# EDGAR Filing Document

**Accession Number:** 0001607997
**File Stem:** 0001193125-26-038793
**Filing Date:** 2026-2
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## Filing Content

## Filing Summary
**0001193125-26-038793.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001193125-26-038793

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Nuveen Minnesota Quality Municipal Income Fund
- **CENTRAL INDEX KEY:** 0001607997

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-22967
- **FILM NUMBER:** 26601241

**BUSINESS ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606
- **BUSINESS PHONE:** 312-917-8146

**MAIL ADDRESS:**
- **STREET 1:** 333 WEST WACKER DRIVE
- **CITY:** CHICAGO
- **STATE:** IL
- **ZIP:** 60606

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Nuveen Minnesota Municipal Income Fund
- **DATE OF NAME CHANGE:** 20140513

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 <u>811-22967</u> 

Nuveen Minnesota 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: (<u>800) 257-8787</u>

Date of fiscal year end: <u>May</u> <u>31</u>

Date of reporting period: <u>November</u> <u>30, 2025</u>

------

**Item 1.** **Reports to Stockholders.** <br>

------

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

Table

of Contents

Important Notices

Common Share Information

About the Funds' Benchmarks

Fund Performance, Leverage and Holdings Summaries

Portfolios of Investments

Statement of Assets and Liabilities

Statement of Operations

Statement of Changes in Net Assets

Statement of Cash Flows

Financial Highlights

Notes to Financial Statements

Shareholder Meeting Report

Additional Fund Information

Glossary of Terms Used in this Report

Important Notices

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.

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

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

55,000

Common shares authorized for repurchase

930,000

590,000

235,000

1,825,000

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

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.

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%

Leverage and Holdings

ion

Leverage

Effective Leverage

39.88%

Regulatory Leverage

39.88%

Fund Allocation

(% of net assets)

Municipal Bonds

.9

%

Short-Term Municipal Bonds

.2

%

Other Assets & Liabilities, Net

2.0%

VRDP Shares, Net

(66

.1)

%

Net Assets

%

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

%

Portfolio Composition

(% 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%

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

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)%

Leverage and Holdings

Leverage

Effective Leverage

40.34%

Regulatory Leverage

40.34%

Fund Allocation

(% of net assets)

Municipal Bonds

.9

%

Other Assets & Liabilities, Net

0.7%

AMTP Shares, Net

(67

.6)

%

Net Assets

%

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

%

Portfolio Composition

(% 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%

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

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%

Leverage and Holdings

Leverage

Effective Leverage

41.03%

Regulatory Leverage

40.20%

Fund Allocation

(% of net assets)

Municipal Bonds

.6

%

Short-Term Municipal Bonds

.0

%

Other Assets & Liabilities, Net

1.4%

Floating Rate Obligations

(2.4)%

MFP Shares, Net

(66

.6)

%

Net Assets

%

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

%

Portfolio Composition

(% 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%

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

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)%

Leverage and Holdings

Leverage

Effective Leverage

39.81%

Regulatory Leverage

36.56%

Fund Allocation

(% of net assets)

Municipal Bonds

.7

%

Other Assets & Liabilities, Net

3.3%

Floating Rate Obligations

(8.5)%

VRDP Shares, Net

(57

.5)

%

Net Assets

%

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

%

Portfolio Composition

(% 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%

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

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

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

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

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

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%.

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

.000

%

07/01/28

$

442,737

50,000

City of Ham Lake, Minnesota, Charter School Lease Revenue

Bonds, DaVinci Academy Project,Series 2016A

.000

07/01/36

48,932

500,000

Deephaven, Minnesota, Charter School Lease Revenue Bonds,

Eagle Ridge Academy Project, Series 2015A

.250

07/01/40

500,180

570,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2014A

.750

08/01/44

570,146

750,000

Forest Lake, Minnesota, Charter School Lease Revenue Bonds,

Lakes International Language Academy, Series 2019A

.250

08/01/43

751,462

100,000

Greenwood, Minnesota, Charter School Lease Revenue Bonds,

Main Street School of Performing Arts Project, Series 2016A

.000

07/01/47

83,941

2,200,000

Hugo, Minnesota, Charter School Lease Revenue Bonds, Noble

Academy Project, Series 2014A

.000

07/01/44

2,102,233

1,575,000

Independence, Minnesota, Charter School Lease Revenue

Bonds, Beacon Academy Project, Series 2016A

.000

07/01/46

1,379,649

250,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

.000

07/01/33

250,270

1,425,000

Minneapolis, Minnesota, Charter School Lease Revenue Bonds,

Yinghua Academy Project, Series 2013A

.000

07/01/43

1,425,549

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

.000

05/01/37

499,430

300,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Bethel University, Refunding Series 2017

