Nuveen Virginia Quality Municipal Income Fund
02/05/2026 | Press release | Distributed by Public on 02/05/2026 10:19
Semi-Annual Report by Investment Company (Form N-CSRS)
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 811-07490 |
Nuveen Virginia 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, 2025
| Item 1. |
Reports to Stockholders. |
Closed-End Funds
Closed-End Funds
Nuveen Municipal
November 30,
2025
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
65
Additional Fund Information
66
Glossary of Terms Used in this Report
67
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 Fund Performance and
Holding Summaries section within this report.
NOM - Fund merger:
On September 17, 2025, the Fund's Board of Trustees approved the merger of Nuveen New Jersey Quality
Municipal Income Fund (NXJ), Nuveen Pennsylvania Quality Municipal Income Fund (NQP) and NOM into Nuveen Municipal High
Income Opportunity Fund (NMZ). Each merger is pending shareholder approval and is subject to other closing conditions.
4
Common Share Information
COMMON SHARE DISTRIBUTION INFORMATION
The following information regarding the Funds' distributions is current as of November 30, 2025. Each Fund's distribution levels
may vary over time based on each Fund's investment activity and portfolio investment value changes.
During the current fiscal period, each Fund's distributions to common shareholders were as shown in the accompanying table.
Each Fund's distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of its
common shares (stated in terms of a fixed cents per common share dividend distribution rate which may be set from time to time).
The Fund intends to distribute all or substantially all of its net investment income each year through its regular monthly distribution
and to distribute realized capital gains at least annually. In addition, in any monthly period, to maintain its declared per common
share distribution amount, the Fund may distribute more or less than its net investment income during the period. In the event the
Fund distributes more than its net investment income during any yearly period, such distributions may also include realized gains
and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share may erode. If the Fund's
distribution includes anything other than net investment income, the Fund will provide a notice to shareholders of its best estimate
of the distribution sources at that the time of the distribution. These estimates may not match the final tax characterization (for the
full year's distributions) contained in shareholders' 1099-DIV forms after the end of the year.
NUVEEN CLOSED-END FUND DISTRIBUTION AMOUNTS
The Nuveen Closed-End Funds' monthly and quarterly periodic distributions to shareholders are posted on www.nuveen.com
and can be found on Nuveen's enhanced closed-end fund resource page, which is at https://www.nuveen.com/resource-center-
closed-end-funds, along with other Nuveen closed-end fund product updates. To ensure timely access to the latest information,
shareholders may use a subscribe function, which can be activated at this web page (https://www.nuveen.com/subscriptions).
COMMON SHARE EQUITY SHELF PROGRAMS
During the current reporting period, NMT, 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, NMT, 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
0.0640
0.0665
0.0610
0.0650
October
0.0640
0.0665
0.0610
0.0650
November
0.0640
0.0665
0.0610
0.0650
Total Distributions from Net Investment Income
$0.4050
$0.4200
$0.3855
$0.4110
Yields
NMT
NMS
NOM
NPV
Market Yield*
6.67%
7.35%
6.57%
7.62%
Taxable-Equivalent Yield*
13.28%
14.91%
12.05%
14.23%
*
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%, 45.5% 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.
NMT
NMS
NPV
Maximum aggregate offering
900,000
600,000
1,800,000
5
During the current reporting period, NMT, 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.
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, 2025, (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.
NMT
NMS
NPV
Common shares sold through shelf offering
497,559
84,719
683,400
Weighted average premium to NAV per common share sold
5.22%
0.52%
1.12%
NMT
NMS
NOM
NPV
Common shares cumulatively repurchased and retired
26,148
10,000
0
55,000
Common shares authorized for repurchase
930,000
590,000
235,000
1,825,000
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
Income Fund
Fund Performance, Leverage and Holdings Summaries November 30,
2025
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, 2025
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NMT at Common Share NAV
3/18/93
7.42%
(0.21)%
(1.35)%
1.55%
NMT at Common Share Price
3/18/93
(1.20)%
4.95%
(0.23)%
2.87%
S&P Municipal Bond Index
-
4.99%
2.88%
1.14%
2.49%
S&P Municipal Bond Massachusetts Index
-
5.12%
2.70%
0.78%
2.16%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.34
$11.52
1.59%
4.68%
9
Leverage and Holdings
ion
Leverage
Effective Leverage
39.88%
Regulatory Leverage
39.88%
Fund Allocation
(% of net assets)
Municipal Bonds
163
.9
%
Short-Term Municipal Bonds
0
.2
%
Other Assets & Liabilities, Net
2.0%
VRDP Shares, Net
(
66
.1
)
%
Net Assets
100
%
Portfolio Credit Quality
(% of total investments)
AAA
17.1%
AA
48.4%
A
15.4%
BBB
12.2%
BB or Lower
1.0%
N/R (not rated)
5.9%
Total
100
%
Portfolio Composition
1
(% of total investments)
Education and Civic
Organizations
26.1%
Tax Obligation/General
23.0%
Health Care
20.1%
Tax Obligation/Limited
18.6%
Utilities
5.0%
Housing/Multifamily
2.6%
Transportation
2.3%
Other
2.3%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.
10
Nuveen Minnesota Quality Municipal Income
Fund
Fund Performance, Leverage and Holdings Summaries November 30,
2025
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, 2025
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NMS at Common Share NAV
6/25/93
7.70%
0.77%
(0.22)%
2.16%
NMS at Common Share Price
6/25/93
9.32%
(2.48)%
0.76%
3.09%
S&P Municipal Bond Index
-
4.99%
2.88%
1.14%
2.49%
S&P Municipal Bond Minnesota Index
-
4.92%
3.19%
1.06%
2.27%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.98
$12.00
0.17%
(0.70)%
11
Leverage and Holdings
Leverage
Effective Leverage
40.34%
Regulatory Leverage
40.34%
Fund Allocation
(% of net assets)
Municipal Bonds
166
.9
%
Other Assets & Liabilities, Net
0.7%
AMTP Shares, Net
(
67
.6
)
%
Net Assets
100
%
Portfolio Credit Quality
(% of total investments)
AAA
13.2%
AA
29.5%
A
25.4%
BBB
10.0%
BB or Lower
9.2%
N/R (not rated)
12.7%
Total
100
%
Portfolio Composition
1
(% of total investments)
Education and Civic
Organizations
21.9%
Health Care
21.2%
Tax Obligation/General
18.8%
Tax Obligation/Limited
13.5%
Utilities
8.1%
Transportation
6.1%
Long-Term Care
5.3%
Other
5.1%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.
12
Nuveen Missouri Quality Municipal Income
Fund
Fund Performance, Leverage and Holdings Summaries November 30,
2025
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, 2025
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NOM at Common Share NAV
5/20/93
7.85%
(0.24)%
(0.72)%
1.79%
NOM at Common Share Price
5/20/93
8.33%
11.64%
(0.02)%
1.30%
S&P Municipal Bond Index
-
4.99%
2.88%
1.14%
2.49%
S&P Municipal Bond Missouri Index
-
5.47%
3.32%
1.37%
2.58%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$10.75
$11.16
3.81%
3.95%
13
Leverage and Holdings
Leverage
Effective Leverage
41.03%
Regulatory Leverage
40.20%
Fund Allocation
(% of net assets)
Municipal Bonds
163
.6
%
Short-Term Municipal Bonds
4
.0
%
Other Assets & Liabilities, Net
1.4%
Floating Rate Obligations
(2.4)%
MFP Shares, Net
(
66
.6
)
%
Net Assets
100
%
Portfolio Credit Quality
(% of total investments)
AAA
1.2%
AA
54.7%
A
21.2%
BBB
7.2%
BB or Lower
5.0%
N/R (not rated)
10.7%
Total
100
%
Portfolio Composition
1
(% of total investments)
Tax Obligation/Limited
24.2%
Health Care
16.5%
Tax Obligation/General
14.7%
Utilities
12.7%
Education and Civic
Organizations
10.4%
Transportation
10.2%
Long-Term Care
6.2%
Other
5.1%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.
14
Nuveen Virginia Quality Municipal Income Fund
Fund Performance, Leverage and Holdings Summaries November 30,
2025
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, 2025
Cumulative
Average Annual
Inception
Date
6-Month
1-Year
5-Year
10-Year
NPV at Common Share NAV
3/18/93
8.17%
(0.34)%
(0.57)%
2.11%
NPV at Common Share Price
3/18/93
5.58%
(8.47)%
(1.26)%
2.83%
S&P Municipal Bond Index
-
4.99%
2.88%
1.14%
2.49%
S&P Municipal Bond Virginia Index
-
4.97%
2.83%
0.95%
2.33%
Common
Share
NAV
Common
Share Price
Premium/(Discount)
to NAV
Average
Premium/(Discount)
to NAV
$11.60
$11.34
(2.24)%
(0.01)%
15
Leverage and Holdings
Leverage
Effective Leverage
39.81%
Regulatory Leverage
36.56%
Fund Allocation
(% of net assets)
Municipal Bonds
162
.7
%
Other Assets & Liabilities, Net
3.3%
Floating Rate Obligations
(8.5)%
VRDP Shares, Net
(
57
.5
)
%
Net Assets
100
%
Portfolio Credit Quality
(% of total investments)
AAA
5.4%
AA
42.7%
A
14.7%
BBB
14.0%
BB or Lower
5.2%
N/R (not rated)
18.0%
Total
100
%
Portfolio Composition
1
(% of total investments)
Transportation
29.8%
Health Care
19.6%
Tax Obligation/Limited
13.8%
Housing/Multifamily
9.0%
Education and Civic
Organizations
8.1%
Long-Term Care
6.4%
U.S. Guaranteed
4.4%
Other
8.9%
Total
100%
1
See the Portfolio of Investments for the remaining industries/sectors comprising "Other" and not listed in the table above.
16
Portfolio of Investments November 30, 2025
NMT
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 163.9% (99.9% of Total Investments)
X
182,902,090
MUNICIPAL BONDS - 163.9% (99.9% of Total Investments)
X
-
EDUCATION AND CIVIC ORGANIZATIONS - 42.6% (26.0% of Total Investments)
$
210,000
Lowell, Massachusetts, Collegiate Charter School Revenue
Bonds, Series 2019
5.000
%
06/15/49
$
200,105
3,515,000
Massachusetts Development Finance Agency, Revenue Bonds,
Berklee College of Music, Series 2016
5.000
10/01/39
3,550,925
730,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston College, Series 2017T
5.000
07/01/42
743,343
5,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Refunding Series 2023FF
4.000
10/01/46
4,800,151
1,700,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Refunding Series 2025B-2
5.000
10/01/48
1,812,077
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2017A
5.000
01/01/34
2,046,139
2,240,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2017A
5.000
01/01/37
2,277,975
1,955,000
Massachusetts Development Finance Agency, Revenue Bonds,
Lesley University, Series 2016
5.000
07/01/35
1,964,718
450,000
Massachusetts Development Finance Agency, Revenue Bonds,
MCPHS University Issue, Series 2015H
3.500
07/01/35
446,275
190,000
Massachusetts Development Finance Agency, Revenue Bonds,
MCPHS University Issue, Series 2015H
5.000
07/01/37
190,224
1,200,000
Massachusetts Development Finance Agency, Revenue Bonds,
Merrimack College, Series 2017
5.000
07/01/47
1,175,957
500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Merrimack College, Series 2022
5.000
07/01/52
487,823
380,000
Massachusetts Development Finance Agency, Revenue Bonds,
Middlesex School, Series 2024
4.250
07/01/54
358,669
535,000
Massachusetts Development Finance Agency, Revenue Bonds,
Smith College, Series 2025
4.000
07/01/45
523,979
450,000
Massachusetts Development Finance Agency, Revenue Bonds,
Suffolk University, Refunding Series 2019
5.000
07/01/36
457,301
1,250,000
Massachusetts Development Finance Agency, Revenue Bonds,
The Broad Institute, Series 2017
5.000
04/01/36
1,287,408
875,000
Massachusetts Development Finance Agency, Revenue Bonds,
Tufts University, Series 2015Q
5.000
08/15/38
875,379
1,250,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wentworth Institute of Technology, Series 2017
5.000
10/01/46
1,221,601
1,325,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wheaton College, Series 2017H
5.000
01/01/42
1,327,967
1,510,000
Massachusetts Development Finance Agency, Revenue Bonds,
Woods Hole Oceanographic Institution, Series 2018
5.000
06/01/43
1,546,661
840,000
Massachusetts Development Finance Agency, Revenue Bonds,
Worcester Polytechnic Institute, Series 2016
5.000
09/01/37
850,035
550,000
Massachusetts Development Finance Agency, Revenue Bonds,
Worcester Polytechnic Institute, Series 2017
5.000
09/01/42
558,749
2,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Worcester Polytechnic Institute, Series 2017B
5.000
09/01/42
2,539,346
1,500,000
Massachusetts Development Finance Authority, Revenue Bonds,
Olin College, Refunding Series 2023G
5.250
11/01/51
1,588,155
500,000
Massachusetts Development Finance Authority, Revenue Bonds,
Suffolk University, Refunding Series 2017
5.000
07/01/35
504,654
3,000,000
Massachusetts Development Finance Authority, Revenue Bonds,
WGBH Educational Foundation, Series 2002A - AMBAC Insured
5.750
01/01/42
3,515,276
2,495,000
Massachusetts Development Finance Authority, Revenue Bonds,
WGBH Educational Foundation, Series 2016
5.000
01/01/40
2,505,338
895,000
Massachusetts Development Finance Authority, Revenue
Refunding Bonds, Boston University, Series 1999P
6.000
05/15/29
950,502
1,000,000
Massachusetts Development Finance Authority, Revenue
Refunding Bonds, Boston University, Series 1999P
6.000
05/15/59
1,096,874
2,900,000
University of Massachusetts Building Authority, Project Revenue
Bonds, Senior Series 2022-1
5.000
11/01/52
2,988,088
17
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
3,000,000
University of Massachusetts Building Authority, Project Revenue
Bonds, Senior Series 2024-1
5.000
%
11/01/46
$
3,183,139
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
47,574,833
HEALTH CARE - 32.9% (20.1% of Total Investments)
1,340,000
Massachusetts Development Finance Agency Revenue Bonds,
South Shore Hospital, Series 2016I
5.000
07/01/41
1,341,955
1,100,000
Massachusetts Development Finance Agency, Revenue Bonds,
Baystate Medical Center Issue, Series 2014N
5.000
07/01/44
1,100,449
2,600,000
Massachusetts Development Finance Agency, Revenue Bonds,
Beth Israel Lahey Health Inc Series 2025N
5.500
07/01/50
2,799,336
3,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Children's Hospital Series 2024T
4.000
03/01/54
2,821,227
500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2016E
5.000
07/01/32
503,808
2,350,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2023G
5.250
07/01/48
2,377,661
1,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2023G
5.250
07/01/52
1,509,320
1,675,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Refunding Series 2016-I
5.000
07/01/30
1,695,848
1,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/38
1,558,291
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5.000
07/01/53
2,020,217
2,800,000
Massachusetts Development Finance Agency, Revenue Bonds,
Dana-Farber Cancer Institute Issue, Series 2016N
5.000
12/01/46
2,815,737
3,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Lahey Health System Obligated Group Issue, Series 2015F
5.000
08/15/45
3,500,986
2,145,000
Massachusetts Development Finance Agency, Revenue Bonds,
Mass General Brigham, Series 2020A-2
5.000
07/01/39
2,274,687
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Mass General Brigham, Series 2024D
5.000
07/01/54
2,060,918
820,000
Massachusetts Development Finance Agency, Revenue Bonds,
Southcoast Health System Obligated Group Issue, Series 2013F
5.000
07/01/37
820,733
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
The Lowell General Hospital, Series 2013G
5.000
07/01/37
995,828
2,200,000
Massachusetts Development Finance Agency, Revenue Bonds,
The Lowell General Hospital, Series 2013G
5.000
07/01/44
2,118,280
610,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017K
5.000
07/01/38
615,839
400,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017L
3.625
07/01/37
365,354
1,095,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017L
5.000
07/01/44
1,094,074
1,390,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Issue Series 2025N-1
5.250
07/01/50
1,420,477
280,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wellforce Issue, Series 2019A
5.000
07/01/44
277,424
700,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wellforce Issue, Series 2020C - AGM Insured
