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Portfolio of Investments August 31, 2025
NMT
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM INVESTMENTS - 168.5% (100.0% of Total Investments)  
X
174,167,055
MUNICIPAL BONDS - 168.5%  (100.0% of Total Investments)
X
–
EDUCATION AND CIVIC ORGANIZATIONS - 44.7% (26.5% of Total Investments)
$
210,000
Lowell, Massachusetts, Collegiate Charter School Revenue
Bonds, Series 2019
5
.000
%
06/15/49
$
190,840
3,515,000
Massachusetts Development Finance Agency, Revenue Bonds,
Berklee College of Music, Series 2016
5
.000
10/01/39
3,534,427
730,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston College, Series 2017T
5
.000
07/01/42
736,070
5,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Refunding Series 2023FF
4
.000
10/01/46
4,375,137
1,700,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston University, Refunding Series 2025B-2
5
.000
10/01/48
1,742,196
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2017A
5
.000
01/01/34
2,040,022
2,240,000
Massachusetts Development Finance Agency, Revenue Bonds,
Emerson College, Series 2017A
5
.000
01/01/37
2,262,757
1,955,000
Massachusetts Development Finance Agency, Revenue Bonds,
Lesley University, Series 2016
5
.000
07/01/35
1,963,758
450,000
Massachusetts Development Finance Agency, Revenue Bonds,
MCPHS University Issue, Series 2015H
3
.500
07/01/35
421,581
190,000
Massachusetts Development Finance Agency, Revenue Bonds,
MCPHS University Issue, Series 2015H
5
.000
07/01/37
190,142
1,200,000
Massachusetts Development Finance Agency, Revenue Bonds,
Merrimack College, Series 2017
5
.000
07/01/47
1,128,847
500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Merrimack College, Series 2022
5
.000
07/01/52
466,581
380,000
Massachusetts Development Finance Agency, Revenue Bonds,
Middlesex School, Series 2024
4
.250
07/01/54
327,865
535,000
Massachusetts Development Finance Agency, Revenue Bonds,
Smith College, Series 2025
4
.000
07/01/45
486,088
450,000
Massachusetts Development Finance Agency, Revenue Bonds,
Suffolk University, Refunding Series 2019
5
.000
07/01/36
452,946
1,250,000
Massachusetts Development Finance Agency, Revenue Bonds,
The Broad Institute, Series 2017
5
.000
04/01/36
1,272,956
875,000
Massachusetts Development Finance Agency, Revenue Bonds,
Tufts University, Series 2015Q
5
.000
08/15/38
875,447
1,250,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wentworth Institute of Technology, Series 2017
5
.000
10/01/46
1,155,528
1,325,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wheaton College, Series 2017H
5
.000
01/01/42
1,270,657
1,510,000
Massachusetts Development Finance Agency, Revenue Bonds,
Woods Hole Oceanographic Institution, Series 2018
5
.000
06/01/43
1,517,036
840,000
Massachusetts Development Finance Agency, Revenue Bonds,
Worcester Polytechnic Institute, Series 2016
5
.000
09/01/37
848,372
550,000
Massachusetts Development Finance Agency, Revenue Bonds,
Worcester Polytechnic Institute, Series 2017
5
.000
09/01/42
550,925
2,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Worcester Polytechnic Institute, Series 2017B
5
.000
09/01/42
2,503,734
1,500,000
Massachusetts Development Finance Authority, Revenue Bonds,
Olin College, Refunding Series 2023G
5
.250
11/01/51
1,521,844
500,000
Massachusetts Development Finance Authority, Revenue Bonds,
Suffolk University, Refunding Series 2017
5
.000
07/01/35
501,638
3,000,000
Massachusetts Development Finance Authority, Revenue Bonds,
WGBH Educational Foundation, Series 2002A - AMBAC Insured
5
.750
01/01/42
3,335,492
2,495,000
Massachusetts Development Finance Authority, Revenue Bonds,
WGBH Educational Foundation, Series 2016
5
.000
01/01/40
2,497,879
895,000
Massachusetts Development Finance Authority, Revenue
Refunding Bonds, Boston University, Series 1999P
6
.000
05/15/29
960,415
1,000,000
Massachusetts Development Finance Authority, Revenue
Refunding Bonds, Boston University, Series 1999P
6
.000
05/15/59
1,083,209
2,900,000
University of Massachusetts Building Authority, Project Revenue
Bonds, Senior Series 2022-1
5
.000
11/01/52
