Nuveen Massachusetts Quality Municipal Income Fund (NMT) N-CSRS Certified semi-annual shareholder report (management investment company)

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   811-07484                           

Nuveen Massachusetts Quality Municipal Income Fund

(Exact name of registrant as specified in charter)

Nuveen Investments

333 West Wacker Drive

Chicago, Illinois 60606

(Address of principal executive offices) (Zip code)

Mark L. Winget

Vice President and Secretary

333 West Wacker Drive

Chicago, Illinois 60606

(Name and address of agent for service)

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

Date of fiscal year end: May 31

Date of reporting period: November 30, 2024

Item 1. Reports to Stockholders.

Closed-End

Funds

Closed-End

Funds

Nuveen

Municipal

November

30,

2024

Semi-Annual

Report

This

semi-annual

report

contains

the

Funds'

unaudited

financial

statements.

Nuveen

Massachusetts

Quality

Municipal

Income

Fund

NMT

Nuveen

Minnesota

Quality

Municipal

Income

Fund

NMS

Nuveen

Missouri

Quality

Municipal

Income

Fund

NOM

Nuveen

Virginia

Quality

Municipal

Income

Fund

NPV

2

Table

of

Contents

Important

Notices

3

Common

Share

Information

4

About

the

Funds’

Benchmarks

6

Fund

Performance,

Leverage

and

Holdings

Summaries

7

Portfolios

of

Investments

16

Statement

of

Assets

and

Liabilities

41

Statement

of

Operations

42

Statement

of

Changes

in

Net

Assets

43

Statement

of

Cash

Flows

45

Financial

Highlights

46

Notes

to

Financial

Statements

51

Shareholder

Meeting

Report

64

Additional

Fund

Information

65

Glossary

of

Terms

Used

in

this

Report

66

Important

Notices

3

Portfolio

manager

commentaries:

The

Funds

include

portfolio

manager

commentary

in

their

annual

shareholder

reports.

For

your

Fund’s

most

recent

annual

portfolio

manager

discussion,

please

refer

to

the

Portfolio

Managers’

Comments

section

of

the

Fund’s

annual

shareholder

report.

Fund

changes:

For

changes

that

occurred

to

your

Fund

both

during

and

after

this

reporting

period,

please

refer

to

the

Notes

to

Financial

Statements

section

of

this

report.

Fund

principal

investment

policies

and

principal

risks:

Refer

to

the

Shareholder

Update

section

of

your

Fund’s

annual

shareholder

report

for

information

on

the

Fund’s

principal

investment

policies

and

principal

risks.

Fund

performance:

For

current

information

on

your

Fund’s

average

annual

total

returns

please

refer

to

the

Fund’s

website

at

www.

nuveen.com.

For

average

annual

total

returns

as

of

the

end

of

this

reporting

period,

please

refer

to

the

Performance

Overview

and

Holding

Summaries

section

within

this

report.

Changes

in

Independent

Registered

Public

Accounting

Firm

(a)

Previous

independent

registered

public

accounting

firm:

On

October

24,

2024,

the

Funds’

Board

of

Trustees

(the

“Board”),

upon

recommendation

from

the

Audit

Committee,

dismissed

KPMG

LLP

(“KPMG”)

as

the

independent

registered

public

accounting

firm

for

the

Funds.

KPMG’s

audit

reports

on

the

Funds’

financial

statements

as

of

and

for

the

fiscal

years

ended

May

31,

2024

and

May

31,

2023

contained

no

adverse

opinion

or

disclaimer

of

opinion

nor

were

they

qualified

or

modified

as

to

uncertainty,

audit

scope

or

accounting

principles.

During

the

Funds’

fiscal

years

ended

May

31,

2024

and

May

31,

2023,

and

for

the

period

June

1,

2024

through

October

24,

2024,

there

were

no

disagreements

with

KPMG

on

any

matter

of

accounting

principles

or

practices,

financial

statement

disclosure

or

auditing

scope

or

procedures,

which

disagreements

if

not

resolved

to

the

satisfaction

of

KPMG

would

have

caused

them

to

make

reference

in

connection

with

their

opinion

to

the

subject

matter

of

the

disagreement.

During

the

Funds’

fiscal

years

ended

May

31,

2024

and

May

31,

2023

and

for

the

period

June

1,

2024

through

October

24,

2024,

there

were

no

reportable

events

(as

defined

in

Regulation

S-K

Item

304(a)(1)(v)).

The

Funds

provided

KPMG

with

a

copy

of

the

foregoing

disclosures

and

requested

that

KPMG

furnish

the

Funds

with

a

letter

addressed

to

the

U.S.

Securities

and

Exchange

Commission

stating

whether

KPMG

agrees

with

the

above

statements.

(b)

New

independent

registered

public

accounting

firm:

On

October

24,

2024,

the

Board,

upon

recommendation

from

the

Audit

Committee,

appointed

PricewaterhouseCoopers

LLP

(“PwC”)

as

the

new

independent

registered

public

accounting

firm

for

the

Funds.

During

the

Funds’

fiscal

years

ended

May

31,

2024

and

May

31,

2023

and

for

the

subsequent

interim

period

through

October

24,

2024,

the

Funds

have

not

consulted

with

PwC

regarding

any

of

the

matters

described

in

Regulation

S-K

Item

304

(“S-K

304”),

S-K

304(a)(2)(i)

or

S-K

304(a)(2)(ii)

disclosure.

4

Common

Share

Information

COMMON

SHARE

DISTRIBUTION

INFORMATION

The

following

information

regarding the

Funds' distributions

is

current

as

of

November

30,

2024.  Each

Fund's

distribution

levels

may

vary

over

time

based

on each

Fund's

investment

activity

and

portfolio

investment

value

changes.

During

the

current

reporting

period, each

Fund's

distributions

to

common

shareholders

were

as

shown

in

the

accompanying

table.

Each Fund’s

distribution

policy,

which

may

be

changed

by

the

Board,

is

to

make

regular

monthly

cash

distributions

to

holders

of

its

common

shares

(stated

in

terms

of

a

fixed

cents

per

common

share

dividend

distribution

rate

which

may

be

set

from

time

to

time).

The

Fund

intends

to

distribute

all

or

substantially

all

of

its

net

investment

income

each

year

through

its

regular

monthly

distribution

and

to

distribute

realized

capital

gains

at

least

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

the

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

the

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

If

the

Fund’s

distribution

includes

anything

other

than

net

investment

income,

the

Fund

will

provide

a

notice

to

shareholders

of

its

best

estimate

of

the

distribution

sources

at

that

the

time

of

the

distribution.

These

estimates

may

not

match

the

final

tax

characterization

(for

the

full

year’s

distributions)

contained

in

shareholders’

1099-DIV

forms

after

the

end

of

the

year.

NUVEEN

CLOSED-END

FUND

DISTRIBUTION

AMOUNTS

The

Nuveen

Closed-End

Funds’

monthly

and

quarterly

periodic

distributions

to

shareholders

are

posted

on

www.nuveen.com

and

can

be

found

on

Nuveen’s

enhanced

closed-end

fund

resource

page,

which

is

at

https://www.nuveen.com/resource-center-

closedend

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,

NMS

and

NPV

were

authorized

by

the

Securities

and

Exchange

Commission

to

issue

additional

common

shares

through

an

equity

shelf

program

(Shelf

Offering).

Under

these

programs,

NMS

and

NPV,

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

each

Fund's

NAV

per

common

share.

The

maximum

aggregate

offering

under

these

Shelf

Offerings

are

as

shown

in

the

accompanying

table.

Per

Common

Share

Amounts

Monthly

Distributions

(Ex-Dividend

Date)

NMT

NMS

NOM

NPV

June

$0.0710

$0.0735

$0.0675

$0.0720

July

0.0710

0.0735

0.0675

0.0720

August

0.0710

0.0735

0.0675

0.0720

September

0.0710

0.0735

0.0675

0.0720

October

0.0710

0.0735

0.0675

0.0720

November

0.0710

0.0735

0.0675

0.0720

Total

Distributions

from

Net

Investment

Income

$0.4260

$0.4410

$0.4050

$0.4320

Yields

NMT

NMS

NOM

NPV

Market

Yield*

7.21%

6.67%

7.53%

6.48%

Taxable-Equivalent

Yield*

14.37%

13.52%

13.84%

12.10%

*

Market

Yield

is

based

on

the

Fund’s

current

annualized

monthly

dividend

divided

by

the

Fund’s

current

market

price

as

of

the

end

of

the

reporting

period.

Taxable-Equivalent

Yield

represents

the

yield

that

must

be

earned

on

a

fully

taxable

investment

in

order

to

equal

the

yield

of

the

Fund

on

an

after-tax

basis.

It

is

based

on

a

combined

federal

and

state

income

tax

rate

of

49.8%,

50.7%,

45.6%

and

46.6%

for

NMT,

NMS,

NOM

and

NPV,

respectively.

Your

actual

combined

federal

and

state

income

tax

rate

may

differ

from

the

assumed

rate.

The

Taxable-Equivalent

Yield

also

takes

into

account

the

percentage

of

the

Fund’s

income

generated

and

paid

by

the

Fund

(based

on

payments

made

during

the

previous

calendar

year)

that

was

either

exempt

from

federal

income

tax

but

not

from

state

income

tax

(e.g.,

income

from

an

out-of-state

municipal

bond),

or

was

exempt

from

neither

federal

nor

state

income

tax.

Separately,

if

the

comparison

were

instead

to

investments

that

generate

qualified

dividend

income,

which

is

taxable

at

a

rate

lower

than

an

individual’s

ordinary

graduated

tax

rate,

the

fund’s

Taxable-Equivalent

Yield

would

be

lower.

NMS*

NPV*

Maximum

aggregate

offering

600,000

1,800,000

*For

the

Period

November

22,

2024

through

November

30,

2024.

5

During

the

current

reporting

period,

NMS

and

NPV

sold

common

shares

through

its

Shelf

Offering

at

a

weighted

average

premium

to

its

NAV

per

common

share

in

the

accompanying

table.

During

the

current

reporting

period,

NMT

and

NOM

did

not

sell

and

common

shares

through

their

Shelf

Offerings.

Refer

to

the

Notes

to

Financial

Statements

for

further

details

on

Shelf

Offerings

and

each

Fund’s

transactions.

COMMON

SHARE

REPURCHASES

The

Funds’

Board

of

Trustees

reauthorized

an

open-market

share

repurchase

program,

allowing

each

Fund

to

repurchase

and

retire

an

aggregate

of

up

to

approximately

10%

of

its

outstanding

common

shares.

During

the

current

reporting

period,

the

Funds

did

not

repurchase

any

of

their

outstanding

common

shares.

As

of

November

30,

2024

,

(and

since

the

inception

of

the

Funds’

repurchase

programs),

each

Fund

has

cumulatively

repurchased

and

retired

its

outstanding

common

shares

as

shown

in

the

accompanying

table.

NMS

NPV

Common

shares

sold

through

shelf

offering

5,819

10,330

Weighted

average

premium

to

NAV

per

common

share

sold

5.11%

6.98%

NMT

NMS

NOM

NPV

Common

shares

cumulatively

repurchased

and

retired

26,148

10,000

0

55,000

Common

shares

authorized

for

repurchase

930,000

575,000

230,000

1,790,000

6

About

the

Funds’

Benchmarks

S&P

Municipal

Bond

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

U.S.

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Massachusetts

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Massachusetts

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Minnesota

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Minnesota

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Missouri

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Missouri

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

S&P

Municipal

Bond

Virginia

Index:

An

index

designed

to

measure

the

performance

of

the

tax-exempt

Virginia

municipal

bond

market.

Index

returns

assume

reinvestment

of

distributions,

but

do

not

reflect

any

applicable

sales

charges

or

management

fees.

Fund

Performance,

Leverage

and

Holdings

Summaries

7

The

Fund

Performance,

Leverage

and

Holding

Summaries

for

each

Fund

are

shown

below

within

this

section

of

the

report.

Fund

Performance

Performance

data

for

each

Fund

shown

below

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

a

Fund

uses

leverage,

the

Fund’s

common

shares

will

experience

a

greater

increase

in

their

net

asset

value

if

the

securities

acquired

through

the

use

of

leverage

increase

in

value,

but

will

also

experience

a

correspondingly

larger

decline

in

their

net

asset

value

if

the

securities

acquired

through

leverage

decline

in

value.

All

this

will

make

the

shares’

total

return

performance

more

variable

over

time.

In

addition,

common

share

income

in

levered

funds

will

typically

decrease

in

comparison

to

unlevered

funds

when

short-term

interest

rates

increase

and

increase

when

short-term

interest

rates

decrease.

In

recent

quarters,

fund

leverage

expenses

have

generally

tracked

the

overall

movement

of

short-term

interest

rates.

While

fund

leverage

expenses

are

higher

than

their

prior

year

lows,

leverage

nevertheless

continues

to

provide

the

opportunity

for

incremental

common

share

income,

particularly

over

longer-

term

periods.

Leverage

Ratios

Each

Fund’s

Effective

Leverage

and

Regulatory

Leverage

Ratios

are

set

forth

below.

“Effective

Leverage”

is

a

Fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

and

the

leverage

effects

of

certain

derivative

and

other

investments

in

a

Fund’s

portfolio

that

increase

the

Fund’s

investment

exposure.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

“Regulatory

Leverage”

consists

of

preferred

shares

or

borrowings

of

a

Fund.

Regulatory

Leverage

is

a

part

of

a

Fund’s

capital

structure.

Regulatory

leverage

is

subject

to

asset

coverage

limits

set

forth

in

the

Investment

Company

Act

of

1940.

A

Fund,

however,

may

from

time

to

time

borrow

for

temporary

purposes,

typically

on

a

transient

basis

in

connection

with

its

day-to-day

operations,

primarily

in

connection

with

the

need

to

settle

portfolio

trades.

Such

temporary

borrowings

are

excluded

from

the

calculation

of

a

Fund’s

Effective

Leverage

and

Regulatory

Leverage

ratios. 

Holding

Summaries

The

Holdings

Summaries

data

relates

to

the

securities

held

in

each

Fund’s

portfolio

of

investments

as

of

the

end

of

this

reporting

period.

It

should

not

be

construed

as

a

measure

of

performance

for

the

Fund

itself.

Holdings

are

subject

to

change.

Refer

to

the

Fund’s

Portfolio

of

Investments

for

individual

security

information.

For

financial

reporting

purposes,

the

ratings

disclosed

are

the

highest

rating

given

by

one

of

the

following

national

rating

agencies:

Standard

&

Poor’s,

Moody’s

Investors

Service,

Inc.

or

Fitch,

Inc.

This

treatment

of

split-rated

securities

may

differ

from

that

used

for

other

purposes,

such

as

for

Fund

investment

policies.

Credit

ratings

are

subject

to

change.

AAA,

AA,

A

and

BBB

are

investment

grade

ratings;

BB,

B,

CCC,

CC,

C

and

D

are

below

investment

grade

ratings.

Holdings

designated

N/R

are

not

rated

by

these

national

rating

agencies.

8

Nuveen

Massachusetts

Quality

Municipal

In-

come

Fund

Fund

Performance,

Leverage

and

Holdings

November

30,

2024

NMT

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Massachusetts

Index.

Daily

Common

Share

NAV

and

Share

Price

Information

Total

Returns

as

of

November

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NMT

at

Common

Share

NAV

3/18/93

5.34%

6.33%

(0.25)%

2.06%

NMT

at

Common

Share

Price

3/18/93

15.84%

22.03%

0.58%

3.30%

S&P

Municipal

Bond

Index

—

4.55%

5.52%

1.50%

2.52%

S&P

Municipal

Bond

Massachusetts

Index

—

4.42%

4.92%

1.17%

2.21%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$12.23

$11.81

(3.43)%

(6.98)%

9

Leverage

and

Holdings

Leverage

Effective

Leverage

39.35%

Regulatory

Leverage

39.35%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

162.8‌%

Other

Assets

&

Liabilities,

Net

1.9%

VRDP

Shares,

Net

(64.7‌)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investments)

U.S.

Guaranteed

0.3%

AAA

15.5%

AA

48.7%

A

16.5%

BBB

12.0%

BB

or

Lower

1.0%

N/R

(not

rated)

6.0%

Total

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Education

and

Civic

Organizations

28.6%

Tax

Obligation/General

22.8%

Health

Care

19.1%

Tax

Obligation/Limited

16.3%

Utilities

4.6%

Housing/Multifamily

3.2%

Transportation

2.8%

Other

2.6%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Massachusetts

93.5%

Puerto

Rico

5.1%

Guam

0.9%

Virgin

Islands

0.5%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Massachusetts

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

10

Nuveen

Minnesota

Quality

Municipal

Income

Fund

Fund

Performance,

Leverage

and

Holdings

November

30,

2024

NMS

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Minnesota

Index.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

November

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NMS

at

Common

Share

NAV

6/25/93

6.34%

8.37%

0.50%

2.56%

NMS

at

Common

Share

Price

6/25/93

26.89%

31.40%

3.56%

3.65%

S&P

Municipal

Bond

Index

—

4.55%

5.52%

1.50%

2.52%

S&P

Municipal

Bond

Minnesota

Index

—

4.74%

5.21%

1.30%

2.26%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$12.78

$13.23

3.52%

(2.41)%

11

Leverage

and

Holdings

Leverage

Effective

Leverage

40.19%

Regulatory

Leverage

40.19%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

165

.3‌

%

Other

Assets

&

Liabilities,

Net

1.9%

AMTP

Shares,

Net

(

67

.2‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investments)

U.S.

Guaranteed

0.5%

AAA

12.7%

AA

28.1%

A

25.7%

BBB

10.5%

BB

or

Lower

10.2%

N/R

(not

rated)

12.3%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Education

and

Civic

Organizations

24.5%

Health

Care

21.4%

Tax

Obligation/General

19.6%

Tax

Obligation/Limited

11.0%

Utilities

7.4%

Transportation

6.2%

Long-Term

Care

5.5%

Other

4.4%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Minnesota

99.6%

Guam

0.4%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Minnesota

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

12

Nuveen

Missouri

Quality

Municipal

Income

Fund

Fund

Performance,

Leverage

and

Holdings

November

30,

2024

NOM

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Missouri

Index.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

November

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NOM

at

Common

Share

NAV

5/20/93

4.89%

5.98%

0.12%

2.23%

NOM

at

Common

Share

Price

5/20/93

12.31%

17.07%

(1.87)%

0.86%

S&P

Municipal

Bond

Index

—

4.55%

5.52%

1.50%

2.52%

S&P

Municipal

Bond

Missouri

Index

—

4.87%

6.03%

1.58%

2.57%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$11.60

$10.76

(7.24)%

(8.83)%

13

Leverage

and

Holdings

Leverage

Effective

Leverage

40.56%

Regulatory

Leverage

39.77%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

164

.3‌

%

Other

Assets

&

Liabilities,

Net

3.2%

Floating

Rate

Obligations

(2.2)%

MFP

Shares,

Net

(

65

.3‌

)

%

Net

Assets

100‌

%

Bond

Credit

Quality

(%

of

total

investments)

U.S.

Guaranteed

0.8%

AAA

2.4%

AA

54.6%

A

22.6%

BBB

6.7%

BB

or

Lower

4.1%

N/R

(not

rated)

8.8%

Total

100‌

%

Portfolio

Composition

1

(%

of

total

investments)

Tax

Obligation/Limited

23.3%

Health

Care

21.3%

Tax

Obligation/General

17.9%

Utilities

11.0%

Transportation

11.0%

Education

and

Civic

Organizations

6.6%

Long-Term

Care

5.5%

Other

3.4%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Missouri

97.3%

Puerto

Rico

2.7%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Missouri

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

14

Nuveen

Virginia

Quality

Municipal

Income

Fund

Fund

Performance,

Leverage

and

Holdings

November

30,

2024

NPV

Performance*

*For

purposes

of

Fund

performance,

relative

results

are

measured

against

the

S&P

Municipal

Bond

Virginia

Index.

Daily

Common

Share

NAV

and

Share

Price

Total

Returns

as

of

November

30,

2024

Cumulative

Average

Annual

Inception

Date

6-Month

1-Year

5-Year

10-Year

NPV

at

Common

Share

NAV

3/18/93

6.57%

8.67%

0.60%

2.60%

NPV

at

Common

Share

Price

3/18/93

31.01%

34.26%

2.81%

4.46%

S&P

Municipal

Bond

Index

—

4.55%

5.52%

1.50%

2.52%

S&P

Municipal

Bond

Virginia

Index

—

4.70%

5.31%

1.39%

2.35%

Common

Share

NAV

Common

Share

Price

Premium/(Discount)

to

NAV

Average

Premium/(Discount)

to

NAV

$12.52

$13.33

6.47%

(2.61)%

15

Leverage

and

Holdings

Leverage

Effective

Leverage

39.54%

Regulatory

Leverage

36.29%

Fund

Allocation

(%

of

net

assets)

Municipal

Bonds

163.6‌%

Other

Assets

&

Liabilities,

Net

1.6%

Floating

Rate

Obligations

(8.4)%

VRDP

Shares,

Net

(56.8‌)%

Net

Assets

100‌%

Bond

Credit

Quality

(%

of

total

investments)

U.S.

Guaranteed

3.2%

AAA

6.5%

AA

38.8%

A

15.2%

BBB

13.6%

BB

or

Lower

7.7%

N/R

(not

rated)

15.0%

Total

100‌%

Portfolio

Composition

1

(%

of

total

investments)

Transportation

30.5%

Health

Care

19.0%

Tax

Obligation/Limited

13.6%

Housing/Multifamily

8.8%

Education

and

Civic

Organizations

7.7%

Long-Term

Care

5.9%

Utilities

4.2%

Other

10.3%

Total

100%

States

and

Territories

2

(%

of

total

municipal

bonds)

Virginia

71.6%

District

of

Columbia

16.0%

Puerto

Rico

5.9%

Guam

2.2%

Virgin

Islands

1.7%

Pennsylvania

1.2%

Colorado

1.2%

New

York

0.2%

Total

100%

1

See

the

Portfolio

of

Investments

for

the

remaining

industries/sectors

comprising  “Other”

and

not

listed

in

the

table

above.

