Grossmont-Cuyamaca Community College District, California, General Obligation Bonds, Refunding Series 2018		4.000		08/01/47		5,781,307
	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		2,855,337
	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		5,008,684
	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		4,992,584
	10,390,000		Long Beach Unified School District, Los Angeles County, California, General Obligation Bonds, Election of 2022, Series 2026B		4.375		08/01/51		10,091,760
	4,140,000		Los Angeles Community College District, California, General Obligation Bonds, 2008 Election Series 2017J		4.000		08/01/41		3,920,493
	8,090,000		Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Dedicated Ad Valorem Property Tax, Series 2026QRR		4.250		07/01/50		7,694,894
	1,285,000		Los Angeles Unified School District, Los Angeles County, California, General Obligation Bonds, Measure Q Series 2020C		4.000		07/01/40		1,270,417
	3,100,000		Manteca Unified School District, San Joaquin County, California, General Obligation Bonds, Election 2014 Series 2017B		4.000		08/01/42		2,906,023
	10,000,000		Marin Healthcare District, Marin County, California, General Obligation Bonds, 2013 Election, Series 2015A		4.000		08/01/40		9,513,628
	7,500,000		Marin Healthcare District, Marin County, California, General Obligation Bonds, 2013 Election, Series 2015A		4.000		08/01/45		6,828,363
	4,100,000	(a)	Monrovia Unified School District, Los Angeles County, California, General Obligation Bonds, Series 2001B - FGIC Insured		0.000		08/01/27		3,993,896
	4,650,000		Monterey Peninsula Community College District, Monterey County, California, General Obligation Bonds, Election of 2020 Series 2024B		4.000		08/01/51		4,257,616
	6,950,000		Morgan Hill Unified School District, Santa Clara County, California, General Obligation Bonds, Election 2012 Series 2017B		4.000		08/01/47		6,567,258
	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		5,589,551
	10,765,000	(a)	North Orange County Community College District, California, General Obligation Bonds, Election of 2002 Series 2003B - FGIC Insured		0.000		08/01/27		10,534,913
	2,250,000		Oak Grove School District, Santa Clara County, California, General Obligation Bonds, Election of 2022, Series 2026		4.250		08/01/54		2,117,993


See Notes to Financial Statements		65

Portfolio of Investments August 31, 2026 (continued)

NAC


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/GENERAL (continued)
$	5,000,000		Oakland Unified School District, Alameda County, California, General Obligation Bonds, Election 2020, Series 2023A - AGM Insured		5.250%		08/01/48	$	5,219,969
	11,890,000		Palmdale School District, Los Angeles County, California, General Obligation Bonds, 2022 Election Series 2025		4.250		08/01/55		11,122,932
	10,330,000	(a)	Palomar Pomerado Health, California, General Obligation Bonds, Convertible Capital Appreciation, Election 2004 Series 2010A		0.000		08/01/35		6,762,072
	5,000,000	(e)	Paramount Unified School District, Los Angeles County, California, General Obligation Bonds, Election 2006 Series 2011		6.375		08/01/45		5,611,764
	7,350,000		Pleasant Valley School District, Ventura County, California, General Obligation Bonds, Refunding Series B		4.000		08/01/46		6,856,556
	13,900,383		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		5.625		07/01/27		14,128,669
	16,736,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		15,544,715
	57,970,000		Riverside County, California, Tax and Revenue Anticipation Notes, Series 2026		5.000		06/30/27		59,268,963
	28,000,000	(a)	San Bernardino Community College District, California, General Obligation Bonds, Election of 2008 Series 2009B		0.000		08/01/44		12,446,176
	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		8,299,604
	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		7,238,516
	9,760,000		San Francisco Community College District, California, General Obligation Bonds, Election 2020 Series 2020A		4.000		06/15/45		9,276,155
	5,650,000	(f)	San Francisco Unified School District, California, General Obligation Bonds, Election of 2024, Series 2026B		5.000		06/15/47		5,924,037
	6,740,000	(f)	San Francisco Unified School District, California, General Obligation Bonds, Election of 2024, Series 2026B		5.000		06/15/48		7,031,661
	7,500,000		San Jacinto Unified School District, Riverside County, California, General Obligation Bonds, Election 2024 Series 2025		4.125		08/01/55		6,879,188
	4,970,000	(a)	San Rafael City High School District, Marin County, California, General Obligation Bonds, Series 2004B - FGIC Insured		0.000		08/01/27		4,849,266
	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		8,973,321
	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		6,441,395
	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		23,359,437
	4,740,000		Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2004 Election Series 2013B		5.500		08/01/38		4,771,499
	4,830,000		Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2004 Election Series 2013B		5.500		08/01/40		4,862,138
	20,510,000		Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2004 Election Series 2013B		5.000		08/01/43		20,513,042
	4,355,000		Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A		5.500		08/01/38		4,383,941
	3,500,000		Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2013A		5.500		08/01/40		3,523,288
	8,410,000		Washington Township Health Care District, Alameda County, California, General Obligation Bonds, 2012 Election Series 2015B		4.000		08/01/45		7,610,032
	750,000		Washington Township Health Care District, California, General Obligation Bonds, 2020 Election Series 2023B - AGM Insured		4.250		08/01/45		714,515


66		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/GENERAL (continued)
$	2,575,000		Washington Township Health Care District, California, General Obligation Bonds, 2020 Election Series 2023B		5.250%		08/01/48	$	2,668,279
	140,160,000	(e)	Yosemite Community College District, California, General Obligation Bonds, Capital Appreciation, Election 2004, Series 2010D		0.000		08/01/42		126,906,204


			TOTAL TAX OBLIGATION/GENERAL						613,060,614


			TAX OBLIGATION/LIMITED - 16.9% (10.3% of Total Investments)
	1,655,000		Bell Community Housing Authority, California, Lease Revenue Bonds, Series 2005 - AMBAC Insured		5.000		10/01/36		1,644,071
	615,000		Brentwood Infrastructure Financing Authority, California, Infrastructure Revenue Bonds, Refunding Subordinated Series 2014B		5.000		09/02/36		615,264
	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		1,227,304
	4,000,000		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Refunding Forward Delivery Series 2022A		5.000		08/01/27		4,093,523
	13,520,000		California State Public Works Board, Lease Revenue Bonds, Various Capital Projects, Series 2014E		5.000		09/01/39		13,540,970
	350,000	(b)	California Statewide Communities Development Authority, Limited Obligation Improvement Bonds, Open PACE, Property Assessment Clean Energy, GreenRock, HR Ontario Hotel Project, Series 2026		5.250		09/02/61		345,505
	1,605,000		California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2016B		5.000		09/02/46		1,605,098
	2,550,000		California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2017C		5.000		09/02/47		2,532,519
	2,000,000		California Statewide Communities Development Authority, Statewide Community Infrastructure Program Revenue Bonds, Series 2018A		5.000		09/02/47		2,005,909
	1,355,000		Corona, California, Special Tax Bonds, Community Facilities District 2018-1 Bedford, Series 2018A		5.000		09/01/43		1,359,135
	5,250,000		Irvine Facilities Financing Authority, California, Special Tax Revenue Bonds, Great Park Infrastructure Project Series 2023A		5.000		09/01/43		5,546,757
	935,000		Lathrop, California, Limited Obligation Improvement Bonds, Crossroads Assessment District, Series 2015		5.000		09/02/40		935,009
	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		5,139,199
	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		21,320,644
	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		4,037,723
	2,000,000		Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Series 2019E-1		5.000		12/01/49		2,047,621
	8,000,000		Los Angeles County Public Works Financing Authority, California, Lease Revenue Bonds, Series 2025J		5.250		12/01/54		8,420,741
	1,835,000		Modesto, California, Speical Tax Bonds, Community Faclities District 2004-1 Village One 2, Refunding Series 2014		5.000		09/01/31		1,837,431
	1,000,000		Norco Redevelopment Agency, California, Tax Allocation Bonds, Project Area 1, Series 2009		7.000		03/01/34		1,003,587
	6,055,000		Orange County Local Transportation Authority, California, Measure M2 Sales Tax Revenue Bonds, Limited Tax Series 2019		5.000		02/15/41		6,242,299
	8,831,000	(a)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/46		3,178,712
	14,741,000	(a)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/51		3,863,366


See Notes to Financial Statements		67

Portfolio of Investments August 31, 2026 (continued)

NAC


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/LIMITED (continued)
$	82,962,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000%		07/01/58	$	80,513,385
	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		5,383,507
	43,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.536		07/01/53		39,473
	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		7,728,584
	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		772,276
	5,000,000		Riverside County Transportation Commission, California, Sales Tax Revenue Bonds, Refunding Limited Tax Series 2017B		5.000		06/01/38		5,092,408
	4,250,000	(a)	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		3,591,010
	480,000		San Buenaventura Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Areas, Series 2008		7.750		08/01/28		482,000
	1,325,000		San Buenaventura Redevelopment Agency, California, Tax Allocation Bonds, Merged Project Areas, Series 2008		8.000		08/01/38		1,330,086
	81,770,000		San Diego, California, General Obligation Bonds, Tax & Revenue Anticipation Note Series 2026-27		5.000		06/30/27		83,526,730
	1,585,000		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		1,588,059
	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		5,003,455
	280,000		Signal Hill Redevelopment Agency, California, Project 1 Tax Allocation Bonds, Series 2011		7.000		10/01/26		280,908
	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		2,538,457
	245,000	(b)	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017		5.500		09/01/27		248,122
	1,435,000	(b)	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017		5.750		09/01/32		1,465,318
	5,520,000	(b)	Temecula Public Financing Authority, California, Special Tax Bonds, Community Facilities District 16-01, Series 2017		6.250		09/01/47		5,590,614
	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		1,774,513
	4,315,000		Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series 2020A		5.000		10/01/45		4,288,335
	7,285,000		Transbay Joint Powers Authority, California, Tax Allocation Bonds, Senior Green Series 2020A		5.000		10/01/49		7,141,650
	1,315,000		Virgin Islands Public Finance Authority, Gross Receipts Taxes Loan Note, Refunding Series 2012A - AGM Insured		5.000		10/01/32		1,327,766
	2,105,000		West Sacramento, California, Special Tax Bonds, Community Facilities District 27 Bridge District, Refunding Series 2016		5.000		09/01/40		2,105,394
	4,205,000		West Sacramento, California, Special Tax Bonds, Community Facilities District 27 Bridge District, Series 2017		5.000		09/01/47		4,186,958


			TOTAL TAX OBLIGATION/LIMITED						318,541,395


			TRANSPORTATION - 26.6% (16.2% of Total Investments)
	29,350,000		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Second Subordinate Series 2026SSL-1		5.000		04/01/39		32,596,224
	7,025,000		Bay Area Toll Authority, California, Revenue Bonds, San Francisco Bay Area Toll Bridge, Series 2023F-2		4.125		04/01/54		6,489,540
	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		9,951,108
	5,760,000		Burbank-Glendale-Pasadena Airport Authority, California, Airport Revenue Bonds, Senior Series 2024B, (AMT)		4.500		07/01/54		5,381,655


68		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TRANSPORTATION (continued)
$	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	$	7,814,934
	10,979,000		Foothill/Eastern Transportation Corridor Agency, California, Toll Road Revenue Bonds, Refunding Senior Lien Series 2021A		4.000		01/15/46		10,013,077
	7,500,000		Long Beach, California, Harbor Revenue Bonds, Series 2019A		5.000		05/15/49		7,662,586
	25,410,000	(f)	Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Refunding Senior Green Series 2026A, (AMT)		5.000		05/15/56		25,252,405
	11,400,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Green Series 2025A, (AMT)		5.250		05/15/50		11,672,044
	13,600,000	(g)	Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Green Series 2025A, (AMT), (UB)		5.250		05/15/50		13,924,544
	4,160,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Lien Private Activity Series 2021A, (AMT)		5.000		05/15/46		4,209,001
	13,625,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Refunding Subordinate Lien Private Activity Series 2021A, (AMT)		5.000		05/15/51		13,658,567
	4,850,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Senior Series 2022H, (AMT)		5.000		05/15/42		4,966,351
	5,080,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Senior Series 2022H, (AMT)		5.000		05/15/52		5,058,859
	3,310,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018C, (AMT)		5.000		05/15/44		3,327,162
	5,000,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2018D, (AMT)		5.000		05/15/48		5,035,066
	5,485,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2019E		5.000		05/15/44		5,611,331
	945,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (AMT)		5.000		05/15/37		989,738
	22,230,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (AMT)		5.000		05/15/46		22,516,596
	3,750,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2022A, (AMT)		5.000		05/15/45		3,797,890
	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		4,402,913
	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		7,220,766
	20,000,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, International Senior Series 2023B, (AMT)		5.250		07/01/58		20,294,982
	3,600,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Refunding Subordinate Series 2019A		5.000		07/01/34		3,789,109
	1,250,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Refunding Subordinate Series 2019A		5.000		07/01/36		1,307,542
	6,000,000		San Diego County Regional Airport Authority, California, Airport Revenue Bonds, Subordinate Series 2021A		4.000		07/01/51		5,454,407
	34,270,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Governmental Purpose Second Series 2017B		5.000		05/01/47		34,429,962
	3,040,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT)		5.000		05/01/38		3,121,294


See Notes to Financial Statements		69

Portfolio of Investments August 31, 2026 (continued)

NAC


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TRANSPORTATION (continued)
$	43,180,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT)		5.000%		05/01/44	$	43,663,059
	22,345,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2019A, (AMT)		5.000		05/01/49		22,204,629
	16,410,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2023C, (AMT)		5.500		05/01/42		17,533,205
	11,000,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2023C, (AMT)		5.500		05/01/43		11,715,343
	1,845,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Refunding Second Series 2023C, (AMT)		5.750		05/01/48		1,963,539
	10,910,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2017A, (AMT)		5.000		05/01/42		10,950,689
	3,775,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT)		5.000		05/01/48		3,776,650
	24,820,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2018D, (AMT)		5.250		05/01/48		25,047,378
	4,900,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, (AMT)		5.000		05/01/40		4,999,067
	3,540,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019E, (AMT)		5.000		05/01/50		3,516,074
	7,510,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2019F		5.000		05/01/50		7,614,451
	4,135,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2025A, (AMT)		5.250		05/01/55		4,233,528
	10,815,000		San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2025A, (AMT)		5.500		05/01/55		11,284,946
	30,000,000	(g)	San Francisco Airport Commission, California, Revenue Bonds, San Francisco International Airport, Second Series 2025D, (AMT), (UB)		5.250		05/01/55		30,714,834
	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		14,660,667
	6,250,000		San Jose, California, Airport Revenue Bonds, Refunding Series 2017A, (AMT)		5.000		03/01/47		6,253,254


			TOTAL TRANSPORTATION						500,080,966


			U.S. GUARANTEED - 2.1% (h)(1.3% 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		18,645,686
	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		12,945,921
	95,000		California Health Facilities Financing Authority, Revenue Bonds, CommonSpirit Health, Series 2020A, (Pre-refunded 4/01/30)		4.000		04/01/49		99,202
	55,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (Pre-refunded 11/15/31), (AMT)		5.000		05/15/37		59,704
	70,000		Los Angeles Department of Airport, California, Revenue Bonds, Los Angeles International Airport, Subordinate Lien Series 2021D, (Pre-refunded 11/15/31), (AMT)		5.000		05/15/46		75,987
	5,840,000		Orange County Water District, California, Revenue Certificates of Participation, Series 1999A, (ETM)		5.375		08/15/29		6,152,550
	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		1,009,693
	1,460,000		Rohnert Park Community Development Commission, California, Tax Allocation Bonds, Redevelopment Project Series 2007R - FGIC Insured, (ETM)		5.000		08/01/37		1,533,256


70		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			U.S. GUARANTEED (h) (continued)
$	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	$	5,117


			TOTAL U.S. GUARANTEED						40,527,116


			UTILITIES - 29.1% (17.7% of Total Investments)
	44,950,000	(d),(g)	California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2023G, (Mandatory Put 4/01/30), (UB)		5.250		11/01/54		47,121,233
	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		5,239,700
	28,915,000	(d)	California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2024B, (Mandatory Put 12/01/32)		5.000		01/01/55		29,380,925
	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		5,344,298
	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		10,110,339
	10,000,000		California Community Choice Financing Authority, Clean Energy Project Revenue Bonds, Green Series 2026B		5.000		03/01/36		10,277,275
	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		1,951,801
	3,925,000	(b)	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT)		5.000		07/01/37		3,926,966
	76,015,000	(b)	California Pollution Control Financing Authority, Water Furnishing Revenue Bonds, Poseidon Resources Channelside LP Desalination Project, Series 2012, (AMT)		5.000		11/21/45		76,035,349
	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		2,219,742
	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		5,110,779
	2,500,000		El Dorado Irrigation District, California, Certificates of Participation, Revenue Bonds, Series 2024A		4.000		03/01/50		2,277,353
	14,140,000		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A		5.000		11/15/35		15,193,398
	7,610,000		Long Beach Bond Finance Authority, California, Natural Gas Purchase Revenue Bonds, Series 2007A		5.500		11/15/37		8,389,356
	10,030,000	(f)	Los Angeles County Sanitation Districts Financing Authority, California, Revenue Bonds, Joint Outfall System, Series 2026A		5.000		10/01/56		10,381,991
	62,085,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2017C		5.000		07/01/47		62,260,024
	8,960,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2018D		5.000		07/01/38		9,112,877
	3,910,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2018D		5.000		07/01/39		3,970,786
	8,980,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2019A		5.000		07/01/45		9,081,725
	8,960,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2020B		5.000		07/01/40		9,189,178
	5,105,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2020B		5.000		07/01/45		5,184,576
	24,625,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2020B		5.000		07/01/50		24,795,030
	2,000,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2021C		5.000		07/01/51		2,017,036
	4,000,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2022B		5.000		07/01/47		4,067,834


See Notes to Financial Statements		71

Portfolio of Investments August 31, 2026 (continued)

NAC


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			UTILITIES (continued)
$	6,500,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2022B		5.000%		07/01/52	$	6,552,370
	3,000,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2022C		5.000		07/01/39		3,118,124
	2,325,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2022C		5.000		07/01/41		2,396,238
	4,370,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2025A - BAM Insured		5.000		07/01/53		4,425,504
	10,000,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2025C		5.000		07/01/55		10,078,805
	8,675,000		Los Angeles Department of Water and Power, California, Power System Revenue Bonds, Series 2026A		5.000		07/01/43		9,006,047
	3,500,000		Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Series 2022B		5.000		07/01/52		3,532,611
	2,875,000		Los Angeles Department of Water and Power, California, Water System Revenue Bonds, Series 2023A		5.000		07/01/49		2,928,714
	35,245,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2017A		5.000		07/01/44		35,303,528
	2,000,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2020C		5.000		07/01/36		2,090,315
	3,000,000		Los Angeles Department of Water and Power, California, Waterworks Revenue Bonds, Series 2020C		5.000		07/01/38		3,111,729
	5,000,000		Los Angeles, California, Wastewater System Revenue Bonds, Green Subordinate Series 2018A		5.000		06/01/43		5,097,471
	6,500,000		Metropolitan Water District of Southern California, Water Revenue Bonds, Refunding Series 2023A		5.000		04/01/53		6,725,632
	5,185,000		Moreno Valley Public Finance Authority, California, Electric System Revenue Bonds, Series 2026A		5.250		05/01/56		5,465,865
	7,525,000		Moulton Niguel Water District, California, Certificates of Participation, Series 2019		3.000		09/01/44		6,083,232
	4,415,000	(b)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/47		4,437,514
	2,250,000		Roseville Finance Authority, California, Electric System Revenue Bonds, Series 2026.		5.000		02/01/45		2,401,274
	1,900,000		Roseville Finance Authority, California, Electric System Revenue Bonds, Series 2026.		5.000		02/01/46		2,020,761
	2,950,000		Sacramento County Sanitation Districts Financing Authority, California, Revenue Bonds, Sacramento Regional County Sanitation District, Series 2020A		5.000		12/01/50		3,029,382
	16,670,000		Sacramento Municipal Utility District, California, Electric Revenue Bonds, Climate Certified Green Series 2023K		5.000		08/15/53		17,291,483
	1,510,000		Sacramento Municipal Utility District, California, Electric Revenue Bonds, Series 2020H		5.000		08/15/50		1,549,215
	7,000,000		Sacremento Municipal Utility District, California, Electric Revenue Bonds, Series 2019G		5.000		08/15/41		7,246,714
	4,000,000		San Diego Public Facilities Financing Authority, California, Water Revenue Bonds, Senior Series 2023A		4.000		08/01/52		3,616,141
	1,250,000		San Joaquin County, California, Revenue Bonds, CSA County Service Area 31, Refunding Series 2018A		5.000		08/01/38		1,252,174
	4,000,000		Southern California Public Power Authority, Natural Gas Project 1 Revenue Bonds, Series 2007A		5.000		11/01/33		4,177,482


72		See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

UTILITIES (continued)

31,970,000

Southern California Public Power Authority, Southern Transmission System Renewal Project Revenue Bonds, Series 2023-1A

5.000%

07/01/48

32,489,285

TOTAL UTILITIES

548,067,181

TOTAL MUNICIPAL BONDS
(Cost $3,148,290,888)

3,095,462,453

TOTAL LONG-TERM INVESTMENTS
(Cost $3,148,290,888)

3,095,462,453

FLOATING RATE OBLIGATIONS - (3.6)%

(68,590,000)

MFP SHARES, NET - (13.6)% (i)

(256,968,672)

VRDP SHARES, NET - (46.8)% (j)

(881,813,444)

OTHER ASSETS & LIABILITIES, NET - (0.4)%

(5,014,104)

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

1,883,076,233

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.

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)

Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity.

(b)

Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers. As of the end of the fiscal period, the aggregate value of these securities is $396,498,469 or 12.8% of Total Investments.

(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)	When-issued or delayed delivery security.

(g)	Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.

(h)	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.

(i)	MFP Shares, Net as a percentage of Total Investments is 8.3%.

(j)	VRDP Shares, Net as a percentage of Total Investments is 28.5%.


See Notes to Financial Statements		73

Portfolio of Investments August 31, 2026

NRK


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			LONG-TERM INVESTMENTS - 170.7% (98.1% of Total Investments)
			MUNICIPAL BONDS - 170.7% (98.1% of Total Investments)
			CONSUMER STAPLES - 8.2% (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	$	24,049,622
	9,555,000		Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A		5.000		06/01/45		7,264,300
	10,000,000	(a),(b)	Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005C		0.000		06/01/50		1,286,581
	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		4,043,400
	39,715,000		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006		5.000		06/01/48		36,937,341


			TOTAL CONSUMER STAPLES						73,581,244


			EDUCATION AND CIVIC ORGANIZATIONS - 24.2% (13.9% 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		6,622,890
	9,995,000	(b)	Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009		0.000		07/15/45		3,867,327
	29,145,000	(b)	Brooklyn Arena Local Development Corporation, New York, Payment in Lieu of Taxes Revenue Bonds, Barclays Center Project, Series 2009		0.000		07/15/47		9,994,724
	970,000		Build New York City Resource Corporation, New York, Revenue Bonds, Classical Charter Schools Series 2023A		4.500		06/15/43		861,163
	850,000		Build New York City Resource Corporation, New York, Revenue Bonds, Classical Charter Schools Series 2023A		4.750		06/15/53		728,062
	500,000		Build New York City Resource Corporation, New York, Revenue Bonds, Classical Charter Schools Series 2023A		4.750		06/15/58		420,893
	725,000		Build New York City Resource Corporation, New York, Revenue Bonds, Global Community Charter School Project, Series 2022A		5.000		06/15/52		604,711
	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		5,004,259
	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		5,297,866
	397,607		Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014		2.625		11/01/29		318,086
	2,063,559		Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014		2.625		11/01/34		1,650,847
	542,146		Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014		2.500		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		794,624
	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		942,800
	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		2,282,152
	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		6,480,912
	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		435,987
	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		1,648,462
	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		577,142


74		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EDUCATION AND CIVIC ORGANIZATIONS (continued)
$	3,905,000		Dobbs Ferry Local Development Corporation, New York, Revenue Bonds, Mercy College Project, Series 2014		5.000%		07/01/44	$	3,814,569
	2,760,000	(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		2,826,625
	6,055,000		Dormitory Authority of the State of New York, General Revenue Bonds, Yeshiva University, Series 2022A		5.000		07/15/42		6,023,953
	8,655,000		Dormitory Authority of the State of New York, General Revenue Bonds, Yeshiva University, Series 2022A		5.000		07/15/50		8,261,407
	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		4,462,476
	9,000,000		Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2020		4.000		07/01/46		8,253,478
	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		4,828,600
	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		7,988,162
	5,820,000		Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2016A		5.000		07/01/41		5,819,420
	4,000,000		Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2022A		4.000		07/01/47		3,303,008
	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		4,448,958
	2,000,000		Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2019A		5.000		07/01/37		2,092,852
	4,125,000		Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Green Series 2019B		5.000		07/01/50		4,208,809
	1,375,000		Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Series 2020A		5.000		07/01/53		1,393,079
	13,165,000		Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Series 2022A		4.000		07/01/42		12,419,995
	9,115,000	(a)	Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2026		7.000		12/01/51		8,883,298
	11,470,000		Dutchess County Local Development Corporation, New York, Revenue Bonds, Marist College Project, Series 2022		4.000		07/01/49		9,837,875
	7,695,000	(c)	Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C		5.625		01/01/55		6,836,347
	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		1,199,716
	5,750,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, University of Rochester Project, Series 2023A		5.000		07/01/53		5,869,685
	635,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, St. John Fisher University Project, Series 2024		5.250		06/01/49		656,819
	8,300,000		MTA Hudson Rail Yards Trust Obligations, New York, MTA Financing Agreement Payable by the Metropolitan Transportation Authority, Series 2016A		5.000		11/15/51		8,232,079
	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		14,072,696
	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		6,967,658
	10,000,000		Onondaga County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2019		5.000		12/01/43		10,289,015
	15,805,000		Onondaga County Trust For Cultural Resources, New York, Revenue Bonds, Syracuse University Project, Series 2019		4.000		12/01/47		14,497,855


See Notes to Financial Statements		75

Portfolio of Investments August 31, 2026 (continued)

NRK


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	$	338,007


			TOTAL EDUCATION AND CIVIC ORGANIZATIONS						216,793,065


			FINANCIALS - 1.9% (1.1% of Total Investments)
	1,615,000		Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005		5.250		10/01/35		1,797,518
	13,835,000		Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007		5.500		10/01/37		15,664,049


			TOTAL FINANCIALS						17,461,567


			HEALTH CARE - 29.6% (17.0% 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		6,656,350
	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		21,488,780
	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		26,484,303
	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		2,960,489
	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		4,169,566
	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		5,707,910
	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		21,898,980
	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		8,759,592
	1,000,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Medical Center, Series 2024		5.500		11/01/47		1,028,837
	6,750,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2018A		5.000		08/01/34		6,840,943
	3,250,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2020A		5.000		09/01/33		3,361,084
	2,450,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2020A		4.000		09/01/45		2,121,717
	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		18,852,337
	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		12,424,497
	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		18,447,550
	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		999,986
	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		1,176,227
	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		3,159,728
	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		6,770,496
	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		1,000,505
	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		1,890,389
	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		2,573,706
	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		3,351,693
	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		550,209
	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		1,057,088
	620,000		Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024		5.250		10/01/49		626,220


76		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	$	5,623,372
	15,405,000		Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B - BAM Insured		4.000		07/01/41		14,388,664
	8,765,000		Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B		5.000		07/01/46		8,479,280
	3,935,000		Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2025A		5.250		12/01/50		3,975,242
	4,290,000		Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2025A		5.500		12/01/55		4,386,935
	165,000		Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005		6.000		07/01/30		165,279
	3,975,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2013A		5.000		12/01/42		3,974,734
	8,925,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2017		5.000		12/01/46		8,587,532
	4,000,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2020A		4.000		12/01/46		3,351,643
	1,765,000		New York State Dormitory Authority, Revenue Bonds, Memorial Sloan-Kettering Cancer Center Series 2025-I		5.250		07/01/54		1,840,377
	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		25,937,503
	665,000		Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023		6.250		11/01/52		683,907


			TOTAL HEALTH CARE						265,753,650


			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		3,222,384
	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		3,276,734
	3,900,000		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		3,997,250


			TOTAL HOUSING/MULTIFAMILY						10,496,368


			INDUSTRIALS - 3.7% (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		31,575,690
	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		1,405,403
	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		89,351


			TOTAL INDUSTRIALS						33,070,444


			LONG-TERM CARE - 0.1% (0.1% of Total Investments)
	1,000,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann’s Community Project, Series 2019		5.000		01/01/40		973,087


			TOTAL LONG-TERM CARE						973,087


			TAX OBLIGATION/GENERAL - 11.0% (6.3% of Total Investments)
	5,000,000		Longwood Central School District, Suffolk County, New York, General Obligation Bonds, Tax Anticipation Note Series 2025		4.000		09/18/26		5,003,311
	10,000,000		Nassau County, New York, General Obligation Bonds, General Improvement Series 2018B - AGM Insured		5.000		07/01/45		10,202,925
	3,905,000		Nassau County, New York, General Obligation Bonds, General Improvement Series 2021A - AGM Insured		4.000		04/01/51		3,511,465


See Notes to Financial Statements		77

Portfolio of Investments August 31, 2026 (continued)

NRK


PRINCIPAL		DESCRIPTION	RATE		MATURITY		VALUE


		TAX OBLIGATION/GENERAL (continued)
$	5,030,000	Nassau County, New York, General Obligation Bonds, General Improvment Series 2016C		5.000%		04/01/33	$	5,038,264
	5,000	New York City, New York, General Obligation Bonds, Fiscal 2013 Series F-1		5.000		03/01/29		5,010
	7,560,000	New York City, New York, General Obligation Bonds, Fiscal 2018 Series B-1		5.250		10/01/32		7,731,263
	4,525,000	New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1		5.000		03/01/40		4,610,827
	6,830,000	New York City, New York, General Obligation Bonds, Fiscal 2018 Series F-1		5.000		04/01/40		6,964,971
	1,500,000	New York City, New York, General Obligation Bonds, Fiscal 2020 Series A-1		5.000		08/01/43		1,534,646
	5,890,000	New York City, New York, General Obligation Bonds, Fiscal 2020 Series A-1		4.000		08/01/44		5,322,728
	6,500,000	New York City, New York, General Obligation Bonds, Fiscal 2021 Series C		5.000		08/01/38		6,730,333
	5,000,000	New York City, New York, General Obligation Bonds, Fiscal 2021 Series F-1		5.000		03/01/44		5,115,685
	10,000,000	New York City, New York, General Obligation Bonds, Fiscal 2026 Series D		5.250		10/01/51		10,284,039
	13,000,000	North Hempstead, Nassau County, New York, General Obligation Bonds, Bond Anticipation Notes, Series 2025B		4.000		09/18/26		13,008,674
	8,477,364	Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		5.625		07/01/27		8,616,588
	4,344,000	Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		4,034,789
	725,000	Rochester, New York, General Obligation Bonds, Series 1999 - NPFG Insured		5.250		10/01/26		726,637


		TOTAL TAX OBLIGATION/GENERAL						98,442,155


		TAX OBLIGATION/LIMITED - 50.7% (29.2% of Total Investments)
	11,625,000	Battery Park City Authority, New York, Revenue Bonds, Senior Sustainability Green Series 2025		5.250		11/01/55		12,177,018
	25,000,000	Battery Park City Authority, New York, Revenue Bonds, Senior Sustainability Series 2023A		5.000		11/01/48		26,058,330
	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		85,219
	3,650,000	Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2026A		5.000		10/01/27		3,744,295
	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		17,901,151
	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		12,345,725
	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		1,989,001
	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		1,408,437
	17,510,000	Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2018A		5.000		03/15/40		17,843,578
	10,000,000	Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2018C		4.000		03/15/45		9,111,637
	5,090,000	Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2024A		5.000		03/15/53		5,144,965
	26,265,000	Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2025A		5.000		03/15/55		26,591,941
	1,080,000	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Green Fiscal 2022 Series A		4.000		02/15/36		1,088,632
	1,115,000	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A		5.000		02/15/34		1,124,986
	3,500,000	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A		5.000		02/15/36		3,528,486
	5,285,000	Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A		5.000		02/15/39		5,316,150


78		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/LIMITED (continued)
$	13,275,000		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A		5.000%		02/15/45	$	13,337,423
	8,000,000		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Climate Bond Certified, Green Series 2017B-1		4.000		11/15/52		6,750,107
	1,520,000		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Green Series 2024A		4.000		11/15/51		1,305,314
	10,000,000		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Green Series 2024B-1		4.000		11/15/54		8,455,089
	10,000,000		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2022A		4.000		11/15/42		9,250,674
	10,000,000		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2022A		4.000		11/15/52		8,508,518
	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		5,088,467
	7,500,000		New York City Transitional Finance Authority, New York, Building Aid Revenue Bonds, Fiscal Series 2016S-1		4.000		07/15/40		6,968,021
	305,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal 2017 Series A-1		5.000		05/01/40		305,408
	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		7,443,288
	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		1,382,418
	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		5,646,623
	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		6,863,917
	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		7,266,973
	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		12,217,689
	18,000,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024C		5.250		05/01/48		18,525,373
	6,500,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024F-1		4.250		02/01/54		5,783,399
	10,000,000		New York City, New York, Educational Construction Fund Revenue Bonds, Series 2021B		5.000		04/01/46		10,240,019
	3,960,000		New York City, New York, Educational Construction Fund Revenue Bonds, Series 2021B		5.000		04/01/52		4,009,600
	9,905,000		New York State Dormitory Authority, Personal Income Tax Revenue Bonds, General Purpose Series 2019A		4.000		03/15/49		8,780,052
	11,100,000		New York State Dormitory Authority, Personal Income Tax Revenue Bonds, General Purpose Series 2025C		5.250		03/15/50		11,529,617
	9,900,000		New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group 1 Series 2022A		4.125		03/15/52		8,802,638
	10,000,000	(d)	New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2025A-3, (UB)		5.000		03/15/48		10,279,457
	5,000,000		New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2026A		5.000		09/15/50		5,099,286
	7,500,000		New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020C		5.000		03/15/47		7,669,301
	18,525,000	(b)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/46		6,668,061
	90,206,000	(b)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/51		23,641,459
	47,925,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		46,510,498
	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		3,425,868
	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		2,936,458
	259,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.536		07/01/53		237,758


See Notes to Financial Statements		79

Portfolio of Investments August 31, 2026 (continued)

NRK


PRINCIPAL		DESCRIPTION	RATE		MATURITY		VALUE


		TAX OBLIGATION/LIMITED (continued)
$	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	$	5,102,820
	9,600,000	Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Subseries 2021A-1		5.000		05/15/51		9,769,408
	1,325,000	Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Senior Lien Bonds, Series 2022C		4.125		05/15/52		1,195,770
	10,000,000	Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Senior Lien Bonds, Series 2022C		5.250		05/15/52		10,268,205
	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		8,698,024