.000

05/01/47

271,650

1,580,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Refunding Series 2017

.000

03/01/42

1,581,034

1,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Refunding Series 2017

.000

03/01/44

1,009,051

2,000,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Carleton College, Series 2023

.000

03/01/53

2,098,766

500,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

College of Saint Scholastica, Inc., Refunding Series 2019

.000

12/01/34

479,850

425,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

College of Saint Scholastica, Inc., Refunding Series 2019

.000

12/01/40

381,071

305,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

College of St. Benedict, Series 2016-8K

.000

03/01/43

263,176

600,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Macalester College, Refunding Series 2017

.000

03/01/48

558,059

225,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

Saint Catherine University, Refunding Series 2018A

.000

10/01/45

220,993

750,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2019

.000

10/01/35

796,425

710,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

.125

10/01/41

714,224

2,445,000

Minnesota Higher Education Facilities Authority, Revenue Bonds,

University of Saint Thomas, Series 2022B

.000

10/01/47

2,501,970

705,000

Otsego, Minnesota, Charter School Lease Revenue Bonds,

Kaleidoscope Charter School Project, Series 2014A

.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

.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

.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

.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

.750

07/01/45

1,027,913

Portfolio of Investments November 30, 2025

(continued)

NMS

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

.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

.625

03/01/43

318,643

1,000,000

Savage, Minnesota Charter School Lease Revenue Bonds, Aspen

Academy Project, Series 2016A

.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

.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

.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

.000

03/01/32

250,069

180,000

City of Plato, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2017

.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

.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

.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

.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

.250

06/15/47

156,792

400,000

Glencoe, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2013

.000

04/01/27

399,991

230,000

Glencoe, Minnesota, Health Care Facilities Revenue Bonds,

Glencoe Regional Health Services Project, Series 2013

.000

04/01/31

230,004

500,000

Maple Grove, Minnesota, Health Care Facilities Revenue

Refunding Bonds, North Memorial Health Care, Series 2015

.000

09/01/35

495,976

200,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

.000

05/01/31

203,095

165,000

Maple Grove, Minnesota, Health Care Facility Revenue Bonds,

North Memorial Health Care, Series 2017

.000

05/01/32

167,446

1,500,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

.000

11/15/36

1,514,602

500,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Allina Health System, Series 2021

.000

11/15/39

499,492

265,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2015A

.000

11/15/40

251,883

1,000,000

Minneapolis, Minnesota, Health Care System Revenue Bonds,

Fairview Health Services, Series 2018A

.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

.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

.250

01/01/54

1,040,017

915,000

Rochester, Minnesota, Health Care Facilities Revenue Bonds,

Mayo Clinic, Series 2018A

.000

11/15/48

871,346

1,000,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2016A

.000

05/01/37

1,000,757

1,675,000

Saint Cloud, Minnesota, Health Care Revenue Bonds, CentraCare

Health System, Series 2019

.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

.000

07/01/35

3,920,566

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

.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

.000

11/15/36

229,265

240,000

Saint Paul Housing and Redevelopment Authority, Minnesota,

Health Care Revenue Bonds, Fairview Health Services, Series

2017A

.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

.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

.000

11/15/47

990,168

800,000

Saint Paul Port Authority, Minnesota, Lease Revenue Bonds,

Regions Hospital Parking Ramp Project, Series 2007-1

.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

.900

07/01/43

38,686

20,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Series 2014C

.500

01/01/32

20,006

675,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

.500

01/01/37

704,892

905,000

Minnesota Housing Finance Agency, Residential Housing

Finance Bonds, Social Series 2025F

.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

.500

06/01/33

1,412,248

600,000

Minneapolis, Minnesota, Limited Tax Supported Development

Revenue Bonds, Common Bond Fund Series 2013-1

.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)