2

The

Fund

may

invest

up

to

20%

of

its

net

assets

in

municipal

bonds

that

are

exempt

from

regular

federal

income

tax,

but

not

from

Virginia

personal

income

tax

if,

in

the

judgement

of

the

Fund's

sub-adviser,

such

purchases

are

expected

to

enhance

the

Fund's

after-tax

total

return

potential.

16

Portfolio

of

Investments

November

30,

2024

NMT

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

162.8% (100.0%

of

Total

Investments)  

X

185,709,626

MUNICIPAL

BONDS

-

162.8%  (100.0%

of

Total

Investments)

X

–

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

46.6%

(28.6%

of

Total

Investments)

$

210,000

Lowell,

Massachusetts,

Collegiate

Charter

School

Revenue

Bonds,

Series

2019

5

.000

%

06/15/49

$

210,765

3,515,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berklee

College

of

Music,

Series

2016

5

.000

10/01/39

3,600,858

2,200,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2013S

5

.000

07/01/38

2,200,803

730,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

College,

Series

2017T

5

.000

07/01/42

760,044

5,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

University,

Refunding

Series

2023FF

4

.000

10/01/46

5,017,080

2,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2017A

5

.000

01/01/34

2,063,644

2,240,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Emerson

College,

Series

2017A

5

.000

01/01/37

2,298,476

1,955,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lesley

University,

Series

2016

5

.000

07/01/35

1,986,266

450,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

MCPHS

University

Issue,

Series

2015H

3

.500

07/01/35

437,012

190,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

MCPHS

University

Issue,

Series

2015H

5

.000

07/01/37

191,655

1,200,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2017

5

.000

07/01/47

1,211,870

500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Merrimack

College,

Series

2022

5

.000

07/01/52

514,017

380,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Middlesex

School,

Series

2024

4

.250

07/01/54

379,666

2,345,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Northeastern

University,

Series

2024A

5

.000

10/01/42

2,656,812

1,100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Simmons

University

Issue,

Series

2020M

4

.000

10/01/38

998,887

1,230,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Sterling

and

Francine

Clark

Art

Institute,

Series

2015

5

.000

07/01/33

1,241,714

450,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2019

5

.000

07/01/36

457,797

2,200,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Broad

Institute,

Series

2017

5

.000

04/01/35

2,307,225

1,250,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Broad

Institute,

Series

2017

5

.000

04/01/36

1,307,877

875,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Tufts

University,

Series

2015Q

5

.000

08/15/38

884,852

1,325,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wheaton

College,

Series

2017H

5

.000

01/01/42

1,353,475

1,510,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Woods

Hole

Oceanographic

Institution,

Series

2018

5

.000

06/01/43

1,580,457

840,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2016

5

.000

09/01/37

861,701

550,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2017

5

.000

09/01/42

569,585

2,500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Worcester

Polytechnic

Institute,

Series

2017B

5

.000

09/01/42

2,589,025

500,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

Suffolk

University,

Refunding

Series

2017

5

.000

07/01/35

505,682

3,000,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Series

2002A

-

AMBAC

Insured

5

.750

01/01/42

3,699,266

2,495,000

Massachusetts

Development

Finance

Authority,

Revenue

Bonds,

WGBH

Educational

Foundation,

Series

2016

5

.000

01/01/40

2,547,961

1,090,000

Massachusetts

Development

Finance

Authority,

Revenue

Refunding

Bonds,

Boston

University,

Series

1999P

6

.000

05/15/29

1,170,747

1,000,000

Massachusetts

Development

Finance

Authority,

Revenue

Refunding

Bonds,

Boston

University,

Series

1999P

6

.000

05/15/59

1,126,719

17

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

2,900,000

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2022-1

5

.000

%

11/01/52

$

3,080,923

3,000,000

University

of

Massachusetts

Building

Authority,

Project

Revenue

Bonds,

Senior

Series

2024-1

5

.000

11/01/46

3,349,096

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

53,161,957

HEALTH

CARE

-

31.0%

(19.1%

of

Total

Investments)

1,340,000

Massachusetts

Development

Finance

Agency

Revenue

Bonds,

South

Shore

Hospital,

Series

2016I

5

.000

07/01/41

1,352,205

1,100,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Baystate

Medical

Center

Issue,

Series

2014N

5

.000

07/01/44

1,100,728

3,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Children's

Hospital

Series

2024T

4

.000

03/01/54

3,001,884

500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2016E

5

.000

07/01/32

509,434

2,350,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Boston

Medical

Center

Issue,

Series

2023G

5

.250

07/01/48

2,535,543

1,675,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Refunding

Series

2016-I

5

.000

07/01/30

1,715,867

900,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2015H-1

5

.000

07/01/30

907,202

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2015H-1

5

.000

07/01/32

1,007,226

500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2015H-1

5

.000

07/01/33

503,434

1,500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2

5

.000

07/01/38

1,568,778

2,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CareGroup

Issue,

Series

2018J-2

5

.000

07/01/53

2,048,611

2,800,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Dana-Farber

Cancer

Institute

Issue,

Series

2016N

5

.000

12/01/46

2,857,777

3,500,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Lahey

Health

System

Obligated

Group

Issue,

Series

2015F

5

.000

08/15/45

3,519,646

2,145,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2020A-2

5

.000

07/01/39

2,315,417

2,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Mass

General

Brigham,

Series

2024D

5

.000

07/01/54

2,162,064

1,080,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2014F

5

.750

07/15/43

1,081,230

100,000

(a)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Milford

Regional

Medical

Center

Issue,

Series

2020G

5

.000

07/15/46

103,026

820,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Southcoast

Health

System

Obligated

Group

Issue,

Series

2013F

5

.000

07/01/37

820,702

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Lowell

General

Hospital,

Series

2013G

5

.000

07/01/37

1,000,341

2,200,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

The

Lowell

General

Hospital,

Series

2013G

5

.000

07/01/44

2,200,114

610,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017K

5

.000

07/01/38

623,045

400,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017L

3

.625

07/01/37

363,080

1,095,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

UMass

Memorial

Health

Care

Obligated

Group

Issue,

Series

2017L

5

.000

07/01/44

1,112,666

280,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2019A

5

.000

07/01/44

280,490

700,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Wellforce

Issue,

Series

2020C

-

AGM

Insured

4

.000

10/01/45

690,468

TOTAL

HEALTH

CARE

35,380,978

Portfolio

of

Investments

November

30,

2024

(continued)

NMT

18

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

HOUSING/MULTIFAMILY

-

5.2%

(3.2%

of

Total

Investments)

$

550,000

(a)

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

CHF

Merrimack,

Inc.

Merrimack

College

Student

Housing

Project,

Series

2024A

5

.000

%

07/01/60

$

557,511

215,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2003H

5

.125

06/01/43

215,077

660,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2019B-1

3

.100

12/01/44

562,397

1,000,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Series

2020A-1

3

.000

12/01/50

809,622

1,335,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2020D-1

2

.550

12/01/50

926,902

400,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2021A-1

2

.450

12/01/51

267,768

2,500,000

Massachusetts

Housing

Finance

Agency,

Housing

Bonds,

Sustainability

Green

Series

2022C-1

5

.100

12/01/52

2,622,450

TOTAL

HOUSING/MULTIFAMILY

5,961,727

HOUSING/SINGLE

FAMILY

-

0.4%

(0.3%

of

Total

Investments)

500,000

Massachusetts

Housing

Finance

Agency,

Single

Family

Housing

Revenue

Bonds,

Social

Series

2022-224

4

.350

12/01/42

504,543

TOTAL

HOUSING/SINGLE

FAMILY

504,543

LONG-TERM

CARE

-

3.3%

(2.0%

of

Total

Investments)

1,040,000

(a)

Massachusetts

Development

Finance

Agency

Revenue

Refunding

Bonds,

NewBridge

on

the

Charles,

Inc.

Issue,

Series

2017

4

.125

10/01/42

983,922

250,000

(a)

Massachusetts

Development

Finance

Agency

Revenue

Refunding

Bonds,

NewBridge

on

the

Charles,

Inc.

Issue,

Series

2017

5

.000

10/01/47

251,095

460,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Berkshire

Retirement

Community

Lennox,

Series

2015

5

.000

07/01/31

462,098

1,000,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Orchard

Cove,

Inc.,

Refunding

Series

2019

5

.000

10/01/49

1,018,056

1,020,000

Massachusetts

Development

Finance

Agency,

Revenue

Bonds,

Salem

Community

Corporation,

Refunding

Series

2022

5

.125

01/01/40

1,029,903

TOTAL

LONG-TERM

CARE

3,745,074

TAX

OBLIGATION/GENERAL

-

37.2%

(22.8%

of

Total

Investments)

2,000,000

Concord,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2023

4

.000

01/15/53

2,005,689

1,240,000

Hudson,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2011

5

.000

02/15/32

1,241,745

3,000,000

Lincoln,

Massachusetts,

General

Obligation

Bonds,

School

Series

2019

4

.000

03/01/49

3,003,950

2,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2015C

5

.000

07/01/45

2,014,729

2,895,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2017F

5

.000

11/01/46

3,001,563

4,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2019A

5

.000

01/01/49

4,186,700

3,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2022C

5

.000

10/01/47

3,266,446

1,750,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Loan,

Series

2024A

5

.000

01/01/54

1,908,559

5,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Series

2023D

5

.000

10/01/51

5,465,630

1,155,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Series

2024B

5

.000

05/01/54

1,262,849

2,000,000

Massachusetts

State,

General

Obligation

Bonds,

Consolidated

Series

2024E

5

.000

08/01/51

2,200,884

1,775,000

North

Reading,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2012

5

.000

05/15/35

1,777,305

2,370,000

Northeast

Metropolitan

Regional

Vocational

Technical

School

District,

Massachusetts,

General

Obligation

Bonds,

School

Series

2024

4

.000

05/15/45

2,398,707

2,010,000

Pentucket

Regional

School

District,

Massachusetts,

General

Obligation

Bonds,

Series

2019

3

.000

09/01/43

1,745,119

19

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TAX

OBLIGATION/GENERAL

(continued)

$

2,000,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4

.000

%

07/01/46

$

1,907,654

1,500,000

Quincy,

Massachusetts,

General

Obligation

Bonds,

Municipal

Purpose

Loan

Series

2022B

5

.000

07/01/51

1,626,730

1,625,000

Revere,

Massachusetts,

General

Obligation

Bonds,

State

Qualified

Municipal

Purpose

Loan

Series

2022

4

.000

08/01/42

1,652,808

1,745,000

Revere,

Massachusetts,

General

Obligation

Bonds,

State

Qualified

Municipal

Purpose

Loan

Series

2022

4

.000

08/01/43

1,769,414

TOTAL

TAX

OBLIGATION/GENERAL

42,436,481

TAX

OBLIGATION/LIMITED

-

26.5%

(16.3%

of

Total

Investments)

500,000

Martha's

Vineyard

Land

Bank,

Massachusetts,

Revenue

Bonds,

Refunding

Green

Series

2017

-

BAM

Insured

5

.000

05/01/35

521,738

3,000,000

Massachusetts

Bay

Transportation

Authority,

Assessment

Bonds,

Sustainability

Series

2022A-2

5

.000

07/01/52

3,247,859

2,500,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Series

2023A-1

5

.250

07/01/53

2,767,443

1,000,000

Massachusetts

Bay

Transportation

Authority,

Sales

Tax

Revenue

Bonds,

Senior

Sustainability

Series

2024B

5

.250

07/01/54

1,115,509

3,185,000

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Senior

Series

2016B

5

.000

11/15/46

3,268,567

1,000,000

Massachusetts

School

Building

Authority,

Dedicated

Sales

Tax

Revenue

Bonds,

Subordinated

Series

2018A

5

.250

02/15/48

1,047,692

2,000,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

&

Accelerated

Bridge

Programs,

Series

2019A

5

.000

06/01/49

2,101,330

5,000,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Series

2023B

5

.000

06/01/49

5,472,219

2,000,000

Massachusetts

State,

Transportation

Fund

Revenue

Bonds,

Rail

Enhancement

Program,

Series

2024A

5

.000

06/01/53

2,193,487

485,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A

5

.000

10/01/39

505,058

13,888,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/46

4,705,046

4,218,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/51

1,047,666

775,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4

.750

07/01/53

775,733

1,016,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.784

07/01/58

1,018,085

455,000

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Refunding

Series

2012A

-

AGM

Insured

5

.000

10/01/32

459,393

TOTAL

TAX

OBLIGATION/LIMITED

30,246,825

TRANSPORTATION

-

4.6%

(2.8%

of

Total

Investments)

1,000,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2014A

5

.000

07/01/39

1,000,679

2,500,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2014A

5

.000

07/01/44

2,501,139

715,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015A

5

.000

07/01/40

720,661

1,000,000

Massachusetts

Port

Authority,

Revenue

Bonds,

Series

2015A

5

.000

07/01/45

1,006,676

TOTAL

TRANSPORTATION

5,229,155

U.S.

GUARANTEED

-

0.5%

(0.3%

of

Total

Investments)

(b)

500,000

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Series

2016B,

(Pre-refunded

8/01/26)

5

.000

08/01/40

517,626

TOTAL

U.S.

GUARANTEED

517,626

UTILITIES

-

7.5%

(4.6%

of

Total

Investments)

1,250,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017

5

.000

07/01/37

1,290,350

420,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Refunding

Series

2017

5

.000

07/01/40

432,115

415,000

Lynn

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Series

2003A

-

NPFG

Insured

5

.000

12/01/32

415,464

4,445,000

Massachusetts

Municipal

Wholesale

Electric

Company,

MMWEC,

Revenue

Bonds,

Project

2015A,

Series

2021A

4

.000

07/01/46

4,441,300

815,000

Massachusetts

Water

Resources

Authority,

General

Revenue

Bonds,

Green

Series

2024B

5

.000

08/01/49

904,950

Portfolio

of

Investments

November

30,

2024

(continued)

NMT

20

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

1,000,000

Springfield

Water

and

Sewer

Commission,

Massachusetts,

General

Revenue

Bonds,

Series

2017C

5

.000

%

04/15/37

$

1,041,081

TOTAL

UTILITIES

8,525,260

TOTAL

MUNICIPAL

BONDS

(Cost

$182,991,401)

185,709,626

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$182,991,401)

185,709,626

VRDP

SHARES,

NET

-

(64.7)%

(c)

(

73,782,955

)

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.9%

2,117,626

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

114,044,297

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

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

reporting

period,

the

aggregate

value

of

these

securities

is

$1,895,554

or

1.0%

of

Total

Investments.

(b)

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.

(c)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

39.7%.

See

Notes

to

Financial

Statements

21

Portfolio

of

Investments

November

30,

2024

NMS

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

165.3% (100.0%

of

Total

Investments)  

X

122,516,167

MUNICIPAL

BONDS

-

165.3%  (100.0%

of

Total

Investments)

X

–

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

40.5%

(24.5%

of

Total

Investments)

$

500,000

City

of

Ham

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

DaVinci

Academy

Project,Series

2016A

4

.000

%

07/01/28

$

489,378

50,000

City

of

Ham

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

DaVinci

Academy

Project,Series

2016A

5

.000

07/01/36

49,457

500,000

Deephaven,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Eagle

Ridge

Academy

Project,

Series

2015A

5

.250

07/01/40

502,562

570,000

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2014A

5

.750

08/01/44

570,391

750,000

Forest

Lake,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Lakes

International

Language

Academy,

Series

2019A

5

.250

08/01/43

767,047

100,000

Greenwood,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Main

Street

School

of

Performing

Arts

Project,

Series

2016A

5

.000

07/01/47

89,879

2,200,000

Hugo,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Noble

Academy

Project,

Series

2014A

5

.000

07/01/44

2,200,107

1,575,000

Independence,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Beacon

Academy

Project,

Series

2016A

5

.000

07/01/46

1,444,501

275,000

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Yinghua

Academy

Project,

Series

2013A

6

.000

07/01/33

275,317

1,425,000

Minneapolis,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Yinghua

Academy

Project,

Series

2013A

6

.000

07/01/43

1,426,089

1,255,000

Minnesota

Department

of

Iron

Range

Resource

and

Rehabilitation,

Educational

Facilities

Revenue

Bonds,

Series

2023A

5

.000

10/01/41

1,406,527

500,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Bethel

University,

Refunding

Series

2017

5

.000

05/01/37

497,813

1,400,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Bethel

University,

Refunding

Series

2017

5

.000

05/01/47

1,313,808

1,580,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Carleton

College,

Refunding

Series

2017

4

.000

03/01/42

1,584,281

1,000,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Carleton

College,

Refunding

Series

2017

5

.000

03/01/44

1,020,946

2,000,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Carleton

College,

Series

2023

5

.000

03/01/53

2,165,048

500,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

College

of

Saint

Scholastica,

Inc.,

Refunding

Series

2019

4

.000

12/01/34

483,464

425,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

College

of

Saint

Scholastica,

Inc.,

Refunding

Series

2019

4

.000

12/01/40

387,139

305,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

College

of

St.

Benedict,

Series

2016-8K

4

.000

03/01/43

273,824

600,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Macalester

College,

Refunding

Series

2017

4

.000

03/01/48

592,214

225,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

Saint

Catherine

University,

Refunding

Series

2018A

5

.000

10/01/45

225,913

750,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2019

5

.000

10/01/35

805,856

710,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2022B

4

.125

10/01/41

719,893

2,445,000

Minnesota

Higher

Education

Facilities

Authority,

Revenue

Bonds,

University

of

Saint

Thomas,

Series

2022B

5

.000

10/01/47

2,581,680

705,000

Otsego,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Kaleidoscope

Charter

School

Project,

Series

2014A

5

.000

09/01/44

656,377

500,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

of

Peace

Academy

Project,

Series

2019

5

.000

12/01/39

509,067

1,250,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Community

of

Peace

Academy

Project,

Series

2019

4

.000

12/01/49

1,092,982

1,000,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Hmong

College

Prep

Academy

Project,

Refunding

Series

2020A

5

.000

09/01/40

1,018,413

Portfolio

of

Investments

November

30,

2024

(continued)

NMS

22

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

EDUCATION

AND

CIVIC

ORGANIZATIONS

(continued)

$

360,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Twin

Cities

Academy

Project,

Series

2015A

5

.300

%

07/01/45

$

360,799

510,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Twin

Cities

Academy

Project,

Series

2015A

5

.375

07/01/50

511,145

1,680,000

Saint

Paul

Housing

&

Redevelopment

Authority,

Minnesota,

Charter

School

Lease

Revenue

Bonds,

Twin

Cities

German

Immersion

School,

Series

2013A

5

.000

07/01/44

1,640,976

390,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Lease

Revenue

Bonds,

Saint

Paul

Conservatory

for

Performing

Artists

Charter

School

Project,

Series

2013A

4

.625

03/01/43

353,064

1,000,000

Savage,

Minnesota

Charter

School

Lease

Revenue

Bonds,

Aspen

Academy

Project,

Series

2016A

5

.000

10/01/41

967,873

500,000

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Charter

School

Revenue

Bonds,

Higher

Ground

Academy

Charter

School,

Series

2018

5

.000

12/01/43

504,864

500,000

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Charter

School

Revenue

Bonds,

Higher

Ground

Academy

Charter

School,

Series

2018

5

.125

12/01/49

504,219

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

29,992,913

HEALTH

CARE

-

35.4%

(21.4%

of

Total

Investments)

250,000

Chippewa

County,

Minnesota,

Gross

Revenue

Hospital

Bonds,

Montevideo

Hospital

Project,

Refunding

Series

2016

4

.000

03/01/32

248,866

180,000

City

of

Plato,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Glencoe

Regional

Health

Services

Project,

Series

2017

5

.000

04/01/41

182,099

1,400,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.000

02/15/43

1,441,248

5,050,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2018A

5

.000

02/15/53

5,160,120

430,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2021A

3

.000

06/15/44

368,874

150,000

Duluth

Economic

Development

Authority,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Luke's

Hospital

of

Duluth

Obligated

Group,

Series

2022B

5

.250

06/15/47

164,529

400,000

Glencoe,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Glencoe

Regional

Health

Services

Project,

Series

2013

4

.000

04/01/27

399,235

230,000

Glencoe,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Glencoe

Regional

Health

Services

Project,

Series

2013

4

.000

04/01/31

228,358

500,000

Maple

Grove,

Minnesota,

Health

Care

Facilities

Revenue

Refunding

Bonds,

North

Memorial

Health

Care,

Series

2015

4

.000

09/01/35

490,414

200,000

Maple

Grove,

Minnesota,

Health

Care

Facility

Revenue

Bonds,

North

Memorial

Health

Care,

Series

2017

5

.000

05/01/31

205,235

165,000

Maple

Grove,

Minnesota,

Health

Care

Facility

Revenue

Bonds,

North

Memorial

Health

Care,

Series

2017

5

.000

05/01/32

168,948

1,500,000

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Allina

Health

System,

Series

2021

4

.000

11/15/36

1,527,259

500,000

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Allina

Health

System,

Series

2021

4

.000

11/15/39

505,834

265,000

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2015A

4

.000

11/15/40

252,808

1,000,000

Minneapolis,

Minnesota,

Health

Care

System

Revenue

Bonds,

Fairview

Health

Services,

Series

2018A

4

.000

11/15/48

919,352

1,000,000

Minnesota

Agricultural

and

Economic

Development

Board,

Health

Care

Facilities

Revenue

Bonds,

Essentia

Health

Obligated

Group,

Series

2024A

5

.250

01/01/54

1,098,348

915,000

Rochester,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Mayo

Clinic,

Series

2018A

4

.000

11/15/48

915,684

1,000,000

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2016A

4

.000

05/01/37

994,063

1,675,000

Saint

Cloud,

Minnesota,

Health

Care

Revenue

Bonds,

CentraCare

Health

System,

Series

2019

5

.000

05/01/48

1,750,562

23

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

HEALTH

CARE

(continued)

$

3,920,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Facility

Revenue

Bonds,

HealthPartners

Obligated

Group,

Refunding

Series

2015A

4

.000

%

07/01/35

$

3,922,532

230,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A

4

.000

11/15/36

228,234

240,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A

4

.000

11/15/37

235,544

2,170,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A

4

.000

11/15/43

2,014,249

1,000,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Health

Care

Revenue

Bonds,

Fairview

Health

Services,

Series

2017A

5

.000

11/15/47

1,014,396

855,000

Saint

Paul

Port

Authority,

Minnesota,

Lease

Revenue

Bonds,

Regions

Hospital

Parking

Ramp

Project,

Series

2007-1

5

.000

08/01/36

855,561

325,000

Shakopee,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Francis

Regional

Medical

Center,

Refunding

Series

2014

4

.000

09/01/31

324,983

630,000

Shakopee,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Saint

Francis

Regional

Medical

Center,

Refunding

Series

2014

5

.000

09/01/34

630,262

TOTAL

HEALTH

CARE

26,247,597

HOUSING/SINGLE

FAMILY

-

0.1%

(0.1%

of

Total

Investments)

45,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2013C

3

.900

07/01/43

43,951

20,000

Minnesota

Housing

Finance

Agency,

Residential

Housing

Finance

Bonds,

Series

2014C

3

.500

01/01/32

19,981

TOTAL

HOUSING/SINGLE

FAMILY

63,932

INDUSTRIALS

-

6.2%

(3.8%

of

Total

Investments)

1,400,000

Minneapolis,

Minnesota,

Limited

Tax

Supported

Development

Revenue

Bonds,  Common

Bond

Fund

Series

2013-1

4

.500

06/01/33

1,410,476

600,000

Minneapolis,

Minnesota,

Limited

Tax

Supported

Development

Revenue

Bonds,  Common

Bond

Fund

Series

2013-1

4

.750

06/01/39

603,576

2,650,000

(a)

Saint

Paul

Port

Authority,

Minnesota,

Solid

Waste

Disposal

Revenue

Bonds,

Gerdau

Saint

Paul

Steel

Mill

Project,

Series

2012-

7,

(AMT)

4

.500

10/01/37

2,606,731

TOTAL

INDUSTRIALS

4,620,783

LONG-TERM

CARE

-

9.2%

(5.5%

of

Total

Investments)

805,000

Anoka,

Minnesota,

Health

Care

and

Housing

Facility

Revenue

Bonds,

The

Homestead

at

Anoka,

Inc.