		TOTAL TAX OBLIGATION/LIMITED						455,422,551


		TRANSPORTATION - 16.9% (9.7% 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		1,500,171
	7,775,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1		5.000		11/15/50		7,795,590
	19,315,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1		5.250		11/15/55		19,489,198
	10,135,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024A		5.500		11/15/47		10,677,866
	2,250,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2025B		5.000		11/15/43		2,331,462
	2,500,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Series 2016B		5.000		11/15/37		2,505,856
	2,500,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Series 2017D		5.000		11/15/32		2,572,913
	2,440,000	Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1		5.000		11/15/39		2,444,302
	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		2,299,171
	20,780,000	New York State Thruway Authority, General Revenue Bonds, Maturity Group 1 Series 2021O		4.000		01/01/46		18,669,845
	2,280,000	New York State Thruway Authority, General Revenue Bonds, Series 2020N		4.000		01/01/43		2,091,075
	5,720,000	New York State Thruway Authority, General Revenue Bonds, Series 2020N		4.000		01/01/45		5,144,207
	2,400,000	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Refunding Series 2026A		5.000		01/01/48		2,471,702
	9,355,000	New York State Thruway Authority, General Revenue Junior Indebtedness Obligations, Series 2019B		4.000		01/01/50		8,125,023
	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		1,254,079
	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		3,974,967
	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		3,293,326
	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		1,686,988
	1,515,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Eleventh Series 2018		4.000		09/01/43		1,452,775
	1,000,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Eleventh Series 2018		5.000		09/01/48		1,017,534
	1,000,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Fifth Series 2017		5.000		11/15/47		1,005,722
	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		7,638,912


80		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TRANSPORTATION (continued)
$	6,000,000		Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Thirteenth Series 2019		5.000%		09/01/37	$	6,245,506
	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		11,611,251
	7,715,000		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2018A		5.000		11/15/43		7,838,031
	9,000,000		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2019A		5.000		11/15/49		9,157,889
	4,735,000		Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2021A		4.000		11/15/56		4,099,115
	3,610,000		Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2021A		5.000		11/15/56		3,648,713


			TOTAL TRANSPORTATION						152,043,189


			U.S. GUARANTEED - 0.2% (e)(0.1% 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		1,658,196
	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		5,158
	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		15,472
	75,000		New York State Dormitory Authority, Personal Income Tax Revenue Bonds, General Purpose Series 2019A, (Pre-refunded 3/15/29)		4.000		03/15/49		77,361


			TOTAL U.S. GUARANTEED						1,756,187


			UTILITIES - 23.0% (13.2% 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		4,918,496
	10,000,000	(b)	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A - AGM Insured		0.000		06/01/27		9,785,701
	15,000,000	(b)	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A - AGM Insured		0.000		06/01/28		14,239,114
	10,000,000	(b)	Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2000A - AGM Insured		0.000		06/01/29		9,176,658
	1,000,000		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017		5.000		09/01/47		1,008,306
	5,000,000		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2018		5.000		09/01/38		5,139,515
	8,815,000		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2024A		5.000		09/01/54		8,886,560
	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		5,009,747
	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		2,998,375
	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		5,058,981
	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		22,177,718
	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		1,136,939
	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		1,856,227


See Notes to Financial Statements		81

Portfolio of Investments August 31, 2026 (continued)

NRK


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			UTILITIES (continued)
$	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	$	3,131,531
	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		2,318,403
	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		2,984,572
	6,855,000	(d)	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		7,012,631
	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		29,517,498
	10,175,000	(f)	New York Energy Finance Development Corporation, Energy Supply Revenue Bonds, Series 2025, (Mandatory Put 12/01/33)		5.000		07/01/56		10,396,762
	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		14,532,426
	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		5,118,956
	3,000,000		New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, Green Series 2022B		5.250		09/15/52		3,130,799
	11,440,000		New York State Power Authority, General Revenue Bonds, Series 2020A		4.000		11/15/50		10,289,710
	9,000,000		New York State Power Authority, General Revenue Bonds, Series 2020A		4.000		11/15/55		7,848,309
	2,955,000		New York State Power Authority, General Revenue Bonds, Series 2020A		4.000		11/15/60		2,529,556
	9,085,000		New York State Power Authority, Green Transmission Project Revenue Bonds, Green Series 2023A — AGM Insured		5.000		11/15/53		9,252,014
	3,190,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/47		3,206,267
	3,205,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2021B		5.000		07/01/37		3,321,960


			TOTAL UTILITIES						205,983,731


			TOTAL MUNICIPAL BONDS (Cost $1,565,860,452)						1,531,777,238


			TOTAL LONG-TERM INVESTMENTS (Cost $1,565,860,452)						1,531,777,238



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 3.3% (1.9% of Total Investments)
			MUNICIPAL BONDS .3% (1.9% of Total Investments)
			EDUCATION AND CIVIC ORGANIZATIONS - 1.3% (0.8% of Total Investments)
$	12,090,000	(g)	Dormitory Authority of the State of New York, Revenue Bonds, Columbia University, Series 2009A		2.400		09/01/39	$	12,090,000


			TOTAL EDUCATION AND CIVIC ORGANIZATIONS						12,090,000


82		See Notes to Financial Statements

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY - 2.0% (1.1% of Total Investments)

17,900,000

(g)

New York City Housing Development Corporation, New York, Multifamily Housing Revenue Bonds, Series 2018L-2

2.260%

05/01/50

17,900,000

TOTAL HOUSING/MULTIFAMILY

17,900,000

TOTAL MUNICIPAL BONDS

(Cost $29,990,000)

29,990,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $29,990,000)

29,990,000

TOTAL INVESTMENTS - 174.0%

(Cost $1,595,850,452)

1,561,767,238

FLOATING RATE OBLIGATIONS - (1.5)%

(13,480,000)

MFP SHARES, NET - (8.9)% (h)

(79,651,425)

VRDP SHARES, NET - (64.9)% (i)

(582,459,127)

OTHER ASSETS & LIABILITIES, NET - 1.3%

11,186,774

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

897,363,460

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.


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 $83,998,015 or 5.4% of Total Investments.
(b)		Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(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)		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.
(g)		Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the reporting period. This rate changes periodically based on market conditions or a specified market index.
(h)		MFP Shares, Net as a percentage of Total Investments is 5.1%.
(i)		VRDP Shares, Net as a percentage of Total Investments is 37.3%.


See Notes to Financial Statements		83

Portfolio of Investments August 31, 2026

NNY


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			LONG-TERM INVESTMENTS - 96.1%
			MUNICIPAL BONDS - 96.1%
			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	$	959,195
	320,000		New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series Series 2016A-1		5.625		06/01/35		326,518
	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		3,314,393


			TOTAL CONSUMER STAPLES						4,600,106


			EDUCATION AND CIVIC ORGANIZATIONS - 11.2%
	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		635,599
	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		1,250,674
	100,000		Build New York City Resource Corporation, New York, Revenue Bonds, Classical Charter Schools Series 2023A		4.500		06/15/43		88,780
	140,000		Build New York City Resource Corporation, New York, Revenue Bonds, Classical Charter Schools Series 2023A		4.750		06/15/58		117,850
	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		1,009,828
	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		233,827
	210,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020C-1		5.000		06/01/40		194,105
	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		296,266
	275,000	(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		281,638
	1,080,000		Dormitory Authority of the State of New York, General Revenue Bonds, Yeshiva University, Series 2022A		5.000		07/15/50		1,030,886
	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		1,046,302
	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		1,330,992
	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		2,138,023
	1,000,000		Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2016A		5.000		07/01/41		999,900
	385,000		Dormitory Authority of the State of New York, Revenue Bonds, New School University, Series 2022A		4.000		07/01/47		317,915
	175,000		Dormitory Authority of the State of New York, Revenue Bonds, New York University, Series 2018A		5.000		07/01/48		176,561
	2,625,000		Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Green Series 2019B		5.000		07/01/50		2,678,333
	670,000		Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Series 2022A		4.000		07/01/42		632,085
	865,000	(a)	Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2026		7.000		12/01/51		843,012
	725,000	(b)	Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C		5.625		01/01/55		644,100


84		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EDUCATION AND CIVIC ORGANIZATIONS (continued)
$	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	$	357,245
	3,000,000	(c)	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		1,566,998
	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		455,700


			TOTAL EDUCATION AND CIVIC ORGANIZATIONS						18,326,619


			FINANCIALS - 0.7%
	1,000,000		Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007		5.500		10/01/37		1,132,205


			TOTAL FINANCIALS						1,132,205


			HEALTH CARE - 15.9%
	1,170,000		Albany Capital Resource Corporation, New York, Revenue Bonds, Albany Medical Center Hospital Series 2025A		5.500		05/01/55		1,216,977
	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		1,297,128
	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		2,385,575
	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		986,830
	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		2,295,298
	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		1,751,918
	2,100,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2018A		5.000		08/01/34		2,128,293
	935,000		Dormitory Authority of the State of New York, Revenue Bonds, Mount Sinai Health Obligated Group, Series 2025		5.250		07/01/50		925,056
	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		1,729,829
	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		878,857
	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		780,710
	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		1,081,768
	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		496,374
	60,000		Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024		5.250		10/01/49		60,602
	550,000		Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024		5.500		10/01/54		564,905
	3,460,000		Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B - BAM Insured		4.000		07/01/41		3,231,729
	415,000		Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2025A		5.250		12/01/50		419,244
	445,000		Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2025A		5.500		12/01/55		455,055
	165,000		Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005		6.000		07/01/30		165,279
	660,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2017		5.000		12/01/46		635,044
	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		2,588,798


See Notes to Financial Statements		85

Portfolio of Investments August 31, 2026 (continued)

NNY


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	$	66,848


			TOTAL HEALTH CARE						26,142,117


			HOUSING/MULTIFAMILY - 0.0%
	100,000		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		102,494


			TOTAL HOUSING/MULTIFAMILY						102,494


			INDUSTRIALS - 2.4%
	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		3,935,695
	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		7,446


			TOTAL INDUSTRIALS						3,943,141


			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		223,272
	100,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann’s Community Project, Series 2019		5.000		01/01/40		97,309


			TOTAL LONG-TERM CARE						320,581


			MATERIALS - 0.3%
	470,000	(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		470,593


			TOTAL MATERIALS						470,593


			TAX OBLIGATION/GENERAL - 9.3%
	1,000,000		Nassau County, New York, General Obligation Bonds, General Improvement Bonds Series 2019B - AGM Insured		5.000		04/01/44		1,031,657
	5,000,000		Nassau County, New York, General Obligation Bonds, General Improvement Series 2022A - AGM Insured		4.125		04/01/47		4,711,608
	1,000,000		New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1		5.000		03/01/40		1,018,967
	835,000		New York City, New York, General Obligation Bonds, Fiscal 2020 SeriesD-1		4.000		03/01/50		717,773
	1,900,000		New York City, New York, General Obligation Bonds, Fiscal 2022 Series A-1		5.000		08/01/47		1,925,243
	1,000,000		New York City, New York, General Obligation Bonds, Fiscal 2025 Series A		5.000		08/01/38		1,062,904
	1,250,000		New York City, New York, General Obligation Bonds, Fiscal 2026 Series A-1		5.250		08/01/53		1,283,371
	3,000,000		New York City, New York, General Obligation Bonds, Fiscal 2026 Series D		5.250		10/01/51		3,085,212
	409,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		379,887


			TOTAL TAX OBLIGATION/GENERAL						15,216,622


			TAX OBLIGATION/LIMITED - 17.6%
	1,290,000		Battery Park City Authority, New York, Revenue Bonds, Senior Sustainability Green Series 2025		5.250		11/01/55		1,351,256
	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		927,261
	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		3,018,079
	2,000,000		Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2025A		4.250		03/15/48		1,868,980
	540,000		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Second Indenture Fiscal 2017 Series A		5.000		02/15/39		543,183


86		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/LIMITED (continued)
$	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	$	2,272,265
	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		1,131,069
	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		1,003,844
	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		1,882,236
	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		865,275
	2,120,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D		4.250		05/01/54		1,903,000
	565,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025H-1		5.250		11/01/48		584,183
	1,685,000		New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group 1 Series 2022A		5.000		03/15/45		1,743,426
	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		879,527
	2,000,000		New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020C		4.000		03/15/49		1,751,501
	6,509,000	(c)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/51		1,705,898
	3,218,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		3,123,021
	17,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.536		07/01/53		15,606
	1,030,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Series 2022 A		4.000		05/15/51		917,805
	90,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Subseries 2021A-1		5.000		05/15/51		91,588
	355,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Senior Lien Bonds, Series 2022C		4.125		05/15/52		320,376
	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		885,420


			TOTAL TAX OBLIGATION/LIMITED						28,784,799


			TRANSPORTATION - 21.3%
	785,000		Build NYC Resource Corporation, New York, Airport Facilities Revenue Bonds. TrIPs Obligated Group, Senior Series 2025, (AMT)		5.500		07/01/50		807,118
	970,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1		5.000		11/15/50		972,569
	1,950,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Refunding Series 2024B		4.000		11/15/44		1,735,625
	2,000,000	(d)	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		1,240,000
	1,500,000	(d)	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		930,000
	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		1,155,445
	290,000		New York Transportation Development Corporation, New York, Facility Revenue Bonds, Thruway Service Areas Project, Series 2021, (AMT)		4.000		10/31/46		256,235
	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		1,554,284
	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		394,220


See Notes to Financial Statements		87

Portfolio of Investments August 31, 2026 (continued)

NNY


PRINCIPAL		DESCRIPTION	RATE		MATURITY		VALUE


		TRANSPORTATION (continued)
$	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	$	3,795,025
	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		1,008,234
	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		2,135,275
	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		2,620,792
	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		108,408
	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		502,462
	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		364,432
	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		1,499,408
	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		358,755
	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		1,886,021
	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		2,012,642
	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		409,361
	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		867,048
	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		406,116
	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		1,097,675
	1,930,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Eleventh Series 2018		4.000		09/01/43		1,850,730
	800,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Fifth Series 2017		5.000		11/15/42		807,314
	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		826,855
	1,155,000	Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2017A2		5.000		11/15/42		1,164,262
	2,000,000	Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, Refunding Series 2018C		5.000		11/15/37		2,062,370


		TOTAL TRANSPORTATION						34,828,681


88		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			UTILITIES - 14.4%
$	3,440,000		Long Island Power Authority, New York, Electric System General Revenue Bonds, Green Series 2023E		5.000%		09/01/53	$	3,506,659
	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		3,014,289
	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		2,041,850
	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		1,171,329
	500,000	(e)	New York Energy Finance Development Corporation, Energy Supply Revenue Bonds, Series 2025, (Mandatory Put 12/01/33)		5.000		07/01/56		510,897
	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		1,007,098
	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		1,308,454
	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		1,950,985
	2,000,000		New York State Environmental Facilities Corporation, State Revolving Funds Revenue Bonds, Green Series 2022B		5.250		09/15/52		2,087,199
	780,000		New York State Power Authority, General Revenue Bonds, Green Series 2024A		4.000		11/15/54		677,770
	5,000,000		New York State Power Authority, General Revenue Bonds, Series 2020A		4.000		11/15/55		4,360,172
	650,000		New York State Power Authority, Green Transmission Project Revenue Bonds, Green Series 2023A - AGM Insured		5.000		11/15/48		669,119
	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		438,288
	775,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/47		778,952


			TOTAL UTILITIES						23,523,061


			TOTAL MUNICIPAL BONDS (Cost $161,415,932)						157,391,019


			TOTAL LONG-TERM INVESTMENTS (Cost $161,415,932)						157,391,019



PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			SHORT-TERM INVESTMENTS - 2.4%
			MUNICIPAL BONDS - 2.4%
			HOUSING/MULTIFAMILY - 2.4%
$	4,000,000	(f)	New York State Housing Finance Agency, Affordable Housing Revenue Bonds, Sustainability Green Series 2025B-4		3.000		11/01/64	$	4,000,000


			TOTAL HOUSING/MULTIFAMILY						4,000,000


			TOTAL MUNICIPAL BONDS (Cost $4,000,000)						4,000,000


			TOTAL SHORT-TERM INVESTMENTS (Cost $4,000,000)						4,000,000


			TOTAL INVESTMENTS - 98.5% (Cost $165,415,932)						161,391,019


			OTHER ASSETS & LIABILITIES, NET - 1.5%						2,381,943


			NET ASSETS APPLICABLE TO COMMON SHARES - 100%					$	163,772,962

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.


See Notes to Financial Statements		89

Portfolio of Investments August 31, 2026 (continued)

NNY


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 $9,334,854 or 5.8% of Total Investments.
(b)		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.
(c)		Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(d)		Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(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.


90		See Notes to Financial Statements

Portfolio of Investments August 31, 2026

NAN


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			LONG-TERM INVESTMENTS - 163.8% (99.3% of Total Investments)
			MUNICIPAL BONDS - 163.8% (99.3% of Total Investments)
			CONSUMER STAPLES - 5.8% (3.5% 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	$	10,899,937
	3,210,000		Erie County Tobacco Asset Securitization Corporation, New York, Tobacco Settlement Asset-Backed Bonds, Series 2005A		5.000		06/01/45		2,440,440
	105,000		New York Counties Tobacco Trust VI, New York, Tobacco Settlement Pass-Through Bonds, Series Series 2016A-1		5.625		06/01/35		107,139
	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		1,103,192
	7,155,000		TSASC Inc., New York, Tobacco Asset-Backed Bonds, Series 2006		5.000		06/01/48		6,654,581


			TOTAL CONSUMER STAPLES						21,205,289


			EDUCATION AND CIVIC ORGANIZATIONS - 10.0% (6.1% 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		2,760,882
	340,000		Build New York City Resource Corporation, New York, Revenue Bonds, Classical Charter Schools Series 2023A		4.500		06/15/43		301,851
	550,000		Build New York City Resource Corporation, New York, Revenue Bonds, Classical Charter Schools Series 2023A		4.750		06/15/58		462,982
	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		401,195
	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		1,000,852
	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		198,981
	508,203		Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014		2.625		11/01/34		406,563
	469,860		Build New York City Resource Corporation, New York, Revenue Bonds, Metropolitan College of New York, Series 2014		2.500		11/01/39		375,888
	870,000	(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		813,718
	1,000,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Albert Einstein College of Medicine, Inc, Series 2023		7.250		06/01/55		1,030,486
	1,000,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Family Life Academy Charter School, Series 2020A-1		5.250		06/01/40		948,668
	290,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Richmond Preparatory Charter School Project, Social Impact Project Series 2021A		5.000		06/01/41		252,873
	1,000,000	(a)	Build NYC Resource Corporation, New York, Revenue Bonds, Richmond Preparatory Charter School Project, Social Impact Project Series 2021A		5.000		06/01/51		790,629
	970,000	(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		993,415
	4,030,000		Dormitory Authority of the State of New York, General Revenue Bonds, Yeshiva University, Series 2022A		5.000		07/15/50		3,846,733
	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		2,049,552
	1,565,000		Dormitory Authority of the State of New York, Revenue Bonds, Fordham University, Series 2020		4.000		07/01/46		1,435,188
	2,625,000		Dormitory Authority of the State of New York, Revenue Bonds, Rockefeller University, Series 2020A		5.000		07/01/53		2,659,515
	3,210,000	(a)	Dormitory Authority of the State of New York, Revenue Bonds, Vaughn College of Aeronautics & Technology, Series 2026		7.000		12/01/51		3,128,402


See Notes to Financial Statements		91

Portfolio of Investments August 31, 2026 (continued)

NAN


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			EDUCATION AND CIVIC ORGANIZATIONS (continued)
$	2,705,000	(b)	Glen Cove Local Economic Assistance Corporation, New York, Revenue Bonds, Garvies Point Public Improvement Project, Capital Appreciation Series 2016C		5.625%		01/01/55	$	2,403,160
	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		4,411,504
	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		1,872,928
	2,065,000		New York City Trust for Cultural Resources, New York, Revenue and Refunding Bonds, Museum of American Art, Series 2026		5.000		08/01/36		2,339,420
	1,515,000		Onondaga Civic Development Corporation, New York, Revenue Bonds, Le Moyne College Project, Series 2015		5.000		07/01/40		1,514,923


			TOTAL EDUCATION AND CIVIC ORGANIZATIONS						36,400,308


			FINANCIALS - 3.6% (2.2% of Total Investments)
	4,725,000		Liberty Development Corporation, New York, Goldman Sachs Headquarter Revenue Bonds, Series 2005		5.250		10/01/35		5,258,991
	6,885,000		Liberty Development Corporation, New York, Goldman Sachs Headquarters Revenue Bonds Series 2007		5.500		10/01/37		7,795,228


			TOTAL FINANCIALS						13,054,219


			HEALTH CARE - 26.5% (16.1% 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		4,160,606
	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		9,736,681
	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		4,682,508
	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		2,501,739
	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		4,489,481
	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		4,379,796
	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		2,627,878
	2,420,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2018A		5.000		08/01/30		2,478,347
	4,275,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2018A		5.000		08/01/33		4,345,194
	3,060,000		Dormitory Authority of the State of New York, Revenue Bonds, Montefiore Obligated Group, Series 2018A		5.000		08/01/34		3,101,227
	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		3,161,019
	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		7,913,968
	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		3,228,110
	2,000,000	(a)	Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2015		5.000		12/01/40		1,805,559
	700,000	(a)	Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017		5.000		12/01/32		683,122
	5,900,000	(a)	Dormitory Authority of the State of New York, Revenue Bonds, Orange Regional Medical Center Obligated Group, Series 2017		5.000		12/01/35		5,578,329
	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		1,698,121
	220,000		Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024		5.250		10/01/49		222,207
	1,920,000		Dormitory Authority of the State of New York, Revenue Bonds, White Plains Hospital, Series 2024		5.500		10/01/54		1,972,032
	870,000		Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B - BAM Insured		4.000		07/01/41		812,602


92		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			HEALTH CARE (continued)
$	8,300,000		Dutchess County Local Development Corporation, New York, Revenue Bonds, Health Quest Systems, Inc. Project, Series 2016B		5.000%		07/01/46	$	8,029,438
	1,405,000		Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2025A		5.250		12/01/50		1,419,369
	1,530,000		Genesee County Funding Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2025A		5.500		12/01/55		1,564,571
	395,000		Livingston County Industrial Development Agency, New York, Civic Facility Revenue Bonds, Nicholas H. Noyes Hospital, Series 2005		6.000		07/01/30		395,669
	2,410,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester General Hospital Project, Series 2017		5.000		12/01/46		2,318,874
	4,470,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Rochester Regional Health Project, Series 2020A		4.000		12/01/46		3,745,461
	620,000		New York State Dormitory Authority, Revenue Bonds, Memorial Sloan-Kettering Cancer Center Series 2025-I		5.250		07/01/54		646,478
	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		8,819,921
	240,000		Westchester County Local Development Corporation, New York, Revenue Bonds, Westchester Medical Center Obligated Group Project, Series 2023		6.250		11/01/52		246,823


			TOTAL HEALTH CARE						96,765,130


			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		1,849,459
	325,000	(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		333,104


			TOTAL HOUSING/MULTIFAMILY						2,182,563


			HOUSING/SINGLE FAMILY - 0.1% (0.1% of Total Investments)
	370,000		Guam Housing Corporation, Mortgage-Backed Securities Program Single Family Mortgage Revenue Bonds, Series 1998A, (AMT)		5.750		09/01/31		370,345


			TOTAL HOUSING/SINGLE FAMILY						370,345


			INDUSTRIALS - 2.8% (1.7% of Total Investments)
	7,625,000	(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		7,636,049
	2,500,000	(a)	New York Liberty Development Corporation, New York, Liberty Revenue Bonds, 3 World Trade Center Project, Class 2 Series 2014		5.375		11/15/40		2,503,102
	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		29,784


			TOTAL INDUSTRIALS						10,168,935


			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		1,060,545
	340,000		Monroe County Industrial Development Corporation, New York, Revenue Bonds, Saint Ann’s Community Project, Series 2019		5.000		01/01/40		330,850


			TOTAL LONG-TERM CARE						1,391,395


			MATERIALS - 0.5% (0.3% of Total Investments)
	1,700,000	(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		1,702,143


			TOTAL MATERIALS						1,702,143


See Notes to Financial Statements		93

Portfolio of Investments August 31, 2026 (continued)

NAN


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/GENERAL - 10.8% (6.5% 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	$	3,094,970
	4,390,000		New York City, New York, General Obligation Bonds, Fiscal 2018 Series E-1		5.000		03/01/40		4,473,266
	2,200,000		New York City, New York, General Obligation Bonds, Fiscal 2018 Series F-1		5.000		04/01/38		2,250,288
	3,110,000		New York City, New York, General Obligation Bonds, Fiscal 2021 Series C		5.000		08/01/43		3,172,529
	4,210,000		New York City, New York, General Obligation Bonds, Fiscal 2023 Series B-1		5.250		10/01/47		4,343,839
	12,000,000		New York City, New York, General Obligation Bonds, Fiscal 2026 Series D		5.250		10/01/55		12,288,397
	8,100,000		New York City, New York, General Obligation Bonds, Fiscal 2027 Series A		5.250		08/01/50		8,363,002
	1,506,000		Puerto Rico, General Obligation Bonds, Restructured Series 2022A-1		4.000		07/01/41		1,398,801


			TOTAL TAX OBLIGATION/GENERAL						39,385,092


			TAX OBLIGATION/LIMITED - 50.5% (30.6% of Total Investments)
	3,875,000		Battery Park City Authority, New York, Revenue Bonds, Senior Sustainability Green Series 2025		5.250		11/01/55		4,059,006
	10,000,000		Battery Park City Authority, New York, Revenue Bonds, Senior Sustainability Series 2019A		5.000		11/01/49		10,249,556
	8,000,000		Dormitory Authority of the State of New York, Revenue Bonds, School Districts Financing Program, Series 2026A		5.000		10/01/40		8,495,191
	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		6,420,786
	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		7,149,181
	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		1,108,719
	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		1,014,797
	5,000,000		Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2017A		5.000		03/15/44		5,025,674
	3,990,000		Dormitory Authority of the State of New York, State Sales Tax Revenue Bonds, Series 2018A		5.000		03/15/40		4,066,012
	1,000,000		Hudson Yards Infrastructure Corporation, New York, Revenue Bonds, Green Fiscal 2022 Series A		4.000		02/15/36		1,007,993
	1,660,000		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Green Series 2024A		4.000		11/15/51		1,425,540
	7,265,000		Metropolitan Transportation Authority, New York, Dedicated Tax Fund Bonds, Series 2022A		4.000		11/15/42		6,720,615
	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		2,007,688
	5,295,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Fiscal Series 2025D		4.250		05/01/54		4,753,012
	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		11,496,909
	5,000,000		New York City Transitional Finance Authority, New York, Future Tax Secured Bonds, Subordinate Series 2024C		5.500		05/01/53		5,207,408
	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		15,445,174
	4,960,000		New York State Dormitory Authority, Personal Income Tax Revenue Bonds, General Purpose Series 2019A		4.000		03/15/49		4,396,674
	3,730,000		New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Bidding Group 1 Series 2022A		5.000		03/15/45		3,859,335
	10,000,000	(c)	New York State Thruway Authority, State Personal Income Tax Revenue Bonds, Series 2025A-3, (UB)		5.000		03/15/48		10,279,457
	4,135,000		New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020C		5.000		03/15/47		4,228,341
	3,000,000		New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2020C		4.000		03/15/49		2,627,251


94		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TAX OBLIGATION/LIMITED (continued)
$	7,700,000		New York State Urban Development Corporation, State Personal Income Tax Revenue Bonds, General Purpose, Series 2022A		5.000%		03/15/48	$	7,842,800
	4,415,000	(d)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/46		1,589,176
	11,014,000	(d)	Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		0.000		07/01/51		2,886,582
	22,975,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Restructured 2018A-1		5.000		07/01/58		22,296,895
	32,000		Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Taxable Restructured Cofina Project Series 2019A-2		4.536		07/01/53		29,375
	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		944,238
	2,000,000		Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT)		5.000		01/01/29		1,875,948
	1,000,000		Syracuse Industrial Development Authority, New York, PILOT Revenue Bonds, Carousel Center Project, Refunding Series 2016A, (AMT)		5.000		01/01/35		817,685
	5,000,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, MTA Bridges and Tunnels, Refunding Senior Lien Series 2026A-1		5.000		11/15/49		5,128,686
	5,000,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Series 2021B-1		5.000		05/15/56		5,032,071
	3,800,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Series 2022 A		4.000		05/15/51		3,386,078
	1,000,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Bonds, Senior Lien Subseries 2021A-1		5.000		05/15/51		1,017,647
	1,065,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Senior Lien Bonds, Series 2022C		4.125		05/15/52		961,128
	1,785,000		Triborough Bridge and Tunnel Authority, New York, Payroll Mobility Tax Senior Lien Bonds, Series 2022C		5.250		05/15/52		1,832,875
	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		05/15/64		7,171,160


			TOTAL TAX OBLIGATION/LIMITED						183,856,663


			TRANSPORTATION - 42.4% (25.7% 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		2,683,538
	1,110,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Green Climate Bond Certified Series 2020C-1		5.000		11/15/50		1,112,940
	5,000,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Refunding Green Series 2016B		5.000		11/15/37		5,011,713
	11,920,000		Metropolitan Transportation Authority, New York, Transportation Revenue Bonds, Series 2016C-1		5.250		11/15/56		11,919,969
	200,000	(e)	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		124,000
	5,500,000	(e)	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		3,410,000
	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		5,053,577
	5,000,000		New York State Thruway Authority, General Revenue Bonds, Series 2020N		4.000		01/01/42		4,606,329
	3,000,000		New York State Thruway Authority, General Revenue Bonds, Series 2020N		4.000		01/01/43		2,751,415
	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		3,866,827


See Notes to Financial Statements		95

Portfolio of Investments August 31, 2026 (continued)

NAN


PRINCIPAL		DESCRIPTION	RATE		MATURITY		VALUE


		TRANSPORTATION (continued)
$	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	$	936,584
	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		6,582,350
	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		985,550
	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		13,822,246
	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		7,468,448
	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		9,714,403
	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		412,984
	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		6,879,397
	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		1,004,924
	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		7,276,877
	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		1,375,602
	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		126,173
	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		1,324,989
	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		6,154,662
	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		8,568,821
	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		2,040,113
	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		2,779,659
	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		3,402,792
	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		5,003,496
	3,975,000	Port Authority of New York and New Jersey, Consolidated Revenue Bonds, Two Hundred Fifth Series 2017		5.000		11/15/47		3,997,746
	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		4,134,276


96		See Notes to Financial Statements


PRINCIPAL			DESCRIPTION	RATE		MATURITY		VALUE


			TRANSPORTATION (continued)
$	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	$	2,369,398
	5,340,000		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, MTA Bridges & Tunnels, Series 2017A		5.000		11/15/47		5,371,236
	3,500,000		Triborough Bridge and Tunnel Authority, New York, General Purpose Revenue Bonds, Refunding Subordinate Lien Series 2017A2		5.000		11/15/42		3,528,066
	10,000,000		Triborough Bridge and Tunnel Authority, New York, General Revenue Bonds, MTA Bridges & Tunnels, Series 2022A		4.000		11/15/52		8,801,017


			TOTAL TRANSPORTATION						154,602,117


			U.S. GUARANTEED - 0.0% (f)(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		5,158
	35,000		New York State Dormitory Authority, Personal Income Tax Revenue Bonds, General Purpose Series 2019A, (Pre-refunded 3/15/29)		4.000		03/15/49		36,102


			TOTAL U.S. GUARANTEED						41,260


			UTILITIES - 9.8% (5.9% 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		3,002,067
	90,000		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2017		5.000		09/01/42		91,070
	3,530,000		Long Island Power Authority, New York, Electric System General Revenue Bonds, Series 2026B		5.250		09/01/56		3,640,461
	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		5,134,971
	2,100,000	(g)	New York Energy Finance Development Corporation, Energy Supply Revenue Bonds, Series 2025, (Mandatory Put 12/01/33)		5.000		07/01/56		2,145,769
	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		3,706,121
	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		7,548,775
	5,000,000		New York State Power Authority, General Revenue Bonds, Series 2020A		4.000		11/15/55		4,360,171
	2,270,000		New York State Power Authority, Green Transmission Project Revenue Bonds, Green Series 2023A - AGM Insured		5.000		11/15/48		2,336,769
	1,920,000	(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		1,683,026
	1,940,000	(a)	Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds, Refunding Senior Lien Series 2020A		5.000		07/01/47		1,949,893


			TOTAL UTILITIES						35,599,093


			TOTAL MUNICIPAL BONDS (Cost $610,934,206)						596,724,552


			TOTAL LONG-TERM INVESTMENTS (Cost $610,934,206)						596,724,552


See Notes to Financial Statements		97

Portfolio of Investments August 31, 2026 (continued)

NAN

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

SHORT-TERM INVESTMENTS - 1.1% (0.7% of Total Investments)

MUNICIPAL BONDS - 1.1% (0.7% of Total Investments)

UTILITIES - 1.1% (0.7% of Total Investments)

4,000,000

(h)

New York City Municipal Water Finance Authority, New York, Water and Sewer System Second General Resolution Revenue

Bonds, Fiscal 2016 Adjustable Rate Series AA-2

2.280%

06/15/48

4,000,000

TOTAL UTILITIES

4,000,000

TOTAL MUNICIPAL BONDS

(Cost $4,000,000)

4,000,000

TOTAL SHORT-TERM INVESTMENTS

(Cost $4,000,000)

4,000,000

TOTAL INVESTMENTS - 164.9%

(Cost $614,934,206)

600,724,552

FLOATING RATE OBLIGATIONS - (7.9)%

(28,840,000)

AMTP SHARES, NET - (34.8)% (i)

(126,978,119)

VRDP SHARES, NET - (24.3)% (j)

(88,386,644)

OTHER ASSETS & LIABILITIES, NET - 2.1%

7,857,359

NET ASSETS APPLICABLE TO COMMON SHARES - 100%

364,377,148

All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.



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)		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 $31,832,518 or 5.3% of Total Investments.
(b)		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.
(c)		Investment, or portion of investment, has been pledged to collateralize the net payment obligations for investments in inverse floating rate transactions.
(d)		Zero coupon bond: Security does not pay a regular interest coupon to its holders during the life of the obligation or for an initial period after the issuance of the obligation. Income to the holder of the bond is earned from accretion of discount, the difference between the original purchase price of the bond at issuance and the par value of the bond at maturity.
(e)		Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of bankruptcy.
(f)		Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely payment of principal and interest.
(g)		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.
(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)		AMTP Shares, Net as a percentage of Total Investments is 21.1%.
(j)		VRDP Shares, Net as a percentage of Total Investments is 14.7%.


