NPORT-EX 2 tiaa_NMT.htm
1
Portfolio
of
Investments
February
28,
2025
Massachusetts
Quality
Municipal
Income
{FooterText}
(Unaudited)
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
LONG-TERM
INVESTMENTS
-
166.6% (100.0%
of
Total
Investments)  
X
184,581,256
MUNICIPAL
BONDS
-
166.6%  (100.0%
of
Total
Investments)
X
–
EDUCATION
AND
CIVIC
ORGANIZATIONS
-
50.8%
(30.5%
of
Total
Investments)
$
210,000
Lowell,
Massachusetts,
Collegiate
Charter
School
Revenue
Bonds,
Series
2019
5.000
%
06/15/49
$
210,345
1,700,000
Massachusetts
Development
Finance
Agency,
Massachusetts,
Refunding
Revenue
Bonds,
Boston
University
Issue,
Series
2025B-2
5.000
10/01/48
1,829,141
3,515,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berklee
College
of
Music,
Series
2016
5.000
10/01/39
3,591,537
2,200,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2013S
5.000
07/01/38
2,201,238
730,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
College,
Series
2017T
5.000
07/01/42
751,922
5,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
University,
Refunding
Series
2023FF
4.000
10/01/46
4,933,468
2,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A
5.000
01/01/34
2,064,082
2,240,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Emerson
College,
Series
2017A
5.000
01/01/37
2,299,286
1,955,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lesley
University,
Series
2016
5.000
07/01/35
1,978,072
450,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H
3.500
07/01/35
435,044
190,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
MCPHS
University
Issue,
Series
2015H
5.000
07/01/37
190,892
1,200,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2017
5.000
07/01/47
1,200,779
500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Merrimack
College,
Series
2022
5.000
07/01/52
500,957
380,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Middlesex
School,
Series
2024
4.250
07/01/54
357,784
2,345,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Northeastern
University,
Series
2024A
5.000
10/01/42
2,611,245
1,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Simmons
University
Issue,
Series
2020M
4.000
10/01/38
990,409
535,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Smith
College,
Series
2025
4.000
07/01/45
529,145
1,230,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Sterling
and
Francine
Clark
Art
Institute,
Series
2015
5.000
07/01/33
1,236,374
450,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2019
5.000
07/01/36
456,940
2,200,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Broad
Institute,
Series
2017
5.000
04/01/35
2,301,709
1,250,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Broad
Institute,
Series
2017
5.000
04/01/36
1,304,922
875,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Tufts
University,
Series
2015Q
5.000
08/15/38
882,163
1,250,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wentworth
Institute
of
Technology,
Series
2017
5.000
10/01/46
1,248,652
1,325,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wheaton
College,
Series
2017H
5.000
01/01/42
1,342,940
1,510,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Woods
Hole
Oceanographic
Institution,
Series
2018
5.000
06/01/43
1,559,155
840,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2016
5.000
09/01/37
861,101
550,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017
5.000
09/01/42
565,414
2,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Worcester
Polytechnic
Institute,
Series
2017B
5.000
09/01/42
2,570,064
500,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
Suffolk
University,
Refunding
Series
2017
5.000
07/01/35
504,957
3,000,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2002A
-
AMBAC
Insured
5.750
01/01/42
3,618,810
Portfolio
of
Investments
February
28,
2025
(continued)
Massachusetts
Quality
Municipal
Income
2
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
EDUCATION
AND
CIVIC
ORGANIZATIONS
(continued)
$
2,495,000
Massachusetts
Development
Finance
Authority,
Revenue
Bonds,
WGBH
Educational
Foundation,
Series
2016