Project,

Series

2014

5

.125

11/01/49

748,824

250,000

Bethel,

Minnesota,

Housing

and

Health

Care

Facilities

Revenue

Bonds,

Ecumen

Obligated

Group

Series

2024A

6

.250

03/01/54

255,604

380,000

Center

City,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Hazelden

Betty

Ford

Foundation

Project,

Series

2014

4

.000

11/01/39

368,348

875,000

Cold

Spring,

Minnesota,

Health

Care

Facilities

Revenue

Bonds,

Assumption

Home,

Inc.,

Refunding

Series

2013

5

.200

03/01/43

819,095

175,000

Columbus,

Minnesota,

Senior

Housing

Revenue

Bonds,

Richfield

Senior

Housing,

Inc.,

Refunding

Series

2015

5

.250

01/01/40

152,942

850,000

Columbus,

Minnesota,

Senior

Housing

Revenue

Bonds,

Richfield

Senior

Housing,

Inc.,

Refunding

Series

2015

5

.250

01/01/46

709,334

500,000

(a)

Dakota

County

Community

Development

Agency,

Minnesota,

Senior

Housing

Revenue

Bonds,

Walker

Highview

Hills

LLC

Project,

Refunding

Series

2016A

5

.000

08/01/51

497,777

750,000

Minneapolis,

Minnesota,

Senior

Housing

and

Healthcare

Revenue

Bonds,

Ecumen

Abiitan

Mill

City

Project,  Series

2015

5

.250

11/01/45

717,853

215,000

Saint

Joseph,

Minnesota,

Senior

Housing

and

Healthcare

Revenue

Bonds,

Woodcrest

of

Country

Manor

Project,

Series

2019

A

5

.000

07/01/55

204,033

500,000

Saint

Paul

Housing

and

Redevelopment

Authority

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Episcopal

Homes

Project,

Series

2013

5

.125

05/01/48

445,900

500,000

Saint

Paul

Park,

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Presbyterian

Homes

Bloomington

Project,

Refunding

Series

2017

4

.125

09/01/34

498,186

Portfolio

of

Investments

November

30,

2024

(continued)

NMS

24

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

LONG-TERM

CARE

(continued)

$

350,000

Saint

Paul

Park,

Minnesota,

Senior

Housing

and

Health

Care

Revenue

Bonds,

Presbyterian

Homes

Bloomington

Project,

Refunding

Series

2017

4

.125

%

09/01/35

$

346,536

585,000

Sauk

Rapids,

Minnesota,

Health

Care

and

Housing

Facilities

Revenue

Bonds,

Good

Shepherd

Luthran

Home,

Refunding

Series

2013

5

.125

01/01/39

530,046

500,000

Wayzata,

Minnesota

Senior

Housing

Revenue

Bonds,

Folkestone

Senior

Living

Community,

Refunding

Series

2019

5

.000

08/01/49

504,174

TOTAL

LONG-TERM

CARE

6,798,652

TAX

OBLIGATION/GENERAL

-

32.4%

(19.6%

of

Total

Investments)

2,205,000

Bird

Island-Olivia-Lake

Lillian

Independent

School

District

2534,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2024A

5

.000

02/01/49

2,400,063

1,015,000

Brainerd

Independent

School

District

181,

Crow

Wing

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2018D

4

.000

02/01/38

1,029,240

1,055,000

Brainerd

Independent

School

District

181,

Crow

Wing

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2018D

4

.000

02/01/39

1,064,752

750,000

Brainerd

Independent

School

District

181,

Crow

Wing

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A

4

.000

02/01/42

752,844

1,020,000

Brooklyn

Center

Independent

School

District

286,

Minnesota,

General

Obligation

Bonds,

Series

2018A

4

.000

02/01/43

1,027,826

300,000

Circle

Pines

Independent

School

District

12,

Centennial,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015A

0

.000

02/01/35

200,663

1,000,000

Cloquet

Independent

School

District

94,

Carlton

and

Sant

Louis

Counties,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015B

4

.000

02/01/36

1,001,174

1,000,000

Corcoran,

Minnesota,

General

Obligation

Bonds,

Series

2023A

-

BAM

Insured

4

.000

02/01/48

1,002,273

500,000

Dover-Eyota

Independent

School

District

533,

Minnesota,

General

Obligation

Bonds,

School

Building  

Facilities

Maintenance

Series

2023A

4

.000

02/01/44

505,188

540,000

Duluth

Independent

School

District

709,

Saint

Louis

County,

Minnesota,

General

Obligation

Bonds,

Capital

Appreciation

Series

2021C

0

.000

02/01/33

371,881

500,000

GFW

Independent

School

District

No.

2365,

Sibley,

Renville,

McLeod

and

Nicollet

Counties,

Minnesota,

General

Obligation

School

Building

Bonds,

Series

2023A

5

.000

02/01/48

538,965

500,000

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Series

2024A

5

.000

12/01/42

575,693

1,000,000

Independent

School

District

621,

Mounds

View,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A

4

.000

02/01/42

1,005,858

1,145,000

Independent

School

District

No.

2397

(Le

Sueur-Henderson),

Minnesota,

General

Obligation

School

Building

Bonds,

Series

2022A

5

.000

02/01/36

1,277,426

1,000,000

Independent

School

District

No.

2397

(Le

Sueur-Henderson),

Minnesota,

General

Obligation

School

Building

Bonds,

Series

2022A

4

.500

02/01/41

1,051,868

1,500,000

Maple

River

Independent

School

District

2135,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2020A

4

.000

02/01/50

1,489,068

1,345,000

Minneapolis,

Minnesota,

General

Obligation

Bonds,

Improvement

&

Various

Purpose

Series

2018

4

.000

12/01/40

1,360,852

310,000

Minnetonka

Independent

School

District

276,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

Facilities

Maintenance

Series

2023B

5

.000

02/01/39

343,634

1,000,000

Roseville

Independent

School

District

623,

Ramsey

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2018A

4

.000

02/01/34

1,024,789

1,000,000

Round

Lake-Brewster

Independent

School

District

2907,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2023A

4

.000

02/01/42

1,013,417

25

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TAX

OBLIGATION/GENERAL

(continued)

$

1,000,000

Saint

James

Independent

School

District

840,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015B

4

.000

%

02/01/45

$

1,002,239

1,000,000

Saint

Louis

Park

Independent

School

District

283,

Hennepin

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2022A

5

.000

02/01/36

1,106,148

1,000,000

Sartell

Independent

School

District

748,

Stearns

County,

Minnesota,

General

Obligation

Bonds,

School

Building

Capital

Appreciation

Series

2016B

0

.000

02/01/39

525,851

800,000

Sartell,

Minnesota,

General

Obligation

Bonds,

Series

2022A

4

.000

02/01/43

807,856

1,500,000

Sibley

East

Independent

School

District

2310,

Sibley,

Minnesota,

General

Obligation

Bonds,

School

Building

Series

2015A

4

.000

02/01/40

1,501,101

TOTAL

TAX

OBLIGATION/GENERAL

23,980,669

TAX

OBLIGATION/LIMITED

-

18.2%

(11.0%

of

Total

Investments)

1,000,000

Anoka-Hennepin

Independent

School

District

11,

Minnesota,

Certificates

of

ParticIpation,

Series

2015A

4

.000

02/01/41

985,344

500,000

Elbow

Lake

Economic

Development

Authority,

Minnesota,

Lease

Revenue

Bonds,

Grant

County

Public

Project,

Series

2023A

5

.000

12/15/44

516,955

500,000

Minneapolis,

Minnesota,

Tax

Incriment

Revenue

Bonds,

Ivy

Tower

Project,

Series

2015

5

.000

03/01/29

500,175

200,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2017A

4

.000

08/01/35

202,810

500,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2018D

4

.000

08/01/39

505,366

1,000,000

Minnesota

Housing

Finance

Agency,

Housing

Infrastructure

State

Appropriation

Bonds,

Series

2022A

5

.000

08/01/40

1,103,333

2,230,000

Minnesota

Housing

Finance

Agency,

Nonprofit

Housing

Bonds,

State

Appropriation

Series

2011

5

.000

08/01/31

2,233,379

1,500,000

Minnesota

State,

Certificates

of

Participation,

State

Office

Building

Project,

Series

2023

5

.000

11/01/43

1,667,332

1,595,000

New

London

Economic

Development

Authority,

Minnesota,

Lease

Revenue

Bonds,

SWWC

Service

Cooperative

Lease

With

Option

to

Purchase

Project,

Public

Series

2023

4

.500

02/01/33

1,624,578

1,000,000

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Particpation,

Series

2015A

3

.750

02/01/36

1,000,317

750,000

Northeast

Metropolitan

Intermediate

School

District

916,

White

Bear

Lake,

Minnesota,

Certificates

of

Particpation,

Series

2015B

4

.000

02/01/42

749,946

145,000

Saint

Cloud

Independent

School

District

742,

Stearns

County,

Minnesota,

Certificates

of

Participation,

Saint

Cloud

Area

Public

Schools,

Series

2017A

5

.000

02/01/32

145,432

500,000

Saint

Cloud

Independent

School

District

742,

Stearns

County,

Minnesota,

Certificates

of

Participation,

Saint

Cloud

Area

Public

Schools,

Series

2017A

4

.000

02/01/38

500,180

455,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Multifamily

Housing

Revenue

Bonds,

2700

University

at

Westgate

Station,

Series

2015B

4

.875

04/01/30

455,128

755,000

Saint

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Multifamily

Housing

Revenue

Bonds,

2700

University

at

Westgate

Station,

Series

2015B

5

.250

04/01/43

754,992

635,000

Zumbro

Education

District

6012,

Minnesota,

Certificates

of

Participation

Series

2021A

4

.000

02/01/41

581,330

TOTAL

TAX

OBLIGATION/LIMITED

13,526,597

TRANSPORTATION

-

10.3%

(6.2%

of

Total

Investments)

300,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A

5

.000

01/01/39

319,672

500,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A

5

.000

01/01/44

526,690

250,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019A

5

.000

01/01/49

261,055

1,000,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B,

(AMT)

5

.000

01/01/44

1,030,424

Portfolio

of

Investments

November

30,

2024

(continued)

NMS

26

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

2,000,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Refunding

Subordinate

Lien

Series

2019B,

(AMT)

5

.000

%

01/01/49

$

2,063,049

1,600,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Senior

Lien

Series

2016C

5

.000

01/01/46

1,638,475

500,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022A

5

.000

01/01/52

530,935

1,175,000

Minneapolis-St.

Paul

Metropolitan

Airports

Commission,

Minnesota,

Airport

Revenue

Bonds,

Subordinate

Lien

Series

2022B,

(AMT)

5

.250

01/01/47

1,257,030

TOTAL

TRANSPORTATION

7,627,330

U.S.

GUARANTEED

-

0.8%

(0.5%

of

Total

Investments)

(b)

580,000

St.

Paul

Housing

and

Redevelopment

Authority,

Minnesota,

Hospital

Revenue

Bonds,

HealthEast

Inc.,

Series

2015A,

(Pre-

refunded

11/15/25)

5

.000

11/15/44

590,760

TOTAL

U.S.

GUARANTEED

590,760

UTILITIES

-

12.2%

(7.4%

of

Total

Investments)

415,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016

5

.000

01/01/46

420,737

30,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2020A

5

.000

01/01/50

31,223

500,000

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Refunding

Series

2014A

4

.000

10/01/33

500,242

965,000

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Series

2016

5

.000

10/01/35

997,982

2,795,000

Minnesota

Municipal

Power

Agency,

Electric

Revenue

Bonds,

Series

2016

5

.000

10/01/47

2,843,544

655,000

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2021-1.

501

C3

4

.000

10/01/41

639,535

200,000

Saint

Paul

Port

Authority,

Minnesota,

District

Energy

Revenue

Bonds,

Series

2023-3

4

.750

10/01/43

208,013

100,000

Southern

Minnesota

Municipal

Power

Agency,

Power

Supply

System

Revenue

Bonds,

Series

1994A

-

NPFG

Insured

0

.000

01/01/26

96,155

3,200,000

Western

Minnesota

Municipal

Power

Agency,

Minnesota,

Power

Supply

Revenue

Bonds,

Series

2018A

5

.000

01/01/49

3,329,503

TOTAL

UTILITIES

9,066,934

TOTAL

MUNICIPAL

BONDS

(Cost

$122,063,753)

122,516,167

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$122,063,753)

122,516,167

AMTP

SHARES,

NET

-

(67.2)%

(c)

(

49,780,341

)

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.9%

1,381,443

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

74,117,269

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

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

reporting

period,

the

aggregate

value

of

these

securities

is

$3,104,508

or

2.5%

of

Total

Investments.

(b)

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.

(c)

AMTP

Shares,

Net

as

a

percentage

of

Total

Investments

is

40.6%.

AMT

Alternative

Minimum

Tax

See

Notes

to

Financial

Statements

27

Portfolio

of

Investments

November

30,

2024

NOM

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

164.3% (100.0%

of

Total

Investments)  

X

44,799,043

MUNICIPAL

BONDS

-

164.3%  (100.0%

of

Total

Investments)

X

–

CONSUMER

STAPLES

-

4.2%

(2.5%

of

Total

Investments)

$

1,055,000

Missouri

Development

Finance

Board,

Solid

Waste

Disposal

Revenue

Bonds,

Procter

and

Gamble

Inc.,

Series

1999,

(AMT)

5

.200

%

03/15/29

$

1,132,304

TOTAL

CONSUMER

STAPLES

1,132,304

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

10.7%

(6.6%

of

Total

Investments)

410,000

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Kansas

City

University

of

Medicine

and

Biosciences,

Series

2013A

5

.000

06/01/33

410,370

600,000

Missouri

Health

and

Educational

Facilities

Authority,

Educational

Facilities

Revenue

Bonds,

Southwest

Baptist

University

Project,

Series

2012

5

.000

10/01/33

599,973

1,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2015A

4

.000

10/01/42

1,001,588

500,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Saint

Louis

University,

Series

2019A

5

.000

10/01/46

525,185

115,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Webster

University,

Refunding

Series

2017

4

.000

04/01/34

89,832

210,000

Missouri

Southern

State

University,

Auxiliary

Enterprise

System

Revenue

Bonds,

Series

2019A

-

AGM

Insured

4

.000

10/01/39

212,045

100,000

Saline

County

Industrial

Development

Authority,

Missouri,

First

Mortgage

Revenue

Bonds,

Missouri

Valley

College,

Series

2017

4

.500

10/01/40

89,905

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

2,928,898

HEALTH

CARE

-

35.0%

(21.3%

of

Total

Investments)

300,000

Boone

County,

Missouri,

Hospital

Revenue

Bonds,

Boone

Hospital

Center,

Refunding

Series

2016

5

.000

08/01/30

276,227

210,000

Bridgeton

Industrial

Development

Authority,

Missouri,

Senior

Housing

Revenue

Bonds,

The

Sarah

Community

Project,

Refunding

Series

2016

4

.000

05/01/33

210,456

400,000

Cape

Girardeau

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Southeasthealth,

Series

2017A

5

.000

03/01/36

412,414

300,000

Hannibal

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Hannibal

Regional

Healthcare

System,

Series

2017

5

.000

10/01/42

302,996

340,000

Joplin

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Freeman

Health

System,

Series

2024

5

.000

02/15/41

366,398

250,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Series

2015A

4

.000

01/01/45

250,010

750,000

(a)

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

BJC

Health

System,

Variable

Rate

Demand

Obligation

Series

2017D,

(Mandatory

Put

1/01/48),

(UB)

4

.000

01/01/58

739,972

1,730,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2013A

5

.000

11/15/44

1,730,775

500,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

CoxHealth,

Series

2015A

5

.000

11/15/33

505,708

390,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2012

4

.000

11/15/42

386,681

550,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2014F

4

.250

11/15/48

550,008

650,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2017C

5

.000

11/15/42

670,567

1,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mercy

Health,

Series

2023

5

.500

12/01/48

1,128,793

1,000,000

Missouri

Health

and

Educational

Facilities

Authority,

Health

Facilities

Revenue

Bonds,

Mosaic

Health

System,

Series

2019A

4

.000

02/15/54

974,938

350,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Children's

Mercy

Hospital,

Series

2017A

4

.000

05/15/48

340,467

125,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lake

Regional

Health

System,

Series

2021

4

.000

02/15/51

111,529

Portfolio

of

Investments

November

30,

2024

(continued)

NOM

28

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

HEALTH

CARE

(continued)

$

600,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Health

Facilities

Revenue

Bonds,

Ranken-Jordan

Project,

Refunding

&

Improvement

Series

2016

5

.000

%

11/15/46

$

592,456

TOTAL

HEALTH

CARE

9,550,395

HOUSING/SINGLE

FAMILY

-

0.1%

(0.1%

of

Total

Investments)

40,000

Missouri

Housing

Development

Commission,

Single

Family

Mortgage

Revenue

Bonds,

First

Place

Homeownership

Loan

Program,

Series

2017A-2

3

.800

11/01/37

39,658

TOTAL

HOUSING/SINGLE

FAMILY

39,658

LONG-TERM

CARE

-

9.0%

(5.5%

of

Total

Investments)

100,000

Kirkwood

Industrial

Development

Authority,

Missouri,

Retirement

Community

Revenue

Bonds,

Aberdeen

Heights

Project,

Refunding

Series

2017A

5

.250

05/15/37

98,828

400,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016A

5

.000

02/01/36

404,620

500,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2016A

5

.000

02/01/46

502,435

100,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2019C

4

.000

02/01/48

90,441

350,000

Missouri

Health

and

Educational

Facilities

Authority,

Revenue

Bonds,

Lutheran

Senior

Services

Projects,

Series

2024A

5

.250

02/01/54

366,833

225,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2012

5

.000

09/01/32

224,411

250,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2012

5

.000

09/01/42

250,011

430,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Friendship

Village

of

Sunset

Hills,

Series

2013A

5

.875

09/01/43

430,015

100,000

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Saint

Andrew's

Resources

for

Seniors,

Series

2015A

5

.125

12/01/45

96,815

TOTAL

LONG-TERM

CARE

2,464,409

TAX

OBLIGATION/GENERAL

-

29.5%

(17.9%

of

Total

Investments)

515,000

Carl

Junction

School

District

R-1,

Jasper

County,

Missouri,

General

Obligation

Bonds,

Series

2024

5

.000

03/01/44

555,642

1,000,000

Clay

County

Public

School

District

53,

Liberty,

Missouri,

General

Obligation

Bonds,

Series

2018

4

.000

03/01/34

1,005,095

335,000

Clay

County

Public

School

District

53,

Liberty,

Missouri,

General

Obligation

Bonds,

Series

2018

4

.000

03/01/36

336,154

340,000

Clay

County

Reorganized

School

District

R-II

Smithville,

Missouri,

General

Obligation

Bonds,

Refunding

Series

2015

4

.000

03/01/36

344,614

200,000

Fort

Zumwalt

School

District,

Callaway

County,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018

5

.000

03/01/36

208,318

500,000

Jackson

County

Consolidated

School

District

4,

Missouri,

General

Obligation

Bonds,

School

Building

Series

2024

5

.750

03/01/43

576,508

500,000

Jefferson

City

School

District,

Missouri,

General

Obligation

Bonds,

Series

2023A

5

.500

03/01/43

560,666

225,000

Jefferson

County

School

District

R-1

Northwest,

Missouri,

General

Obligation

Bonds,

Direct

Deposit

Program

Series

2023

5

.000

03/01/43

241,258

300,000

Kansas

City,

Missouri,

General

Obligation

Bonds,

Refunding

&

Improvement

Series

2018A

4

.000

02/01/35

306,022

500,000

Lebanon

School

District

R3,

LaClede

County,

Missouri,

General

Obligation

Bonds,

Missouri

Direct

Deposit

Program,

Series

2024

4

.000

03/01/44

503,036

335,000

Orchard

Farm

R-V

School

District,

St.