.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

.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

.500

09/01/55

303,885

250,000

Bethel, Minnesota, Housing and Health Care Facilities Revenue

Bonds, Ecumen Obligated Group Series 2024A

.250

03/01/54

240,636

875,000

Cold Spring, Minnesota, Health Care Facilities Revenue Bonds,

Assumption Home, Inc., Refunding Series 2013

.200

03/01/43

814,559

175,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

.250

01/01/40

150,595

850,000

Columbus, Minnesota, Senior Housing Revenue Bonds, Richfield

Senior Housing, Inc., Refunding Series 2015

.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

.000

08/01/51

454,150

750,000

Minneapolis, Minnesota, Senior Housing and Healthcare

Revenue Bonds, Ecumen Abiitan Mill City Project, Series 2015

.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

.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

.125

05/01/48

424,861

Portfolio of Investments November 30, 2025

(continued)

NMS

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

.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

.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

.125

01/01/39

499,857

500,000

Wayzata, Minnesota Senior Housing Revenue Bonds, Folkestone

Senior Living Community, Refunding Series 2019

.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

.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

.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

.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

.000

02/01/42

751,632

1,020,000

Brooklyn Center Independent School District 286, Minnesota,

General Obligation Bonds, Series 2018A

.000

02/01/43

1,020,939

1,000,000

Corcoran, Minnesota, General Obligation Bonds, Series 2023A -

BAM Insured

.000

02/01/48

960,243

500,000

Dover-Eyota Independent School District 533, Minnesota,

General Obligation Bonds, School Building Facilities

Maintenance Series 2023A

.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

.000

02/01/48

521,465

1,500,000

Hennepin County, Minnesota, General Obligation Bonds, Series

2024A

.000

12/01/43

1,643,974

1,000,000

Independent School District 621, Mounds View, Minnesota,

General Obligation Bonds, School Building Series 2018A

.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

.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

.500

02/01/41

1,033,960

1,500,000

Maple River Independent School District 2135, Minnesota,

General Obligation Bonds, School Building Series 2020A

.000

02/01/50

1,426,258

1,345,000

Minneapolis, Minnesota, General Obligation Bonds,

Improvement & Various Purpose Series 2018

.000

12/01/40

1,352,499

310,000

Minnetonka Independent School District 276, Hennepin County,

Minnesota, General Obligation Bonds, Facilities Maintenance

Series 2023B

.000

02/01/39

338,975

1,000,000

Roseville Independent School District 623, Ramsey County,

Minnesota, General Obligation Bonds, School Building Series

2018A

.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

.000

02/01/42

1,008,554

1,000,000

Saint James Independent School District 840, Minnesota,

General Obligation Bonds, School Building Series 2015B

.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

.000

02/01/36

1,086,071

800,000

Sartell, Minnesota, General Obligation Bonds, Series 2022A

.000

02/01/43

802,208

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

.000

%

02/01/40

$

1,500,106

470,000

(a) Yellow Medicine East Independent School District 2190,

Minnesota, General Obligation Bonds, Series 2025A

.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

.000

02/01/41

987,884

500,000

Elbow Lake Economic Development Authority, Minnesota, Lease

Revenue Bonds, Grant County Public Project, Series 2023A

.000

12/15/44

506,799

500,000

Minneapolis, Minnesota, Tax Incriment Revenue Bonds, Ivy Tower

Project, Series 2015

.000

03/01/29

500,166

1,255,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Educational Facilities Revenue Bonds, Series

2023A

.000

10/01/42

1,363,211

1,495,000

Minnesota Department of Iron Range Resource and

Rehabilitation, Revenue Bonds, Series 2024A

.000

10/01/43

1,611,562

200,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2017A

.000

08/01/35

202,174

500,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2018D

.000

08/01/39

503,074

1,000,000

Minnesota Housing Finance Agency, Housing Infrastructure State

Appropriation Bonds, Series 2022A

.000

08/01/40

1,082,510

2,230,000

Minnesota Housing Finance Agency, Nonprofit Housing Bonds,

State Appropriation Series 2011

.000

08/01/31

2,234,234

1,500,000

Minnesota State, Certificates of Participation, State Office

Building Project, Series 2023

.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

.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

.750

02/01/36

1,000,268

750,000

Northeast Metropolitan Intermediate School District 916, White

Bear Lake, Minnesota, Certificates of Particpation, Series 2015B

.000

02/01/42

749,962

250,000

Rum River Special Education Cooperative, Minnesota,

Certificates of Participation, Series 2025A

.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

.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

.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

.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

.250

04/01/43

736,354

635,000

Zumbro Education District 6012, Minnesota, Certificates of

Participation Series 2021A

.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

.000

01/01/39

315,706

500,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019A

.000

01/01/44

513,886

250,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Refunding Subordinate Lien

