1

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