98		See Notes to Financial Statements

Statement of Assets and Liabilities


August 31, 2026	NAZ			NKX			NCA			NAC			NRK			NNY
ASSETS
Long-term investments, at value^†	$	232,008,734		$	1,072,392,023		$	302,942,136		$	3,095,462,453		$	1,531,777,238		$	157,391,019
Short-term investments, at value^◇		2,000,000			6,000,000			–			–			29,990,000			4,000,000
Cash		675,994			12,860,742			1,675,678			–			–			412,259
Receivables:
Interest		2,212,710			10,753,626			2,836,612			31,906,064			19,729,691			2,069,678
Investments sold		15,000			65,000			–			25,066,075			520,000			580,000
Shares sold		19,365			172,975			–			882,808			–			–
Deferred offering costs		47,739			102,967			81,808			52,078			–			–
Other		7,893			259,085			22,153			620,511			545,189			5,435

Total assets		236,987,435			1,102,606,418			307,558,387			3,153,989,989			1,582,562,118			164,458,391
LIABILITIES
Cash overdraft		–			–			–			731,363			2,786,676			–
Floating rate obligations		–			33,485,000			–			68,590,000			13,480,000			–
AMTP Shares, Net*		88,280,443			–			–			–			–			–
MFP Shares, Net**		–			140,078,184			–			256,968,672			79,651,425			–
VRDP Shares, Net***		–			255,829,749			–			881,813,444			582,459,127			–
Payables:
Management fees		120,316			532,437			124,106			1,458,621			760,643			70,058
Dividends		782,950			3,870,597			961,608			11,234,317			5,400,924			523,805
Interest		52			305,645			114			638,699			140,110			63
Investments purchased - regular settlement		–			4,632,680			2,788,090			–			–			–
Investments purchased - when-issued/delayed-delivery settlement		976,558			10,987,394			1,494,990			48,699,977			–			–
Accrued expenses:
Custodian fees		54,636			134,119			53,905			336,312			197,355			39,217
Investor relations fees		3,232			12,692			5,306			31,398			25,044			3,705
Trustees fees		7,676			82,422			22,606			269,544			150,146			5,448
Professional fees		33,182			9,394			33,169			32,921			22,166			33,037
Shareholder reporting expenses		7,720			18,934			14,104			42,998			16,368			6,345
Shareholder servicing agent fees		2,424			1,699			1,992			7,781			8,148			1,811
Shelf offering costs		–			–			65,526			–			–			–
Other		3,791			41,193			34			57,709			100,526			1,940

Total liabilities		90,272,980			450,022,139			5,565,550			1,270,913,756			685,198,658			685,429

Commitments and contingencies⁽¹⁾
Net assets applicable to common shares	$	146,714,455		$	652,584,279		$	301,992,837		$	1,883,076,233		$	897,363,460		$	163,772,962

Common shares outstanding		13,121,535			56,211,701			33,441,159			168,725,365			87,235,304			18,886,052
Net asset value (“NAV”) per common share outstanding	$	11.18		$	11.61		$	9.03		$	11.16		$	10.29		$	8.67
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:

Common shares, $0.01 par value per share	$	131,215		$	562,117		$	334,412		$	1,687,254		$	872,353		$	188,861
Paid-in capital		162,807,040			695,388,874			315,930,332			2,105,271,470			1,101,716,969			178,431,300
Total distributable earnings (loss)		(16,223,800	)		(43,366,712	)		(14,271,907	)		(223,882,491	)		(205,225,862	)		(14,847,199	)

Net assets applicable to common shares	$	146,714,455		$	652,584,279		$	301,992,837		$	1,883,076,233		$	897,363,460		$	163,772,962

Authorized shares:
Common		Unlimited			Unlimited			Unlimited			Unlimited			Unlimited			Unlimited
Preferred		Unlimited			Unlimited			–			Unlimited			Unlimited			–

^† Long-term investments, cost	$	239,378,116		$	1,076,575,301		$	305,738,655		$	3,148,290,888		$	1,565,860,452		$	161,415,932

^◇ Short-term investments, cost	$	2,000,000		$	6,000,000		$	–		$	–		$	29,990,000		$	4,000,000

* AMTP Shares, unamortized net deferred offering costs	$	19,557		$	–		$	–		$	–		$	–		$	–

** MFP Shares, unamortized net deferred offering costs	$	–		$	321,816		$	–		$	31,328		$	348,575		$	–

*** VRDP Shares, unamortized net deferred offering costs	$	–		$	870,251		$	–		$	1,986,556		$	1,340,873		$	–

See Notes to Financial Statements


		99

Statement of Assets and Liabilities (continued)


August 31, 2026	NAN
ASSETS
Long-term investments, at value^†	$	596,724,552
Short-term investments, at value^◇		4,000,000
Cash		1,179,622
Receivables:
Interest		8,096,267
Investments sold		8,647,398
Deferred offering costs		22,489
Other		109,256

Total assets		618,779,584
LIABILITIES
Floating rate obligations		28,840,000
AMTP Shares, Net*		126,978,119
VRDP Shares, Net***		88,386,644
Payables:
Management fees		304,648
Dividends		2,108,625
Interest		297,364
Investments purchased - regular settlement		7,282,830
Accrued expenses:
Custodian fees		82,206
Investor relations fees		8,964
Trustees fees		47,203
Professional fees		27,111
Shareholder reporting expenses		8,932
Shareholder servicing agent fees		5,422
Other		24,368

Total liabilities		254,402,436
Commitments and contingencies⁽¹⁾
Net assets applicable to common shares	$	364,377,148

Common shares outstanding		33,568,992
Net asset value (“NAV”) per common share outstanding	$	10.85
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share	$	335,690
Paid-in capital		440,198,701
Total distributable earnings (loss)		(76,157,243	)
Net assets applicable to common shares	$	364,377,148
Authorized shares:
Common		Unlimited
Preferred		Unlimited

^† Long-term investments, cost	$	610,934,206

^◇ Short-term investments, cost	$	4,000,000

* AMTP Shares, unamortized net deferred offering costs	$	21,881

*** VRDP Shares, unamortized net deferred offering costs	$	613,356

⁽¹⁾	As disclosed in Notes to Financial Statements.

See Notes to Financial Statements


100

Statement of Operations


Year Ended August 31, 2026	NAZ		NKX			NCA			NAC			NRK

INVESTMENT INCOME
Interest	$	9,956,293	$	48,086,024		$	13,338,298		$	138,637,082		$	75,642,919
Total investment income		9,956,293		48,086,024			13,338,298			138,637,082			75,642,919

EXPENSES
Management fees		1,410,234		6,160,879			1,475,412			16,793,760			9,204,715
Shareholder servicing agent fees		15,239		10,282			7,545			33,641			36,203
Interest expense and amortization of offering costs ^#		2,967,147		11,458,852			1,693			37,571,590			17,370,917
Trustees fees		11,579		51,352			15,008			145,868			79,793
Custodian expenses, net		32,619		79,840			32,087			204,261			119,922
Excise tax liability expense		–		1,825			–			4,609			4,439
Investor relations expenses		25,575		101,067			15,410			262,060			162,853
Liquidity fees		–		1,983,043			–			3,813,965			4,535,262
Professional fees		52,993		110,290			49,504			185,156			110,571
Remarketing fees		–		666,020			–			504,815			746,769
Shareholder reporting expenses		16,813		37,257			25,233			68,838			43,846
Stock exchange listing fees		9,449		26,224			10,389			58,407			27,351
Other		61,758		149,201			16,240			220,768			111,516

Total expenses		4,603,406		20,836,132			1,648,521			59,867,738			32,554,157

Net investment income (loss)		5,352,887		27,249,892			11,689,777			78,769,344			43,088,762

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments		328,983		(492,998	)		(28,473	)		(627,248	)		(4,684,490	)
Net realized gain (loss)		328,983		(492,998	)		(28,473	)		(627,248	)		(4,684,490	)

Change in unrealized appreciation (depreciation) on:
Investments		4,090,403		18,515,234			5,976,553			59,919,109			31,506,789
Net change in unrealized appreciation (depreciation)		4,090,403		18,515,234			5,976,553			59,919,109			31,506,789

Net realized and unrealized gain (loss)		4,419,386		18,022,236			5,948,080			59,291,861			26,822,299

Net increase (decrease) in net assets applicable to common shares from operations	$	9,772,273	$	45,272,128		$	17,637,857		$	138,061,205		$	69,911,061

See Notes to Financial Statements


		101

Statement of Operations (continued)


Year Ended August 31, 2026	NNY			NAN

INVESTMENT INCOME
Interest	$	7,784,000		$	28,980,245
Total investment income		7,784,000			28,980,245

EXPENSES
Management fees		826,453			3,568,798
Shareholder servicing agent fees		7,932			28,880
Interest expense and amortization of offering costs ^#		5,245			7,641,914
Trustees fees		8,235			28,913
Custodian expenses, net		23,387			50,748
Investor relations expenses		8,919			69,532
Liquidity fees		–			735,243
Professional fees		45,970			90,562
Remarketing fees		–			45,242
Shareholder reporting expenses		18,528			27,286
Stock exchange listing fees		7,646			10,974
Other		13,493			106,788

Total expenses		965,808			12,404,880

Net investment income (loss)		6,818,192			16,575,365

REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments		(25,791	)		(922,850	)
Net realized gain (loss)		(25,791	)		(922,850	)

Change in unrealized appreciation (depreciation) on:
Investments		2,426,872			9,746,866
Net change in unrealized appreciation (depreciation)		2,426,872			9,746,866

Net realized and unrealized gain (loss)		2,401,081			8,824,016

Net increase (decrease) in net assets applicable to common shares from operations	$	9,219,273		$	25,399,381


^# SUPPLEMENTAL INFORMATION FOR DEBT TRANSACTIONS	NAZ		NKX		NAC		NRK		NAN
Aggregate amount of debt outstanding	$	88,300,000	$	430,585,000	$	1,209,390,000	$	677,280,000	$	244,840,000
Aggregate average interest rate		3.34%		2.64%		3.07%		2.54%		3.09%

See Notes to Financial Statements


102

Statement of Changes in Net Assets


	NAZ						NKX

	Year Ended 8/31/26			Year Ended 8/31/25			Year Ended 8/31/26			Year Ended 8/31/25
OPERATIONS
Net investment income (loss)	$	5,352,887		$	4,665,578		$	27,249,892		$	24,051,254
Net realized gain (loss)		328,983			(831,469	)		(492,998	)		(3,750,023	)
Net change in unrealized appreciation (depreciation)		4,090,403			(11,152,391	)		18,515,234			(57,718,350	)

Net increase (decrease) in net assets applicable to common shares from operations		9,772,273			(7,318,282	)		45,272,128			(37,417,119	)

DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends		(5,257,678	)		(4,670,083	)		(26,983,819	)		(23,818,712	)
Return of Capital		(4,548,167	)		(5,502,803	)		(20,934,917	)		(20,059,831	)

Total distributions		(9,805,845	)		(10,172,886	)		(47,918,736	)		(43,878,543	)

CAPITAL SHARE TRANSACTIONS

Common shares:

Proceeds from shelf offering, net of offering costs		11,827,997			5,699,157			79,140,240			24,501,438
Reinvestments of distributions		339,134			199,112			1,690,188			1,748,791
Net increase (decrease) applicable to common shares from capital share transactions		12,167,131			5,898,269			80,830,428			26,250,229

Net increase (decrease) in net assets applicable to common shares		12,133,559			(11,592,899	)		78,183,820			(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	$	146,714,455		$	134,580,896		$	652,584,279		$	574,400,459

See Notes to Financial Statements


		103

Statement of Changes in Net Assets (continued)


	NCA						NAC

	Year Ended 8/31/26			Year Ended 8/31/25			Year Ended 8/31/26			Year Ended 8/31/25
OPERATIONS
Net investment income (loss)	$	11,689,777		$	11,539,868		$	78,769,344		$	69,149,547
Net realized gain (loss)		(28,473	)		(764,730	)		(627,248	)		(11,056,790	)
Net change in unrealized appreciation (depreciation)		5,976,553			(17,888,504	)		59,919,109			(176,332,870	)

Net increase (decrease) in net assets applicable to common shares from operations		17,637,857			(7,113,366	)		138,061,205			(118,240,113	)

DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends		(11,738,211	)		(11,521,652	)		(76,862,853	)		(68,173,750	)
Return of Capital		–			–			(59,383,497	)		(59,498,838	)

Total distributions		(11,738,211	)		(11,521,652	)		(136,246,350	)		(127,672,588	)

CAPITAL SHARE TRANSACTIONS
Common shares:

Proceeds from shelf offering, net of offering costs		2,867,225			–			266,304,619			11,173,911
Reinvestments of distributions		190,639			–			3,608,879			–

Net increase (decrease) applicable to common shares from capital share transactions		3,057,864			–			269,913,498			11,173,911
Net increase (decrease) in net assets applicable to common shares		8,957,510			(18,635,018	)		271,728,353			(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	$	301,992,837		$	293,035,327		$	1,883,076,233		$	1,611,347,880

See Notes to Financial Statements


104


	NRK						NNY
	Year Ended 8/31/26			Year Ended 8/31/25			Year Ended 8/31/26			Year Ended 8/31/25
OPERATIONS
Net investment income (loss)	$	43,088,762		$	40,509,089		$	6,818,192		$	6,698,335
Net realized gain (loss)		(4,684,490	)		(2,530,510	)		(25,791	)		(163,189	)
Net change in unrealized appreciation (depreciation)		31,506,789			(115,012,924	)		2,426,872			(9,797,640	)

Net increase (decrease) in net assets applicable to common shares from operations		69,911,061			(77,034,345	)		9,219,273			(3,262,494	)

DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends		(42,310,047	)		(39,862,750	)		(6,685,663	)		(6,685,663	)
Return of Capital		(29,004,816	)		(32,368,083	)		–			–

Total distributions		(71,314,863	)		(72,230,833	)		(6,685,663	)		(6,685,663	)
Net increase (decrease) in net assets applicable to common shares		(1,403,802	)		(149,265,178	)		2,533,610			(9,948,157	)
Net assets applicable to common shares at the beginning of period		898,767,262			1,048,032,440			161,239,352			171,187,509

Net assets applicable to common shares at the end of period	$	897,363,460		$	898,767,262		$	163,772,962		$	161,239,352

See Notes to Financial Statements


		105

Statement of Changes in Net Assets (continued)


	NAN
	Year Ended 8/31/26			Year Ended 8/31/25
OPERATIONS
Net investment income (loss)	$	16,575,365		$	15,165,340
Net realized gain (loss)		(922,850	)		(1,953,164	)
Net change in unrealized appreciation (depreciation)		9,746,866			(36,361,886	)

Net increase (decrease) in net assets applicable to common shares from operations		25,399,381			(23,149,710	)

DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends		(16,438,432	)		(14,970,712	)
Return of Capital		(10,941,494	)		(11,680,591	)

Total distributions		(27,379,926	)		(26,651,303	)

CAPITAL SHARE TRANSACTIONS

Common shares:

Proceeds from shelf offering, net of offering costs		27,413,497			1,811,164
Reinvestments of distributions		1,198,273			444,021

Net increase (decrease) applicable to common shares from capital share transactions		28,611,770			2,255,185
Net increase (decrease) in net assets applicable to common shares		26,631,225			(47,545,828	)
Net assets applicable to common shares at the beginning of period		337,745,923			385,291,751

Net assets applicable to common shares at the end of period	$	364,377,148		$	337,745,923

See Notes to Financial Statements


106

Statement of Cash Flows


Year Ended August 31, 2026	NAZ			NKX			NAC			NRK			NAN

CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Applicable to Common Shares from Operations	$	9,772,273		$	45,272,128		$	138,061,205		$	69,911,061		$	25,399,381
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		(23,256,077	)		(299,209,907	)		(621,899,829	)		(213,428,879	)		(73,155,459	)
Proceeds from sale and maturities of investments		12,692,254			239,078,956			375,006,118			242,960,312			61,769,779
Proceeds from (Purchase of) short-term investments, net		(2,000,000	)		10,000,000			23,600,000			(1,990,000	)		(4,000,000	)
Amortization (Accretion) of premiums and discounts, net		1,007,225			(3,634,750	)		(3,392,028	)		(3,262,338	)		442,001
Amortization of deferred offering costs		110,787			170,497			326,057			107,285			119,049
(Increase) Decrease in:
Receivable for interest		(11,840	)		66,500			(744,675	)		(721,483	)		(372,538	)
Receivable for investments sold		4,045,807			1,365,000			(20,126,075	)		3,500,000			(8,617,398	)
Other assets		17,396			(13,910	)		(43,663	)		(15,052	)		17,971
Increase (Decrease) in:
Payable for interest		1			(12,613	)		204,571			88,610			81,057
Payable for investments purchased - regular settlement		–			4,632,680			–			–			7,282,830
Payable for investments purchased - when-issued/delayed-delivery settlement		539,322			7,287,464			40,451,577			–			–
Payable for management fees		6,646			48,037			124,803			1,322			14,268
Accrued custodian fees		32,426			79,645			194,181			113,368			47,081
Accrued investor relations fees		(785	)		(2,998	)		(14,455	)		(4,011	)		(1,919	)
Accrued Trustees fees		2,315			7,724			15,647			9,284			4,430
Accrued professional fees		(103	)		(24,242	)		7,889			(7,964	)		(2,550	)
Accrued shareholder reporting expenses		(496	)		(2,543	)		(4,225	)		(2,281	)		(215	)
Accrued shareholder servicing agent fees		(1,607	)		(1,038	)		(2,047	)		(2,310	)		(2,222	)
Accrued shelf offering costs		–			–			(90,000	)		–			(80,000	)
Accrued other expenses		3,323			22,494			26,226			13,721			5,584
Net realized (gain) loss from investments		(328,983	)		492,998			627,248			4,684,490			922,850
Net realized (gain) loss from paydowns		–			(309,346	)		(2,202,269	)		–			–
Net change in unrealized (appreciation) depreciation of investments		(4,090,403	)		(18,515,234	)		(59,919,109	)		(31,506,789	)		(9,746,866	)
Net cash provided by (used in) operating activities		(1,460,519	)		(13,202,458	)		(129,792,853	)		70,448,346			127,114
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings		5,633,391			50,300,000			55,395,950			50,741,585			4,952,582
(Repayments) of borrowings		(5,633,391	)		(50,300,000	)		(55,395,950	)		(50,741,585	)		(4,952,582	)
Proceeds from floating rate obligations		–			–			24,000,000			–			–
(Repayments for) VRDP Shares redeemed, at liquidation preference		–			–			(24,000,000	)		–			–
(Payments for) deferred offering costs		(59,395	)		(128,387	)		(65,476	)		–			(9,246	)
Increase (Decrease) in:
Cash overdraft		(86,330	)		(7,197,693	)		(4,080,822	)		1,187,346			(388,631	)
Cash distributions paid to common shareholders		(9,526,394	)		(45,926,177	)		(131,670,728	)		(71,635,692	)		(26,125,006	)
Proceeds from shelf offering, net of offering costs		11,808,632			79,315,457			265,609,879			–			27,575,391

Net cash provided by (used in) financing activities		2,136,513			26,063,200			129,792,853			(70,448,346	)		1,052,508
Net increase (decrease) in cash		675,994			12,860,742			–			–			1,179,622
Cash at the beginning of period		–			–			–			–			–

Cash at the end of period	$	675,994		$	12,860,742		$	–		$	–		$	1,179,622


SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION	NAZ		NKX		NAC		NRK
Cash paid for interest	$	2,949,035	$	11,397,084	$	37,125,366	$	17,152,898
Non-cash financing activities not included herein consists of reinvestments of common share distributions		339,134		1,690,188		3,608,879		–

SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION							NAN
Cash paid for interest							$	7,489,936
Non-cash financing activities not included herein consists of reinvestments of common share distributions								1,198,273

See Notes to Financial Statements


		107

Financial Highlights

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			Shelf Offering Cost		Premium per Share Sold through Shelf Offering		Net Asset Value, End of Period		Share Price, End of Period
NAZ
8/31/26		$11.12		$0.42		$0.39		$0.81		$(0.42)		$—		$(0.36)		$(0.78)		$—			$(0.01)		$0.04		$11.18	$12.31
8/31/25		12.61		0.40		(1.02)		(0.62)		(0.40)		—		(0.47)		(0.87)		—			—		—		11.12	11.86
8/31/24^(d)		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)		—	^(f)		—		—		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
NKX
8/31/26		11.56		0.51		0.38		0.89		(0.51)		—		(0.39)		(0.90)		—			—		0.06		11.61	12.05
8/31/25		13.25		0.50		(1.28)		(0.78)		(0.49)		—		(0.42)		(0.91)		—			—		—		11.56	11.82
8/31/24^(d)		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

(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:


		Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
NAZ
8/31/26		2.02%
8/31/25		2.43
8/31/24^(d)		2.61^(e)
2/29/24		2.74
2/28/23		1.57
2/28/22		0.48
NKX
8/31/26		2.20
8/31/25		2.68
8/31/24^(d)		2.96^(e)
2/29/24		2.99
2/28/23		1.76
2/28/22		0.49

(d)	For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund’s fiscal year end was February 28/29th.

(e)	Annualized.

(f)	Value rounded to zero.


108


		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

7.47%	10.80%	$146,714	3.13%	3.64%	5%
(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

8.20	9.81	652,584	3.25	4.25	24
(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

See Notes to Financial Statements


		109

Financial Highlights (continued)

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
NCA
8/31/26		$8.85		$0.35		$0.18		$0.53		$(0.35)		$—		$—		$(0.35)		$—			$—	^(d)		$9.03	$9.05
8/31/25		9.41		0.35		(0.56)		(0.21)		(0.35)		—		—		(0.35)		—			—			8.85	8.52
8/31/24^(e)		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
NAC
8/31/26		11.06		0.50		0.44		0.94		(0.49)		—		(0.38)		(0.87)		—			0.03			11.16	11.65
8/31/25		12.76		0.48		(1.30)		(0.82)		(0.47)		—		(0.41)		(0.88)		—			—			11.06	11.23
8/31/24^(e)		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)		—	^(d)		—			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

(a)	Based on average shares outstanding.

(b)

(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.


		Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
NCA
8/31/26		—%
8/31/25		0.01
8/31/24^(e)		—^(f)
2/29/24		—
2/28/23		—
2/28/22		—
NAC
8/31/26		2.30
8/31/25		2.78
8/31/24^(e)		2.99^(f)
2/29/24		3.04
2/28/23		1.73
2/28/22		0.55

(d)	Value rounded to zero.

(e)	For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund’s fiscal year end was February 28/29th.

(f)	Annualized.


110


		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

6.04%	10.42%	$301,993	0.54%	3.84%	7%
(2.31)	(1.12)	293,035	0.54	3.81	11
1.99	4.32	311,670	0.55 ^(f)	3.65 ^(f)	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

8.73	11.77	1,883,076	3.30	4.33	13
(6.68)	2.96	1,611,348	3.79	4.00	17
2.37	11.00	1,846,087	3.98 ^(f)	3.31 ^(f)	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

See Notes to Financial Statements


		111

Financial Highlights (continued)

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
NRK
8/31/26		$10.30		$0.49		$0.32			$0.81		$(0.49)		$—		$(0.33)		$(0.82)		$10.29	$10.28
8/31/25		12.01		0.46		(1.34)			(0.88)		(0.46)		—		(0.37)		(0.83)		10.30	9.51
8/31/24^(d)		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
NNY
8/31/26		8.54		0.36		0.12			0.48		(0.35)		—		—		(0.35)		8.67	8.16
8/31/25		9.06		0.35		(0.52)			(0.17)		(0.35)		—		—		(0.35)		8.54	8.09
8/31/24^(d)		9.06		0.17		—	^(f)		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

(a)	Based on average shares outstanding.

(b)

(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.


		Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
NRK
8/31/26		2.40%
8/31/25		2.61
8/31/24^(d)		2.84^(e)
2/29/24		2.89
2/28/23		1.80
2/28/22		0.55
NNY
8/31/26		—
8/31/25		0.01
8/31/24^(d)		—^(e)
2/29/24		0.01
2/28/23		—
2/28/22		—

(d)	For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund’s fiscal year end was February 28/29th.

(e)	Annualized.

(f)	Value rounded to zero.


112


		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

7.74%	16.97%	$897,363	3.45%	4.57%	14%
(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

5.67	5.15	163,773	0.58	4.09	9
(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

See Notes to Financial Statements


		113

Financial Highlights (continued)

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			Premium per Share Sold through Shelf Offering		Net Asset Value, End of Period		Share Price, End of Period
NAN
8/31/26	$	10.88	$	0.52	$	0.29		$	0.81		$	(0.51	)		$—	$	(0.34	)	$	(0.85	)	$	0.01	$	10.85	$10.89
8/31/25		12.49		0.49		(1.24	)		(0.75	)		(0.48	)		—		(0.38	)		(0.86	)		—		10.88	10.97
8/31/24^(d)		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

(a)	Based on average shares outstanding.

(b)

(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.


		Ratios of Interest Expense to Average Net Assets Applicable to Common Shares
NAN
8/31/26		2.31%
8/31/25		2.67
8/31/24^(d)		2.79(e)
2/29/24		2.78
2/28/23		1.64
2/28/22		0. 53

(d)	For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund’s fiscal year end was February 28/29th.

(e)	Annualized.


114


		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

7.49%	7.01%	$364,377	3.41%	4.55%	10%
(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

See Notes to Financial Statements

115

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
	Aggregate Amount Outstanding (000)^(a)		Asset Coverage Per $100,000^(b)		Aggregate Amount Outstanding (000)^(a)		Asset Coverage Per $100,000^(b)
NAZ
8/31/26		$88,300		$266,155		$—	$—
8/31/25		88,300		252,413		—	—
8/31/24^(c)		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		—	—

(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)	For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund’s fiscal year end was February 28/29th.

116

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.


	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
8/31/26		$—		$—		$140,400		$264,338		$—		$—		$256,700		$264,338	$2.64
8/31/25		—		—		140,400		244,649		—		—		256,700		244,649	2.45
8/31/24^(e)		—		—		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
NAC
8/31/26		—		—		257,000		265,066		—		—		883,800		265,066	2.65
8/31/25		—		—		257,000		238,337		—		—		907,800		238,337	2.38
8/31/24^(e)		—		—		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
NRK
8/31/26		—		—		80,000		235,186		—		—		583,800		235,186	2.35
8/31/25		—		—		80,000		235,397		—		—		583,800		235,397	2.35
8/31/24^(e)		—		—		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


(a)		Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.
(b)		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.
(c)		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.
(d)		Includes all preferred shares presented for the Fund.
(e)		For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund’s fiscal year end was February 28/29th.

117

Financial Highlights (continued)

The following table sets forth information regarding the Fund’s outstanding securities as of the end 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
8/31/26		$127,000		$268,693		$—		$—		$89,000		$268,693	$2.69
8/31/25		127,000		256,364		—		—		89,000		256,364	2.56
8/31/24(d)		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

(a)	Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal year.

(b)

(c)	Includes all preferred shares presented for the Fund.

(d)	For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund’s fiscal year end was February 28/29th.

118

Notes to Financial Statements

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 York AMT-Free Quality Municipal Income Fund (NRK)

• Nuveen New York Municipal Value Fund (NNY)

• Nuveen New York Quality Municipal Income Fund (NAN)

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, NRK, NNY and NAN were organized as Massachusetts business trusts on August 24, 2012, July 29, 2002, March 8, 2021, December 1, 1998, April 19, 2002, April 12, 2021 and December 1, 1998, 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 August 31, 2026, and the period covered by these Notes to Financial Statements is the fiscal year ended August 31, 2026 (the “current fiscal period”).

Investment Adviser and Sub-Adviser: The Funds’ investment adviser is Nuveen Fund Advisors, LLC (the “Adviser”), a subsidiary of Nuveen, LLC (“Nuveen”). Nuveen is the investment management arm of Teachers Insurance and Annuity Association of America (TIAA). The Adviser has overall responsibility for management of the Funds, oversees the management of the Funds’ portfolios, manages the Funds’ business affairs and provides certain clerical, bookkeeping and other administrative services, and, if necessary, asset allocation decisions. The Adviser has entered into sub-advisory agreements with Nuveen Asset Management, LLC (the “Sub-Adviser”), a subsidiary of the Adviser, under which the Sub-Adviser manages the investment portfolios of the Funds.

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 Funds’ Board of Trustees (the “Board”) has adopted a deferred compensation plan for independent trustees that enables trustees to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.

Custodian Fee Credit: As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and Trust Company, (the “Custodian”) whereby certain custodian fees and expenses are reduced by net credits earned on each Fund’s cash on deposit with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of “Custodian expenses, net.” During the current fiscal period, the 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.

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.

119

Notes to Financial Statements (continued)

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

New Accounting Pronouncement (ASU No. 2025-11): In December 2025, the FASB issued ASU No. 2025-11, Interim Reporting (Topic 270) Narrow Scope Improvements (“ASU 2025-11”). The amendments in ASU 2025-11 provide a comprehensive list of interim disclosures that are required by U.S. GAAP. ASU 2025-11 also includes a disclosure principle that requires entities to disclose events since the end of the last annual reporting period that have a material impact on the entity. The amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting periods beginning after December 15, 2027. Early adoption is permitted for all entities. Management is currently evaluating the implications of these changes on the financial statements.

3. Investment Valuation and Fair Value Measurements

The Funds’ investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Adviser, subject to oversight of the Board. Fair value is defined as the price that would be received upon selling an investment or transferring a liability in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. U.S. GAAP establishes the three-tier hierarchy which is used to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability. Observable inputs are based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect management’s assumptions about the assumptions market participants would use in pricing the asset or liability. Unobservable inputs are based on the best information available in the circumstances. The following is a summary of the three-tiered hierarchy of valuation input levels.

Level 1 –

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

Level 2 –

Prices are determined using other significant observable inputs (including quoted prices for similar securities, interest rates, credit spreads, etc.).

Level 3 –

Prices are determined using significant unobservable inputs (including management’s assumptions in determining the fair value of investments).

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

120

Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and oversight of the Board. Pricing services establish a security’s fair value using methods that may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.

The fair values of liabilities for floating rate obligations approximate their liquidation values. Floating rate obligations are generally classified as Level 2 and are further described later in these Notes to Financial Statements.

The fair values of liabilities for preferred shares approximate their liquidation preference. Preferred shares are generally classified as Level 2 and are further described later in these Notes to Financial Statements.

For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor’s credit characteristics considered relevant. To the extent the inputs are observable and timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.

The following table summarizes the market value of the Funds’ investments, and the fair value of certain other assets and liabilities, when applicable, as of the end of the current fiscal period, based on the inputs used to value them:



NAZ	Level 1		Level 2		Level 3		Total


Long-Term Investments:
Municipal Bonds	$	–	$	232,008,734	$	–	$	232,008,734
Short-Term Investments:
Municipal Bonds		–		2,000,000		–		2,000,000


	$	–	$	234,008,734	$	–	$	234,008,734


Liabilities at Fair Value:
AMTP Shares, Net	$	–	$	88,280,443	$	–	$	88,280,443


	$	–	$	88,280,443	$	–	$	88,280,443



NKX	Level 1		Level 2		Level 3		Total


Long-Term Investments:
Municipal Bonds	$	–	$	1,072,392,023	$	–	$	1,072,392,023
Short-Term Investments:
Municipal Bonds		–		6,000,000		–		6,000,000


	$	–	$	1,078,392,023	$	–	$	1,078,392,023


Liabilities at Fair Value:
Floating Rate Obligations	$	–	$	33,485,000	$	–	$	33,485,000
MFP Shares, Net		–		140,078,184		–		140,078,184
VRDP Shares, Net		–		255,829,749		–		255,829,749


	$	–	$	429,392,933	$	–	$	429,392,933



NCA	Level 1		Level 2		Level 3		Total


Long-Term Investments:
Municipal Bonds	$	–	$	300,442,136	$	–	$	300,442,136
Variable Rate Demand Preferred Shares		–		2,500,000		–		2,500,000


	$	–	$	302,942,136	$	–	$	302,942,136



NAC	Level 1		Level 2		Level 3		Total


Long-Term Investments:
Municipal Bonds	$	–	$	3,095,462,453	$	–	$	3,095,462,453


	$	–	$	3,095,462,453	$	–	$	3,095,462,453


Liabilities at Fair Value:
Floating Rate Obligations		–		68,590,000		–		68,590,000
MFP Shares, Net		–		256,968,672		–		256,968,672
VRDP Shares, Net		–		881,813,444		–		881,813,444


	$	–	$	1,207,372,116	$	–	$	1,207,372,116

121

Notes to Financial Statements (continued)



NRK	Level 1		Level 2		Level 3		Total


Long-Term Investments:
Municipal Bonds	$	–	$	1,531,777,238	$	–	$	1,531,777,238
Short-Term Investments:
Municipal Bonds		–		29,990,000		–		29,990,000


	$	–	$	1,561,767,238	$	–	$	1,561,767,238


Liabilities at Fair Value:
Floating Rate Obligations	$	–	$	13,480,000	$	–	$	13,480,000
MFP Shares, Net		–		79,651,425		–		79,651,425
VRDP Shares, Net		–		582,459,127		–		582,459,127


	$	–	$	675,590,552	$	–	$	675,590,552



NNY	Level 1		Level 2		Level 3		Total


Long-Term Investments:
Municipal Bonds	$	–	$	157,391,019	$	–	$	157,391,019
Short-Term Investments:
Municipal Bonds		–		4,000,000		–		4,000,000


	$	–	$	161,391,019	$	–	$	161,391,019



NAN	Level 1		Level 2		Level 3		Total


Long-Term Investments:
Municipal Bonds	$	–	$	596,724,552	$	–	$	596,724,552
Short-Term Investments:
Municipal Bonds		–		4,000,000		–		4,000,000


	$	–	$	600,724,552	$	–	$	600,724,552


Liabilities at Fair Value:
Floating Rate Obligations		–		28,840,000		–		28,840,000
AMTP Shares, Net		–		126,978,119		–		126,978,119
VRDP Shares, Net		–		88,386,644		–		88,386,644


	$	–	$	244,204,763	$	–	$	244,204,763

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

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“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.

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:


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

NRK		13,480,000		—		13,480,000

NNY		—		—		—

NAN		28,840,000		—		28,840,000

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:


Fund	Average Floating Rate Obligations Outstanding		Average Annual Interest Rate And Fees		Interest Rate as of End of Period



NAZ	$	—		—%		—%

NKX		33,485,000		2.90		2.28

NCA		—		—		—

NAC		61,554,384		2.99		2.28

NRK		13,480,000		2.89		2.28

NNY		—		—		—

NAN		28,840,000		2.89		2.28

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.

123

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:

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

NRK

13,480,000

–

13,480,000

NNY

–

NAN

28,840,000

–

28,840,000

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


Fund	Non-U.S. Government Purchases		Non-U.S. Government Sales and Maturities


NAZ	$	23,256,077	$	12,692,254

NKX		299,209,907		239,078,956

NCA		35,562,603		19,366,154

NAC		621,899,829		375,006,118

NRK		213,428,879		242,960,312

NNY		14,215,287		16,879,029

NAN		73,155,459		61,769,779

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.

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


124

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 and prior 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:


	NAZ				NKX				NCA
	Year Ended 8/31/26		Year Ended 8/31/25		Year Ended 8/31/26		Year Ended 8/31/25		Year Ended 8/31/26		Year Ended 8/31/25


Maximum aggregate offering		5,400,000		1,200,000		19,548,000		4,800,000		13,700,000		–
Common shares sold		994,942		490,326		6,369,584		2,040,416		312,300		–
Offering proceeds, net of offering costs		$11,827,997		$5,699,157		$79,140,240		$24,501,438		$2,867,225		$–


	NAC				NAN
	Year Ended 8/31/26		Year Ended 8/31/25		Year Ended 8/31/26		Year Ended 8/31/25

Maximum aggregate offering		Unlimited		14,500,000		3,100,000		3,100,000
Common shares sold		22,685,653		1,006,029		2,419,378		166,880
Offering proceeds, net of offering costs		$266,304,619		$11,173,911		$27,413,497		$1,811,164

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.