5.000
%
01/01/40
$
2,538,397
1,090,000
Massachusetts
Development
Finance
Authority,
Revenue
Refunding
Bonds,
Boston
University,
Series
1999P
6.000
05/15/29
1,162,068
1,000,000
Massachusetts
Development
Finance
Authority,
Revenue
Refunding
Bonds,
Boston
University,
Series
1999P
6.000
05/15/59
1,114,965
2,900,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2022-1
5.000
11/01/52
3,035,750
3,000,000
University
of
Massachusetts
Building
Authority,
Project
Revenue
Bonds,
Senior
Series
2024-1
5.000
11/01/46
3,286,403
TOTAL
EDUCATION
AND
CIVIC
ORGANIZATIONS
56,266,130
HEALTH
CARE
-
31.0%
(18.6%
of
Total
Investments)
1,340,000
Massachusetts
Development
Finance
Agency
Revenue
Bonds,
South
Shore
Hospital,
Series
2016I
5.000
07/01/41
1,345,102
1,100,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Baystate
Medical
Center
Issue,
Series
2014N
5.000
07/01/44
1,100,588
3,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Children's
Hospital
Series
2024T
4.000
03/01/54
2,883,629
500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2016E
5.000
07/01/32
507,537
2,350,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Boston
Medical
Center
Issue,
Series
2023G
5.250
07/01/48
2,482,334
1,675,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Refunding
Series
2016-I
5.000
07/01/30
1,716,395
900,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1
5.000
07/01/30
905,255
500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2015H-1
5.000
07/01/33
502,594
1,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2
5.000
07/01/38
1,562,999
2,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
CareGroup
Issue,
Series
2018J-2
5.000
07/01/53
2,028,111
2,800,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Dana-Farber
Cancer
Institute
Issue,
Series
2016N
5.000
12/01/46
2,834,637
3,500,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Lahey
Health
System
Obligated
Group
Issue,
Series
2015F
5.000
08/15/45
3,510,544
2,145,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Mass
General
Brigham,
Series
2020A-2
5.000
07/01/39
2,316,490
2,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Mass
General
Brigham,
Series
2024D
5.000
07/01/54
2,128,207
820,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Southcoast
Health
System
Obligated
Group
Issue,
Series
2013F
5.000
07/01/37
820,659
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Lowell
General
Hospital,
Series
2013G
5.000
07/01/37
985,370
2,200,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
The
Lowell
General
Hospital,
Series
2013G
5.000
07/01/44
2,158,053
610,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017K
5.000
07/01/38
622,940
400,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L
3.625
07/01/37
366,890
1,095,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Health
Care
Obligated
Group
Issue,
Series
2017L
5.000
07/01/44
1,111,101
1,390,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
UMass
Memorial
Issue
Series
2025N-1
5.250
07/01/50
1,489,284
280,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2019A
5.000
07/01/44
271,993
700,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Wellforce
Issue,
Series
2020C
-
AGM
Insured
4.000
10/01/45
669,436
TOTAL
HEALTH
CARE
34,320,148
3
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
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
$
553,670
215,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2003H
5.125
06/01/43
215,061
660,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Series
2019B-1
3.100
12/01/44
540,709
1,335,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2020D-1
2.550
12/01/50
907,109
2,500,000
Massachusetts
Housing
Finance
Agency,
Housing
Bonds,
Sustainability
Green
Series
2022C-1
5.100
12/01/52
2,569,694
TOTAL
HOUSING/MULTIFAMILY
4,786,243
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
494,664
TOTAL
HOUSING/SINGLE
FAMILY
494,664
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
977,609
250,000
(a)
Massachusetts
Development
Finance
Agency
Revenue
Refunding
Bonds,
NewBridge
on
the
Charles,
Inc.