Series 2019A

.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)

.000

01/01/44

1,009,528

Portfolio of Investments November 30, 2025

(continued)

NMS

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)

.000

%

01/01/49

$

2,012,574

1,600,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Senior Lien Series 2016C

.000

01/01/46

1,612,196

500,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022A

.000

01/01/52

513,713

1,175,000

Minneapolis-St. Paul Metropolitan Airports Commission,

Minnesota, Airport Revenue Bonds, Subordinate Lien Series

2022B, (AMT)

.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

.000

06/01/51

519,079

415,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

.000

01/01/46

415,314

30,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2020A

.000

01/01/50

30,257

500,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Refunding Series 2014A

.000

10/01/33

500,459

965,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Series 2016

.000

10/01/35

976,729

2,795,000

Minnesota Municipal Power Agency, Electric Revenue Bonds,

Series 2016

.000

10/01/47

2,800,881

250,000

(a) Mountain Lake, Minnesota, Electric Revenue Bonds, Series 2025B

.000

12/01/54

250,009

655,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2021-1. 501 C3

.000

10/01/41

641,489

200,000

Saint Paul Port Authority, Minnesota, District Energy Revenue

Bonds, Series 2023-3

.750

10/01/43

204,157

100,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 1994A - NPFG Insured

.000

01/01/26

99,717

250,000

Southern Minnesota Municipal Power Agency, Power Supply

System Revenue Bonds, Series 2025A

.000

01/01/42

277,565

3,200,000

Western Minnesota Municipal Power Agency, Minnesota, Power

Supply Revenue Bonds, Series 2018A

.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%.

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

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

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

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

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%.

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

.625

%

05/15/43

$

1,016,491

480,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.250

06/01/32

471,335

705,000

Guam Economic Development & Commerce Authority, Tobacco

Settlement Asset-Backed Bonds, Series 2007A

.625

06/01/47

650,537

2,525,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset Backed Bonds, Series 2007B1

.000

06/01/47

2,095,996

5,145,000

Tobacco Settlement Financing Corporation of Virginia, Tobacco

Settlement Asset-Backed Bonds, Series 2007B2

.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

.000

01/01/46

956,388

1,105,000

Alexandria Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Episcopal High School,

Series 2017

.000

01/01/37

1,110,430

565,000

Alexandria Industrial Development Authority, Virginia,

Educational Facilities Revenue Bonds, Episcopal High School,

Series 2017

.000

01/01/40

566,046

90,000

Amherst Industrial Development Authority, Virginia, Revenue

Bonds, Sweet Briar College, Series 2006

.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

.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

.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

.000

10/01/50

1,499,489

500,000

Montgomery County Economic Development Authority, Virginia,

Revenue Bonds, Virginia Tech Foundation, Refunding Series

2017A

.000

06/01/36

504,504

750,000

Roanoke Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Lynchburg College, Series 2018A

.000

09/01/43

724,726

1,000,000

Salem Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Roanoke College, Series 2020

.000

04/01/45

856,486

1,000,000

Salem Economic Development Authority, Virginia, Educational

Facilities Revenue Bonds, Roanoke College, Series 2025

.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

.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

.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)

.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

.000

07/01/45

761,392

1,500,000

(b) Virginia College Building Authority, Educational Facilities

Revenue Bonds, Marymount University Project, Refunding Series

2015A

.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

.000

07/01/45

3,045,567

1,000,000

Virginia College Building Authority, Educational Facilities

Revenue Bonds, Regent University Project, Series 2025

.000

06/01/55

1,064,065

TOTAL EDUCATION AND CIVIC ORGANIZATIONS

29,242,241

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

.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

.000

07/01/39

1,015,011

225,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.000

07/01/40

227,117

1,055,000

Arlington County Industrial Development Authority, Virginia,

Hospital Facility Revenue Bonds, Virginia Hospital Center, Series

2020

.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)

