Quarterly Holdings Report
for
Fidelity® Massachusetts Municipal Income Fund
October 31, 2019
Schedule of Investments October 31, 2019 (Unaudited)
Showing Percentage of Net Assets
| Municipal Bonds - 95.7% | |||
| Principal Amount | Value | ||
| Guam - 0.0% | |||
| Guam Int'l. Arpt. Auth. Rev. Series C, 5% 10/1/21 (a) | 890,000 | 929,320 | |
| Massachusetts - 95.7% | |||
| Belmont Gen. Oblig. Series 2019, 4% 3/15/49 | 13,520,000 | 15,059,793 | |
| Berkshire Wind Pwr. Coop. Corp.: | |||
| (Wind Proj.) Series 1, 5.25% 7/1/30 (Pre-Refunded to 1/1/20 @ 100) | $5,000,000 | $5,031,900 | |
| Series 2017 2: | |||
| 5% 7/1/22 | 350,000 | 383,978 | |
| 5% 7/1/25 | 505,000 | 603,394 | |
| 5% 7/1/26 | 925,000 | 1,127,936 | |
| 5% 7/1/27 | 700,000 | 868,931 | |
| 5% 7/1/30 | 480,000 | 586,493 | |
| Series 2017, 5% 7/1/21 | 700,000 | 743,533 | |
| Blue Hills Reg'l. Technical Series 2019, 4% 2/1/49 | 2,000,000 | 2,206,240 | |
| Boston Wtr. & Swr. Commission Rev.: | |||
| Series 2012 A, 4% 11/1/25 | 2,950,000 | 3,199,747 | |
| Series 2016 B: | |||
| 5% 11/1/34 | 1,000,000 | 1,133,520 | |
| 5% 11/1/35 | 1,500,000 | 1,699,665 | |
| 5% 11/1/36 | 1,700,000 | 1,922,054 | |
| Sr. Series A, 5.25% 11/1/19 | 1,135,000 | 1,135,000 | |
| Braintree Gen. Oblig.: | |||
| 5% 5/15/26 | 2,300,000 | 2,840,339 | |
| 5% 5/15/27 | 2,000,000 | 2,528,040 | |
| 5% 5/15/28 | 600,000 | 775,296 | |
| Cambridge Gen. Oblig. Series 12: | |||
| 5% 1/1/23 | 865,000 | 936,449 | |
| 5% 1/1/24 | 340,000 | 367,948 | |
| Framingham Gen. Oblig. Series 2012 A: | |||
| 4% 12/1/20 | 1,260,000 | 1,299,073 | |
| 4% 12/1/24 | 1,360,000 | 1,475,940 | |
| Lowell Gen. Oblig. Series 2019: | |||
| 5% 9/1/28 | 1,215,000 | 1,554,204 | |
| 5% 9/1/29 | 700,000 | 889,567 | |
| Lynn Wtr. & Swr. Commission Gen. Rev. Series 2003 A, 5% 12/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 440,000 | 441,272 | |
| Marshfield Gen. Oblig.: | |||
| 5% 11/1/20 | 1,780,000 | 1,848,819 | |
| 5% 11/1/21 | 1,730,000 | 1,862,328 | |
| Massachusetts Bay Trans. Auth.: | |||
| Series 1991 A, 7% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 780,000 | 818,353 | |
| 7% 3/1/21 | 385,000 | 403,930 | |
| Massachusetts Bay Trans. Auth. Assessment Rev. Series 2012 A, 5% 7/1/22 | 6,110,000 | 6,730,165 | |
| Massachusetts Bay Trans. Auth. Sales Tax Rev.: | |||
| Series 2003 C, 5.25% 7/1/23 | 3,950,000 | 4,528,043 | |
| Series 2005 B, 5.5% 7/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000,000 | 5,398,320 | |
| Series 2006 A: | |||
| 5.25% 7/1/29 | 3,005,000 | 3,988,446 | |
| 5.25% 7/1/32 | 6,745,000 | 9,350,459 | |
| Series 2010 B: | |||
| 5% 7/1/26 | 1,000,000 | 1,025,100 | |
| 5% 7/1/28 | 1,000,000 | 1,024,960 | |
| 5% 7/1/30 | 1,000,000 | 1,024,560 | |
| Series 2015 A: | |||
| 5% 7/1/40 | 14,570,000 | 16,988,474 | |
| 5% 7/1/45 | 14,125,000 | 16,372,005 | |
| Massachusetts Clean Energy Coop. Corp. Series 2013: | |||
| 5% 7/1/25 | 2,795,000 | 3,170,201 | |
| 5% 7/1/30 | 3,725,000 | 4,213,497 | |
| Massachusetts Clean Wtr. Trust: | |||
| (Pool Prog.): | |||
| Series 2004 A, 5.25% 2/1/24 | 1,170,000 | 1,366,665 | |
| Series 8, 5% 8/1/20 | 105,000 | 105,304 | |
| Series 18: | |||
| 5% 2/1/28 | 3,500,000 | 4,050,655 | |
| 5% 2/1/29 | 6,355,000 | 7,340,533 | |
| Series 2002 A, 5.25% 8/1/20 | 245,000 | 245,756 | |
| Series 2012 B: | |||
| 5% 8/1/27 | 295,000 | 325,090 | |
| 5% 8/1/27 (Pre-Refunded to 8/1/22 @ 100) | 5,605,000 | 6,190,442 | |
| 5% 8/1/28 | 330,000 | 363,376 | |
| 5% 8/1/28 (Pre-Refunded to 8/1/22 @ 100) | 6,240,000 | 6,891,768 | |
| Series 22, 5% 8/1/30 | 6,440,000 | 8,392,737 | |
| Series 6, 5.5% 8/1/30 | 1,310,000 | 1,314,271 | |
| Massachusetts Commonwealth Trans. Fund Rev.: | |||
| (Accelerated Bridge Prog.) Series 2014 A, 5% 6/1/44 | 22,295,000 | 25,220,773 | |