4.000
10/01/45
645,303
TOTAL HEALTH CARE
36,733,752
HOUSING/MULTIFAMILY - 4.3% (2.6% 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
517,386
215,000
Massachusetts Housing Finance Agency, Housing Bonds, Series
2003H
5.125
06/01/43
215,055
660,000
Massachusetts Housing Finance Agency, Housing Bonds, Series
2019B-1
3.100
12/01/44
544,508
1,335,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2020D-1
2.550
12/01/50
888,063
Portfolio of Investments November 30, 2025
(continued)
NMT
18
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
2,500,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2022C-1
5.100
%
12/01/52
$
2,583,823
TOTAL HOUSING/MULTIFAMILY
4,748,835
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
505,518
TOTAL HOUSING/SINGLE FAMILY
505,518
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
968,780
250,000
(a)
Massachusetts Development Finance Agency Revenue
Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series
2017
5.000
10/01/47
248,375
460,000
Massachusetts Development Finance Agency, Revenue Bonds,
Berkshire Retirement Community Lennox, Series 2015
5.000
07/01/31
460,458
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Orchard Cove, Inc., Refunding Series 2019
5.000
10/01/49
988,720
1,020,000
Massachusetts Development Finance Agency, Revenue Bonds,
Salem Community Corporation, Refunding Series 2022
5.125
01/01/40
1,022,111
TOTAL LONG-TERM CARE
3,688,444
TAX OBLIGATION/GENERAL - 37.8% (23.0% of Total Investments)
2,000,000
Boston, Massachusetts, General Obligation Bonds, Series 2025A
5.000
02/01/44
2,182,305
2,000,000
Concord, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2023
4.000
01/15/53
1,929,608
1,765,000
East Longmeadow, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan Series 2024
4.000
11/01/54
1,666,866
2,000,000
Greater Fall River Regional Vocational Technical School District,
Massachusetts, State Qualified General Obligation Bonds, School
Project Loan, Chapter 70B Series 2025
5.000
06/01/49
2,095,078
1,240,000
Hudson, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2011
5.000
02/15/32
1,242,407
3,000,000
Lincoln, Massachusetts, General Obligation Bonds, School Series
2019
4.000
03/01/49
2,935,045
2,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2015C
5.000
07/01/45
2,001,240
4,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2019A
5.000
01/01/49
4,085,043
1,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2019C
5.000
05/01/45
1,029,553
3,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2022C
5.000
10/01/47
3,145,732
2,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2024A
5.000
01/01/54
2,086,461
5,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Series 2023D
5.000
10/01/51
5,227,278
1,155,000
Massachusetts State, General Obligation Bonds, Consolidated
Series 2024B
5.000
05/01/54
1,206,642
1,775,000
North Reading, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan Series 2012
5.000
05/15/35
1,778,105
2,370,000
Northeast Metropolitan Regional Vocational Technical School
District, Massachusetts, General Obligation Bonds, School Series
2024
4.000
05/15/45
2,300,083
2,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4.000
07/01/46
1,779,572
2,000,000
Quincy, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2022A
5.000
06/01/50
2,081,053
1,625,000
Revere, Massachusetts, General Obligation Bonds, State
Qualified Municipal Purpose Loan Series 2022
4.000
08/01/42
1,624,238
1,745,000
Revere, Massachusetts, General Obligation Bonds, State
Qualified Municipal Purpose Loan Series 2022
4.000
08/01/43
1,726,504
TOTAL TAX OBLIGATION/GENERAL
42,122,813
19
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED - 30.5% (18.6% of Total Investments)
$
500,000
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds,
Refunding Green Series 2017 - BAM Insured
5.000
%
05/01/35
$
513,932
3,000,000
Massachusetts Bay Transportation Authority, Assessment Bonds,
Sustainability Series 2022A-2
5.000
07/01/52
3,117,576
5,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Series 2023A-1
5.250
07/01/48
5,364,461
2,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Series 2025B
5.000
07/01/50
2,120,364
1,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Sustainability Series 2024B
5.250
07/01/54
1,069,835
3,185,000
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue Bonds, Senior Series 2016B
5.000
11/15/46
3,205,617
1,000,000
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue Bonds, Subordinated Series 2018A
5.250
02/15/48
1,023,731
1,000,000
Massachusetts School Building Authority, Senior Dedicated Sales
Tax Revenue Bonds, Subordinated Social Series 2025A
5.250
02/15/50
1,073,950
2,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement & Accelerated Bridge Programs, Series 2019A
5.000
06/01/49
2,042,721
5,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2023B
5.000
06/01/49
5,240,108
2,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2024A
5.000
06/01/53
2,097,514
485,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5.000
10/01/39
503,533
775,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4.750
07/01/53
737,801
4,709,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
4,591,114
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
959,175
425,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2012A - AGM Insured
5.000
10/01/32
426,247
TOTAL TAX OBLIGATION/LIMITED
34,087,679
TRANSPORTATION - 3.8% (2.3% of Total Investments)
1,000,000
Massachusetts Port Authority, Revenue Bonds, Series 2014A
5.000
07/01/39
1,000,926
2,500,000
Massachusetts Port Authority, Revenue Bonds, Series 2014A
5.000
07/01/44
2,501,187
715,000
Massachusetts Port Authority, Revenue Bonds, Series 2015A
5.000
07/01/40
715,572
TOTAL TRANSPORTATION
4,217,685
UTILITIES - 8.3% (5.0% of Total Investments)
1,250,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Refunding Series 2017
5.000
07/01/37
1,273,890
420,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Refunding Series 2017
5.000
07/01/40
426,164
415,000
Lynn Water and Sewer Commission, Massachusetts, General
Revenue Bonds, Series 2003A - NPFG Insured
5.000
12/01/32
415,508
4,445,000
Massachusetts Municipal Wholesale Electric Company, MMWEC,
Revenue Bonds, Project 2015A, Series 2021A
4.000
07/01/46
4,235,307
815,000
Massachusetts Water Resources Authority, General Revenue
Bonds, Green Series 2024B
5.000
08/01/49
863,389
1,000,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
984,383
1,000,000
Springfield Water and Sewer Commission, Massachusetts,
General Revenue Bonds, Series 2017C
5.000
04/15/37
1,023,890
TOTAL UTILITIES
9,222,531
TOTAL MUNICIPAL BONDS
(Cost $183,101,142)
182,902,090
TOTAL LONG-TERM INVESTMENTS
(Cost $183,101,142)
182,902,090
Portfolio of Investments November 30, 2025
(continued)
NMT
20
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 0.2% (0.1% of Total Investments)
X
200,000
MUNICIPAL BONDS - 0.2% (0.1% of Total Investments)
X
-
EDUCATION AND CIVIC ORGANIZATIONS - 0.2% (0.1% of Total Investments)
$
200,000
(b)
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Variable Rate Demand Series 2008U-6C
2.050
%
10/01/42
$
200,000
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
200,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $200,000)
200,000
TOTAL INVESTMENTS - 164.1%
(Cost $183,301,142)
183,102,090
VRDP SHARES, NET - (66.1)% (c)
(73,792,704)
OTHER ASSETS & LIABILITIES, NET - 2.0%
2,250,313
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
111,559,699
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $2,718,924 or 1.5% of Total Investments.
(b)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
(c)
VRDP Shares, Net as a percentage of Total Investments is 40.3%.
21
Portfolio of Investments November 30, 2025
NMS
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 166.9% (100.0% of Total Investments)
X
122,902,014
MUNICIPAL BONDS - 166.9% (100.0% of Total Investments)
X
-
EDUCATION AND CIVIC ORGANIZATIONS - 36.6% (21.9% of Total Investments)
$
450,000
City of Ham Lake, Minnesota, Charter School Lease Revenue
Bonds, DaVinci Academy Project,Series 2016A
4
.000
%
07/01/28
$
442,737
50,000
City of Ham Lake, Minnesota, Charter School Lease Revenue
Bonds, DaVinci Academy Project,Series 2016A
5
.000
07/01/36
48,932
500,000
Deephaven, Minnesota, Charter School Lease Revenue Bonds,
Eagle Ridge Academy Project, Series 2015A
5
.250
07/01/40
500,180
570,000
Forest Lake, Minnesota, Charter School Lease Revenue Bonds,
Lakes International Language Academy, Series 2014A
5
.750
08/01/44
570,146
750,000
Forest Lake, Minnesota, Charter School Lease Revenue Bonds,
Lakes International Language Academy, Series 2019A
5
.250
08/01/43
751,462
100,000
Greenwood, Minnesota, Charter School Lease Revenue Bonds,
Main Street School of Performing Arts Project, Series 2016A
5
.000
07/01/47
83,941
2,200,000
Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble
Academy Project, Series 2014A
5
.000
07/01/44
2,102,233
1,575,000
Independence, Minnesota, Charter School Lease Revenue
Bonds, Beacon Academy Project, Series 2016A
5
.000
07/01/46
1,379,649
250,000
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Yinghua Academy Project, Series 2013A
6
.000
07/01/33
250,270
1,425,000
Minneapolis, Minnesota, Charter School Lease Revenue Bonds,
Yinghua Academy Project, Series 2013A
6
.000
07/01/43
1,425,549
500,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
Bethel University, Refunding Series 2017
5
.000
05/01/37
499,430
300,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
Bethel University, Refunding Series 2017
5
.000
05/01/47
271,650
1,580,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
Carleton College, Refunding Series 2017
4
.000
03/01/42
1,581,034
1,000,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
Carleton College, Refunding Series 2017
5
.000
03/01/44
1,009,051
2,000,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
Carleton College, Series 2023
5
.000
03/01/53
2,098,766
500,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
College of Saint Scholastica, Inc., Refunding Series 2019
4
.000
12/01/34
479,850
425,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
College of Saint Scholastica, Inc., Refunding Series 2019
4
.000
12/01/40
381,071
305,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
College of St. Benedict, Series 2016-8K
4
.000
03/01/43
263,176
600,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
Macalester College, Refunding Series 2017
4
.000
03/01/48
558,059
225,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
Saint Catherine University, Refunding Series 2018A
5
.000
10/01/45
220,993
750,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
University of Saint Thomas, Series 2019
5
.000
10/01/35
796,425
710,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
University of Saint Thomas, Series 2022B
4
.125
10/01/41
714,224
2,445,000
Minnesota Higher Education Facilities Authority, Revenue Bonds,
University of Saint Thomas, Series 2022B
5
.000
10/01/47
2,501,970
705,000
Otsego, Minnesota, Charter School Lease Revenue Bonds,
Kaleidoscope Charter School Project, Series 2014A
5
.000
09/01/44
616,186
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
506,633
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
1,035,854
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
1,000,166
1,025,000
(a)
Saint Paul Housing & Redevelopment Authority, Minnesota,
Charter School Lease Revenue Bonds, Twin Cities Academy
Project, Refunding Series 2025A
5
.750
07/01/45
1,027,913
Portfolio of Investments November 30, 2025
(continued)
NMS
22
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION AND CIVIC ORGANIZATIONS
(continued)
$
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
$
1,571,622
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
318,643
1,000,000
Savage, Minnesota Charter School Lease Revenue Bonds, Aspen
Academy Project, Series 2016A
5
.000
10/01/41
942,368
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
485,820
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
476,720
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
26,912,723
HEALTH CARE - 35.4% (21.2% of Total Investments)
250,000
Chippewa County, Minnesota, Gross Revenue Hospital Bonds,
Montevideo Hospital Project, Refunding Series 2016
4
.000
03/01/32
250,069
180,000
City of Plato, Minnesota, Health Care Facilities Revenue Bonds,
Glencoe Regional Health Services Project, Series 2017
5
.000
04/01/41
180,664
1,400,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated Group,
Series 2018A
5
.000
02/15/43
1,422,254
5,050,000
Duluth Economic Development Authority, Minnesota, Health
Care Facilities Revenue Bonds, Essentia Health Obligated Group,
Series 2018A
5
.000
02/15/53
5,092,705
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
360,284
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
156,792
400,000
Glencoe, Minnesota, Health Care Facilities Revenue Bonds,
Glencoe Regional Health Services Project, Series 2013
4
.000
04/01/27
399,991
230,000
Glencoe, Minnesota, Health Care Facilities Revenue Bonds,
Glencoe Regional Health Services Project, Series 2013
4
.000
04/01/31
230,004
500,000
Maple Grove, Minnesota, Health Care Facilities Revenue
Refunding Bonds, North Memorial Health Care, Series 2015
4
.000
09/01/35
495,976
200,000
Maple Grove, Minnesota, Health Care Facility Revenue Bonds,
North Memorial Health Care, Series 2017
5
.000
05/01/31
203,095
165,000
Maple Grove, Minnesota, Health Care Facility Revenue Bonds,
North Memorial Health Care, Series 2017
5
.000
05/01/32
167,446
1,500,000
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Allina Health System, Series 2021
4
.000
11/15/36
1,514,602
500,000
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Allina Health System, Series 2021
4
.000
11/15/39
499,492
265,000
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Fairview Health Services, Series 2015A
4
.000
11/15/40
251,883
1,000,000
Minneapolis, Minnesota, Health Care System Revenue Bonds,
Fairview Health Services, Series 2018A
4
.000
11/15/48
860,620
125,000
Minneapolis-Saint Paul Housing and Redevelopment Authority,
Minnesota, Health Care System Revenue Bonds, Children's
Health Care, Series 2025
5
.000
08/15/44
131,424
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
1,040,017
915,000
Rochester, Minnesota, Health Care Facilities Revenue Bonds,
Mayo Clinic, Series 2018A
4
.000
11/15/48
871,346
1,000,000
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare
Health System, Series 2016A
4
.000
05/01/37
1,000,757
1,675,000
Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare
Health System, Series 2019
5
.000
05/01/48
1,703,543
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
3,920,566
23
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
1,000,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Facility Revenue Bonds, HealthPartners Obligated
Group, Refunding Series 2025
5
.000
%
07/01/33
$
1,122,642
230,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
4
.000
11/15/36
229,265
240,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
4
.000
11/15/37
235,958
2,170,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
4
.000
11/15/43
1,944,624
1,000,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Health Care Revenue Bonds, Fairview Health Services, Series
2017A
5
.000
11/15/47
990,168
800,000
Saint Paul Port Authority, Minnesota, Lease Revenue Bonds,
Regions Hospital Parking Ramp Project, Series 2007-1
5
.000
08/01/36
800,579
TOTAL HEALTH CARE
26,076,766
HOUSING/SINGLE FAMILY - 2.3% (1.4% of Total Investments)
40,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2013C
3
.900
07/01/43
38,686
20,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Series 2014C
3
.500
01/01/32
20,006
675,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
4
.500
01/01/37
704,892
905,000
Minnesota Housing Finance Agency, Residential Housing
Finance Bonds, Social Series 2025F
4
.500
07/01/37
943,136
TOTAL HOUSING/SINGLE FAMILY
1,706,720
INDUSTRIALS - 6.3% (3.7% 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
1,412,248
600,000
Minneapolis, Minnesota, Limited Tax Supported Development
Revenue Bonds, Common Bond Fund Series 2013-1
4
.750
06/01/39
603,909
2,650,000
(b)