.000

07/01/53

1,587,497

1,470,000

Chesapeake Hospital Authority, Virginia, Hospital Facility

Revenue Bonds, Chesapeake Regional Medical Center, Series

2019

.000

07/01/34

1,561,361

1,205,000

Chesapeake Hospital Authority, Virginia, Hospital Facility

Revenue Bonds, Chesapeake Regional Medical Center, Series

2019

.000

07/01/37

1,206,426

1,000,000

Chesapeake Hospital Authority, Virginia, Hospital Facility

Revenue Bonds, Chesapeake Regional Medical Center, Series

2019

.000

07/01/43

939,764

1,920,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-1

.000

08/01/44

1,745,181

2,700,000

Colorado Health Facilities Authority, Colorado, Revenue Bonds,

CommonSpirit Health, Series 2019A-2

.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

.000

05/15/42

3,971,464

2,500,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2014A

.000

05/15/44

2,444,768

1,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2024

.000

05/15/51

1,040,637

3,000,000

Fairfax County Industrial Development Authority, Virginia,

Healthcare Revenue Bonds, Inova Health System, Series 2024

.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

.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

.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

.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

.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

.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

.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

.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

.000

11/01/48

923,743

875,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

.000

07/01/36

897,860

5,000,000

Roanoke Economic Development Authority, Virginia, Hospital

Revenue Bonds, Carilion Clinic Obligated Group, Series 2020A

.000

07/01/51

4,618,575

Portfolio of Investments November 30, 2025

(continued)

NPV

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

.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

.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

.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

.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

.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

.250

06/15/55

1,045,416

1,150,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

.000

11/01/38

1,159,586

2,000,000

Virginia Small Business Finance Authority, Healthcare Facilities

Revenue Bonds, Sentara Healthcare, Refunding Series 2020

.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

.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

.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

.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

.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

.550

01/01/37

1,040,925

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

.500

03/01/35

1,000,036

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015A

.625

03/01/39

986,424

900,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015C

.000

08/01/45

857,639

2,750,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2015E

.750

12/01/40

2,725,754

1,500,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2016B

.350

05/01/36

1,481,383

1,700,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2017A

.875

03/01/47

1,571,636

3,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2019A

.800

09/01/44

2,822,425

1,855,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2020E

.500

07/01/45

1,356,893

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2022F

.000

10/01/52

1,026,577

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2023E

.250

10/01/63

1,034,762

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2024A

.450

09/01/44

1,009,609

1,000,000

Virginia Housing Development Authority, Rental Housing Bonds,

Series 2025C

.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)

.000

07/01/48

7,182,808

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)

.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)

.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

.875

07/01/48

1,010,907

670,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-5

.625

07/01/50

660,814

1,200,000

Virginia Housing Development Authority, Commonwealth

Mortgage Bonds, Series 2023E-I

.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

.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

.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

.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

.875

12/01/58

216,462

1,000,000

James City County Economic Development Authority, Virginia,

Residential Care Facility Revenue Bonds, WindsorMeade, Series

2021A

.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

.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

.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

.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

.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

.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

.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

.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

.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

.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

.000

09/01/53

352,220

Portfolio of Investments November 30, 2025

(continued)

NPV

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

.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

.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

.000

07/01/33

2,379,207

4,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/33

3,997,555

1,000,000

Puerto Rico, General Obligation Bonds, Restructured Series

2022A-1

.000

07/01/41

924,702

1,000,000

Richmond, Virginia, General Obligation Bonds, Public

Improvement Series 2024C

.000

03/01/57

930,889

1,000,000

Virginia State, General Obligation Bonds, Series 2022A

.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

.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

.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

.500

03/01/55

1,676,069

865,000

(b) Farms of New Kent Community Development Authority, Virginia,

Special Assessment Bonds, Refunding Series 2021A

.750

03/01/36

835,566

750,000

Government of Guam, Business Privilege Tax Bonds, Refunding

Series 2025G

.250

01/01/38

826,587

1,000,000

Guam Government, Limited Obligation Section 30 Revenue

Bonds, Series 2016A

.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

.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

.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

.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

.750

09/01/44

969,151

905,000

(b) Lower Magnolia Green Community Development Authority,

Virginia, Special Assessment Bonds, Series 2015

.000

03/01/35

905,191

2,990,000

(b) Lower Magnolia Green Community Development Authority,

Virginia, Special Assessment Bonds, Series 2015

.000

03/01/45

2,902,904

440,000

Matching Fund Special Purpose Securitization Corporation,

Virgin Islands, Revenue Bonds, Series 2022A

.000

10/01/32

464,976

240,000

(b) Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.500

09/01/28

241,732

3,000,000

(b) Peninsula Town Center Community Development Authority,

Virginia, Special Obligation Bonds, Refunding Series 2018

.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

.125

09/01/60

1,469,358

69,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/27

65,427

94,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/29

83,315

219,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/31

179,762

PRINCIPAL

DESCRIPTION

RATE

MATURITY

VALUE

TAX OBLIGATION/LIMITED

(continued)

