NPORT-EX 2 QTLY_70_20191031.htm

Quarterly Holdings Report
for

Fidelity® Massachusetts Municipal Income Fund

October 31, 2019







MFL-QTLY-1219
1.809072.116





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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