2,902,232
Portfolio of Investments August 31, 2025
(continued)
NMT
2
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
$
3,064,387
TOTAL EDUCATION AND CIVIC ORGANIZATIONS
46,181,008
HEALTH CARE - 34.3% (20.4% of Total Investments)
1,340,000
Massachusetts Development Finance Agency Revenue Bonds,
South Shore Hospital, Series 2016I
5
.000
07/01/41
1,295,252
1,100,000
Massachusetts Development Finance Agency, Revenue Bonds,
Baystate Medical Center Issue, Series 2014N
5
.000
07/01/44
1,093,558
2,600,000
Massachusetts Development Finance Agency, Revenue Bonds,
Beth Israel Lahey Health Inc Series 2025N
5
.500
07/01/50
2,708,145
3,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Children's Hospital Series 2024T
4
.000
03/01/54
2,565,489
500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2016E
5
.000
07/01/32
505,239
2,350,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2023G
5
.250
07/01/48
2,254,752
1,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Boston Medical Center Issue, Series 2023G
5
.250
07/01/52
1,417,935
1,675,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2016-I
5
.000
07/01/30
1,699,819
1,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5
.000
07/01/38
1,533,400
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
CareGroup Issue, Series 2018J-2
5
.000
07/01/53
1,922,364
2,800,000
Massachusetts Development Finance Agency, Revenue Bonds,
Dana-Farber Cancer Institute Issue, Series 2016N
5
.000
12/01/46
2,765,867
3,500,000
Massachusetts Development Finance Agency, Revenue Bonds,
Lahey Health System Obligated Group Issue, Series 2015F
5
.000
08/15/45
3,479,089
2,145,000
Massachusetts Development Finance Agency, Revenue Bonds,
Mass General Brigham, Series 2020A-2
5
.000
07/01/39
2,216,225
2,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Mass General Brigham, Series 2024D
5
.000
07/01/54
2,009,429
820,000
Massachusetts Development Finance Agency, Revenue Bonds,
Southcoast Health System Obligated Group Issue, Series 2013F
5
.000
07/01/37
820,388
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
The Lowell General Hospital, Series 2013G
5
.000
07/01/37
952,183
2,200,000
Massachusetts Development Finance Agency, Revenue Bonds,
The Lowell General Hospital, Series 2013G
5
.000
07/01/44
1,999,440
610,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017K
5
.000
07/01/38
614,415
400,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017L
3
.625
07/01/37
347,858
1,095,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Health Care Obligated Group Issue, Series
2017L
5
.000
07/01/44
1,062,248
1,390,000
Massachusetts Development Finance Agency, Revenue Bonds,
UMass Memorial Issue Series 2025N-1
5
.250
07/01/50
1,381,686
280,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wellforce Issue, Series 2019A
5
.000
07/01/44
261,774
700,000
Massachusetts Development Finance Agency, Revenue Bonds,
Wellforce Issue, Series 2020C - AGM Insured
4
.000
10/01/45
602,911
TOTAL HEALTH CARE
35,509,466
HOUSING/MULTIFAMILY - 4.4% (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
480,771
215,000
Massachusetts Housing Finance Agency, Housing Bonds, Series
2003H
5
.125
06/01/43
215,004
660,000
Massachusetts Housing Finance Agency, Housing Bonds, Series
2019B-1
3
.100
12/01/44
500,761
1,335,000
Massachusetts Housing Finance Agency, Housing Bonds,
Sustainability Green Series 2020D-1
2
.550
12/01/50
829,429
3
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
$
2,508,575
TOTAL HOUSING/MULTIFAMILY
4,534,540
HOUSING/SINGLE FAMILY - 0.5% (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
481,744
TOTAL HOUSING/SINGLE FAMILY
481,744
LONG-TERM CARE - 3.4% (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
906,020
250,000
(a)
Massachusetts Development Finance Agency Revenue
Refunding Bonds, NewBridge on the Charles, Inc. Issue, Series
2017
5
.000
10/01/47
232,000
460,000
Massachusetts Development Finance Agency, Revenue Bonds,
Berkshire Retirement Community Lennox, Series 2015
5
.000
07/01/31
460,402
1,000,000
Massachusetts Development Finance Agency, Revenue Bonds,
Orchard Cove, Inc., Refunding Series 2019
