# EDGAR Filing Document

**Accession Number:** 0000357057
**File Stem:** 0000357057-25-000034
**Filing Date:** 2025-9
**Character Count:** 188818
**Document Hash:** c63bc6360033b7891d996935c1ab80a9
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000357057-25-000034.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0000357057-25-000034

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 28

**CONFORMED PERIOD OF REPORT**: 20250731

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FIDELITY MASSACHUSETTS MUNICIPAL TRUST
- **CENTRAL INDEX KEY:** 0000357057

**ORGANIZATION NAME:**
- **EIN:** 042760270
- **STATE OF INCORPORATION:** MA
- **FISCAL YEAR END:** 0131

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-03361
- **FILM NUMBER:** 251329033

**BUSINESS ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210
- **BUSINESS PHONE:** 617-563-7000

**MAIL ADDRESS:**
- **STREET 1:** 245 SUMMER STREET
- **CITY:** BOSTON
- **STATE:** MA
- **ZIP:** 02210

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MASSACHUSETTS TAX FREE FUND MASS FREE
- **DATE OF NAME CHANGE:** 19831024

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FIDELITY MASSACHUSETTS TAX EXEMPT MONEY MARKET TRUST
- **DATE OF NAME CHANGE:** 19830922

## Series and Classes Contracts Data

### Fidelity Massachusetts Municipal Money Market Fund (Formerly known as Fidelity Massachusetts AMT Tax-Free Money Market Fund) (Series ID: S000007113)

| Class ID   | Class Name                                         | Ticker Symbol   |
|:---|:---|:---|
| C000019442 | Premium Class                                      | FMSXX           |
| C000047913 | Institutional Class                                | FMAXX           |
| C000238262 | Fidelity Massachusetts Municipal Money Market Fund | FAUXX           |

### Fidelity Massachusetts Municipal Income Fund (Series ID: S000007114)

| Class ID   | Class Name                                   | Ticker Symbol   |
|:---|:---|:---|
| C000019443 | Fidelity Massachusetts Municipal Income Fund | FDMMX           |

?xml version='1.0' encoding='ASCII'? Prospectus - Investment Objective

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number <u>811-03361</u>

<u>Fidelity Massachusetts Municipal Trust</u>

(Exact name of registrant as specified in charter)

<u>245 Summer St., Boston, MA 02210</u>

(Address of principal executive offices) &nbsp;&nbsp;&nbsp;&nbsp; (Zip code)

Nicole Macarchuk, Secretary

245 Summer St.

<u>Boston, Massachusetts 02210</u>

(Name and address of agent for service)

Registrant's telephone number, including area code:

<u>617-563-7000</u>

---

| | |
|:---|:---|
| &nbsp;&nbsp;Date of fiscal year end: | &nbsp;&nbsp;January 31 |
| &nbsp;&nbsp;Date of reporting period: | &nbsp;&nbsp;July 31, 2025 |

---

Item 1.

<u>Reports to Stockholders</u>

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Massachusetts Municipal Money Market Fund<br> **Fidelity® Massachusetts Municipal Money Market Fund : FAUXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Massachusetts Municipal Money Market Fund for the period February 1, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Massachusetts Municipal Money Market Fund  | $21  | 0.42% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3374729695<br>|
| Number of Holdings | 263<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 71.8 |
| 8-30 | 1.6 |
| 31-60 | 8.6 |
| 61-90 | 5.0 |
| 91-180 | 7.3 |
| >180 | 4.5 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 32.6 |
| Municipal Securities | 25.8 |
| Tender Option Bond | 25.1 |
| Commercial Paper | 1.5 |
| Net Other Assets (Liabilities) | 15.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img426_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 32.6 |
| Municipal Securities - 25.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Tender Option Bond - 25.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 15.0  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img426_20250731_1.jpg)<br>| ![](img111706_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914431.101 6957-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Massachusetts Municipal Money Market Fund<br> **Fidelity® Massachusetts Municipal Money Market Fund Premium Class : FMSXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Massachusetts Municipal Money Market Fund for the period February 1, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Premium Class  | $15  | 0.30% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3374729695<br>|
| Number of Holdings | 263<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 71.8 |
| 8-30 | 1.6 |
| 31-60 | 8.6 |
| 61-90 | 5.0 |
| 91-180 | 7.3 |
| >180 | 4.5 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 32.6 |
| Municipal Securities | 25.8 |
| Tender Option Bond | 25.1 |
| Commercial Paper | 1.5 |
| Net Other Assets (Liabilities) | 15.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img426_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 32.6 |
| Municipal Securities - 25.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Tender Option Bond - 25.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 15.0  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img426_20250731_1.jpg)<br>| ![](img111707_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914430.101 426-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Massachusetts Municipal Money Market Fund<br> **Fidelity® Massachusetts Municipal Money Market Fund Institutional Class : FMAXX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Massachusetts Municipal Money Market Fund for the period February 1, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-877-208-0098 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Institutional Class  | $10  | 0.20% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $3374729695<br>|
| Number of Holdings | 263<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** | **EFFECTIVE MATURITY DIVERSIFICATION**<br> **(% of Fund's net assets)** |
| <br> Days | <br> Days |
| 1-7 | 71.8 |
| 8-30 | 1.6 |
| 31-60 | 8.6 |
| 61-90 | 5.0 |
| 91-180 | 7.3 |
| >180 | 4.5 |