Charles

County,

Missouri,

General

Obligation

Bonds,

Missouri

Direct

Deposit

Program,

School

Series

2024A

5

.500

03/01/44

389,717

1,250,000

Saint

Charles

County

Francis

Howell

School

District,

Missouri,

General

Obligation

Bonds,

Series

2022

5

.000

03/01/42

1,358,667

1,000,000

Saint

Louis

County

Pattonville

School

District

R3,

Missouri,

General

Obligation

Bonds,

Series

2023

5

.250

03/01/43

1,096,607

500,000

Webster

Groves

School

District,

Missouri,

Crossover

General

Obligation

Bonds,

Series

2024

5

.000

03/01/43

546,171

TOTAL

TAX

OBLIGATION/GENERAL

8,028,475

29

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

-

38.3%

(23.3%

of

Total

Investments)

$

1,500,000

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District,

Mass

Transit

Sales

Tax

Appropriation

Bonds,

Refunding

Combined

Lien

Series

2019

4

.000

%

10/01/36

$

1,536,301

760,000

Bi-State

Development

Agency

of

the

Missouri-Illinois

Metropolitan

District,

Mass

Transit

Sales

Tax

Appropriation

Bonds,

Refunding

Combined

Lien

Series

2019

4

.000

10/01/48

752,539

145,000

Clay,

Jackson

&

Platte

Counties

Consolidated

Public

Library

District

3,

Missouri,

Certificates

of

Participation,

Mid-Continent

Public

Library

Project,

Series

2018

4

.000

03/01/35

145,838

170,000

Conley

Road

Transportation

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017

5

.125

05/01/41

170,328

293,744

(b)

Fulton,

Missouri,

Tax

Increment

Revenue

Bonds,

Fulton

Commons

Redevelopment

Project,

Series

2006

5

.000

06/01/28

61,686

250,000

Howard

Bend

Levee

District,

St.

Louis

County,

Missouri,

Levee

District

Improvement

Bonds,

Series

2013B

4

.875

03/01/33

249,996

200,000

Howard

Bend

Levee

District,

St.

Louis

County,

Missouri,

Levee

District

Improvement

Bonds,

Series

2013B

5

.000

03/01/38

198,186

300,000

Kansas

City

Industrial

Development

Authority,

Missouri,

Downtown

Redevelpment

District

Revenue

Bonds,

Series

2011A

5

.000

09/01/32

300,483

75,000

(c)

Kansas

City

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Ward

Parkway

Center

Community

Improvement

District,

Senior

Refunding

&

Improvement

Series

2016

4

.250

04/01/26

74,572

500,000

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Downtown

Arena

Project,

Refunding

&

Improvement

Series

2016E

5

.000

04/01/40

500,755

325,000

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Downtown

Redevelopment

District,

Series

2014C

5

.000

09/01/33

325,258

400,000

Kansas

City,

Missouri,

Special

Obligation

Bonds,

Kansas

City

Missouri

Projects,

Series

2024B

4

.000

09/01/45

398,114

100,000

(c)

Land

Clearance

for

Redevelopment

Authority

of

Kansas

City,

Missouri,

Project

Revenue

Bonds,

Convention

Center

Hotel

Project

-

TIF

Financing,

Series

2018B

5

.000

02/01/40

99,250

100,000

(c)

Land

Clearance

for

Redevelopment

Authority

of

Kansas

City,

Missouri,

Project

Revenue

Bonds,

Convention

Center

Hotel

Project

-

TIF

Financing,

Series

2018B

5

.000

02/01/50

97,644

250,000

Marshall

School

District,

Missouri,

Certificates

of

Participation,

Series

2023

-

BAM

Insured

5

.000

03/01/49

268,604

245,000

Missouri

Development

Finance

Board,

Infrastructure

Facilities

Revenue

Bonds,

City

of

Branson

-

Branson

Landing

Project,

Series

2015A

4

.000

06/01/34

245,053

155,000

Ozark

R-6

School

District,

Christian

County,

Missouri,

General

Obligation

Bonds,

Series

2023

5

.000

04/01/45

165,271

350,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/46

118,575

97,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/51

24,093

500,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

4

.750

07/01/53

500,473

117,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5

.000

07/01/58

117,528

252,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.329

07/01/40

252,002

200,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.329

07/01/40

200,002

50,000

(c)

Saint

Charles

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Wentzville

Parkway

Regional

Community

Improvement

District

Project,

Series

2019B

4

.250

11/01/49

42,706

250,000

(c)

Saint

Louis

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Bonds,

Chesterfield

Blue

Valley

Community

Improvement

District

Project,

Series

2014A

5

.250

07/01/44

232,799

500,000

Saint

Louis

Land

Clearance

for

Redevelopment

Authority,

Missouri,

Annual

Appropriation

Redevelopment

Revenue

Bonds,

National

Geospatial-Intelligence

Agency

Offsite

Improvements,

Series

2022C

5

.125

06/01/46

509,326

Portfolio

of

Investments

November

30,

2024

(continued)

NOM

30

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,000,000

Saint

Louis

Municipal

Finance

Corporation,

Missouri,

Leasehold

Revenue

Bonds,

Convention

Center,

Expansion

&

Improvement

Projects

Series

2020

-

AGM

Insured

5

.000

%

10/01/49

$

1,039,875

600,000

Springfield,

Missouri,

Special

Obligation

Bonds,

Sewer

System

Improvements

Project,

Series

2015

4

.000

04/01/35

600,057

125,000

(c)

Taney

County

Industrial

Development

Authority,

Missouri,

Sales

Tax

Revenue

Improvement

Bonds,

Big

Cedar

Infrastructure

Project

Series

2023

6

.000

10/01/49

126,640

450,000

The

Industrial

Development

Authority

of

the

City

of

Saint

Louis,

Missouri,

Development

Financing

Revenue

Bonds,

Ballpark

Village

Development

Project,

Series

2017A

4

.750

11/15/47

385,231

130,000

Transportation

Development

District,

Missouri,

Transportation

Sales

Tax

Revenue

Bonds,

Series

2017

4

.500

06/01/36

130,635

195,000

Universal

City

Industrial

Development

Authority,

Missouri,

Revenue

Bonds,

Tax

Increment

and

Special

District

Markets

at

Olive

Project

Series

2023A

5

.500

06/15/42

199,751

320,000

Wentzville,

Missouri,

Certificates

of

Participation,

Series

2023

5

.000

03/01/37

361,013

TOTAL

TAX

OBLIGATION/LIMITED

10,430,584

TRANSPORTATION

-

18.1%

(11.0%

of

Total

Investments)

450,000

Kansas

City

Industrial

Development

Authority,

Missouri,

Airport

Special

Obligation

Bonds,

Kansas

City

International

Airport

Terminal

Modernization

Project,

Series

2019A,

(AMT)

5

.000

03/01/44

463,648

2,000,000

Kansas

City

Industrial

Development

Authority,

Missouri,

Airport

Special

Obligation

Bonds,

Kansas

City

International

Airport

Terminal

Modernization

Project,

Series

2019B,

(AMT)

5

.000

03/01/46

2,054,814

1,265,000

Saint

Louis,

Missouri,

Airport

Revenue

Bonds,

Lambert-St.

Louis

International

Airport,

Series

2017C

-

AGM

Insured

5

.000

07/01/47

1,298,391

1,000,000

Saint

Louis,

Missouri,

Airport

Revenue

Bonds,

Lambert-St.

Louis

International

Airport,

Series

2024A

-

AGM

Insured

5

.250

07/01/49

1,109,159

TOTAL

TRANSPORTATION

4,926,012

U.S.

GUARANTEED

-

1.3%

(0.8%

of

Total

Investments)

(d)

350,000

Fenton

Missouri

Fire

Protection

District,

Missouri,

General

Obligation

Bonds,

Series

2019,

(Pre-refunded

3/01/27)

4

.000

03/01/39

359,155

TOTAL

U.S.

GUARANTEED

359,155

UTILITIES

-

18.1%

(11.0%

of

Total

Investments)

500,000

Kansas

City,

Missouri,

Sanitary

Sewer

System

Revenue

Bonds,

Improvement

Series

2023A

4

.000

01/01/48

502,206

500,000

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Refunding

Improvement

Series

2022B

5

.000

05/01/47

543,433

500,000

Metropolitan

St.

Louis

Sewerage

District,

Missouri,

Wastewater

System

Revenue

Bonds,

Refunding

Improvement

Series

2022B

5

.250

05/01/52

547,190

500,000

Missouri

Development

Finance

Board,

Infrastructure

Facilities

Revenue

Bonds,

City

of  Independence

Annual

Appropriation

Electric

System,

Refunding

Series

2022

-

AGM

Insured

5

.000

06/01/34

562,377

500,000

Missouri

Environmental

Improvement

and

Energy

Resources

Authority,

Water

Facility

Revenue

Bonds,

Tri-County

Water

Authority,

Series

2015

5

.000

01/01/40

500,643

500,000

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Project

Revenue

Bonds,

Plum

Point

Project,

Refunding

Series

2015A

4

.000

01/01/35

501,721

500,000

Missouri

Joint

Municipal

Electric

Utility

Commission,

Power

Supply

System

Revenue

Bonds,

MoPEP

Facilities,

Series

2018

5

.000

12/01/43

512,366

500,000

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Missouri

Project,

Series

2022

5

.000

12/01/44

532,425

500,000

Saint

Charles

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Missouri

Project,

Series

2024

4

.000

12/01/44

498,557

31

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

UTILITIES

(continued)

$

260,000

Stone

County

Public

Water

Supply

District

2,

Missouri,

Certificates

of

Participation,

Series

2021B

4

.000

%

12/01/51

$

238,235

TOTAL

UTILITIES

4,939,153

TOTAL

MUNICIPAL

BONDS

(Cost

$44,558,828)

44,799,043

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$44,558,828)

44,799,043

FLOATING

RATE

OBLIGATIONS

-

(2.2)%  

(

600,000

)

MFP

SHARES,

NET

-

(65.3)%

(e)

(

17,815,554

)

OTHER

ASSETS

&

LIABILITIES,

NET

-

3.2%

879,784

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

27,263,273

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(a)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(b)

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)

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

reporting

period,

the

aggregate

value

of

these

securities

is

$673,611

or

1.5%

of

Total

Investments.

(d)

Backed

by

an

escrow

or

trust

containing

sufficient

U.S.

Government

or

U.S.

Government

agency

securities,

which

ensure

the

timely

payment

of

principal

and

interest.

(e)

MFP

Shares,

Net

as

a

percentage

of

Total

Investments

is

39.8%.

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.

See

Notes

to

Financial

Statements

32

Portfolio

of

Investments

November

30,

2024

NPV

(Unaudited)

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

LONG-TERM

INVESTMENTS

-

163.6% (100.0%

of

Total

Investments)  

X

367,522,542

MUNICIPAL

BONDS

-

163.6%  (100.0%

of

Total

Investments)

X

–

CONSUMER

STAPLES

-

6.1%

(3.7%

of

Total

Investments)

$

1,000,000

Children's

Trust

Fund,

Puerto

Rico,

Tobacco

Settlement

Asset-

Backed

Bonds,

Refunding

Series

2002

5

.625

%

05/15/43

$

1,011,995

490,000

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A

5

.250

06/01/32

488,500

705,000

Guam

Economic

Development

&

Commerce

Authority,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007A

5

.625

06/01/47

697,503

5,135,000

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset

Backed

Bonds,

Series

2007B1

5

.000

06/01/47

4,901,481

6,645,000

Tobacco

Settlement

Financing

Corporation

of

Virginia,

Tobacco

Settlement

Asset-Backed

Bonds,

Series

2007B2

5

.200

06/01/46

6,560,334

TOTAL

CONSUMER

STAPLES

13,659,813

EDUCATION

AND

CIVIC

ORGANIZATIONS

-

12.5%

(7.7%

of

Total

Investments)

1,000,000

Alexandria

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Episcopal

High

School,

Refunding

Series

2021C

4

.000

01/01/46

999,808

1,105,000

Alexandria

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Episcopal

High

School,

Series

2017

4

.000

01/01/37

1,112,011

565,000

Alexandria

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Episcopal

High

School,

Series

2017

4

.000

01/01/40

566,155

170,000

Amherst

Industrial

Development

Authority,

Virginia,

Revenue

Bonds,

Sweet

Briar

College,

Series

2006

5

.000

09/01/26

168,171

1,000,000

(a)

Industrial

Development

Authority

of

the

City

of

Lexington,

Virginia,

Washington

and

Lee

University,

Educational

Facility

Revenue

Bonds,

Refunding

Series

2018A

5

.000

01/01/43

1,048,104

1,500,000

Loudoun

County

Industrial

Development

Authority,

Virginia,

Multi-Modal

Revenue

Bonds,

Howard

Hughes

Medical

Institute,

Series

2022A

4

.000

10/01/52

1,515,520

2,000,000

Madison

County

Industrial

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Woodberry

Forest

School,

Series

2021

3

.000

10/01/50

1,627,853

500,000

Montgomery

County

Economic

Development

Authority,

Virginia,

Revenue

Bonds,

Virginia

Tech

Foundation,

Refunding

Series

2017A

4

.000

06/01/36

508,140

750,000

Roanoke

Economic

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Lynchburg

College,

Series

2018A

5

.000

09/01/43

756,057

1,000,000

Salem

Economic

Development

Authority,

Virginia,

Educational

Facilities

Revenue

Bonds,

Roanoke

College,

Series

2020

4

.000

04/01/45

914,984

2,500,000

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Green

Series

2015A-2

5

.000

04/01/45

2,510,621

1,515,000

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Refunding

Series

2017A

5

.000

04/01/39

1,580,944

9,000,000

(a)

The

Rector

and

Visitors

of

the

University

of

Virginia,

General

Pledge

Revenue

Bonds,

Refunding

Series

2017A,

(UB)

5

.000

04/01/39

9,391,745

1,000,000

(b)

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Marymount

University

Project,

Green

Series

2015B

5

.000

07/01/45

820,256

1,500,000

(b)

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Marymount

University

Project,

Refunding

Series

2015A

5

.000

07/01/35

1,362,849

4,000,000

(b)

Virginia

College

Building

Authority,

Educational

Facilities

Revenue

Bonds,

Marymount

University

Project,

Refunding

Series

2015A

5

.000

07/01/45

3,281,024

TOTAL

EDUCATION

AND

CIVIC

ORGANIZATIONS

28,164,242

33

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

HEALTH

CARE

-

31.0%

(19.0%

of

Total

Investments)

$

1,550,000

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2020

5

.000

%

07/01/29

$

1,683,446

1,000,000

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2020

4

.000

07/01/39

1,010,225

225,000

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2020

4

.000

07/01/40

226,812

2,055,000

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2020

4

.000

07/01/45

2,057,323

1,465,000

Arlington

County

Industrial

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Virginia

Hospital

Center,

Series

2023A,

(Mandatory

Put

7/01/31)

5

.000

07/01/53

1,586,285

1,470,000

Chesapeake

Hospital

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Chesapeake

Regional

Medical

Center,

Series

2019

5

.000

07/01/34

1,575,103

1,205,000

Chesapeake

Hospital

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Chesapeake

Regional

Medical

Center,

Series

2019

4

.000

07/01/37

1,210,084

1,000,000

Chesapeake

Hospital

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Chesapeake

Regional

Medical

Center,

Series

2019

4

.000

07/01/43

984,423

1,920,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-1

4

.000

08/01/44

1,854,535

2,700,000

Colorado

Health

Facilities

Authority,

Colorado,

Revenue

Bonds,

CommonSpirit

Health,

Series

2019A-2

4

.000

08/01/49

2,525,932

4,005,000

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Refunding

Series

2022

4

.000

05/15/42

4,051,576

2,500,000

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Series

2014A

4

.000

05/15/44

2,496,277

3,000,000

Fairfax

County

Industrial

Development

Authority,

Virginia,

Healthcare

Revenue

Bonds,

Inova

Health

System,

Series

2024

4

.125

05/15/54

3,007,272

1,500,000

Front

Royal

and

Warren

County

Industrial

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Series

2018

4

.000

01/01/50

1,470,512

3,500,000

(b)

Industrial

Development

Authority

of

the

City

of

Newport

News,

Virginia,

Health

System

Revenue

Bonds,

Riverside

Health

System,

Series

2015A

5

.330

07/01/45

3,502,988

5,000,000

(b)

Industrial

Development

Authority

of

the

City

of

Newport

News,

Virginia,

Health

System

Revenue

Bonds,

Riverside

Health

System,

Series

2017A

5

.000

07/01/46

5,007,505

2,310,000

Isle

Economic

Development

Authority,

Wight

County,

Virginia,

Health

System

Revenue

Bonds,

Riverside

Health

System

Series

2023

-

AGM

Insured

5

.250

07/01/48

2,549,158

2,885,000

Lynchburg

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Centra

Health

Obligated

Group,

Refunding

Series

2017A

5

.000

01/01/47

2,918,765

1,575,000

Lynchburg

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Centra

Health

Obligated

Group,

Refunding

Series

2021

4

.000

01/01/55

1,493,115

1,000,000

Norfolk

Economic

Development

Authority,

Virginia,

Hospital

Facility

Revenue

Bonds,

Sentara

Healthcare

Systems,

Refunding

Series

2018B

4

.000

11/01/48

981,006

875,000

Roanoke

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Carilion

Clinic

Obligated

Group,

Series

2020A

4

.000

07/01/36

897,803

5,000,000

Roanoke

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Carilion

Clinic

Obligated

Group,

Series

2020A

4

.000

07/01/51

5,012,920

1,000,000

Stafford

County

Economic

Development

Authority,

Virginia,

Hospital

Facilities

Revenue

Bonds,

Mary

Washington

Healthcare

Obligated

Group,

Refunding

Series

2016

5

.000

06/15/32

1,022,204

Portfolio

of

Investments

November

30,

2024

(continued)

NPV

34

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

HEALTH

CARE

(continued)

$

1,360,000

Stafford

County

Economic

Development

Authority,

Virginia,

Hospital

Facilities

Revenue

Bonds,

Mary

Washington

Healthcare

Obligated

Group,

Refunding

Series

2016

4

.000

%

06/15/37

$

1,350,801

7,000,000

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc.,

Series

2020A

4

.000

12/01/49

6,885,974

3,000,000

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Bon

Secours

Mercy

Health,

Inc.,

Series

2022A

5

.000

10/01/42

3,278,438

1,150,000

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Sentara

Healthcare,

Refunding

Series

2020

4

.000

11/01/38

1,181,372

2,000,000

Virginia

Small

Business

Finance

Authority,

Healthcare

Facilities

Revenue

Bonds,

Sentara

Healthcare,

Refunding

Series

2020

4

.000

11/01/39

2,045,337

1,500,000

Winchester

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Refunding

Series

2015

5

.000

01/01/33

1,521,372

1,000,000

Winchester

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Refunding

Series

2015

5

.000

01/01/35

1,012,797

2,000,000

Winchester

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Refunding

Series

2015

4

.000

01/01/37

2,001,222

1,215,000

Winchester

Economic

Development

Authority,

Virginia,

Hospital

Revenue

Bonds,

Valley

Health

System

Obligated

Group,

Refunding

Series

2015

5

.000

01/01/44

1,224,842

TOTAL

HEALTH

CARE

69,627,424

HOUSING/MULTIFAMILY

-

14.4%

(8.8%

of

Total

Investments)

1,070,000

(b)

Richmond

Redevelopment

and

Housing

Authority,

Virginia,

Multi-

Family

Housing

Revenue

Bonds,

American

Tobacco

Apartments,

Series

2017

5

.550

01/01/37

1,056,984

1,000,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015A

3

.500

03/01/35

996,023

1,000,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015A

3

.625

03/01/39

973,345

900,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015C

4

.000

08/01/45

899,984

2,750,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2015E

3

.750

12/01/40

2,702,922

1,500,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2016B

3

.350

05/01/36

1,460,949

1,700,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2017A

3

.875

03/01/47

1,640,773

3,000,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2019A

3

.800

09/01/44

2,905,159

1,855,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2020E

2

.500

07/01/45

1,395,984

1,000,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2022F

5

.000

10/01/52

1,031,133

1,000,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2023E

5

.250

10/01/63

1,051,003

1,000,000

Virginia

Housing

Development

Authority,

Rental

Housing

Bonds,

Series

2024A

4

.450

09/01/44

1,016,550

7,650,000

(a)

Williamsburg

Economic

Development

Authority,

Virginia,

Student

Housing

Revenue

Bonds,

Provident

Group

-

Williamsburg

Properties

LLC

-

William

and

Mary

Project

Series

2023A

-

AGM

Insured,

(UB)

4

.000

07/01/48

7,662,733

2,600,000

(a)

Williamsburg

Economic

Development

Authority,

Virginia,

Student

Housing

Revenue

Bonds,

Provident

Group

-

Williamsburg

Properties

LLC

-

William

and

Mary

Project

Series

2023A

-

AGM

Insured,

(UB)

4

.125

07/01/58

2,604,612

5,000,000

(a)

Williamsburg

Economic

Development

Authority,

Virginia,

Student

Housing

Revenue

Bonds,

Provident

Group

-

Williamsburg

Properties

LLC

-

William

and

Mary

Project

Series

2023A

-

AGM

Insured,

(UB)

4

.375

07/01/63

5,062,388

TOTAL

HOUSING/MULTIFAMILY

32,460,542

35

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

HOUSING/SINGLE

FAMILY

-

1.0%

(0.6%

of

Total

Investments)

$

1,000,000

Virginia

Housing

Development

Authority,

Commonwealth

Mortgage

Bonds,

Series

2023C

4

.875

%

07/01/48

$

1,037,951

1,200,000

Virginia

Housing

Development

Authority,

Commonwealth

Mortgage

Bonds,

Series

2023E-I

4

.550

10/01/49

1,225,797

TOTAL

HOUSING/SINGLE

FAMILY

2,263,748

LONG-TERM

CARE

-

9.7%

(5.9%

of

Total

Investments)

3,225,000

Albemarle

County,

VA,

Residential

Care

Facility

Revenue

Bonds,  Westminster-Canterbury

of

the

Blue

Ridge,

Refunding

Series

2022A

4

.000

06/01/42

3,235,372

700,000

Henrico

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

of

Richmond,

Refunding

Series

2020

4

.000

10/01/45

685,356

1,155,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Refunding

Series

2021A

4

.000

12/01/40

1,087,123

200,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Williamsburg

Landing

Inc.,

Series

2024A

6

.875

12/01/58

222,801

1,000,000

James

City

County

Economic

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

WindsorMeade,

Series

2021A

4

.000

06/01/47

838,434

1,000,000

Lexington

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Kendal

at

Lexington

Retirement

Community

Inc.,

Refunding

Series

2016

4

.000

01/01/37

1,000,963

1,120,000

Lexington

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Kendal

at

Lexington

Retirement

Community

Inc.,

Refunding

Series

2022.

