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Portfolio of Investments (Unaudited)
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Nuveen Massachusetts AMT-Free Municipal Income Fund (NGX)
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August 31, 2012
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Principal
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Optional Call
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Amount (000)
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Description (1)
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Provisions (2)
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Ratings (3)
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Value
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Education and Civic Organizations – 30.0% (19.6% of Total Investments)
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$ 650
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Massachusetts Development Finance Agency Revenue Bonds, Lesley University Issue Series B-1 and
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7/21 at 100.00
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AA–
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$ 747,747
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B-2, 5.250%, 7/01/33 – AGM Insured
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1,135
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Massachusetts Development Finance Agency, Revenue Bonds, Boston University, Series 2005T-1,
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10/15 at 100.00
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A
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1,180,775
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5.000%, 10/01/39 – AMBAC Insured
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300
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Massachusetts Development Finance Agency, Revenue Bonds, Merrimack College, Series 2012A,
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7/22 at 100.00
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BBB–
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324,141
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5.250%, 7/01/42
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600
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Massachusetts Development Finance Agency, Revenue Bonds, Worcester Polytechnic Institute,
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9/17 at 100.00
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A+
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642,804
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Series 2007, 5.000%, 9/01/37 – NPFG Insured
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1,250
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Massachusetts Development Finance Authority, Revenue Bonds, Middlesex School, Series 2003,
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9/13 at 100.00
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A1
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1,269,813
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5.000%, 9/01/33
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1,000
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Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
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No Opt. Call
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A
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1,316,230
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Series 2002A, 5.750%, 1/01/42 – AMBAC Insured
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3,000
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Massachusetts Development Finance Authority, Revenue Bonds, WGBH Educational Foundation,
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1/18 at 100.00
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AA–
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3,199,767
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Series 2008A, 5.000%, 1/01/42 – AGC Insured
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1,750
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Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Boston College,
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6/13 at 100.00
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AA–
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1,802,063
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Series 2003N, 5.125%, 6/01/37
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250
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Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Northeastern
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10/20 at 100.00
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A2
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277,075
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University, Series 2010A, 4.875%, 10/01/35
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1,500
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Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Worcester State
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11/12 at 100.00
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A
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1,503,645
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College, Series 2002, 5.000%, 11/01/32 – AMBAC Insured
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11,435
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Total Education and Civic Organizations
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12,264,060
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Health Care – 16.4% (10.7% of Total Investments)
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1,000
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Massachusetts Development Finance Agency, Revenue Bonds, Covenant Health System Obligated
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7/22 at 100.00
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A
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1,092,920
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Group, Series 2012, 5.000%, 7/01/31
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1,000
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Massachusetts Development Finance Agency, Revenue Bonds, Partners HealthCare System, Series
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7/21 at 100.00
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AA
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1,126,440
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2012L, 5.000%, 7/01/36
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500
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Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Cape Cod Healthcare
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11/19 at 100.00
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AA–
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546,495
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Obligated Group, Series 2004D, 5.125%, 11/15/35 – AGC Insured
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Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc.,
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Series B1 Capital Asset Program Converted June 13,2008:
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480
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5.375%, 2/01/26 – NPFG Insured
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8/18 at 100.00
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A–
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542,064
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600
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5.375%, 2/01/27 – NPFG Insured
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8/18 at 100.00
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A–
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675,468
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1,500
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Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Caregroup Inc.,
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8/18 at 100.00
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A–
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1,681,845
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Series B2, Capital Asset Program, Converted June 9, 2009, 5.375%, 2/01/28 – NPFG Insured
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585
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Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milford Regional
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7/17 at 100.00
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BBB–
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590,125
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Medical Center, Series 2007E, 5.000%, 7/15/32
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200
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Massachusetts Health and Educational Facilities Authority, Revenue Bonds, Milton Hospital
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7/15 at 100.00
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BB–
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202,080
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Project, Series 2005D, 5.250%, 7/01/30
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250
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Massachusetts Health and Educational Facilities Authority, Revenue Bonds, UMass Memorial