| (Rail Enhancement & Accelerated Bridge Prog.) Series 2018 A: | |||
| 5% 6/1/35 | 2,885,000 | 3,599,874 | |
| 5% 6/1/36 | 3,035,000 | 3,774,174 | |
| (Rail Enhancement & Accelerated Bridge Progs.) Series 2018 A, 5.25% 6/1/43 | 14,575,000 | 18,104,628 | |
| (Rail Enhancement Prog.) Series 2015 A, 5% 6/1/45 | 17,750,000 | 20,739,988 | |
| Series 2017 A, 5% 6/1/32 | 4,580,000 | 5,717,535 | |
| Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.: | |||
| Bonds Series 2019 A, 5%, tender 1/1/23 (b) | 7,520,000 | 8,359,533 | |
| Series 2010 B: | |||
| 5% 1/1/22 | 10,000,000 | 10,060,700 | |
| 5% 1/1/25 | 13,340,000 | 13,420,974 | |
| 5% 1/1/27 | 7,000,000 | 7,042,490 | |
| 5% 1/1/32 | 3,495,000 | 3,516,215 | |
| Series A: | |||
| 5% 1/1/21 | 5,305,000 | 5,531,736 | |
| 5% 1/1/22 | 1,500,000 | 1,620,705 | |
| 5% 1/1/23 | 2,000,000 | 2,232,500 | |
| 5% 1/1/24 | 1,175,000 | 1,352,825 | |
| 5% 1/1/35 | 3,500,000 | 4,346,860 | |
| 5% 1/1/37 | 2,000,000 | 2,469,360 | |
| Massachusetts Dev. Fin. Agcy. Hosp. Rev. Series 2013: | |||
| 5.25% 11/15/36 | 3,000,000 | 3,367,140 | |
| 5.25% 11/15/41 | 4,620,000 | 5,136,193 | |
| Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. Bonds Series 2019, 1.39%, tender 2/1/22 (b) | 4,950,000 | 4,954,010 | |
| Massachusetts Dev. Fin. Agcy. Rev.: | |||
| (Babson College, MA Proj.) Series 2017, 5% 10/1/47 | 5,500,000 | 6,558,585 | |
| (Babson College, MA. Proj.) Series 2017: | |||
| 5% 10/1/28 | 465,000 | 584,756 | |
| 5% 10/1/29 | 735,000 | 917,427 | |
| 5% 10/1/42 | 4,000,000 | 4,784,160 | |
| (Boston College Proj.) Series T: | |||
| 5% 7/1/37 | 1,415,000 | 1,721,914 | |
| 5% 7/1/38 | 3,685,000 | 4,469,794 | |
| 5% 7/1/39 | 4,450,000 | 5,389,885 | |
| 5% 7/1/42 | 2,805,000 | 3,377,388 | |
| (Broad Institute Proj.) Series 2017: | |||
| 5% 4/1/33 | 10,145,000 | 12,589,742 | |
| 5% 4/1/34 | 2,500,000 | 3,095,975 | |
| 5% 4/1/35 | 2,455,000 | 3,032,932 | |
| 5% 4/1/37 | 1,500,000 | 1,843,035 | |
| (Broad Institute Proj.) Series 2017, 5% 4/1/36 | 2,205,000 | 2,717,177 | |
| (Carleton-Willard Village Proj.) Series 2010: | |||
| 4.75% 12/1/20 | 1,435,000 | 1,439,075 | |
| 5.25% 12/1/25 | 820,000 | 822,468 | |
| 5.625% 12/1/30 | 1,000,000 | 1,002,980 | |
| (Deerfield Academy Proj.) 5% 10/1/40 | 10,500,000 | 10,823,400 | |
| (Lawrence Gen. Hosp. MA. Proj.) Series 2017, 5% 7/1/47 | 1,915,000 | 2,125,382 | |
| (Lesley Univ. Proj.) Series 2016: | |||
| 5% 7/1/29 | 1,640,000 | 1,964,195 | |
| 5% 7/1/32 | 1,905,000 | 2,255,730 | |
| (Newbridge On The Charles Proj.) Series 2017: | |||
| 4% 10/1/24 (c) | 500,000 | 539,230 | |
| 4% 10/1/25 (c) | 500,000 | 544,680 | |
| 4% 10/1/26 (c) | 500,000 | 544,460 | |
| 4% 10/1/27 (c) | 350,000 | 380,181 | |
| 5% 10/1/37 (c) | 1,000,000 | 1,107,730 | |
| 5% 10/1/47 (c) | 1,000,000 | 1,100,530 | |
| 5% 10/1/57 (c) | 6,000,000 | 6,585,300 | |
| (Partners HealthCare Sys. Proj.) Series 2011 K6, 5.375% 7/1/41 (Pre-Refunded to 7/1/20 @ 100) | 7,000,000 | 7,191,450 | |
| (Partners Healthcare Sys., Inc. Proj.) Series 2017 S: | |||
| 5% 7/1/25 | 1,000,000 | 1,200,870 | |
| 5% 7/1/31 | 21,180,000 | 26,471,188 | |
| 5% 7/1/32 | 985,000 | 1,225,724 | |
| 5% 7/1/34 | 750,000 | 927,090 | |
| (Partners Healthcare Sys., Inc.) Series 2012, 5% 7/1/31 | 4,870,000 | 5,159,570 | |
| (Suffolk Univ. Proj.) Series 2017: | |||
| 5% 7/1/21 | 750,000 | 795,495 | |
| 5% 7/1/22 | 875,000 | 957,294 | |
| 5% 7/1/23 | 2,420,000 | 2,726,541 | |
| 5% 7/1/24 | 2,000,000 | 2,315,020 | |
| 5% 7/1/25 | 1,500,000 | 1,776,120 | |
| 5% 7/1/26 | 1,935,000 | 2,330,959 | |
| 5% 7/1/27 | 2,085,000 | 2,551,185 | |
| 5% 7/1/28 | 4,300,000 | 5,229,617 | |
| (Suffolk Univ., Proj.) Series 2017, 5% 7/1/32 | 1,000,000 | 1,191,700 | |
| (Tufts Med. Ctr. Proj.) Series 2011: | |||