Forward

Delivery

4

.000

01/01/42

1,087,534

1,000,000

Lexington

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Kendal

at

Lexington

Retirement

Community

Inc.,

Refunding

Series

2022.

Forward

Delivery

4

.000

01/01/48

931,362

625,000

Norfolk

Redevelopment

and

Housing

Authority,

Virginia,

Fort

Norfolk

Retirement

Community,

Inc.,

Harbor's

Edge

Project,

Series

2019A

5

.000

01/01/49

588,301

3,005,000

Norfolk

Redevelopment

and

Housing

Authority,

Virginia,

Fort

Norfolk

Retirement

Community,

Inc.,

Harbor's

Edge

Project,

Series

2019A

5

.250

01/01/54

2,900,683

670,000

Prince

William

County

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

at

Lake

Ridge,

Refunding

Series

2016

5

.000

01/01/37

671,545

2,000,000

Prince

William

County

Industrial

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

at

Lake

Ridge,

Refunding

Series

2016

5

.000

01/01/46

1,956,572

2,920,000

Suffolk

Economic

Development

Authority,

Virginia,

Retirement

Facilities

First

Mortgage

Revenue

Bonds,

Lake

Prince

Center,

Inc./

United

Church

Homes

and

Services

Obligated

Group,

Refunding

Series

2016

5

.000

09/01/31

2,933,346

320,000

Virginia

Beach

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

on

Chesapeake

Bay,

Series

2023A

7

.000

09/01/53

367,698

1,000,000

Virginia

Beach

Development

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Westminster

Canterbury

on

Chesapeake

Bay,

Series

2023A

7

.000

09/01/59

1,141,910

2,000,000

Virginia

Small

Business

Financing

Authority,

Virginia,

Residential

Care

Facility

Revenue

Bonds,

Lifespire,

Refunding

Series

2024A

5

.500

12/01/54

2,128,353

TOTAL

LONG-TERM

CARE

21,777,353

TAX

OBLIGATION/GENERAL

-

4.2%

(2.6%

of

Total

Investments)

3,300,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

0

.000

07/01/33

2,286,783

4,000,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4

.000

07/01/33

3,988,070

1,000,000

Puerto

Rico,

General

Obligation

Bonds,

Restructured

Series

2022A-1

4

.000

07/01/41

963,522

1,000,000

Richmond,

Virginia,

General

Obligation

Bonds,

Public

Improvement

Series

2024C

4

.000

03/01/57

1,007,662

Portfolio

of

Investments

November

30,

2024

(continued)

NPV

36

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TAX

OBLIGATION/GENERAL

(continued)

$

1,000,000

Virginia

State,

General

Obligation

Bonds,

Series

2022A

5

.000

%

06/01/52

$

1,095,446

TOTAL

TAX

OBLIGATION/GENERAL

9,341,483

TAX

OBLIGATION/LIMITED

-

22.3%

(13.6%

of

Total

Investments)

1,340,000

Arlington

County

Industrial

Development

Authority,

Virginia,

Revenue

Bonds,

Refunding

County

Projects,

Series

2017

5

.000

02/15/37

1,399,676

1,000,000

(b)

Cherry

Hill

Community

Development

Authority,

Virginia,

Special

Assesment

Bonds,

Potomac

Shores

Project,

Series

2015

5

.400

03/01/45

1,001,353

735,000

Dulles

Town

Center

Community

Development

Authority,

Loudon

County,

Virginia

Special

Assessment

Refunding

Bonds,

Dulles

Town

Center

Project,

Series

2012

4

.250

03/01/26

727,809

1,250,000

(b)

Farms

of

New

Kent

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Refunding

Series

2021A

3

.750

03/01/36

1,218,438

4,000,000

Government

of

Guam,

Business

Privilege

Tax

Bonds,

Refunding

Series

2015D

5

.000

11/15/34

4,038,036

1,000,000

Guam

Government,

Limited

Obligation

Section

30

Revenue

Bonds,

Series

2016A

5

.000

12/01/33

1,022,888

2,000,000

Hampton

Roads

Transportation

Accountability

Commision,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2020A

5

.000

07/01/45

2,144,517

3,000,000

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2022A

4

.000

07/01/57

2,972,979

1,440,000

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Revenue

Bonds,

Hampton

Roads

Transportation

Fund,

Senior

Lien

Series

2024A

5

.250

07/01/59

1,606,334

1,000,000

(b)

Industrial

Development

Authority

of

the

City

of

Alexandria,

Tourism

Development

Financing

Program

Revenue

Bonds

(699

Prince

Street

Hotel

Project),

Senior

Series

2022A-1

(Tax-Exempt)

and

Senior

Series

2022B-1

7

.750

09/01/44

1,113,791

905,000

(b)

Lower

Magnolia

Green

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Series

2015

5

.000

03/01/35

905,401

2,995,000

(b)

Lower

Magnolia

Green

Community

Development

Authority,

Virginia,

Special

Assessment

Bonds,

Series

2015

5

.000

03/01/45

2,990,563

440,000

Matching

Fund

Special

Purpose

Securitization

Corporation,

Virgin

Islands,

Revenue

Bonds,

Series

2022A

5

.000

10/01/32

462,067

300,000

(b)

Peninsula

Town

Center

Community

Development

Authority,

Virginia,

Special

Obligation

Bonds,

Refunding

Series

2018

4

.500

09/01/28

304,435

3,000,000

(b)

Peninsula

Town

Center

Community

Development

Authority,

Virginia,

Special

Obligation

Bonds,

Refunding

Series

2018

5

.000

09/01/45

3,001,219

96,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/27

87,241

94,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/29

79,111

219,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/31

170,041

136,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/33

97,134

3,609,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

0

.000

07/01/51

896,402

7,320,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Restructured

2018A-1

5

.000

07/01/58

7,353,042

1,550,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.329

07/01/40

1,550,013

150,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.536

07/01/53

148,011

62,000

Puerto

Rico

Sales

Tax

Financing

Corporation,

Sales

Tax

Revenue

Bonds,

Taxable

Restructured

Cofina

Project

Series

2019A-2

4

.784

07/01/58

62,127

1,500,000

(b)

Virgin

Islands

Public

Finance

Authority,

Federal

Highway

Grant

Anticipation

Loan

Note

Revenue

Bonds,

Series

2015

5

.000

09/01/33

1,508,852

2,240,000

(b)

Virgin

Islands

Public

Finance

Authority,

Gross

Receipts

Taxes

Loan

Note,

Working

Capital

Series

2014A

-

AGM

Insured

5

.000

10/01/34

2,242,664

2,000,000

(b)

Virgin

Islands

Public

Finance

Authority,

Revenue

Bonds,

Frenchman's

Reef

Hotel

Development

Hotel

Occupancy

Series

2024A

6

.000

04/01/53

2,101,523

37

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TAX

OBLIGATION/LIMITED

(continued)

$

1,000,000

Virginia

Gateway

Community

Development

Authority,

Prince

William

County,

Virginia,

Special

Assessment

Refunding

Bonds,

Series

2012

5

.000

%

03/01/30

$

1,000,082

35,000

Virginia

Resources

Authority,

Infrastructure

Revenue

Bonds,

Pooled

Financing

Program,

Series

2012A

5

.000

11/01/42

35,020

120,000

(b)

Virginia

Small

Business

Finance

Authority,

Tourism

Development

Financing

Program

Revenue

Bonds,

Downtown

Norfolk

and

Virginia

Beach

Oceanfront

Hotel

Projects,

Series

2018A

8

.375

04/01/41

121,474

300,000

(b)

Virginia

Small

Business

Financing

Authority,

Tourism

Development

Financing

Program

Revenue

Bonds,

Virginia

Beach

Oceanfront

South

Hotel

Project,

Senior

Series

2020A-1

8

.000

10/01/43

310,033

1,000,000

Virginia

Transportation

Board,

Transportation

Revenue

Bonds,

Capital

Projects,

Series

2018

4

.000

05/15/38

1,021,811

2,470,000

Washington

Metropolitan

Area

Transit

Authority,

Dedicated

Revenue

Bonds,

Second

Lien

Green

Series

2023A

5

.250

07/15/53

2,719,945

2,500,000

Washington

Metropolitan

Area

Transit

Authority,

Second

Lien

Dedicated

Revenue

Bonds,

Sustainability-

Climate

Transition,

Series

2024A

5

.250

07/15/59

2,760,024

920,000

Western

Virginia

Regional

Jail

Authority,

Virginia,

Facility

Revenue

Bonds,

Refunding

Series

2016

5

.000

12/01/36

953,525

TOTAL

TAX

OBLIGATION/LIMITED

50,127,581

TRANSPORTATION

-

50.0%

(30.5%

of

Total

Investments)

375,000

Capital

Region

Airport

Commission,

Virginia,

Airport

Revenue

Bonds,

Refunding

Series

2016A

4

.000

07/01/34

377,767

400,000

Capital

Region

Airport

Commission,

Virginia,

Airport

Revenue

Bonds,

Refunding

Series

2016A

4

.000

07/01/35

402,892

250,000

Capital

Region

Airport

Commission,

Virginia,

Airport

Revenue

Bonds,

Refunding

Series

2016A

4

.000

07/01/38

250,990

5,320,000

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016

-

AGM

Insured

5

.000

07/01/41

5,427,963

1,705,000

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016

5

.000

07/01/46

1,723,103

4,200,000

Chesapeake

Bay

Bridge

and

Tunnel

District,

Virginia,

General

Resolution

Revenue

Bonds,

First

Tier

Series

2016

5

.000

07/01/51

4,238,514

2,000,000

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B

4

.750

07/15/32

2,098,873

4,225,000

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B

4

.875

07/15/40

4,376,436

1,000,000

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Capital

Appreciation

Series

2012B

-

AGM

Insured

4

.875

07/15/40

1,047,700

1,945,000

Chesapeake,

Virginia,

Transportation

System

Senior

Toll

Road

Revenue

Bonds,

Refunding

Series

2024

-

AGM

Insured

4

.000

07/15/47

1,951,611

4,500,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B

4

.000

10/01/44

4,402,633

3,335,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Refunding

&

Subordinate

Lien

Series

2019B

-

AGM

Insured

4

.000

10/01/53

3,253,099

4,000,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Second

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

10/01/26

3,784,155

11,825,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Second

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

10/01/34

8,403,125

1,135,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Second

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

10/01/36

738,510

5,010,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

&

Capital

improvement

Projects,

Second

Senior

Lien

Series

2009B

-

AGC

Insured

0

.000

10/01/39

2,817,192

6,700,000

Metropolitan

Washington

Airports

Authority,

Virginia,

Dulles

Toll

Road

Revenue

Bonds,

Dulles

Metrorail

Capital

Appreciation,

Second

Senior

Lien

Series

2010B

6

.500

10/01/44

7,378,707

Portfolio

of

Investments

November

30,

2024

(continued)

NPV

38

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

TRANSPORTATION

(continued)

$

7,300,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2016A,

(AMT)

5

.000

%

10/01/35

$

7,449,531

2,000,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2018A,

(AMT)

5

.000

10/01/31

2,104,177

3,290,000

(a)

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2018A,

(AMT)

5

.000

10/01/36

3,426,269

2,000,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2018A,

(AMT)

5

.000

10/01/38

2,075,286

1,000,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2019A,

(AMT)

5

.000

10/01/30

1,070,339

4,000,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2019A,

(AMT)

5

.000

10/01/40

4,169,561

1,145,000

Metropolitan

Washington

D.C.

Airports

Authority,

Airport

System

Revenue

Bonds,

Refunding

Series

2024A,

(AMT)

5

.500

10/01/54

1,260,029

65,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016,

(AMT)

5

.000

08/01/26

65,109

595,000

New

York

Transportation

Development

Corporation,

New

York,

Special

Facility

Revenue

Bonds,

American

Airlines,

Inc.

John

F

Kennedy

International

Airport

Project,

Refunding

Series

2016,

(AMT)

5

.000

08/01/31

595,748

1,585,000

Norfolk

Airport

Authority,

Virginia,

Airport

Revenue

Bonds,

Series

2019

5

.000

07/01/38

1,693,908

3,000,000

Virginia

Port

Authority,

Port

Facilities

Revenue

Bonds,

Refunding

Series

2016B,

(AMT)

5

.000

07/01/41

3,020,945

3,000,000

Virginia

Port

Authority,

Port

Facilities

Revenue

Bonds,

Refunding

Series

2016B,

(AMT)

5

.000

07/01/45

3,017,948

9,535,000

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017,

(AMT)

5

.000

12/31/49

9,637,910

805,000

Virginia

Small

Business

Financing

Authority,

Private

Activity

Revenue

Bonds,

Transform

66

P3

Project,

Senior

Lien

Series

2017,

(AMT)

5

.000

12/31/52

812,519

1,325,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5

.000

07/01/33

1,415,628

1,395,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5

.000

01/01/36

1,486,388

530,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5

.000

07/01/38

562,115

3,120,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

4

.000

07/01/39

3,089,394

1,500,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

4

.000

01/01/42

1,448,175

1,500,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5

.000

12/31/47

1,576,915

1,840,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

95

Express

Lanes

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

5

.000

12/31/52

1,926,068

2,500,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

4

.000

01/01/39

2,462,936

5,000,000

Virginia

Small

Business

Financing

Authority,

Revenue

Bonds,

Elizabeth

River

Crossing

OPCO,

LLC

Project,

Refunding

Senior

Lien

Series

2022,

(AMT)

3

.000

01/01/41

4,150,710

1,000,000

Washington

Metropolitan

Area

Transit

Authority,

District

of

Columbia,

Gross

Revenue

Bonds,

Series

2018

5

.000

07/01/43

1,034,074

TOTAL

TRANSPORTATION

112,224,952

39

PRINCIPAL

DESCRIPTION  

RATE

MATURITY

VALUE

U.S.

GUARANTEED

-

5.5%

(3.4%

of

Total

Investments)

(c)

$

900,000

Alexandria

Industrial

Development

Authority,

Virginia,

Residential

Care

Facilities

Mortgage

Revenue

Bonds,

Goodwin

House

Incorporated,

Series

2015,

(Pre-refunded

10/01/25)

5

.000

%

10/01/50

$

914,394

360,000

Chesapeake

Bay

Bridge

and

Tunnel

Commission,

Virginia,

General

Resolution

Revenue

Bonds,

Refunding

Series

1998

-

NPFG

Insured,

(ETM)

5

.500

07/01/25

365,026

100,000

Embrey

Mill

Community

Development

Authority,

Virginia,

Special

Assessment

Revenue

Bonds,

Series

2015,

(Pre-refunded

3/01/25)

5

.600

03/01/45

100,589

1,000,000

Fairfax

County

Economic

Development

Authority,

Virginia,

County

Facilities

Revenue

Bonds,

Refunding

Series

2017B,

(Pre-

refunded

10/01/27)

5

.000

10/01/33

1,064,854

1,415,000

Hampton

Roads

Sanitation

District,

Virginia,

Wastewater

Revenue

Bonds,

Subordinate

Series

2018A,

(Pre-refunded

10/01/27)

5

.000

10/01/40

1,502,787

1,010,000

Hampton

Roads

Sanitation

District,

Virginia,

Wastewater

Revenue

Bonds,

Subordinate

Series

2018A,

(Pre-refunded

10/01/27)

5

.000

10/01/42

1,072,661

1,000,000

Hampton

Roads

Sanitation

District,

Virginia,

Wastewater

Revenue

Bonds,

Subordinate

Series

2018A,

(Pre-refunded

10/01/27)

5

.000

10/01/43

1,062,040

1,000,000

Hampton

Roads

Transportation

Accountability

Commission,

Virginia,

Hampton

Roads

Transportation

Fund

Revenue

Bonds,

Senior

Lien

Series

2018A,

(Pre-refunded

1/01/28)

5

.500

07/01/57

1,085,316

5,000,000

Richmond,

Virginia,

Public

Utility

Revenue

Bonds,

Refunding

Series

2016A,

(Pre-refunded

1/15/26)

5

.000

01/15/33

5,119,031

TOTAL

U.S.

GUARANTEED

12,286,698

UTILITIES

-

6.9%

(4.2%

of

Total

Investments)

4,300,000

Beaver

County

Industrial

Development

Authority,

Pennsylvania,

Pollution

Control

Revenue

Bonds,

FirstEnergy

Generation

Project,

Refunding

Series

2006A,

(Mandatory

Put

7/01/33)

4

.750

01/01/35

4,552,408

1,675,000

Guam

Government

Waterworks

Authority,

Water

and

Wastewater

System

Revenue

Bonds,

Series

2016

5

.000

01/01/46

1,698,157

3,000,000

Norfolk,

Virginia,

Water

Revenue

Bonds,

Series

2015A

5

.250

11/01/44

3,006,379

2,000,000

(b)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2020A

5

.000

07/01/47

2,062,951

1,000,000

(b)

Puerto

Rico

Aqueduct

and

Sewerage

Authority,

Revenue

Bonds,

Refunding

Senior

Lien

Series

2021B

4

.000

07/01/42

966,152

725,000

Richmond,

Virginia,

Public

Utility

Revenue

Bonds,

Refunding

Series

2023C

5

.000

01/15/47

801,898

1,000,000

Virginia

Resources

Authority,

Clean

Water

State

Revolving

Fund

Revenue

Bonds,

Refunding

Series

2014B

4

.000

10/01/27

1,000,670

1,500,000

(b)

Virginia

Small

Business

Financing

Authority,

Solid

Waste

Disposal

Revenue

Bonds,

Covanta

Project,

Series

2018,

(AMT),

(Mandatory

Put

7/01/38)

5

.000

01/01/48

1,500,091

TOTAL

UTILITIES

15,588,706

TOTAL

MUNICIPAL

BONDS

(Cost

$359,013,632)

367,522,542

TOTAL

LONG-TERM

INVESTMENTS

(Cost

$359,013,632)

367,522,542

FLOATING

RATE

OBLIGATIONS

-

(8.4)%  

(

18,950,000

)

VRDP

SHARES,

NET

-

(56.8)%

(d)

(

127,716,541

)

OTHER

ASSETS

&

LIABILITIES,

NET

-

1.6%

3,822,027

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

-

100%

$

224,678,028

All

percentages

shown

in

the

Portfolio

of

Investments

are

based

on

net

assets

applicable

to

common

shares

unless

otherwise

noted.

(a)

Investment,

or

portion

of

investment,

has

been

pledged

to

collateralize

the

net

payment

obligations

for

investments

in

inverse

floating

rate

transactions.

(b)

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

reporting

period,

the

aggregate

value

of

these

securities

is

$36,380,546

or

9.9%

of

Total

Investments.

(c)

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.

(d)

VRDP

Shares,

Net

as

a

percentage

of

Total

Investments

is

34.8%.

Portfolio

of

Investments

November

30,

2024

(continued)

NPV

40

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.

See

Notes

to

Financial

Statements

Statement

of

Assets

and

Liabilities

See

Notes

to

Financial

Statements

41

November

30,

2024

(Unaudited)

NMT

NMS

NOM

NPV

ASSETS

Long-term

investments,

at

value

†

$

185,709,626‌

$

122,516,167‌

$

44,799,043‌

$

367,522,542‌

Cash

217,314‌

236,836‌

477,752‌

228,600‌

Receivables:

Interest

2,670,368‌

1,632,339‌

563,722‌

5,472,840‌

Investments

sold

–‌

–‌

55,000‌

–‌

Shares

sold

–‌

10,783‌

–‌

79,413‌

Deferred

offering

costs

–‌

70,000‌

–‌

75,000‌

Other

12,772‌

11,338‌

14,316‌

22,224‌

Total

assets

188,610,080‌

124,477,463‌

45,909,833‌

373,400,619‌

LIABILITIES

Floating

rate

obligations

–‌

–‌

600,000‌

18,950,000‌

AMTP

Shares,

Net

*

–‌

49,780,341‌

–‌

–‌

MFP

Shares,

Net

**

–‌

–‌

17,815,554‌

–‌

VRDP

Shares,

Net

***

73,782,955‌

–‌

–‌

127,716,541‌

Payables:

Management

fees

92,435‌

61,323‌

22,698‌

179,899‌

Dividends

641,017‌

402,110‌

152,947‌

1,235,370‌

Interest

42‌

27‌

18,639‌

476,933‌

Accrued

expenses:

Custodian

fees

19,508‌

17,717‌

10,803‌

32,333‌

Investor

relations

744‌

846‌

208‌

1,376‌

Trustees

fees

3,508‌

2,272‌

836‌

19,280‌

Professional

fees

15,286‌

13,606‌

15,391‌

11,398‌

Shareholder

reporting

expenses

9,822‌

8,400‌

5,787‌

17,998‌

Shareholder

servicing

agent

fees

466‌

3,707‌

3,697‌

1,047‌

Shelf

offering

costs

–‌

69,845‌

–‌

74,845‌

Other

—‌

—‌

—‌

5,571‌

Total

liabilities

74,565,783‌

50,360,194‌

18,646,560‌

148,722,591‌

Commitments

and

contingencies

(1)

Net

assets

applicable

to

common

shares

$

114,044,297‌

$

74,117,269‌

$

27,263,273‌

$

224,678,028‌

Common

shares

outstanding

9,324,616‌

5,798,090‌

2,349,992‌

17,942,781‌

Net

asset

value

("NAV")

per

common

share

outstanding

$

12

.23‌

$

12

.78‌

$

11

.60‌

$

12

.52‌

NET

ASSETS

APPLICABLE

TO

COMMON

SHARES

CONSIST

OF:

Common

shares,

$0.01

par

value

per

share

$

93,246‌

$

57,981‌

$

23,500‌

$

179,428‌

Paid-in

capital

128,900,675‌

80,749,325‌

30,584,465‌

250,201,162‌

Total

distributable

earnings

(loss)

(

14,949,624‌

)

(

6,690,037‌

)

(

3,344,692‌

)

(

25,702,562‌

)

Net

assets

applicable

to

common

shares

$

114,044,297‌

$

74,117,269‌

$

27,263,273‌

$

224,678,028‌

Authorized

shares:

Common

Unlimited

Unlimited

Unlimited

Unlimited

Preferred

Unlimited

Unlimited

Unlimited

Unlimited

†

Long-term

investments,

cost

$

182,991,401‌

$

122,063,753‌

$

44,558,828‌

$

359,013,632‌

*

AMTP

Shares,

liquidation

preference

—‌

49,800,000‌

—‌

—‌

**

MFP

Shares,

liquidation

preference

—‌

—‌

18,000,000‌

—‌

***

    VRDP

Shares,

liquidation

preference

74,000,000‌

—‌

—‌

128,000,000‌

(1)

As

disclosed

in

Notes

to

Financial

Statements.