---

---

| | |
|:---|:---|
| Variable Rate Demand Notes (VRDNs) | 32.6 |
| Municipal Securities | 25.8 |
| Tender Option Bond | 25.1 |
| Commercial Paper | 1.5 |
| Net Other Assets (Liabilities) | 15.0 |

---

---

| |
|:---|
| **ASSET ALLOCATION (% of Fund's net assets)** |
| ![](img426_20250731_AA.jpg) <br>|

---

---

| |
|:---|
| Variable Rate Demand Notes (VRDNs) - 32.6 |
| Municipal Securities - 25.8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Tender Option Bond - 25.1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Commercial Paper - 1.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| Net Other Assets (Liabilities) - 15.0  |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img426_20250731_1.jpg)<br>| ![](img111708_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914429.101 1871-TSRS-0925 <br>|

---

---

| |
|:---|
| **SEMI-ANNUAL SHAREHOLDER REPORT \|** AS OF JULY 31, 2025 |
| Fidelity® Massachusetts Municipal Income Fund<br> **Fidelity® Massachusetts Municipal Income Fund : FDMMX** <br>|

---

This semi-annual shareholder report contains information about Fidelity® Massachusetts Municipal Income Fund for the period February 1, 2025 to July 31, 2025. You can find additional information about the Fund at **fundresearch.fidelity.com/prospectus/sec**. You can also request this information by contacting us at 1-800-544-8544 or by sending an e-mail to fidfunddocuments@fidelity.com.

**What were your Fund costs for the last six months?**

(based on hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
|  | **Costs of a $10,000 investment** | **Costs paid as a percentage of a $10,000 investment**  |
| Fidelity® Massachusetts Municipal Income Fund  | $22  | 0.45% |

---

**Key Fund Statistics**

(as of July 31, 2025)

---

| | |
|:---|:---|
| **KEY FACTS**  |  |
| Fund Size | $1688472916<br>|
| Number of Holdings | 463<br>|
| Portfolio Turnover | 27%<br>|

---

**What did the Fund invest in?** (as of July 31, 2025)

---

| | |
|:---|:---|
| **REVENUE SOURCES**<br> **(% of Fund's net assets)** | **REVENUE SOURCES**<br> **(% of Fund's net assets)** |
| General Obligations | 33.5 |
| Education | 15.1 |
| Special Tax | 14.9 |
| Transportation | 11.6 |
| Health Care | 9.8 |
| Water & Sewer | 5.1 |
| Others(Individually Less Than 5%) | 5.5 |
| 95.5 | 95.5 |

---

---

| | |
|:---|:---|
| AAA | 10.0 |
| AA | 65.5 |
| A | 5.3 |
| BBB | 12.4 |
| BB | 0.4 |
| Not Rated | 1.9 |
| Short-Term Investments and Net Other Assets (Liabilities) | 4.5 |

---

---

| |
|:---|
| **QUALITY DIVERSIFICATION (% of Fund's net assets)** |
| ![](img70_20250731_QD.jpg) <br>|

---

---

| |
|:---|
| &nbsp;&nbsp;AAA - 10.0&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;AA - 65.5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;A - 5.3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BBB - 12.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;BB - 0.4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; |
| &nbsp;&nbsp;Not Rated - 1.9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;  |
| &nbsp;&nbsp;Short-Term Investments and Net Other Assets (Liabilities) - 4.5 |
| We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |

---

---

| | | |
|:---|:---|:---|
| Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. | Fidelity, the Fidelity Investments Logo and all other Fidelity trademarks or service marks used herein are trademarks or service marks of FMR LLC. Any third-party marks that are used herein are trademarks or service marks of their respective owners.© 2025 FMR LLC. All rights reserved. |
| ![](img70_20250731_1.jpg)<br>| ![](img111709_2.jpg) | For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit **fundresearch.fidelity.com/prospectus/sec**<br> 1.9914418.101 70-TSRS-0925 <br>|

---

Item 2.

<u>Code of Ethics</u>

Not applicable.

Item 3.

<u>Audit Committee Financial Expert</u>

Not applicable.

Item 4.

<u>Principal Accountant Fees and Services</u>

Not applicable.

Item 5.

<u>Audit Committee of Listed Registrants</u>

Not applicable.

Item 6.

<u>Investments</u>

(a) Not applicable.

(b) Not applicable

Item 7.