Common Share Transactions: Transactions in common shares for the Funds during the Funds’ current and prior fiscal period, where applicable, were as follows:


	NAZ				NKX				NCA
	Year Ended 8/31/26		Year Ended 8/31/25		Year Ended 8/31/26		Year Ended 8/31/25		Year Ended 8/31/26		Year Ended 8/31/25


Common Shares:
Sold through shelf offering		994,942		490,326		6,369,584		2,040,416		312,300		–
Issued to shareholders due to reinvestment of distributions		28,823		17,078		140,285		141,083		20,663		–


Total		1,023,765		507,404		6,509,869		2,181,499		332,963		–


Weighted average common share:
Premium to NAV per shelf offering common share sold		4.06%		4.97%		4.14%		1.51%		0.95%		–%


	NAC				NAN
	Year Ended 8/31/26		Year Ended 8/31/25		Year Ended 8/31/26		Year Ended 8/31/25

Common Shares:
Sold through shelf offering		22,685,653		1,006,029		2,419,378		166,880
Issued to shareholders due to reinvestment of distributions		311,625		–		106,110		40,292

Total		22,997,278		1,006,029		2,525,488		207,172

Weighted average common share:
Premium to NAV per shelf offering common share sold		2.07%		1.41%		1.14%		0.87%


		125

Notes to Financial Statements (continued)

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:


Fund	Series		Shares Outstanding		Liquidation Preference		Liquidation Preference, net of deferred offering costs
NAZ		2028		883		$88,300,000		$88,280,443
NAN		2028		1,270		$127,000,000		$126,978,119

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:

Fund

Notice
Period

Series

Term
Redemption Date

Premium
Expiration Date

NAZ

180–day

2028

December 1, 2028*

December 13, 2019

NAN

180–day

2028

December 1, 2028*

November 30, 2019

* Subject to early termination by either the Fund or the holder.

The average liquidation preference of AMTP Shares outstanding and annualized dividend rate for the Fund during the current fiscal period and dividend rate as of the end of the current fiscal period were as follows:


Fund	Average Liquidation Preference of AMTP Shares Outstanding		Annualized Dividend Rate		Dividend Rate as of End of Period
NAZ		$ 88,300,000		3.34%		3.18%
NAN		127,000,000		3.49		3.33

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.


126

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 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 $140,078,184, $256,968,672 and $79,651,425 respectively, of MFP Shares at liquidation preference, net of deferred offering costs. Further details of each Fund’s MFP Shares outstanding were as follows:

Fund

Series

Shares
Outstanding

Liquidation
Preference

Term
Redemption Date

Mode

Mode
Termination Date

NKX

1,404

140,400,000

October 1, 2047

VRRM

N/A

NAC

2,570

257,000,000

January 3, 2028

VRM

January 3, 2028

NRK

800

$80,000,000

May 1, 2047

VRRM

May 1, 2047

* Subject to early termination by either the Fund or the holder.

The average liquidation preference of MFP Shares outstanding and the annualized dividend rate for the Fund during the current fiscal period and dividend rate as of the end of the current fiscal period were as follows:


		127

Notes to Financial Statements (continued)


Fund	Average Liquidation Preference of MFP Shares Outstanding		Annualized Dividend Rate		Dividend Rate as of End of Period
NKX	$	140,400,000		2.89%		2.73%

NAC		257,000,000		3.71		3.85

NRK		80,000,000		2.89		2.73

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, NRK and NAN had $255,829,749, $881,813,444, $582,459,127, and $88,386,644 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		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		August 29, 2029		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, 2036
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

*	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.

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 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.

The average liquidation preference of VRDP Shares outstanding and annualized dividend rate for each Fund during the current fiscal period and the dividend rate as of the end of the current fiscal period were as follows:


128


Fund	Average Liquidation Preference of VRDP Shares Outstanding		Annualized Dividend Rate		Dividend Rate as of End of Period
NKX	$	256,700,000		2.46%		2.31%

NAC		890,835,616		2.89		2.79

NRK		583,800,000		2.49		2.34

NAN		89,000,000		2.59		2.44

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:

Year Ended

August 31, 2025

NAC

Series

Shares

Amount

MFP Shares redeemed

(180

)

$(18,000,000)

Transactions in VRDP Shares for the Funds, where applicable, were as follows:


	Year Ended August 31, 2026
NAC		Series		Shares		Amount
VRDP Shares redeemed			5		(240)	$	(24,000,000	)

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 files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund’s federal income tax returns are generally subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional period of time depending on the jurisdiction. Management has analyzed each Fund’s tax positions taken for all open tax years and has concluded that no provision for income tax is required in the Fund’s financial statements.

Differences between amounts for financial statement and federal income tax purposes are primarily due to timing differences in recognizing gains and losses on investment transactions. Temporary differences do not require reclassification. As of year end, permanent differences that resulted in reclassifications among the components of net assets relate primarily to investments in partnerships, nondeductible expenses, paydowns, taxable market discount, taxes paid, and treatment of notional principal contracts. Temporary and permanent differences have no impact on a Fund’s net assets.

129

Notes to Financial Statements (continued)

As of year end, the aggregate cost and the net unrealized appreciation/(depreciation) of all investments for federal income tax purposes were as follows:



Fund	Tax Cost		Gross Unrealized Appreciation		Gross Unrealized (Depreciation)			Net Unrealized Appreciation (Depreciation)

NAZ	$	241,197,038	$	1,414,159	$	(8,602,463	)	$	(7,188,304	)

NKX		1,048,006,526		31,979,512		(35,079,015	)		(3,099,503	)

NCA		305,446,209		8,917,627		(11,421,700	)		(2,504,073	)

NAC		3,077,899,935		65,017,704		(116,045,186	)		(51,027,482	)

NRK		1,580,733,553		25,828,175		(58,274,490	)		(32,446,315	)

NNY		164,931,053		1,753,586		(5,293,620	)		(3,540,034	)

NAN		585,362,631		5,937,062		(19,415,141	)		(13,478,079	)

For purposes of this disclosure, tax cost generally includes the cost of portfolio investments as well as up-front fees or premiums exchanged on derivatives and any amounts unrealized for income statement reporting but realized income and/or capital gains for tax reporting, if applicable.

As of year end, the components of accumulated earnings on a tax basis were as follows:



Fund	Undistributed Tax-Exempt Income¹		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	$	—	$	—	$	—	$	(7,188,304)	$	(8,224,293)	$	—	$	(811,203)	$	(16,223,800)

NKX		—		7,523		—		(3,099,503)		(36,240,460)		—		(4,034,272)		(43,366,712)

NCA		1,156,082		889		—		(2,504,073)		(11,923,424)		—		(1,001,381)		(14,271,907)

NAC		—		42,776		—		(51,027,482)		(161,233,385)		—		(11,664,400)		(223,882,491)

NRK		—		38,391		—		(32,446,315)		(167,104,026)		—		(5,713,912)		(205,225,862)

NNY		649,533		25,506		—		(3,540,034)		(11,425,065)		—		(557,139)		(14,847,199)

NAN		—		4,698		—		(13,478,079)		(60,406,931)		—		(2,276,931)		(76,157,243)


¹		Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividend declared on August 3, 2026 and paid on September 1, 2026.

The tax character of distributions paid was as follows:



	8/31/26								8/31/25

Fund	Tax-Exempt Income¹		Ordinary Income		Long-Term Capital Gains		Return of Capital		Tax-Exempt Income		Ordinary Income		Long-Term Capital Gains		Return of Capital

NAZ	$	5,257,678	$	—	$	—	$	4,548,167	$	4,670,083	$	—	$	—	$	5,502,803

NKX		26,952,648		31,171		—		20,934,917		23,798,874		19,838		—		20,059,831

NCA		11,673,698		64,513		—		—		11,457,665		63,987		—		—

NAC		76,708,594		154,259		—		59,383,497		68,128,913		44,837		—		59,498,838

NRK		42,150,015		160,032		—		29,004,816		39,820,118		42,632		—		32,368,083

NNY		6,685,663		—		—		—		6,685,663		—		—		—

NAN		16,420,726		17,706		—		10,941,494		14,970,712		—		—		11,680,591

¹	Each Fund designates these amounts paid during the period as Exempt Interest Dividends.


130

As of year end, the Funds had capital loss carryforwards, which will not expire:



Fund	Short-Term		Long-Term		Total

NAZ	$	3,448,755	$	4,775,538	$	8,224,293

NKX		14,192,906		22,047,554		36,240,460

NCA		5,107,011		6,816,413		11,923,424

NAC		88,697,069		72,536,316		161,233,385

NRK		103,406,633		63,697,393		167,104,026

NNY		6,410,025		5,015,040		11,425,065

NAN		37,764,550		22,642,381		60,406,931

As of year end, the Funds utilized the following capital loss carryforwards:



Fund	Utilized

NAZ	$	364,365

NKX		—

NCA		—

NAC		840,083

NRK		—

NNY		—

NAN		—

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, NRK and NAN is calculated according to the following schedules:


Average Daily Managed Assets*	NAZ		NKX		NAC		NRK		NAN
For the first $125 million	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
For the next $250 million	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
For the next $1 billion	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
For managed assets over $5 billion	0.3625		0.3625		0.3625		0.3625		0.3625

The annual complex-level fee, payable monthly, for each fund is calculated according to the following schedule:


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

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 that are series of the TIAA-CREF Funds and the TIAA-CREF Life Funds (except those identified above) (the “Eligible Former TIAA-CREF Funds”). The fixed percentage will increase annually until May 1, 2033, at which time

131

Notes to Financial Statements (continued)

eligible assets will include all of the aggregate net assets of the Eligible Former TIAA-CREF Funds on May 1, 2033. Eligible assets include closed-end fund assets managed by the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds’ use of preferred stock and borrowings and certain investments in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively financed by the trust’s issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in certain circumstances.

As of the end of the current fiscal period, the fund-level and complex-level fee for each Fund was as follows:


Fund	Fund-Level Fee		Complex-Level Fee		Total Management Fee

NAZ		0.4441%		0.1545%		0.5986%

NKX		0.4216		0.1545		0.5761

NCA		0.1569		0.1545		0.3114

NAC		0.3987		0.1545		0.5532

NRK		0.4114		0.1545		0.5659

NNY		0.1500		0.1545		0.3045

NAN		0.4304		0.1545		0.5849

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:


Fund	Purchases		Sales		Realized Gain (Loss)

NAZ	$	—	$	2,306,461	$	255,070

NKX		2,038,440		8,601,840		34,845

NCA		—		—		—

NAC		8,601,840		—		—

NRK		—		—		—

NNY		—		—		—

NAN		—		—		—

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 2027, unless extended or renewed.


132

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 1.10% (1.20% prior to June 16, 2026) per annum or (b) the Fed Funds Effective Rate plus 1.10% (1.20% prior to June 16, 2026) 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.

During the current fiscal period, the following Funds utilized this facility. The Fund’s maximum outstanding balance during the utilization period was as follows:


Fund	Maximum Outstanding Balance

NAZ	$	2,700,000

NKX		24,700,000

NCA		–

NAC		19,400,000

NRK		17,900,000

NNY		1,073,998

NAN		4,482,582

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:


Fund	Utilization Period (Days Outstanding)		Average Daily Balance Outstanding		Average Annual Interest Rate

NAZ		9	$	1,829,642		4.92%

NKX		26		10,019,231		4.94

NCA		–		–		–

NAC		31		9,987,914		5.01

NRK		25		6,869,663		4.95

NNY		2		1,073,998		4.84

NAN		15		858,344		5.05

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.

133

Notes to Financial Statements (continued)

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.

11. Subsequent Events

Name changes: On October 8, 2026, the Board approved name changes for NCA and NNY. Effective October 30, 2026, NCA will be renamed nuveen California Municipal Income Fund and NNY will be renamed Nuveen New York Municipal Income Fund.

Shelf Offering: On September 4, 2026, NAN filed a registration statement with the SEC authorizing the Fund to issue an additional 17,000,000 common shares, through a Shelf Offering.

134

Shareholder Update

(Unaudited)

CURRENT INVESTMENT OBJECTIVES, INVESTMENT POLICIES AND PRINCIPAL RISKS OF THE FUNDS

NUVEEN ARIZONA QUALITY MUNICIPAL INCOME FUND (NAZ)

Investment Objectives

The Fund’s primary investment objective is current income exempt from both regular federal income taxes and Arizona individual income taxes, and its secondary investment objective is the enhancement of portfolio value relative to the Arizona municipal bond market through investments in tax-exempt Arizona Municipal Obligations (as defined below) that, in the opinion of the Fund’s investment adviser, are underrated or undervalued or that represent municipal market sectors that are undervalued.

Investment Policies

As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments the income from which is exempt from regular federal and Arizona income taxes.

Under normal circumstances:

●

The Fund will invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality.

●

The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Fund’s sub-adviser.

●

No more than 10% of the Fund’s Managed Assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s sub-adviser.

●

The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax.

●

The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

●

The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.

“Assets” mean the net assets of the Fund plus the amount of any borrowings for investment purposes. “Managed Assets” mean the total assets of the Fund, minus the sum of its accrued liabilities (other than Fund liabilities incurred for the express purpose of creating leverage). Total assets for this purpose shall include assets attributable to the Fund’s use of leverage (whether or not those assets are reflected in the Fund’s financial statements for purposes of generally accepted accounting principles), and derivatives will be valued at their market value.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. In accordance with Rule 35d-1 under the Investment Company Act of 1940 (the “1940 Act”), the Fund’s policy to invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality may not be changed without 60 days’ prior written notice to shareholders. However, the Fund’s (i) investment objectives, (ii) policy of investing at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from regular federal and Arizona income taxes, (iii) policy (as described below) that it may not issue debt securities that rank senior to Preferred Shares (as defined below) other than for temporary or emergency purposes and (iv) policy (as described below) that it may not borrow money, except from banks for temporary or emergency purposes, or to repurchase its shares, subject to certain restrictions, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund invests in various municipal securities, including municipal bonds and notes, other securities issued to finance and refinance public projects, and other related securities and derivative instruments creating exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from federal and Arizona income tax (for purposes of the Fund’s investment objectives, “Arizona Municipal Obligations”).

The Fund generally invests in municipal securities. Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax and Arizona income taxes.

135

Shareholder Update (continued)

Municipal securities are debt obligations generally issued by states, cities and local authorities and certain possessions and territories of the United States (such as Puerto Rico and Guam) to finance or refinance public purpose projects such as roads, schools, and water supply systems.

The Fund may also invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to noncorporate taxpayers (“AMT Bonds”). AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.

The municipal securities in which the Fund invests are generally issued by the State of Arizona, a municipality of Arizona, or a political subdivision of either, and pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Fund’s sub-adviser to be reliable), is exempt from regular federal and Arizona income taxes, although the interest may be subject to the federal alternative minimum tax. The Fund may invest in municipal securities issued by U.S. territories (such as Puerto Rico or Guam) that are exempt from regular federal and Arizona income taxes.

The Fund may invest in municipal securities that represent lease obligations and certificates of participation in such leases. A municipal lease is an obligation in the form of a lease or installment purchase that is issued by a state or local government to acquire equipment and facilities. Income from such obligations generally is exempt from state and local taxes in the state of issuance. A certificate of participation represents an undivided interest in an unmanaged pool of municipal leases, an installment purchase agreement or other instruments. The certificates typically are issued by a municipal agency, a trust or other entity that has received an assignment of the payments to be made by the state or political subdivision under such leases or installment purchase agreements. Such certificates provide the Fund with the right to a pro rata undivided interest in the underlying municipal securities. In addition, such participations generally provide the Fund with the right to demand payment, on not more than seven days’ notice, of all or any part of the Fund’s participation interest in the underlying municipal securities, plus accrued interest.

The Fund may invest in municipal notes. Municipal securities in the form of notes generally are used to provide for short-term capital needs, in anticipation of an issuer’s receipt of other revenues or financing, and typically have maturities of up to three years. Such instruments may include tax anticipation notes, revenue anticipation notes, bond anticipation notes, tax and revenue anticipation notes and construction loan notes. Tax anticipation notes are issued to finance the working capital needs of governments. Generally, they are issued in anticipation of various tax revenues, such as income, sales, property, use and business taxes, and are payable from these specific future taxes. Revenue anticipation notes are issued in expectation of receipt of other kinds of revenue, such as federal revenues available under federal revenue sharing programs. Bond anticipation notes are issued to provide interim financing until long-term bond financing can be arranged. In most cases, the long-term bonds then provide the funds needed for repayment of the bond anticipation notes. Tax and revenue anticipation notes combine the funding sources of both tax anticipation notes and revenue anticipation notes. Construction loan notes are sold to provide construction financing. Mortgage notes insured by the Federal Housing Authority secure these notes; however, the proceeds from the insurance may be less than the economic equivalent of the payment of principal and interest on the mortgage note if there has been a default. The anticipated revenues from taxes, grants or bond financing generally secure the obligations of an issuer of municipal notes.

The Fund may invest in “tobacco settlement bonds.” Tobacco settlement bonds are municipal securities that are secured or payable solely from the collateralization of the proceeds from class action or other litigation against the tobacco industry.

The Fund may invest in pre-refunded municipal securities. The principal of and interest on pre-refunded municipal securities are no longer paid from the original revenue source for the securities. Instead, the source of such payments is typically an escrow fund consisting of U.S. government securities. The assets in the escrow fund are derived from the proceeds of refunding bonds issued by the same issuer as the pre-refunded municipal securities. Issuers of municipal securities use this advance refunding technique to obtain more favorable terms with respect to securities that are not yet subject to call or redemption by the issuer. For example, advance refunding enables an issuer to refinance debt at lower market interest rates, restructure debt to improve cash flow or eliminate restrictive covenants in the indenture or other governing instrument for the pre-refunded municipal securities. However, except for a change in the revenue source from which principal and interest payments are made, the pre-refunded municipal securities remain outstanding on their original terms until they mature or are redeemed by the issuer.

The Fund may invest in private activity bonds. Private activity bonds are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues.

The Fund may invest in inverse floating rate securities issued by a TOB trust, the interest rate on which varies inversely with the Securities Industry Financial Markets Association short-term rate, which resets weekly, or a similar short-term rate, and is reduced by the expenses related to the TOB trust. Typically, inverse floating rate securities represent beneficial interests in a special purpose trust (sometimes called a TOB trust) formed by a third party sponsor for the purpose of holding municipal bonds. Inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate on the municipal bond held by the TOB trust, which effectively leverages the Fund’s investment.

The Fund may invest in floating rate securities issued by special purpose trusts. Floating rate securities may take the form of short-term floating rate securities or the option period may be substantially longer. Generally, the interest rate earned will be based upon the market rates for municipal securities with maturities or remarketing provisions that are comparable in duration to the periodic interval of the tender option, which may vary from weekly, to monthly, to extended periods of one year or multiple years. Since the option feature has a shorter term than the final maturity or first call date of the underlying bond deposited in the trust, the Fund as the holder of the floating rate security relies upon the terms of the agreement with the financial institution furnishing the option as well as the credit strength of that institution. As further assurance of liquidity, the terms of the trust provide for a liquidation of the municipal security deposited in the trust and the application of the proceeds to pay off the floating rate security. The trusts that are organized to issue both short-term floating rate securities and inverse floaters generally include liquidation triggers to protect the investor in the floating rate security.

136

The Fund may invest in municipal securities issued by special taxing districts. Special taxing districts are organized to plan and finance infrastructure developments to induce residential, commercial and industrial growth and redevelopment. The bond financing methods such as tax increment finance, tax assessment, special services district and Mello-Roos bonds, are generally payable solely from taxes or other revenues attributable to the specific projects financed by the bonds without recourse to the credit or taxing power of related or overlapping municipalities.

The Fund may invest in zero coupon bonds. A zero coupon bond is a bond that typically does not pay interest for the entire life of the obligation or for an initial period after the issuance of the obligation.

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may utilize structured notes and similar instruments for investment purposes and also for hedging purposes. Structured notes are privately negotiated debt obligations where the principal and/or interest is determined by reference to the performance of a benchmark asset, market or interest rate (an “embedded index”), such as selected securities, an index of securities or specified interest rates, or the differential performance of two assets or markets.

The Fund may invest in illiquid securities (i.e., securities that are not readily marketable), including, but not limited to, restricted securities (securities the disposition of which is restricted under the federal securities laws), securities that may be resold only pursuant to Rule 144A under the Securities Act of 1933, as amended (the “1933 Act”), and repurchase agreements with maturities in excess of seven days. Illiquid securities may also include securities legally restricted as to resale, such as securities issued pursuant to Section 4(a)(2) of the 1933 Act.

The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in municipal securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on financial futures, options on swap contracts or other derivative instruments.

The Fund may purchase and sell MMD Rate Locks. An MMD Rate Lock permits the Fund to lock in a specified municipal interest rate for a portion of its portfolio to preserve a return on a particular investment or a portion of its portfolio as a duration management technique or to protect against any increase in the price of securities to be purchased at a later date. By using an MMD Rate Lock, the Fund can create a synthetic long or short position, allowing the Fund to select what the manager believes is an attractive part of the yield curve. The Fund will ordinarily use these transactions as a hedge or for duration or risk management although it is permitted to enter into them to enhance income or gain or to increase the Fund’s yield, for example, during periods of steep interest rate yield curves (i.e., wide differences between short term and long-term interest rates).

The Fund may invest in distressed securities but may not invest in the securities of an issuer which, at the time of investment, is in default on its obligations to pay principal or interest thereon when due or that is involved in a bankruptcy proceeding (i.e., rated below C-, at the time of investment); provided, however, that the Fund’s sub-adviser may determine that it is in the best interest of shareholders in pursuing a workout arrangement with issuers of defaulted securities to make loans to the defaulted issuer or another party, or purchase a debt, equity or other interest from the defaulted issuer or another party, or take other related or similar steps involving the investment of additional monies, but only if that issuer’s securities are already held by the Fund.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may source leverage through the issuance of “senior securities” as defined under the 1940 Act, which include the issuance of preferred shares of beneficial interest (“Preferred Shares”) and borrowings, except that the Fund may not issue debt securities. However, the Fund’s use of borrowings (which may include reverse repurchase agreements) for leverage is limited by certain fundamental investment restrictions. Additionally, the Fund may use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as investments in inverse floating rate securities. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which long-term or intermediate-term municipal securities are available), the Fund may invest up to 100% of its net assets in cash or cash equivalents, short-term investments or municipal bonds and deviate from its investment policies. Also, during these periods, the Fund may not achieve its investment objectives.


		137

Shareholder Update (continued)

NUVEEN CALIFORNIA AMT-FREE QUALITY MUNICIPAL INCOME FUND (NKX)

Investment Objectives

The Fund’s investment objectives are (i) to provide current income exempt from regular federal income tax, the federal alternative minimum tax applicable to individuals and California income tax and (ii) to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal securities that the Fund’s investment adviser and/or the Fund’s sub-adviser, believes are underrated or undervalued or that represent municipal market sectors that are undervalued.

Investment Policies

As a non-fundamental policy, under normal circumstances, the Fund will invest 100% of its Managed Assets (as defined below) in municipal securities and other related investments the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase.

Under normal circumstances:

●

The Fund will invest at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase.

●

The Fund will invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality.

●

The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade (Ba or BB or lower) or are unrated but judged to be of comparable quality by the Fund’s investment adviser and/or the Fund’s sub-adviser.

●

The Fund may invest up to 10% of its Managed Assets in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s investment adviser and/or the Fund’s sub-adviser.

●

The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

●

The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. In accordance with Rule 35d-1 under the Investment Company Act of 1940 (the “1940 Act”), the Fund’s policies of (i) investing at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from the federal alternative minimum tax applicable to individuals at the time of purchase and (ii) investing at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality may not be changed without 60 days’ prior written notice to shareholders. However, the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from federal and California income taxes, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

138

The municipal securities in which the Fund generally invests are issued by the State of California, a municipality in California, or a political subdivision or agency or instrumentality of such state or municipality, and pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Fund’s sub-adviser to be reliable), is exempt from regular federal and California personal income taxes and is also exempt from the federal alternative minimum tax applicable to individuals.

The Fund may invest in private activity bonds. Private activity bonds, formerly referred to as industrial development bonds, are issued by or on behalf of public authorities to obtain funds to provide privately operated housing facilities, airport, mass transit or port facilities, sewage disposal, solid waste disposal or hazardous waste treatment or disposal facilities and certain local facilities for water supply, gas or electricity. Other types of private activity bonds, the proceeds of which are used for the construction, equipment, repair or improvement of privately operated industrial or commercial facilities, may constitute municipal securities, although the current federal tax laws place substantial limitations on the size of such issues. The Fund’s distributions of its interest income from private activity bonds may subject certain investors to the federal alternative minimum tax applicable to individuals. However, the Fund will only invest in private activity bonds that are not subject to the federal alternative minimum tax.

139

Shareholder Update (continued)

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date

The Fund may also invest in securities of other open- or closed-end investment companies (including exchange traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”). In addition, the Fund may invest a portion of its Managed Assets in pooled investment vehicles (other than investment companies) that invest primarily in municipal securities of the types in which the Fund may invest directly.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may source leverage through the issuance of “senior securities” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance of preferred shares of beneficial interest (“Preferred Shares”). However, the Fund’s use of borrowings (which may include reverse repurchase agreements) for leverage is limited by certain fundamental investment restrictions. Additionally, the Fund may use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as investments in inverse floating rate securities. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

140

NUVEEN CALIFORNIA MUNICIPAL VALUE FUND (NCA)

Investment Objectives

The Fund’s primary investment objective is to provide current income exempt from regular federal and California income taxes. The Fund’s secondary investment objective is to enhance portfolio value relative to the California municipal bond market by investing in tax-exempt California municipal securities that the Fund’s investment adviser and/or the Fund’s sub-adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.

Investment Policies

As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, the income from which is exempt from regular federal and California income taxes.

Under normal circumstances:

•

The Fund will invest at least 80% of its Managed Assets in municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one nationally recognized statistical rating organization (“NRSRO”) or are unrated but judged to be of comparable quality by the Fund’s investment adviser and/or the Fund’s sub-adviser. Investment grade securities may include securities that, at the time of investment, are rated below investment grade, so long as at least one NRSRO rates such securities within the four highest grades (such securities are commonly referred to as split-rated securities).

•

No more than 10% of the Fund’s Managed Assets may be invested in municipal securities rated below B3/B- by all NRSROs that rate the security or that are unrated but judged to be of comparable quality by the Fund’s investment adviser and/or the Fund’s sub-adviser.

•

The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals.

•

The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

•

The Fund will not invest more than 25% of its total assets in municipal securities in any one industry.

•

The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, the Fund’s (i) investment objectives, (ii) policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal and California income taxes and (iii) policy (as described below) that it will not leverage its capital structure by issuing senior securities such as Preferred Shares or debt instruments, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Additionally, with respect to the Fund’s policy of investing at least 80% of its Managed Assets in municipal securities that, at the time of investment, are rated within the four highest grades (Baa or BBB or better) by at least one NRSRO or are unrated but judged to be of comparable quality by the Fund’s investment adviser and/or the Fund’s sub-adviser , such policy may not be changed without 60 days’ prior notice to shareholders.

Portfolio Contents

141

Shareholder Update (continued)

The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.

The municipal securities in which the Fund invests are generally issued by the State of California, a municipality in California, or a political subdivision or agency or instrumentality of such state or municipality, and pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the investment adviser to be reliable), is exempt from both regular federal income taxes and California personal income tax, although the interest may be subject to the federal alternative minimum tax.


142

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

Use of Leverage

As a fundamental policy, the Fund will not leverage its capital structure by issuing senior securities (as defined under the 1940 Act), such as preferred shares or debt instruments. However, the Fund may borrow (which may include reverse repurchase agreements) for temporary or emergency purposes, and use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, including inverse floating rate securities.

Temporary Defensive Periods


		143

Shareholder Update (continued)

NUVEEN CALIFORNIA QUALITY MUNICIPAL INCOME FUND (NAC)

Investment Objectives

The Fund’s investment objectives are to provide current income exempt from regular federal and California income tax, and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.

Investment Policies

As a fundamental policy, under normal circumstances, the Fund will invest at least 80% of its Assets (as defined below) in municipal securities and other related investments, that pay interest exempt from federal and California income taxes.

Under normal circumstances:

•

The Fund will invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality. The Fund may invest up to 20% of its Managed Assets in municipal securities that at the time of investment are rated below investment grade or are unrated but judged to be of comparable quality by the Fund’s investment adviser and/or the Fund’s sub-adviser.

•

No more than 10% of the Fund’s Managed Assets may be invested in municipal securities rated below B3/B- or that are unrated but judged to be of comparable quality by the Fund’s investment adviser and/or the Fund’s sub-adviser.

•

The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax.

•

The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities

•

The Fund may invest 25% or more of its total assets in municipal securities in the same economic sector.

•

The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. In accordance with Rule 35d-1 under the Investment Company Act of 1940 (the “1940 Act”), the Fund’s policy to invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality may not be changed without 60 days’ prior written notice to shareholders. However, the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments that pay interest exempt from federal and California income taxes, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents


144

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.


		145

Shareholder Update (continued)

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may source leverage through the issuance of “senior securities” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance of preferred shares of beneficial interest (“Preferred Shares”). However, the Fund’s use of borrowings (which may include reverse repurchase agreements) for leverage is limited by certain fundamental investment restrictions. Additionally, the Fund may use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as investments in inverse floating rate securities. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods


146

NUVEEN NEW YORK AMT-FREE QUALITY MUNICIPAL INCOME FUND (NRK)

Investment Objectives

The Fund’s investment objectives are to provide current income exempt from regular federal, New York State and New York City income taxes and from the federal alternative minimum tax applicable to individuals, and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund’s investment adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.

Investment Policies

Under normal circumstances:

•

The Fund will invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality.

•

The Fund may invest up to 15% of its Managed Assets in inverse floating rate securities.

•

The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. In accordance with Rule 35d-1 under the Investment Company Act of 1940 (the “1940 Act”), the Fund’s policy to invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality may not be changed without 60 days’ prior written notice to shareholders. However, the Fund’s policy of investing at least 80% of its Assets in municipal securities and other related investments the income from which is exempt from regular federal and New York State and New York City income taxes and from the federal alternative minimum tax applicable to individuals, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

The Fund generally invests in municipal securities.

Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from U.S. federal income tax and New York State and New York City income taxes.

The municipal securities in which the Fund invests are generally issued by the State of New York, a municipality in New York, or a political subdivision or agency or instrumentality of such State or municipality, and pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by the Investment Adviser to be reliable), is exempt from regular federal, New York State and New York City personal income


		147

Shareholder Update (continued)

taxes and the federal alternative minimum tax. The Fund may invest in municipal bonds issued by United States territories and possessions (such as Puerto Rico or Guam) that are exempt from regular federal, New York State and New York City personal income taxes and the federal alternative minimum tax.


148

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the 1940 Act, the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”). In addition, the Fund may invest a portion of its Managed Assets in pooled investment vehicles (other than investment companies) that invest primarily in municipal securities of the types in which the Fund may invest directly.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may source leverage through the issuance of “senior securities” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance of preferred shares of beneficial interest (“Preferred Shares”). However, the Fund’s use of borrowings (which may include reverse repurchase agreements) for leverage is limited by certain fundamental investment restrictions. Additionally, the Fund may use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as investments in inverse floating rate securities. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods


		149

Shareholder Update (continued)

NUVEEN NEW YORK MUNICIPAL VALUE FUND (NNY)

Investment Objectives

The Fund’s primary investment objective is to provide, through investment in a professionally managed portfolio of tax-exempt New York municipal obligations, current interest income exempt from both federal and New York State and New York City personal income taxes. The Fund’s secondary investment objective is to achieve enhancement of portfolio value through investments in tax-exempt New York municipal obligations that, in the opinion of the Fund’s investment adviser and/or the Fund’s sub-adviser, are underrated or represent municipal market sectors that are undervalued.

Investment Policies

Under normal circumstances:

•

The Fund may invest up to 20% of its Managed Assets in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals.

•

The Fund will not invest more than 25% of its total assets in municipal securities in any one industry.

•

The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. However, the Fund’s (i) investment objectives, (ii) policy of investing at least at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal, New York State and New York City income taxes and (iii) policy (as described below) that it will not leverage its capital structure by issuing senior securities such as Preferred Shares or debt instruments, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax and New York State and New York City income taxes.

150

The Fund may also invest in AMT Bonds. AMT Bonds may trigger adverse tax consequences for Fund shareholders who are subject to the federal alternative minimum tax.

The municipal securities in which the Fund invests are generally issued by the State of New York, a municipality of New York, or a political subdivision of either, and pay interest that, in the opinion of bond counsel to the issuer (or on the basis of other authority believed by Nuveen Asset Management to be reliable), is exempt from regular federal, New York State and New York City income taxes, although the interest may be subject to the federal alternative minimum tax. The Fund may invest in municipal securities issued by U.S. territories (such as Puerto Rico or Guam) that are exempt from regular federal, New York State and New York City income taxes.


		151

Shareholder Update (continued)

The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may also invest in securities of other open- or closed-end investment companies (including exchange-traded funds (“ETFs”)) that invest primarily in municipal securities of the types in which the Fund may invest directly, to the extent permitted by the Investment Company Act of 1940, as amended (the “1940 Act”), the rules and regulations issued thereunder and applicable exemptive orders issued by the Securities and Exchange Commission (“SEC”).

Use of Leverage

Temporary Defensive Periods

152

NUVEEN NEW YORK QUALITY MUNICIPAL INCOME FUND (NAN)

Investment Objectives

The Fund’s investment objectives are to provide current income exempt from regular federal, New York State and New York City income tax, and to enhance portfolio value relative to the municipal bond market by investing in tax-exempt municipal bonds that the Fund’s investment adviser and/or the Fund’s sub-adviser believes are underrated or undervalued or that represent municipal market sectors that are undervalued.

Investment Policies

Under normal circumstances:

•

The Fund will invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality.

•

The Fund also may invest up to 15% of its Managed Assets in inverse floating rate securities.

•

The Fund will generally maintain an investment portfolio with an overall weighted average maturity of greater than 10 years.

The foregoing policies apply only at the time of any new investment.

Approving Changes in Investment Policies

The Board of Trustees of the Fund may change the policies described above without a shareholder vote. In accordance with Rule 35d-1 under the Investment Company Act of 1940 (the “1940 Act”), the Fund’s policy to invest at least 80% of its Assets in municipal securities and other related instruments that are investment grade quality may not be changed without 60 days’ prior written notice to shareholders. However, the Fund’s investment objectives and its policy of investing at least 80% of its Assets in municipal securities and other related investments, the income from which is exempt from regular federal, New York State and New York City income taxes, may not be changed without the approval of the holders of a majority of the outstanding common shares and preferred shares voting together as a single class, and the approval of the holders of a majority of the outstanding preferred shares, voting separately as a single class. A “majority of the outstanding” shares means (i) 67% or more of the shares present at a meeting, if the holders of more than 50% of the shares are present or represented by proxy or (ii) more than 50% of the shares, whichever is less.