5
.000
10/01/49
938,468
1,020,000
Massachusetts Development Finance Agency, Revenue Bonds,
Salem Community Corporation Issue, Refunding Briarwood
Retirement Community Series 2022
5
.125
01/01/40
967,146
TOTAL LONG-TERM CARE
3,504,036
TAX OBLIGATION/GENERAL - 37.1% (22.0% of Total Investments)
2,000,000
Boston, Massachusetts, General Obligation Bonds, Series 2025A
5
.000
02/01/44
2,088,712
2,000,000
Concord, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2023
4
.000
01/15/53
1,738,737
1,765,000
East Longmeadow, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan Series 2024
4
.000
11/01/54
1,495,652
1,240,000
Hudson, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2011
5
.000
02/15/32
1,241,704
3,000,000
Lincoln, Massachusetts, General Obligation Bonds, School Series
2019
4
.000
03/01/49
2,675,681
2,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2015C
5
.000
07/01/45
2,000,010
4,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2019A
5
.000
01/01/49
4,019,199
1,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2019C
5
.000
05/01/45
1,011,285
3,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2022C
5
.000
10/01/47
3,050,319
2,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Loan, Series 2024A
5
.000
01/01/54
2,024,405
5,000,000
Massachusetts State, General Obligation Bonds, Consolidated
Series 2023D
5
.000
10/01/51
5,060,632
1,155,000
Massachusetts State, General Obligation Bonds, Consolidated
Series 2024B
5
.000
05/01/54
1,169,553
1,775,000
North Reading, Massachusetts, General Obligation Bonds,
Municipal Purpose Loan Series 2012
5
.000
05/15/35
1,776,829
2,370,000
Northeast Metropolitan Regional Vocational Technical School
District, Massachusetts, General Obligation Bonds, School Series
2024
4
.000
05/15/45
2,155,523
2,000,000
Puerto Rico, General Obligation Bonds, Restructured Series
2022A-1
4
.000
07/01/46
1,652,983
2,000,000
Quincy, Massachusetts, General Obligation Bonds, Municipal
Purpose Loan Series 2022A
5
.000
06/01/50
2,026,932
1,625,000
Revere, Massachusetts, General Obligation Bonds, State
Qualified Municipal Purpose Loan Series 2022
4
.000
08/01/42
1,529,473
1,745,000
Revere, Massachusetts, General Obligation Bonds, State
Qualified Municipal Purpose Loan Series 2022
4
.000
08/01/43
1,620,541
TOTAL TAX OBLIGATION/GENERAL
38,338,170
Portfolio of Investments August 31, 2025
(continued)
NMT
4
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX OBLIGATION/LIMITED - 30.9% (18.3% of Total Investments)
$
500,000
Martha's Vineyard Land Bank, Massachusetts, Revenue Bonds,
Refunding Green Series 2017 - BAM Insured
5
.000
%
05/01/35
$
512,802
3,000,000
Massachusetts Bay Transportation Authority, Assessment Bonds,
Sustainability Series 2022A-2
5
.000
07/01/52
3,015,687
5,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Series 2023A-1
5
.250
07/01/48
5,169,780
2,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Series 2025B
5
.000
07/01/50
2,035,161
1,000,000
Massachusetts Bay Transportation Authority, Sales Tax Revenue
Bonds, Senior Sustainability Series 2024B
5
.250
07/01/54
1,037,155
3,185,000
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue Bonds, Senior Series 2016B
5
.000
11/15/46
3,186,391
1,000,000
Massachusetts School Building Authority, Dedicated Sales Tax
Revenue Bonds, Subordinated Series 2018A
5
.250
02/15/48
1,011,766
2,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement & Accelerated Bridge Programs, Series 2019A
5
.000
06/01/49
2,004,583
5,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2023B
5
.000
06/01/49
5,073,384
2,000,000
Massachusetts State, Transportation Fund Revenue Bonds, Rail
Enhancement Program, Series 2024A
5
.000
06/01/53
2,026,924
485,000
Matching Fund Special Purpose Securitization Corporation,
Virgin Islands, Revenue Bonds, Series 2022A
5
.000
10/01/39
483,238
775,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
4
.750
07/01/53
695,972
4,709,000
Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue
Bonds, Restructured 2018A-1
5
.000
07/01/58
4,319,369
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
897,561