Issue,
Series
2017
5.000
10/01/47
251,026
460,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Berkshire
Retirement
Community
Lennox,
Series
2015
5.000
07/01/31
461,642
1,000,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Orchard
Cove,
Inc.,
Refunding
Series
2019
5.000
10/01/49
1,014,355
1,020,000
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Salem
Community
Corporation,
Refunding
Series
2022
5.125
01/01/40
1,026,960
TOTAL
LONG-TERM
CARE
3,731,592
TAX
OBLIGATION/GENERAL
-
37.9%
(22.7%
of
Total
Investments)
2,000,000
Concord,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2023
4.000
01/15/53
1,954,478
1,765,000
East
Longmeadow,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2024
4.000
11/01/54
1,707,190
1,240,000
Hudson,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2011
5.000
02/15/32
1,241,705
3,000,000
Lincoln,
Massachusetts,
General
Obligation
Bonds,
School
Series
2019
4.000
03/01/49
2,930,938
2,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2015C
5.000
07/01/45
2,006,155
2,895,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2017F
5.000
11/01/46
2,979,189
4,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2019A
5.000
01/01/49
4,127,191
3,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2022C
5.000
10/01/47
3,199,717
2,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Loan,
Series
2024A
5.000
01/01/54
2,123,903
5,000,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2023D
5.000
10/01/51
5,316,277
1,155,000
Massachusetts
State,
General
Obligation
Bonds,
Consolidated
Series
2024B
5.000
05/01/54
1,228,784
1,775,000
North
Reading,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2012
5.000
05/15/35
1,777,220
2,370,000
Northeast
Metropolitan
Regional
Vocational
Technical
School
District,
Massachusetts,
General
Obligation
Bonds,
School
Series
2024
4.000
05/15/45
2,336,191
2,010,000
Pentucket
Regional
School
District,
Massachusetts,
General
Obligation
Bonds,
Series
2019
3.000
09/01/43
1,680,646
2,000,000
Puerto
Rico,
General
Obligation
Bonds,
Restructured
Series
2022A-1
4.000
07/01/46
1,825,195
2,000,000
Quincy,
Massachusetts,
General
Obligation
Bonds,
Municipal
Purpose
Loan
Series
2022A
5.000
06/01/50
2,129,128
Portfolio
of
Investments
February
28,
2025
(continued)
Massachusetts
Quality
Municipal
Income
4
{FooterText}
PRINCIPAL
DESCRIPTION
RATE
MATURITY
VALUE
TAX
OBLIGATION/GENERAL
(continued)
$
1,625,000
Revere,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Municipal
Purpose
Loan
Series
2022
4.000
%
08/01/42
$
1,635,700
1,745,000
Revere,
Massachusetts,
General
Obligation
Bonds,
State
Qualified
Municipal
Purpose
Loan
Series
2022
4.000
08/01/43
1,747,210
TOTAL
TAX
OBLIGATION/GENERAL
41,946,817
TAX
OBLIGATION/LIMITED
-
26.9%
(16.2%
of
Total
Investments)
500,000
Martha's
Vineyard
Land
Bank,
Massachusetts,
Revenue
Bonds,
Refunding
Green
Series
2017
-
BAM
Insured
5.000
05/01/35
518,887
3,000,000
Massachusetts
Bay
Transportation
Authority,
Assessment
Bonds,
Sustainability
Series
2022A-2
5.000
07/01/52
3,189,076
2,500,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Series
2023A-1
5.250
07/01/53
2,720,243
1,000,000
Massachusetts
Bay
Transportation
Authority,
Sales
Tax
Revenue
Bonds,
Senior
Sustainability
Series
2024B
5.250
07/01/54
1,095,343
3,185,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Senior
Series
2016B
5.000
11/15/46
3,242,541
1,000,000
Massachusetts
School
Building
Authority,
Dedicated
Sales
Tax
Revenue
Bonds,
Subordinated
Series
2018A
5.250
02/15/48
1,039,149
2,000,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
&
Accelerated
Bridge
Programs,
Series
2019A
5.000
06/01/49
2,079,504
5,000,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2023B
5.000
06/01/49
5,358,268
2,000,000
Massachusetts
State,
Transportation
Fund
Revenue
Bonds,
Rail
Enhancement
Program,
Series
2024A
5.000
06/01/53
2,137,990
485,000
Matching
Fund
Special
Purpose
Securitization
Corporation,
Virgin
Islands,
Revenue
Bonds,
Series
2022A
5.000
10/01/39
504,623
13,888,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0.000
07/01/46
4,680,816
4,218,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
0.000
07/01/51
1,051,191
775,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Restructured
2018A-1
4.750
07/01/53
771,185
1,016,000
Puerto
Rico
Sales
Tax
Financing
Corporation,
Sales
Tax
Revenue
Bonds,
Taxable
Restructured
Cofina
Project
Series
2019A-2
4.784
07/01/58
1,005,063
455,000
Virgin
Islands
Public
Finance
Authority,
Gross
Receipts
Taxes
Loan
Note,
Refunding
Series
2012A
-
AGM
Insured
5.000
10/01/32
459,047
TOTAL
TAX
OBLIGATION/LIMITED
29,852,926
TRANSPORTATION
-
3.8%
(2.3%
of
Total
Investments)
1,000,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2014A
5.000
07/01/39
1,001,041
2,500,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2014A
5.000
07/01/44
2,501,663
715,000
Massachusetts
Port
Authority,
Revenue
Bonds,
Series
2015A
5.000
07/01/40
718,072
TOTAL
TRANSPORTATION
4,220,776
U.S.