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
2,598,752
TOTAL INDUSTRIALS
4,614,909
LONG-TERM CARE - 8.8% (5.3% 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
705,603
300,000
Apple Valley, Minnesota, Senior Housing Revenue Bonds, PHS
Apple Valley Senior Housing, Inc. Orchard Path Phase III Project,
Series 2025A
5
.500
09/01/55
303,885
250,000
Bethel, Minnesota, Housing and Health Care Facilities Revenue
Bonds, Ecumen Obligated Group Series 2024A
6
.250
03/01/54
240,636
875,000
Cold Spring, Minnesota, Health Care Facilities Revenue Bonds,
Assumption Home, Inc., Refunding Series 2013
5
.200
03/01/43
814,559
175,000
Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield
Senior Housing, Inc., Refunding Series 2015
5
.250
01/01/40
150,595
850,000
Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield
Senior Housing, Inc., Refunding Series 2015
5
.250
01/01/46
675,370
500,000
(b)
Dakota County Community Development Agency, Minnesota,
Senior Housing Revenue Bonds, Walker Highview Hills LLC
Project, Refunding Series 2016A
5
.000
08/01/51
454,150
750,000
Minneapolis, Minnesota, Senior Housing and Healthcare
Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015
5
.250
11/01/45
711,838
215,000
Saint Joseph, Minnesota, Senior Housing and Healthcare
Revenue Bonds, Woodcrest of Country Manor Project, Series
2019 A
5
.000
07/01/55
194,583
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
424,861
Portfolio of Investments November 30, 2025
(continued)
NMS
24
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE
(continued)
$
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
$
493,182
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
341,930
560,000
Sauk Rapids, Minnesota, Health Care and Housing Facilities
Revenue Bonds, Good Shepherd Luthran Home, Refunding
Series 2013
5
.125
01/01/39
499,857
500,000
Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone
Senior Living Community, Refunding Series 2019
5
.000
08/01/49
491,960
TOTAL LONG-TERM CARE
6,503,009
TAX OBLIGATION/GENERAL - 31.4% (18.8% 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
2,328,129
1,015,000
Brainerd Independent School District 181, Crow Wing County,
Minnesota, General Obligation Bonds, Facilities Maintenance
Series 2018D
4
.000
02/01/38
1,022,775
1,055,000
Brainerd Independent School District 181, Crow Wing County,
Minnesota, General Obligation Bonds, Facilities Maintenance
Series 2018D
4
.000
02/01/39
1,060,926
750,000
Brainerd Independent School District 181, Crow Wing County,
Minnesota, General Obligation Bonds, School Building Series
2018A
4
.000
02/01/42
751,632
1,020,000
Brooklyn Center Independent School District 286, Minnesota,
General Obligation Bonds, Series 2018A
4
.000
02/01/43
1,020,939
1,000,000
Corcoran, Minnesota, General Obligation Bonds, Series 2023A -
BAM Insured
4
.000
02/01/48
960,243
500,000
Dover-Eyota Independent School District 533, Minnesota,
General Obligation Bonds, School Building Facilities
Maintenance Series 2023A
4
.000
02/01/44
501,123
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
521,465
1,500,000
Hennepin County, Minnesota, General Obligation Bonds, Series
2024A
5
.000
12/01/43
1,643,974
1,000,000
Independent School District 621, Mounds View, Minnesota,
General Obligation Bonds, School Building Series 2018A
4
.000
02/01/42
1,003,083
1,145,000
Independent School District No. 2397 (Le Sueur-Henderson),
Minnesota, General Obligation School Building Bonds, Series
2022A
5
.000
02/01/36
1,263,843
1,000,000
Independent School District No. 2397 (Le Sueur-Henderson),
Minnesota, General Obligation School Building Bonds, Series
2022A
4
.500
02/01/41
1,033,960
1,500,000
Maple River Independent School District 2135, Minnesota,
General Obligation Bonds, School Building Series 2020A
4
.000
02/01/50
1,426,258
1,345,000
Minneapolis, Minnesota, General Obligation Bonds,
Improvement & Various Purpose Series 2018
4
.000
12/01/40
1,352,499
310,000
Minnetonka Independent School District 276, Hennepin County,
Minnesota, General Obligation Bonds, Facilities Maintenance
Series 2023B
5
.000
02/01/39
338,975
1,000,000
Roseville Independent School District 623, Ramsey County,
Minnesota, General Obligation Bonds, School Building Series
2018A
4
.000
02/01/34
1,012,546
1,000,000
Round Lake-Brewster Independent School District 2907,
Minnesota, General Obligation Bonds, School Building Series
2023A
4
.000
02/01/42
1,008,554
1,000,000
Saint James Independent School District 840, Minnesota,
General Obligation Bonds, School Building Series 2015B
4
.000
02/01/45
980,917
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
1,086,071
800,000
Sartell, Minnesota, General Obligation Bonds, Series 2022A
4
.000
02/01/43
802,208
25
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/GENERAL
(continued)
$
1,500,000
Sibley East Independent School District 2310, Sibley, Minnesota,
General Obligation Bonds, School Building Series 2015A
4
.000
%
02/01/40
$
1,500,106
470,000
(a)
Yellow Medicine East Independent School District 2190,
Minnesota, General Obligation Bonds, Series 2025A
4
.125
02/01/47
462,139
TOTAL TAX OBLIGATION/GENERAL
23,082,365
TAX OBLIGATION/LIMITED - 22.5% (13.5% of Total Investments)
1,000,000
Anoka-Hennepin Independent School District 11, Minnesota,
Certificates of ParticIpation, Series 2015A
4
.000
02/01/41
987,884
500,000
Elbow Lake Economic Development Authority, Minnesota, Lease
Revenue Bonds, Grant County Public Project, Series 2023A
5
.000
12/15/44
506,799
500,000
Minneapolis, Minnesota, Tax Incriment Revenue Bonds, Ivy Tower
Project, Series 2015
5
.000
03/01/29
500,166
1,255,000
Minnesota Department of Iron Range Resource and
Rehabilitation, Educational Facilities Revenue Bonds, Series
2023A
5
.000
10/01/42
1,363,211
1,495,000
Minnesota Department of Iron Range Resource and
Rehabilitation, Revenue Bonds, Series 2024A
5
.000
10/01/43
1,611,562
200,000
Minnesota Housing Finance Agency, Housing Infrastructure State
Appropriation Bonds, Series 2017A
4
.000
08/01/35
202,174
500,000
Minnesota Housing Finance Agency, Housing Infrastructure State
Appropriation Bonds, Series 2018D
4
.000
08/01/39
503,074
1,000,000
Minnesota Housing Finance Agency, Housing Infrastructure State
Appropriation Bonds, Series 2022A
5
.000
08/01/40
1,082,510
2,230,000
Minnesota Housing Finance Agency, Nonprofit Housing Bonds,
State Appropriation Series 2011
5
.000
08/01/31
2,234,234
1,500,000
Minnesota State, Certificates of Participation, State Office
Building Project, Series 2023
5
.000
11/01/43
1,628,015
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
1,614,749
1,000,000
Northeast Metropolitan Intermediate School District 916, White
Bear Lake, Minnesota, Certificates of Particpation, Series 2015A
3
.750
02/01/36
1,000,268
750,000
Northeast Metropolitan Intermediate School District 916, White
Bear Lake, Minnesota, Certificates of Particpation, Series 2015B
4
.000
02/01/42
749,962
250,000
Rum River Special Education Cooperative, Minnesota,
Certificates of Participation, Series 2025A
5
.500
02/01/46
255,542
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
145,234
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
500,119
410,000
Saint Paul Housing and Redevelopment Authority, Minnesota,
Multifamily Housing Revenue Bonds, 2700 University at Westgate
Station, Series 2015B
4
.875
04/01/30
410,115
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
736,354
635,000
Zumbro Education District 6012, Minnesota, Certificates of
Participation Series 2021A
4
.000
02/01/41
566,373
TOTAL TAX OBLIGATION/LIMITED
16,598,345
TRANSPORTATION - 10.1% (6.1% 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
315,706
500,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien
Series 2019A
5
.000
01/01/44
513,886
250,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien
Series 2019A
5
.000
01/01/49
254,618
1,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien
Series 2019B, (AMT)
5
.000
01/01/44
1,009,528
Portfolio of Investments November 30, 2025
(continued)
NMS
26
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
2,000,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien
Series 2019B, (AMT)
5
.000
%
01/01/49
$
2,012,574
1,600,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C
5
.000
01/01/46
1,612,196
500,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2022A
5
.000
01/01/52
513,713
1,175,000
Minneapolis-St. Paul Metropolitan Airports Commission,
Minnesota, Airport Revenue Bonds, Subordinate Lien Series
2022B, (AMT)
5
.250
01/01/47
1,214,791
TOTAL TRANSPORTATION
7,447,012
UTILITIES - 13.5% (8.1% of Total Investments)
525,000
(a)
Blue Earth, Minnesota Electric Revenue Bonds, Series 2025A
5
.000
06/01/51
519,079
415,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2016
5
.000
01/01/46
415,314
30,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2020A
5
.000
01/01/50
30,257
500,000
Minnesota Municipal Power Agency, Electric Revenue Bonds,
Refunding Series 2014A
4
.000
10/01/33
500,459
965,000
Minnesota Municipal Power Agency, Electric Revenue Bonds,
Series 2016
5
.000
10/01/35
976,729
2,795,000
Minnesota Municipal Power Agency, Electric Revenue Bonds,
Series 2016
5
.000
10/01/47
2,800,881
250,000
(a)
Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B
5
.000
12/01/54
250,009
655,000
Saint Paul Port Authority, Minnesota, District Energy Revenue
Bonds, Series 2021-1. 501 C3
4
.000
10/01/41
641,489
200,000
Saint Paul Port Authority, Minnesota, District Energy Revenue
Bonds, Series 2023-3
4
.750
10/01/43
204,157
100,000
Southern Minnesota Municipal Power Agency, Power Supply
System Revenue Bonds, Series 1994A - NPFG Insured
0
.000
01/01/26
99,717
250,000
Southern Minnesota Municipal Power Agency, Power Supply
System Revenue Bonds, Series 2025A
5
.000
01/01/42
277,565
3,200,000
Western Minnesota Municipal Power Agency, Minnesota, Power
Supply Revenue Bonds, Series 2018A
5
.000
01/01/49
3,244,509
TOTAL UTILITIES
9,960,165
TOTAL MUNICIPAL BONDS
(Cost $123,938,273)
122,902,014
TOTAL LONG-TERM INVESTMENTS
(Cost $123,938,273)
122,902,014
AMTP SHARES, NET - (67.6)% (c)
(
49,785,250
)
OTHER ASSETS & LIABILITIES, NET - 0.7%
521,365
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
73,638,129
AMT
Alternative Minimum Tax
(a)
When-issued or delayed delivery security.
(b)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the fiscal period, the aggregate value of these securities is $3,052,902 or 2.5% of Total Investments.
(c)
AMTP Shares, Net as a percentage of Total Investments is 40.5%.
27
Portfolio of Investments November 30, 2025
NOM
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 163.6% (97.6% of Total Investments)
X
41,381,194
MUNICIPAL BONDS - 163.6% (97.6% of Total Investments)
X
-
CONSUMER STAPLES - 4.4% (2.6% 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
$
1,119,572
TOTAL CONSUMER STAPLES
1,119,572
EDUCATION AND CIVIC ORGANIZATIONS - 13.5% (8.0% 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
410,172
600,000
Missouri Health and Educational Facilities Authority, Educational
Facilities Revenue Bonds, Southwest Baptist University Project,
Series 2012
5.000
10/01/33
587,939
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Maryville University of St. Louis Project, Series 2025A
5.000
06/15/40
514,638
1,000,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Saint Louis University, Series 2015A
4.000
10/01/42
994,696
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Saint Louis University, Series 2019A
5.000
10/01/46
511,689
115,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Webster University, Refunding Series 2017
4.000
04/01/34
94,287
210,000
Missouri Southern State University, Auxiliary Enterprise System
Revenue Bonds, Series 2019A - AGM Insured
4.000
10/01/39
212,151
100,000
Saline County Industrial Development Authority, Missouri, First
Mortgage Revenue Bonds, Missouri Valley College, Series 2017
4.500
10/01/40
89,985
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
3,415,557
HEALTH CARE - 27.7% (16.5% of Total Investments)
210,000
Bridgeton Industrial Development Authority, Missouri, Senior
Housing Revenue Bonds, The Sarah Community Project,
Refunding Series 2016
4.000
05/01/33
210,124
400,000
Cape Girardeau County Industrial Development Authority,
Missouri, Health Facilities Revenue Bonds, Southeasthealth,
Series 2017A
5.000
03/01/36
407,277
300,000
Hannibal Industrial Development Authority, Missouri, Health
Facilities Revenue Bonds, Hannibal Regional Healthcare System,
Series 2017
5.000
10/01/42
294,506
340,000
Joplin Industrial Development Authority, Missouri, Health
Facilities Revenue Bonds, Freeman Health System, Series 2024
5.000
02/15/41
362,453
250,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2015A
4.000
01/01/45
231,644
750,000
(a)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, BJC Health System, Series 2025A, (UB)
4.000
04/01/45
706,251
250,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, CoxHealth, Series 2025B
5.000
11/15/40
273,094
390,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2012
4.000
11/15/42
376,029
550,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2014F
4.250
11/15/48
513,266
650,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2017C
5.000
11/15/42
661,140
1,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mercy Health, Series 2023
5.500
12/01/48
1,075,551
1,000,000
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Mosaic Health System, Series 2019A
4.000
02/15/54
876,853
350,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Children's Mercy Hospital, Series 2017A
4.000
05/15/48
324,395
125,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lake Regional Health System, Series 2021
4.000
02/15/51
106,726
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
593,154
TOTAL HEALTH CARE
7,012,463
Portfolio of Investments November 30, 2025
(continued)
NOM
28
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/SINGLE FAMILY - 0.2% (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
$
40,005
TOTAL HOUSING/SINGLE FAMILY
40,005
LONG-TERM CARE - 10.5% (6.2% 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
100,125
400,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016A
5.000
02/01/36
400,518
500,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2016A
5.000
02/01/46
489,080
100,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2019C
4.000
02/01/48
83,859
250,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2024A
5.000
02/01/42
253,215
350,000
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Lutheran Senior Services Projects, Series 2024A
5.250
02/01/54
347,902
200,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series 2012
5.000
09/01/32
200,129
250,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series 2012
5.000
09/01/42
249,825
430,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Friendship Village of Sunset Hills, Series 2013A
5.875
09/01/43
430,161
100,000
Saint Louis County Industrial Development Authority, Missouri,
Revenue Bonds, Saint Andrew's Resources for Seniors, Series
2015A
5.125
12/01/45
92,692
TOTAL LONG-TERM CARE
2,647,506
TAX OBLIGATION/GENERAL - 24.6% (14.7% of Total Investments)
515,000
Carl Junction School District R-1, Jasper County, Missouri,
General Obligation Bonds, Series 2024
5.000
03/01/44
539,328
335,000
Clay County Public School District 53, Liberty, Missouri, General
Obligation Bonds, Series 2018
4.000
03/01/36
336,095
340,000
Clay County Reorganized School District R-II Smithville, Missouri,
General Obligation Bonds, Refunding Series 2015
4.000
03/01/36
343,010
500,000
Jackson County Consolidated School District 4, Missouri,
General Obligation Bonds, School Building Series 2024
5.750
03/01/43
558,176
500,000
Jefferson City School District, Missouri, General Obligation
Bonds, Series 2023A
5.500
03/01/43
546,573
225,000
Jefferson County School District R-1 Northwest, Missouri,
General Obligation Bonds, Direct Deposit Program Series 2023
5.000
03/01/43
236,772
300,000
Kansas City, Missouri, General Obligation Bonds, Refunding &
Improvement Series 2018A
4.000
02/01/35
305,078
500,000
Lebanon School District R3, LaClede County, Missouri, General
Obligation Bonds, Missouri Direct Deposit Program, Series 2024
4.000
03/01/44
494,337