<u>Financial Statements and Financial Highlights for Open-End Management Investment Companies</u>

**Fidelity® Massachusetts Municipal Income Fund**

**Semi-Annual Report**

**July 31, 2025**

![](img111951_1.jpg)

![](img111951_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_MAS-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Massachusetts Municipal Income Fund](#Sub_Sec_Fund_70_MAS-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements70_MAS-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_MAS-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_MAS-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_MAS-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_MAS-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.

Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.

Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Massachusetts Municipal Income Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 95.5%** | &nbsp;&nbsp;**Municipal Securities - 95.5%** | &nbsp;&nbsp;**Municipal Securities - 95.5%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Massachusetts - 93.6%  |  |  |
| Education - 15.1% |  |  |
| Massachusetts Development Finance Agency (Babson College, MA Proj.) Series 2017, 5% 10/1/2028  | 465000 | 487995 |
| Massachusetts Development Finance Agency (Babson College, MA Proj.) Series 2017, 5% 10/1/2029  | 735000 | 768972 |
| Massachusetts Development Finance Agency (Bentley University Proj.) Series 2021A, 4% 7/1/2034  | 1000000 | 1010183 |
| Massachusetts Development Finance Agency (Bentley University Proj.) Series 2021A, 4% 7/1/2035  | 1000000 | 1000677 |
| Massachusetts Development Finance Agency (Bentley University Proj.) Series 2021A, 4% 7/1/2036  | 825000 | 817319 |
| Massachusetts Development Finance Agency (Bentley University Proj.) Series 2021A, 4% 7/1/2037  | 1000000 | 977446 |
| Massachusetts Development Finance Agency (Bentley University Proj.) Series 2021A, 4% 7/1/2038  | 700000 | 667657 |
| Massachusetts Development Finance Agency (Bentley University Proj.) Series 2021A, 4% 7/1/2039  | 1925000 | 1805271 |
| Massachusetts Development Finance Agency (Bentley University Proj.) Series 2021A, 5% 7/1/2032  | 1000000 | 1100408 |
| Massachusetts Development Finance Agency (Brandeis Univ, MA Proj.) Series 2019 S 1, 5% 10/1/2025  | 1965000 | 1972952 |
| Massachusetts Development Finance Agency (Brandeis Univ, MA Proj.) Series 2019 S 2, 5% 10/1/2032  | 1410000 | 1495101 |
| Massachusetts Development Finance Agency (Brandeis Univ, MA Proj.) Series 2019 S 2, 5% 10/1/2033  | 1935000 | 2041894 |
| Massachusetts Development Finance Agency (Emerson College, MA Proj.) Series 2018, 5% 1/1/2030  | 10000 | 10328 |
| Massachusetts Development Finance Agency (Franklin W Olin College of Engineering Proj.) Series 2023 F, 5% 11/1/2034  | 700000 | 769256 |
| Massachusetts Development Finance Agency (Franklin W Olin College of Engineering Proj.) Series 2023 F, 5% 11/1/2035  | 650000 | 707332 |
| Massachusetts Development Finance Agency (Franklin W Olin College of Engineering Proj.) Series 2023 F, 5% 11/1/2036  | 675000 | 728241 |
| Massachusetts Development Finance Agency (Franklin W Olin College of Engineering Proj.) Series 2023 F, 5% 11/1/2037  | 725000 | 774162 |
| Massachusetts Development Finance Agency (Franklin W Olin College of Engineering Proj.) Series 2023 F, 5% 11/1/2038  | 760000 | 803455 |
| Massachusetts Development Finance Agency (Franklin W Olin College of Engineering Proj.) Series 2023 F, 5% 11/1/2039  | 1100000 | 1152443 |
| Massachusetts Development Finance Agency (Franklin W Olin College of Engineering Proj.) Series 2023 F, 5% 11/1/2040  | 850000 | 885826 |
| Massachusetts Development Finance Agency (Franklin W Olin College of Engineering Proj.) Series 2023 F, 5% 11/1/2042  | 950000 | 973396 |