$

136,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

%

07/01/33

$

103,270

2,550,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.000

07/01/51

635,503

7,085,000

Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue

Bonds, Restructured 2018A-1

.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

.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

.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

.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

.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

.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

.000

03/01/30

1,001,169

35,000

Virginia Resources Authority, Infrastructure Revenue Bonds,

Pooled Financing Program, Series 2012A

.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

.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

.000

10/01/43

301,589

1,000,000

Virginia Transportation Board, Transportation Revenue Bonds,

Capital Projects, Series 2018

.000

05/15/38

1,009,739

2,000,000

Washington Metropolitan Area Transit Authority, Dedicated

Revenue Bonds, Second Lien Series 2025A

.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

.250

07/15/59

7,355,503

920,000

Western Virginia Regional Jail Authority, Virginia, Facility Revenue

Bonds, Refunding Series 2016

.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

.000

07/01/34

376,441

400,000

Capital Region Airport Commission, Virginia, Airport Revenue

Bonds, Refunding Series 2016A

.000

07/01/35

401,313

250,000

Capital Region Airport Commission, Virginia, Airport Revenue

Bonds, Refunding Series 2016A

.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

.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

.000

07/01/46

5,915,883

2,000,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

.750

07/15/32

2,090,030

4,225,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Capital Appreciation Series 2012B

.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

.875

07/15/40

1,033,693

1,945,000

Chesapeake, Virginia, Transportation System Senior Toll Road

Revenue Bonds, Refunding Series 2024 - AGM Insured

.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

.000

10/01/44

4,158,483

Portfolio of Investments November 30, 2025

(continued)

NPV

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

.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

.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

.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

.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

.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

.500

10/01/44

7,150,184

7,300,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2016A, (AMT)

.000

10/01/35

7,378,054

2,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.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)

.000

10/01/36

3,413,582

2,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2018A, (AMT)

.000

10/01/38

2,063,253

1,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2019A, (AMT)

.000

10/01/30

1,071,695

4,000,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2019A, (AMT)

.000

10/01/40

4,152,624

1,150,000

Metropolitan Washington D.C. Airports Authority, Airport System

Revenue Bonds, Refunding Series 2023A, (AMT)

.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)

.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)

.000

08/01/31

595,293

1,585,000

Norfolk Airport Authority, Virginia, Airport Revenue Bonds, Series

2019

.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)

.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)

.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)

.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)

.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)

.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)

.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)

.000

07/01/39

3,066,357

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)

.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)

.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)

.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)

.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)

.000

01/01/41

4,119,136

1,000,000

Washington Metropolitan Area Transit Authority, District of

Columbia, Gross Revenue Bonds, Series 2018

.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)

.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)

.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)

.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)

.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)

.500

07/01/57

1,061,424

4,000,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2016A, (Pre-refunded 1/15/26)

.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)

.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)

.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)

.750

01/01/35

4,549,406

1,675,000

Guam Government Waterworks Authority, Water and Wastewater

System Revenue Bonds, Series 2016

.000

01/01/46

1,676,265

2,000,000

(b) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2020A

.000

07/01/47

1,968,767

1,000,000

(b) Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,

Refunding Senior Lien Series 2021B

.000

07/01/42

917,365

725,000

Richmond, Virginia, Public Utility Revenue Bonds, Refunding

Series 2023C

.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)

.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

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

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

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

2,621

7,120

997

Other

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

$

.34

$

.98

$

.75

$

.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

†

&nbsp;&nbsp;&nbsp;&nbsp; Long-term investments, cost

$

183,101,142

$

123,938,273

$

41,667,807

$

361,628,266

◊

&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments, cost

$

200,000

$

—

$

1,000,000

$

—

\*

&nbsp;&nbsp;&nbsp;&nbsp; AMTP Shares, liquidation preference

$

–

$

49,800,000

$

–

$

–

\*\*

&nbsp;&nbsp;&nbsp;&nbsp; MFP Shares, liquidation preference

$

–

$

–

$

17,000,000

$

–

\*\*\*

&nbsp;&nbsp;&nbsp;&nbsp;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

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

—

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

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

#### 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

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)

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

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

3,858

Accrued other expenses

(123)

(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

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

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)

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

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.