| 6.25% 1/1/27 (Pre-Refunded to 1/1/21 @ 100) | 5,000,000 | 5,287,700 | |
| 6.875% 1/1/41 (Pre-Refunded to 1/1/21 @ 100) | 3,790,000 | 4,034,758 | |
| (UMASS Boston Student Hsg. Proj.) Series 2016: | |||
| 5% 10/1/29 | 3,120,000 | 3,659,417 | |
| 5% 10/1/30 | 1,100,000 | 1,282,985 | |
| 5% 10/1/31 | 1,200,000 | 1,397,004 | |
| 5% 10/1/32 | 1,240,000 | 1,438,884 | |
| 5% 10/1/33 | 1,235,000 | 1,428,784 | |
| (UMass Memorial Health Care Proj.) Series K: | |||
| 5% 7/1/28 | 1,260,000 | 1,521,437 | |
| 5% 7/1/29 | 1,320,000 | 1,586,521 | |
| 5% 7/1/30 | 1,390,000 | 1,663,107 | |
| 5% 7/1/38 | 3,750,000 | 4,364,100 | |
| (Univ. of Massachusetts Health Cr., Inc. Proj.) Series 2017 L, 4% 7/1/44 | 14,000,000 | 15,046,500 | |
| (Univ. of Massachusetts Health Cr., Inc.) Series 2011 H, 5.5% 7/1/31 | 370,000 | 393,850 | |
| (Wentworth Institute of Technology Proj.) Series 2017: | |||
| 5% 10/1/34 | 1,425,000 | 1,656,135 | |
| 5% 10/1/35 | 1,495,000 | 1,732,481 | |
| 5% 10/1/46 | 4,250,000 | 4,837,605 | |
| (Wheaton College, MA. Proj.) Series 2017 H: | |||
| 5% 1/1/20 | 1,000,000 | 1,005,924 | |
| 5% 1/1/21 | 1,560,000 | 1,627,408 | |
| 5% 1/1/22 | 1,120,000 | 1,209,376 | |
| 5% 1/1/23 | 1,440,000 | 1,604,549 | |
| 5% 1/1/24 | 1,100,000 | 1,259,258 | |
| 5% 1/1/29 | 1,435,000 | 1,788,570 | |
| 5% 1/1/31 | 1,580,000 | 1,942,199 | |
| 5% 1/1/32 | 1,665,000 | 2,036,878 | |
| 5% 1/1/33 | 1,745,000 | 2,122,653 | |
| 5% 1/1/34 | 1,835,000 | 2,224,460 | |
| 5% 1/1/35 | 1,000,000 | 1,207,710 | |
| 5% 1/1/36 | 1,000,000 | 1,202,040 | |
| 5% 1/1/42 | 5,775,000 | 6,825,357 | |
| 5% 1/1/47 | 1,895,000 | 2,227,629 | |
| 5% 1/1/53 | 3,425,000 | 3,978,035 | |
| Series 2008 B: | |||
| 0% 1/1/37 (Assured Guaranty Corp. Insured) | 1,745,000 | 1,075,356 | |
| 0% 1/1/40 (Assured Guaranty Corp. Insured) | 5,000,000 | 2,745,400 | |
| 0% 1/1/41 (Assured Guaranty Corp. Insured) | 5,000,000 | 2,641,650 | |
| 0% 1/1/42 (Assured Guaranty Corp. Insured) | 5,000,000 | 2,540,400 | |
| Series 2011 B, 5% 7/1/41 | 6,520,000 | 6,883,360 | |
| Series 2011 H, 5.125% 7/1/26 | 5,595,000 | 5,922,811 | |
| Series 2011: | |||
| 5% 10/1/20 | 1,215,000 | 1,256,460 | |
| 5.25% 10/1/41 | 5,485,000 | 5,846,078 | |
| 5.5% 7/1/31 (Pre-Refunded to 7/1/21 @ 100) | 7,380,000 | 7,903,168 | |
| 6.25% 1/1/27 (Pre-Refunded to 1/1/21 @ 100) | 7,485,000 | 7,920,178 | |
| 6.875% 1/1/41 (Pre-Refunded to 1/1/21 @ 100) | 5,750,000 | 6,124,785 | |
| Series 2012 G: | |||
| 5% 10/1/23 | 2,245,000 | 2,393,686 | |
| 5% 10/1/24 | 1,625,000 | 1,731,990 | |
| 5% 10/1/25 | 1,600,000 | 1,704,720 | |
| 5% 10/1/26 | 2,170,000 | 2,325,198 | |
| 5% 10/1/27 | 2,235,000 | 2,392,210 | |
| 5% 10/1/28 | 1,240,000 | 1,326,006 | |
| Series 2012, 5% 7/1/36 (Pre-Refunded to 7/1/21 @ 100) | 6,000,000 | 6,376,200 | |
| Series 2013 A: | |||
| 6.25% 11/15/33 (Pre-Refunded to 11/15/23 @ 100) (c) | 2,245,000 | 2,680,957 | |
| 6.5% 11/15/43 (Pre-Refunded to 11/15/23 @ 100) (c) | 4,000,000 | 4,812,440 | |
| Series 2013 F: | |||
| 4% 7/1/32 | 2,050,000 | 2,134,952 | |
| 4% 7/1/43 | 21,685,000 | 22,418,820 | |
| 5% 7/1/27 | 1,300,000 | 1,452,282 | |
| 5% 7/1/37 | 3,925,000 | 4,310,867 | |
| Series 2013 G, 5% 7/1/44 | 10,110,000 | 11,101,791 | |
| Series 2013 P, 5% 7/1/43 | 12,320,000 | 13,749,736 | |
| Series 2013 X, 5% 10/1/48 | 14,920,000 | 16,614,464 | |
| Series 2013, 5% 7/1/21 | 1,085,000 | 1,147,854 | |
| Series 2014 A: | |||
| 5% 3/1/32 | 1,700,000 | 1,945,599 | |
| 5% 3/1/33 | 1,250,000 | 1,428,338 | |
| 5% 3/1/39 | 4,000,000 | 4,539,240 | |
| 5% 3/1/44 | 15,765,000 | 17,792,537 | |
| Series 2014 F: | |||
| 5% 7/15/20 | 300,000 | 305,519 | |
| 5% 7/15/21 | 300,000 | 313,293 | |
| 5% 7/15/22 | 400,000 | 427,696 | |
| 5% 7/15/23 | 350,000 | 382,732 | |
| 5% 7/15/24 | 400,000 | 435,116 | |