Portfolio Contents

Municipal securities include municipal bonds, notes, securities issued to finance and refinance public projects, certificates of participation, variable rate demand obligations, lease obligations, municipal notes, pre-refunded municipal bonds, private activity bonds, securities issued by tender option bond trusts (“TOB trusts”), including inverse floating rate securities, and other forms of municipal bonds and securities, and other related instruments that create exposure to municipal bonds, notes and securities that provide for the payment of interest income that is exempt from regular U.S. federal income tax and New York State and New York City personal income taxes.

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Shareholder Update (continued)

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The Fund may buy and sell securities on a when-issued or delayed delivery basis, making payment or taking delivery at a later date, normally within 15 to 45 days of the trade date.

The Fund may enter into certain derivative instruments in pursuit of its investment objectives, including to seek to enhance return, to hedge certain risks of its investments in fixed-income securities or as a substitute for a position in the underlying asset. Such instruments include financial futures contracts, swap contracts (including interest rate swaps, credit default swaps and municipal market data rate locks (“MMD Rate Locks”)), options on financial futures, options on swap contracts or other derivative instruments.

Use of Leverage

The Fund uses leverage to pursue its investment objectives. The Fund may source leverage through the issuance of “senior securities” as defined under the 1940 Act, which include (1) borrowings, including loans from financial institutions; (2) the issuance of debt securities; and (3) the issuance of preferred shares of beneficial interest (“Preferred Shares”). However, the Fund’s use of borrowings (which may include reverse repurchase agreements) for leverage is limited by certain fundamental investment restrictions. Additionally, the Fund may use certain derivatives and other financing instruments that have the economic effect of leverage by creating additional investment exposures, such as investments in inverse floating rate securities. The amount and sources of leverage will vary depending on market conditions.

Temporary Defensive Periods

During temporary defensive periods (e.g., times when, in the Fund’s investment adviser’s and/or the Fund’s sub-adviser’s opinion, temporary imbalances of supply and demand or other temporary dislocations in the tax-exempt bond market adversely affect the price at which municipal obligations are available), the Fund may invest up to 100% of its net assets in cash or cash equivalents, short-term investments or municipal bonds and deviate from its investment policies. Also, during these periods, the Fund may not achieve its investment objectives.

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Shareholder Update (continued)

PRINCIPAL RISKS OF THE FUNDS

The factors that are most likely to have a material effect on a particular Fund’s portfolio as a whole are called “principal risks.” Each Fund is subject to the principal risks indicated below, whether through direct investment or derivative positions. Each Fund may be subject to additional risks other than those identified and described below because the types of investments made by a Fund can change over time.

Risk

NAZ

NKX

NCA

NAC

NRK

NNY

NAN

Portfolio Level Risks

Alternative Minimum Tax Risk

Below Investment Grade Risk

Call Risk

Credit Risk

Credit Spread Risk

Defaulted or Distressed Securities Risk

Deflation Risk

Derivatives Risk

Duration Risk

Economic Sector Risk

Financial Futures and Options Transactions Risk

Floating and Variable Rate Securities Risk

Hedging Risk

Income Risk

Inflation Risk

Insurance Risk

Interest Rate Risk

Inverse Floating Rate Securities Risk

Municipal Securities Risk

Municipal Securities Market Liquidity Risk

Municipal Securities Market Risk

Other Investment Companies Risk

Puerto Rico Municipal Securities Market Risk

Reinvestment Risk

Restricted and Illiquid Investments Risk

Special Considerations Related to Single State Concentration Risk

Special Risks Related to Certain Municipal Obligations

Structured Products Risk

Swap Transactions Risk

Tax Risk

Taxability Risk

Tobacco Settlement Bond Risk

Unrated Securities Risk

Valuation Risk

When-Issued and Delayed-Delivery Transactions Risks

Zero Coupon Bonds Risk or Pay-In-Kind Securities Risk

156

Risk

NAZ

NKX

NCA

NAC

NRK

NNY

NAN

Fund Level and Other Risks

Anti-Takeover Provisions Risk

Counterparty Risk

Cybersecurity Risk

Economic and Political Events Risk

Fund Tax Risk

Global Economic Risk

Investment and Market Risk

Legislation and Regulatory Risk

Leverage Risk

Market Discount from Net Asset Value

Recent Market Conditions

Reverse Repurchase Agreement Risk

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Shareholder Update (continued)

Portfolio Level Risks:

Alternative Minimum Tax Risk. As a result of the Fund’s investments in AMT Bonds, a portion of the Fund’s otherwise exempt-interest dividends may be taxable to those shareholders subject to the federal alternative minimum tax.

Below Investment Grade Risk. Municipal securities of below investment grade quality are regarded as having speculative characteristics with respect to the issuer’s capacity to pay dividends or interest and repay principal, and may be subject to higher price volatility and default risk than investment grade municipal securities of comparable terms and duration. Issuers of lower grade municipal securities may be highly leveraged and may not have available to them more traditional methods of financing. The prices of these lower grade securities are typically more sensitive to negative developments, such as a decline in the issuer’s revenues or a general economic downturn. The secondary market for lower rated municipal securities may not be as liquid as the secondary market for more highly rated municipal securities, a factor which may have an adverse effect on the Fund’s ability to dispose of a particular municipal security. If a below investment grade municipal security goes into default, or its issuer enters bankruptcy, it might be difficult to sell that security in a timely manner at a reasonable price.

Call Risk. The Fund may invest in municipal securities that are subject to call risk. Such municipal securities may be redeemed at the option of the issuer, or “called,” before their stated maturity or redemption date. In general, an issuer will call its instruments if they can be refinanced by issuing new instruments that bear a lower interest rate. The Fund is subject to the possibility that during periods of falling interest rates, an issuer will call its high yielding municipal securities. The Fund would then be forced to invest the unanticipated proceeds at lower interest rates, resulting in a decline in the Fund’s income.

Credit Risk. Issuers of municipal securities in which the Fund may invest may default on their obligations, including to pay principal or interest when due. This non-payment would result in a reduction of income to the Fund, a reduction in the value of a municipal security experiencing non-payment and potentially a decrease in the net asset value (“NAV”) of the Fund. To the extent that the credit rating assigned to a municipal security in the Fund’s portfolio is downgraded, the market price and liquidity of such security may be adversely affected.

Credit Spread Risk. Credit spread risk is the risk that credit spreads (i.e., the difference in yield between securities that is due to differences in their credit quality) may increase when the market believes that municipal securities generally have a greater risk of default. Increasing credit spreads may reduce the market values of the Fund’s securities. Credit spreads often increase more for lower rated and unrated securities than for investment grade securities. In addition, when credit spreads increase, reductions in market value will generally be greater for longer-maturity securities.

Defaulted or Distressed Securities Risk. Investments in “distressed” securities, meaning those whose issuers are experiencing financial difficulties or distress at the time the security is acquired, present a substantial risk of future default. In the event distressed securities become defaulted securities or the Fund otherwise holds defaulted securities, the Fund may incur losses, including additional expenses, to the extent it is required to seek recovery upon a default in the payment of principal or interest on those investments. In any reorganization or liquidation proceeding relating to a portfolio investment, the Fund may lose its entire investment or may be required to accept cash or securities with a value less than its original investment. Defaulted or distressed securities may be subject to restrictions on resale.

Deflation Risk. Deflation risk is the risk that prices throughout the economy decline over time. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund’s portfolio.

Derivatives Risk. The use of derivatives involves additional risks and transaction costs which could leave the Fund in a worse position than if it had not used these instruments. Derivative instruments can be used to acquire or to transfer the risk and returns of a municipal security or other asset without buying or selling the municipal security or asset. These instruments may entail investment exposures that are greater than their cost would suggest. As a result, a small investment in derivatives can result in losses that greatly exceed the original investment. Derivatives can be highly volatile, illiquid and difficult to value. An over-the-counter derivative transaction between the Fund and a counterparty that is not cleared through a central counterparty also involves the risk that a loss may be sustained as a result of the failure of the counterparty to the contract to make required payments. The payment obligation for a cleared derivative transaction is guaranteed by a central counterparty, which exposes the Fund to the creditworthiness of the central counterparty. The use of certain derivatives involves leverage, which can cause the Fund’s portfolio to be more volatile than if the portfolio had not been leveraged. Leverage can significantly magnify the effect of price movements of the reference asset, disproportionately increasing the Fund’s losses and reducing the Fund’s opportunities for gains when the reference asset changes in unexpected ways. In some instances, such leverage could result in losses that exceed the original amount invested.

It is possible that regulatory or other developments in the derivatives market, including changes in government regulation, could adversely impact the Fund’s ability to invest in certain derivatives or successfully use derivative instruments.

Duration Risk. Duration is the sensitivity, expressed in years, of the price of a fixed-income security to changes in the general level of interest rates (or yields). Securities with longer durations tend to be more sensitive to interest rate (or yield) changes, which typically corresponds to increased volatility and risk, than securities with shorter durations. For example, if a security or portfolio has a duration of three years and interest rates increase by 1%, then the security or portfolio would decline in value by approximately 3%. Duration differs from maturity in that it considers potential changes to interest rates, and a security’s coupon payments, yield, price and par value and call features, in addition to the amount of time until the security matures. The duration of a security will be expected to change over time with changes in market factors and time to maturity.

Economic Sector Risk. The Fund may invest a significant amount of its total assets in municipal securities in the same economic sector. This may make the Fund more susceptible to adverse economic, political or regulatory occurrences affecting an economic sector, making the Fund more vulnerable to unfavorable developments in that sector than funds that invest more broadly. As the percentage of the Fund’s Managed Assets invested in a particular sector increases, so does the potential for fluctuation in the value of the Fund’s assets. In addition, the Fund may invest a significant portion of its assets in certain sectors of the municipal securities market, such as health care facilities, private educational facilities, special taxing districts and start-up utility districts, and private activity bonds including industrial development bonds on behalf of transportation companies, whose


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credit quality and performance may be more susceptible to economic, business, political, regulatory and other developments than other sectors of municipal issuers. If the Fund invests a significant portion of its assets in one or more particular sectors, the Fund’s performance may be subject to additional risk and variability.

Floating and Variable Rate Securities Risk. Floating and variable rate securities provide for adjustment in the interest rate paid on the obligations. The terms of such obligations typically provide that interest rates are adjusted based upon an interest or market rate adjustment as provided in the respective obligations. The adjustment intervals may be regular, and range from daily up to annually, or may be event-based, such as based on a change in the prime rate. Because of the interest rate adjustment feature, floating and variable rate securities provide an investor with a certain degree of protection against rises in interest rates, although the investor will participate in any declines in interest rates as well. Generally, changes in interest rates will have a smaller effect on the market value of floating and variable rate securities than on the market value of comparable fixed-income obligations. Thus, investing in floating and variable rate securities generally allows less opportunity for capital appreciation and depreciation than investing in comparable fixed-income securities. Floating and variable rate securities may be subject to greater liquidity risk than other debt securities, meaning that there may be limitations on the Fund’s ability to sell the securities at any given time. Such securities also may lose value.

Financial Futures and Options Transactions Risk. The Fund may use certain transactions for hedging the portfolio’s exposure to credit risk and the risk of increases in interest rates, which could result in poorer overall performance for the Fund. There may be an imperfect correlation between price movements of the futures and options and price movements of the portfolio securities being hedged.

If the Fund engages in futures transactions or in the writing of options on futures, it will be required to maintain initial margin and maintenance margin and may be required to make daily variation margin payments in accordance with applicable rules of the exchanges and the Commodity Futures Trading Commission (“CFTC”). If the Fund purchases a financial futures contract or a call option or writes a put option in order to hedge the anticipated purchase of municipal securities, and if the Fund fails to complete the anticipated purchase transaction, the Fund may have a loss or a gain on the futures or options transaction that will not be offset by price movements in the municipal securities that were the subject of the anticipatory hedge. There can be no assurance that a liquid market will exist at a time when the Fund seeks to close out a derivatives or futures or a futures option position, and the Fund would remain obligated to meet margin requirements until the position is closed.

Hedging Risk. The Fund’s use of derivatives or other transactions to reduce risk involves costs and will be subject to the investment adviser’s and/or the sub-adviser’s ability to predict correctly changes in the relationships of such hedge instruments to the Fund’s portfolio holdings or other factors. No assurance can be given that the investment adviser’s and/or the sub-adviser’s judgment in this respect will be correct, and no assurance can be given that the Fund will enter into hedging or other transactions at times or under circumstances in which it may be advisable to do so. Hedging activities may reduce the Fund’s opportunities for gain by offsetting the positive effects of favorable price movements and may result in net losses.

Income Risk. The Fund’s level of current income could decline due to falling market interest rates. This is because, in a falling interest rate environment, the Fund generally will have to invest the proceeds from maturing portfolio securities in lower-yielding securities.

Inflation Risk. Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the common shares and distributions can decline. Currently, inflation rates are elevated relative to normal market conditions and could increase.

Insurance Risk. The Fund may purchase municipal securities that are secured by insurance, bank credit agreements or escrow accounts. The credit quality of the companies that provide such credit enhancements will affect the value of those securities. Certain significant providers of insurance for municipal securities have incurred significant losses as a result of exposure to sub-prime mortgages and other lower credit quality investments. As a result, such losses reduced the insurers’ capital and called into question their continued ability to perform their obligations under such insurance if they are called upon to do so in the future. While an insured municipal security will typically be deemed to have the rating of its insurer, if the insurer of a municipal security suffers a downgrade in its credit rating or the market discounts the value of the insurance provided by the insurer, the value of the municipal security would more closely, if not entirely, reflect such rating. In such a case, the value of insurance associated with a municipal security may not add any value. The insurance feature of a municipal security does not guarantee the full payment of principal and interest through the life of an insured obligation, the market value of the insured obligation or the NAV of the common shares represented by such insured obligation.

Interest Rate Risk. Interest rate risk is the risk that municipal securities in the Fund’s portfolio will decline in value because of changes in market interest rates. Generally, when market interest rates rise, the market value of such securities will fall, and vice versa. As interest rates decline, issuers of municipal securities may prepay principal earlier than scheduled, forcing the Fund to reinvest in lower-yielding securities and potentially reducing the Fund’s income. As interest rates increase, slower than expected principal payments may extend the average life of municipal securities, potentially locking in a below-market interest rate and reducing the Fund’s value. In typical market interest rate environments, the prices of longer-term municipal securities generally fluctuate more than prices of shorter-term municipal securities as interest rates change.

Inverse Floating Rate Securities Risk. In general, income on inverse floating rate securities will decrease when short-term interest rates increase and increase when short-term interest rates decrease. Investments in inverse floating rate securities may subject the Fund to the risks of reduced or eliminated interest payments and losses of principal. In addition, inverse floating rate securities may increase or decrease in value at a greater rate than the underlying interest rate, which effectively leverages the Fund’s investment. As a result, the market value of such securities generally will be more volatile than that of fixed rate securities.

The Fund may invest in inverse floating rate securities issued by special purpose trusts that have recourse to the Fund. In such instances, the Fund may be at risk of loss that exceeds its investment in the inverse floating rate securities.

The Fund may be required to sell its inverse floating rate securities at less than favorable prices, or liquidate other Fund portfolio holdings in certain circumstances, including, but not limited to, the following:

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Shareholder Update (continued)

•

If the Fund has a need for cash and the securities in a special purpose trust are not actively trading due to adverse market conditions;

•

If special purpose trust sponsors (as a collective group or individually) experience financial hardship and consequently seek to terminate their respective outstanding special purpose trusts; and

•

If the value of an underlying security declines significantly and if additional collateral has not been posted by the Fund.

Municipal Securities Risk. The values of municipal securities may be adversely affected by local political and economic conditions and developments. Adverse conditions in an industry significant to a local economy could have a correspondingly adverse effect on the financial condition of local issuers. Other factors that could affect municipal securities include a change in the local, state, or national economy, a downgrade of a state’s credit rating or the rating of authorities or political subdivisions of the state, demographic factors, ecological or environmental concerns, inability or perceived inability of a government authority to collect sufficient tax or other revenues, statutory limitations on the issuer’s ability to increase taxes, and other developments generally affecting the revenue of issuers (for example, legislation or court decisions reducing state aid to local governments or mandating additional services). This risk would be heightened to the extent that the Fund invests a substantial portion of the below-investment grade quality portion of its portfolio in the bonds of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), in industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, municipal lease obligations, private activity bonds or moral obligation bonds) that are particularly exposed to specific types of adverse economic, business or political events. The value of municipal securities may also be adversely affected by rising health care costs, increasing unfunded pension liabilities, and by the phasing out of federal programs providing financial support. In recent periods, a number of municipal issuers have defaulted on obligations, been downgraded or commenced insolvency proceedings. Financial difficulties of municipal issuers may continue or get worse. In addition, the amount of public information available about municipal bonds is generally less than for certain corporate equities or bonds, meaning that the investment performance of the Fund may be more dependent on the analytical abilities of the Fund’s sub-adviser than funds that invest in stock or other corporate investments.

To the extent that a fund invests a significant portion of its assets in the securities of issuers located in a given state or U.S. territory, it will be disproportionally affected by political and economic conditions and developments in that state or territory and may involve greater risk than funds that invest in a larger universe of securities. In addition, economic, political or regulatory changes in that state or territory could adversely affect municipal securities issuers in that state or territory and therefore the value of a fund’s investment portfolio.

Municipal Securities Market Liquidity Risk. Inventories of municipal securities held by brokers and dealers have decreased in recent years, lessening their ability to make a market in these securities. This reduction in market making capacity has the potential to decrease the Fund’s ability to buy or sell municipal securities at attractive prices, and increase municipal security price volatility and trading costs, particularly during periods of economic or market stress. In addition, recent federal banking regulations may cause certain dealers to reduce their inventories of municipal securities, which may further decrease the Fund’s ability to buy or sell municipal securities. As a result, the Fund may be forced to accept a lower price to sell a security, to sell other securities to raise cash, or to give up an investment opportunity, any of which could have a negative effect on performance. If the Fund needed to sell large blocks of municipal securities to raise cash to meet its obligations, those sales could further reduce the municipal securities’ prices and hurt performance.

Municipal Securities Market Risk. The amount of public information available about the municipal securities in the Fund’s portfolio is generally less than that for corporate equities or bonds, and the investment performance of the Fund may therefore be more dependent on the analytical abilities of the sub-adviser than if the Fund were a stock fund or taxable bond fund. The secondary market for municipal securities, particularly below investment grade municipal securities, also tends to be less well-developed or liquid than many other securities markets, which may adversely affect the Fund’s ability to sell its municipal securities at attractive prices.

Other Investment Companies Risk. Investing in an investment company exposes the Fund to all of the risks of that investment company’s investments. The Fund, as a holder of the securities of other investment companies, will bear its pro rata portion of the other investment companies’ expenses, including advisory fees. These expenses are in addition to the direct expenses of the Fund’s own operations. As a result, the cost of investing in investment company shares may exceed the costs of investing directly in its underlying investments. In addition, securities of other investment companies may be leveraged. As a result, the Fund may be indirectly exposed to leverage through an investment in such securities and therefore magnify the Fund’s leverage risk.

With respect to ETF’s, an ETF that is based on a specific index may not be able to replicate and maintain exactly the composition and relative weighting of securities in the index. The value of an ETF based on a specific index is subject to change as the values of its respective component assets fluctuate according to market volatility. ETFs typically rely on a limited pool of authorized participants to create and redeem shares, and an active trading market for ETF shares may not develop or be maintained. The market value of shares of ETFs and closed-end funds may differ from their NAV.

Puerto Rico Municipal Securities Market Risk. To the extent that the Fund invests a significant portion of its assets in the securities issued by the Commonwealth of Puerto Rico or its political subdivisions, agencies, instrumentalities, or public corporations (collectively referred to as “Puerto Rico” or the “Commonwealth”), it will be disproportionally affected by political, social and economic conditions and developments in the Commonwealth. In addition, economic, political or regulatory changes in that territory could adversely affect the value of the Fund’s investment portfolio.

Puerto Rico currently is experiencing significant fiscal and economic challenges, including substantial debt service obligations, high levels of unemployment, underfunded public retirement systems, and persistent government budget deficits. These challenges may negatively affect the value of the Fund’s investments in Puerto Rican municipal securities. Several major ratings agencies have downgraded the general obligation debt of Puerto Rico to below investment grade and continue to maintain a negative outlook for this debt, which increases the likelihood that the rating will be lowered further. In both August 2015 and January 2016, Puerto Rico defaulted on its debt by failing to make full payment due on its outstanding bonds, and there can be no assurance that Puerto Rico will be able to satisfy its future debt obligations. Further downgrades or defaults may place additional strain on the Puerto Rico economy and may negatively affect the value, liquidity, and volatility of the Fund’s investments in Puerto Rican


160

municipal securities. Additionally, numerous issuers have entered Title III of the Puerto Rico Oversite, Management and Economic Stability Act (“PROMESA”), which is similar to bankruptcy protection, through which the Commonwealth of Puerto Rico can restructure its debt. While most of Puerto Rico’s debt has been restructured, proceedings under PROMESA remain ongoing, and it is unclear at this time how those proceedings will be resolved or what impact they will have on the value of the Fund’s investments in Puerto Rico municipal securities. There can be no assurances that these debt restructuring efforts will be effective or that Puerto Rico will be able to service debt payments following the completion of such debt restructuring. In addition, any restructurings approved by a federal court could be appealed and overturned. The mediation process and certain litigation is ongoing with respect to certain municipal securities issued by Puerto Rico and its political subdivisions, instrumentalities and authorities. It is not presently possible to predict the results of this mediation and litigation, but such outcomes will have a significant impact on bondholders of those municipal securities. Further legislation by the U.S. Congress, or actions by the oversight board established by PROMESA, or court approval of an unfavorable debt restructuring deal could have a negative impact on the marketability, liquidity or value of certain investments held by the Fund and could reduce the Fund’s performance.

These challenges and uncertainties have been exacerbated by Hurricanes Irma and Maria and the resulting natural disasters in Puerto Rico since 2017. In September 2017, Hurricanes Irma and Maria struck Puerto Rico, causing major damage across the Commonwealth, including damage to its water, power, and telecommunications infrastructure. The length of time needed to rebuild Puerto Rico’s infrastructure is unclear, but could amount to years, during which the commonwealth is likely to be in an uncertain economic state. The full extent of the natural disasters’ impact on Puerto Rico’s economy and foreign investment in Puerto Rico is difficult to estimate.

More recently, in late December 2019 and January 2020, a series of earthquakes hit Puerto Rico, including a magnitude 6.4 earthquake, the most powerful earthquake to hit the island in more than a century, causing an estimated $200 million in damage. In addition, in early 2020, as the population of Puerto Rico worked to recover from these natural disasters, the island was significantly impacted by Covid, resulting in the Commonwealth’s authorization of a $787 million relief package to fight the pandemic and its economic impacts. Any reduction in the Commonwealth’s, revenues as a result of the pandemic could have a negative ability on the Commonwealth to meet its debt service obligations, including with respect to debt held by the Fund. Puerto Rico’s political and economic conditions could have a negative impact on the liquidity or value of Puerto Rican municipal securities, and consequently may affect the Fund’s investments and its performance if the Fund invests a significant portion of its assets in Puerto Rican municipal securities.

Reinvestment Risk. Reinvestment risk is the risk that income from the Fund’s portfolio will decline if and when the Fund invests the proceeds from matured, traded or called municipal securities at market interest rates that are below the portfolio’s current earnings rate. A decline in income could affect the common shares’ market price, NAV and/or a common shareholder’s overall returns.

Restricted and Illiquid Investments Risk. Illiquid investments are investments that are not readily marketable. These investments may include restricted investments, including Rule 144A securities, which cannot be resold to the public without an effective registration statement under the 1933 Act, or, if they are unregistered, may be sold only in a privately negotiated transaction or pursuant to an available exemption from registration. The Fund may not be able to readily dispose of such investments at prices that approximate those at which the Fund could sell such investments if they were more widely traded and, as a result of such illiquidity, the Fund may have to sell other investments or engage in borrowing transactions if necessary to raise cash to meet its obligations. Limited liquidity can also affect the market price of investments, thereby adversely affecting the Fund’s NAV and ability to make dividend distributions. The financial markets in general have in recent years experienced periods of extreme secondary market supply and demand imbalance, resulting in a loss of liquidity during which market prices were suddenly and substantially below traditional measures of intrinsic value. During such periods, some investments could be sold only at arbitrary prices and with substantial losses. Periods of such market dislocation may occur again at any time.

Special Considerations Related to Single State Concentration Risk. Because the Fund primarily invests in municipal securities from a single state, the Fund is more susceptible to political, economic or regulatory factors affecting issuers of single state municipal securities. Information regarding the financial condition of the state is ordinarily included in various public documents issued thereby, such as the official statements prepared in connection with the issuance of general obligation bonds for the state.

Additionally, the states are party to numerous legal proceedings, many of which normally occur in governmental operations. The creditworthiness of obligations issued by local issuers of the state may be unrelated to the creditworthiness of obligations issued by the state, and that there is no obligation on the part of the state to make payment on such local obligations in the event of default.

Special Risks Related to Certain Municipal Obligations. Municipal leases and certificates of participation involve special risks not normally associated with general obligations or revenue bonds. Leases and installment purchase or conditional sale contracts (which normally provide for title to the leased asset to pass eventually to the governmental issuer) have evolved as a means for governmental issuers to acquire property and equipment without meeting the constitutional and statutory requirements for the issuance of debt. The debt issuance limitations are deemed to be inapplicable because of the inclusion in many leases or contracts of “non-appropriation” clauses that relieve the governmental issuer of any obligation to make future payments under the lease or contract unless money is appropriated for such purpose by the appropriate legislative body. In addition, such leases or contracts may be subject to the temporary abatement of payments in the event that the governmental issuer is prevented from maintaining occupancy of the leased premises or utilizing the leased equipment. Although the obligations may be secured by the leased equipment or facilities, the disposition of the property in the event of non-appropriation or foreclosure might prove difficult, time consuming and costly, and may result in a delay in recovering or the failure to fully recover the Fund’s original investment. In the event of non-appropriation, the issuer would be in default and taking ownership of the assets may be a remedy available to the Fund, although the Fund does not anticipate that such a remedy would normally be pursued.

Certificates of participation involve the same risks as the underlying municipal leases. In addition, the Fund may be dependent upon the municipal authority issuing the certificates of participation to exercise remedies with respect to the underlying securities. Certificates of participation also entail a risk of default or bankruptcy, both of the issuer of the municipal lease and also the municipal agency issuing the certificate of participation.

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Shareholder Update (continued)

Structured Products Risk. In addition to the general risks associated with investments in debt securities, holders of structured products bear risks of the underlying investments, index or reference obligation (collectively, the “reference instrument”) and are subject to counterparty, valuation and liquidity risks. The Fund may have the right to receive payments to which it is entitled only from the structured product, and generally does not have direct rights against the issuer or the entity that sold assets to the special purpose trust. While certain structured products enable the investor to acquire interests in a pool of securities without the brokerage and other expenses associated with directly holding the same securities, investors in structured products generally pay their share of the structured product’s administrative and other expenses. When investing in structured products, it is impossible to predict whether the reference instrument will rise or fall, but prices of the reference instrument (and, therefore, the prices of structured products) will be influenced by the same types of political and economic events that affect particular issuers of securities and capital markets generally. Structured products may also be less liquid, more volatile and more difficult to price than other types of securities.

Swap Transactions Risk. Like most derivative instruments, the use of swaps is a highly specialized activity that involves investment techniques and risks different from those associated with ordinary portfolio securities transactions. In addition, the use of swaps requires an understanding by the investment adviser and/or the sub-adviser of not only the referenced asset, rate or index, but also of the swap itself. If the investment adviser and/ or the sub-adviser is incorrect in its forecasts of default risks, market spreads or other applicable factors or events, the investment performance of the Fund would diminish compared with what it would have been if these techniques were not used.

Tax Risk. The value of the Fund’s investments and its NAV may be adversely affected by changes in tax rates, rules and policies. Additionally, the Fund is not a suitable investment for individual retirement accounts, for other tax exempt or tax-deferred accounts, for investors who are not sensitive to the federal income tax consequences of their investments.

Taxability Risk. The Fund will invest in municipal securities in reliance at the time of purchase on an opinion of bond counsel to the issuer that the interest paid on those securities will be excludable from gross income for regular federal income tax purposes, and the sub-adviser will not independently verify that opinion. Subsequent to the Fund’s acquisition of such a municipal security, however, the security may be determined to pay, or to have paid, taxable income. As a result, the treatment of dividends previously paid or to be paid by the Fund as “exempt-interest dividends” could be adversely affected, subjecting the Fund’s shareholders to increased federal income tax liabilities. Certain other investments made by the Fund, including derivatives transactions, may result in the receipt of taxable income or gains by the Fund.

Tobacco Settlement Bond Risk. Tobacco settlement bonds are municipal securities that are backed solely by expected revenues to be derived from lawsuits involving tobacco related deaths and illnesses which were settled between certain states and American tobacco companies. Tobacco settlement bonds are secured by an issuing state’s proportionate share in the Master Settlement Agreement, an agreement between 46 states and nearly all of the U.S. tobacco manufacturers (the “MSA”). Under the terms of the MSA, the actual amount of future settlement payments by tobacco-manufacturers is dependent on many factors, including, among other things, reduced cigarette consumption. Payments made by tobacco manufacturers could be negatively impacted if the decrease in tobacco consumption is significantly greater than the forecasted decline.

Unrated Securities Risk. Unrated securities determined by the Fund’s investment adviser to be of comparable quality to rated investments which the Fund may purchase may pay a higher dividend or interest rate than such rated investments and be subject to a greater risk of illiquidity or price changes. Less public information is typically available about unrated investments or issuers than rated investments or issuers. Some unrated securities may not have an active trading market or may be difficult to value, which means the Fund might have difficulty selling them promptly at an acceptable price. To the extent that the Fund invests in unrated securities, the Fund’s ability to achieve its investment objectives will be more dependent on the investment adviser’s credit analysis than would be the case when the Fund invests in rated securities.

Valuation Risk. Certain securities in which the Fund invests typically are valued by a pricing service utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. There is no assurance that the Fund will be able to sell a portfolio security at the price established by the pricing service, which could result in a loss to the Fund. Pricing services generally price securities assuming orderly transactions of an institutional “round lot” size, but some trades may occur in smaller, “odd lot” sizes, often at lower prices than institutional round lot trades. Different pricing services may incorporate different assumptions and inputs into their valuation methodologies, potentially resulting in different values for the same securities. As a result, if the Fund were to change pricing services, or if the Fund’s pricing service were to change its valuation methodology, there could be a material impact, either positive or negative, on the Fund’s NAV.

When-Issued and Delayed-Delivery Transactions Risk. When-issued and delayed-delivery transactions may involve an element of risk because no interest accrues on the securities prior to settlement and, because securities are subject to market fluctuations, the value of the securities at time of delivery may be less (or more) than their cost. A separate account of the Fund will be established with its custodian consisting of cash equivalents or liquid securities having a market value at all times at least equal to the amount of any delayed payment commitment.

Zero Coupon Bonds Risk or Pay-In-Kind Securities Risk. Zero Coupon and pay-in-kind securities may be subject to greater fluctuation in value and less liquidity in the event of adverse market conditions than comparably rated securities paying cash interest at regular interest payment periods. Prices on non-cash-paying instruments may be more sensitive to changes in the issuer’s financial condition, fluctuation in interest rates and market demand/ supply imbalances than cash-paying securities with similar credit ratings, and thus may be more speculative.


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Fund Level and Other Risks:

Anti-Takeover Provisions. The Declaration of Trust and the Fund’s by-laws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or convert the Fund to open-end status. These provisions could have the effect of depriving the Common Shareholders of opportunities to sell their Common Shares at a premium over the then-current market price of the Common Shares.

Counterparty Risk. Changes in the credit quality of the companies that serve as the Fund’s counterparties with respect to derivatives or other transactions supported by another party’s credit will affect the value of those instruments. Certain entities that have served as counterparties in the markets for these transactions have incurred or may incur in the future significant financial hardships including bankruptcy and losses as a result of exposure to sub-prime mortgages and other lower-quality credit investments. As a result, such hardships have reduced these entities’ capital and called into question their continued ability to perform their obligations under such transactions. By using such derivatives or other transactions, the Fund assumes the risk that its counterparties could experience similar financial hardships. In the event of the insolvency of a counterparty, the Fund may sustain losses or be unable to liquidate a derivatives position.

Cybersecurity Risk. The Fund and its service providers are susceptible to operational and information security risk resulting from cyber incidents. Cyber incidents refer to both intentional attacks and unintentional events including: processing errors, human errors, technical errors including computer glitches and system malfunctions, inadequate or failed internal or external processes, market-wide technical-related disruptions, unauthorized access to digital systems (through “hacking” or malicious software coding), computer viruses, and cyber-attacks which shut down, disable, slow or otherwise disrupt operations, business processes or website access or functionality (including denial of service attacks). Cyber incidents could adversely impact the Fund and cause the Fund to incur financial loss and expense, as well as face exposure to regulatory penalties, reputational damage, and additional compliance costs associated with corrective measures. In addition, substantial costs may be incurred in order to prevent any cyber incidents in the future. Furthermore, the Fund cannot control the cybersecurity plans and systems put in place by its service providers or any other third parties whose operations may affect the Fund. Because technology is frequently changing (including the development of artificial intelligence and machine learning), new ways to carry out cyber attacks are always developing. Therefore, there is a chance that some risks have not been identified or prepared for, or that an attack may not be detected, which puts limitations on the Fund’s ability to plan for or respond to a cyber attack. Like other funds and business enterprises, the Fund, the investment adviser, and their service providers are subject to the risk of cyber incidents occurring from time to time. The rapid development and increasingly widespread use of artificial intelligence technologies could increase the effectiveness of cyber attacks and exacerbate the risks.

Economic and Political Events Risk. The Fund may be more sensitive to adverse economic, business or political developments if it invests a substantial portion of its assets in the municipal securities of similar projects (such as those relating to the education, health care, housing, transportation, or utilities industries), industrial development bonds, or in particular types of municipal securities (such as general obligation bonds, private activity bonds or moral obligation bonds). Such developments may adversely affect a specific industry or local political and economic conditions, and thus may lead to declines in the creditworthiness and value of such municipal securities.

Fund Tax Risk. The Fund has elected to be treated and intends to qualify each year as a Regulated Investment Company (“RIC”) under the Internal Revenue Code of 1986, as amended (the “Code”). As a RIC, the Fund is not expected to be subject to U.S. federal income tax to the extent that it distributes its investment company taxable income and net capital gains. To qualify for the special tax treatment available to a RIC, the Fund must comply with certain investment, distribution, and diversification requirements. Under certain circumstances, the Fund may be forced to sell certain assets when it is not advantageous in order to meet these requirements, which may reduce the Fund’s overall return. If the Fund fails to meet any of these requirements, subject to the opportunity to cure such failures under applicable provisions of the Code, the Fund’s income would be subject to a double level of U.S. federal income tax. The Fund’s income, including its net capital gain, would first be subject to U.S. federal income tax at regular corporate rates, even if such income were distributed to shareholders and, second, all distributions by the Fund from earnings and profits, including distributions of net capital gain (if any), would be taxable to shareholders as dividends.