| Massachusetts Development Finance Agency (Lasell College Proj.) Series 2021, 4% 7/1/2040  | 4160000 | 3410638 |
| Massachusetts Development Finance Agency (Lasell College Proj.) Series 2021, 4% 7/1/2045  | 1200000 | 919395 |
| Massachusetts Development Finance Agency (Lasell College Proj.) Series 2021, 4% 7/1/2050  | 1750000 | 1283720 |
| Massachusetts Development Finance Agency (Lesley College Proj.) Series 2019A, 5% 7/1/2034  | 1015000 | 1036252 |
| Massachusetts Development Finance Agency (Lesley College Proj.) Series 2019A, 5% 7/1/2036  | 1120000 | 1130305 |
| Massachusetts Development Finance Agency (Lesley College Proj.) Series 2019A, 5% 7/1/2038  | 735000 | 734157 |
| Massachusetts Development Finance Agency (Lesley College Proj.) Series 2019A, 5% 7/1/2044  | 2250000 | 2079112 |
| Massachusetts Development Finance Agency (Lesley College Proj.) Series 2019A, 5% 7/1/2049  | 7250000 | 6476621 |
| Massachusetts Development Finance Agency (Merrimack College, MA Proj.) 4% 7/1/2042  | 475000 | 402087 |
| Massachusetts Development Finance Agency (Merrimack College, MA Proj.) 4% 7/1/2050  | 2135000 | 1665982 |
| Massachusetts Development Finance Agency (Merrimack College, MA Proj.) 5% 7/1/2037  | 800000 | 821322 |
| Massachusetts Development Finance Agency (Merrimack College, MA Proj.) 5% 7/1/2042  | 740000 | 723890 |
| Massachusetts Development Finance Agency (Merrimack College, MA Proj.) 5% 7/1/2052  | 2300000 | 2133567 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) Series 2023N, 5% 10/1/2043  | 1750000 | 1546445 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) Series 2023N, 5.25% 10/1/2036  | 500000 | 497742 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) Series 2023N, 5.25% 10/1/2037  | 545000 | 537650 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) Series 2023N, 5.25% 10/1/2038  | 550000 | 535479 |
| Massachusetts Development Finance Agency (Simmons College, MA Proj.) Series 2023N, 5.25% 10/1/2039  | 580000 | 556697 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) 4% 7/1/2039  | 2455000 | 2173395 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) 4% 7/1/2040  | 7920000 | 6879568 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) 4% 7/1/2045  | 5000000 | 4063369 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2021, 4% 7/1/2046  | 2150000 | 1714399 |
| Massachusetts Development Finance Agency (Suffolk Univ, MA Proj.) Series 2021, 4% 7/1/2051  | 2160000 | 1664242 |
| Massachusetts Development Finance Agency (Western New Englan College, MA Proj.) 5% 9/1/2027  | 1010000 | 1038354 |
| Massachusetts Development Finance Agency (Western New Englan College, MA Proj.) 5% 9/1/2029  | 1390000 | 1435106 |
| Massachusetts Development Finance Agency (Western New Englan College, MA Proj.) 5% 9/1/2031  | 1530000 | 1564444 |
| Massachusetts Development Finance Agency (Western New England College Proj.) 5% 9/1/2033  | 1185000 | 1200113 |
| Massachusetts Development Finance Agency (Western New England College Proj.) 5% 9/1/2038  | 4805000 | 4726021 |
| Massachusetts Development Finance Agency (Western New England College Proj.) 5% 9/1/2043  | 4445000 | 4113263 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue I Proj.) Series 2014 I, 5% 1/1/2026 (b) | 8350000 | 8371757 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue I Proj.) Series 2014 I, 5% 1/1/2027 (b) | 1000000 | 1001789 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue K Proj.) Series 2017 A, 5% 7/1/2026 (b) | 3935000 | 3994174 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2018 B, 5% 7/1/2027 (b) | 10240000 | 10550806 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2018 B, 5% 7/1/2028 (b) | 2325000 | 2427282 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2019 