| 5% 7/15/25 | 550,000 | 597,108 | |
| 5% 7/15/26 | 500,000 | 541,560 | |
| 5% 7/15/27 | 200,000 | 216,026 | |
| 5% 7/15/28 | 320,000 | 344,675 | |
| 5.625% 7/15/36 | 800,000 | 875,520 | |
| 5.75% 7/15/43 | 4,700,000 | 5,128,922 | |
| Series 2014 M4, 5% 7/1/44 | 15,000,000 | 16,549,800 | |
| Series 2014 P: | |||
| 5% 10/1/32 | 5,000,000 | 5,801,700 | |
| 5% 10/1/46 | 7,080,000 | 7,974,346 | |
| Series 2015 D, 5% 7/1/44 | 10,975,000 | 12,343,692 | |
| Series 2015 F, 5% 8/15/45 | 18,290,000 | 20,880,779 | |
| Series 2015 H1: | |||
| 5% 7/1/26 | 3,585,000 | 4,269,126 | |
| 5% 7/1/29 | 3,750,000 | 4,425,375 | |
| 5% 7/1/30 | 1,800,000 | 2,111,058 | |
| 5% 7/1/31 | 1,190,000 | 1,392,122 | |
| 5% 7/1/32 | 1,000,000 | 1,166,740 | |
| 5% 7/1/33 | 1,000,000 | 1,164,720 | |
| Series 2015 O2: | |||
| 5% 7/1/27 | 8,635,000 | 10,370,031 | |
| 5% 7/1/29 | 4,495,000 | 5,368,918 | |
| Series 2015 Q: | |||
| 5% 8/15/28 | 1,000,000 | 1,191,320 | |
| 5% 8/15/29 | 1,000,000 | 1,185,080 | |
| 5% 8/15/32 | 1,500,000 | 1,766,415 | |
| 5% 8/15/33 | 1,500,000 | 1,762,575 | |
| 5% 8/15/34 | 1,790,000 | 2,100,905 | |
| 5% 8/15/38 | 1,690,000 | 1,971,250 | |
| Series 2015: | |||
| 5% 1/1/25 | 3,525,000 | 4,081,703 | |
| 5% 1/1/27 | 2,695,000 | 3,098,495 | |
| 5% 1/1/28 | 1,850,000 | 2,117,566 | |
| 5% 1/1/29 | 2,945,000 | 3,364,074 | |
| Series 2016 A, 5.25% 1/1/42 | 7,000,000 | 8,149,960 | |
| Series 2016 E: | |||
| 5% 7/1/31 | 1,000,000 | 1,170,060 | |
| 5% 7/1/32 | 2,200,000 | 2,564,782 | |
| 5% 7/1/33 | 1,500,000 | 1,745,235 | |
| 5% 7/1/34 | 1,500,000 | 1,742,010 | |
| 5% 7/1/35 | 1,500,000 | 1,738,275 | |
| 5% 7/1/36 | 1,000,000 | 1,156,390 | |
| 5% 7/1/37 | 2,000,000 | 2,303,760 | |
| Series 2016 I: | |||
| 5% 7/1/25 | 250,000 | 294,685 | |
| 5% 7/1/27 | 1,150,000 | 1,383,565 | |
| 5% 7/1/27 | 1,100,000 | 1,315,765 | |
| 5% 7/1/29 | 1,580,000 | 1,872,742 | |
| 5% 7/1/30 | 2,400,000 | 2,829,336 | |
| 5% 7/1/31 | 2,000,000 | 2,348,220 | |
| 5% 7/1/32 | 1,610,000 | 1,883,459 | |
| 5% 7/1/34 | 3,035,000 | 3,602,788 | |
| 5% 7/1/36 | 2,000,000 | 2,363,980 | |
| 5% 7/1/37 | 1,470,000 | 1,731,734 | |
| 5% 7/1/38 | 1,000,000 | 1,175,360 | |
| 5% 7/1/41 | 14,790,000 | 16,922,866 | |
| Series 2016 N: | |||
| 5% 12/1/34 | 1,000,000 | 1,204,990 | |
| 5% 12/1/36 | 2,520,000 | 3,015,130 | |
| Series 2016: | |||
| 4% 10/1/36 | 1,250,000 | 1,380,838 | |
| 5% 7/1/26 | 1,710,000 | 2,059,917 | |
| 5% 7/1/29 | 2,000,000 | 2,385,680 | |
| 5% 7/1/30 | 2,000,000 | 2,372,800 | |
| 5% 7/1/31 | 1,700,000 | 2,008,703 | |
| 5% 10/1/32 | 1,760,000 | 2,134,387 | |
| 5% 9/1/33 | 475,000 | 574,270 | |
| 5% 10/1/33 | 1,500,000 | 1,813,575 | |
| 5% 10/1/34 | 1,500,000 | 1,809,990 | |
| 5% 9/1/35 | 375,000 | 451,470 | |
| 5% 10/1/35 | 1,500,000 | 1,805,805 | |
| 5% 7/1/36 | 3,000,000 | 3,497,250 | |
| 5% 9/1/36 | 315,000 | 378,419 | |
| 5% 9/1/37 | 840,000 | 1,000,751 | |
| 5% 10/1/37 | 2,000,000 | 2,390,760 | |
| 5% 10/1/39 | 5,000,000 | 5,953,250 | |
| 5% 7/1/40 | 5,325,000 | 6,289,837 | |
| 5% 7/1/41 | 5,145,000 | 5,924,313 | |
| 5% 9/1/46 | 3,235,000 | 3,818,626 | |
| 5% 10/1/46 | 4,000,000 | 4,715,320 | |
| 5% 10/1/48 | 1,000,000 | 1,129,500 | |
| 5% 9/1/52 | 9,115,000 | 10,585,432 | |
| Series 2017: | |||
| 5% 7/1/20 | 500,000 | 512,213 | |
| 5% 7/1/20 | 165,000 | 168,678 | |
| 5% 7/1/21 | 180,000 | 189,821 | |
| 5% 7/1/22 | 180,000 | 195,304 | |
| 5% 7/1/25 | 1,105,000 | 1,331,647 | |
| 5% 7/1/26 | 160,000 | 188,662 | |
| 5% 7/1/27 | 1,000,000 | 1,263,510 | |
| 5% 7/1/37 | 600,000 | 684,024 | |
| 5% 7/1/42 | 2,110,000 | 2,383,140 | |
| 5% 7/1/47 | 2,250,000 | 2,531,183 | |
| Series 2018: | |||
| 5% 9/1/27 | 1,010,000 | 1,230,574 | |
| 5% 9/1/29 | 1,390,000 | 1,711,312 | |
| 5% 9/1/31 | 1,530,000 | 1,856,456 | |
| 5% 9/1/33 | 1,185,000 | 1,425,662 | |