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

(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

—

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:

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

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

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.

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

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%

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

$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 %

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

$17,000,000

$16,833,426

October 1, 2047

VRM

October 1, 2047

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

740

N/A\*\*

$74,000,000

$73,792,704

March 1, 2047\*\*\*

March 1, 2047

NPV

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

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)

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.

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

—

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

$

207,251

5.53 %

NMS

231,397

5.19 NOM

43,911

5.29 NPV

—

—

—

Shareholder Meeting Report

(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

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

Glossary of Terms Used in this Report

(Unaudited)

Average Annual Total Return:

This is a commonly used method to express an investment's performance over a particular,

usually multi-year time period. It expresses the return that would have been necessary each year to equal the investment's actual

cumulative performance (including change in NAV or offer price and reinvested dividends and capital gains distributions, if any) over

the time period being considered.

Effective Leverage:

Effective leverage is a fund's effective economic leverage, and includes both regulatory leverage (see

leverage) and the leverage effects of certain derivative investments in the fund's portfolio. Currently, the leverage effects of Tender

Option Bond (TOB) inverse floater holdings are included in effective leverage values, in addition to any regulatory leverage.

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)

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.** <br>

Not applicable to this filing.

------

**Item 3.** **Audit Committee Financial Expert.** <br>

Not applicable to this filing.

------

**Item 4.** **Principal Accountant Fees and Services.** <br>

Not applicable to this filing.

------

**Item 5.** **Audit Committee of Listed Registrants.** <br>

Not applicable to this filing.

------

**Item 6.** **Investments.** <br>

(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.** <br>

Not applicable to closed-end investment companies.

------

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

Not applicable to closed-end investment companies.

------

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.** <br>

Not applicable to closed-end investment companies.

------

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

Not applicable to closed-end investment companies.

------

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.** <br>

Not applicable.

------

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

Not applicable to this filing.

------

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** <br>

Not applicable to this filing.

------

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

Not applicable.

------

**Item 15.** **Submission of Matters to a Vote of Security Holders.** <br>

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.** <br>

(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.** <br>

Not applicable.

------

**Item 18.** **Recovery of Erroneously Awarded Compensation.** <br>

(a) Not applicable.

(b) Not applicable.

------

**Item 19.** **Exhibits.** <br>

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

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

---

| | |
|:---|:---|
| (a)(3) | [Certifications pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto.](d92524dex99cert.htm)  |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002 is attached hereto.](d92524dex99906cert.htm)

------

**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.

<u>Nuveen Minnesota Quality Municipal Income Fund</u>

---

| | | |
|:---|:---|:---|
| 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<br> (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---

## Ex-99.Cert

**Exhibit 19(a)(3)** 

**<u>CERTIFICATION</u>**

I, David J. Lamb, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Minnesota Quality
Municipal Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer |
|  |  | (principal executive officer) |

---

------

**<u>CERTIFICATION</u>**

I, Marc Cardella, certify that:

1. I have reviewed this report on Form N-CSR of Nuveen Minnesota Quality
Municipal Income Fund;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a
material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the
periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be
designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is
being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting
principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting 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; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and
the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in
the registrant's internal control over financial reporting.

------

---

| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller |
|  |  | (principal financial officer) |

---

## Exhibit 99.906

**Exhibit 19(b)** 

**<u>CERTIFICATION</u>** 

**Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002** 

**(Subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code)** 

In connection with the semi-annual report of the Nuveen Minnesota Quality Municipal Income Fund (the "Fund") on Form N-CSR for the period ended November 30, 2025, as filed with the Securities and Exchange Commission (the "Report"), the undersigned officers of the Fund certify that, to the best of each such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act
of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and
results of operations of the Fund.

---

| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ David J. Lamb |
|  |  | David J. Lamb |
|  |  | Chief Administrative Officer<br> (principal executive officer) |

---

---

| | | |
|:---|:---|:---|
| Date: February 5, 2026 | By: | /s/ Marc Cardella |
|  |  | Marc Cardella |
|  |  | Vice President and Controller<br> (principal financial officer) |

---