Statement

of

Operations

See

Notes

to

Financial

Statements

42

Six

Months

Ended

November

30,

2024

(Unaudited)

NMT

NMS

NOM

NPV

INVESTMENT

INCOME

Interest

$

3,813,383‌

$

2,718,583‌

$

980,825‌

$

7,718,135‌

Total

investment

income

3,813,383‌

2,718,583‌

980,825‌

7,718,135‌

EXPENSES

–

–

–

–

Management

fees

568,788‌

376,220‌

139,790‌

1,105,656‌

Shareholder

servicing

agent

fees

915‌

6,545‌

6,021‌

1,219‌

Interest

expense

and

amortization

of

offering

costs

1,556,152‌

1,051,418‌

402,012‌

3,207,485‌

Trustees

fees

3,755‌

2,464‌

905‌

7,036‌

Custodian

expenses

13,625‌

15,519‌

10,221‌

27,313‌

Excise

tax

liability

expense

—‌

342‌

—‌

44‌

Investor

relations

expenses

10,589‌

7,721‌

2,674‌

23,478‌

Professional

fees

37,845‌

21,568‌

90,841‌

43,530‌

Shareholder

reporting

expenses

15,142‌

14,262‌

12,308‌

21,911‌

Stock

exchange

listing

fees

3,872‌

3,872‌

3,872‌

3,870‌

Other

19,615‌

14,006‌

22,714‌

23,594‌

Total

expenses

2,230,298‌

1,513,937‌

691,358‌

4,465,136‌

Net

investment

income

(loss)

1,583,085‌

1,204,646‌

289,467‌

3,252,999‌

REALIZED

AND

UNREALIZED

GAIN

(LOSS)

Realized

gain

(loss)

from:

Investments

(

379,315‌

)

(

62,733‌

)

(

39,406‌

)

(

689,174‌

)

Net

realized

gain

(loss)

(

379,315‌

)

(

62,733‌

)

(

39,406‌

)

(

689,174‌

)

Change

in

unrealized

appreciation

(depreciation)

on:

Investments

4,710,689‌

3,391,305‌

1,056,931‌

11,591,037‌

Net

change

in

unrealized

appreciation

(depreciation)

4,710,689‌

3,391,305‌

1,056,931‌

11,591,037‌

Net

realized

and

unrealized

gain

(loss)

4,331,374‌

3,328,572‌

1,017,525‌

10,901,863‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

$

5,914,459‌

$

4,533,218‌

$

1,306,992‌

$

14,154,862‌

Statement

of

Changes

in

Net

Assets

See

Notes

to

Financial

Statements

43

NMT

NMS

Unaudited

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

Unaudited

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

OPERATIONS

Net

investment

income

(loss)

$

1,583,085‌

$

2,908,901‌

$

1,204,646‌

$

2,342,513‌

Net

realized

gain

(loss)

(

379,315‌

)

(

2,661,809‌

)

(

62,733‌

)

(

1,490,027‌

)

Net

change

in

unrealized

appreciation

(depreciation)

4,710,689‌

2,324,031‌

3,391,305‌

991,029‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

5,914,459‌

2,571,123‌

4,533,218‌

1,843,515‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

3,972,286‌

)

(

3,146,605‌

)

(

2,552,857‌

)

(

2,521,791‌

)

Return

of

Capital

–‌

(

382,762‌

)

–‌

(

337,016‌

)

Total

distributions

(

3,972,286‌

)

(

3,529,367‌

)

(

2,552,857‌

)

(

2,858,807‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Proceeds

from

shelf

offering,

net

of

offering

costs

—‌

—‌

76,885‌

—‌

Reinvestments

of

distributions

—‌

—‌

66,844‌

—‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

—‌

143,729‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

1,942,173‌

(

958,244‌

)

2,124,090‌

(

1,015,292‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

112,102,124‌

113,060,368‌

71,993,179‌

73,008,471‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

114,044,297‌

$

112,102,124‌

$

74,117,269‌

$

71,993,179‌

See

Notes

to

Financial

Statements

44

Statement

of

Changes

in

Net

Assets

(continued)

NOM

NPV

Unaudited

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

Unaudited

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

OPERATIONS

Net

investment

income

(loss)

$

289,467‌

$

707,702‌

$

3,252,999‌

$

6,696,553‌

Net

realized

gain

(loss)

(

39,406‌

)

(

189,446‌

)

(

689,174‌

)

(

773,176‌

)

Net

change

in

unrealized

appreciation

(depreciation)

1,056,931‌

334,007‌

11,591,037‌

1,063,916‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

from

operations

1,306,992‌

852,263‌

14,154,862‌

6,987,293‌

DISTRIBUTIONS

TO

COMMON

SHAREHOLDERS

Dividends

(

951,747‌

)

(

800,145‌

)

(

7,744,302‌

)

(

7,268,770‌

)

Return

of

Capital

–‌

(

74,052‌

)

–‌

(

815,269‌

)

Total

distributions

(

951,747‌

)

(

874,197‌

)

(

7,744,302‌

)

(

8,084,039‌

)

CAPITAL

SHARE

TRANSACTIONS

Common

shares:

Proceeds

from

shelf

offering,

net

of

offering

costs

—‌

—‌

136,007‌

—‌

Reinvestments

of

distributions

—‌

—‌

96,999‌

—‌

Net

increase

(decrease)

applicable

to

common

shares

from

capital

share

transactions

—‌

—‌

233,006‌

—‌

Net

increase

(decrease)

in

net

assets

applicable

to

common

shares

355,245‌

(

21,934‌

)

6,643,566‌

(

1,096,746‌

)

Net

assets

applicable

to

common

shares

at

the

beginning

of

the

period

26,908,028‌

26,929,962‌

218,034,462‌

219,131,208‌

Net

assets

applicable

to

common

shares

at

the

end

of

the

period

$

27,263,273‌

$

26,908,028‌

$

224,678,028‌

$

218,034,462‌

Statement

of

Cash

Flows

See

Notes

to

Financial

Statements

45

Six

Months

Ended

November

30,

2024

(Unaudited)

NMT

NMS

NOM

NPV

CASH

FLOWS

FROM

OPERATING

ACTIVITIES

Net

Increase

(Decrease)

in

Net

Assets

Applicable

to

Common

Shares

from

Operations

$

5,914,459‌

$

4,533,218‌

$

1,306,992‌

$

14,154,862‌

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

(12,172,586‌)

(2,221,285‌)

(3,848,522‌)

(23,108,152‌)

Proceeds

from

sale

and

maturities

of

investments

11,926,380‌

3,388,090‌

5,129,956‌

25,025,225‌

Proceeds

from

(Purchase

of)

short-term

investments,

net

2,000,000‌

—‌

—‌

—‌

Amortization

(Accretion)

of

premiums

and

discounts,

net

425,287‌

97,592‌

74,018‌

457,104‌

Amortization

of

deferred

offering

costs

4,888‌

2,462‌

4,048‌

7,608‌

(Increase)

Decrease

in:

Receivable

for

interest

31,991‌

40,958‌

(3,667‌)

(124,696‌)

Receivable

for

investments

sold

—‌

40,000‌

130,000‌

5,000‌

Other

assets

2,474‌

(1,544‌)

1,660‌

12,858‌

Increase

(Decrease)

in:

Payable

for

interest

42‌

27‌

8,878‌

225,266‌

Payable

for

management

fees

(3,470‌)

(1,847‌)

(921‌)

(5,832‌)

Accrued

custodian

fees

2,264‌

4,357‌

2,422‌

4,073‌

Accrued

investor

relations

fees

744‌

762‌

(637‌)

1,376‌

Accrued

Trustees

fees

698‌

457‌

168‌

1,831‌

Accrued

professional

fees

14,734‌

13,239‌

15,391‌

9,257‌

Accrued

shareholder

reporting

expenses

5,056‌

7,005‌

5,747‌

11,807‌

Accrued

shareholder

servicing

agent

fees

157‌

418‌

(78‌)

(510‌)

Accrued

shelf

offering

costs

—‌

69,845‌

—‌

74,845‌

Accrued

other

expenses

—‌

—‌

—‌

5,571‌

Net

realized

(gain)

loss

from

investments

379,315‌

62,733‌

39,406‌

689,174‌

Net

change

in

unrealized

(appreciation)

depreciation

of

investments

(4,710,689‌)

(3,391,305‌)

(1,056,931‌)

(11,591,037‌)

Net

cash

provided

by

(used

in)

operating

activities

3,821,744‌

2,645,182‌

1,807,930‌

5,855,630‌

CASH

FLOWS

FROM

FINANCING

ACTIVITIES

Proceeds

from

borrowings

197,029‌

328,612‌

78,286‌

3,312,026‌

(Repayments)

of

borrowings

(197,029‌)

(328,612‌)

(78,286‌)

(3,312,026‌)

Increase

(Decrease)

in:

Cash

overdraft

—‌

(47,716‌)

(441,385‌)

—‌

Cash

distributions

paid

to

common

shareholders

(3,707,457‌)

(2,357,732‌)

(888,793‌)

(7,182,909‌)

Proceeds

from

shelf

offering

—‌

(3,898‌)

—‌

(18,406‌)

Net

cash

provided

by

(used

in)

financing

activities

(3,707,457‌)

(2,409,346‌)

(1,330,178‌)

(7,201,315‌)

Net

increase

(decrease)

in

Cash

114,287‌

235,836‌

477,752‌

(1,345,685‌)

Cash

at

the

beginning

of

period

103,027‌

—‌

—‌

1,574,285‌

Cash

at

the

end

of

period

$

217,314‌

$

235,836‌

$

477,752‌

$

228,600‌

SUPPLEMENTAL

DISCLOSURE

OF

CASH

FLOW

INFORMATION

NMT

NMS

NOM

NPV

Cash

paid

for

interest

$

1,548,707‌

$

1,046,034‌

$

388,587‌

$

2,968,527‌

Non-cash

financing

activities

not

included

herein

consists

of

reinvestments

of

common

share

distributions

—‌

66,844‌

—‌

96,999‌

Financial

Highlights

46

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

NMT

11/30/24(d)

$

12.02

$

0.17

$

0.47

$

0.64

$

(0.43)

$

—

$

—

$

(0.43)

$

12.23

$

11.81

5/31/24

12.12

0.31

(0.03)

0.28

(0.34)

—

(0.04)

(0.38)

12.02

10.58

5/31/23

12.91

0.37

(0.77)

(0.40)

(0.39)

—

—

(0.39)

12.12

10.29

5/31/22

15.36

0.51

(2.43)

(1.92)

(0.53)

—

—

(0.53)

12.91

12.20

5/31/21

14.65

0.57

0.69

1.26

(0.55)

—

—

(0.55)

15.36

14.92

5/31/20

14.73

0.52

(0.10)

0.42

(0.50)

—

—

(0.50)

14.65

13.15

NMS

11/30/24(d)

12.44

0.21

0.57

0.78

(0.44)

—

—

(0.44)

12.78

13.23

5/31/24

12.62

0.40

(0.09)

0.31

(0.43)

—

(0.06)

(0.49)

12.44

10.80

5/31/23

13.65

0.48

(1.00)

(0.52)

(0.51)

—

—

(0.51)

12.62

11.04

5/31/22

15.62

0.64

(1.98)

(1.34)

(0.63)

—

—

(0.63)

13.65

15.45

5/31/21

14.81

0.66

0.76

1.42

(0.61)

—

—

(0.61)

15.62

16.24

5/31/20

15.19

0.59

(0.40)

0.19

(0.57)

—

—

(0.57)

14.81

13.55

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

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

dividend

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

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

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

dividend

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.

See

Notes

to

Financial

Statements

47

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NMT

11/30/24(d)

2.72

%

(e

)

5/31/24

2.88

5/31/23

2.03

5/31/22

0.54

5/31/21

0.49

5/31/20

1.14

NMS

11/30/24(d)

2.84

(e)

5/31/24

3.08

5/31/23

2.22

5/31/22

0.65

5/31/21

0.60

5/31/20

1.32

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

5.34‌

%

15.84‌

%

$

114,044

3.90‌

%

(e)

2.77‌

%

(e)

6‌

%

2.33‌

6.63‌

112,102

4.04‌

2.58‌

22‌

(3.07‌)

(12.60‌)

113,060

3.19‌

3.02‌

24‌

(12.84‌)

(15.12‌)

120,394

1.60‌

3.45‌

18‌

8.69‌

17.81‌

143,244

1.54‌

3.77‌

8‌

2.83‌

6.14‌

136,572

2.20‌

3.47‌

11‌

6.34‌

26.89‌

74,117

4.09‌

(e)

3.26‌

(e)

2‌

2.56‌

2.41‌

71,993

4.30‌

3.25‌

29‌

(3.79‌)

(25.51‌)

73,008

3.46‌

3.74‌

19‌

(8.87‌)

(0.84‌)

78,984

1.77‌

4.22‌

19‌

9.74‌

24.89‌

90,310

1.71‌

4.30‌

5‌

1.24‌

2.57‌

85,644

2.46‌

3.85‌

12‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

borrowings

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

borrowings

(as

described

in

Notes

to

Financial

Statements)

and/

or

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

(d)

Unaudited.

(e)

Annualized.

Financial

Highlights

(continuted)

48

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

NOM

11/30/24(d)

$

11.45

$

0.12

$

0.44

$

0.56

$

(0.41)

$

—

$

—

$

(0.41)

$

11.60

$

10.76

5/31/24

11.46

0.30

0.06

0.36

(0.34)

—

(0.03)

(0.37)

11.45

9.95

5/31/23

12.35

0.36

(0.87)

(0.51)

(0.38)

—

—

(0.38)

11.46

9.86

5/31/22

14.16

0.49

(1.78)

(1.29)

(0.52)

—

—

(0.52)

12.35

12.46

5/31/21

13.64

0.55

0.48

1.03

(0.51)

—

—

(0.51)

14.16

14.70

5/31/20

13.84

0.50

(0.21)

0.29

(0.49)

—

—

(0.49)

13.64

14.56

NPV

11/30/24(d)

12.16

0.18

0.61

0.79

(0.43)

—

—

(0.43)

12.52

13.33

5/31/24

12.23

0.37

0.01

0.38

(0.40)

—

(0.05)

(0.45)

12.16

10.54

5/31/23

13.25

0.45

(0.97)

(0.52)

(

0.50)

—

—

(0.50)

12.23

10.86

5/31/22

15.48

0.59

(2.24)

(1.65)

(0.58)

—

—

(0.58)

13.25

12.77

5/31/21

14.51

0.61

0.94

1.55

(0.58)

—

—

(0.58)

15.48

16.13

5/31/20

14.67

0.54

(0.17)

0.37

(0.53)

—

—

(0.53)

14.51

13.40

(a)

Based

on

average

shares

outstanding.

(b)

Total

Return

Based

on

Common

Share

NAV

is

the

combination

of

changes

in

common

share

NAV,

reinvested

dividend

income

at

Common

Share

NAV

and

reinvested

capital

gains

distributions

at

NAV,

if

any.

The

last

dividend

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

dividend

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

dividend

income

and

reinvested

capital

gains

distributions,

if

any,

at

the

average

price

paid

per

share

at

the

time

of

reinvestment.

The

last

dividend

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

dividend

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.

See

Notes

to

Financial

Statements

49

Ratios

of

Interest

Expense

to

Average

Net

Assets

Applicable

to

Common

Shares

NOM

11/30/24(d)

2.93

%

(e

)

5/31/24

3.14

5/31/23

2.25

5/31/22

0.69

5/31/21

0.63

5/31/20

1.29

NPV

11/30/24(d)

2.86

(e

)

5/31/24

3.05

5/31/23

2.16

5/31/22

0.63

5/31/21

0.58

5/31/20

1.18

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

4.89‌

%

12.31‌

%

$

27,263

5.04‌

%

(e)

2.11‌

%

(e)

9‌

%

3.20‌

4.79‌

26,908

4.60‌

2.63‌

17‌

(4.13‌)

(18.12‌)

26,930

3.71‌

3.12‌

25‌

(9.35‌)

(11.98‌)

29,004

2.03‌

3.61‌

25‌

7.66‌

4.69‌

33,225

1.93‌

3.95‌

13‌

2.07‌

7.93‌

31,996

2.66‌

3.58‌

10‌

6.57‌

31.01‌

224,678

3.98‌

(e)

2.90‌

(e)

6‌

3.18‌

1.30‌

218,034

4.16‌

3.07‌

13‌

(3.94‌)

(11.31‌)

219,131

3.28‌

3.64‌

29‌

(10.89‌)

(17.67‌)

237,483

1.64‌

3.97‌

18‌

10.80‌

25.01‌

277,004

1.58‌

3.99‌

7‌

2.48‌

7.74‌

259,338

2.20‌

3.65‌

18‌

(c)

•

Net

Investment

Income

(Loss)

ratios

reflect

income

earned

and

expenses

incurred

on

assets

attributable

to

borrowings

(as

described

in

Notes

to

Financial

Statements),

where

applicable.

•

The

expense

ratios

reflect,

among

other

things,

all

interest

expenses

and

other

costs

related

to

borrowings

(as

described

in

Notes

to

Financial

Statements)

and/

or

the

interest

expense

deemed

to

have

been

paid

by

the

Fund

on

the

floating

rate

certificates

issued

by

the

special

purpose

trusts

for

the

self-deposited

inverse

floaters

held

by

the

Fund

(as

described

in

Notes

to

Financial

Statements),

where

applicable,

as

follows:

(d)

Unaudited.

(e)

Annualized.

50

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

MFP

Shares

VRDP

Shares

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

Aggregate

Amount

Outstanding

(000)(a)

Asset

Coverage

Per

$100,000

Share(b)

NMT

11/30/24(c)

$

—

$

—

$

—

$

—

$

74,000

$

254,114

5/31/24

—

—

—

—

74,000

251,489

5/31/23

—

—

—

—

74,000

252,784

5/31/22

—

—

—

—

74,000

262,694

5/31/21

—

—

—

—

74,000

293,573

5/31/20

—

—

—

—

74,000

284,556

NMS

11/30/24(c)

49,800

248,830

—

—

—

—

5/31/24

49,800

244,565

—

—

—

—

5/31/23

49,800

246,603

—

—

—

—

5/31/22

52,800

249,590

—

—

—

—

5/31/21

52,800

271,041

—

—

—

—

5/31/20

52,800

262,204

—

—

—

—

NOM

11/30/24(c)

—

—

18,000

251,463

—

—

5/31/24

—

—

18,000

249,489

—

—

5/31/23

—

—

18,000

249,611

—

—

5/31/22

—

—

18,000

261,134

—

—

5/31/21

—

—

18,000

284,581

—

—

5/31/20

—

—

18,000

277,757

—

—

NPV

11/30/24(c)

—

—

—

—

128,000

275,530

5/31/24

—

—

—

—

128,000

270,339

5/31/23

—

—

—

—

128,000

271,196

5/31/22

—

—

—

—

128,000

285,533

5/31/21

—

—

—

—

128,000

316,409

5/31/20

—

—

—

—

128,000

302,608

(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

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

100,000.

(c)

Unaudited.

Notes

to

Financial

Statements

51

(U

naudited)

1.

General

Information 

Fund

Information:

The

state

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

Massachusetts

Quality

Municipal

Income

Fund

(NMT)

Nuveen

Minnesota

Quality

Municipal

Income

Fund

(NMS)

Nuveen

Missouri

Quality

Municipal

Income

Fund

(NOM)

Nuveen

Virginia

Quality

Municipal

Income

Fund

(NPV)

The

Funds

are

registered

under

the

Investment

Company

Act

of

1940

(the

"1940

Act"),

as

amended,

as

closed-end

management

investment

companies.

NMT

and

NPV

were

organized

as

Massachusetts

business

trusts

on

January

12,

1993.

NMS

and

NOM

were

organized

as

Massachusetts

business

trusts

on

April

28,

2014

and

March

29,

1993,

respectively.

Current

Fiscal

Period:

The

end

of

the

reporting

period

for

the

Funds

is

November

30,

2024,

and

the

period

covered

by

these

Notes

to

Financial

Statements

is

the

six

months

ended

November

30,

2024

(the

"current

fiscal

period").

Investment

Adviser

and

Sub-Adviser:

The

Fund’s

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

portfolio

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.

Each

Fund

is

an

investment

company

and

follows

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 shareholder

transactions.

The

NAV

for

financial

reporting

purposes

includes

security

and

common

share

transactions

through

the

date

of

the

report.

Total

return

is

computed

based

on

the

NAV

used

for

processing

security

and

common

share

transactions.

The

following

is

a

summary

of

the

significant

accounting

policies

consistently

followed

by

the

Funds.

Compensation:

The

Funds pay

no

compensation

directly

to

those

of its

officers,

all

of

whom

receive

remuneration

for

their

services

to

the

Funds

from

the

Adviser

or

its

affiliates.

The

Board

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

reporting

period,

the

custodian

fee

credit

earned

by

each

Fund

was

as

follows:

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

Fund

Gross

Custodian

Fee

Credits

NMT

$

—

NMS

—

NOM

—

NPV

—

52

Notes

to

Financial

Statements

(continued)

annually.

In

addition,

in

any

monthly

period,

to

maintain

its

declared

per

common

share

distribution

amount,

a

Fund

may

distribute

more

or

less

than

its

net

investment

income

during

the

period.

In

the

event

a

Fund

distributes

more

than

its

net

investment

income

during

any

yearly

period,

such

distributions

may

also

include

realized

gains

and/or

a

return

of

capital.

To

the

extent

that

a

distribution

includes

a

return

of

capital

the

NAV

per

share

may

erode.

Indemnifications:

Under

the

Funds'

organizational

documents, their

officers

and

trustees

are

indemnified

against

certain

liabilities

arising

out

of

the

performance

of

their

duties

to

the

Funds.