B, 5% 7/1/2026 (b) | 2430000 | 2470955 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2019 B, 5% 7/1/2028 (b) | 1000000 | 1043992 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2019 B, 5% 7/1/2029 (b) | 4035000 | 4246053 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2020 B, 5% 7/1/2028 (b) | 2000000 | 2087984 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2020 B, 5% 7/1/2029 (b) | 1950000 | 2051996 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2020 B, 5% 7/1/2030 (b) | 1950000 | 2068059 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2030 (b) | 10000000 | 10559327 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2031 (b) | 6515000 | 6929802 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2032 (b) | 5000000 | 5280317 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue L Proj.) Series 2023B, 5% 7/1/2033 (b) | 6500000 | 6866209 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2021B, 5% 7/1/2027 (b) | 1950000 | 2009187 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2021B, 5% 7/1/2028 (b) | 1850000 | 1931386 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2021B, 5% 7/1/2029 (b) | 1825000 | 1920458 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2021B, 5% 7/1/2030 (b) | 1125000 | 1185857 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2021B, 5% 7/1/2031 (b) | 1500000 | 1595503 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue M Proj.) Series 2022B, 5% 7/1/2031 (b) | 1000000 | 1063669 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue N Proj.) 5% 7/1/2032 (b) | 2500000 | 2655564 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue N Proj.) Series 2024 B, 5% 7/1/2028 (b) | 2280000 | 2380302 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue N Proj.) Series 2024 B, 5% 7/1/2029 (b) | 2250000 | 2367687 |
| Massachusetts Ed Ln Auth Ed Ln (Mefa Issue N Proj.) Series 2024 B, 5% 7/1/2030 (b) | 2230000 | 2377418 |
| Massachusetts St College Bldg 0% 5/1/2028 (Assured Guaranty Inc Insured) (c) | 6080000 | 5628514 |
| Massachusetts St College Bldg 2% 5/1/2037  | 1060000 | 812443 |
| Massachusetts St College Bldg 4% 5/1/2036  | 600000 | 605992 |
| Massachusetts St College Bldg 4% 5/1/2038  | 750000 | 742096 |
| Massachusetts St College Bldg 4% 5/1/2040  | 1000000 | 955276 |
| Massachusetts St College Bldg 4% 5/1/2041  | 625000 | 586531 |
| Massachusetts St College Bldg 4% 5/1/2042  | 550000 | 506838 |
| Massachusetts St College Bldg 5% 5/1/2032  | 600000 | 679901 |
| Massachusetts St College Bldg Series 2021 A, 2.125% 5/1/2051  | 2000000 | 1088730 |
| Massachusetts St Dev Fin Agy Rev (Bentley University Proj.) Series 2017, 5% 7/1/2027  | 1000000 | 1043996 |
| Massachusetts St Dev Fin Agy Rev (Berklee College of Music Inc Proj.) 5% 10/1/2032  | 1760000 | 1786567 |
| Massachusetts St Dev Fin Agy Rev (Berklee College of Music Inc Proj.) 5% 10/1/2035  | 1500000 | 1515047 |
| Massachusetts St Dev Fin Agy Rev (Berklee College of Music Inc Proj.) 5% 10/1/2037  | 2000000 | 2013034 |
| Massachusetts St Dev Fin Agy Rev (Boston University Mass Proj.) 2.3% 10/1/2042, LOC TD Bank NA VRDN (d) | 6610000 | 6610001 |
| Massachusetts St Dev Fin Agy Rev (Emerson College, MA Proj.) Series 2016A, 5% 1/1/2031  | 5000 | 5084 |
| Massachusetts St Dev Fin Agy Rev (Emerson College, MA Proj.) Series 2017A, 5% 1/1/2035  | 2000000 | 2030070 |
| Massachusetts St Dev Fin Agy Rev (Holy Cross College, MA Proj.) 5% 9/1/2033  | 475000 | 485243 |
| Massachusetts St Dev Fin Agy Rev (Holy Cross College, MA Proj.) 5% 9/1/2035  | 375000 | 382120 |
| Massachusetts St Dev Fin Agy Rev (Holy Cross College, MA Proj.) 5% 9/1/2036  | 315000 | 320812 |
| Massachusetts St Dev Fin Agy Rev (Lesley College Proj.) 5% 7/1/2029  | 1640000 | 1660506 |