| 5% 9/1/38 | 4,805,000 | 5,699,259 | |
| 5% 6/1/43 | 4,740,000 | 5,774,789 | |
| 5% 9/1/43 | 4,445,000 | 5,208,873 | |
| 5% 6/1/48 | 7,000,000 | 8,486,730 | |
| Series 2019 A: | |||
| 5% 7/1/30 | 1,350,000 | 1,663,713 | |
| 5% 7/1/31 | 1,350,000 | 1,654,871 | |
| 5% 7/1/32 | 2,000,000 | 2,443,680 | |
| 5% 7/1/33 | 2,300,000 | 2,802,895 | |
| 5% 7/1/34 | 1,400,000 | 1,701,980 | |
| 5% 7/1/34 | 1,015,000 | 1,262,427 | |
| 5% 7/1/36 | 1,120,000 | 1,384,858 | |
| 5% 7/1/38 | 735,000 | 903,264 | |
| 5% 7/1/39 | 2,250,000 | 2,695,568 | |
| 5% 7/1/44 | 4,250,000 | 5,036,803 | |
| 5% 7/1/44 | 2,250,000 | 2,716,223 | |
| 5% 7/1/49 | 3,500,000 | 4,217,360 | |
| Series 2019 K: | |||
| 4% 7/1/22 | 700,000 | 749,336 | |
| 5% 7/1/23 | 500,000 | 565,245 | |
| 5% 7/1/24 | 500,000 | 580,960 | |
| 5% 7/1/33 | 2,000,000 | 2,487,960 | |
| 5% 7/1/35 | 2,135,000 | 2,633,010 | |
| Series 2019 S1: | |||
| 5% 10/1/20 | 3,325,000 | 3,441,848 | |
| 5% 10/1/21 | 3,490,000 | 3,744,945 | |
| 5% 10/1/25 | 1,965,000 | 2,384,351 | |
| 5% 10/1/26 | 2,535,000 | 3,145,175 | |
| Series 2019 S2: | |||
| 5% 10/1/32 | 1,410,000 | 1,807,197 | |
| 5% 10/1/33 | 1,935,000 | 2,474,188 | |
| 5% 10/1/34 | 2,165,000 | 2,758,989 | |
| Series A: | |||
| 4% 6/1/49 | 8,000,000 | 8,512,960 | |
| 5% 6/1/39 | 2,275,000 | 2,737,803 | |
| Series B, 0% 1/1/39 (Assured Guaranty Corp. Insured) | 3,200,000 | 1,827,968 | |
| Series BB1, 5% 10/1/46 | 355,000 | 420,984 | |
| Series L, 5% 7/1/41 (Pre-Refunded to 7/1/21 @ 100) | 4,900,000 | 5,207,230 | |
| Series N 2016: | |||
| 5% 12/1/41 | 14,700,000 | 17,385,690 | |
| 5% 12/1/46 | 7,000,000 | 8,198,680 | |
| 5% 3/1/34 | 4,375,000 | 4,993,144 | |
| 5.25% 7/1/25 | 1,000,000 | 1,092,540 | |
| 5.25% 7/1/25 (Pre-Refunded to 7/1/22 @ 100) | 1,000,000 | 1,105,080 | |
| 5.25% 7/1/26 | 1,000,000 | 1,091,250 | |
| 5.25% 7/1/26 (Pre-Refunded to 7/1/22 @ 100) | 1,000,000 | 1,105,080 | |
| Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 2002, 2.15%, tender 5/1/20 (a)(b)(c) | 1,750,000 | 1,755,035 | |
| Massachusetts Edl. Fing. Auth. Rev.: | |||
| Series 2010 A, 5.5% 1/1/22 | 3,500,000 | 3,525,655 | |
| Series 2014 I, 5% 1/1/27 (a) | 1,000,000 | 1,150,250 | |
| Series 2015 A, 5% 1/1/22 (a) | 1,000,000 | 1,075,130 | |
| Series 2016 J: | |||
| 5% 7/1/22 (a) | 6,350,000 | 6,924,548 | |
| 5% 7/1/23 (a) | 9,825,000 | 11,013,530 | |
| Series 2017 A: | |||
| 4% 7/1/21 (a) | 1,000,000 | 1,042,450 | |
| 5% 7/1/22 (a) | 3,000,000 | 3,271,440 | |
| 5% 7/1/23 (a) | 2,500,000 | 2,802,425 | |
| 5% 7/1/24 (a) | 2,000,000 | 2,298,480 | |
| 5% 7/1/25 (a) | 4,500,000 | 5,288,400 | |
| 5% 7/1/26 (a) | 3,920,000 | 4,692,201 | |
| Series 2018 B: | |||
| 5% 7/1/22 (a) | 1,030,000 | 1,123,194 | |
| 5% 7/1/27 (a) | 7,500,000 | 9,117,225 | |
| 5% 7/1/28 (a) | 2,325,000 | 2,865,051 | |
| Series 2019 B: | |||
| 5% 7/1/23 (a) | 500,000 | 560,485 | |
| 5% 7/1/24 (a) | 1,000,000 | 1,149,240 | |
| 5% 7/1/25 (a) | 1,310,000 | 1,539,512 | |
| 5% 7/1/26 (a) | 1,215,000 | 1,454,343 | |
| 5% 7/1/28 (a) | 1,000,000 | 1,232,280 | |
| 5% 7/1/29 (a) | 2,500,000 | 3,115,300 | |
| Massachusetts Gen. Oblig.: | |||
| Series 2004 A, 5.5% 8/1/30 | 2,000,000 | 2,727,900 | |
| Series 2006 B, 5.25% 9/1/22 | 5,360,000 | 5,969,325 | |
| Series 2007 A, 3 month U.S. LIBOR + 0.570% 2.08% 5/1/37 (b)(d) | 6,840,000 | 6,720,368 | |
| Series 2014 E: | |||
| 5% 9/1/29 | 7,500,000 | 8,285,175 | |
| 5% 9/1/30 | 5,000,000 | 5,516,100 | |
| 5% 9/1/31 | 8,000,000 | 8,816,320 | |
| Series 2015 C: | |||
| 5% 7/1/40 | 12,730,000 | 14,857,947 | |
| 5% 7/1/45 | 22,075,000 | 25,612,298 | |
| Series 2016 A, 5% 3/1/46 | 12,985,000 | 14,617,474 | |
| Series 2016 B: | |||
| 5% 7/1/33 | 5,500,000 | 6,636,355 | |
| 5% 7/1/35 | 5,500,000 | 6,609,735 | |
| 5% 7/1/36 | 10,260,000 | 12,303,792 | |