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7/15 at 100.00
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A–
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256,520
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Health Care, Series 2005D, 5.000%, 7/01/33
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6,115
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Total Health Care
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6,713,957
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Housing/Multifamily – 11.2% (7.4% of Total Investments)
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500
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Boston Housing Authority, Massachusetts, Capital Program Revenue Bonds, Series 2008, 5.000%,
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4/18 at 100.00
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AA–
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568,185
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4/01/20 – AGM Insured
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740
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Massachusetts Development Finance Authority, Multifamily Housing Revenue Bonds, Emerson Manor
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7/17 at 100.00
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BB
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769,504
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Project, Series 2007, 4.800%, 7/20/48
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2,000
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Massachusetts Housing Finance Agency, Housing Bonds, Series 2003H, 5.125%, 6/01/43
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12/12 at 100.00
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AA–
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2,005,720
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1,265
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Massachusetts Housing Finance Agency, Rental Housing Mortgage Revenue Bonds, Series 2002H,
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11/12 at 100.00
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AA–
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1,266,316
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5.200%, 7/01/42 – AGM Insured
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4,505
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Total Housing/Multifamily
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4,609,725
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Industrials – 7.3% (4.8% of Total Investments)
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Massachusetts Development Finance Authority, Revenue Bonds, 100 Cambridge Street
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Redevelopment, M/SRBC Project, Series 2002A:
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1,475
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5.125%, 8/01/28 – NPFG Insured
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11/12 at 100.00
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BBB
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1,476,298
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1,500
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5.125%, 2/01/34 – NPFG Insured
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11/12 at 100.00
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BBB
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1,501,425
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2,975
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Total Industrials
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2,977,723
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Long-Term Care – 4.5% (3.0% of Total Investments)
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1,750
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Massachusetts Development Finance Authority, GNMA Collateralized Revenue Bonds, Neville
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12/12 at 105.00
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AA+
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1,852,305
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Communities, Series 2002A, 6.000%, 6/20/44
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Tax Obligation/General – 15.9% (10.4% of Total Investments)
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1,280
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Littleton, Massachusetts, General Obligation Bonds, Series 2003, 5.000%, 1/15/21 – FGIC Insured
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1/13 at 101.00
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AA
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1,312,653
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1,500
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Massachusetts, General Obligation Bonds, Consolidated Loan, Series 2004B, 5.250%, 8/01/21 –
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No Opt. Call
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AA+
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1,927,800
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AGM Insured
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1,705
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North Attleborough, Massachusetts, General Obligation Bonds, Series 2004, 5.000%, 7/15/15 –
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7/14 at 101.00
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Aa2
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1,866,770
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FGIC Insured
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1,200
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North Reading, Massachusetts, General Obligation Bonds, Series 2012, 5.000%, 5/15/35 –
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5/22 at 100.00
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Aa2
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1,402,392
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AMBAC Insured
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5,685
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Total Tax Obligation/General
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6,509,615
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Tax Obligation/Limited – 20.2% (13.2% of Total Investments)
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400
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Government of Guam, Business Privilege Tax Bonds, Series 2012B-1, 5.000%, 1/01/37
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1/22 at 100.00
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A
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442,536
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3,000
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Martha’s Vineyard Land Bank, Massachusetts, Revenue Bonds, Series 2002, 5.000%, 5/01/32 –
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5/13 at 100.00
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A–
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3,072,960
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AMBAC Insured
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1,000
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Massachusetts Bay Transportation Authority, Assessment Bonds, Series 2012A, 5.000%, 7/01/41
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7/22 at 100.00
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AAA
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1,165,940
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750
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Massachusetts College Building Authority, Project Revenue Bonds, Series 2008A, 5.000%,
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5/18 at 100.00
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Aa2
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835,253
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5/01/33 – AGC Insured
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300
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Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2005, 5.000%,
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No Opt. Call
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A1
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357,825
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1/01/20 – FGIC Insured
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1,500
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Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, First Subordinate Series
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8/21 at 100.00
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A+
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1,576,470
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2011A-1, 5.000%, 8/01/43
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5,000
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Puerto Rico Sales Tax Financing Corporation, Sales Tax Revenue Bonds, Series 2007A, 0.000%,
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No Opt. Call
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AA–
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806,050
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8/01/45 – NPFG Insured
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11,950