425,000
(b)
Missouri Health and Educational Facilities Authority, Health
Facilities Revenue Bonds, Truman Medical Center, Inc., Pass-
Through Certificate Series 2017
4.250
12/01/42
380,796
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
372,507
500,000
Pulaski County Reorganized-6 District Lessee, Missouri,
Certificate of Participation, Series 2025
4.625
04/15/50
497,104
1,000,000
Saint Louis County Pattonville School District R3, Missouri,
General Obligation Bonds, Series 2023
5.250
03/01/43
1,073,417
500,000
Webster Groves School District, Missouri, Crossover General
Obligation Bonds, Series 2024
5.000
03/01/43
531,930
TOTAL TAX OBLIGATION/GENERAL
6,215,123
29
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED - 40.5% (24.2% 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
$
1,529,311
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
701,006
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
145,474
95,000
Conley Road Transportation District, Missouri, Transportation
Sales Tax Revenue Bonds, Series 2017
5.125
05/01/41
95,024
262,451
(c)
Fulton, Missouri, Tax Increment Revenue Bonds, Fulton Commons
Redevelopment Project, Series 2006
5.000
06/01/28
55,115
250,000
Howard Bend Levee District, St. Louis County, Missouri, Levee
District Improvement Bonds, Series 2013B
4.875
03/01/33
250,013
200,000
Howard Bend Levee District, St. Louis County, Missouri, Levee
District Improvement Bonds, Series 2013B
5.000
03/01/38
199,567
300,000
Kansas City Industrial Development Authority, Missouri,
Downtown Redevelpment District Revenue Bonds, Series 2011A
5.000
09/01/32
301,088
75,000
(b)
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
74,908
325,000
Kansas City, Missouri, Special Obligation Bonds, Downtown
Redevelopment District, Series 2014C
5.000
09/01/33
325,400
400,000
Kansas City, Missouri, Special Obligation Bonds, Kansas City
Missouri Projects, Series 2024B
4.000
09/01/45
377,878
500,000
Kansas City, Missouri, Special Obligation Bonds, Kansas City
Missouri Projects, Series 2025B
5.500
04/01/50
542,127
100,000
(b)
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
100,471
100,000
(b)
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
99,003
250,000
Marshall School District, Missouri, Certificates of Participation,
Series 2023 - BAM Insured
5.000
03/01/49
260,476
245,000
Missouri Development Finance Board, Infrastructure Facilities
Revenue Bonds, City of Branson - Branson Landing Project,
Series 2015A
4.000
06/01/34
245,093
255,000
(b)
Missouri Development Finance Board, Tax Increment and Special
District Revenue Bonds, Lakeport Village Project, Series 2025A
6.750
06/15/55
251,627
155,000
Ozark R-6 School District, Christian County, Missouri, General
Obligation Bonds, Series 2023
5.000
04/01/45
161,289
97,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0.000
07/01/51
24,174
500,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4.750
07/01/53
476,001
742,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5.000
07/01/58
723,424
200,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4.329
07/01/40
195,076
50,000
(b)
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
42,784
250,000
(b)
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
226,791
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
492,890
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
1,023,550
Portfolio of Investments November 30, 2025
(continued)
NOM
30
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
600,000
Springfield, Missouri, Special Obligation Bonds, Sewer System
Improvements Project, Series 2015
4.000
%
04/01/35
$
600,169
125,000
(b)
Taney County Industrial Development Authority, Missouri, Sales
Tax Revenue Improvement Bonds, Big Cedar Infrastructure
Project Series 2023
6.000
10/01/49
125,238
50,000
Transportation Development District, Missouri, Transportation
Sales Tax Revenue Bonds, Series 2017
4.500
06/01/36
50,092
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
197,722
320,000
Wentzville, Missouri, Certificates of Participation, Series 2023
5.000
03/01/37
356,346
TOTAL TAX OBLIGATION/LIMITED
10,249,127
TRANSPORTATION - 17.0% (10.2% 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
455,254
1,500,000
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
1,514,255
1,265,000
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis
International Airport, Series 2017C - AGM Insured
5.000
07/01/47
1,277,507
1,000,000
Saint Louis, Missouri, Airport Revenue Bonds, Lambert-St. Louis
International Airport, Series 2024A - AGM Insured
5.250
07/01/54
1,061,713
TOTAL TRANSPORTATION
4,308,729
U.S. GUARANTEED - 4.0% (d)(2.4% of Total Investments)
1,000,000
Clay County Public School District 53, Liberty, Missouri, General
Obligation Bonds, Series 2018, (Pre-refunded 3/01/26)
4.000
03/01/34
1,003,269
TOTAL U.S. GUARANTEED
1,003,269
UTILITIES - 21.2% (12.7% of Total Investments)
500,000
Kansas City, Missouri, Sanitary Sewer System Revenue Bonds,
Improvement Series 2023A
4.000
01/01/48
479,697
500,000
Kansas City, Missouri, Water Revenue Bonds, Series 2025A
5.000
12/01/45
535,382
500,000
Metropolitan St. Louis Sewerage District, Missouri, Wastewater
System Revenue Bonds, Refunding Improvement Series 2022B
5.000
05/01/47
523,305
1,000,000
Missouri Joint Municipal Electric Utility Commission, Power
Project Revenue Bonds, Marshall Energy Center Project, Series
2025
5.000
01/01/51
1,038,406
500,000
Missouri Joint Municipal Electric Utility Commission, Power
Project Revenue Bonds, Plum Point Project, Refunding Series
2015A
4.000
01/01/35
500,200
500,000
Missouri Joint Municipal Electric Utility Commission, Power
Supply System Revenue Bonds, MoPEP Facilities, Series 2018
5.000
12/01/43
506,661
250,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5.000
07/01/47
246,096
500,000
Saint Charles County Public Water Supply District 2, Missouri,
Certificates of Participation, Missouri Project, Series 2022
5.000
12/01/44
518,391
500,000
Saint Charles County Public Water Supply District 2, Missouri,
Certificates of Participation, Missouri Project, Series 2024
4.000
12/01/44
485,272
300,000
Saint Charles County Public Water Supply District 2, Missouri,
Certificates of Participation, Missouri Project, Series 2025
5.000
12/01/48
313,249
260,000
Stone County Public Water Supply District 2, Missouri,
Certificates of Participation, Series 2021B
4.000
12/01/51
223,184
TOTAL UTILITIES
5,369,843
TOTAL MUNICIPAL BONDS
(Cost $41,667,807)
41,381,194
TOTAL LONG-TERM INVESTMENTS
(Cost $41,667,807)
41,381,194
31
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
SHORT-TERM INVESTMENTS - 4.0% (2.4% of Total Investments)
X
1,000,000
MUNICIPAL BONDS - 4.0% (2.4% of Total Investments)
X
-
EDUCATION AND CIVIC ORGANIZATIONS - 4.0% (2.4% of Total Investments)
$
1,000,000
(e)
Missouri Health and Educational Facilities Authority, Revenue
Bonds, Washington University, Variable Rate Demand
Obligations, Series 2000B
2.700
%
03/01/40
$
1,000,000
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
1,000,000
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,000,000)
1,000,000
TOTAL INVESTMENTS - 167.6%
(Cost $42,667,807)
42,381,194
FLOATING RATE OBLIGATIONS - (2.4)%
(600,000)
MFP SHARES, NET - (66.6)% (f)
(16,833,426)
OTHER ASSETS & LIABILITIES, NET - 1.4%
344,067
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
25,291,835
AMT
Alternative Minimum Tax
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
(a)
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 fiscal period, the aggregate value of these securities is $1,547,714 or 3.7% of Total Investments.
(c)
Defaulted security. A security whose issuer has failed to fully pay principal and/or interest when due, or is under the protection of
bankruptcy.
(d)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(e)
Investment has a maturity of greater than one year, but has variable rate and/or demand features which qualify it as a short-term
investment. The rate disclosed, as well as the reference rate and spread, where applicable, is that in effect as of the end of the
reporting period. This rate changes periodically based on market conditions or a specified market index.
(f)
MFP Shares, Net as a percentage of Total Investments is 39.7%.
32
Portfolio of Investments November 30, 2025
NPV
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 162.7% (100.0% of Total Investments)
X
361,540,035
MUNICIPAL BONDS - 162.7% (100.0% of Total Investments)
X
-
CONSUMER STAPLES - 3.9% (2.4% 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
$
1,016,491
480,000
Guam Economic Development & Commerce Authority, Tobacco
Settlement Asset-Backed Bonds, Series 2007A
5
.250
06/01/32
471,335
705,000
Guam Economic Development & Commerce Authority, Tobacco
Settlement Asset-Backed Bonds, Series 2007A
5
.625
06/01/47
650,537
2,525,000
Tobacco Settlement Financing Corporation of Virginia, Tobacco
Settlement Asset Backed Bonds, Series 2007B1
5
.000
06/01/47
2,095,996
5,145,000
Tobacco Settlement Financing Corporation of Virginia, Tobacco
Settlement Asset-Backed Bonds, Series 2007B2
5
.200
06/01/46
4,466,925
TOTAL CONSUMER STAPLES
8,701,284
EDUCATION AND CIVIC ORGANIZATIONS - 13.1% (8.1% 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
956,388
1,105,000
Alexandria Industrial Development Authority, Virginia,
Educational Facilities Revenue Bonds, Episcopal High School,
Series 2017
4
.000
01/01/37
1,110,430
565,000
Alexandria Industrial Development Authority, Virginia,
Educational Facilities Revenue Bonds, Episcopal High School,
Series 2017
4
.000
01/01/40
566,046
90,000
Amherst Industrial Development Authority, Virginia, Revenue
Bonds, Sweet Briar College, Series 2006
5
.000
09/01/26
89,816
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
1,023,071
1,500,000
Loudoun County Industrial Development Authority, Virginia,
Multi-Modal Revenue Bonds, Howard Hughes Medical Institute,
Series 2022A
4
.000
10/01/52
1,406,148
2,000,000
Madison County Industrial Development Authority, Virginia,
Educational Facilities Revenue Bonds, Woodberry Forest School,
Series 2021
3
.000
10/01/50
1,499,489
500,000
Montgomery County Economic Development Authority, Virginia,
Revenue Bonds, Virginia Tech Foundation, Refunding Series
2017A
4
.000
06/01/36
504,504
750,000
Roanoke Economic Development Authority, Virginia, Educational
Facilities Revenue Bonds, Lynchburg College, Series 2018A
5
.000
09/01/43
724,726
1,000,000
Salem Economic Development Authority, Virginia, Educational
Facilities Revenue Bonds, Roanoke College, Series 2020
4
.000
04/01/45
856,486
1,000,000
Salem Economic Development Authority, Virginia, Educational
Facilities Revenue Bonds, Roanoke College, Series 2025
6
.000
04/01/55
1,049,489
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
2,499,971
1,515,000
The Rector and Visitors of the University of Virginia, General
Pledge Revenue Bonds, Refunding Series 2017A
5
.000
04/01/39
1,556,081
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
9,244,049
1,000,000
(b)
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Marymount University Project, Green Series
2015B
5
.000
07/01/45
761,392
1,500,000
(b)
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Marymount University Project, Refunding Series
2015A
5
.000
07/01/35
1,284,523
4,000,000
(b)
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Marymount University Project, Refunding Series
2015A
5
.000
07/01/45
3,045,567
1,000,000
Virginia College Building Authority, Educational Facilities
Revenue Bonds, Regent University Project, Series 2025
6
.000
06/01/55
1,064,065
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
29,242,241
33
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE - 32.0% (19.6% 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
$
1,665,442
1,000,000
Arlington County Industrial Development Authority, Virginia,
Hospital Facility Revenue Bonds, Virginia Hospital Center, Series
2020
4
.000
07/01/39
1,015,011
225,000
Arlington County Industrial Development Authority, Virginia,
Hospital Facility Revenue Bonds, Virginia Hospital Center, Series
2020
4
.000
07/01/40
227,117
1,055,000
Arlington County Industrial Development Authority, Virginia,
Hospital Facility Revenue Bonds, Virginia Hospital Center, Series
2020
4
.000
07/01/45
1,010,049
1,465,000
(c)
Arlington County Industrial Development Authority, Virginia,
Hospital Revenue Bonds, Virginia Hospital Center, Series 2023A,
(Mandatory Put 7/01/31)
5
.000
07/01/53
1,587,497
1,470,000
Chesapeake Hospital Authority, Virginia, Hospital Facility
Revenue Bonds, Chesapeake Regional Medical Center, Series
2019
5
.000
07/01/34
1,561,361
1,205,000
Chesapeake Hospital Authority, Virginia, Hospital Facility
Revenue Bonds, Chesapeake Regional Medical Center, Series
2019
4
.000
07/01/37
1,206,426
1,000,000
Chesapeake Hospital Authority, Virginia, Hospital Facility
Revenue Bonds, Chesapeake Regional Medical Center, Series
2019
4
.000
07/01/43
939,764
1,920,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-1
4
.000
08/01/44
1,745,181
2,700,000
Colorado Health Facilities Authority, Colorado, Revenue Bonds,
CommonSpirit Health, Series 2019A-2
4
.000
08/01/49
2,368,275
4,005,000
Fairfax County Industrial Development Authority, Virginia,
Healthcare Revenue Bonds, Inova Health System, Refunding
Series 2022
4
.000
05/15/42
3,971,464
2,500,000
Fairfax County Industrial Development Authority, Virginia,
Healthcare Revenue Bonds, Inova Health System, Series 2014A
4
.000
05/15/44
2,444,768
1,000,000
Fairfax County Industrial Development Authority, Virginia,
Healthcare Revenue Bonds, Inova Health System, Series 2024
5
.000
05/15/51
1,040,637
3,000,000
Fairfax County Industrial Development Authority, Virginia,
Healthcare Revenue Bonds, Inova Health System, Series 2024
4
.125
05/15/54
2,775,537
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
1,363,888
730,000
Henrico County Economic Development Authority, Virginia,
Health Facilities Revenue Bonds, Bon Secours Mercy Health,
Series 2025A-VA
5
.000
11/01/48
763,164
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
3,500,001
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
4,974,992
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
2,433,850
3,635,000
Lynchburg Economic Development Authority, Virginia, Hospital
Revenue Bonds, Centra Health Obligated Group, Refunding
Series 2017A
5
.000
01/01/47
3,644,924
1,575,000
Lynchburg Economic Development Authority, Virginia, Hospital
Revenue Bonds, Centra Health Obligated Group, Refunding
Series 2021
4
.000
01/01/55
1,350,082
1,000,000
Norfolk Economic Development Authority, Virginia, Hospital
Facility Revenue Bonds, Sentara Healthcare Systems, Refunding
Series 2018B
4
.000
11/01/48
923,743
875,000
Roanoke Economic Development Authority, Virginia, Hospital
Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A
4
.000
07/01/36
897,860
5,000,000
Roanoke Economic Development Authority, Virginia, Hospital
Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A
4
.000
07/01/51
4,618,575
Portfolio of Investments November 30, 2025
(continued)
NPV
34
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HEALTH CARE
(continued)
$
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
$
1,010,568
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
1,360,424
7,000,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2020A
4
.000
12/01/49
6,284,508
3,000,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Bon Secours Mercy Health, Inc., Series 2022A
5
.000
10/01/42
3,187,133
1,200,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Mary Washington Healthcare, Refunding Series
2025A-1
5
.250
06/15/50
1,264,955
1,000,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Mary Washington Healthcare, Refunding Series
2025A-1
5
.250
06/15/55
1,045,416
1,150,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Sentara Healthcare, Refunding Series 2020
4
.000
11/01/38
1,159,586
2,000,000
Virginia Small Business Finance Authority, Healthcare Facilities
Revenue Bonds, Sentara Healthcare, Refunding Series 2020
4
.000
11/01/39
2,010,317
1,500,000
Winchester Economic Development Authority, Virginia, Hospital
Revenue Bonds, Valley Health System Obligated Group,
Refunding Series 2015
5
.000
01/01/33
1,502,226
1,000,000