| Massachusetts St Dev Fin Agy Rev (Lesley College Proj.) 5% 7/1/2032  | 1905000 | 1920513 |
| Massachusetts St Dev Fin Agy Rev (Merrimack College, MA Proj.) 5% 7/1/2026  | 160000 | 162221 |
| Massachusetts St Dev Fin Agy Rev (Merrimack College, MA Proj.) 5% 7/1/2037  | 600000 | 601861 |
| Massachusetts St Dev Fin Agy Rev (Provident Commonwealth Ed Resources Inca Proj.) 5% 10/1/2029  | 3120000 | 3160043 |
| Massachusetts St Dev Fin Agy Rev (Provident Commonwealth Ed Resources Inca Proj.) 5% 10/1/2030  | 1100000 | 1112027 |
| Massachusetts St Dev Fin Agy Rev (Provident Commonwealth Ed Resources Inca Proj.) 5% 10/1/2031  | 1200000 | 1210938 |
| Massachusetts St Dev Fin Agy Rev (Provident Commonwealth Ed Resources Inca Proj.) 5% 10/1/2032  | 1240000 | 1249418 |
| Massachusetts St Dev Fin Agy Rev (Provident Commonwealth Ed Resources Inca Proj.) 5% 10/1/2033  | 1235000 | 1241951 |
| Massachusetts St Dev Fin Agy Rev (Simmons College, MA Proj.) Series K 1, 4% 10/1/2030  | 500000 | 482067 |
| Massachusetts St Dev Fin Agy Rev (Suffolk Univ, MA Proj.) Series 2017, 5% 7/1/2027  | 2085000 | 2125829 |
| Massachusetts St Dev Fin Agy Rev (Suffolk Univ, MA Proj.) Series 2017, 5% 7/1/2028  | 4300000 | 4375180 |
| Massachusetts St Dev Fin Agy Rev (Suffolk Univ, MA Proj.) Series 2017, 5% 7/1/2032  | 1000000 | 1007367 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2034  | 1425000 | 1432355 |
| Massachusetts St Dev Fin Agy Rev (Wentworth Inst of Tech, MA Proj.) Series 2017, 5% 10/1/2035  | 1495000 | 1500885 |
| Massachusetts St Dev Fin Agy Rev (Wheaton College, MA Proj.) Series 2017 H, 5% 1/1/2029  | 1435000 | 1480959 |
| Massachusetts St Dev Fin Agy Rev (Wheaton College, MA Proj.) Series 2017 H, 5% 1/1/2031  | 1580000 | 1621512 |
| Massachusetts St Dev Fin Agy Rev (Wheaton College, MA Proj.) Series 2017 H, 5% 1/1/2032  | 1665000 | 1702309 |
| Massachusetts St Dev Fin Agy Rev (Wheaton College, MA Proj.) Series 2017 H, 5% 1/1/2033  | 1745000 | 1777745 |
| Massachusetts St Dev Fin Agy Rev (Wheaton College, MA Proj.) Series 2017 H, 5% 1/1/2034  | 1835000 | 1863077 |
| Massachusetts St Dev Fin Agy Rev (Wheaton College, MA Proj.) Series 2017 H, 5% 1/1/2035  | 1000000 | 1011761 |
| Massachusetts St Dev Fin Agy Rev (Wheaton College, MA Proj.) Series 2017 H, 5% 1/1/2036  | 1000000 | 1008584 |
| Massachusetts St Dev Fin Agy Rev (Worcester Polytech Inst, MA Proj.) Series 2016, 5% 9/1/2037  | 840000 | 846211 |
| Massachusetts St Dev Fin Agy Rv (Chf Merrimack Inc Proj.) Series 2024A, 5% 7/1/2044 (e) | 1000000 | 929291 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5.25% 1/1/2039  | 1540000 | 1612792 |
| Massachusetts St Dev Fin Agy Rv (Emerson College, MA Proj.) Series 2025, 5.25% 1/1/2043  | 1480000 | 1496982 |
| Massachusetts St Dev Fin Agy Rv (Middlesex School Proj.) Series 2024, 5% 7/1/2034  | 1250000 | 1408851 |
| Massachusetts St Hlth & Ed Fac (Massachusetts Inst Tech, Ma Proj.) Series 2001J 2, 2% 7/1/2031 VRDN (d) | 2460000 | 2460000 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2019 1, 5% 5/1/2035  | 2000000 | 2096022 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2019 1, 5% 5/1/2036  | 3400000 | 3545089 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2019 1, 5% 5/1/2037  | 3200000 | 3319798 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2019 1, 5% 5/1/2038  | 3000000 | 3094193 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2019 1, 5% 5/1/2039  | 815000 | 836086 |
| University Mass Bldg Auth Proj (Univ of Massachusetts Proj.) 5% 11/1/2050  | 4015000 | 3995328 |
|  |  | 254599228 |
| Electric Utilities - 0.1% |  |  |
| Berkshire Wind Pwr Coop Corp Mass Rev 5% 7/1/2026  | 925000 | 944813 |
| Berkshire Wind Pwr Coop Corp Mass Rev 5% 7/1/2027  | 700000 | 730263 |
| Berkshire Wind Pwr Coop Corp Mass Rev 5% 7/1/2030  | 480000 | 499454 |