Global Economic Risk. National and regional economies and financial markets are becoming increasingly interconnected, which increases the possibilities that conditions in one country, region or market might adversely impact issuers in a different country, region or market. Changes in legal, political, regulatory, tax and economic conditions may cause fluctuations in markets and asset prices around the world, which could negatively impact the value of the Fund’s investments. Major economic or political disruptions, particularly in large economies, may have global negative economic and market repercussions. Additionally, instability in various countries, war, natural and environmental disasters, the spread of infectious illnesses or other public health emergencies, terrorist attacks in the United States and around the world, growing social and political discord in the United States, debt crises, the response of the international community—through economic sanctions and otherwise—to international events, further downgrade of U.S. government securities, changes in the U.S. president or political shifts in Congress, trade disputes and other similar events may adversely affect the global economy and the markets and issuers in which the Fund invests. These events could reduce consumer demand or economic output, result in market closure, travel restrictions or quarantines, and generally have a significant impact on the global economy. These events could also impair the information technology and other operational systems upon which the Fund’s service providers, including the Fund’s sub-adviser, rely, and could otherwise disrupt the ability of employees of the Fund’s service providers to perform essential tasks on behalf of the Fund.

The Fund does not know and cannot predict how long the securities markets may be affected by these events, and the future impact of these and similar events on the global economy and securities markets is uncertain. The Fund may be adversely affected by abrogation of international agreements and national laws which have created the market instruments in which the Fund may invest, failure of the designated national and

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Shareholder Update (continued)

international authorities to enforce compliance with the same laws and agreements, failure of local, national and international organizations to carry out the duties prescribed to them under the relevant agreements, revisions of these laws and agreements which dilute their effectiveness or conflicting interpretation of provisions of the same laws and agreements.

Governmental and quasi-governmental authorities and regulators throughout the world have in the past responded to major economic disruptions with a variety of significant fiscal and monetary policy changes, including but not limited to, direct capital infusions into companies, new monetary programs and dramatically lower interest rates. An unexpected or quick reversal of these policies, or the ineffectiveness of these policies, could increase volatility in securities markets, which could adversely affect the Fund’s investments.

Investment and Market Risk. An investment in common shares is subject to investment risk, including the possible loss of the entire principal amount that you invest. Common shares frequently trade at a discount to their NAV. An investment in common shares represents an indirect investment in the securities owned by the Fund. Common shares at any point in time may be worth less than your original investment, even after taking into account the reinvestment of Fund dividends and distributions.

Legislation and Regulatory Risk. At any time after the date of this report, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund, securities held by the Fund or the issuers of such securities. Fund shareholders may incur increased costs resulting from such legislation or additional regulation. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objectives.

Leverage Risk. The use of leverage creates special risks for common shareholders, including potential interest rate risks and the likelihood of greater volatility of NAV and market price of, and distributions on, the common shares. The use of leverage in a declining market will likely cause a greater decline in the Fund’s NAV, which may result at a greater decline of the common share price, than if the Fund were not to have used leverage.

Certain types of leverage may result in the Fund being subject to certain covenants, asset coverage or other portfolio composition limits by its lenders, debt or preferred securities purchasers, rating agencies that may rate the debt or preferred securities, or reverse repurchase counterparties. Such limitations may be more stringent than those imposed by the 1940 Act and may impact whether the Fund is able to maintain its desired amount of leverage. In addition, whenever the Fund incurs borrowings and/or preferred shares are outstanding, Common Shareholders will not be entitled to receive any cash distributions from the Fund unless all interest on such borrowings has been paid and all accumulated dividends on preferred shares have been paid, unless asset coverage (as defined in the 1940 Act) with respect to any borrowings would be at least 300% after giving effect to the distributions and asset coverage (as defined in the 1940 Act) with respect to preferred shares would be at least 200% after giving effect to the distributions.

The Fund will pay (and common shareholders will bear) any costs and expenses relating to the Fund’s use of leverage, which will result in a reduction in the Fund’s NAV. The investment adviser may, based on its assessment of market conditions and composition of the Fund’s holdings, increase or decrease the amount of leverage. Such changes may impact the Fund’s distributions and the price of the common shares in the secondary market. There is no assurance that the Fund’s use of leverage will be successful.

The Fund may seek to refinance its leverage over time, in the ordinary course, as current forms of leverage mature or it is otherwise desirable to refinance; however, the form that such leverage will take cannot be predicted at this time. If the Fund is unable to replace existing leverage on comparable terms, its costs of leverage will increase. Accordingly, there is no assurance that the use of leverage may result in a higher yield or return to common shareholders.

The amount of fees paid to the investment adviser and the sub-adviser for investment advisory services will be higher if the Fund uses leverage because the fees will be calculated based on the Fund’s Managed Assets – this may create an incentive for the investment adviser and the sub-adviser to leverage the Fund or increase the Fund’s leverage.

Market Discount from Net Asset Value. Shares of closed-end investment companies like the Fund frequently trade at prices lower than their NAV. This characteristic is a risk separate and distinct from the risk that the Fund’s NAV could decrease as a result of investment activities. Whether investors will realize gains or losses upon the sale of the common shares will depend not upon the Fund’s NAV but entirely upon whether the market price of the common shares at the time of sale is above or below the investor’s purchase price for the common shares. Furthermore, management may have difficulty meeting the Fund’s investment objectives during periods of market turmoil and as investors’ perceptions regarding closed-end funds or their underlying investments change. Because the market price of the common shares will be determined by factors such as relative supply of and demand for the common shares in the market, general market and economic circumstances, and other factors beyond the control of the Fund, the Fund cannot predict whether the common shares will trade at, below or above NAV. The common shares are designed primarily for long-term investors, and you should not view the Fund as a vehicle for short-term trading purposes.

Recent Market Conditions. Periods of unusually high financial market volatility and restrictive credit conditions, at times limited to a particular sector or geographic area, have occurred in the past and may be expected to recur in the future. Some countries, including the United States, have adopted or have signaled protectionist trade measures, including the imposition of tariffs, relaxation of the financial industry regulations that followed the financial crisis, and/or reductions to corporate taxes. The scope of these policy changes is still developing, but the equity and debt markets may react strongly to expectations of change, which could increase volatility, particularly if a resulting policy runs counter to the market’s expectations. The outcome of such changes cannot be foreseen at the present time. In addition, geopolitical and other risks, including environmental and public health risks, may add to instability in the world economy and markets generally. As a result of increasingly interconnected global economies and financial markets, the value and liquidity of the Fund’s investments may be negatively affected by events impacting a country or region, regardless of whether the Fund invests in issuers located in or with significant exposure to such country or region.

Ukraine has experienced ongoing military conflict, most recently commencing in February 2022 when Russia invaded Ukraine; this conflict may expand and military attacks could occur elsewhere in Europe. Europe has also been struggling with mass migration from the Middle East and Africa. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and


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markets. Additionally, in October 2023 armed conflict broke out between Israel and the militant group Hamas after Hamas infiltrated Israel’s southern border from the Gaza Strip. Israel has since declared war against Hamas and this conflict has escalated into a greater regional conflict. The ultimate effects of these events and other socio-political or geographical issues are not known but could profoundly affect global economies and markets.

The ongoing trade war between China and the United States, including the imposition of tariffs by each country on the other country’s products, has created a tense political environment. These actions may trigger a significant reduction in international trade, adverse effects in the supply of certain manufactured goods, substantial adverse price changes for goods and possible failure of individual companies and/or large segments of China’s export industry and U.S. importers, which could have a negative impact on the Fund’s performance. U.S. companies that source material and goods from China and those that make large amounts of sales in China are particularly vulnerable to an escalation of trade tensions. Beginning in early 2025, the United States also imposed tariffs on other countries, including Mexico and Canada. The possibility of additional tariffs being imposed or the outbreak of a trade war may adversely impact U.S. and international markets. Uncertainty regarding the outcome of the trade tensions and the potential for a trade war could cause the U.S. dollar to decline further. Events such as these and their consequences are difficult to predict and it is unclear whether further tariffs may be imposed or other escalating actions may be taken in the future. Additionally, political uncertainty regarding U.S. policy, including the U.S. government’s approach to trade, may impact the markets and the Fund’s performance.

The U.S. Federal Reserve (the “Fed”) has in the past sharply raised interest rates, and has signaled an intention to maintain relatively higher interest rates until current inflation levels re-align with the Fed’s long-term inflation target. Changing interest rate environments impact the various sectors of the economy in different ways. For example, in March 2023, the Federal Deposit Insurance Corporation (“FDIC”) was appointed receiver for each of Silicon Valley Bank and Signature Bank, the second- and third-largest bank failures in U.S. history, which failures may be attributable, in part, to rising interest rates. Bank failures may have a destabilizing impact on the broader banking industry or markets generally.

The impact of these developments in the near- and long-term is unknown and could have additional adverse effects on economies, financial markets and asset valuations around the world.

Reverse Repurchase Agreement Risk. A reverse repurchase agreement, in economic essence, constitutes a securitized borrowing by the Fund from the security purchaser. The Fund may enter into reverse repurchase agreements for the purpose of creating a leveraged investment exposure and, as such, their usage involves essentially the same risks associated with a leveraging strategy generally since the proceeds from these agreements may be invested in additional portfolio securities. Reverse repurchase agreements tend to be short-term in tenor, and there can be no assurances that the purchaser (lender) will commit to extend or “roll” a given agreement upon its agreed-upon repurchase date or an alternative purchaser can be identified on similar terms. Reverse repurchase agreements also involve the risk that the purchaser fails to return the securities as agreed upon, files for bankruptcy or becomes insolvent. The Fund may be restricted from taking normal portfolio actions during such time, could be subject to loss to the extent that the proceeds of the agreement are less than the value of securities subject to the agreement and may experience adverse tax consequences.


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Shareholder Update (continued)

EFFECTS OF LEVERAGE

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effects of leverage through the use of senior securities, as that term is defined under Section 18 of the 1940 Act, as well as certain other forms of leverage, such as reverse repurchase agreements and investments in inverse floating rate securities, on common share total return, assuming investment portfolio total returns (consisting of income and changes in the value of investments held in a Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects each Fund’s (i) continued use of leverage as of August 31, 2026 as a percentage of Managed Assets (including assets attributable to such leverage), (ii) the estimated annual effective interest expense rate payable by the Fund on such instruments (based on actual leverage costs incurred during the fiscal year ended August 31, 2026) as set forth in the table, and (iii) the annual return that the Fund’s portfolio must experience (net of expenses) in order to cover such costs of leverage based on such estimated annual effective interest expense rate. The information below does not reflect any Fund’s use of certain other forms of economic leverage achieved through the use of other instruments or transactions not considered to be senior securities under the 1940 Act, such as certain derivative instruments and investments in inverse floating rate securities.

The numbers are merely estimates, used for illustration. The costs of leverage may vary frequently and may be significantly higher or lower than the estimated rate. The assumed investment portfolio returns in the table below are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. Your actual returns may be greater or less than those appearing below.


	NAZ		NKX		NAC		NRK		NAN
Estimated Leverage as a Percentage of Managed Assets (Including Assets Attributable to Leverage)	37.57	%	39.76	%	39.12	%	43.01	%	40.19	%

Estimated Annual Effective Leverage Expense Rate Payable by Fund on Leverage	3.35	%	3.27	%	3.46	%	3.34	%	3.43	%

Annual Return Fund Portfolio Must Experience (net of expenses) to Cover Estimated Annual Effective Interest Expense Rate on Leverage	1.26	%	1.30	%	1.35	%	1.44	%	1.38	%

Common Share Total Return for (10.00)% Assumed Portfolio Total Return	(18.03	)%	(18.76	)%	(18.65	)%	(20.07	)%	(19.03	)%

Common Share Total Return for (5.00)% Assumed Portfolio Total Return	(10.02	)%	(10.46	)%	(10.44	)%	(11.29	)%	(10.67	)%

Common Share Total Return for 0.00% Assumed Portfolio Total Return	(2.01	)%	(2.16	)%	(2.22	)%	(2.52	)%	(2.31	)%

Common Share Total Return for 5.00% Assumed Portfolio Total Return	5.99	%	6.14	%	5.99	%	6.25	%	6.05	%

Common Share Total Return for 10.00% Assumed Portfolio Total Return	14.00	%	14.44	%	14.20	%	15.03	%	14.41	%

Common Share total return is composed of two elements — the distributions paid by a Fund to holders of common shares (the amount of which is largely determined by the net investment income of the Fund after paying dividend payments on any preferred shares issued by the Fund and expenses on any forms of leverage outstanding) and gains or losses on the value of the securities and other instruments the Fund owns. As required by SEC rules, the table assumes that a Fund is more likely to suffer capital losses than to enjoy capital appreciation. For example, to assume a total return of 0%, a Fund must assume that the income it receives on its investments is entirely offset by losses in the value of those investments. This table reflects hypothetical performance of a Fund’s portfolio and not the actual performance of the Fund’s common shares, the value of which is determined by market forces and other factors. Should a Fund elect to add additional leverage to its portfolio, any benefits of such additional leverage cannot be fully achieved until the proceeds resulting from the use of such leverage have been received by the Fund and invested in accordance with the Fund’s investment objectives and policies. As noted above, a Fund’s willingness to use additional leverage, and the extent to which leverage is used at any time, will depend on many factors.

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DIVIDEND REINVESTMENT PLAN

Nuveen Closed-End Funds Automatic Reinvestment Plan

Your Nuveen Closed-End Fund allows you to conveniently reinvest distributions in additional Fund shares. By choosing to reinvest, you’ll be able to invest money regularly and automatically, and watch your investment grow through the power of compounding. Just like distributions in cash, there may be times when income or capital gains taxes may be payable on distributions that are reinvested. It is important to note that an automatic reinvestment plan does not ensure a profit, nor does it protect you against loss in a declining market.

Easy and convenient

To make recordkeeping easy and convenient, each month you’ll receive a statement showing your total distributions, the date of investment, the shares acquired and the price per share, and the total number of shares you own.

How shares are purchased

The shares you acquire by reinvesting will either be purchased on the open market or newly issued by the Fund. If the shares are trading at or above NAV at the time of valuation, the Fund will issue new shares at the greater of the NAV or 95% of the then-current market price. If the shares are trading at less than NAV, shares for your account will be purchased on the open market. If Computershare Trust Company, N.A. (the “Plan Agent”) begins purchasing Fund shares on the open market while shares are trading below NAV, but the Fund’s shares subsequently trade at or above their NAV before the Plan Agent is able to complete its purchases, the Plan Agent may cease open-market purchases and may invest the uninvested portion of the distribution in newly-issued Fund shares at a price equal to the greater of the shares’ NAV or 95% of the shares’ market value on the last business day immediately prior to the purchase date. Distributions received to purchase shares in the open market will normally be invested shortly after the distribution payment date. No interest will be paid on distributions awaiting reinvestment. Because the market price of the shares may increase before purchases are completed, the average purchase price per share may exceed the market price at the time of valuation, resulting in the acquisition of fewer shares than if the distribution had been paid in shares issued by the Fund. A pro rata portion of any applicable brokerage commissions on open market purchases will be paid by Dividend Reinvestment Plan (the “Plan”) participants. These commissions usually will be lower than those charged on individual transactions.

Additionally, whenever the Fund declares a distribution payable in shares or cash at the option of the shareholders, each Plan participant shall take such distribution entirely in shares and the Plan Agent shall automatically receive such shares, including fractions, for the Plan participant’s account, except in circumstances described in the Plan. Except in such circumstances, the number of additional shares to be credited to each Plan participant’s account shall be determined by dividing the dollar amount of the distribution payable on the shareholder’s shares by the greater of net asset value or 95% of current market price per share on the payable date for such distribution. If you withdraw or the Plan is terminated, you will receive whole shares in your account under the Plan and you will receive a cash payment for any fraction of a share in your account. If you wish, the Plan Agent will sell your shares and send you the proceeds, minus brokerage commissions and a $2.50 service fee.

Fractional Shares

The Plan Agent will confirm your acquisition made for your account as soon as practicable but not later than 60 days after the date thereof. Although you may from time to time have an undivided fractional interest (computed up to six decimal places) in a share (“fractional shares”) of the Fund within the operation of the Plan, and distributions on fractional shares will be credited to your account, no fractional shares will be transferred. In the event of termination of your account under the Plan, the Plan Agent will either (a) continue to hold your Common Shares in book-entry form, or (b) transfer a whole number of Common Shares to an intermediary of your choosing, in either case disbursing to the investor an amount of cash equal to the value of any such fractional shares valued at the then-current market value of the Fund’s Common Shares at the time of termination, less any applicable fees. The automatic reinvestment of distributions to shareholders does not relieve Plan participants of any federal, state or local taxes which may be payable (or required to be withheld on distributions to shareholders). Plan participants will receive tax information annually for their personal records and to help them prepare their federal income tax return. For further information as to tax consequences of participation in the Plan, Plan participants should consult with their own tax advisors.

Flexible

You may change your distribution option or withdraw from the Plan at any time, should your needs or situation change. You can reinvest whether your shares are registered in your name, or in the name of a brokerage firm, bank, or other nominee. Ask your investment advisor if his or her firm will participate on your behalf. Participants whose shares are registered in the name of one firm may not be able to transfer the shares to another firm and continue to participate in the Plan. The Fund reserves the right to amend or terminate the Plan at any time. Although the Fund reserves the right to amend the Plan to include a service charge payable by the participants, there is no direct service charge to participants in the Plan at this time.

Call today to start reinvesting distributions

For more information on the Nuveen Automatic Reinvestment Plan or to enroll in or withdraw from the Plan, speak with your financial professional or call us at (800) 257-8787.

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Shareholder Update (continued)

CHANGES OCCURRING DURING THE PRIOR FISCAL YEAR

The following information in this annual report is a summary of certain changes during the most recent fiscal year. This information may not reflect all of the changes that have occurred since you purchased shares of a Fund.

During the most recent fiscal year, there have been no changes required to be reported in connection with: (i) the Funds’ investment objectives and principal investment policies that have not been approved by shareholders, (ii) the principal risks of the Fund, (iii) the portfolio managers of the Funds; or (iv) a Fund’s charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders.

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ADDITIONAL DISCLOSURES FOR CERTAIN FUNDS AS OF THE FISCAL YEAR ENDED AUGUST 31, 2026

This annual report includes additional disclosures for certain Funds that have, or intend to have, an effective shelf offering registration statement on file with the Securities and Exchange Commission (SEC) at the time this report was prepared. Refer to Note 6, Fund Shares of the Notes to Financial Statements for further details on the shelf offering program.

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 YORK AMT-FREE QUALITY MUNICIPAL INCOME FUND (NRK)

NUVEEN NEW YORK QUALITY MUNICIPAL INCOME FUND (NAN)

SUMMARY OF FUND EXPENSES

The purpose of the tables and the example below are to help you understand all fees and expenses that you, as a common shareholder, would bear directly or indirectly. The tables show the expenses of each Fund as a percentage of the average net assets applicable to Common Shares and not as a percentage of total assets or managed assets.


Shareholder Transaction Expenses	NAZ	NKX	NCA	NAC	NRK	NAN
Maximum Sales Charge (as a percentage of offering price) (1)	1.00%	1.00%	1.00%	1.00%	1.00%	1.00%

Dividend Reinvestment Plan Fees (2)	$2.50	$2.50	$2.50	$2.50	$2.50	$2.50

(1)

The maximum sales charge for offerings made at-the-market is 1.00%. If the Common Shares are sold to or through underwriters in an offering that is not made at-the-market, the applicable Prospectus Supplement will set forth any other applicable sales load. Additionally, the applicable Prospectus Supplement will set forth the offering expenses (if any) borne by Fund common shareholders.

(2)	You will be charged a $2.50 service charge and pay brokerage charges if you direct Computershare Inc. and Computershare Trust Company, N.A., as agent for the common shareholders, to sell your Common Shares held in a dividend reinvestment account.


Annual Expenses (As a Percentage of Net Assets Attributable to Common Shares) (1)	NAZ	NKX	NCA	NAC	NRK	NAN
Management Fees	0.96%	0.96%	0.49%	0.92%	0.98%	0.98%

Interest and Other Related Expenses (2)	2.02%	2.20%	0.00%	2.30%	2.40%	2.31%

Other Expenses (3)	0.15%	0.09%	0.05%	0.08%	0.07%	0.12%

Total Annual Expenses	3.13%	3.25%	0.54%	3.30%	3.45%	3.41%

(1)	Stated as percentages of average net assets attributable to Common Shares for the fiscal year ended August 31, 2026.

(2)

Interest and Other Related Expenses reflect actual expenses and fees for leverage incurred by a Fund for the fiscal year ended August 31, 2026. The types of leverage used by the Fund during the fiscal year ended August 31, 2026 are described in the Fund Leverage and the Notes to Financial Statements sections of this annual report. Actual Interest and Other Related Expenses incurred in the future may be higher or lower. If short-term market interest rates rise in the future, and if the Fund continues to maintain leverage, the cost of which is tied to short-term interest rates, the Fund’s interest expenses on its short-term borrowings can be expected to rise in tandem. The Fund’s use of leverage will increase the amount of management fees paid to the Fund’s adviser and sub-advisor(s).

(3)	Other Expenses are based on estimated amounts for the current fiscal year. Expenses attributable to the Fund’s investments, if any, in other investment companies are currently estimated not to exceed 0.01%.

Example

The following example illustrates the expenses, including the applicable transaction fees (referred to as the “Maximum Sales Charge” in the Shareholder Transaction Expenses table above), if any, that a common shareholder would pay on a $1,000 investment that is held for the time periods provided in the table. The example assumes that all dividends and other distributions are reinvested in the Fund and that the Fund’s Annual Expenses, as provided above, remain the same. The example also assumes a 5% annual return. Actual expenses may be greater or less than those assumed. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% return shown in the example.

169

Shareholder Update (continued)

Example (At-the-Market Transaction)

The following example assumes a transaction fee of 1.00%, as a percentage of the offering price.


	1 Year		3 Years		5 Years		10 Years
NAZ		$41		$106		$172		$350
NKX		$42		$109		$178		$361
NCA		$15		$27		$40		$77
NAC		$43		$111		$180		$366
NRK		$44		$115		$188		$379
NAN		$44		$114		$186		$376

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those shown above.

TRADING AND NET ASSET VALUE INFORMATION

The following table shows for the periods indicated: (i) the high and low sales prices for the Common Shares reported as of the end of the day on the NYSE, (ii) the corresponding NAV per share; and (iii) the premium/(discount) to NAV per share at which the Common Shares were trading as of such date.

NAZ


	Closing Market Price per Common Share				NAV per Common Share on Date of Market Price				Premium/(Discount) on Date of Market Price
Fiscal Quarter End	High		Low		High		Low		High			Low


August 2026		$13.33		$12.10		$11.65		$11.33		14.42	%		6.80%
May 2026		$12.98		$11.77		$11.57		$11.40		12.19	%		3.25%
February 2026		$12.16		$11.87		$11.91		$11.65		2.10	%		1.89%
November 2025		$12.09		$11.66		$11.79		$11.63		2.54	%		0.26%
August 2025		$11.90		$11.51		$11.07		$11.22		7.50	%		2.58%
May 2025		$13.44		$11.45		$12.16		$11.20		10.53	%		2.23%
February 2025		$12.70		$11.28		$12.17		$12.09		4.35	%		(6.70)%
November 2024		$12.29		$11.54		$12.49		$12.35		(1.60	)%		(6.56)%

NKX


	Closing Market Price per Common Share				NAV per Common Share on Date of Market Price				Premium/(Discount) on Date of Market Price
Fiscal Quarter End	High		Low		High		Low		High			Low


August 2026		$12.64		$12.02		$12.06		$11.68		4.81	%		2.91%
May 2026		$12.90		$11.73		$12.35		$11.80		4.45	%		(0.59)%
February 2026		$13.15		$12.43		$12.23		$12.10		7.52	%		2.73%
November 2025		$12.99		$11.80		$12.26		$11.52		5.95	%		2.43%
August 2025		$12.07		$11.46		$11.61		$11.74		3.96	%		(2.39)%
May 2025		$13.05		$11.70		$12.83		$11.65		1.71	%		0.43%
February 2025		$13.08		$12.30		$13.24		$12.83		(1.21	)%		(4.13)%
November 2024		$14.06		$12.85		$13.37		$13.17		5.16	%		(2.43)%

170

NCA


	Closing Market Price per Common Share				NAV per Common Share on Date of Market Price				Premium/(Discount) on Date of Market Price
Fiscal Quarter End	High		Low		High		Low		High			Low


August 2026	$	9.47	$	8.96	$	9.28	$	9.08		2.05	%		(1.32)%
May 2026	$	9.72	$	8.92	$	9.21	$	9.06		5.54	%		(1.55)%
February 2026	$	9.71	$	8.71	$	9.24	$	9.16		5.09	%		(4.91)%
November 2025	$	9.17	$	8.52	$	9.19	$	8.88		(0.22	)%		(4.05)%
August 2025	$	8.68	$	8.41	$	8.92	$	8.78		(2.69	)%		(4.21)%
May 2025	$	8.73	$	8.24	$	9.22	$	8.86		(5.31	)%		(7.00)%
February 2025	$	8.84	$	8.37	$	9.47	$	9.24		(6.65	)%		(9.42)%
November 2024	$	9.19	$	8.62	$	9.49	$	9.36		(3.16	)%		(7.91)%

NAC
	Closing Market Price per Common Share				NAV per Common Share on Date of Market Price				Premium/(Discount) on Date of Market Price
Fiscal Quarter End	High		Low		High		Low		High			Low


August 2026	$	12.18	$	11.64	$	11.71	$	11.28		4.01	%		3.19%
May 2026	$	12.12	$	11.40	$	11.61	$	11.40		4.39	%		0.00%
February 2026	$	12.06	$	11.71	$	11.94	$	11.65		1.01	%		0.52%
November 2025	$	12.18	$	11.22	$	11.79	$	11.02		3.31	%		1.81%
August 2025	$	11.33	$	10.88	$	11.10	$	11.22		2.07	%		(3.03)%
May 2025	$	11.61	$	10.51	$	12.34	$	11.18		(5.92	)%		(5.99)%
February 2025	$	11.88	$	11.12	$	12.79	$	12.27		(7.11	)%		(9.37)%
November 2024	$	11.99	$	11.34	$	12.93	$	12.57		(7.27	)%		(9.79)%

NRK
	Closing Market Price per Common Share				NAV per Common Share on Date of Market Price				Premium/(Discount) on Date of Market Price
Fiscal Quarter End	High		Low		High		Low		High			Low


August 2026	$	10.77	$	10.12	$	10.97	$	10.35		(1.82	)%		(2.22)%
May 2026	$	10.74	$	9.97	$	10.83	$	10.51		(0.83	)%		(5.14)%
February 2026	$	10.50	$	9.89	$	11.12	$	10.85		(5.58	)%		(8.85)%
November 2025	$	10.38	$	9.45	$	11.05	$	10.32		(6.06	)%		(8.43)%
August 2025	$	9.92	$	9.32	$	10.54	$	10.20		(5.88	)%		(8.63)%
May 2025	$	10.75	$	9.74	$	11.63	$	10.53		(7.57	)%		(7.50)%
February 2025	$	11.13	$	10.26	$	12.07	$	11.53		(7.79	)%		(11.01)%
November 2024	$	11.33	$	10.74	$	12.16	$	11.73		(6.83	)%		(8.44)%

171

Shareholder Update (continued)

NAN


	Closing Market Price per Common Share				NAV per Common Share on Date of Market Price				Premium/(Discount) on Date of Market Price
Fiscal Quarter End	High		Low		High		Low		High		Low


August 2026		$11.77		$10.89		$11.48		$10.85		2.53%		0.37%
May 2026		$11.66		$10.96		$11.54		$11.10		1.04%		(1.26)%
February 2026		$11.62		$11.15		$11.60		$11.37		0.17%		(1.93)%
November 2025		$11.63		$10.92		$11.58		$10.84		0.43%		0.74%
August 2025		$11.47		$10.83		$11.13		$10.77		3.05%		0.56%
May 2025		$11.85		$10.86		$12.09		$11.11		(1.99)%		(2.25)%
February 2025		$11.82		$11.09		$12.10		$12.05		(2.31)%		(7.97)%
November 2024		$11.89		$11.28		$12.67		$12.27		(6.16)%		(8.07)%

The following table shows, as of August 31, 2026 each Fund’s: (i) NAV per Common Share, (ii) market price, (iii) percentage of premium/(discount) to NAV per Common Share and, (iv) net assets attributable to Common Shares.


August 31, 2026	NAZ		NKX		NCA		NAC		NRK		NAN

NAV per Common Share		$ 11.18		$ 11.61		$ 9.03		$ 11.16		$ 10.29		$ 10.85

Market Price		$ 12.31		$ 12.05		$ 9.05		$ 11.65		$ 10.28		$ 10.89

Percentage of Premium/(Discount) to NAV per Common Share		10.11%		3.79%		0.22%		4.39%		(0.10)%		0.37%
Net Assets Attributable to Common Shares		$ 146,714,455		$ 652,584,279		$ 301,992,837		$ 1,883,076,233		$ 897,363,460		$ 364,377,148

Shares of closed-end investment companies, including those of the Funds, may frequently trade at prices lower than NAV, the Funds’ Board of Trustees (Board) has currently determined that, at least annually, it will consider action that might be taken to reduce or eliminate any material discount from NAV in respect of Common Shares, which may include the repurchase of such shares in the open market or in private transactions, the making of a tender offer for such shares at NAV, or the conversion of the Fund to an open-end investment company. The Funds cannot assure you that their Board will decide to take any of these actions, or that share repurchases or tender offers will actually reduce market discount.

SENIOR SECURITIES

The following table sets forth information regarding the Fund’s outstanding senior securities as of the end of the Fund’s last ten fiscal years, as applicable. The Fund’s senior securities during this time period are comprised of borrowings that constitute “senior securities” as defined in the Investment Company Act of 1940, as amended (1940 Act). The information in this table is derived from the financial statements. The financial statements for the year ended August 31, 2026 have been audited by PricewaterhouseCoopers LLP (“PwC”), independent registered public accounting firm. The financial statements with respect to the fiscal years ended prior to 2025, where applicable, have been audited by other auditors. The Fund’s audited financial statements for the year ended August 31, 2026, including the report of PwC thereon, and accompanying notes thereto, are included in this Annual Report.


172


NAZ
	Adjustable Rate MuniFund Term Preferred (AMTP) Shares at the End of Period				Variable Rate MuniFund Term Preferred (VMTP) Shares at the End of Period
Year Ended 8/31:	Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)
2026		$ 88,300		$ 266,155		$ 0		$ 0

2025		$ 88,300		$ 252,413		$ 0		$ 0

2024 (5)		$ 88,300		$ 265,542		$ 0		$ 0

2024		$ 88,300		$ 266,396		$ 0		$ 0

2023		$ 88,300		$ 261,963		$ 0		$ 0

2022		$ 88,300		$ 290,229		$ 0		$ 0

2021		$ 88,300		$ 297,509		$ 0		$ 0

2020		$ 88,300		$ 303,878		$ 0		$ 0

2019		$ 88,300		$ 285,822		$ 0		$ 0

2018		$ 0		$ 0		$ 88,300		$ 286,891

2017		$ 0		$ 0		$ 88,300		$ 287,022


NKX
	Institutional MuniFund Term Preferred (iMTP) Shares at the End of Period				MuniFund Preferred (MFP) Shares at the End of Period				Variable Rate Demand Preferred (VRDP) Shares at the End of Period
Year Ended 8/31:	Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $5,000 (2)		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Asset Coverage Per $1 Liquidation (4)
2026		$ 0		$ 0		$ 140,400		$ 264,338		$ 256,700		$ 264,338		$ 2.64
2025		$ 0		$ 0		$ 140,400		$ 244,649		$ 256,700		$ 244,649		$ 2.45
2024 (5)		$ 0		$ 0		$ 140,400		$ 258,511		$ 256,700		$ 258,511		$ 2.59
2024		$ 0		$ 0		$ 140,400		$ 259,461		$ 256,700		$ 259,461		$ 2.59
2023		$ 0		$ 0		$ 140,400		$ 255,434		$ 256,700		$ 255,434		$ 2.55
2022		$ 0		$ 0		$ 140,400		$ 271,751		$ 292,200		$ 271,751		$ 2.72
2021		$ 0		$ 0		$ 140,400		$ 281,045		$ 292,200		$ 281,045		$ 2.81
2020		$ 0		$ 0		$ 140,400		$ 289,705		$ 292,200		$ 289,705		$ 2.90
2019		$ 0		$ 0		$ 140,400		$ 266,617		$ 292,200		$ 266,617		$ 2.67
2018		$ 0		$ 0		$ 140,400		$ 268,438		$ 292,200		$ 268,438		$ 2.68
2017		$ 36,000		$ 13,468		$ 0		$ 0		$ 396,600		$ 269,359		$ 2.69

173

Shareholder Update (continued)


NAC
	MuniFund Preferred (MFP) Shares at the End of Period				Variable Rate MuniFund Term Preferred (VMTP) Shares at the End of Period				Variable Rate Demand Preferred (VRDP) Shares at the End of Period
Year Ended 8/31:	Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Asset Coverage Per $1 Liquidation (4)
2026		$ 257,000		$ 265,066		$ 0		$ 0		$ 883,800		$ 265,066		$ 2.65
2025		$ 257,000		$ 238,337		$ 0		$ 0		$ 907,800		$ 238,337		$ 2.38
2024 (5)		$ 275,000		$ 256,078		$ 0		$ 0		$ 907,800		$ 256,078		$ 2.56
2024		$ 275,000		$ 256,929		$ 0		$ 0		$ 907,800		$ 256,929		$ 2.57
2023		$ 320,000		$ 247,561		$ 0		$ 0		$ 907,800		$ 247,561		$ 2.48
2022		$ 320,000		$ 270,716		$ 0		$ 0		$ 957,600		$ 270,716		$ 2.71
2021		$ 320,000		$ 280,237		$ 0		$ 0		$ 957,600		$ 280,237		$ 2.80
2020		$ 320,000		$ 289,294		$ 0		$ 0		$ 957,600		$ 289,294		$ 2.89
2019		$ 320,000		$ 269,324		$ 0		$ 0		$ 957,600		$ 269,324		$ 2.69
2018		$ 320,000		$ 272,351		$ 0		$ 0		$ 957,600		$ 272,351		$ 2.72
2017		$ 0		$ 0		$ 145,000		$ 301,487		$ 957,600		$ 301,487		$ 3.01


NRK
	Institutional MuniFund Term Preferred (iMTP) Shares at the End of Period				MuniFund Preferred (MFP) Shares at the End of Period				Variable Rate Demand Preferred (VRDP) Shares at the End of Period
Year Ended 8/31:	Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $5,000 (2)		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Asset Coverage Per $1 Liquidation (4)
2026		$ 0		$ 0		$ 80,000		$ 235,186		$ 583,800		$ 235,186		$ 2.35
2025		$ 0		$ 0		$ 80,000		$ 235,397		$ 583,800		$ 235,397		$ 2.35
2024 (5)		$ 0		$ 0		$ 80,000		$ 257,884		$ 583,800		$ 257,884		$ 2.58
2024		$ 0		$ 0		$ 80,000		$ 259,990		$ 583,800		$ 259,990		$ 2.60
2023		$ 0		$ 0		$ 80,000		$ 254,012		$ 583,800		$ 254,012		$ 2.54
2022		$ 0		$ 0		$ 80,000		$ 266,319		$ 663,800		$ 266,319		$ 2.66
2021		$ 0		$ 0		$ 80,000		$ 274,008		$ 663,800		$ 274,008		$ 2.74
2020		$ 0		$ 0		$ 80,000		$ 281,228		$ 663,800		$ 281,228		$ 2.81
2019		$ 0		$ 0		$ 80,000		$ 265,605		$ 663,800		$ 265,605		$ 2.66
2018		$ 0		$ 0		$ 80,000		$ 265,012		$ 663,800		$ 265,012		$ 2.65
2017 (6)		$ 79,000		$ 13,378		$ 0		$ 0		$ 663,800		$ 267,565		$ 2.68
2016		$ 79,000		$13,946		$ 0		$ 0		$ 663,800		$ 278,927		$ 2.79


174


NAN
	Adjustable Rate MuniFund Term Preferred (AMTP) Shares at the End of Period				Variable Rate MuniFund Term Preferred (VMTP) Shares at the End of Period				Variable Rate Demand Preferred (VRDP) Shares at the End of Period
Year Ended 8/31:	Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Aggregate Amount Outstanding (000) (1)		Asset Coverage Per $100,000 (3)		Asset Coverage Per $1 Liquidation (4)
2026		$ 127,000		$ 268,693		$ 0		$ 0		$ 89,000		$ 268,693		$ 2.69
2025		$ 127,000		$ 256,364		$ 0		$ 0		$ 89,000		$ 256,364		$ 2.56
2024 (5)		$ 127,000		$ 278,376		$ 0		$ 0		$ 89,000		$ 278,376		$ 2.78
2024		$ 127,000		$ 280,297		$ 0		$ 0		$ 89,000		$ 280,297		$ 2.80
2023		$ 127,000		$ 275,010		$ 0		$ 0		$ 89,000		$ 275,010		$ 2.75
2022		$ 147,000		$ 291,007		$ 0		$ 0		$ 89,000		$ 291,007		$ 2.91
2021		$ 147,000		$ 300,514		$ 0		$ 0		$ 89,000		$ 300,514		$ 3.01
2020		$ 147,000		$ 309,696		$ 0		$ 0		$ 89,000		$ 309,696		$ 3.10
2019		$ 147,000		$ 292,026		$ 0		$ 0		$ 89,000		$ 292,026		$ 2.92
2018		$ 0		$ 0		$ 147,000		$ 292,955		$ 89,000		$ 292,955		$ 2.93
2017 (6)		$ 0		$ 0		$ 147,000		$ 295,834		$ 89,000		$ 295,834		$ 2.96
2016		$ 0		$ 0		$ 147,000		$ 308,166		$ 89,000		$ 308,166		$ 3.08

(1)

Aggregate Amount Outstanding: Aggregate amount outstanding represents the principal amount outstanding or liquidation preference, if applicable, as of the end of the relevant fiscal year and does not include any preferred shares noticed for redemption as noted on the Statement of Assets and Liabilities, if applicable.