Winchester Economic Development Authority, Virginia, Hospital
Revenue Bonds, Valley Health System Obligated Group,
Refunding Series 2015
5
.000
01/01/35
1,001,330
2,000,000
Winchester Economic Development Authority, Virginia, Hospital
Revenue Bonds, Valley Health System Obligated Group,
Refunding Series 2015
4
.000
01/01/37
2,000,242
1,215,000
Winchester Economic Development Authority, Virginia, Hospital
Revenue Bonds, Valley Health System Obligated Group,
Refunding Series 2015
5
.000
01/01/44
1,215,549
TOTAL HEALTH CARE
71,071,862
HOUSING/MULTIFAMILY - 14.6% (9.0% of Total Investments)
1,060,000
(b)
Richmond Redevelopment and Housing Authority, Virginia, Multi-
Family Housing Revenue Bonds, American Tobacco Apartments,
Series 2017
5
.550
01/01/37
1,040,925
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2015A
3
.500
03/01/35
1,000,036
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2015A
3
.625
03/01/39
986,424
900,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2015C
4
.000
08/01/45
857,639
2,750,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2015E
3
.750
12/01/40
2,725,754
1,500,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2016B
3
.350
05/01/36
1,481,383
1,700,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2017A
3
.875
03/01/47
1,571,636
3,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2019A
3
.800
09/01/44
2,822,425
1,855,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2020E
2
.500
07/01/45
1,356,893
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2022F
5
.000
10/01/52
1,026,577
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2023E
5
.250
10/01/63
1,034,762
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2024A
4
.450
09/01/44
1,009,609
1,000,000
Virginia Housing Development Authority, Rental Housing Bonds,
Series 2025C
5
.200
07/01/62
1,028,592
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
7,182,808
35
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
HOUSING/MULTIFAMILY
(continued)
$
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
$
2,459,902
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
4,861,217
TOTAL HOUSING/MULTIFAMILY
32,446,582
HOUSING/SINGLE FAMILY - 1.3% (0.8% of Total Investments)
1,000,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023C
4
.875
07/01/48
1,010,907
670,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-5
4
.625
07/01/50
660,814
1,200,000
Virginia Housing Development Authority, Commonwealth
Mortgage Bonds, Series 2023E-I
4
.550
10/01/49
1,184,172
TOTAL HOUSING/SINGLE FAMILY
2,855,893
LONG-TERM CARE - 10.5% (6.4% of Total Investments)
3,225,000
Albemarle County, Virginia, Residential Care Facility Revenue
Bonds Westminster-Canterbury of the Blue Ridge Refunding
Series 2022A
4
.000
06/01/42
3,116,605
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
640,266
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
1,046,843
200,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, Williamsburg Landing
Inc., Series 2024A
6
.875
12/01/58
216,462
1,000,000
James City County Economic Development Authority, Virginia,
Residential Care Facility Revenue Bonds, WindsorMeade, Series
2021A
4
.000
06/01/47
796,418
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
1,045,295
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
861,525
1,000,000
Norfolk Redevelopment and Housing Authority, Virginia, Fort
Norfolk Retirement Community, Inc., Harbor's Edge Project,
Series 2019A
4
.375
01/01/39
939,116
1,325,000
Norfolk Redevelopment and Housing Authority, Virginia, Fort
Norfolk Retirement Community, Inc., Harbor's Edge Project,
Series 2019A
5
.000
01/01/49
1,215,784
2,305,000
Norfolk Redevelopment and Housing Authority, Virginia, Fort
Norfolk Retirement Community, Inc., Harbor's Edge Project,
Series 2019A
5
.250
01/01/54
2,166,644
2,500,000
Norfolk Redevelopment and Housing Authority, Virginia,
Revenue Bonds, Fort Norfolk Retirement Community, Inc. -
Harbor's Edge Project, Refunding Series 2014
5
.000
01/01/46
2,340,470
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
671,642
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
1,847,283
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
2,923,010
320,000
Virginia Beach Development Authority, Virginia, Residential Care
Facility Revenue Bonds, Westminster Canterbury on Chesapeake
Bay, Series 2023A
7
.000
09/01/53
352,220
Portfolio of Investments November 30, 2025
(continued)
NPV
36
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM CARE
(continued)
$
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
$
1,095,665
2,000,000
Virginia Small Business Financing Authority, Virginia, Residential
Care Facility Revenue Bonds, Lifespire, Refunding Series 2024A
5
.500
12/01/54
2,050,800
TOTAL LONG-TERM CARE
23,326,048
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
2,379,207
4,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/33
3,997,555
1,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/41
924,702
1,000,000
Richmond, Virginia, General Obligation Bonds, Public
Improvement Series 2024C
4
.000
03/01/57
930,889
1,000,000
Virginia State, General Obligation Bonds, Series 2022A
5
.000
06/01/52
1,049,485
TOTAL TAX OBLIGATION/GENERAL
9,281,838
TAX OBLIGATION/LIMITED - 22.4% (13.8% of Total Investments)
1,340,000
Arlington County Industrial Development Authority, Virginia,
Revenue Bonds, Refunding County Projects, Series 2017
5
.000
02/15/37
1,379,049
1,000,000
(b)
Cherry Hill Community Development Authority, Virginia, Special
Assesment Bonds, Potomac Shores Project, Series 2015
5
.400
03/01/45
1,000,664
2,000,000
(b)
Cutalong II Community Development Authority, Louisa County,
Virginia, Special Assessment Revenue Bonds, Cutalong II Project,
Series 2022
4
.500
03/01/55
1,676,069
865,000
(b)
Farms of New Kent Community Development Authority, Virginia,
Special Assessment Bonds, Refunding Series 2021A
3
.750
03/01/36
835,566
750,000
Government of Guam, Business Privilege Tax Bonds, Refunding
Series 2025G
5
.250
01/01/38
826,587
1,000,000
Guam Government, Limited Obligation Section 30 Revenue
Bonds, Series 2016A
5
.000
12/01/33
1,012,150
2,000,000
Hampton Roads Transportation Accountability Commision,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Series 2020A
5
.000
07/01/45
2,079,496
3,000,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Series 2022A
4
.000
07/01/57
2,725,211
1,440,000
Hampton Roads Transportation Accountability Commission,
Virginia, Revenue Bonds, Hampton Roads Transportation Fund,
Senior Lien Series 2024A
5
.250
07/01/59
1,532,038
975,000
(b)
Industrial Development Authority of the City of Alexandria,
Virginia, 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
969,151
905,000
(b)
Lower Magnolia Green Community Development Authority,
Virginia, Special Assessment Bonds, Series 2015
5
.000
03/01/35
905,191
2,990,000
(b)
Lower Magnolia Green Community Development Authority,
Virginia, Special Assessment Bonds, Series 2015
5
.000
03/01/45
2,902,904
440,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/32
464,976
240,000
(b)
Peninsula Town Center Community Development Authority,
Virginia, Special Obligation Bonds, Refunding Series 2018
4
.500
09/01/28
241,732
3,000,000
(b)
Peninsula Town Center Community Development Authority,
Virginia, Special Obligation Bonds, Refunding Series 2018
5
.000
09/01/45
2,981,170
1,500,000
(b)
Powhatan County Economic Development Authority, Virginia,
Grant Revenue Bonds, Chesterfield Hotel Project, Senior Series
2025A
6
.125
09/01/60
1,469,358
69,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/27
65,427
94,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/29
83,315
219,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/31
179,762
37
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED
(continued)
$
136,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
%
07/01/33
$
103,270
2,550,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
0
.000
07/01/51
635,503
7,085,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
6,907,633
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
1,511,841
150,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.536
07/01/53
136,819
62,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Taxable Restructured Cofina Project Series 2019A-2
4
.784
07/01/58
58,532
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
2,246,590
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
2,057,537
1,000,000
Virginia Gateway Community Development Authority, Prince
William County, Virginia, Special Assessment Refunding Bonds,
Series 2012
5
.000
03/01/30
1,001,169
35,000
Virginia Resources Authority, Infrastructure Revenue Bonds,
Pooled Financing Program, Series 2012A
5
.000
11/01/42
35,018
115,000
(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
115,409
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
301,589
1,000,000
Virginia Transportation Board, Transportation Revenue Bonds,
Capital Projects, Series 2018
4
.000
05/15/38
1,009,739
2,000,000
Washington Metropolitan Area Transit Authority, Dedicated
Revenue Bonds, Second Lien Series 2025A
5
.250
07/15/50
2,125,767
6,970,000
Washington Metropolitan Area Transit Authority, Second Lien
Dedicated Revenue Bonds, Sustainability- Climate Transition,
Series 2024A
5
.250
07/15/59
7,355,503
920,000
Western Virginia Regional Jail Authority, Virginia, Facility Revenue
Bonds, Refunding Series 2016
5
.000
12/01/36
932,889
TOTAL TAX OBLIGATION/LIMITED
49,864,624
TRANSPORTATION - 48.5% (29.8% of Total Investments)
375,000
Capital Region Airport Commission, Virginia, Airport Revenue
Bonds, Refunding Series 2016A
4
.000
07/01/34
376,441
400,000
Capital Region Airport Commission, Virginia, Airport Revenue
Bonds, Refunding Series 2016A
4
.000
07/01/35
401,313
250,000
Capital Region Airport Commission, Virginia, Airport Revenue
Bonds, Refunding Series 2016A
4
.000
07/01/38
250,445
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
5,349,386
5,905,000
Chesapeake Bay Bridge and Tunnel District, Virginia, General
Resolution Revenue Bonds, First Tier Series 2016
5
.000
07/01/46
5,915,883
2,000,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B
4
.750
07/15/32
2,090,030
4,225,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B
4
.875
07/15/40
4,343,853
1,000,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Capital Appreciation Series 2012B - AGM
Insured
4
.875
07/15/40
1,033,693
1,945,000
Chesapeake, Virginia, Transportation System Senior Toll Road
Revenue Bonds, Refunding Series 2024 - AGM Insured
4
.000
07/15/47
1,884,232
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
4,158,483
Portfolio of Investments November 30, 2025
(continued)
NPV
38
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
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
$
2,962,582
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
3,904,964
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
8,756,255
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
763,624
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
2,897,381
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
7,150,184
7,300,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2016A, (AMT)
5
.000
10/01/35
7,378,054
2,000,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2018A, (AMT)
5
.000
10/01/31
2,106,229
3,290,000
(a)
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2018A, (AMT)
5
.000
10/01/36
3,413,582
2,000,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2018A, (AMT)
5
.000
10/01/38
2,063,253
1,000,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2019A, (AMT)
5
.000
10/01/30
1,071,695
4,000,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2019A, (AMT)
5
.000
10/01/40
4,152,624
1,150,000
Metropolitan Washington D.C. Airports Authority, Airport System
Revenue Bonds, Refunding Series 2023A, (AMT)
5
.250
10/01/48
1,198,092
35,000
New York Transportation Development Corporation, New York,
Special Facility Revenue Bonds, American Airlines, Inc. John F
Kennedy International Airport Project, Refunding Series 2016,
(AMT)
5
.000
08/01/26
35,009
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
595,293
1,585,000
Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series
2019
5
.000
07/01/38
1,665,766
9,035,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/49
8,829,721
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
782,939
500,000
Virginia Small Business Financing Authority, Private Activity
Revenue Bonds, Transform 66 P3 Project, Senior Lien Series
2017, (AMT)
5
.000
12/31/56
481,725
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
1,430,182
1,395,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
07/01/34
1,499,586
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
556,179
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
3,066,357
39
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TRANSPORTATION
(continued)
$
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
$
1,396,263
4,340,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
12/31/47
4,364,342
1,750,000
Virginia Small Business Financing Authority, Revenue Bonds, 95
Express Lanes LLC Project, Refunding Senior Lien Series 2022,
(AMT)
5
.000
12/31/52
1,757,253
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
2,463,882
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
4,119,136
1,000,000
Washington Metropolitan Area Transit Authority, District of
Columbia, Gross Revenue Bonds, Series 2018
5
.000
07/01/43
1,015,300
TOTAL TRANSPORTATION
107,681,211
U.S. GUARANTEED - 7.1% (d)(4.4% of Total Investments)
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
1,044,468
1,415,000
Hampton Roads Sanitation District, Virginia, Wastewater Revenue
Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)
5
.000
10/01/40
1,476,626
1,010,000
Hampton Roads Sanitation District, Virginia, Wastewater Revenue
Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)
5
.000
10/01/42
1,053,987
1,000,000
Hampton Roads Sanitation District, Virginia, Wastewater Revenue
Bonds, Subordinate Series 2018A, (Pre-refunded 10/01/27)
5
.000
10/01/43
1,043,552
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
1,061,424
4,000,000
Richmond, Virginia, Public Utility Revenue Bonds, Refunding
Series 2016A, (Pre-refunded 1/15/26)
5
.000
01/15/33
4,011,618
3,000,000
Virginia Port Authority, Port Facilities Revenue Bonds, Refunding
Series 2016B, (Pre-refunded 5/02/26), (AMT)
5
.000
07/01/41
3,032,806
3,000,000
Virginia Port Authority, Port Facilities Revenue Bonds, Refunding
Series 2016B, (Pre-refunded 5/02/26), (AMT)
5
.000
07/01/45
3,032,806
TOTAL U.S. GUARANTEED
15,757,287
UTILITIES - 5.1% (3.1% 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
4,549,406
1,675,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Series 2016
5
.000
01/01/46
1,676,265
2,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/47
1,968,767
1,000,000
(b)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2021B
4
.000
07/01/42
917,365
725,000
Richmond, Virginia, Public Utility Revenue Bonds, Refunding
Series 2023C
5
.000
01/15/47
770,430
1,500,000
(b),(c)
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
1,428,932
TOTAL UTILITIES
11,311,165
TOTAL MUNICIPAL BONDS
(Cost $361,628,266)
361,540,035
TOTAL LONG-TERM INVESTMENTS
(Cost $361,628,266)
361,540,035
FLOATING RATE OBLIGATIONS - (8.5)%
(
18,950,000
)
VRDP SHARES, NET - (57.5)% (e)
(
127,731,714
)
OTHER ASSETS & LIABILITIES, NET - 3.3%
7,296,528
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
222,154,849
Portfolio of Investments November 30, 2025
(continued)
NPV
40
AMT
Alternative Minimum Tax
UB
Underlying bond of an inverse floating rate trust reflected as a financing transaction. Inverse floating rate trust is a Recourse Trust
unless otherwise noted.
(a)
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 fiscal period, the aggregate value of these securities is $36,625,394 or 10.1% of Total Investments.
(c)
Floating or variable rate security includes the reference rate and spread, unless the variable rate is based on the underlying asset of
the security. Coupon rate reflects the rate at period end.
(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)
VRDP Shares, Net as a percentage of Total Investments is 35.3%.