GUARANTEED
-
0.6%
(0.3%
of
Total
Investments)
(b)
100,000
(a)
Massachusetts
Development
Finance
Agency,
Revenue
Bonds,
Milford
Regional
Medical
Center
Issue,
Series
2020G,
(Pre-
refunded
7/15/30)
5.000
07/15/46
110,714
500,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Series
2016B,
(Pre-refunded
8/01/26)
5.000
08/01/40
516,842
TOTAL
U.S.
GUARANTEED
627,556
UTILITIES
-
7.5%
(4.5%
of
Total
Investments)
1,250,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5.000
07/01/37
1,282,924
420,000
Guam
Government
Waterworks
Authority,
Water
and
Wastewater
System
Revenue
Bonds,
Refunding
Series
2017
5.000
07/01/40
428,933
415,000
Lynn
Water
and
Sewer
Commission,
Massachusetts,
General
Revenue
Bonds,
Series
2003A
-
NPFG
Insured
5.000
12/01/32
415,494
4,445,000
Massachusetts
Municipal
Wholesale
Electric
Company,
MMWEC,
Revenue
Bonds,
Project
2015A,
Series
2021A
4.000
07/01/46
4,291,209
815,000
Massachusetts
Water
Resources
Authority,
General
Revenue
Bonds,
Green
Series
2024B
5.000
08/01/49
880,263
5
{FooterText}
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
$
1,035,581
TOTAL
UTILITIES
8,334,404
TOTAL
MUNICIPAL
BONDS
(Cost
$183,501,232)
184,581,256
TOTAL
LONG-TERM
INVESTMENTS
(Cost
$183,501,232)
184,581,256
VRDP
SHARES,
NET
-
(66.6)%
(c)
(73,785,358)
OTHER
ASSETS
&
LIABILITIES,
NET
-
(0.0)%
(15,029)
NET
ASSETS
APPLICABLE
TO
COMMON
SHARES
-
100%
$
110,780,869
(a)
Security
is
exempt
from
registration
under
Rule
144A
of
the
Securities
Act
of
1933,
as
amended.
These
securities
are
deemed
liquid
and
may
be
resold
in
transactions
exempt
from
registration,
which
are
normally
those
transactions
with
qualified
institutional
buyers.
As
of
the
end
of
the
reporting
period,
the
aggregate
value
of
these
securities
is
$1,893,019
or
1.0%
of
Total
Investments.
(b)
Backed
by
an
escrow
or
trust
containing
sufficient
U.S.
Government
or
U.S.
Government
agency
securities,
which
ensure
the
timely
payment
of
principal
and
interest.
(c)
VRDP
Shares,
Net
as
a
percentage
of
Total
Investments
is
40.0%.
NMT
Level
1
Level
2
Level
3
Total
Long-Term
Investments:
Municipal
Bonds
$
–
$
184,581,256
$
–
$
184,581,256
Total
$
–
$
184,581,256
$
–
$
184,581,256