(2)

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.

(3)

(4)	Includes all borrowings and preferred shares presented for the fund.

(5)	For the six months ended August 31, 2024. Prior to March 1, 2024, the Fund’s fiscal year end was February 28/29th.

(6)	For the five months ended February 28, 2017. Prior to October 1, 2016, the Fund’s fiscal year end was September 30th.

UNRESOLVED STAFF COMMENTS

Each Fund believes that there are no material unresolved written comments, received 180 days or more before August 31, 2026, from the Staff of the Securities and Exchange Commission (SEC) regarding any of its periodic or current reports under the Securities Exchange Act or Investment Company Act of 1940, or its registration statement.


		175

Important Tax Information

(Unaudited)

As required by the Internal Revenue Code and Treasury Regulations, certain tax information, as detailed below, must be provided to shareholders. Shareholders are advised to consult their tax advisor with respect to the tax implications of their investment. The amounts listed below may differ from the actual amounts reported on Form 1099-DIV, which will be sent to shareholders shortly after calendar year end.

Long-Term Capital Gains

As of year end, each Fund designates the following distribution amounts, or maximum amount allowable, as being from net long-term capital gains pursuant to Section 852(b)(3) of the Internal Revenue Code:


Fund		Net Long-Term Capital Gains

NAZ		$—

NKX		—

NCA		—

NAC		—

NRK		—

NNY		—

NAN		—


176

Shareholder Meeting Report

(Unaudited)

The annual meeting of shareholders for NRK, NNY, and NAN was held on August 13, 2026; at this meeting the shareholders were asked to elect Board Members.

The vote totals for NRK, NNY, and NAN are set forth below:



	NRK			NNY		NAN

		Common Shares and Preferred Shares voting together as a class	Preferred Shares		Common Shares		Common Shares and Preferred Shares voting together as a class	Preferred Shares
Approval of the Board Members was reached as follows:

Joseph A. Boateng

For		66,863,100	—		15,832,116		25,712,502	—

Withhold		2,288,557	—		157,217		711,884	—

Total Voted		69,151,657	—		15,989,333		26,424,386	—

Amy B. R. Lancellotta

For		66,868,765	—		15,654,912		25,355,637	—

Withhold		2,282,892	—		334,421		1,068,749	—

Total Voted		69,151,657	—		15,989,333		26,424,386	—

John K. Nelson

For		62,178,330	—		15,177,210		24,266,825	—

Withhold		6,973,327	—		812,123		2,157,561	—

Total Voted		69,151,657	—		15,989,333		26,424,386	—

Terence J. Toth

For		62,158,384	—		14,998,562		23,887,681	—

Withhold		6,993,273	—		990,771		2,536,705	—

Total Voted		69,151,657	—		15,989,333		26,424,386	—

Albin F. Moschner

For		—	5,046		—		—	1,955

Withhold		—	1,564		—		—	205

Total Voted		—	6,610		—		—	2,160

Margaret L. Wolff

For		—	5,046		—		—	1,955

Withhold		—	1,564		—		—	205

Total Voted		—	6,610		—		—	2,160


		177

Additional Fund Information

(Unaudited)

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

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.


	NAZ		NKX		NCA		NAC		NRK
Common Shares Repurchased		0		0		0		0		0

							NNY		NAN
Common Shares Repurchased								0		0

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.


178

Glossary of Terms Used in this Report

(Unaudited)

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.

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Statement Regarding Basis for Approval of Investment Advisory Contract

Nuveen Arizona Quality Municipal Income Fund

Nuveen California AMT-Free Quality Municipal Income Fund

Nuveen California Municipal Value Fund

Nuveen California Quality Municipal Income Fund

Nuveen New York AMT-Free Quality Municipal Income Fund

Nuveen New York Municipal Value Fund

Nuveen New York Quality Municipal Income Fund

(collectively, the “Funds”)

I.	The Approval Process

At an in-person meeting held on April 28 and 29, 2026 (the “Meeting”), the Boards of Trustees (collectively, the “Board” and each Trustee, a “Board Member”) of the Funds approved, for their respective Fund, the renewal of the investment management agreement (each, an “Investment Management Agreement”) with Nuveen Fund Advisors, LLC (“NFAL” or the “Adviser”) pursuant to which NFAL serves as the investment adviser to such Fund. Similarly, for each Fund, the Board approved the renewal of the sub-advisory agreement (each, a “Sub-Advisory Agreement”) with Nuveen Asset Management, LLC (“NAM” or the “Sub-Adviser”) pursuant to which the Sub-Adviser serves as the sub-adviser to such Fund. At the time of the Meeting, prior to an internal restructuring pursuant to which Teachers Advisors, LLC (“TAL”) was merged into NAM (the “Restructuring”), the Nuveen fund complex consisted of the group of funds advised by NFAL (the “NFAL Funds”), including the Funds, and the group of funds advised by TAL (the “TC Funds”; the NFAL Funds and the TC Funds are collectively referred to as the “Nuveen funds” or the “funds”). TAL and NFAL were affiliates as NFAL is a subsidiary of Nuveen, LLC, the investment management arm of Teachers Insurance and Annuity Association of America (“TIAA”), and TAL was an indirect wholly owned subsidiary of TIAA. The Sub-Adviser is also an affiliate of NFAL.

The Board Members are not “interested persons” (as defined under the Investment Company Act of 1940 (the “1940 Act”)) and, therefore, the Board is comprised of all disinterested Board Members. References to the Board and the Board Members are interchangeable. Below is a summary of the annual review process the Board undertook related to its most recent renewal of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund.

In accordance with applicable law, following up to an initial two-year period, the Board considers the approval of the continuance of each Investment Management Agreement and Sub-Advisory Agreement on behalf of the applicable Fund on an annual basis. The Investment Management Agreements and Sub-Advisory Agreements are collectively referred to as the “Advisory Agreements,” and the Adviser and the Sub-Adviser are collectively, the “Fund Advisers” and each, a “Fund Adviser.”

In considering the continuance of each Advisory Agreement, the Board considered information received by it throughout the year as well as materials prepared specifically at the Board’s request for the Board’s evaluation of the Advisory Agreements at the Meeting. The Board Members considered the review of the Advisory Agreements to be an ongoing process. The Board and its committees meet regularly throughout the year, including in executive sessions, providing the Board Members with the opportunity to assess the quality and scope of the various services provided by a Fund Adviser during the year through the written materials, oral presentations and discussions with senior management. The information provided to the Board and/or its committees at these meetings covered a wide range of topics pertinent to the annual consideration of the renewal of the Advisory Agreements, including, but not limited to: (a) the investment performance of the Nuveen funds over various periods and the reasons for any outperformance or underperformance relative to peers and/or benchmarks or other performance metrics (as applicable); (b) strategic priorities for the business of the Adviser, including significant developments impacting a Fund Adviser; (c) product initiatives for various funds; (d) compliance, regulatory and risk management reports, including any initiatives in seeking to strengthen compliance capabilities and controls and to meet regulatory requirements, compliance policies and procedures; (e) other payments to intermediaries, including Rule 12b-1 fees (as applicable); (f) reports on the valuation of securities; (g) periodic investment team presentations; (h) evaluations on fund expenses; (i) trading practices and execution quality of portfolio transactions; (j) management of distributions; and (k) with respect to closed-end funds, closed-end fund market activity, capital management initiatives, institutional ownership, management of leverage financing, the secondary market trading of the closed-end funds and any actions taken to address market discounts to net asset value.

In addition to the materials and discussions that occurred at prior meetings, the Board, through its independent legal counsel, requested and received extensive materials and information prepared specifically for its review of the Advisory Agreements. The materials provided in conjunction with the Meeting included, among other things, (a) a description of the nature, extent and quality of services provided by the Fund Advisers; (b) a review of the Sub-Adviser and/or investment team (as applicable); (c) fund performance over various periods with a focus on funds considered to have met certain challenged performance measurements; (d) the fees and expense ratios of the funds with a focus on funds considered to have certain expense characteristics; (e) a list of management fees and sub-advisory fee schedules; (f) an analysis of advisory fees compared to fees assessed to other types of clients; (g) a description of portfolio manager compensation; (h) certain profitability and/or financial data; (i) a summary of the investments made in 2025 by the Adviser and/or its affiliates in technology enhancements; and (j) a description of indirect benefits received by the Fund Advisers as a result of their relationships with the funds. The Board also considered information provided by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent provider of investment company data, comparing fee and expense levels of each Fund to those of a peer universe, as well as a description of Broadridge’s methodology in compiling the expense universe.


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Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

The information prepared specifically for the annual review supplemented the information provided to the Board and its committees and the evaluations of the Nuveen funds by the Board and its committees during the year. The performance, fee and expense data and other information provided by a Fund Adviser, Broadridge or other service providers were not independently verified by the Board Members. The Board Members employed the accumulated information, knowledge and experience they had gained during their tenure as disinterested Board Members on the Board and its committees in overseeing the applicable Nuveen funds and working with the respective Fund Advisers in their review of the Advisory Agreements.

As part of their review, the Board Members and independent legal counsel met in executive session on April 17, 2026 (the “April Executive Session”) to review and discuss materials provided in connection with their annual review of the Advisory Agreements. After reviewing this information, the Board Members requested, directly or through independent legal counsel, additional information and received the responses to these follow-up questions and requests. In addition to the April Executive Session, the Board Members met in additional executive sessions prior to and during the Meeting. During the Meeting, the Board Members considered the materials, invited representatives of management to provide additional information and determined that the information provided (whether oral or written) was responsive to their requests.

The Board Members had the benefit of independent legal counsel during the annual review process as well as throughout the year and met with independent legal counsel at various executive sessions without the presence of any Fund Adviser management. In connection with their annual review, the Board Members also received a memorandum from independent legal counsel outlining their fiduciary duties and legal standards in reviewing the Advisory Agreements, including guidance from court cases evaluating advisory fees.

After the discussions and with the background and knowledge described above, the Board Members approved the continuation of the Advisory Agreements on behalf of the Funds for an additional one-year period until May 1, 2027. The Board did not identify any single factor as all-important or controlling, but rather each decision reflected the comprehensive consideration of all the information (written or oral) provided to the Board and its committees throughout the year as well as the materials prepared specifically in connection with the annual review process. The contractual arrangements may reflect the results of prior year(s) of review, negotiation and information provided in connection with the Board’s annual review of the Funds’ advisory arrangements and oversight of the Funds. Each Board Member may have attributed different levels of importance to the various factors and information considered in connection with the annual review process and may have placed different emphasis on the relevant information year to year in light of, among other things, changing market and economic conditions. A summary of the principal factors and information, but not all the factors, the Board considered in deciding to renew the Advisory Agreements is set forth below.

In addition, as noted above, after an initial period of up to two years, the 1940 Act requires the Board to review advisory agreements on an annual basis. In connection with the annual review, management and the Board proposed to reset the annual review schedule for the Advisory Agreements to permit the agreements to continue for a one-year period until August 1st following the renewal as opposed to the current May 1st deadline. To implement the new review schedule, at its in-person meeting held on May 27-28, 2026 (the “May Meeting”), the Board approved the continuance of the Advisory Agreements through July 31, 2027. A discussion of the Board’s approval at the May Meeting of the continuance of the Advisory Agreements is set forth in Section II below.

A. Nature, Extent and Quality of Services

In evaluating the renewal of the Advisory Agreements at the Meeting, the Board Members received and considered information regarding the nature, extent and quality of the applicable Fund Adviser’s services provided to each respective Fund. With this approach, they considered the roles of the Adviser and the Sub-Adviser in providing services to the Funds.

The Board considered that the Adviser provides a wide array of management, oversight and other services necessary to manage and operate the Funds. The Board considered the Adviser’s and its affiliates’ dedication of resources, time, people and capital as well as consistent program of improvement and innovation aimed at keeping the Nuveen fund complex relevant and attractive for existing and new investors and meeting the needs of an increasingly complex regulatory environment. In its review of the services provided by the Adviser and its affiliates, the Board considered a description of the staffing levels of the investment and non-investment personnel; the experience and qualifications of key personnel; succession planning and staffing in seeking to help ensure the continuation of services and avoid business disruptions as a result of retirements or departures; business continuity functions which seek to develop and monitor corporate-wide standards and procedures in seeking to help ensure the firm may continue to operate in the event of business disruptions; ongoing investments in the infrastructure and technology in enhancing the services provided to the applicable Nuveen funds; certain financial data of the Adviser and/or TIAA in assessing the financial stability and condition of the Adviser to continue to provide a high level of quality services to the applicable Nuveen funds; and portfolio manager compensation structure in seeking to attract and retain high quality talent.

In its evaluation, the Board considered that the Adviser is responsible for providing investment advisory services and does so indirectly through a sub-adviser. In this regard, the Funds utilize the Sub-Adviser and its investment teams to manage the portfolios of the Funds subject to the supervision of the Adviser. In evaluating the investment advisory services, the Board and/or its investment committee considered the Adviser’s role, among other things, in monitoring and reporting to the Board on fund performance, market conditions and investment team matters; setting and evaluating investment strategies, including changes to mandates, policies and benchmarks; monitoring and overseeing the performance and investment capabilities of the Sub-Adviser and/or investment teams and recommending changes thereto as appropriate; monitoring compliance with portfolio guidelines; monitoring and analyzing the trade execution of the funds’ portfolios; and managing valuation matters.

The Board considered the division of responsibilities between the Adviser and the Sub-Adviser and considered that the Sub-Adviser and its investment personnel, as noted, generally are responsible for the management of the respective Fund’s portfolio under the oversight of the Adviser and the Board. The Board considered an analysis of the Sub-Adviser which included, among other things, a summary of changes (if any) in the leadership teams and/or portfolio manager teams; the performance of the Nuveen funds sub-advised by the Sub-Adviser over various periods of time that met certain performance screening measurements; and data reflecting product changes (if any) taken with respect to certain funds. The Board considered that the Adviser recommended the renewal of the Sub-Advisory Agreements.


182

In addition to the portfolio management services provided to the Funds, the Board considered the comprehensive package of non-management services the Adviser and its various teams and affiliates provide to manage and operate the applicable Nuveen funds, including compliance, regulatory, administrative and other services which have expanded over the years as a result of market, regulatory and other developments. Such services include, but are not limited to: distribution management services pursuant to which management seeks to implement distribution policies and set distribution levels consistent with each fund’s product design and positioning; compliance services including establishing and maintaining broad-based compliance policies across the Nuveen fund complex, evaluating the compliance programs of various fund services providers, conducting ongoing risk assessments and testing, monitoring portfolio compliance with investment and regulatory requirements and providing a comprehensive compliance training program; regulatory and regulatory advocacy services, including monitoring regulatory developments that may impact the fund(s), responding to regulatory inquiries and examinations and fulfilling regulatory filing requirements; Board and committee support services, including organizing meetings and coordinating site visits and presentations with affiliated and/or external investment teams and providing reports on a wide range of topics relating to the operations and management of the funds, including strategic initiatives and priorities, fund performance, trade execution, securities lending (as applicable), compliance matters, valuation matters, liquidity and derivatives risk management; oversight services, including establishing and coordinating the services provided by other fund service providers (such as a fund’s custodian, accountant, and transfer agent); and legal support services.

With respect to closed-end Nuveen funds, such services also include managing leverage; managing distributions; providing capital management and secondary market services (such as implementing common share shelf offerings, rights offerings, capital return programs and common share repurchases); and maintaining a closed-end fund investor relations program. The Board considered that, with respect to such funds, management actively monitors any discount from net asset value per share at which the respective fund’s common stock trades and evaluates potential avenues to mitigate the discount, including evaluating the level of distributions that the fund pays.

Aside from the services provided, the Board considered the financial resources of the Adviser and/or its affiliates and their willingness to make investments to support the funds. The Board considered the funds’ access to a seed capital budget provided by the Adviser and/or its affiliates to support new or existing funds and/or facilitate changes for a respective fund. The Board considered the benefits to shareholders of investing in a fund that is a part of a large fund complex with a variety of investment disciplines, capabilities, and expertise. The Board considered the overall reputation and capabilities of the Adviser and its affiliates and the Adviser’s continuing commitment to provide high quality services.

In its review, the Board also considered the significant risks borne by the Adviser and its affiliates in connection with their services to the Nuveen funds, including entrepreneurial risks in sponsoring and supporting new funds and smaller funds and ongoing risks with managing the funds, such as investment, operational, reputational, regulatory, compliance and litigation risks.

Based on its review, the Board determined, in the exercise of its reasonable business judgment, that it was satisfied with the nature, extent and quality of services provided to the respective Funds under each applicable Advisory Agreement.

B. The Investment Performance of the Funds and Fund Advisers

The Board, directly or through its Investment Committee, which is comprised of all Board Members, provides oversight of the investment performance process. In evaluating the quality of the services provided by the Fund Advisers, the Board and/or its Investment Committee monitors Fund performance on an ongoing basis, which includes quarterly performance reporting at each of its quarterly meetings with an annual performance review at its February 10-12, 2026 meeting (the “February Meeting”). At the February Meeting, the Board and/or its Investment Committee considered, among other things, Fund performance (based on net asset value net of fees) over the quarter, one-, three- and five-year periods ended December 31, 2025 on an absolute basis and as compared to the performance of comparable funds (the “Performance Peer Group”) and to a benchmark for the prescribed periods. Prior to the Meeting, the Board also received updated Fund performance over various periods ended March 31, 2026. In its review of relative performance, the Board considered a Fund’s performance relative to its Performance Peer Group, among other things, by evaluating its quartile ranking with the 1st quartile being the most desirable quartile ranking and the 4th quartile being the least desirable. The Board considered, in particular, the performance of funds that met certain screening measurements as determined pursuant to a methodology approved by the Board or additional measurements as determined by management’s investment analysts.

In evaluating performance, the Board considered some of the limitations of the performance data including, in particular, that differences between a Nuveen fund and its Performance Peer Group and its benchmark (such as with respect to the investment objectives and strategies) may lead to significantly different results. To assist the Board in its review of the comparability of the relative performance, management generally has ranked the relevancy of a Performance Peer Group to the respective fund as low, medium or high. In addition, the Board considered, among other things, that performance data reflects performance over a specified period which may differ significantly depending on the ending dates selected, particularly during periods of market volatility. The Board also considered that shareholders may evaluate performance based on their own respective holding periods which may differ from the performance of the periods reviewed by the Board.

With respect to closed-end Nuveen funds, the Board also considered that secondary market trading of shares of the closed-end funds also continues to be a priority for the Board given its importance to shareholders, and therefore, the Board and/or its Closed-End Fund Committee reviewed certain performance data reflecting, among other things, premium/discount data at their quarterly meetings with an annual review of the closed-end fund market for the 2025 calendar year at the February Meeting. As applicable, the Board considered, among other things, the impact of leverage on a closed-end fund’s common share earnings and total return.

The Board evaluated performance in light of various relevant factors which may include, among other things, general market conditions, issuer-specific information, asset class information, leverage and fund cash flows. From year to year, the Board may place different emphasis on particular performance information given changing circumstances in market and economic conditions. The Board considered that long-term performance could be impacted by even one period of significant outperformance or underperformance and that a single investment theme could disproportionately affect performance. Further, the Board considered that market and economic conditions may significantly impact a fund’s

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Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

performance, particularly over shorter periods, and such performance may be more reflective of such economic or market events and not necessarily reflective of management skill. Although the Board reviews short-, intermediate- and longer-term performance data, the Board considered that longer periods of performance may reflect full market cycles.

In evaluating performance, the Board focused particular attention on funds with less favorable performance records over various time periods in its discussions with management. Depending on the facts and circumstances, including any differences between the respective fund and its benchmark and/or Performance Peer Group, the Board may be satisfied with a fund’s performance notwithstanding that its performance may be below that of its benchmark and/or peer group for certain periods. With respect to any funds for which the Board has identified as experiencing performance issues, the Board seeks to discuss with the Adviser the reasons for the underperformance and any recommendations to improve performance and to monitor such funds more closely until performance improves.

Additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above are set forth below in Section I.F.

With respect to each Fund, on the basis of the Board’s ongoing review of investment performance and all relevant factors, including the relative market conditions during certain reporting periods, the Fund’s investment objective(s) and management’s discussion of performance, the Board concluded that the Fund’s performance supported renewal of the Advisory Agreements.

C. Fees, Expenses and Profitability

Fees and Expenses

As part of the annual review, the Board Members considered, among other things, the management fee schedules for the respective Fund. In addition to the management fee arrangements, the Board Members considered a Fund’s operating expense ratio as it more directly reflected a shareholder’s total costs in investing in the respective Fund.

In its review, the Board considered that the management fees of the Funds were generally comprised of two components, a fund-level component and a complex-level component, each with its own breakpoint schedule. The Board considered that in 2024, the Board approved a revised complex-wide breakpoint schedule which simplified and reduced the complex-level fee rates at various thresholds and expanded the eligible funds whose assets would be included in calculating the complex-level fee, effective May 1, 2024. The Board considered that the complex-level component is intended to be an efficient mechanism designed to help share cost efficiencies with shareholders as the complex-wide assets grow.

The Board also considered comparative fee and expense information prepared by Broadridge, an independent third-party provider of fund data. More specifically, the Board Members generally considered, among other things, each Fund’s management fee rates and net total expense ratio in relation to similar data for a comparable universe of peers (the “Expense Universe”). The Board considered, in particular, each fund with a net total expense ratio (based on common assets and excluding investment-related costs such as the costs of leverage and taxes for closed-end funds) that met certain expense screening criteria adopted by the Board when compared to its Expense Universe and management’s commentary as to the factors contributing to each such fund’s relative net total expense ratio.

In evaluating the fees and expenses of the Nuveen funds and comparative rankings, the Board considered some of the limitations which may reduce some of the value of the comparative data. In addition, the Board considered that the fee and expense information in the Broadridge report for each fund reflected information for a specific period and that historic asset levels and expenses may differ from current levels, particularly in a period of market volatility.

The Board Members also considered that it can be difficult to compare management fees among funds with peers as there are variations in the services that are included for the fees paid. The Board Members took these differences into account in considering the comparative peer data.

The Board further considered, in relevant part, a fund’s management fee in light of its performance history with particular focus on any fund identified as having a higher management fee and/or expense ratio compared to peers coupled with experiencing a period of challenged performance.

In addition, although the Board reviewed a fund’s net total expense ratio both including and excluding investment-related expenses (e.g., leverage costs) for certain of the closed-end Nuveen funds, the Board considered that leverage expenses will vary across funds and peers because of differences in the forms and terms of leverage employed by the respective fund and therefore generally considered the fund’s net total expense ratio and fees excluding investment-related costs and taxes for the closed-end funds. The Board also considered that the use of leverage for closed-end funds may create a conflict of interest for the Adviser and Sub-Adviser (as applicable) given the increase of assets from leverage upon which an advisory or sub-advisory fee is based but also considered the impact of leverage on the applicable fund’s return.

With respect to the Sub-Adviser, the Board also considered, among other things, the sub-advisory fee schedule paid to the Sub-Adviser in light of the sub-advisory services provided to the respective Fund. In its review, the Board considered that the compensation paid to the Sub-Adviser is the responsibility of the Adviser, not the Funds.

Additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above is set forth in Section I.F below. Based on its review of the information provided, the Board determined that each Fund’s management fees (as applicable) to a Fund Adviser were reasonable in light of the nature, extent and quality of services provided to the Fund.


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Comparisons with the Fees of Other Clients

In evaluating the appropriateness of fees, the Board also requested and received information concerning the advisory fees and services provided to other clients of the Adviser, affiliated sub-advisers and/or advisory affiliates which may include, among others: separately managed accounts (“SMAs”), foreign funds (UCITS), other investment companies (as sub-advisers), limited partnerships and collective investment trusts (as applicable). The Board considered certain fee data for these other types of clients managed in a similar manner to certain of the open-end funds compared to the management fee of the applicable fund. The Board considered, among other things, that differences in the breadth of services provided to the funds compared to other types of clients (including the differences in the level of advisory services required of passively managed funds compared to actively managed funds); the expenses the Adviser and its affiliates incur in launching, operating and supporting a fund; the differences in regulatory, disclosure and governance requirements applicable to funds and the infrastructure and activities necessary to support such requirements; the establishment and maintenance of servicing relationships with various service providers for the funds; the differences in investment policies and strategies, investor profiles and account sizes; and other factors all may contribute to the variations in relative fee rates. The Board, however, considered that there were no comparable clients for the closed-end Nuveen funds. Further, the Board considered the differences in risks the Adviser incurs, including entrepreneurial, legal and regulatory risks when sponsoring and managing funds compared to serving as adviser to other types of clients or sub-adviser to other funds.

With respect to the Sub-Adviser, the Board further considered that the Sub-Adviser’s fee is essentially for portfolio management services and therefore more comparable to the fees received for retail wrap accounts and other external sub-advisory mandates.

The Board concluded that the varying levels of fees were reasonable given the foregoing.

Profitability of Fund Advisers

In considering the costs of services to be provided and profits to be realized by the Adviser (which encompassed the affiliated sub-advisers) from its relationship with the Funds, the Board Members considered a variety of estimated profitability data from various perspectives including, among other things, (a) historical pre-distribution and post-distribution margins over specified periods for the Adviser’s services to the applicable funds; (b) certain profitability data on behalf of the Adviser (as well as the Adviser and TAL on a combined basis) attributable to servicing all applicable funds for 2025 and 2024; (c) certain profitability data of both the Adviser and TAL on a combined basis derived from the type of fund in the aggregate (i.e., from the closed-end funds, exchange-traded funds, interval funds and open-end funds) for 2025 and 2024; and (d) certain profitability data of both the Adviser and TAL on a combined basis provided by asset grouping of Nuveen funds in the aggregate (i.e., from equity, fund of funds, index, municipal bond and taxable fixed income funds). In addition, the Board considered estimated profitability data at the per fund level for the Adviser.

In reviewing the profitability data, the Board Members recognized the subjective nature and difficulty in calculating profitability, particularly on a per fund level. The Board considered that the information is not audited and is based on cost allocation methodologies seeking to allocate various expenses throughout the complex and among the various advisory products. The Board Members considered the allocation methodology used to prepare the profitability data but considered that other valid and reasonable methodologies also could be used and could lead to significantly different profit and loss results.

Further, the Board considered Nuveen’s estimated profitability (pre- and post-distribution margins and pre-tax) from its services to the funds compared to the profitability margins of certain peers. The Board Members, however, considered the inherent limitations of the comparative data given that profitability data is only available from peers which publish publicly available information and may be affected by numerous factors including, among other things, the types of funds a peer manages, its business mix, cost of capital, the assumptions and allocation methodology used in developing its profitability data, and fee waivers and expense reimbursements by the peer(s).

Aside from the foregoing profitability data, the Board also considered the financial condition of TIAA. The Board Members considered certain financial data of TIAA as of December 31, 2025 and 2024. The Board considered the benefit of an investment adviser and its parent with significant resources, particularly during periods of market volatility.

In evaluating the reasonableness of the compensation, the Board Members also considered the indirect benefits the Adviser or Sub-Adviser received that were directly attributable to the management of the applicable funds as discussed in further detail below. Based on its review, the Board was satisfied that the Adviser’s (together with its affiliated sub-advisers) level of profitability from its relationship with the applicable Fund was not unreasonable in light of the nature, extent and quality of services provided.

D. Economies of Scale and Whether Fee Levels Reflect These Economies of Scale

The Board considered whether there have been economies of scale with respect to the management of the Nuveen funds, whether these economies of scale have been appropriately shared with the funds and whether there is potential for realization of further economies of scale as a fund and/or the complex grows larger. The Board considered the difficulty in measuring economies of scale with any precision but considered the various means the Fund Advisers employ to help share the benefits of economies of scale with the respective funds and their shareholders.

185

Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

The Board considered the Funds’ advisory fee structure, including breakpoint schedules (as applicable). The Board considered that the management fees of the funds generally are comprised of a fund-level component and a complex-level component, each with its own breakpoint schedule, subject to certain exceptions. The Board considered that in 2024, the Board revised the breakpoint schedule which reduced the complex-level fee rates at various thresholds and expanded the assets included in calculating the complex-level fee rates. The Board considered that the complex-level breakpoint schedule was designed to share the benefits of economies of scale with the participating funds as a result of an increase in the asset size of the complex even if the particular fund has not grown or has even declined in asset size, whereas a fund-level breakpoint schedule seeks to share economies of scale with shareholders if the particular fund grows. The Board considered the fee reductions achieved overall from the fund-level breakpoints and the complex-level breakpoints for the 2025 calendar year. With respect to closed-end funds, the Board considered the limited ability of closed-end funds to increase their assets as fund growth is primarily a result of portfolio appreciation with some funds occasionally raising assets in rights offerings and shelf offerings. In addition, the Board considered the Adviser’s and/or affiliates’ ongoing investments in their business, including investments in various technology initiatives from which the fund complex may benefit as well as ongoing efforts to streamline the product line-up, among other things, to create more scaled funds which may help improve both expense and trading economies for participating funds.

The Board further considered that the scope of services of the Adviser and its affiliates have expanded over time without raising advisory fees to the funds, and this was also a means of sharing economies of scale with the funds and their shareholders.

Based on its review, the Board was satisfied that the current fee arrangements together with the reinvestment in management’s business appropriately shared any economies of scale with shareholders.

E. Indirect Benefits

The Board Members received and considered information regarding various indirect benefits the respective Fund Adviser or its affiliates may receive as a result of their relationship with the Nuveen funds. These benefits include, among other things, fees paid to affiliates of the Adviser for services as noted below, the sharing of personnel and investment-related infrastructure with other clients of the Adviser, the use of affiliated sub-advisers in which case all the advisory revenue generated from such funds remains within Nuveen, and the use of certain funds as investment options for other products offered by the Adviser and/or its affiliates (such as life insurance separate account products, fund of funds or 529 education savings plans).

Further, the funds may pay the Adviser and/or its affiliates for other services, such as distribution. In this regard, the Board Members considered that an affiliate of the Adviser serves as principal underwriter providing distribution and/or shareholder services to the open-end funds for which it may be compensated. To the extent an open-end fund pays 12b-1 fees, the Board Members considered that some of those fees may be retained by the Adviser’s affiliate. In addition, the Board considered that an affiliate of the Adviser received compensation in 2025 for serving as an underwriter on shelf offerings of existing closed-end Nuveen funds and reviewed the amounts paid for such services in 2025 and 2024.

In addition, the Board Members considered that the Adviser and Sub-Adviser may utilize soft dollar brokerage arrangements attributable to the respective funds to obtain research and other services for any or all of their clients but such costs are reimbursed to the funds.

The Adviser and its affiliates may also benefit from the advisory relationships with the funds in the fund complex to the extent this relationship results in potential investors viewing the TIAA group of companies as a leading retirement plan provider in the academic and non-profit market and a single source for all their financial service needs. The Adviser and/or its affiliates may further benefit to the extent that they have pricing or other information regarding vendors the funds utilize in establishing arrangements with such vendors for other products.

Based on its review, the Board concluded that any indirect benefits received by a Fund Adviser as a result of its relationship with the Funds were reasonable in light of the services provided.


186

F. Additional Fund-Specific Factors

For each Fund, set forth below are (i) additional Fund-specific performance factors for periods ending December 31, 2025 that the Board considered in addition to those described above; and (ii) additional Fund-specific comparative fee and expense data that the Board considered in addition to that described above.

Nuveen Arizona Quality Municipal Income Fund (NAZ)


*Relative Net Performance*
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	First Quartile	Second Quartile	Second Quartile

Performance Benchmark	Underperformed	Underperformed	Underperformed

*Comparative Fees and Expenses*
		Expense Universe
Actual Management Fee Rate		Above Median

Net Total Expense Ratio		Above Median

•• In considering performance, the Board considered, among other things, that the Performance Peer Group was classified as low for relevancy.