Statement of Assets and Liabilities
See Notes to Financial Statements
41
November 30, 2025 (Unaudited)
NMT
NMS
NOM
NPV
ASSETS
Long-term investments, at value
†
$
182,902,090
$
122,902,014
$
41,381,194
$
361,540,035
Short-term investments, at value
◊
200,000
-
1,000,000
-
Cash
-
1,011,401
-
3,366,415
Receivables:
Interest
2,911,524
1,681,378
535,435
5,715,001
Investments sold
-
522,259
50,000
10,000
Shares sold
20,046
6,218
-
-
Deferred offering costs
56,735
43,510
-
41,334
Other
15,233
8,846
16,424
24,566
Total assets
186,105,628
126,175,626
42,983,053
370,697,351
LIABILITIES
Cash overdraft
2,796
-
49,104
-
Floating rate obligations
-
-
600,000
18,950,000
AMTP Shares, Net
*
-
49,785,250
-
-
MFP Shares, Net
**
-
-
16,833,426
-
VRDP Shares, Net
***
73,792,704
-
-
127,731,714
Payables:
Management fees
91,657
61,436
21,282
180,286
Dividends
602,157
386,297
138,058
1,188,546
Interest
39
112
5,427
393,064
Investments purchased - when-issued/delayed-delivery settlement
-
2,252,325
-
-
Accrued expenses:
Custodian fees
21,601
19,737
12,297
35,550
Investor relations fees
967
813
687
2,142
Trustees fees
4,632
3,025
1,093
20,599
Professional fees
17,263
18,938
17,926
14,315
Shareholder reporting expenses
11,170
6,466
4,469
10,847
Shareholder servicing agent fees
492
2,621
7,120
997
Other
451
477
329
14,442
Total liabilities
74,545,929
52,537,497
17,691,218
148,542,502
Commitments and contingencies
(1)
Net assets applicable to common shares
$
111,559,699
$
73,638,129
$
25,291,835
$
222,154,849
Common shares outstanding
9,839,472
6,145,684
2,352,861
19,158,768
Net asset value ("NAV") per common share outstanding
$
11
.34
$
11
.98
$
10
.75
$
11
.60
NET ASSETS APPLICABLE TO COMMON SHARES CONSIST OF:
Common shares, $0.01 par value per share
$
98,395
$
61,457
$
23,529
$
191,588
Paid-in capital
130,366,923
82,218,948
29,407,131
256,737,851
Total distributable earnings (loss)
(
18,905,619
)
(
8,642,276
)
(
4,138,825
)
(
34,774,590
)
Net assets applicable to common shares
$
111,559,699
$
73,638,129
$
25,291,835
$
222,154,849
Authorized shares:
Common
Unlimited
Unlimited
Unlimited
Unlimited
Preferred
Unlimited
Unlimited
Unlimited
Unlimited
†
Long-term investments, cost
$
183,101,142
$
123,938,273
$
41,667,807
$
361,628,266
◊
Short-term investments, cost
$
200,000
$
-
$
1,000,000
$
-
*
AMTP Shares, liquidation preference
$
-
$
49,800,000
$
-
$
-
**
MFP Shares, liquidation preference
$
-
$
-
$
17,000,000
$
-
***
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, 2025 (Unaudited)
NMT
NMS
NOM
NPV
INVESTMENT INCOME
Interest
$
3,871,838
$
2,737,858
$
949,824
$
8,236,194
Total investment income
3,871,838
2,737,858
949,824
8,236,194
EXPENSES
-
-
-
-
Management fees
543,675
367,420
127,651
1,073,598
Shareholder servicing agent fees
1,639
7,818
4,320
3,313
Interest expense and amortization of offering costs
1,280,118
893,971
318,322
2,701,115
Trustees fees
3,121
2,099
714
5,946
Custodian expenses, net
11,872
10,949
6,890
19,301
Excise tax liability expense
-
528
-
408
Investor relations expenses
8,273
6,282
2,979
17,112
Professional fees
24,912
29,999
41,704
52,207
Shareholder reporting expenses
13,003
12,081
9,355
16,777
Stock exchange listing fees
3,868
3,901
3,865
3,868
Other
23,403
24,177
17,973
60,155
Total expenses
1,913,884
1,359,225
533,773
3,953,800
Net investment income (loss)
1,957,954
1,378,633
416,051
4,282,394
REALIZED AND UNREALIZED GAIN (LOSS)
Realized gain (loss) from:
Investments
(
577,066
)
(
12,754
)
(
78,790
)
(
460,860
)
Net realized gain (loss)
(
577,066
)
(
12,754
)
(
78,790
)
(
460,860
)
Change in unrealized appreciation (depreciation) on:
Investments
6,114,718
3,998,750
1,542,281
13,071,950
Net change in unrealized appreciation (depreciation)
6,114,718
3,998,750
1,542,281
13,071,950
Net realized and unrealized gain (loss)
5,537,652
3,985,996
1,463,491
12,611,090
Net increase (decrease) in net assets applicable to common shares from
operations
$
7,495,606
$
5,364,629
$
1,879,542
$
16,893,484
Statement of Changes in Net Assets
See Notes to Financial Statements
43
NMT
NMS
Unaudited
Six Months Ended
11/30/25
Year Ended
5/31/25
Unaudited
Six Months Ended
11/30/25
Year Ended
5/31/25
OPERATIONS
Net investment income (loss)
$
1,957,954
$
3,338,071
$
1,378,633
$
2,399,252
Net realized gain (loss)
(
577,066
)
(
1,057,860
)
(
12,754
)
(
557,758
)
Net change in unrealized appreciation (depreciation)
6,114,718
(
4,321,306
)
3,998,750
(
2,096,118
)
Net increase (decrease) in net assets applicable to common shares
from operations
7,495,606
(
2,041,095
)
5,364,629
(
254,624
)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
3,881,040
)
(
3,597,042
)
(
2,556,780
)
(
2,528,385
)
Return of Capital
-
(
4,348,310
)
-
(
2,629,781
)
Total distributions
(
3,881,040
)
(
7,945,352
)
(
2,556,780
)
(
5,158,166
)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs
5,634,627
-
969,964
3,099,266
Reinvestments of distributions
130,753
64,076
22,113
158,548
Net increase (decrease) applicable to common shares from capital
share transactions
5,765,380
64,076
992,077
3,257,814
Net increase (decrease) in net assets applicable to common shares
9,379,946
(
9,922,371
)
3,799,926
(
2,154,976
)
Net assets applicable to common shares at the beginning of period
102,179,753
112,102,124
69,838,203
71,993,179
Net assets applicable to common shares at the end of period
$
111,559,699
$
102,179,753
$
73,638,129
$
69,838,203
See Notes to Financial Statements
44
Statement of Changes in Net Assets
(continued)
NOM
NPV
Unaudited
Six Months Ended
11/30/25
Year Ended
5/31/25
Unaudited
Six Months Ended
11/30/25
Year Ended
5/31/25
OPERATIONS
Net investment income (loss)
$
416,051
$
635,170
$
4,282,394
$
7,625,723
Net realized gain (loss)
(
78,790
)
(
339,064
)
(
460,860
)
(
1,374,674
)
Net change in unrealized appreciation (depreciation)
1,542,281
(
1,012,178
)
13,071,950
(
10,078,054
)
Net increase (decrease) in net assets applicable to common shares
from operations
1,879,542
(
716,072
)
16,893,484
(
3,827,005
)
DISTRIBUTIONS TO COMMON SHAREHOLDERS
Dividends
(
906,645
)
(
713,811
)
(
7,759,652
)
(
7,983,259
)
Return of Capital
-
(
1,189,913
)
-
(
7,650,746
)
Total distributions
(
906,645
)
(
1,903,724
)
(
7,759,652
)
(
15,634,005
)
CAPITAL SHARE TRANSACTIONS
Common shares:
Proceeds from shelf offering, net of offering costs
-
-
7,603,108
6,356,177
Reinvestments of distributions
22,113
8,593
154,864
333,416
Net increase (decrease) applicable to common shares from capital
share transactions
22,113
8,593
7,757,972
6,689,593
Net increase (decrease) in net assets applicable to common shares
995,010
(
2,611,203
)
16,891,804
(
12,771,417
)
Net assets applicable to common shares at the beginning of period
24,296,825
26,908,028
205,263,045
218,034,462
Net assets applicable to common shares at the end of period
$
25,291,835
$
24,296,825
$
222,154,849
$
205,263,045
Statement of Cash Flows
See Notes to Financial Statements
45
Six Months Ended November 30, 2025 (Unaudited)
NMT
NMS
NOM
NPV
CASH FLOWS FROM OPERATING ACTIVITIES
Net Increase (Decrease) in Net Assets Applicable to Common Shares from
Operations
$
7,495,606
$
5,364,629
$
1,879,542
$
16,893,484
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
(
14,584,067
)
(
2,775,694
)
(
2,216,858
)
(
17,895,584
)
Proceeds from sale and maturities of investments
12,251,038
2,123,500
3,670,598
16,808,288
Proceeds from (Purchase of) short-term investments, net
(
200,000
)
-
(
1,000,000
)
-
Amortization (Accretion) of premiums and discounts, net
412,285
123,888
56,547
(
40,429
)
Amortization of deferred offering costs
71,274
30,411
3,823
68,378
(Increase) Decrease in:
Receivable for interest
(
218,209
)
(
17,407
)
(
26,958
)
(
391,591
)
Receivable for investments sold
-
(
472,259
)
(
20,000
)
437,187
Other assets
(
2,704
)
1,445
(
9,113
)
3,631
Increase (Decrease) in:
Payable for interest
(
1
)
86
2,351
180,111
Payable for investments purchased - when-issued/delayed-delivery settlement
(
2,106,580
)
2,252,325
(
493,230
)
(
1,021,440
)
Payable for management fees
754
(
431
)
(
442
)
1,263
Accrued custodian fees
8,122
7,508
4,751
13,083
Accrued investor relations fees
(
1,885
)
(
1,295
)
(
274
)
(
3,671
)
Accrued Trustees fees
696
453
153
2,609
Accrued professional fees
15,838
17,502
16,469
12,941
Accrued shareholder reporting expenses
5,348
4,018
2,764
6,078
Accrued shareholder servicing agent fees
103
109
3,858
132
Accrued other expenses
(
123
)
477
(
11
)
14,442
Net realized (gain) loss from investments
577,066
12,754
78,790
460,860
Net change in unrealized (appreciation) depreciation of investments
(
6,114,718
)
(
3,998,750
)
(
1,542,281
)
(
13,071,950
)
Net cash provided by (used in) operating activities
(
2,390,157
)
2,673,269
410,479
2,477,822
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from borrowings
207,251
525,590
43,911
-
(Repayments) of borrowings
(
207,251
)
(
525,590
)
(
43,911
)
-
(Payments for) deferred offering costs
(
123,121
)
-
-
(
337
)
Increase (Decrease) in:
Cash overdraft
2,796
(
57,068
)
49,104
-
Cash distributions paid to common shareholders
(
3,784,624
)
(
2,568,546
)
(
899,389
)
(
7,684,549
)
Proceeds from shelf offering, net of offering costs
5,614,581
963,746
-
7,617,534
Net cash provided by (used in) financing activities
1,709,632
(
1,661,868
)
(
850,285
)
(
67,352
)
Net increase (decrease) in cash
(
680,525
)
1,011,401
(
439,806
)
2,410,470
Cash at the beginning of period
680,525
-
439,806
955,945
Cash at the end of period
$
-
$
1,011,401
$
-
$
3,366,415
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION
NMT
NMS
NOM
NPV
Cash paid for interest
$
1,268,879
$
891,106
$
310,366
$
2,509,826
Non-cash financing activities not included herein consists of reinvestments of common
share distributions
130,753
22,113
22,113
154,864
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
11/30/25
(d)
$
10.95
$
0.20
$
0.60
$
0.80
$
(0.41)
$
-
$
-
$
(0.41)
$
11.34
$
11.52
5/31/25
12.02
0.36
(0.58)
(0.22)
(0.38)
-
(0.47)
(0.85)
10.95
12.09
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
NMS
11/30/25
(d)
11.53
0.23
0.64
0.87
(0.42)
-
-
(0.42)
11.98
12.00
5/31/25
12.44
0.41
(0.44)
(0.03)
(0.43)
-
(0.45)
(0.88)
11.53
11.38
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
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The
actual reinvest price for the last distribution declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at
the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the
following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place
over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the
calculation. Total returns are not annualized.
See Notes to Financial Statements
47
Ratios of Interest
Expense
to Average Net
Assets Applicable
to Common Shares
NMT
11/30/25
(d)
2.41
%
(e)
5/31/25
2.68
5/31/24
2.88
5/31/23
2.03
5/31/22
0.54
5/31/21
0.49
NMS
11/30/25
(d)
2.51
(e)
5/31/25
2.91
5/31/24
3.08
5/31/23
2.22
5/31/22
0.65
5/31/21
0.60
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
7.42
%
(1.20)
%
$
111,560
3.60
%
(e)
3.69
%
(e)
7
%
(2.15)
23.00
102,180
3.85
3.01
18
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
7.70
9.32
73,638
3.82
(e)
3.87
(e)
2
(0.51)
13.22
69,838
4.16
3.30
8
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
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse
repurchase agreements (as described in Notes to Financial Statements), where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase
agreements (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates
issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as
follows:
(d)
Unaudited.
(e)
Annualized.
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
11/30/25
(d)
$
10.34
$
0.18
$
0.62
$
0.80
$
(0.39)
$
-
$
-
$
(0.39)
$
10.75
$
11.16
5/31/25
11.45
0.27
(0.57)
(0.30)
(0.30)
-
(0.51)
(0.81)
10.34
10.68
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
NPV
11/30/25
(d)
11.12
0.23
0.66
0.89
(0.41)
-
-
(0.41)
11.60
11.34
5/31/25
12.16
0.42
(0.60)
(0.18)
(0.44)
-
(0.42)
(0.86)
11.12
11.14
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
(a)
Based on average shares outstanding.
(b)
Total Return Based on Common Share NAV is the combination of changes in common share NAV, reinvested distributions at Common Share NAV, if any. The last
distribution declared in the period, which is typically paid on the first business day of the following month, is assumed to be reinvested at the ending NAV. The
actual reinvest price for the last distribution declared in the period may often be based on the Fund's market price (and not its NAV), and therefore may be different
from the price used in the calculation. Total returns are not annualized.
Total Return Based on Common Share Price is the combination of changes in the market price per share and the effect of reinvested distributions, if any, at
the average price paid per share at the time of reinvestment. The last distribution declared in the period, which is typically paid on the first business day of the
following month, is assumed to be reinvested at the ending market price. The actual reinvestment for the last distribution declared in the period may take place
over several days, and in some instances may not be based on the market price, so the actual reinvestment price may be different from the price used in the
calculation. Total returns are not annualized.
See Notes to Financial Statements
49
Ratios of Interest
Expense
to Average Net
Assets Applicable
to Common Shares
NOM
11/30/25
(d)
2.58
%
(
e
)
5/31/25
3.00
5/31/24
3.14
5/31/23
2.25
5/31/22
0.69
5/31/21
0.63
NPV
11/30/25
(d)
2.53
(
e
)
5/31/25
2.78
5/31/24
3.05
5/31/23
2.16
5/31/22
0.63
5/31/21
0.58
Common Share Supplemental Data/
Ratios Applicable to Common Shares
Common Share
Total Returns
Ratios to Average
Net Assets
Based
on
Net Asset
Value
(b)
Based
on
Share
Price
(b)
Net
Assets,
End of
Period (000)
Expenses
(c)
Net
Investment
Income
(Loss)
(c)
Portfolio
Turnover
Rate
7.85
%
8.33
%
$
25,292
4.33
%
(e)
3.38
%
(e)
5
%
(2.98)
15.71
24,297
4.93
2.39
20
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
8.17
5.58
222,155
3.70
(e)
4.01
(e)
5
(1.82)
13.60
205,263
3.90
3.47
11
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
(c)
• Net Investment Income (Loss) ratios reflect income earned and expenses incurred on assets attributable to borrowings, preferred shares and/or reverse
repurchase agreements (as described in Notes to Financial Statements), where applicable.
• The expense ratios reflect, among other things, all interest expense and other costs related to borrowings, preferred shares and/or reverse repurchase
agreements (as described in Notes to Financial Statements) and/or the interest expense deemed to have been paid by the Fund on the floating rate certificates
issued by the special purpose trusts for the self-deposited inverse floaters held by the Fund (as described in Notes to Financial Statements), where applicable, as
follows:
(d)
Unaudited.
(e)
Annualized.
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
VMTP Shares
VRDP Shares
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(b)
Aggregate
Amount
Outstanding
(000)
(a)
Asset
Coverage
Per
$100,000
(b)
NMT
11/30/25
(c)
$
-
$
-
$
-
$
-
$
-
$
-
$
74,000
$
250,756
5/31/25
-
-
-
-
-
-
74,000
238,081
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
NMS
11/30/25
(c)
49,800
247,868
-
-
-
-
-
-
5/31/25
49,800
240,237
-
-
-
-
-
-
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
-
-
-
-
-
-
NOM
11/30/25
(c)
-
-
17,000
248,776
-
-
-
-
5/31/25
-
-
17,000
242,922
-
-
-
-
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
-
-
-
-
NPV
11/30/25
(c)
-
-
-
-
-
-
128,000
273,558
5/31/25
-
-
-
-
-
-
128,000
260,362
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
(a)
Aggregate Amount Outstanding: Aggregate amount outstanding represents the liquidation preference as of the end of the relevant fiscal
year.
(b)
Asset Coverage Per $100,000: Asset coverage per $100,000 is calculated by subtracting the Fund's liabilities and indebtedness not
represented by senior securities from the Fund's total assets, dividing the result by the aggregate of the involuntary liquidation preference
of the outstanding preferred shares and multiplying the result by 100,000. For purpose of asset coverage above, senior securities consist
of preferred shares or borrowings (excluding temporary borrowings) of a Fund and does not include derivative transactions and other
investments that have the economic effect of leverage such as reverse repurchase agreements and tender option bonds. If the leverage
effects of such investments were included, the asset coverage amounts presented would be lower.
(c)
Unaudited.
Notes to Financial Statements
51
(Unaudited)
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, 2025, and the period covered by these Notes to Financial
Statements is the six months ended November 30, 2025 (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.
NOM - Fund Merger:
On September 17, 2025, the Fund's Board of Trustees (the "Board") approved a merger of Nuveen New Jersey Quality
Municipal Income Fund (NXJ), Nuveen Pennsylvania Quality Municipal Income Fund (NQP) and NOM into Nuveen Municipal High Income
Opportunity Fund (NMZ). The merger is pending shareholder approval and is subject to other closing conditions.
2. Significant Accounting Policies
The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States of America
("U.S. GAAP"), which may require the use of estimates made by management and the evaluation of subsequent events. Actual results may differ
from those estimates. The Funds are investment companies and follow the accounting guidance in the Financial Accounting Standards Board
("FASB") Accounting Standards Codification 946, Financial Services - Investment Companies. The net asset value ("NAV") for financial reporting
purposes may differ from the NAV for processing security and common share transactions. The NAV for financial reporting purposes includes
security and common share transactions through the date of the report. Total return is computed based on the NAV used for processing security and
common share transactions. The following is a summary of the significant accounting policies consistently followed by the Funds.