|  |  | 2174530 |
| Escrowed/Pre-Refunded - 0.1% |  |  |
| Massachusetts St College Bldg Series 1999 A, 0% 5/1/2028 (c) | 1700000 | 1570778 |
| General Obligations - 32.8% |  |  |
| Acton & Boxborough MA Rgl Sch Dst 2.25% 3/1/2045  | 450000 | 281365 |
| Acton & Boxborough MA Rgl Sch Dst 3% 3/1/2034  | 1485000 | 1416341 |
| Acton & Boxborough MA Rgl Sch Dst 3% 3/1/2035  | 2130000 | 1993205 |
| Andover MA Gen. Oblig. 2.125% 11/15/2050  | 1030000 | 558176 |
| Andover MA Gen. Oblig. Series 2020, 2% 11/15/2045  | 1030000 | 599433 |
| Ashland MA Gen. Oblig. Series 2021, 2% 1/15/2046  | 655000 | 375324 |
| Attleboro Mass 2.625% 10/15/2050  | 6880000 | 4229576 |
| Attleboro Mass 3% 10/15/2036  | 2630000 | 2355171 |
| Boston Mass Gen. Oblig. 2% 11/1/2039  | 2495000 | 1741815 |
| Boston Mass Gen. Oblig. Series 2017A, 3% 4/1/2028  | 4250000 | 4261110 |
| Boston Mass Gen. Oblig. Series 2025A, 5% 2/1/2032  | 4765000 | 5442665 |
| Boston Mass Gen. Oblig. Series 2025A, 5% 2/1/2033  | 4000000 | 4601439 |
| Boston Mass Gen. Oblig. Series 2025A, 5% 2/1/2034  | 5345000 | 6118384 |
| Boston Mass Gen. Oblig. Series 2025A, 5% 2/1/2035  | 6070000 | 6885750 |
| Boston Mass Gen. Oblig. Series 2025A, 5% 2/1/2039  | 12640000 | 13755453 |
| Boston Mass Gen. Oblig. Series 2025A, 5% 2/1/2040  | 5000000 | 5373628 |
| Braintree MA Gen. Oblig. Series 2019, 3% 6/1/2035  | 1765000 | 1630426 |
| Braintree MA Gen. Oblig. Series 2020, 3% 6/1/2035  | 345000 | 316589 |
| Brookline MA Series 2021, 1.625% 2/15/2033  | 2250000 | 1878452 |
| Brookline MA Series 2021, 1.625% 2/15/2034  | 5000000 | 4041437 |
| Cambridge MA Gen. Oblig. 3% 2/15/2038  | 3470000 | 3078424 |
| Cambridge MA Gen. Oblig. 3% 2/15/2039  | 3470000 | 3010211 |
| Cambridge MA Gen. Oblig. 3% 2/15/2040  | 3465000 | 2933162 |
| Cambridge MA Gen. Oblig. 3% 2/15/2041  | 3460000 | 2866329 |
| Cambridge MA Gen. Oblig. 3% 2/15/2042  | 3460000 | 2799021 |
| Cambridge MA Gen. Oblig. 3% 2/15/2043  | 3460000 | 2745990 |
| Cambridge MA Gen. Oblig. 3% 2/15/2044  | 3460000 | 2696266 |
| Cambridge MA Gen. Oblig. 3% 2/15/2045  | 3460000 | 2657960 |
| City of Quincy MA Gen. Oblig. Series 2021, 2% 1/15/2046  | 1755000 | 988660 |
| City of Quincy MA Gen. Oblig. Series 2022 B, 5% 7/1/2047  | 4995000 | 5085693 |
| City of Quincy MA Gen. Oblig. Series 2025 A, 5% 7/15/2037  | 690000 | 756203 |
| City of Quincy MA Gen. Oblig. Series 2025 A, 5% 7/15/2038  | 940000 | 1019160 |
| Concord & Carlisle Mass Regl Sch Dist 2% 6/15/2035  | 1125000 | 916383 |
| Concord & Carlisle Mass Regl Sch Dist 2% 6/15/2036  | 1125000 | 886329 |
| Concord & Carlisle Mass Regl Sch Dist 2% 6/15/2037  | 1125000 | 855168 |
| Dennis & Yarmouth MA Regl Sch Dist 2.375% 10/1/2051  | 7345000 | 4180820 |
| Essex Mass Gen. Oblig. 2.75% 3/1/2047  | 1190000 | 796327 |
| Essex Mass Gen. Oblig. 2.75% 3/1/2050  | 1170000 | 746082 |
| Everett MA Gen. Oblig. 2% 8/1/2036  | 1080000 | 847231 |
| Fall River MA Series 2020, 2% 12/1/2032  | 500000 | 439664 |
| Hingham MA Gen. Oblig. Series 2020, 3% 2/15/2038  | 1615000 | 1413329 |
| Ipswich MA Gen. Oblig. 2% 10/1/2036  | 420000 | 328424 |
| Ipswich MA Gen. Oblig. 2% 10/1/2038  | 450000 | 326242 |
| Lowell MA Gen. Oblig. Series 2021, 2% 9/1/2038  | 1340000 | 976538 |
| Ludlow Mass Series 2019, 3% 2/1/2049  | 1945000 | 1346710 |
| Massachusetts St Gen. Oblig. 5% 1/1/2037  | 10000000 | 10414683 |
| Massachusetts St Gen. Oblig. 5% 1/1/2049  | 10000000 | 10002271 |
| Massachusetts St Gen. Oblig. 5% 11/1/2047  | 1740000 | 1766515 |
| Massachusetts St Gen. Oblig. 5% 11/1/2052  | 32445000 | 32700517 |
| Massachusetts St Gen. Oblig. 5% 4/1/2038  | 3495000 | 3824509 |
| Massachusetts St Gen. Oblig. 5% 4/1/2039  | 2000000 | 2166693 |
| Massachusetts St Gen. Oblig. 5% 4/1/2040  | 1500000 | 1603988 |