Nuveen California AMT-Free Quality Municipal Income Fund (NKX)


*Relative Net Performance*
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Second Quartile	Second Quartile	Third Quartile

Performance Benchmark	Underperformed	Underperformed	Underperformed

*Comparative Fees and Expenses*

		Expense Universe
Actual Management Fee Rate		Above Median

Net Total Expense Ratio		Above Median

•• In considering the Fund’s position relative to the peers in the Expense Universe, the Board considered, among other things, the small size of the set of peers in the Expense Universe as well as the composition of the Expense Universe which included two other affiliated Funds, limiting some of the value of the comparative data.

Nuveen California Municipal Value Fund (NCA)


*Relative Net Performance*
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	First Quartile	Second Quartile	First Quartile

Performance Benchmark	Underperformed	Underperformed	Underperformed

*Comparative Fees and Expenses*
		Expense Universe
Actual Management Fee Rate		Below Median

Net Total Expense Ratio		Below Median

•• In considering performance, the Board considered, among other things, that the Performance Peer Group was classified as low for relevancy.

187

Statement Regarding Basis for Approval of Investment Advisory Contract (continued)

Nuveen California Quality Municipal Income Fund (NAC)



*Relative Net Performance*
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Second Quartile	Third Quartile	Third Quartile

Performance Benchmark	Underperformed	Underperformed	Underperformed

*Comparative Fees and Expenses*
		Expense Universe
Actual Management Fee Rate		Above Median

Net Total Expense Ratio		Above Median

Nuveen New York AMT-Free Quality Municipal Income Fund (NRK)


*Relative Net Performance*
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Third Quartile	Third Quartile	Third Quartile

Performance Benchmark	Underperformed	Underperformed	Underperformed

*Comparative Fees and Expenses*
		Expense Universe
Actual Management Fee Rate		Above Median

Net Total Expense Ratio		Above Median

Nuveen New York Municipal Value Fund (NNY)


*Relative Net Performance*

	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	First Quartile	First Quartile	First Quartile

Performance Benchmark	Underperformed	Underperformed	Underperformed

*Comparative Fees and Expenses*
		Expense Universe
Actual Management Fee Rate		Below Median

Net Total Expense Ratio		Below Median

•• In considering performance, the Board considered, among other things, that the Performance Peer Group was classified as low for relevancy.

Nuveen New York Quality Municipal Income Fund (NAN)


*Relative Net Performance*
	One-Year Period	Three-Year Period	Five-Year Period
Performance Peer Group Quartile	Second Quartile	Second Quartile	Second Quartile

Performance Benchmark	Underperformed	Underperformed	Underperformed

*Comparative Fees and Expenses*
		Expense Universe
Actual Management Fee Rate		Above Median

Net Total Expense Ratio		Above Median


188

G. Other Considerations

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the respective Fund Adviser’s fees were reasonable in light of the services provided to each Fund and that the Advisory Agreements be renewed for an additional one-year period.

II. Subsequent Approvals of Advisory Agreements

As noted above, the 1940 Act provides, in general terms, that an advisory and sub-advisory agreement may continue in effect for a period of more than two years only so long as the board, including a majority of the disinterested trustees, approves its continuance. During the annual review, management and the Board proposed, in relevant part, to reset the annual review schedule for the advisory and sub-advisory agreements of the Nuveen funds to permit the agreements to continue for a one-year period until August 1st the following year as opposed to the existing May 1st annual deadline.

At its May Meeting, with respect to the Funds, the Board approved the Investment Management Agreements with certain minor changes and the Sub-Advisory Agreements to continue through July 31, 2027. As part of its review of the foregoing arrangements, the Board, through independent legal counsel, requested and received information regarding, among other things, the proposed renewal of the Advisory Agreements.

In their review, the Board Members considered that they had recently completed their annual review of the Advisory Agreements at the Meeting and many of the factors considered at the annual review were applicable to their evaluation of the continuance of the Advisory Agreements. Accordingly, in evaluating the respective advisory and sub-advisory agreements, the Board Members relied upon their knowledge and experience with the Adviser and the Sub-Adviser and considered the information received and their evaluations and conclusions drawn at the annual review. The

Board considered management’s representation that the information and materials provided in connection with the annual review of the Advisory Agreements at the Meeting remained unchanged in all material respects. Further, with respect to the continuance of the Advisory Agreements, the Board considered the terms of such agreements with certain minor changes as appropriate to reflect the Restructuring.

The Board Members did not identify any single factor discussed previously as all-important or controlling. The Board Members concluded that the terms of each Advisory Agreement were reasonable, that the fees of each of the Adviser and Sub-Adviser were reasonable in light of the services provided to each Fund and that each Advisory Agreement be renewed for an additional one-year period through July 31, 2027.


		189

Board Members & Officers

(Unaudited)

The management of the Funds, including general supervision of the duties performed for the Funds by the Adviser, is the responsibility of the Board of Trustees of the Funds. None of the trustees who are not “interested” persons of the Funds (referred to herein as “independent board members”) has ever been a director or employee of, or consultant to, Nuveen or its affiliates. The names and business addresses of the trustees and officers of the Funds, their principal occupations and other affiliations during the past five years, the number of portfolios each Trustee oversees and other directorships they hold are set forth below.


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term⁽¹⁾	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Board Member
Independent Trustees:
Joseph A. Boateng 1963 333 W. Wacker Drive Chicago, IL 60606	Board Member	2019 Class II	Chief Investment Officer, Casey Family Programs (since 2007); formerly, Director of U.S. Pension Plans, Johnson & Johnson (2002–2006); Board Member, Lumina Foundation (since 2018) and Waterside School (since 2021); Board Member (2012–2019) and Emeritus Board Member (since 2020), Year-Up Puget Sound; Former Investment Advisory Committee Member and Chair (2007–2024), Seattle City Employees’ Retirement System; Investment Committee Member (since 2019), The Seattle Foundation; Trustee (2018–2023), the College Retirement Equities Fund; Manager (2019–2023), TIAA Separate Account VA-1.	212
Michael A. Forrester 1967 333 W. Wacker Drive Chicago, IL 60606	Board Member	2007 Class I	Formerly, Chief Executive Officer (2014–2021) and Chief Operating Officer (2007–2014), Copper Rock Capital Partners, LLC; Director, Aflac Incorporated (since 2025); Trustee, Dexter Southfield School (since 2019); Member (since 2020), Governing Council of the Independent Directors Council (IDC); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2007–2023).	212
Thomas J. Kenny 1963 333 W. Wacker Drive Chicago, IL 60606	Board Member	2011 Class I	Formerly, Advisory Director (2010–2011), Partner (2004–2010), Managing Director (1999–2004) and Co-Head of Global Cash and Fixed Income Portfolio Management Team (2002–2010), Goldman Sachs Asset Management; Chairman of the Board (since 2025), Apeel Sciences; Director (since 2015) and Chair of the Finance and Investment Committee (since 2018), Aflac Incorporated; Director (since 2018), ParentSquare; formerly, Director (2021–2022) and Finance Committee Chair (2016–2022), Sansum Clinic; formerly, Advisory Board Member (2017–2019), B’Box; formerly, Member (2011–2012), the University of California at Santa Barbara Arts and Lectures Advisory Council; formerly, Investment Committee Member (2012–2020), Cottage Health System; formerly, Board member (2009–2019) and President of the Board (2014–2018), Crane Country Day School; Trustee (2011–2023) and Chairman (2017–2023), the College Retirement Equities Fund; Manager (2011–2023) and Chairman (2017–2023), TIAA Separate Account VA-1.	212
Amy B. R. Lancellotta 1959 333 W. Wacker Drive Chicago, IL 60606	Board Member	2021 Class II	Formerly, Managing Director, IDC (supports the fund independent director community and is part of the Investment Company Institute (ICI), which represents regulated investment companies) (2006–2019); formerly, various positions with ICI (1989-2006); Formerly President (2023–2025) and Member (2020–2025) of the Board of Directors, Jewish Coalition Against Domestic Abuse (JCADA).	212


190


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term⁽¹⁾	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Board Member
Joanne T. Medero 1954 333 W. Wacker Drive Chicago, IL 60606	Board Member	2021 Class III	Formerly, Managing Director, Government Relations and Public Policy (2009-2020) and Senior Advisor to the Vice Chairman (2018-2020), BlackRock, Inc. (global investment management firm); formerly, Managing Director, Global Head of Government Relations and Public Policy, Barclays Group (IBIM) (investment banking, investment management and wealth management businesses) (2006-2009); formerly, Managing Director, Global General Counsel and Corporate Secretary, Barclays Global Investors (global investment management firm) (1996-2006); formerly, Partner, Orrick, Herrington & Sutcliffe LLP (law firm) (1993-1995); formerly, General Counsel, Commodity Futures Trading Commission (government agency overseeing U.S. derivatives markets) (1989-1993); formerly, Deputy Associate Director/Associate Director for Legal and Financial Affairs, Office of Presidential Personnel, The White House (1986-1989); Member of the Board of Directors, Baltic-American Freedom Foundation (seeks to provide opportunities for citizens of the Baltic states to gain education and professional development through exchanges in the U.S.) (since 2019).	212
Albin F. Moschner 1952 333 W. Wacker Drive Chicago, IL 60606	Board Member	2016 Class III	Founder and Chief Executive Officer, Northcroft Partners, LLC, (management consulting) (since 2012); formerly, Chairman (2019), and Director (2012-2019), USA Technologies, Inc., (provider of solutions and services to facilitate electronic payment transactions); formerly, Director, Wintrust Financial Corporation (1996-2016); previously, held positions at Leap Wireless International, Inc. (consumer wireless services), including Consultant (2011-2012), Chief Operating Officer (2008-2011), and Chief Marketing Officer (2004-2008); formerly, President, Verizon Card Services division of Verizon Communications, Inc. (2000-2003); formerly, President, One Point Services at One Point Communications (telecommunication services) (1999-2000); formerly, Vice Chairman of the Board, Diba, Incorporated (internet technology provider) (1996-1997); formerly, various executive positions (1991-1996) including Chief Executive Officer (1995-1996) of Zenith Electronics Corporation (consumer electronics).	212
John K. Nelson 1962 333 W. Wacker Drive Chicago, IL 60606	Board Member	2013 Class II	Formerly, Member of Board of Directors of Core12 LLC (2008–2023) (private firm which develops branding, marketing and communications strategies for clients); formerly, Member of The President’s Council of Fordham University (2010–2019); formerly, Director of the Curran Center for Catholic American Studies (2009–2018); formerly, senior external advisor to the Financial Services practice of Deloitte Consulting LLP. (2012–2014); formerly, Trustee and Chairman of the Board of Trustees of Marian University (2010–2013); formerly Chief Executive Officer of ABN AMRO Bank N.V., North America, and Global Head of the Financial Markets Division (2007–2008), with various executive leadership roles in ABN AMRO Bank N.V. between 1996 and 2007.	212


		191

Board Members & Officers (continued)



Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term⁽¹⁾	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Board Member

Loren M. Starr 1961 333 W. Wacker Drive Chicago, IL 60606	Board Member	2022 Class III	Independent Consultant/Advisor (since 2021); formerly, Vice Chair, Senior Managing Director (2020–2021), Chief Financial Officer, Senior Managing Director (2005–2020), Invesco Ltd.; Director (since 2023) and Chair of the Board (since 2025), formerly, Chair of the Audit Committee (2024-2025), AMG; formerly, Chair and Member of the Board of Directors (2014–2021), Georgia Leadership Institute for School Improvement (GLISI); formerly, Chair and Member of the Board of Trustees (2014–2018), Georgia Council on Economic Education (GCEE); Trustee, the College Retirement Equities Fund and Manager, TIAA Separate Account VA-1 (2022–2023).	212

Matthew Thornton III 1958 333 W. Wacker Drive Chicago, IL 60606	Board Member	2020 Class III	Formerly, Executive Vice President and Chief Operating Officer (2018-2019), FedEx Freight Corporation, a subsidiary of FedEx Corporation (FedEx) (provider of transportation, e-commerce and business services through its portfolio of companies); formerly, Senior Vice President, U.S. Operations (2006-2018), Federal Express Corporation, a subsidiary of FedEx. Member of the Board of Directors (since 2014), The Sherwin-Williams Company (develops, manufactures, distributes and sells paints, coatings and related products); Director (since 2020), Crown Castle International (provider of communications infrastructure); Member of the Executive Leadership Council (ELC) (since 2014).	212

Terence J. Toth 1959 333 W. Wacker Drive Chicago, IL 60606	Board Member	2008 Class II	Formerly, a Co–Founding Partner, Promus Capital (investment advisory firm) (2008–2017); formerly, Director, Quality Control Corporation (manufacturing) (2012–2021); formerly, Chair and Member of the Board of Directors (2021–2024), Kehrein Center for the Arts (philanthropy); Member of the Board of Directors (since 2008), Catalyst Schools of Chicago (philanthropy); Member of the Board of Directors (since 2012), formerly, Investment Committee Chair (2017–2022), Mather Foundation Board (philanthropy); formerly, Member (2005–2016), Chicago Fellowship Board (philanthropy); formerly, Director, Fulcrum IT Services LLC (information technology services firm to government entities) (2010–2019); formerly, Director, LogicMark LLC (health services) (2012–2016); formerly, Director, Legal & General Investment Management America, Inc. (asset management) (2008–2013); formerly, CEO and President, Northern Trust Global Investments (financial services) (2004–2007); Executive Vice President, Quantitative Management & Securities Lending (2000–2004); prior thereto, various positions with Northern Trust Company (financial services) (since 1994); formerly, Member, Northern Trust Mutual Funds Board (2005–2007), Northern Trust Global Investments Board (2004–2007), Northern Trust Japan Board (2004–2007), Northern Trust Securities Inc. Board (2003–2007) and Northern Trust Hong Kong Board (1997–2004).	212

Margaret L. Wolff 1955 333 W. Wacker Drive Chicago, IL 60606	Board Member	2016 Class I	Formerly, member of the Board of Directors (2013-2017) of Travelers Insurance Company of Canada and The Dominion of Canada General Insurance Company (each, a part of Travelers Canada, the Canadian operation of The Travelers Companies, Inc.); formerly, Of Counsel, Skadden, Arps, Slate, Meagher & Flom LLP (Mergers & Acquisitions Group) (legal services) (2005-2014); Member of the Board of Trustees of New York-Presbyterian Hospital (since 2005); Member of the Board of Trustees (since 2004) formerly, Chair (2015-2022) of The John A. Hartford Foundation (a philanthropy dedicated to improving the care of older adults); formerly, Member (2005-2015) and Vice Chair (2011- 2015) of the Board of Trustees of Mt. Holyoke College.	212


192



Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed and Term⁽¹⁾	Principal Occupation(s) Including other Directorships During Past 5 Years	Number of Portfolios in Fund Complex Overseen By Board Member
Robert L. Young 1963 333 W. Wacker Drive Chicago, IL 60606	Chair and Board Member	2017 Class I	Formerly, Chief Operating Officer and Director, J.P. Morgan Investment Management Inc. (financial services) (2010-2016); formerly, President and Principal Executive Officer (2013-2016), and Senior Vice President and Chief Operating Officer (2005-2010), of J.P. Morgan Funds; formerly, Director and various officer positions for J.P. Morgan Investment Management Inc. (formerly, JPMorgan Funds Management, Inc. and formerly, One Group Administrative Services) and JPMorgan Distribution Services, Inc. (financial services) (formerly, One Group Dealer Services, Inc.) (1999-2017).	212

Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed⁽²⁾	Principal Occupation(s) Including other Directorships During Past 5 Years

Officers of the Funds:
David J. Lamb 1963 333 W. Wacker Drive Chicago, IL 60606	Chief Administrative Officer (Principal Executive Officer)	2015	Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Securities, LLC and Nuveen; has previously held various positions with Nuveen.
Brett E. Black 1972 333 W. Wacker Drive Chicago, IL 60606	Vice President and Chief Compliance Officer	2022	Managing Director, Chief Compliance Officer of Nuveen; formerly, Vice President (2014-2022), Chief Compliance Officer and Anti-Money Laundering Compliance Officer (2017-2022) of BMO Funds, Inc.
Marc Cardella 1984 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Controller (Principal Financial Officer)	2024	Senior Managing Director, Head of Public Investment Finance of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC, Managing Director of Teachers Insurance and Annuity Association of America and TIAA SMA Strategies LLC; Principal Financial Officer, Principal Accounting Officer and Treasurer of TIAA Separate Account VA-1 and the College Retirement Equities Fund; Senior Managing Director, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC.
Joseph T. Castro 1964 333 W. Wacker Drive Chicago, IL 60606	Vice President	2025	Executive Vice President, Chief Risk and Compliance Officer, formerly, Senior Managing Director and Head of Compliance, Nuveen; Executive Vice President and Chief Risk and Compliance Officer, formerly, Senior Managing Director, Nuveen Securities, LLC and Nuveen, LLC; formerly, Senior Managing Director, Nuveen Fund Advisors, LLC.
Mark J. Czarniecki 1979 901 Marquette Avenue Minneapolis, MN 55402	Vice President and Assistant Secretary	2013	Managing Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Managing Director and Associate General Counsel of Nuveen; Managing Director, Assistant Secretary and Associate General Counsel of Nuveen Asset Management, LLC; has previously held various positions with Nuveen; Managing Director, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director, Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC.
Parth Doshi 1990 333 W. Wacker Drive Chicago, IL 60606	Vice President	2026	Managing Director, formerly, Vice President of Nuveen; has previously held various positions with Nuveen.


		193

Board Members & Officers (continued)


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed⁽²⁾	Principal Occupation(s) Including other Directorships During Past 5 Years
Jeremy D. Franklin 1983 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Assistant Secretary	2024	Managing Director and Assistant Secretary, Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary, Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Associate General Counsel, Teachers Insurance and Annuity Association of America; Vice President and Assistant Secretary, TIAA-CREF Funds and TIAA-CREF Life Funds; Vice President, Associate General Counsel, and Assistant Secretary, TIAA Separate Account VA-1 and College Retirement Equities Fund.
Diana R. Gonzalez 1978 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Assistant Secretary	2017	Vice President and Assistant Secretary of Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Vice President and Assistant Secretary of Nuveen Securities, LLC; Vice President and Associate General Counsel of Nuveen.
Nathaniel T. Jones 1979 333 W. Wacker Drive Chicago, IL 60606	Vice President	2016	Senior Managing Director, Head of Public Product of Nuveen; President. formerly, Senior Managing Director, of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst.
Brian H. Lawrence 1982 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Assistant Secretary	2023	Director and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; formerly Corporate Counsel of Franklin Templeton (2018-2022).
Tina M. Lazar 1961 333 W. Wacker Drive Chicago, IL 60606	Vice President	2002	Managing Director of Nuveen Securities, LLC.
Brian J. Lockhart 1974 333 W. Wacker Drive Chicago, IL 60606	Vice President	2019	Senior Managing Director and Head of Investment Oversight of Nuveen; Senior Managing Director of Nuveen Fund Advisors, LLC; has previously held various positions with Nuveen; Chartered Financial Analyst and Certified Financial Risk Manager.
John M. McCann 1975 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Assistant Secretary	2022	Senior Managing Director, Division General Counsel of Nuveen; Senior Managing Director, General Counsel and Secretary of Nuveen Fund Advisors, LLC; Senior Managing Director, Associate General Counsel and Assistant Secretary of Nuveen Asset Management, LLC Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director and Assistant Secretary of TIAA SMA Strategies LLC; Managing Director, Associate General Counsel and Assistant Secretary of College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds, TIAA-CREF Life Funds, Teachers Insurance and Annuity Association of America and Nuveen Alternative Advisors LLC; Senior Managing Director, Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; has previously held various positions with Nuveen/TIAA.
Kevin J. McCarthy 1966 333 W. Wacker Drive Chicago, IL 60606	Vice President and Assistant Secretary	2007	Executive Vice President, Secretary and General Counsel of Nuveen Investments, Inc.; Executive Vice President and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Executive Vice President and Secretary of Nuveen Asset Management, LLC, Teachers Advisors, LLC, TIAA-CREF Investment Management, LLC and Nuveen Alternative Investments, LLC; Executive Vice President, Associate General Counsel and Assistant Secretary of TIAA-CREF Funds and TIAA-CREF Life Funds; has previously held various positions with Nuveen; Vice President and Secretary of Winslow Capital Management, LLC; Executive Vice President, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC; formerly, Vice President (2007-2021) and Secretary (2016-2021) of NWQ Investment Management Company, LLC and Santa Barbara Asset Management, LLC.
R. Tanner Page 1985 333 W. Wacker Drive Chicago, IL 60606	Vice President and Treasurer	2025	Managing Director, formerly, Vice President of Nuveen; has previously held various positions with Nuveen.


194


Name, Year of Birth & Address	Position(s) Held with the Funds	Year First Elected or Appointed⁽²⁾	Principal Occupation(s) Including other Directorships During Past 5 Years
William A. Siffermann 1975 333 W. Wacker Drive Chicago, IL 60606	Vice President	2017	Senior Managing Director of Nuveen.
Mark L. Winget 1968 333 W. Wacker Drive Chicago, IL 60606	Vice President and Secretary	2008	Director and Assistant Secretary of Nuveen Securities, LLC and Nuveen Fund Advisors, LLC; Vice President, Associate General Counsel and Assistant Secretary of Teachers Advisors, LLC and TIAA-CREF Investment Management, LLC and Nuveen Asset Management, LLC; Vice President and Associate General Counsel of Nuveen; Vice President, Associate General Counsel and Assistant Secretary, Brooklyn Artificial Intelligence, Inc. and Brooklyn Investment Group, LLC.
Rachael Zufall 1973 8500 Andrew Carnegie Blvd. Charlotte, NC 28262	Vice President and Assistant Secretary	2022	Managing Director and Assistant Secretary of Nuveen Fund Advisors, LLC; Managing Director, Associate General Counsel and Assistant Secretary of the College Retirement Equities Fund, TIAA Separate Account VA-1, TIAA-CREF Funds and TIAA-CREF Life Funds; Managing Director, Associate General Counsel and Assistant Secretary of Teacher Advisors, LLC and TIAA-CREF Investment Management, LLC; Managing Director of Nuveen, LLC and of TIAA.

(1)

The Board of Trustees is divided into three classes, Class I, Class II, and Class III, with each being elected to serve until the third succeeding annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed, except two board members are elected by the holders of Preferred Shares, when applicable, to serve until the next annual shareholders’ meeting subsequent to its election or thereafter in each case when its respective successors are duly elected or appointed. The year first elected or appointed represents the year in which the board member was first elected or appointed to any fund in the Nuveen complex.

(2)	Officers serve indefinite terms until their successor has been duly elected and qualified, their death or their resignation or removal. The year first elected or appointed represents the year in which the Officer was first elected or appointed to any fund in the Nuveen Complex.


		195

LOGO

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


Nuveen Securities, LLC, member FINRA and SIPC \|333 West Wacker Drive \| Chicago, IL 60606 \|www.nuveen.com		EAN-A-0826P		5945500

Item 2.

Code of Ethics.

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

Item 3.

Audit Committee Financial Expert.

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

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

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

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

Item 4.

Principal Accountant Fees and Services.

Nuveen New York Municipal Value Fund

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

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

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


Fiscal Year Ended	Audit Fees Billed to Registrant¹		Audit-Related Fees Billed to Registrant²		Tax Fees Billed to Registrant³		All Other Fees Billed to Registrant⁴
August 31, 2026		$30,470		$0		$0	$0

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

August 31, 2025		$30,432		$0		$0	$0

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

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

2	“Audit-Related Fees” are the aggregate fees billed for assurance and related services reasonably related to the performance of the audit or review of financial statements that are not reported under “Audit Fees”. These fees include offerings related to the Registrant’s common shares and leverage.

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

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

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

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

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


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

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

August 31, 2025		$0		$0	$0

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

NON-AUDIT SERVICES

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


Fiscal Year Ended	Total Non-Audit Fees Billed to Registrant		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (engagements related directly to the operations and financial reporting of the Registrant)		Total Non-Audit Fees Billed to Adviser and Affiliated Fund Service Providers (all other engagements)		Total
August 31, 2026		$0		$0		$10,744,285		$10,744,285
August 31, 2025		$0		$0		$11,084,014		$11,084,014

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

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

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

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

Item 5.

Audit Committee of Listed Registrants.

The registrant’s Board has a separately designated Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities Exchange Act of 1934, as amended (15 U.S.C. 78c(a)(58)(A)). The members of the audit committee are Joseph A. Boateng, Amy B. R. Lancellotta, John K. Nelson, Chair, Loren M. Starr, Terence J. Toth, Matthew Thornton III and Margaret L. Wolff.

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.

See Statement Regarding Basis for Approval of Investment Advisory Contract in Item 1.

Item 12.

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

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (referred to herein as the “Adviser”). The Adviser is responsible for the on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. As part of these services, the Adviser has delegated to the Sub-Adviser the full responsibility for proxy voting on securities held in the registrant’s portfolio and related duties in accordance with the Sub-Adviser’s policies and procedures. The Adviser periodically monitors the Sub-Adviser’s voting to ensure that it is carrying out its duties. The Sub-Adviser’s proxy voting policies and procedures are attached to this filing as an exhibit and incorporated herein by reference.

Item 13.

Portfolio Managers of Closed-End Management Investment Companies.

Nuveen Fund Advisors, LLC is the registrant’s investment adviser (also referred to as the “Adviser”). The Adviser is responsible for the selection and on-going monitoring of the Fund’s investment portfolio, managing the Fund’s business affairs and providing certain clerical, bookkeeping and administrative services. The Adviser has engaged Nuveen Asset Management, LLC (“Nuveen Asset Management” or “Sub-Adviser”) as Sub-Adviser to provide discretionary investment advisory services. The following section provides information on the portfolio managers at the Sub-Adviser:

(a)(1) Portfolio Manager Biographies

As of the date of filing this report, the following individuals at the Sub-Adviser (the “Portfolio Managers”) have primary responsibility for the day-to-day implementation of the registrant’s investment strategies:

Scott R. Romans, PhD, Managing Director of Nuveen Asset Management, responsible for managing several state-specific, tax-exempt portfolios, including the California Municipal Bond and the New York Municipal Bond strategies. He also serves as portfolio manager for a number of closed-end funds. Before moving to his portfolio management role in 2003, he was a senior research analyst in the firm’s tax-exempt fixed income department, specializing in the education sector. He holds an undergraduate degree from the University of Pennsylvania, an M.S.F. from the Illinois Institute of Technology Stuart School of Business, and an MA and PhD from the University of Chicago.

Kristen M. DeJong, CFA, Managing Director at Nuveen Asset Management, is a portfolio manager responsible for managing taxable municipal fixed income strategies for customized institutional portfolios and closed-end funds. She began her career in the investment industry in 2005 and joined Nuveen Asset Management in 2008. Prior to her current role, she served as senior research analyst for Nuveen Asset Management’s municipal fixed income team, responsible for conducting credit analysis and providing trade recommendations for separately managed accounts. Previously, she worked as a research associate at Nuveen in the wealth management services area, where she provided research and developed reports on various topics involving retirement, tax and investment planning. Before joining Nuveen, she was a financial advisor at Ameriprise Financial. She received her B.S. in Business from Miami University. Ms. DeJong holds the Chartered Financial Analyst designation and is a member of the CFA Institute and the CFA Society of Chicago.

(a)(2) Other Accounts Managed by Portfolio Managers

Other Accounts Managed. In addition to managing the registrant, the Portfolio Managers are also primarily responsible for the day-to-day portfolio management of the following accounts:


Portfolio Manager	Type of Account Managed	Number of Accounts	Assets*
Scott R. Romans	Registered Investment Company	15	$16.06 billion
	Other Pooled Investment Vehicles	0	$0
	Other Accounts	0	$0

Kristen M. DeJong	Registered Investment Company	19	$18.50 billion
	Other Pooled Investment Vehicles	0	$0
	Other Accounts	38	$16.08 billion

*	Assets are as of August 31, 2026. None of the assets in these accounts are subject to an advisory fee based on performance.

Potential Material Conflicts of Interest

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one account. More specifically, portfolio managers who manage multiple accounts are presented a number of potential conflicts, including, among others, those discussed below.

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. Nuveen Asset Management seeks to manage such competing interests for the time and attention of portfolio managers by having portfolio managers focus on a particular investment discipline. Most accounts managed by a portfolio manager in a particular investment strategy are managed using the same investment models.

If a portfolio manager identifies a limited investment opportunity which may be suitable for more than one account, an account may not be able to take full advantage of that opportunity due to an allocation of filled purchase or sale orders across all eligible accounts. To deal with these situations, Nuveen Asset Management has adopted procedures for allocating limited opportunities across multiple accounts.

With respect to many of its clients’ accounts, Nuveen Asset Management determines which broker to use to execute transaction orders, consistent with its duty to seek best execution of the transaction. However, with respect to certain other accounts, Nuveen Asset Management may be limited by the client with respect to the selection of brokers or may be instructed to direct trades through a particular broker. In these cases, Nuveen Asset Management may place separate, non-simultaneous, transactions for a Fund and other accounts which may temporarily affect the market price of the security or the execution of the transaction, or both, to the detriment of the Fund or the other accounts.

Some clients are subject to different regulations. As a consequence of this difference in regulatory requirements, some clients may not be permitted to engage in all the investment techniques or transactions or to engage in these transactions to the same extent as the other accounts managed by a portfolio manager. Finally, the appearance of a conflict of interest may arise where Nuveen Asset Management has an incentive, such as a performance-based management fee, which relates to the management of some accounts, with respect to which a portfolio manager has day-to-day management responsibilities.

Conflicts of interest may also arise when the Sub-Adviser invests one or more of its client accounts in different or multiple parts of the same issuer’s capital structure, including investments in public versus private securities, debt versus equity, or senior versus junior/subordinated debt, or otherwise where there are different or inconsistent rights or benefits. Decisions or actions such as investing, trading, proxy voting, exercising, waiving or amending rights or covenants, workout activity, or serving on a board, committee or other involvement in governance may result in conflicts of interest between clients holding different securities or investments. Generally, individual portfolio managers will seek to act in a manner that they believe serves the best interest of the accounts they manage. In cases where a portfolio manager or team faces a conflict among its client accounts, it will seek to act in a manner that it believes best reflects its overall fiduciary duty, which may result in relative advantages or disadvantages for particular accounts.

Nuveen Asset Management has adopted certain compliance procedures which are designed to address these types of conflicts common among investment managers. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

Nuveen Asset Management or its affiliates, including TIAA, sponsor an array of financial products for retirement and other investment goals, and provide services worldwide to a diverse customer base. Accordingly, from time to time, a Fund may be restricted from purchasing or selling securities, or from engaging in other investment activities because of regulatory, legal or contractual restrictions that arise due to another client account’s investments and/or the internal policies of Nuveen Asset Management, TIAA or its affiliates designed to comply with such restrictions. As a result, there may be periods, for example, when Nuveen Asset Management will not initiate or recommend certain types of transactions in certain securities or instruments with respect to which investment limits have been reached.

The investment activities of Nuveen Asset Management or its affiliates may also limit the investment strategies and rights of the Funds. For example, in certain circumstances where the Funds invest in securities issued by companies that operate in certain regulated industries, in certain emerging or international markets, or are subject

to corporate or regulatory ownership definitions, or invest in certain futures and derivative transactions, there may be limits on the aggregate amount invested by Nuveen Asset Management or its affiliates for the Funds and other client accounts that may not be exceeded without the grant of a license or other regulatory or corporate consent. If certain aggregate ownership thresholds are reached or certain transactions undertaken, the ability of Nuveen Asset Management, on behalf of the Funds or other client accounts, to purchase or dispose of investments or exercise rights or undertake business transactions may be restricted by regulation or otherwise impaired. As a result, Nuveen Asset Management, on behalf of the Funds or other client accounts, may limit purchases, sell existing investments, or otherwise restrict or limit the exercise of rights (including voting rights) when Nuveen Asset Management, in its sole discretion, deems it appropriate in light of potential regulatory or other restrictions on ownership or other consequences resulting from reaching investment thresholds.

(a)(3) Fund Manager Compensation

As of the most recently completed fiscal year end, the primary Portfolio Managers’ compensation is as follows:

Portfolio managers are primarily compensated through a combination of base salary and variable compensation (“VC”). Portfolio managers have a VC target which is expressed as a percentage of their base salary. A portfolio manager’s actual VC award could be higher or lower than the VC target depending on several factors, including (i) Nuveen’s total VC pool based on company performance, (ii) the portion of the pool allocated to the line of business/function across Nuveen, (iii) individual performance rating, and (iv) individual total compensation relative to internal peers and external market.

To calibrate the performance review process, scorecards are utilized, when applicable, to provide a consistent approach across teams and sectors for evaluating individual portfolio manager performance ratings. The scorecard considers both quantitative and qualitative criteria. Quantitative metrics are weighted more heavily and focus on sustained, long-term fund performance by assessing one, three, and five-year performance results versus peer groups and benchmarks. Qualitative metrics are subject to manager discretion and internal peer reviews. Because a greater emphasis is placed on the quantitative metrics, positive Fund performance generally results in better overall performance ratings and subsequently higher VC.

Once the VC award is determined, it is allocated to two components – annual cash award and TIAA Long Term Performance Plan (“LTPP”) award; the portion of VC aligned to each of these components is based on a progressive rate scale with higher deferral percentages as a portfolio manager’s total compensation increases. A portion of a portfolio manager’s LTPP award may be allocated to the PM Plan – which is intended to align portfolio manager compensation to the performance of the Fund(s) they manage. As a subplan to LTPP, the PM Plan awards follow LTPP vesting and payment terms, with payment amount based on the most recent annual valuations of the Fund(s) preceding payment. Management reviews PM Plan Fund alignments and allocation percentages on an annual basis to ensure portfolio managers are not incentivized to take undue risks with the Funds they manage.

Additionally, portfolio managers may be included in the Profits Interest program, which is a long-term, equity-like compensation program based on the future value of the organization and is intended to drive desired behaviors that achieve strong investment results, grow the business, and manage costs. The Profits Interest program has a six-year vesting period that serves as an important retention mechanism.

There are generally no differences between the methods used to determine compensation with respect to the Fund and the Other Accounts shown in the table above.

(a)(4) Beneficial Ownership of NNY Securities

As of August 31, 2026, the portfolio managers beneficially owned the following dollar range of equity securities issued by the Fund.


Name of Portfolio Manager	None	$1- $10,000	$10,001- $50,000	$50,001- $100,000	$100,001- $500,000	$500,001- $1,000,000	Over $1,000,000
Scott R. Romans	X
Kristen M. DeJong	X

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 because the code of ethics is available, upon request and without charge, by calling 800-257-8787 and there were no amendments during the period covered by this report.

(a)(2)

Not applicable.

(a)(3)

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

(a)(4)

Not applicable.

(a)(5)

Not applicable.

(b)	Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Nuveen New York Municipal Value Fund

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: November 6, 2026	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer
		(principal executive officer)

Date: November 6, 2026	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller
		(principal financial officer)

Source: View Original Filing on SEC EDGAR

Date: November 6, 2026

/s/ David J. Lamb

David J. Lamb

Chief Administrative Officer