Compensation:
The Funds pay no compensation directly to those of its officers, all of whom receive remuneration for their services to the Funds
from the Adviser or its affiliates. The Board has adopted a deferred compensation plan for independent trustees that enables trustees to elect to
defer receipt of all or a portion of the annual compensation they are entitled to receive from certain Nuveen-advised funds. Under the plan, deferred
amounts are treated as though equal dollar amounts had been invested in shares of select Nuveen-advised funds.
Custodian Fee Credit:
As an alternative to overnight investments, each Fund has an arrangement with its custodian bank, State Street Bank and
Trust Company, (the "Custodian") whereby certain custodian fees and expenses are reduced by net credits earned on each Fund's cash on deposit
with the bank. Credits for cash balances may be offset by charges for any days on which a Fund overdraws its account at the Custodian. The amount
of custodian fee credit earned by a Fund is recognized on the Statement of Operations as a component of "Custodian expenses, net." During the
current fiscal period, the 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.
Fund
Gross
Custodian Fee
Credits
NMT
$
-
NMS
-
NOM
-
NPV
-
52
Notes to Financial Statements
(continued)
The Funds' distribution policy, which may be changed by the Board, is to make regular monthly cash distributions to holders of their common shares
(stated in terms of a fixed cents per common share dividend distributions rate which may be set from time to time). Each Fund intends to distribute
all or substantially all of its net investment income each year through its regular monthly distribution and to distribute realized capital gains at least
annually. In addition, in any monthly period, to maintain its declared per common share distribution amount, a Fund may distribute more or less than
its net investment income during the period. In the event a Fund distributes more than its net investment income during any yearly period, such
distributions may also include realized gains and/or a return of capital. To the extent that a distribution includes a return of capital the NAV per share
may erode.
Indemnifications:
Under the Funds' organizational documents, their officers and trustees are indemnified against certain liabilities arising out of
the performance of their duties to the Funds. In addition, in the normal course of business, the Funds enter into contracts that provide general
indemnifications to other parties. The Funds' maximum exposure under these arrangements is unknown as this would involve future claims that may
be made against the Funds that have not yet occurred. However, the Funds have not had prior claims or losses pursuant to these contracts and
expects the risk of loss to be remote.
Investments and Investment Income:
Securities transactions are accounted for as of the trade date for financial reporting purposes. Realized gains
and losses on securities transactions are based upon the specific identification method. Investment income is comprised of interest income, which is
recorded on an accrual basis and includes accretion of discounts and amortization of premiums for financial reporting purposes. Investment income
also reflects payment-in-kind ("PIK") interest and paydown gains and losses, if any. PIK interest represents income received in the form of securities in
lieu of cash. 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 current fiscal period, if any, are further described later in these Notes to
Financial Statements.
Segment Reporting:
Each Fund represents a single operating segment. The officers of the Funds act as the chief operating decision maker
("CODM"). The CODM monitors the operating results of each Fund as a whole and is responsible for each Fund's long-term strategic asset allocation
in accordance with the terms of its prospectus, based on a defined investment strategy which is executed by the Fund's portfolio managers as a
team. The financial information in the form of the Fund's portfolio composition, total returns, expense ratios and changes in net assets (i.e., changes
in net assets resulting from operations, subscriptions and redemptions), which are used by the CODM to assess the segment's performance versus
the Fund's comparative benchmarks and to make resource allocation decisions for the Fund's single segment, is consistent with that presented within
the Fund's financial statements. Segment assets are reflected on the Statement of Assets and Liabilities as "total assets" and significant segment
revenues and expenses are listed on the Statement of Operations.
New Accounting Pronouncement
: In December 2023, the FASB issued Accounting Standard Update ("ASU") No. 2023-09, Income Taxes (Topic
740) Improvements to Income tax disclosures ("ASU 2023-09"). The primary purpose of the amendments within ASU 2023-09 is to enhance the
transparency and decision usefulness of income tax disclosures primarily related to the rate reconciliation table and income taxes paid information.
The amendments in ASU 2023-09 are effective for annual periods beginning after December 15, 2024. Management is currently evaluating the
implications of these changes on the financial statements.
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:
53
Prices of fixed-income securities are generally provided by pricing services approved by the Adviser, which is subject to review by the Adviser and
oversight of the Board. Pricing services establish a security's fair value using methods that may include consideration of the following: yields or
prices of investments of comparable quality, type of issue, coupon, maturity and rating, market quotes or indications of value from security dealers,
evaluations of anticipated cash flows or collateral, general market conditions and other information and analysis, including the obligor's credit
characteristics considered relevant. In pricing certain securities, particularly less liquid and lower quality securities, pricing services may consider
information about a security, its issuer or market activity provided by the Adviser. These securities are generally classified as Level 2.
For any portfolio security or derivative for which market quotations are not readily available or for which the Adviser deems the valuations derived
using the valuation procedures described above not to reflect fair value, the Adviser will determine a fair value in good faith using alternative
procedures approved by the Adviser, subject to the oversight of the Board. As a general principle, the fair value of a security is the amount that
the owner might reasonably expect to receive for it in a current sale. A variety of factors may be considered in determining the fair value of such
securities, which may include consideration of the following: yields or prices of investments of comparable quality, type of issue, coupon, maturity
and rating, market quotes or indications of value from security dealers, evaluations of anticipated cash flows or collateral, general market conditions
and other information and analysis, including the obligor's credit characteristics considered relevant. To the extent the inputs are observable and
timely, the values would be classified as Level 2; otherwise they would be classified as Level 3.
The following table summarizes the market value of the Funds' investments as of the end of the current fiscal period, based on the inputs used to
value them:
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.
NMT
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
-
$
182,902,090
$
-
$
182,902,090
Short-Term Investments:
Municipal Bonds
-
200,000
-
200,000
Total
$
-
$
183,102,090
$
-
$
183,102,090
NMS
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
-
$
122,902,014
$
-
$
122,902,014
Total
$
-
$
122,902,014
$
-
$
122,902,014
NOM
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
-
$
41,381,194
$
-
$
41,381,194
Short-Term Investments:
Municipal Bonds
-
1,000,000
-
1,000,000
Total
$
-
$
42,381,194
$
-
$
42,381,194
NPV
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
-
$
361,540,035
$
-
$
361,540,035
Total
$
-
$
361,540,035
$
-
$
361,540,035
54
Notes to Financial Statements
(continued)
The Inverse Floater held by a Fund gives the Fund the right to (a) cause the holders of the Floaters to tender their certificates at par (or slightly more
than par in certain circumstances), and (b) have the trustee of the TOB Trust (the "Trustee") transfer the Underlying Bond held by the TOB Trust to
the Fund, thereby collapsing the TOB Trust.
The Fund may acquire an Inverse Floater in a transaction where it (a) transfers an Underlying Bond that it owns to a TOB Trust created by a third party
or (b) transfers an Underlying Bond that it owns, or that it has purchased in a secondary market transaction for the purpose of creating an Inverse
Floater, to a TOB Trust created at its direction, and in return receives the Inverse Floater of the TOB Trust (referred to as a "self-deposited Inverse
Floater"). A Fund may also purchase an Inverse Floater in a secondary market transaction from a third party creator of the TOB Trust without first
owning the Underlying Bond (referred to as an "externally-deposited Inverse Floater").
An investment in a self-deposited Inverse Floater is accounted for as a "financing" transaction (i.e., a secured borrowing). For a self-deposited
Inverse Floater, the Underlying Bond deposited into the TOB Trust is identified in the Fund's Portfolio of Investments as "(UB) - Underlying bond of
an inverse floating rate trust reflected as a financing transaction," with the Fund recognizing as liabilities, labeled "Floating rate obligations" on the
Statement of Assets and Liabilities, (a) the liquidation value of Floaters issued by the TOB Trust, and (b) the amount of any borrowings by the TOB
Trust from a Liquidity Provider to enable the TOB Trust to purchase outstanding Floaters in lieu of a remarketing. In addition, the Fund recognizes in
"Investment Income" the entire earnings of the Underlying Bond, and recognizes (a) the interest paid to the holders of the Floaters or on the TOB
Trust's borrowings, and (b) other expenses related to remarketing, administration, trustee, liquidity and other services to a TOB Trust, as a component
of "Interest expense 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 fiscal period are recognized as components of "Receivable for interest" and "Payable for interest" on
the Statement of Assets and Liabilities, respectively.
In contrast, an investment in an externally-deposited Inverse Floater is accounted for as a purchase of the Inverse Floater and is identified in the
Fund's Portfolio of Investments as "(IF) - Inverse floating rate investment." For an externally-deposited Inverse Floater, a Fund's Statement of Assets
and Liabilities recognizes the Inverse Floater and not the Underlying Bond as an asset, and the Fund does not recognize the Floaters, or any related
borrowings from a Liquidity Provider, as a liability. Additionally, the Fund reflects in "Investment Income" only the net amount of earnings on the
Inverse Floater (net of the interest paid to the holders of the Floaters or the Liquidity Provider as lender, and the expenses of the Trust), and does not
show the amount of that interest paid or the expenses of the TOB Trust as described above as interest expense on the Statement of Operations.
Fees paid upon the creation of a TOB Trust for self-deposited Inverse Floaters and externally-deposited Inverse Floaters are recognized as part of
the cost basis of the Inverse Floater and are capitalized over the term of the TOB Trust.
As of the end of the fiscal period, the aggregate value of Floaters issued by each Fund's TOB Trust for self-deposited Inverse Floaters and externally-
deposited Inverse Floaters was as follows:
During the current fiscal period, the average amount of Floaters (including any borrowings from a Liquidity Provider) outstanding, and the average
annual interest rates and fees related to self-deposited Inverse Floaters, were as follows:
TOB Trusts are supported by a liquidity facility provided by a Liquidity Provider pursuant to which the Liquidity Provider agrees, in the event that
Floaters are (a) tendered to the Trustee for remarketing and the remarketing does not occur, or (b) subject to mandatory tender pursuant to the
terms of the TOB Trust agreement, to either purchase Floaters or to provide the Trustee with an advance from a loan facility to fund the purchase of
Floaters by the TOB Trust. In certain circumstances, the Liquidity Provider may otherwise elect to have the Trustee sell the Underlying Bond to retire
the Floaters that were tendered and not remarketed prior to providing such a loan. In these circumstances, the Liquidity Provider remains obligated
to provide a loan to the extent that the proceeds of the sale of the Underlying Bond are not sufficient to pay the purchase price of the Floaters.
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
2.52
NPV
18,950,000
3.08
55
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
fiscal 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
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 current fiscal period, such
amounts are recognized on the Statement of Assets and Liabilities.
5. Derivative Investments
Each Fund is authorized to invest in certain derivative instruments. As defined by U.S. GAAP, a derivative is a financial instrument whose value is
derived from an underlying security price, foreign exchange rate, interest rate, index of prices or rates, or other variables. Investments in derivatives
as of the end of and/or during the current fiscal period, if any, are included within the Statement of Assets and Liabilities and the Statement of
Operations, respectively.
Market and Counterparty Credit Risk:
In the normal course of business each Fund may invest in financial instruments and enter into financial
transactions where risk of potential loss exists due to changes in the market (market risk) or failure of the other party to the transaction to perform
(counterparty credit risk). The potential loss could exceed the value of the financial assets recorded on the financial statements. Financial assets,
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
$
14,584,067
$
12,251,038
NMS
2,775,694
2,123,500
NOM
2,216,858
3,670,598
NPV
17,895,584
16,808,288
56
Notes to Financial Statements
(continued)
which potentially expose each Fund to counterparty credit risk, consist principally of cash due from counterparties on forward, option and swap
transactions, when applicable. The extent of each Fund's exposure to counterparty credit risk in respect to these financial assets approximates their
carrying value as recorded on the Statement of Assets and Liabilities.
Each Fund helps manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes have the financial
resources to honor their obligations and by having the Adviser monitor the financial stability of the counterparties. Additionally, counterparties may
be required to pledge collateral daily (based on the daily valuation of the financial asset) on behalf of each Fund with a value approximately equal
to the amount of any unrealized gain above a pre-determined threshold. Reciprocally, when each Fund has an unrealized loss, the Funds have
instructed the custodian to pledge assets of the Funds as collateral with a value approximately equal to the amount of the unrealized loss above a
pre-determined threshold. Collateral pledges are monitored and subsequently adjusted if and when the valuations fluctuate, either up or down, by
at least the pre-determined threshold amount.
6. Fund Shares
Common Shares Equity Shelf Programs and Offering Costs:
The following Funds have filed a registration statement with the Securities and
Exchange Commission ("SEC") authorizing each Fund to issue additional common shares through one or more equity shelf programs ("Shelf
Offering"), which became effective with the SEC during the current fiscal period.
Under this Shelf Offering, the Funds, subject to market conditions, may raise additional equity capital by issuing additional common shares from time
to time in varying amounts and by different offering methods at a net price at or above each Fund's NAV per common share. In the event the Fund's
Shelf Offering registration statement is no longer current, the Fund may not issue additional common shares until a post-effective amendment to the
registration statement has been filed with the SEC.
Maximum aggregate offering, common shares sold and offering proceeds, net of offering costs under 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:
NMT
NMS
Six Months
Ended
11/30/25
Year Ended
5/31/25
Six Months
Ended
11/30/25
Year Ended
5/31/25
Maximum aggregate offering
-
-
-
600,000*
Common shares sold
497,559
-
84,719
259,331
Offering proceeds, net of offering costs
$5,634,627
$-
$969,964
$3,099,266
NPV
Six Months
Ended
11/30/25
Year Ended
5/31/25
Maximum aggregate offering
-
1,800,000*
Common shares sold
683,400
509,702
Offering proceeds, net of offering costs
$7,603,108
$6,356,177
*
Represents additional authorized common shares for the period November 22, 2024 through May 31, 2025.
NMT
NMS
Unaudited
Six Months
Ended
11/30/25
Year Ended
5/31/25
Unaudited
Six Months
Ended
11/30/25
Year Ended
5/31/25
Common Shares:
Sold through shelf offering
497,559
-
84,719
259,331
Issued to shareholders due to reinvestment of distributions
11,733
5,564
1,862
12,714
Total
509,292
5,564
86,581
272,045
Weighted average common share:
Premium to NAV per shelf offering common share sold
5.22%
-%
0.52%
1.28%
57
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:
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.
NOM
NPV
Unaudited
Six Months
Ended
11/30/25
Year Ended
5/31/25
Unaudited
Six Months
Ended
11/30/25
Year Ended
5/31/25
Common Shares:
Sold through shelf offering
-
-
683,400
509,702
Issued to shareholders due to reinvestment of distributions
2,109
760
13,814
27,153
Total
2,109
760
697,214
536,855
Weighted average common share:
Premium to NAV per shelf offering common share sold
-%
-%
1.12%
4.85%
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference,
net of
deferred
offering costs
NMS
2028
498
$49,800,000
$49,785,250
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
3.57
%
58
Notes to Financial Statements
(continued)
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.
• 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
fiscal period, the Adviser has determined that the fair value of the shares approximated their liquidation preference.
• Variable Rate Demand Mode ("VRDM") - Dividends for MFP Shares designated in this mode will be established by a remarketing agent; therefore,
the market value of the MFP Shares is expected to approximate its liquidation preference. While in this mode, shares will have an unconditional
liquidity feature that enable its shareholders to require a liquidity provider, which the Fund has entered into a contractual agreement, to purchase
shares in the event that the shares are not able to be successfully remarketed. In the event that shares within this mode are unable to be successfully
remarketed and are purchased by the liquidity provider, the dividend rate will be the maximum rate which is designed to escalate according to a
specified schedule in order to enhance the remarketing agent's ability to successfully remarket the shares. 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:
Fund
Series
Shares
Outstanding
Liquidation
Preference
Liquidation
Preference, net of
deferred offering
costs
Term
Redemption Date
Mode
Mode
Termination Date
NOM
A
170
$17,000,000
$16,833,426
October 1, 2047
VRM
October 1, 2047
59
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:
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:
Fund
Average
Liquidation
Preference of MFP
Shares
Outstanding
Annualized
Dividend Rate
NOM
$
17,000,000
3.58
%
Fund
Series
Shares
Outstanding
Remarketing
Fees*
Liquidation
Preference
Liquidation
Preference,
net of deferred
offering costs
Special Rate Period
Expiration
Maturity
NMT
1
740
N/A**
$74,000,000
$73,792,704
March 1, 2047***
March 1, 2047
NPV
1
1,280
N/A**
$128,000,000
$127,731,714
July 15, 2026
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 the Fund or the holder.