| 5% 7/1/37 | 8,495,000 | 10,159,001 | |
| Series 2016: | |||
| 5% 3/1/31 | 1,500,000 | 1,718,790 | |
| 5% 3/1/32 | 7,500,000 | 8,583,525 | |
| Series 2017 A: | |||
| 5% 4/1/34 | 6,875,000 | 8,406,200 | |
| 5% 4/1/35 | 16,830,000 | 20,505,504 | |
| 5% 4/1/42 | 18,490,000 | 22,101,467 | |
| 5% 4/1/47 | 2,405,000 | 2,857,693 | |
| Series 2017 C, 5% 10/1/26 | 15,000,000 | 18,621,750 | |
| Series 2017 D: | |||
| 5% 2/1/33 | 2,550,000 | 3,116,789 | |
| 5% 2/1/36 | 20,000,000 | 24,227,600 | |
| Series 2017 F: | |||
| 5% 11/1/38 | 10,000,000 | 12,198,300 | |
| 5% 11/1/39 | 10,000,000 | 12,171,900 | |
| Series 2018 B, 5% 1/1/32 | 5,000,000 | 6,240,300 | |
| Series 2019 A: | |||
| 5% 1/1/35 | 5,000,000 | 6,300,100 | |
| 5% 1/1/37 | 10,000,000 | 12,526,100 | |
| 5% 1/1/49 | 5,000,000 | 6,132,050 | |
| 5.25% 1/1/44 | 10,000,000 | 12,568,100 | |
| Series 2019 G, 5% 9/1/30 | 20,000,000 | 26,035,800 | |
| Series A, 5% 1/1/48 | 9,420,000 | 11,337,064 | |
| Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
| (Berklee College Proj.): | |||
| 5% 10/1/21 | 225,000 | 225,691 | |
| 5% 10/1/23 | 140,000 | 140,430 | |
| 5% 10/1/25 | 415,000 | 416,262 | |
| (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 | 3,355,000 | 3,370,534 | |
| (Cape Cod Healthcare Proj.) Series 2004 D, 6% 11/15/28 (Pre-Refunded to 11/15/19 @ 100) | 2,735,000 | 2,739,020 | |
| (Winchester Hosp. Proj.) Series 2010 H, 5.25% 7/1/38 (Pre-Refunded to 7/1/20 @ 100) | 18,995,000 | 19,505,206 | |
| Series 2010 C: | |||
| 5% 7/1/30 | 4,460,000 | 4,569,939 | |
| 5.125% 7/1/35 | 930,000 | 951,902 | |
| Massachusetts Hsg. Fin. Agcy. Hsg. Rev.: | |||
| Series 183, 3.5% 12/1/46 | 2,065,000 | 2,150,140 | |
| Series 2017, 4% 6/1/43 (a) | 1,700,000 | 1,813,951 | |
| Series 207, 4% 6/1/49 | 2,700,000 | 2,954,799 | |
| Massachusetts Port Auth. Rev.: | |||
| Series 2012 A: | |||
| 5% 7/1/37 (a) | 2,000,000 | 2,166,780 | |
| 5% 7/1/42 (a) | 10,300,000 | 11,122,558 | |
| Series 2012 B: | |||
| 5% 7/1/25 | 4,150,000 | 4,562,054 | |
| 5% 7/1/27 | 6,570,000 | 7,215,043 | |
| 5% 7/1/28 | 5,030,000 | 5,521,079 | |
| Series 2014 B, 5% 7/1/39 (a) | 4,965,000 | 5,610,053 | |
| Series 2014 C: | |||
| 5% 7/1/28 | 3,000,000 | 3,494,610 | |
| 5% 7/1/29 | 4,205,000 | 4,901,348 | |
| 5% 7/1/30 | 3,000,000 | 3,485,940 | |
| Series 2015 A: | |||
| 5% 7/1/28 | 460,000 | 550,408 | |
| 5% 7/1/28 (a) | 500,000 | 589,910 | |
| 5% 7/1/29 (a) | 1,245,000 | 1,467,021 | |
| 5% 7/1/30 | 1,400,000 | 1,665,174 | |
| 5% 7/1/30 (a) | 1,450,000 | 1,702,271 | |
| 5% 7/1/40 (a) | 2,000,000 | 2,303,000 | |
| 5% 7/1/45 (a) | 3,500,000 | 4,006,380 | |
| 5% 7/1/45 | 5,570,000 | 6,459,306 | |
| Series 2016 A: | |||
| 5% 7/1/26 | 695,000 | 855,392 | |
| 5% 7/1/28 | 760,000 | 932,414 | |
| 5% 7/1/30 | 1,660,000 | 2,022,594 | |
| 5% 7/1/32 | 1,970,000 | 2,384,547 | |
| 5% 7/1/36 | 3,760,000 | 4,514,218 | |
| Series 2016 B: | |||
| 4% 7/1/46 (a) | 10,875,000 | 11,703,131 | |
| 5% 7/1/43 (a) | 6,410,000 | 7,487,649 | |
| Series 2017 A: | |||
| 5% 7/1/30 (a) | 1,280,000 | 1,560,922 | |
| 5% 7/1/31 (a) | 1,095,000 | 1,330,075 | |
| 5% 7/1/32 (a) | 1,370,000 | 1,658,358 | |
| 5% 7/1/33 (a) | 1,250,000 | 1,511,663 | |
| 5% 7/1/35 (a) | 2,000,000 | 2,404,600 | |
| 5% 7/1/36 (a) | 1,720,000 | 2,062,985 | |
| 5% 7/1/42 (a) | 4,110,000 | 4,862,541 | |
| Series 2019 A, 5% 7/1/34 (a) | 2,500,000 | 3,129,200 | |
| Series 2019 C: | |||
| 5% 7/1/31 (a) | 3,500,000 | 4,426,240 | |
| 5% 7/1/38 (a) | 5,000,000 | 6,168,950 | |
| 5% 7/1/39 (a) | 5,000,000 | 6,153,250 | |
| 5% 7/1/49 (a) | 2,500,000 | 3,026,675 | |
| Massachusetts Port Auth. Spl. Facilities Rev.: | |||
| (Bosfuel Proj.) Series 2019 A: | |||
| 5% 7/1/21 (a) | 690,000 | 731,152 | |
| 5% 7/1/22 (a) | 500,000 | 546,335 | |
| 5% 7/1/23 (a) | 360,000 | 404,777 | |