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Total Tax Obligation/Limited
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8,257,034
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Transportation – 2.9% (1.9% of Total Investments)
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1,000
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Massachusetts Port Authority, Revenue Bonds, Series 2012B, 5.000%, 7/01/33
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7/22 at 100.00
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AA
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1,176,170
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U.S. Guaranteed – 19.7% (12.9% of Total Investments) (4)
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1,790
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Massachusetts College Building Authority, Project Revenue Refunding Bonds, Series 2003A,
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5/13 at 100.00
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Aa2 (4)
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1,848,855
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5.250%, 5/01/22 (Pre-refunded 5/01/13) – SYNCORA GTY Insured
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500
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Massachusetts Development Finance Authority, Revenue Bonds, Massachusetts College of Pharmacy
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7/13 at 101.00
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A (4)
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530,530
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and Allied Health Sciences, Series 2003C, 6.375%, 7/01/23 (Pre-refunded 7/01/13)
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155
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Massachusetts Port Authority, Revenue Bonds, Series 1982, 13.000%, 7/01/13 (ETM)
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11/12 at 100.00
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AAA
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169,908
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1,000
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Massachusetts Port Authority, Revenue Bonds, Series 2003A, 5.000%, 7/01/33 (Pre-refunded
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7/13 at 100.00
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AA (4)
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1,039,640
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7/01/13) – NPFG Insured
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1,000
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Massachusetts State, Special Obligation Dedicated Tax Revenue Bonds, Series 2004, 5.250%,
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1/14 at 100.00
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A1 (4)
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1,064,770
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1/01/21 (Pre-refunded 1/01/14) – FGIC Insured
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1,000
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Massachusetts Water Resources Authority, General Revenue Bonds, Series 2004D, 5.000%, 8/01/24
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8/13 at 100.00
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AA+ (4)
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1,044,050
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(Pre-refunded 8/01/13) – NPFG Insured
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2,140
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University of Massachusetts Building Authority, Senior Lien Project Revenue Bonds, Series
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11/14 at 100.00
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AA (4)
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2,371,805
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2004-1, 5.375%, 11/01/21 (Pre-refunded 11/01/14) – AMBAC Insured
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7,585
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Total U.S. Guaranteed
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8,069,558
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Utilities – 7.5% (4.9% of Total Investments)
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1,710
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Guam Power Authority, Revenue Bonds, Series 2010A, 5.000%, 10/01/37 – AGM Insured
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10/20 at 100.00
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AA–
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1,877,187
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1,150
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Puerto Rico Electric Power Authority, Power Revenue Bonds, Refunding Series 2012A,
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7/22 at 100.00
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BBB+
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1,181,786
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5.050%, 7/01/42
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2,860
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Total Utilities
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3,058,973
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Water and Sewer – 17.2% (11.2% of Total Investments)
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1,900
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Lynn Water and Sewer Commission, Massachusetts, General Revenue Bonds, Series 2003A, 5.000%,
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12/13 at 100.00
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A1
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1,939,729
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12/01/32 – NPFG Insured
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600
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Massachusetts Water Pollution Abatement Trust, Pooled Loan Program Bonds, Series 2006-12,
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8/16 at 100.00
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AAA
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639,288
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4.375%, 8/01/31 (UB)
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1,000
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Massachusetts Water Resources Authority, General Revenue Bonds, Series 2002J, 5.250%,
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No Opt. Call
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AA+
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1,253,170
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8/01/19 – AGM Insured
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Massachusetts Water Resources Authority, General Revenue Bonds, Series 2006A:
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1,500
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5.000%, 8/01/31 – AMBAC Insured
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8/16 at 100.00
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AA+
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1,692,000
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125
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4.000%, 8/01/46
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8/16 at 100.00
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AA+
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126,394
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720
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Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Refunding
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11/20 at 100.00
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AA–
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844,308
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Series 2010B, 5.000%, 11/15/30 – AGC Insured
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495
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Springfield Water and Sewerage Commission, Massachusetts, General Revenue Bonds, Series 2003A,
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7/14 at 100.00
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A+
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531,392
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5.000%, 7/01/16 – NPFG Insured
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6,340
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Total Water and Sewer
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7,026,281
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$ 62,200
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Total Investments (cost $59,218,527) – 152.8%
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62,515,401
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Floating Rate Obligations – (0.8)%
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(340,000)
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MuniFund Term Preferred Shares, at Liquidation Value – (54.0)% (5)
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(22,075,000)
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Other Assets Less Liabilities – 2.0%
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812,461
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Net Assets Applicable to Common Shares – 100%
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$ 40,912,862
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