In

addition,

in

the

normal

course

of

business,

the Funds

enter

into

contracts

that

provide

general

indemnifications

to

other

parties.

The

Funds'

maximum

exposure

under

these

arrangements

is

unknown

as

this

would

involve

future

claims

that

may

be

made

against

the Funds

that

have

not

yet

occurred.

However,

the Funds

have

not

had

prior

claims

or

losses

pursuant

to

these

contracts

and

expects

the

risk

of

loss

to

be

remote.

Investments

and

Investment

Income:

Securities

transactions

are

accounted

for

as

of

the

trade

date

for

financial

reporting

purposes.

Realized

gains

and

losses

on

securities

transactions

are

based

upon

the

specific

identification

method.

Investment

income

is

comprised

of

interest

income,

which

is

recorded

on

an

accrual

basis

and

includes

accretion

of

discounts

and

amortization

of

premiums

for

financial

reporting

purposes.

Investment

income

also

reflects

payment-in-kind

(“PIK”)

interest

and

paydown

gains

and

losses,

if

any.

PIK

interest

represents

income

received

in

the

form

of

securities

in

lieu

of

cash.

Investment

income

also

reflects

dividend

income,

which

is

recorded

on

the

ex-dividend

date.

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

reporting

period,

if

any,

are

further

described

later

in

these

Notes

to

Financial

Statements.

New

Accounting

Pronouncement:

In

November

2023,

the

FASB

issued

Accounting

Standard

Update

(“ASU”)

No.

2023-07,

Segment

Reporting

(Topic

280)

Improvements

to

Reportable

Segment

Disclosures

(“ASU

2023-07”).

The

amendments

in

ASU

2023-07

improve

reportable

segment

disclosure

requirements,

primarily

through

enhanced

disclosures

about

significant

segment

expenses.

ASU

2023-07

also

requires

a

public

entity

that

has

a

single

reportable

segment

to

provide

all

the

disclosures

required

by

the

amendments

in

ASU

2023-07

and

all

existing

segment

disclosures

in

Topic

280.

The

amendments

in

ASU

2023-07

are

effective

for

fiscal

years

beginning

after

December

15,

2023,

and

interim

periods

within

fiscal

years

beginning

after

December

15,

2024.

Early

adoption

is

permitted.

Management

has

assessed

the

new

guidance

and

determined

that

it

will

not

have

a

material

impact

on

the

financial

positions

or

results

of

operations

of

the

Funds.

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:

Prices

of

fixed-income

securities

are

generally

provided

by

pricing

services

approved

by

the

Adviser,

which

is

subject

to

review

by

the

Adviser

and

oversight

of

the

Board. Pricing

services

establish

a

security’s

fair

value

using

methods

that

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

In

pricing

certain

securities,

particularly

less

liquid

and

lower

quality

securities,

pricing

services

may

consider

information

about

a

security,

its

issuer

or

market

activity

provided

by

the

Adviser.

These

securities

are

generally

classified

as

Level

2.

For

any

portfolio

security

or

derivative

for

which

market

quotations

are

not

readily

available

or

for

which

the

Adviser

deems

the

valuations

derived

using

the

valuation

procedures

described

above

not

to

reflect

fair

value,

the

Adviser

will

determine

a

fair

value

in

good

faith

using

alternative

procedures

approved

by

the

Adviser,

subject

to

the

oversight

of

the

Board.

As

a

general

principle,

the

fair

value

of

a

security

is

the

amount

that

the

owner

might

reasonably

expect

to

receive

for

it

in

a

current

sale.

A

variety

of

factors

may

be

considered

in

determining

the

fair

value

of

such

securities,

which

may

include

consideration

of

the

following:

yields

or

prices

of

investments

of

comparable

quality,

type

of

issue,

coupon,

maturity

53

and

rating,

market

quotes

or

indications

of

value

from

security

dealers,

evaluations

of

anticipated

cash

flows

or

collateral,

general

market

conditions

and

other

information

and

analysis,

including

the

obligor’s

credit

characteristics

considered

relevant.

To

the

extent

the

inputs

are

observable

and

timely,

the

values

would

be

classified

as

Level

2;

otherwise

they

would

be

classified

as

Level

3.

The

following

table

summarizes

the

market

value

of

the

Funds’

investments

as

of

the

end

of

the

reporting

period,

based

on

the

inputs

used

to

value

them:

The

Funds

hold

liabilities

in

floating

rate

obligations

and

preferred

shares,

where

applicable,

which

are

not

reflected

in

the

tables

above.

The

fair

values

of

the

Funds’

liabilities

for

floating

rate

obligations

approximate

their

liquidation

values.

Floating

rate

obligations

are

generally

classified

as

Level

2

and

further

described

later

in

these Notes

to

Financial

Statements.

The

fair

values

of

the

Funds’

liabilities

for

preferred

shares

approximate

their

liquidation

preference.

Preferred

shares

are

generally

classified

as

Level

2

and

further

described

later

in

these

Notes

to

Financial

Statements.

4.

Portfolio

Securities

Inverse

Floating

Rate

Securities:

Each

Fund

is

authorized

to

invest

in

inverse

floating

rate

securities.

An

inverse

floating

rate

security

is

created

by

depositing

a

municipal

bond

(referred

to

as

an

“Underlying

Bond”),

typically

with

a

fixed

interest

rate,

into

a

special

purpose

tender

option

bond

(“TOB”)

trust

(referred

to

as

the

“TOB

Trust”)

created

by

or

at

the

direction

of

one

or

more

Funds.

In

turn,

the

TOB

Trust

issues

(a)

floating

rate

certificates

(referred

to

as

“Floaters”),

in

face

amounts

equal

to

some

fraction

of

the

Underlying

Bond’s

par

amount

or

market

value,

and

(b)

an

inverse

floating

rate

certificate

(referred

to

as

an

“Inverse

Floater”)

that

represents

all

remaining

or

residual

interest

in

the

TOB

Trust.

Floaters

typically

pay

short-term

tax-exempt

interest

rates

to

third

parties

who

are

also

provided

a

right

to

tender

their

certificate

and

receive

its

par

value,

which

may

be

paid

from

the

proceeds

of

a

remarketing

of

the

Floaters,

by

a

loan

to

the

TOB

Trust

from

a

third

party

liquidity

provider

(“Liquidity

Provider”),

or

by

the

sale

of

assets

from

the

TOB

Trust.

The

Inverse

Floater

is

issued

to

a

long

term

investor,

such

as

one

or

more

Funds.

The

income

received

by

the

Inverse

Floater

holder

varies

inversely

with

the

short-term

rate

paid

to

holders

of

the

Floaters,

and

in

most

circumstances

the

Inverse

Floater

holder

bears

substantially

all

of

the

Underlying

Bond’s

downside

investment

risk

and

also

benefits

disproportionately

from

any

potential

appreciation

of

the

Underlying

Bond’s

value.

The

value

of

an

Inverse

Floater

will

be

more

volatile

than

that

of

the

Underlying

Bond

because

the

interest

rate

is

dependent

on

not

only

the

fixed

coupon

rate

of

the

Underlying

Bond

but

also

on

the

short-term

interest

paid

on

the

Floaters,

and

because

the

Inverse

Floater

essentially

bears

the

risk

of

loss

(and

possible

gain)

of

the

greater

face

value

of

the

Underlying

Bond.

The

Inverse

Floater

held

by

a

Fund

gives

the

Fund

the

right

to

(a)

cause

the

holders

of

the

Floaters

to

tender

their

certificates

at

par

(or

slightly

more

than

par

in

certain

circumstances),

and

(b)

have

the

trustee

of

the

TOB

Trust

(the

“Trustee”)

transfer

the

Underlying

Bond

held

by

the

TOB

Trust

to

the

Fund,

thereby

collapsing

the

TOB

Trust.

The

Fund

may

acquire

an

Inverse

Floater

in

a

transaction

where

it

(a)

transfers

an

Underlying

Bond

that

it

owns

to

a

TOB

Trust

created

by

a

third

party

or

(b)

transfers

an

Underlying

Bond

that

it

owns,

or

that

it

has

purchased

in

a

secondary

market

transaction

for

the

purpose

of

creating

an

Inverse

Floater,

to

a

TOB

Trust

created

at

its

direction,

and

in

return

receives

the

Inverse

Floater

of

the

TOB

Trust

(referred

to

as

a

“self-deposited

Inverse

Floater”).

A

Fund

may

also

purchase

an

Inverse

Floater

in

a

secondary

market

transaction

from

a

third

party

creator

of

the

TOB

Trust

without

first

owning

the

Underlying

Bond

(referred

to

as

an

“externally-deposited

Inverse

Floater”).

An

investment

in

a

self-deposited

Inverse

Floater

is

accounted

for

as

a

“financing”

transaction

(i.e.,

a

secured

borrowing).

For

a

self-deposited

Inverse

Floater,

the

Underlying

Bond

deposited

into

the

TOB

Trust

is

identified

in

the

Fund’s

Portfolio

of

Investments

as

“(UB)

–

Underlying

bond

of

an

inverse

floating

rate

trust

reflected

as

a

financing

transaction,”

with

the

Fund

recognizing

as

liabilities,

labeled

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities,

(a)

the

liquidation

value

of

Floaters

issued

by

the

TOB

Trust,

and

(b)

the

amount

of

any

borrowings

by

the

TOB

NMT

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

185,709,626

$

–

$

185,709,626

Total

$

–

$

185,709,626

$

–

$

185,709,626

NMS

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

122,516,167

$

–

$

122,516,167

Total

$

–

$

122,516,167

$

–

$

122,516,167

NOM

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

44,799,043

$

–

$

44,799,043

Total

$

–

$

44,799,043

$

–

$

44,799,043

NPV

Level

1

Level

2

Level

3

Total

Long-Term

Investments:

Municipal

Bonds

$

–

$

367,522,542

$

–

$

367,522,542

Total

$

–

$

367,522,542

$

–

$

367,522,542

54

Notes

to

Financial

Statements

(continued)

Trust

from

a

Liquidity

Provider

to

enable

the

TOB

Trust

to

purchase

outstanding

Floaters

in

lieu

of

a

remarketing.

In

addition,

the

Fund

recognizes

in

“Investment

Income”

the

entire

earnings

of

the

Underlying

Bond,

and

recognizes

(a)

the

interest

paid

to

the

holders

of

the

Floaters

or

on

the

TOB

Trust’s

borrowings,

and

(b)

other

expenses

related

to

remarketing,

administration,

trustee,

liquidity

and

other

services

to

a

TOB

Trust,

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Earnings

due

from

the

Underlying

Bond

and

interest

due

to

the

holders

of

the

Floaters

as

of

the

end

of

the

reporting

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

reporting

period,

the

aggregate

value

of

Floaters

issued

by

each

Fund’s

TOB

Trust

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

During

the

current

fiscal

period,

the

average

amount

of

Floaters

(including

any

borrowings

from

a

Liquidity

Provider)

outstanding,

and

the

average

annual

interest

rates

and

fees

related

to

self-deposited

Inverse

Floaters,

were

as

follows:

TOB

Trusts

are

supported

by

a

liquidity

facility

provided

by

a

Liquidity

Provider

pursuant

to

which

the

Liquidity

Provider

agrees,

in

the

event

that

Floaters

are

(a)

tendered

to

the

Trustee

for

remarketing

and

the

remarketing

does

not

occur,

or

(b)

subject

to

mandatory

tender

pursuant

to

the

terms

of

the

TOB

Trust

agreement,

to

either

purchase

Floaters

or

to

provide

the

Trustee

with

an

advance

from

a

loan

facility

to

fund

the

purchase

of

Floaters

by

the

TOB

Trust.

In

certain

circumstances,

the

Liquidity

Provider

may

otherwise

elect

to

have

the

Trustee

sell

the

Underlying

Bond

to

retire

the

Floaters

that

were

tendered

and

not

remarketed

prior

to

providing

such

a

loan.

In

these

circumstances,

the

Liquidity

Provider

remains

obligated

to

provide

a

loan

to

the

extent

that

the

proceeds

of

the

sale

of

the

Underlying

Bond

are

not

sufficient

to

pay

the

purchase

price

of

the

Floaters.

The

size

of

the

commitment

under

the

loan

facility

for

a

given

TOB

Trust

is

at

least

equal

to

the

balance

of

that

TOB

Trust’s

outstanding

Floaters

plus

any

accrued

interest.

In

consideration

of

the

loan

facility,

fee

schedules

are

in

place

and

are

charged

by

the

Liquidity

Provider(s).

Any

loans

made

by

the

Liquidity

Provider

will

be

secured

by

the

purchased

Floaters

held

by

the

TOB

Trust.

Interest

paid

on

any

outstanding

loan

balances

will

be

effectively

borne

by

the

Fund

that

owns

the

Inverse

Floaters

of

the

TOB

Trust

that

has

incurred

the

borrowing

and

may

be

at

a

rate

that

is

greater

than

the

rate

that

would

have

been

paid

had

the

Floaters

been

successfully

remarketed.

As

described

above,

any

amounts

outstanding

under

a

liquidity

facility

are

recognized

as

a

component

of

“Floating

rate

obligations”

on

the

Statement

of

Assets

and

Liabilities

by

the

Fund

holding

the

corresponding

Inverse

Floaters

issued

by

the

borrowing

TOB

Trust.

As

of

the

end

of

the

reporting

period,

there

were

no

loans

outstanding

under

any

such

facility.

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

Fund

Floating

Rate

Obligations:

Self-

Deposited

Inverse

Floaters

Floating

Rate

Obligations:

Externally-Deposited

Inverse

Floaters

Total

NMT

$

—

$

—

$

—

NMS

—

—

—

NOM

600,000

—

600,000

NPV

18,950,000

—

18,950,000

Fund

Average

Floating

Rate

Obligations

Outstanding

Average

Annual

Interest

Rate

And

Fees

NMT

$

—

—

%

NMS

—

—

NOM

600,000

3.75

NPV

18,950,000

3.85

55

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,

the

Funds

maximum

exposure

to

the

Floaters

issued

by

Recourse

Trusts

for

self-deposited

Inverse

Floaters

and

externally-deposited

Inverse

Floaters

was

as

follows:

Zero

Coupon

Securities:

A

zero

coupon

security

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

security.

Income

to

the

holder

of

the

security

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

security

at

issuance

and

the

par

value

of

the

security

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

securities

generally

are

more

volatile

than

the

market

prices

of

securities

that

pay

interest

periodically.

Purchases

and

sales:

Long-term

purchases

and

sales

during

the

current

fiscal

period

were

as

follows:

The

Funds

may

purchase

securities

on

a

when-issued

or

delayed-delivery

basis.

Securities

purchased

on

a

when-issued

or

delayed-delivery

basis

may

have

extended

settlement

periods;

interest

income

is

not

accrued

until

settlement

date.

Any

securities

so

purchased

are

subject

to

market

fluctuation

during

this

period. If

a

Fund

has

outstanding

when-issued/delayed-delivery

purchases

commitments

as

of

the

end

of

the

reporting

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

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.

Fund

Maximum

Exposure

to

Recourse

Trusts:

Self-Deposited

Inverse

Floaters

Maximum

Exposure

to

Recourse

Trusts:

Externally-Deposited

Inverse

Floaters

Total

NMT

$

—

$

—

$

—

NMS

—

—

—

NOM

600,000

—

600,000

NPV

18,950,000

—

18,950,000

Fund

Non-U.S.

Government

Purchases

Non-U.S.

Government

Sales

and

Maturities

NMT

$

12,172,586

$

11,926,380

NMS

2,221,285

3,388,090

NOM

3,848,522

5,129,956

NPV

23,108,152

25,025,225

56

Notes

to

Financial

Statements

(continued)

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

prior

fiscal

periods.

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.

Additional

authorized

common

shares,

common

shares

sold

and

offering

proceeds,

net

of

offering

costs

under

each

Fund’s

Shelf

Offering

during

the

Funds’

current

and

prior fiscal

period

were

as

follows:

Costs

incurred

by

the

Funds

in

connection

with their

initial

shelf

registrations

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

after

the

effectiveness

of

the

initial

shelf

registration

will

be

expensed.

Costs

incurred

by

the

Funds

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:

Preferred

Shares

Adjustable

Rate

MuniFund

Term

Preferred

Shares:

NMS

has

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

Fund’s

AMTP

Shares

outstanding

as

of

the

end

of

the

reporting

period,

were

as

follows:

NMS

NPV

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

Maximum

aggregate

offering

600,000*

—

1,800,000*

—

Common

shares

sold

5,819

–

10,330

–

Offering

proceeds,

net

of

offering

costs

$76,885

$–

$136,007

$–

*

Represents

additional

authorized

common

shares

for

the

period

November

22,

2024

through

November

30,

2024.

NMT

NMS

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

Common

Shares:

Sold

through

shelf

offering

—

—

5,819

—

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

—

5,213

—

Total

—

—

11,032

—

Weighted

average

common

share:

Premium

to

NAV

per

shelf

offering

common

share

sold

–%

–%

5.11%

–%

NOM

NPV

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

Six

Months

Ended

11/30/24

Year

Ended

5/31/24

Common

Shares:

Sold

through

shelf

offering

—

—

10,330

—

Issued

to

shareholders

due

to

reinvestment

of

distributions

—

—

7,752

—

Total

—

—

18,082

—

Weighted

average

common

share:

Premium

to

NAV

per

shelf

offering

common

share

sold

–%

–%

6.98%

–%

57

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:

*

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

were

as

follows:

AMTP

Shares

are

subject

to

restrictions

on

transfer,

generally

do

not

trade,

and

market

quotations

are

generally

not

available.

The

fair

value

of

AMTP

Shares

is

expected

to

be

approximately

their

liquidation

preference

so

long

as

the

fixed

“spread”

on

the

AMTP

Shares

remains

roughly

in

line

with

the

“spread”

being

demanded

by

investors

on

instruments

having

similar

terms

in

the

current

market

environment.

In

present

market

conditions,

the

Fund's

Adviser

has

determined

that

the

fair

value

of

AMTP

Shares

is

approximately

their

liquidation

preference,

but

their

fair

value

could

vary

if

market

conditions

change

materially.

For

financial

reporting

purposes,

the

liquidation

preference

of

AMTP

Shares

is

a

liability

and

is

recognized

as

a

component

of

“AMTP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities.

AMTP

Share

dividends

are

treated

as

interest

payments

for

financial

reporting

purposes.

Unpaid

dividends

on

AMTP

Shares

are

recognized

as

a

component

of

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities.

Dividends

accrued

on

AMTP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Costs

incurred

in

connection

with

the

Fund’s

offering

of

AMTP

Shares

were

recorded

as

deferred

charges,

which

are

amortized

over

the

life

of

the

shares

and

are

recognized

as

components

of

“AMTP

Shares,

net”

on

the

Statement

of

Assets

and

Liabilities

and

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

MuniFund

Preferred

Shares:

NOM

has

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

Fund is

obligated

to

redeem

their

MFP

Shares

by

the

date

as

specified

in

its

offering

documents

(“Term

Redemption

Date”),

unless

earlier

redeemed

by

the

Fund.

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

Fund.

The

modes

within

MFP

Shares

detail

the

dividend

mechanics

and

are

described

as

follows.

At

a

subsequent

date,

the

Fund

may

establish

additional

mode

structures

with

the

MFP

Share.

Fund

Series

Shares

Outstanding

Liquidation

Preference

Liquidation

Preference,

net

of

deferred

offering

costs

NMS

2028

498

$49,800,000

$49,780,341

Fund

Notice

Period

Series

Term

Redemption

Date

Premium

Expiration

Date

NMS

360-day

2028

December

1,

2028*

November

30,

2019

Fund

Average

Liquidation

Preference

of

AMTP

Shares

Outstanding

Annualized

Dividend

Rate

NMS

$

49,800,000

4.19

%

58

Notes

to

Financial

Statements

(continued)

•

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.

The

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

reporting

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.

The

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

reporting

period,

details

of

the

Fund’s

MFP

Shares

outstanding

were

as

follows:

The

average

liquidation

preference

of

MFP

Shares

outstanding

and

annualized

dividend

rate

for

the

Fund

during

the

current

fiscal

period

were

as

follows:

Variable

Rate

Demand

Preferred

Shares:

The

following

Funds

have

issued

and

have

outstanding

Variable

Rate

Demand

Preferred

(“VRDP”)

Shares,

with

a

$100,000

liquidation

preference

per

share.

VRDP

Shares

are

issued

via

private

placement

and

are

not

publicly

available.

As

of

the

end

of

the

reporting

period,

details

of

the

Funds’

VRDP

Shares

outstanding

were

as

follows:

Fund

Series

Shares

Outstanding

Liquidation

Preference

Term

Redemption

Date

Mode

Mode

Termination

Date

NOM

A

180

$18,000,000

October

1,

2047

VRM

October

1,

2047

Fund

Average

Liquidation

Preference

of

MFP

Shares

Outstanding

Annualized

Dividend

Rate

NOM

$

18,000,000

4.28

%

59

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

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.

Each

Fund’s

Series

1

VRDP

Shares

are

considered

to

be

Special

Rate

VRDP,

which

are

sold

to

institutional

investors.

During

the

special

rate

period,

the

VRDP

Shares

will

not

be

remarketed

by

a

remarketing

agent,

be

subject

to

optional

or

mandatory

tender

events,

or

be

supported

by

a

liquidity

provider

and

are

not

subject

to

remarketing

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

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

were

as

follows:

For

financial

reporting

purposes,

the

liquidation

preference

of

VRDP

Shares

is

a

liability

and

is

recognized

as

a

component

of

“VRDP

Shares,

Net”

on

the

Statement

of

Assets

and

Liabilities.

Unpaid

dividends

on

VRDP

Shares

are

recognized

as

a

component

of

“Payable

for

interest”

on

the

Statement

of

Assets

and

Liabilities,

when

applicable.

Dividends

accrued

on

VRDP

Shares

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Costs

incurred

by

the

Funds

in

connection

with

their

offerings

of

VRDP

Shares

were

recorded

as

a

deferred

charge,

which

are

being

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

offerings

costs”

on

the

Statement

of

Operations.

In

addition

to

interest

expense,

each

Fund

also

pays

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

:

There

were

no

transactions

in

preferred

shares

during

the

Funds'

current

and

prior

fiscal

period.

7.

Income

Tax

Information

Each

Fund

is

a

separate

taxpayer

for

federal

income

tax

purposes.