| 5% 7/1/24 (a) | 615,000 | 709,772 | |
| 5% 7/1/25 (a) | 1,000,000 | 1,180,520 | |
| (ConRAC Proj.) Series 2011 A, 5.125% 7/1/41 | 13,000,000 | 13,736,840 | |
| Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
| Series 2011 B, 5% 10/15/41 | 15,065,000 | 16,065,015 | |
| Series 2012 A, 5% 8/15/23 | 15,000,000 | 16,572,600 | |
| Series 2012 B, 5% 8/15/30 | 18,400,000 | 20,243,864 | |
| Series 2013 A, 5% 5/15/43 | 18,675,000 | 20,804,510 | |
| Series 2016 A: | |||
| 5% 11/15/40 | 7,335,000 | 8,622,879 | |
| 5% 11/15/41 | 7,710,000 | 9,053,082 | |
| Series 2019 A: | |||
| 5% 2/15/22 | 1,760,000 | 1,912,733 | |
| 5% 2/15/23 | 640,000 | 718,496 | |
| 5% 2/15/44 | 10,000,000 | 12,312,100 | |
| Massachusetts Spl. Oblig. Dedicated Tax Rev. Series 2005: | |||
| 5.25% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,270,000 | 4,469,793 | |
| 5.5% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,297,860 | |
| 5.5% 1/1/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 19,080,000 | 25,587,997 | |
| 5.5% 1/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,770,000 | 6,599,152 | |
| Massachusetts State College Bldg. Auth. Rev.: | |||
| Series 2002 A, 0% 5/1/22 (Escrowed to Maturity) | 2,250,000 | 2,168,843 | |
| Series 2003 B: | |||
| 0% 5/1/28 (XL Cap. Assurance, Inc. Insured) | 6,080,000 | 5,156,813 | |
| 5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured) | 1,825,000 | 1,862,966 | |
| Series 2009 B: | |||
| 5% 5/1/35 (Pre-Refunded to 5/1/20 @ 100) | 5,560,000 | 5,666,307 | |
| 5% 5/1/40 (Pre-Refunded to 5/1/20 @ 100) | 4,625,000 | 4,713,430 | |
| Series 2012 A: | |||
| 5% 5/1/36 | 5,470,000 | 5,890,534 | |
| 5% 5/1/36 (Pre-Refunded to 5/1/22 @ 100) | 1,890,000 | 2,069,701 | |
| 5% 5/1/41 | 7,205,000 | 7,735,216 | |
| 5% 5/1/41 (Pre-Refunded to 5/1/22 @ 100) | 2,795,000 | 3,060,749 | |
| Series 2012 B: | |||
| 5% 5/1/29 | 2,000,000 | 2,173,160 | |
| 5% 5/1/30 | 1,870,000 | 2,028,071 | |
| 5% 5/1/37 | 3,075,000 | 3,308,300 | |
| 5% 5/1/43 | 11,125,000 | 11,938,015 | |
| Series 2014 B: | |||
| 5% 5/1/39 | 2,500,000 | 2,830,450 | |
| 5% 5/1/44 | 13,935,000 | 15,689,556 | |
| Series 2014 D: | |||
| 5% 5/1/39 | 7,575,000 | 8,779,122 | |
| 5% 5/1/41 | 4,515,000 | 5,216,360 | |
| Series 2016 A: | |||
| 5% 5/1/38 | 11,450,000 | 13,291,046 | |
| 5% 5/1/41 | 7,960,000 | 9,196,506 | |
| 5% 5/1/49 | 12,015,000 | 13,783,007 | |
| Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.: | |||
| Series 1997 C, 0% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,800,000 | 1,716,210 | |
| Sr. Series A: | |||
| 0% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,110,000 | 4,694,404 | |
| 0% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,700,000 | 6,560,939 | |
| 0% 1/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 33,195,000 | 27,424,049 | |
| Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | |||
| Series 2011 B, 5% 8/1/36 (Pre-Refunded to 8/1/21 @ 100) | 4,110,000 | 4,376,862 | |
| Series 2012 A, 5% 8/1/37 (Pre-Refunded to 8/1/22 @ 100) | 8,000,000 | 8,824,240 | |
| Series 2016 B, 5% 8/1/40 | 4,625,000 | 5,523,268 | |
| Series 2016 C: | |||
| 5% 8/1/34 | 10,000,000 | 12,115,400 | |
| 5% 8/1/35 | 12,550,000 | 15,171,193 | |
| 5% 8/1/40 | 20,500,000 | 24,481,510 | |
| Series B, 5.25% 8/1/26 | 3,000,000 | 3,762,840 | |
| Reading Gen. Oblig. Series 2012: | |||
| 5% 2/1/20 | 1,165,000 | 1,175,997 | |
| 5% 2/1/22 | 1,245,000 | 1,351,833 | |
| 5% 2/1/23 | 1,185,000 | 1,330,281 | |
| Shrewsbury Gen. Oblig. Series 2019, 5% 7/15/29 | 2,000,000 | 2,582,820 | |
| Springfield Gen. Oblig. Series 2017: | |||
| 5% 3/1/20 | 2,715,000 | 2,748,756 | |
| 5% 3/1/23 | 1,775,000 | 1,994,940 | |
| 5% 3/1/24 | 2,225,000 | 2,579,487 | |
| 5% 3/1/25 | 2,420,000 | 2,887,980 | |