Fund
Average
Liquidation
Preference of
VRDP
Shares
Outstanding
Annualized
Dividend Rate
NMT
$
74,000,000
3.42
%
NPV
128,000,000
3.74
60
Notes to Financial Statements
(continued)
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
:
Transactions in preferred shares during the Funds' current and prior fiscal period, where applicable, are noted in the
following table.
7. Income Tax Information
Each Fund is a separate taxpayer for federal income tax purposes. Each Fund intends to distribute substantially all of its net investment income and
net capital gains to shareholders and otherwise comply with the requirements of Subchapter M of the Internal Revenue Code applicable to regulated
investment companies. Therefore, no federal income tax provision is required.
Each Fund intends to satisfy conditions that will enable interest from municipal securities, which is exempt from regular federal and designated
state income taxes, to retain such tax-exempt status when distributed to shareholders of the Funds. Net realized capital gains and ordinary income
distributions paid by the Funds are subject to federal taxation.
Each Fund files income tax returns in U.S. federal and applicable state and local jurisdictions. A Fund's federal income tax returns are generally
subject to examination for a period of three fiscal years after being filed. State and local tax returns may be subject to examination for an additional
period of time depending on the jurisdiction. Management has analyzed each Fund's tax positions taken for all open tax years and has concluded
that no provision for income tax is required in the Fund's financial statements.
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:
Year Ended
May
31,
2025
NOM
Series
Shares
Amount
MFP Shares redeemed
A
(10)
(1,000,000)
Fund
Tax Cost
Gross Unrealized
Appreciation
Gross
Unrealized
(Depreciation)
Net
Unrealized
Appreciation
(Depreciation)
NMT
$
183,290,905
$
1,830,460
$
(2,019,275)
$
(188,815)
NMS
123,730,114
1,638,510
(2,466,610)
(828,100)
NOM
42,050,931
521,354
(791,091)
(269,737)
NPV
342,356,570
9,090,447
(8,856,982)
233,465
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
$
-
$
-
$
-
$
(6,291,754)
$
(15,565,988)
$
-
$
(662,443)
$
(22,520,185)
NMS
-
2,515
-
(4,837,688)
(6,170,308)
-
(444,644)
(11,450,125)
NOM
-
-
-
(1,804,377)
(3,148,669)
-
(158,676)
(5,111,722)
NPV
-
1,943
-
(12,934,714)
(29,647,722)
-
(1,327,929)
(43,908,422)
1
Undistributed tax-exempt income (on a tax basis) has not been reduced for the dividend declared on May 1, 2025 and paid on June 2, 2025.
61
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:
* The complex-level fee is calculated based upon the aggregate daily "eligible assets" of all Nuveen-branded closed-end funds and Nuveen branded open-end funds ("Nuveen Mutual
Funds"). Except as described below, eligible assets include the assets of all Nuveen-branded closed-end funds and Nuveen Mutual Funds organized in the United States. Eligible assets do
not include the net assets of: Nuveen fund-of-funds, Nuveen money market funds, Nuveen index funds, Nuveen Large Cap Responsible Equity Fund or Nuveen Life Large Cap Responsible
Equity Fund. In addition, eligible assets include a fixed percentage of the aggregate net assets of the active equity and fixed income Nuveen Mutual Funds advised by the Adviser's affiliate,
Teachers Advisors, LLC (except those identified above). The fixed percentage will increase annually until May 1, 2033, at which time eligible assets will include all of the aggregate net assets
of the active equity and fixed income Nuveen Mutual Funds advised by Teachers Advisors, LLC (except those identified above). Eligible assets include closed-end fund assets managed by
the Adviser that are attributable to financial leverage. For these purposes, financial leverage includes the closed-end funds' use of preferred stock and borrowings and certain investments
in the residual interest certificates (also called inverse floating rate securities) in tender option bond (TOB) trusts, including the portion of assets held by a TOB trust that has been effectively
financed by the trust's issuance of floating rate securities, subject to an agreement by the Adviser as to certain funds to limit the amount of such assets for determining eligible assets in
certain circumstances.
As of the end of the reporting period, the annual complex-level fee for each Fund was as follows:
Other Transactions with Affiliates:
The Funds are permitted to purchase or sell securities from or to certain other funds or accounts managed by
the Sub-Adviser or by an affiliate of the Adviser (each an, "Affiliated Entity") under specified conditions outlined in procedures adopted by the Board
("cross-trade"). These procedures have been designed to ensure that any cross-trade of securities by the Fund from or to an Affiliated Entity by
Fund
Short-Term
Long-Term
Total
NMT
$
5,284,158
$
10,281,830
$
15,565,988
NMS
2,166,772
4,003,536
6,170,308
NOM
948,165
2,200,504
3,148,669
NPV
11,692,021
17,955,701
29,647,722
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
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
0.1559
%
NMS
0.1559
NOM
0.1559
NPV
0.1559
62
Notes to Financial Statements
(continued)
virtue of having a common investment adviser (or affiliated investment adviser), common officer and/or common trustee complies with Rule 17a-7
under the 1940 Act. These transactions are effected at the current market price (as provided by an independent pricing service) without incurring
broker commissions. During the current fiscal period, the Funds engaged in the following security transactions with affiliated entities:
9. Commitments and Contingencies
In the normal course of business, each Fund enters into a variety of agreements that may expose the Fund to some risk of loss. These could include
recourse arrangements for certain TOB Trusts and certain agreements related to preferred shares, which are described elsewhere in these Notes
to Financial Statements. The risk of future loss arising from such agreements, while not quantifiable, is expected to be remote. As of the end of the
current fiscal period, the Funds did not have any unfunded commitments other then those disclosed in the Notes to Financial Statements, when
applicable.
From time to time, the Funds may be party to certain legal proceedings in the ordinary course of business, including proceedings relating to
the enforcement of the Funds' rights under contracts. As of the end of the current fiscal period, management has determined that any legal
proceeding(s) the Funds are subject to, including those described within this report, are unlikely to have a material impact to any of the Funds'
financial statements.
10. Borrowing Arrangements
Line of Credit:
The Funds, along with certain funds managed by the Adviser or by an affiliate of the Adviser ("Participating Funds"), have established
a 364-day, $2.7 billion standby credit facility with a group of lenders, under which the Participating Funds may borrow for temporary purposes (other
than on-going leveraging for investment purposes). Each Participating Fund is allocated a designated proportion of the facility's capacity (and its
associated costs, as described below) based upon a multi-factor assessment of the likelihood and frequency of its need to draw on the facility, the
size of the Fund and its anticipated draws, and the potential importance of such draws to the operations and well-being of the Fund, relative to
those of the other Funds. A Fund may effect draws on the facility in excess of its designated capacity if and to the extent that other Participating
Funds have undrawn capacity. The credit facility expires in June 2026, unless extended or renewed.
The credit facility has the following terms: 0.15% per annum on unused commitment amounts and a drawn interest rate equal to the higher
of (a) OBFR (Overnight Bank Funding Rate) plus 1.20% per annum or (b) the Fed Funds Effective Rate plus 1.20% per annum on amounts
borrowed. Interest expense incurred by the Participating Funds, when applicable, is recognized as a component of "Interest expense and
amortization of offering costs" on the Statement of Operations. Participating Funds paid administration, legal and arrangement fees, which are
recognized as a component of "Interest expense and amortization of offering costs" on the Statement of Operations, and along with commitment
fees, have been allocated among such Participating Funds based upon the relative proportions of the facility's aggregate capacity reserved for them
and other factors deemed relevant by the Adviser and the Board of each Participating Fund.
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:
Fund
Purchases
Sales
Realized
Gain (Loss)
NMT
$
-
$
2,449,165
$
(162,031
)
NMS
-
-
-
NOM
-
515,745
(44,838
)
NPV
1,329,285
-
-
Fund
Maximum
Outstanding
Balance
NMT
$
207,251
NMS
325,590
NOM
43,911
NPV
-
63
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 Lending Program
Inter-Fund Lending Program:
The SEC has granted an exemptive order permitting registered open-end and closed-end Nuveen funds to participate
in an inter-fund lending facility whereby the Nuveen funds may directly lend to and borrow money from each other for temporary purposes (e.g., to
satisfy redemption requests or when a sale of securities "fails," resulting in an unanticipated cash shortfall) (the "Inter-Fund Program"). The closed-
end Nuveen funds, including the Funds covered by this shareholder report, will participate only as lenders, and not as borrowers, in the Inter-Fund
Program because such closed-end funds rarely, if ever, need to borrow cash to meet redemptions. The Inter-Fund Program is subject to a number
of conditions, including, among other things, the requirements that (1) no fund may borrow or lend money through the Inter-Fund Program unless
it receives a more favorable interest rate than is typically available from a bank or other financial institution for a comparable transaction; (2) no fund
may borrow on an unsecured basis through the Inter-Fund Program unless the fund's outstanding borrowings from all sources immediately after the
inter-fund borrowing total 10% or less of its total assets; provided that if the borrowing fund has a secured borrowing outstanding from any other
lender, including but not limited to another fund, the inter-fund loan must be secured on at least an equal priority basis with at least an equivalent
percentage of collateral to loan value; (3) if a fund's total outstanding borrowings immediately after an inter-fund borrowing would be greater than
10% of its total assets, the fund may borrow through the inter-fund loan on a secured basis only; (4) no fund may lend money if the loan would
cause its aggregate outstanding loans through the Inter-Fund Program to exceed 15% of its net assets at the time of the loan; (5) a fund's inter-fund
loans to any one fund shall not exceed 5% of the lending fund's net assets; (6) the duration of inter-fund loans will be limited to the time required to
receive payment for securities sold, but in no event more than seven days; and (7) each inter-fund loan may be called on one business day's notice
by a lending fund and may be repaid on any day by a borrowing fund. In addition, a Nuveen fund may participate in the Inter-Fund Program only
if and to the extent that such participation is consistent with the fund's investment objective and investment policies. The Board is responsible for
overseeing the Inter-Fund Program.
The limitations detailed above and the other conditions of the SEC exemptive order permitting the Inter-Fund Program are designed to minimize
the risks associated with Inter-Fund Program for both the lending fund and the borrowing fund. However, no borrowing or lending activity is without
risk. When a fund borrows money from another fund, there is a risk that the loan could be called on one day's notice or not renewed, in which case
the fund may have to borrow from a bank at a higher rate or take other actions to payoff such loan if an inter-fund loan is not available from another
fund. Any delay in repayment to a lending fund could result in a lost investment opportunity or additional borrowing costs.
During the current fiscal period, none of the Funds covered by this shareholder report have entered into any inter-fund loan activity.
Fund
Utilization
Period (Days
Outstanding)
Average
Daily Balance
Outstanding
Average Annual
Interest Rate
NMT
1
$
207,251
5.53
%
NMS
4
231,397
5.19
NOM
1
43,911
5.29
NPV
-
-
-
Shareholder Meeting Report
65
(Unaudited)
The annual meeting of shareholders for NMT was held on December 18, 2025; 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:
Michael A. Forrester
For
8,055,373
-
Withhold
63,944
-
Total
8,119,317
-
Thomas J. Kenny
For
8,055,373
-
Withhold
63,944
-
Total
8,119,317
-
Robert L. Young
For
8,055,373
-
Withhold
63,944
-
Total
8,119,317
-
Albin F. Moschner
For
-
740
Withhold
-
-
Total
-
740
Margaret L. Wolff
For
-
740
Withhold
-
-
Total
-
740
66
Additional Fund Information
(Unaudited)
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 60606
Independent Registered
Public Accounting Firm
PricewaterhouseCoopers
LLP
One North Wacker Drive
Chicago, IL 60606
Transfer Agent and
Shareholder Services
Computershare Trust Company,
N.A.
150 Royall Street
Canton, MA 02021
(800) 257-8787
NMT
NMS
NOM
NPV
Common shares repurchased
0
0
0
0
Glossary of Terms Used in this Report
67
(Unaudited)
Average Annual Total Return:
This is a commonly used method to express an investment's performance over a particular,
usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual
cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over
the time period being considered.
Effective Leverage:
Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see
leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender
Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.
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-1125P 5035314
Nuveen:
Serving Investors for Generations
Since 1898, financial advisors and their clients have relied on Nuveen to provide dependable
investment solutions through continued adherence to proven, long-term investing principles. Today,
we offer a range of high quality solutions designed to be integral components of a well-diversified core
portfolio.
Focused on meeting investor needs.
Nuveen is the investment manager of TIAA. We have grown into one of the world's premier global
asset managers, with specialist knowledge across all major asset classes and particular strength
in solutions that provide income for investors and that draw on our expertise in alternatives and
responsible investing. Nuveen is driven not only by the independent investment processes across
the firm, but also the insights, risk management, analytics and other tools and resources that a truly
world-class platform provides. As a global asset manager, our mission is to work in partnership with
our clients to create solutions which help them secure their financial future.
Find out how we can help you.
To learn more about how the products and services of Nuveen may be able to help you meet your
financial goals, talk to your financial advisor, or call us at (800) 257-8787. Please read the information
provided carefully before you invest. Investors should consider the investment objective and policies,
risk considerations, charges and expenses of any investment carefully. Where applicable, be sure
to obtain a prospectus, which contains this and other relevant information. To obtain a prospectus,
please contact your securities representative or Nuveen, 333 W. Wacker Dr., Chicago, IL 60606.
Please read the prospectus carefully before you invest or send money.
Learn more about Nuveen Funds at:
www.nuveen.com/closed-end-funds
NOT FDIC INSURED MAY LOSE VALUE NO BANK GUARANTEE
| Item 2. |
Code of Ethics. |
Not applicable to this filing.
| Item 3. |
Audit Committee Financial Expert. |
Not applicable to this filing.
| Item 4. |
Principal Accountant Fees and Services. |
Not applicable to this filing.
| Item 5. |
Audit Committee of Listed Registrants. |
Not applicable to this filing.
| Item 6. |
Investments. |
| (a) |
Schedule of Investments is included as part of the Portfolio of Investments filed under Item 1 of this Form N-CSR. |
| (b) |
Not applicable. |
| Item 7. |
Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 8. |
Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 9. |
Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 10. |
Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Not applicable to closed-end investment companies.
| Item 11. |
Statement Regarding Basis for Approval of Investment Advisory Contract. |
Not applicable.
| Item 12. |
Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to this filing.
| Item 13. |
Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to this filing.
| Item 14. |
Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable.
| Item 15. |
Submission of Matters to a Vote of Security Holders. |
There have been no material changes to the procedures by which shareholders may recommend nominees to the registrant's Board implemented after the registrant last provided disclosure in response to this Item.
| Item 16. |
Controls and Procedures. |
| (a) |
The registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of the controls and procedures required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended (the "Exchange Act") (17 CFR 240.13a-15(b) or 240.15d-15(b)). |
| (b) |
There were no changes in the registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting. |
| Item 17. |
Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable.
| Item 18. |
Recovery of Erroneously Awarded Compensation. |
| (a) |
Not applicable. |
| (b) |
Not applicable. |
| Item 19. |
Exhibits. |
| (a)(1) |
Not applicable to this filing. |
| (a)(2) |
Not applicable to this filing. |
| (a)(3) |
| (a)(4) |
Not applicable. |
| (a)(5) |
Not applicable. |
| (b) |
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 Virginia Quality Municipal Income Fund
| Date: February 5, 2026 | By: |
/s/ David J. Lamb |
||||
| David J. Lamb | ||||||
| Chief Administrative Officer |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
| Date: February 5, 2026 | By: |
/s/ David J. Lamb |
||||
| David J. Lamb | ||||||
|
Chief Administrative Officer (principal executive officer) |
| Date: February 5, 2026 | By: |
/s/ Marc Cardella |
||||
| Marc Cardella | ||||||
|
Vice President and Controller (principal financial officer) |
Nuveen Virginia Quality Municipal Income Fund published this content on February 05, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on February 05, 2026 at 16:20 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]