460,000
Virgin Islands Public Finance Authority, Gross Receipts Taxes
Loan Note, Refunding Series 2012A - AGM Insured
5
.000
10/01/32
461,210
TOTAL TAX OBLIGATION/LIMITED
31,930,983
TRANSPORTATION - 4.1% (2.4% of Total Investments)
1,000,000
Massachusetts Port Authority, Revenue Bonds, Series 2014A
5
.000
07/01/39
999,985
2,500,000
Massachusetts Port Authority, Revenue Bonds, Series 2014A
5
.000
07/01/44
2,499,913
715,000
Massachusetts Port Authority, Revenue Bonds, Series 2015A
5
.000
07/01/40
714,977
TOTAL TRANSPORTATION
4,214,875
U.S. GUARANTEED - 0.6% (b)(0.4% of Total Investments)
100,000
Massachusetts Development Finance Agency, Revenue Bonds,
Milford Regional Medical Center Issue, Series 2020G, (Pre-
refunded 7/15/30)
5
.000
07/15/46
110,766
500,000
Massachusetts Water Resources Authority, General Revenue
Bonds, Series 2016B, (Pre-refunded 8/01/26)
5
.000
08/01/40
512,554
TOTAL U.S. GUARANTEED
623,320
UTILITIES - 8.5% (5.1% of Total Investments)
1,250,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Refunding Series 2017
5
.000
07/01/37
1,263,320
420,000
Guam Government Waterworks Authority, Water and Wastewater
System Revenue Bonds, Refunding Series 2017
5
.000
07/01/40
421,585
415,000
Lynn Water and Sewer Commission, Massachusetts, General
Revenue Bonds, Series 2003A - NPFG Insured
5
.000
12/01/32
415,312
4,445,000
Massachusetts Municipal Wholesale Electric Company, MMWEC,
Revenue Bonds, Project 2015A, Series 2021A
4
.000
07/01/46
3,960,484
815,000
Massachusetts Water Resources Authority, General Revenue
Bonds, Green Series 2024B
5
.000
08/01/49
832,604
1,000,000
(a)
Puerto Rico Aqueduct and Sewerage Authority, Revenue Bonds,
Refunding Senior Lien Series 2020A
5
.000
07/01/47
935,484
5
All percentages shown in the Portfolio of Investments are based on net assets applicable to common shares unless otherwise noted.
Part F of Form N-PORT was prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and in conformity with the
applicable rules and regulations of the U.S. Securities and Exchange Commission (“SEC”) related to interim filings. Part F of Form N-PORT does not
include all information and footnotes required by U.S. GAAP for complete financial statements. Certain footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted from this report pursuant to the rules of the SEC. For
a full set of the Fund’s notes to financial statements, please refer to the Fund’s most recently filed annual or semi-annual report.
Fair Value Measurements
The Fund’s investments in securities are recorded at their estimated fair value utilizing valuation methods approved by the Board of Directors/
Trustees. 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).
The following table summarizes the market value of the Fund's investments as of the end of the reporting period, based on the inputs used to value
them:
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
UTILITIES
(continued)
$
1,000,000
Springfield Water and Sewer Commission, Massachusetts,
General Revenue Bonds, Series 2017C
5
.000
%
04/15/37
$
1,020,124
TOTAL UTILITIES
8,848,913
TOTAL MUNICIPAL BONDS
(Cost $180,768,896)
174,167,055
TOTAL LONG-TERM INVESTMENTS
(Cost $180,768,896)
174,167,055
VRDP SHARES, NET - (71.4)% (c)
(
73,790,273
)
OTHER ASSETS & LIABILITIES, NET - 2.9%
2,978,976
NET ASSETS APPLICABLE TO COMMON SHARES - 100%
$
103,355,758
(a)
Security is exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities are deemed liquid
and may be resold in transactions exempt from registration, which are normally those transactions with qualified institutional buyers.
As of the end of the reporting period, the aggregate value of these securities is $2,554,275 or 1.5% of Total Investments.
(b)
Backed by an escrow or trust containing sufficient U.S. Government or U.S. Government agency securities, which ensure the timely
payment of principal and interest.
(c)
VRDP Shares, Net as a percentage of Total Investments is 42.4%.
NMT
Level 1
Level 2
Level 3
Total
Long-Term Investments:
Municipal Bonds
$
–
$
174,167,055
$
–
$
174,167,055
Total
$
–
$
174,167,055
$
–
$
174,167,055