Each

Fund

intends

to

distribute

substantially

all

of

its

net

investment

income

and

net

capital

gains

to

shareholders

and

otherwise

comply

with

the

requirements

of

Subchapter

M

of

the

Internal

Revenue

Code

applicable

to

regulated

investment

companies.

Therefore,

no

federal

income

tax

provision

is

required.

Each

Fund

intends

to

satisfy

conditions

that

will

enable

interest

from

municipal

securities,

which

is

exempt

from

regular

federal

and

designated

state

income

taxes,

to

retain

such

tax-exempt

status

when

distributed

to

shareholders

of

the

Funds.

Net

realized

capital

gains

and

ordinary

income

distributions

paid

by

the

Funds

are

subject

to

federal

taxation.

Fund

Series

Shares

Outstanding

Remarketing

Fees*

Liquidation

Preference

Special

Rate

Period

Expiration

Maturity

NMT

1

740

N/A**

$74,000,000

March

1,

2047***

March

1,

2047

NPV

1

1,280

N/A**

$128,000,000

July

16,

2025

August

3,

2043

*

Remarketing

fees

as

a

percentage

of

the

aggregate

principal

amount

of

all

VRDP

Shares

outstanding

for

each

series.

**

Not

applicable.

Series

is

considered

to

be

Special

Rate

VRDP

and

therefore

does

not

pay

a

remarketing

fee.

***

Subject

to

earlier

termination

by

either

Fund

or

the

holder.

Fund

Average

Liquidation

Preference

of

VRDP

Shares

Outstanding

Annualized

Dividend

Rate

NMT

$

74,000,000

4.17

%

NPV

128,000,000

4.40

60

Notes

to

Financial

Statements

(continued)

Each

Fund

files

income

tax

returns

in

U.S.

federal

and

applicable

state

and

local

jurisdictions.

A

Fund's

federal

income

tax

returns

are

generally

subject

to

examination

for

a

period

of

three

fiscal

years

after

being

filed.

State

and

local

tax

returns

may

be

subject

to

examination

for

an

additional

period

of

time

depending

on

the

jurisdiction.

Management

has

analyzed

each

Fund's

tax

positions

taken

for

all

open

tax

years

and

has

concluded

that

no

provision

for

income

tax

is

required

in

the

Fund's

financial

statements.

As

of

the

end

of

the

reporting

period,

the

aggregate

cost

and

the

net

unrealized

appreciation/(depreciation)

of

all

investments

for

federal

income

tax

purposes

were

as

follows:

For

purposes

of

this

disclosure,

tax

cost

generally

includes

the

cost

of

portfolio

investments

as

well

as

up-front

fees

or

premiums

exchanged

on

derivatives

and

any

amounts

unrealized

for

income

statement

reporting

but

realized

income

and/or

capital

gains

for

tax

reporting,

if

applicable.

As

of

prior

fiscal

period

end,

the

components

of

accumulated

earnings

on

a

tax

basis

were

as

follows:

As

of

prior

fiscal

period

end,

the

Funds

had

capital

loss

carryforwards,

which

will

not

expire:

8.

Management

Fees

and

Other

Transactions

with

Affiliates

Management

Fees:

Each

Fund’s

management

fee

compensates

the

Adviser

for

the

overall

investment

advisory

and

administrative

services

and

general

office

facilities.

The

Sub-Adviser

is

compensated

for

its

services

to

the

Funds

from

the

management

fees

paid

to

the

Adviser.

Each

Fund’s

management

fee

consists

of

two

components

–

a

fund-level

fee,

based

only

on

the

amount

of

assets

within

each

individual

Fund,

and

a

complex-level

fee,

based

on

the

aggregate

amount

of

all

eligible

fund

assets

managed

by

the

Adviser.

This

pricing

structure

enables

each

Fund’s

shareholders

to

benefit

from

growth

in

the

assets

within

their

respective

Fund

as

well

as

from

growth

in

the

amount

of

complex-wide

assets

managed

by

the

Adviser.

The

annual

fund-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

The

annual

complex-level

fee,

payable

monthly,

for

each

Fund

is

calculated

according

to

the

following

schedule:

Fund

Tax

Cost

Gross

Unrealized

Appreciation

Gross

Unrealized

(Depreciation)

Net

Unrealized

Appreciation

(Depreciation)

NMT

$

182,934,329

$

4,194,579

$

(1,419,282)

$

2,775,297

NMS

121,883,428

2,309,405

(1,676,666)

632,739

NOM

43,937,183

797,722

(535,862)

261,860

NPV

340,271,950

12,638,727

(4,338,135)

8,300,592

Fund

Undistributed

Tax-Exempt

Income

1

Undistributed

Ordinary

Income

Undistributed

Long-Term

Capital

Gains

Unrealized

Appreciation

(Depreciation)

Capital

Loss

Carryforwards

Late-Year

Loss

Deferrals

Other

Book-to-Tax

Differences

Total

NMT

$

—

$

—

$

—

$

(1,947,987)

$

(14,556,838)

$

—

$

(386,972)

$

(16,891,797)

NMS

—

1,627

—

(2,770,123)

(5,612,550)

—

(289,353)

(8,670,399)

NOM

—

—

—

(797,367)

(2,809,744)

—

(92,825)

(3,699,936)

NPV

—

209

—

(3,028,484)

(28,278,234)

—

(806,612)

(32,113,121)

1

Undistributed

tax-exempt

income

(on

a

tax

basis)

has

not

been

reduced

for

the

dividend

declared

on

May

1,

2024

and

paid

on

June

3,

2024.

Fund

Short-Term

Long-Term

Total

NMT

$

5,216,423

$

9,340,415

$

14,556,838

NMS

2,087,901

3,524,649

5,612,550

NOM

855,365

1,954,379

2,809,744

NPV

11,605,401

16,672,833

28,278,234

Average

Daily

Managed

Assets*

Fund-Level

Fee

Rate

For

the

first

$125

million

0.4500

%

For

the

next

$125

million

0.4375

For

the

next

$250

million

0.4250

For

the

next

$500

million

0.4125

For

the

next

$1

billion

0.4000

For

the

next

$3

billion

0.3750

For

managed

assets

over

$5

billion

0.3625

61

*

The

complex-level

fee

is

calculated

based

upon

the

aggregate

daily

“eligible

assets”

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

branded

open-end

funds

(“Nuveen

Mutual

Funds”).

Except

as

described

below,

eligible

assets

include

the

assets

of

all

Nuveen-branded

closed-end

funds

and

Nuveen

Mutual

Funds

organized

in

the

United

States.

Eligible

assets

do

not

include

the

net

assets

of:

Nuveen

fund-of-funds,

Nuveen

money

market

funds,

Nuveen

index

funds,

Nuveen

Large

Cap

Responsible

Equity

Fund

or

Nuveen

Life

Large

Cap

Responsible

Equity

Fund.

In

addition,

eligible

assets

include

a

fixed

percentage

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

the

Adviser’s

affiliate,

Teachers

Advisors,

LLC

(except

those

identified

above).

The

fixed

percentage

will

increase

annually

until

May

1,

2033,

at

which

time

eligible

assets

will

include

all

of

the

aggregate

net

assets

of

the

active

equity

and

fixed

income

Nuveen

Mutual

Funds

advised

by

Teachers

Advisors,

LLC

(except

those

identified

above).

Eligible

assets

include

closed-end

fund

assets

managed

by

the

Adviser

that

are

attributable

to

financial

leverage.

For

these

purposes,

financial

leverage

includes

the

closed-end

funds’

use

of

preferred

stock

and

borrowings

and

certain

investments

in

the

residual

interest

certificates

(also

called

inverse

floating

rate

securities)

in

tender

option

bond

(TOB)

trusts,

including

the

portion

of

assets

held

by

a

TOB

trust

that

has

been

effectively

financed

by

the

trust’s

issuance

of

floating

rate

securities,

subject

to

an

agreement

by

the

Adviser

as

to

certain

funds

to

limit

the

amount

of

such

assets

for

determining

eligible

assets

in

certain

circumstances. 

As

of

November

30,

2024,

the

annual

complex-level

fee

for

each

Fund

was

as

follows:

Other

Transactions

with

Affiliates:

Each

Fund

is

permitted

to

purchase

or

sell

securities

from

or

to

certain

other

funds

or

accounts

managed

by

the

Sub-Adviser

or

by

an

affiliate

of

the

Adviser (each

an,

“Affiliated

Entity”)

under

specified

conditions

outlined

in

procedures

adopted

by

the

Board

("cross-trade").

These

procedures

have

been

designed

to

ensure

that

any

cross-trade

of

securities

by

the

Fund

from

or

to

an

Affiliated

Entity

by

virtue

of

having

a

common

investment

adviser

(or

affiliated

investment

adviser),

common

officer

and/or

common

trustee

complies

with

Rule

17a-7

under

the

1940

Act.

These

transactions

are

effected

at

the

current

market

price

(as

provided

by

an

independent

pricing

service)

without

incurring

broker

commissions.

During

the

current

fiscal

period,

the

Funds

engaged

in

cross-trades

pursuant

to

these

procedures

as

follows:

9.

Commitments

and

Contingencies

In

the

normal

course

of

business,

each

Fund

enters

into

a

variety

of

agreements

that

may

expose

the

Fund

to

some

risk

of

loss.

These

could

include

recourse

arrangements

for

certain

TOB

Trusts

and

certain

agreements

related

to

preferred

shares,

which

are

described

elsewhere

in

these

Notes

to

Financial

Statements.

The

risk

of

future

loss

arising

from

such

agreements,

while

not

quantifiable,

is

expected

to

be

remote. As

of

the

end

of

the

reporting

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

reporting

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

Committed

Line

of

Credit:

The

Funds,

along

with

certain

funds

managed

by

the

Adviser

and

by

an

affiliate

of

the

Adviser

(“Participating

Funds”),

have

established

a

364-day,

$2.700

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

Complex-Level

Asset

Breakpoint

Level*

Complex-Level

Fee

For

the

first

$124.3

billion

0.1600

%

For

the

next

$75.7

billion

0.1350

For

the

next

$200

billion

0.1325

For

eligible

assets

over

$400

billion

0.1300

Fund

Complex-Level

Fee

NMT

0.1569%

NMS

0.1569%

NOM

0.1569%

NPV

0.1569%

Fund

Purchases

Sales

Realized

Gain

(Loss)

NMT

$

1,023,264

$

970,070

$

(57,983

)

NMS

—

—

—

NOM

—

—

—

NPV

2,000,420

—

—

62

Notes

to

Financial

Statements

(continued)

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

2025

unless

extended

or

renewed. 

The

credit

facility

has

the

following

terms:

0.15%

per

annum

on

unused

commitment

amounts

and

a

drawn

interest

rate

equal

to

the

higher

of

(a)

OBFR

(Overnight

Bank

Funding

Rate)

plus

1.20%

per

annum

or

(b)

the

Fed

Funds

Effective

Rate

plus

1.20%

per

annum

on

amounts

borrowed. 

Interest

expense

incurred

by

the

Participating

Funds,

when

applicable,

is

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations.

Participating

Funds

paid

administration,

legal

and

arrangement

fees,

which

are

recognized

as

a

component

of

“Interest

expense

and

amortization

of

offering

costs”

on

the

Statement

of

Operations,

and

along

with

commitment

fees,

have

been

allocated

among

such

Participating

Funds

based

upon

the

relative

proportions

of

the

facility’s

aggregate

capacity

reserved

for

them

and

other

factors

deemed

relevant

by

the

Adviser

and

the

Board

of

each

Participating

Fund.

During

the

current

fiscal

period,

the

following

Funds

utilized

this

facility.

Each

Fund’s

maximum

outstanding

balance

during

the

utilization

period

was

as

follows:

During

the

Funds’

utilization

period(s)

during

the

current

fiscal

period,

the

average

daily

balance

outstanding

and

average

annual

interest

rate

on

the

Borrowings

were

as

follows:

Borrowings

outstanding

as

of

the

end

of

the

reporting

period,

if

any,

are

recognized

as

“Borrowings”

on

the

Statement

of

Assets

and

Liabilities,

where

applicable.

11.

Inter-Fund

Borrowing

and

Lending

Inter-Fund

Borrowing

and

Lending:

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.

Fund

Maximum

Outstanding

Balance

NMT

$

191,861

NMS

328,612

NOM

78,286

NPV

2,620,676

Fund

Utilization

Period

(Days

Outstanding)

Average

Daily

Balance

Outstanding

Average

Annual

Interest

Rate

NMT

4

$

51,841

6.41

%

NMS

3

328,612

6.53

NOM

3

78,286

6.53

NPV

4

1,173,681

6.41

63

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

reporting

period,

none

of

the

Funds

covered

by

this

shareholder

report

have

entered

into

any

inter-fund

loan

activity.

64

Shareholder

Meeting

Report

(Unaudited)

The

annual

meeting

of

shareholders

for

NMT

was

held

on

November

14,

2024;

at

this

meeting

the

shareholders

were

asked

to

elect

Board

Members.

The

vote

totals

for

NMT

are

set

forth

below:

NMT

Common

and

Preferred

shares

voting

together

as

a

class

Preferred

shares

voting

together

as

a

class

Approval

of

the

Board

Members

was

reached

as

follows:

Joanne

T.

Medero

For

5,296,802

—

Withhold

2,600,130

—

Total

7,896,932

—

Loren

M.

Starr

For

5,264,312

—

Withhold

2,632,620

—

Total

7,896,932

—

Matthew

Thornton

III

For

5,255,953

—

Withhold

2,640,979

—

Total

7,896,932

—

Albin

F.

Moschner

For

—

740

Withhold

—

—

Total

—

740

Margaret

L.

Wolff

For

—

740

Withhold

—

—

Total

—

740

65

Additional

Fund

Information

(U

naudited)

Portfolio

of

Investments

Information

Each

Fund

is

required

to

file

its

complete

schedule

of

portfolio

holdings

with

the

Securities

and

Exchange

Commission

(SEC)

for

the

first

and

third

quarters

of

each

fiscal

year

as

an

exhibit

to

its

report

on

Form

N-PORT.

You

may

obtain

this

information

on

the

SEC’s

website

at

http://www.sec.gov.

Nuveen

Funds’

Proxy

Voting

Information

You

may

obtain

(i)

information

regarding

how

each

fund

voted

proxies

relating

to

portfolio

securities

held

during

the

most

recent

twelve-month

period

ended

June

30,

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787

or

on

Nuveen’s

website

at

www.nuveen.com

and

(ii)

a

description

of

the

policies

and

procedures

that

each

fund

used

to

determine

how

to

vote

proxies

relating

to

portfolio

securities

without

charge,

upon

request,

by

calling

Nuveen

toll-free

at

(800)

257-8787.

You

may

also

obtain

this

information

directly

from

the

SEC.

Visit

the

SEC

on-line

at

http://www.sec.gov.

CEO

Certification

Disclosure

The

Fund’s

Chief

Executive

Officer

(CEO)

has

submitted

to

the

New

York

Stock

Exchange

(NYSE)

the

annual

CEO

certification

as

required

by

Section

303A.12(a)

of

the

NYSE

Listed

Company

Manual.

Each

Fund

has

filed

with

the

SEC

the

certification

of

its

CEO

and

Chief

Financial

Officer

required

by

Section

302

of

the

Sarbanes-Oxley

Act.

Common

Share

Repurchases

Each

Fund

intends

to

repurchase,

through

its

open-market

share

repurchase

program,

shares

of

its

own

common

stock

at

such

times

and

in

such

amounts

as

is

deemed

advisable.

During

the

period

covered

by

this

report,

each

Fund

repurchased

shares

of

its

common

stock

as

shown

in

the

accompanying

table.

Any

future

repurchases

will

be

reported

to

shareholders

in

the

next

annual

or

semi-annual

report.

FINRA

BrokerCheck

:

The

Financial

Industry

Regulatory

Authority

(FINRA)

provides

information

regarding

the

disciplinary

history

of

FINRA

member

firms

and

associated

investment

professionals.

This

information

as

well

as

an

investor

brochure

describing

FINRA

BrokerCheck

is

available

to

the

public

by

calling

the

FINRA

BrokerCheck

Hotline

number

at

(800)

289-9999

or

by

visiting

www.FINRA.org.

Board

of

Trustees

Joseph

A.

Boateng

Michael

A.

Forrester

Thomas

J.

Kenny

Amy

B.R.

Lancellotta

Joanne

T.

Medero

Albin

F.

Moschner

John

K.

Nelson

Loren

M.

Starr

Matthew

Thornton

III

Terence

J.

Toth

Margaret

L.

Wolff

Robert

L.

Young

Investment

Adviser

Nuveen

Fund

Advisors,

LLC

333

West

Wacker

Drive

Chicago,

IL

60606

Custodian

State

Street

Bank

&

Trust

Company

One

Congress

Street

Suite

1

Boston,

MA

02114-2016

Legal

Counsel

Chapman

and

Cutler

LLP

Chicago,

IL

60603

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

NMT

NMS

NOM

NPV

Common

shares

repurchased

0

0

0

0

66

Glossary

of

Terms

Used

in

this

Report

(U

naudited)

Average

Annual

Total

Return:

This

is

a

commonly

used

method

to

express

an

investment’s

performance

over

a

particular,

usually

multi-year

time

period.

It

expresses

the

return

that

would

have

been

necessary

each

year

to

equal

the

investment’s

actual

cumulative

performance

(including

change

in

NAV

or

offer

price

and

reinvested

dividends

and

capital

gains

distributions,

if

any)

over

the

time

period

being

considered.

Effective

Leverage:

Effective

leverage

is

a

fund’s

effective

economic

leverage,

and

includes

both

regulatory

leverage

(see

leverage)

and

the

leverage

effects

of

certain

derivative

investments

in

the

fund’s

portfolio.

Currently,

the

leverage

effects

of

Tender

Option

Bond

(TOB)

inverse

floater

holdings

are

included

in

effective

leverage

values,

in

addition

to

any

regulatory

leverage.

Escrowed

to

Maturity

Bond:

When

proceeds

of

a

refunding

issue

are

deposited

in

an

escrow

account

for

investment

in

an

amount

sufficient

to

pay

the

principal

and

interest

on

the

issue

being

refunded.

In

some

cases,

though,

an

issuer

may

expressly

reserve

its

right

to

exercise

an

early

call

of

bonds

that

have

been

escrowed

to

maturity.

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

refinancing,

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.

Zero

Coupon

Bond:

A

zero

coupon

bond

does

not

pay

a

regular

interest

coupon

to

its

holders

during

the

life

of

the

bond.

Income

to

the

holder

of

the

bond

comes

from

accretion

of

the

difference

between

the

original

purchase

price

of

the

bond

at

issuance

and

the

par

value

of

the

bond

at

maturity

and

is

effectively

paid

at

maturity.

The

market

prices

of

zero

coupon

bonds

generally

are

more

volatile

than

the

market

prices

of

bonds

that

pay

interest

periodically.

Nuveen

Securities,

LLC,

member

FINRA

and

SIPC

333

West

Wacker

Drive

Chicago,

IL

60606

www.nuveen.com

ESA-A-1124P

4082133-0126

Nuveen:

Serving

Investors

for

Generations

Since

1898,

financial

advisors

and

their

clients

have

relied

on

Nuveen

to

provide

dependable

investment

solutions

through

continued

adherence

to

proven,

long-term

investing

principles.

Today,

we

offer

a

range

of

high

quality

solutions

designed

to

be

integral

components

of

a

well-diversified

core

portfolio.

Focused

on

meeting

investor

needs.

Nuveen

is

the

investment

manager

of

TIAA.

We

have

grown

into

one

of

the

world’s

premier

global

asset

managers,

with

specialist

knowledge

across

all

major

asset

classes

and

particular

strength

in

solutions

that

provide

income

for

investors

and

that

draw

on

our

expertise

in

alternatives

and

responsible

investing.

Nuveen

is

driven

not

only

by

the

independent

investment

processes

across

the

firm,

but

also

the

insights,

risk

management,

analytics

and

other

tools

and

resources

that

a

truly

world-class

platform

provides.

As

a

global

asset

manager,

our

mission

is

to

work

in

partnership

with

our

clients

to

create

solutions

which

help

them

secure

their

financial

future.

Find

out

how

we

can

help

you.

To

learn

more

about

how

the

products

and

services

of

Nuveen

may

be

able

to

help

you

meet

your

financial

goals,

talk

to

your

financial

advisor,

or

call

us

at

(800)

257-8787.

Please

read

the

information

provided

carefully

before

you

invest.

Investors

should

consider

the

investment

objective

and

policies,

risk

considerations,

charges

and

expenses

of

any

investment

carefully.

Where

applicable,

be

sure

to

obtain

a

prospectus,

which

contains

this

and

other

relevant

information.

To

obtain

a

prospectus,

please

contact

your

securities

representative

or

Nuveen,

333

W.

Wacker

Dr.,

Chicago,

IL

60606.

Please

read

the

prospectus

carefully

before

you

invest

or

send

money.

Learn

more

about

Nuveen

Funds

at:

www.nuveen.com/closed-end-funds

NOT

FDIC

INSURED

MAY

LOSE

VALUE

NO

BANK

GUARANTEE

Item 2. Code of Ethics.

Not applicable to this filing.

Item 3. Audit Committee Financial Expert.

Not applicable to this filing.

Item 4. Principal Accountant Fees and Services.

Not applicable to this filing.

Item 5. Audit Committee of Listed Registrants.

Not applicable to this filing.

Item 6. Investments.

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

(b) Not applicable.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Not applicable to closed-end investment companies.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable to this filing.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to this filing.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to this filing.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders.

There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant’s Board implemented after the registrant last provided disclosure in response to this Item.

Item 16. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”) (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the “Exchange Act”) (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Not applicable to this filing.

(a)(2) Not applicable to this filing.

(a)(3) Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.

(a)(4) Not applicable.

(a)(5) Change in the registrant’s independent public accountant. Filed herewith.

(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 Massachusetts Quality Municipal Income Fund

Date: February 5, 2025	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer

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

Date: February 5, 2025	By:	/s/ David J. Lamb
		David J. Lamb
		Chief Administrative Officer (principal executive officer)

Date: February 5, 2025	By:	/s/ Marc Cardella
		Marc Cardella
		Vice President and Controller (principal financial officer)