| Univ. of Massachusetts Bldg. Auth. Facilities Rev.: | |||
| (Bldg. Auth. Proj.) Series 2015 1: | |||
| 5% 11/1/27 | 3,500,000 | 4,225,410 | |
| 5% 11/1/28 | 6,000,000 | 7,235,640 | |
| 5% 11/1/29 | 6,230,000 | 7,492,260 | |
| 5% 11/1/30 | 6,000,000 | 7,187,400 | |
| Series 2014 1, 5% 11/1/44 | 20,445,000 | 23,545,075 | |
| Univ. of Massachusetts Bldg. Auth. Rev. Series 2019 1: | |||
| 5% 5/1/34 | 600,000 | 766,200 | |
| 5% 5/1/35 | 2,000,000 | 2,546,720 | |
| 5% 5/1/36 | 3,400,000 | 4,313,342 | |
| 5% 5/1/37 | 3,200,000 | 4,045,344 | |
| 5% 5/1/38 | 3,000,000 | 3,779,700 | |
| 5% 5/1/39 | 2,000,000 | 2,513,440 | |
| Westfield Gen. Oblig. Series 2014: | |||
| 5% 3/1/26 | 2,990,000 | 3,456,679 | |
| 5% 3/1/27 | 2,740,000 | 3,160,590 | |
| Worcester Gen. Oblig. Series 2001 A, 5.25% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 155,000 | 155,471 | |
| TOTAL MASSACHUSETTS | 2,199,899,715 | ||
| TOTAL MUNICIPAL BONDS | |||
| (Cost $2,083,783,635) | 2,200,829,035 | ||
| Municipal Notes - 3.2% | |||
| Massachusetts - 3.2% | |||
| Massachusetts Dev. Fin. Agcy. Rev. Series 2005, 1.2% 11/7/19, LOC Bank of America NA, VRDN (a)(b) | 1,350,000 | $1,350,000 | |
| Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 25 11, 1.32% 11/7/19 (Liquidity Facility Barclays Bank PLC) (a)(b)(e)(f) | 1,685,000 | 1,685,000 | |
| Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
| Series 2007 A1, 1.27% 11/1/19 (Liquidity Facility Wells Fargo Bank NA), VRDN (b) | 35,700,000 | 35,699,982 | |
| Series 2009 K1, 1.24% 11/1/19, LOC Barclays Bank PLC, VRDN (b) | 3,765,000 | 3,765,000 | |
| Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. Participating VRDN Series Floaters ZF 27 98, 1.17% 11/7/19 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b)(c)(e)(f) | 3,000,000 | 3,000,000 | |
| Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN: | |||
| Series 15 XF2203, 1.14% 11/7/19 (Liquidity Facility Citibank NA) (b)(e)(f) | 3,000,000 | 3,000,000 | |
| Series Floaters XF 25 46, 1.13% 11/7/19 (Liquidity Facility Citibank NA) (b)(e)(f) | 4,480,000 | 4,480,000 | |
| Series Floaters XM 04 30, 1.15% 11/7/19 (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) | 3,330,000 | 3,330,000 | |
| Series Floaters YX 10 29, 1.15% 11/7/19 (Liquidity Facility Barclays Bank PLC) (b)(e)(f) | 5,000,000 | 5,000,000 | |
| Nahant BAN: | |||
| Series 2019 A, 2.5% 6/26/20 | 1,047,800 | 1,055,322 | |
| Series 2019 B, 2.5% 7/9/20 | 3,083,334 | 3,107,748 | |
| Truro Massachusetts BAN Series 2019, 2.5% 6/19/20 | 3,000,000 | 3,022,039 | |
| Univ. of Massachusetts Bldg. Auth. Rev. Series 2011 1, 1.16% 11/7/19 (Liquidity Facility Wells Fargo Bank NA), VRDN (b) | 4,500,000 | 4,500,000 | |
| TOTAL MUNICIPAL NOTES | |||
| (Cost $72,985,000) | 72,995,091 | ||
| TOTAL INVESTMENT IN SECURITIES - 98.9% | |||
| (Cost $2,156,768,635) | 2,273,824,126 | ||
| NET OTHER ASSETS (LIABILITIES) - 1.1% | 25,856,564 | ||
| NET ASSETS - 100% | $2,299,680,690 |
Security Type Abbreviations
BAN – BOND ANTICIPATION NOTE
VRDN – VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)
Legend
(a) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $23,050,543 or 1.0% of net assets.
(d) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.
(e) Provides evidence of ownership in one or more underlying municipal bonds.
(f) Coupon rates are determined by re-marketing agents based on current market conditions.
Investment Valuation
Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund’s valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:
Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker supplied prices.
When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.
The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.
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