| Massachusetts St Gen. Oblig. 5% 4/1/2041  | 4000000 | 4235664 |
| Massachusetts St Gen. Oblig. 5% 7/1/2037  | 1000000 | 1105804 |
| Massachusetts St Gen. Oblig. 5.25% 10/1/2047  | 6800000 | 7055082 |
| Massachusetts St Gen. Oblig. 5.25% 10/1/2052  | 1690000 | 1742930 |
| Massachusetts St Gen. Oblig. 5.5% 8/1/2030  | 2000000 | 2236416 |
| Massachusetts St Gen. Oblig. Series 2016E, 3% 4/1/2044  | 2050000 | 1554136 |
| Massachusetts St Gen. Oblig. Series 2016G, 3% 9/1/2046  | 2825000 | 2065152 |
| Massachusetts St Gen. Oblig. Series 2018 B, 5% 1/1/2032  | 5000000 | 5235584 |
| Massachusetts St Gen. Oblig. Series 2019 A, 5.25% 1/1/2033  | 21110000 | 22639599 |
| Massachusetts St Gen. Oblig. Series 2019 D, 3% 5/1/2036  | 5000000 | 4590326 |
| Massachusetts St Gen. Oblig. Series 2020 D, 3% 11/1/2042  | 3500000 | 2744183 |
| Massachusetts St Gen. Oblig. Series 2020 D, 3% 7/1/2035  | 3000000 | 2804022 |
| Massachusetts St Gen. Oblig. Series 2020 D, 3% 7/1/2039  | 3460000 | 2942893 |
| Massachusetts St Gen. Oblig. Series 2020 D, 4% 11/1/2036  | 1500000 | 1506063 |
| Massachusetts St Gen. Oblig. Series 2020 D, 4% 11/1/2041  | 4000000 | 3753537 |
| Massachusetts St Gen. Oblig. Series 2020 D, 5% 7/1/2048  | 11025000 | 11030522 |
| Massachusetts St Gen. Oblig. Series 2020 E, 5% 11/1/2050  | 23480000 | 23485466 |
| Massachusetts St Gen. Oblig. Series 2020C, 3% 3/1/2047  | 5810000 | 4187612 |
| Massachusetts St Gen. Oblig. Series 2020C, 3% 3/1/2048  | 5000000 | 3559509 |
| Massachusetts St Gen. Oblig. Series 2020C, 3% 3/1/2049  | 5000000 | 3519883 |
| Massachusetts St Gen. Oblig. Series 2021 A, 2% 3/1/2038  | 2500000 | 1854455 |
| Massachusetts St Gen. Oblig. Series 2021 B, 3% 4/1/2048  | 21500000 | 15296207 |
| Massachusetts St Gen. Oblig. Series 2021 B, 3% 4/1/2049  | 13500000 | 9497918 |
| Massachusetts St Gen. Oblig. Series 2021 C, 2% 9/1/2038  | 3935000 | 2874769 |
| Massachusetts St Gen. Oblig. Series 2021 C, 2% 9/1/2039  | 3465000 | 2449195 |
| Massachusetts St Gen. Oblig. Series 2021 C, 3% 9/1/2034  | 2300000 | 2185518 |
| Massachusetts St Gen. Oblig. Series 2021 C, 3% 9/1/2036  | 5000000 | 4556196 |
| Massachusetts St Gen. Oblig. Series 2021 D, 5% 9/1/2049  | 50000000 | 50516676 |
| Massachusetts St Gen. Oblig. Series 2021 D, 5% 9/1/2050  | 1785000 | 1801392 |
| Massachusetts St Gen. Oblig. Series 2022B, 3% 2/1/2048  | 38250000 | 27247984 |
| Massachusetts St Gen. Oblig. Series 2023 C, 5% 8/1/2039  | 4325000 | 4602144 |
| Massachusetts St Gen. Oblig. Series 2023A, 5% 5/1/2048  | 7055000 | 7155209 |
| Massachusetts St Gen. Oblig. Series 2024 A, 5% 3/1/2039  | 5075000 | 5439192 |
| Massachusetts St Gen. Oblig. Series 2024 H, 5% 12/1/2036  | 19000000 | 20942216 |
| Massachusetts St Gen. Oblig. Series 2024 H, 5% 12/1/2037  | 34000000 | 37082271 |
| Massachusetts St Gen. Oblig. Series 2024 H, 5% 12/1/2038  | 8000000 | 8635141 |
| Massachusetts St Gen. Oblig. Series 2024B, 5% 11/1/2038  | 3465000 | 3728360 |
| Massachusetts St Gen. Oblig. Series 2024B, 5% 11/1/2043  | 7940000 | 8216169 |
| Massachusetts St Gen. Oblig. Series 2024B, 5% 5/1/2039  | 1265000 | 1355261 |
| Maynard Mass Gen. Oblig. Series 2012, 2.75% 2/15/2032  | 385000 | 358869 |
| Middleborough MA Series 2020, 2.125% 10/1/2045  | 4420000 | 2644755 |
| Nauset MA 4% 5/15/2040  | 4190000 | 3968117 |
| Newton MA Gen. Oblig. Series 2016, 3% 4/1/2033  | 545000 | 528033 |
| Northeast Met Regl Vocational Technical Sch Dist Mass 3.25% 5/15/2042  | 2095000 | 1754694 |
| Northeast Met Regl Vocational Technical Sch Dist Mass 3.25% 5/15/2043  | 2165000 | 1779085 |
| Northeast Met Regl Vocational Technical Sch Dist Mass 3.25% 5/15/2044  | 2235000 | 1807094 |
| Northeast Met Regl Vocational Technical Sch Dist Mass 3.25% 5/15/2045  | 2310000 | 1843550 |
| Norwood MA Gen. Oblig. 2.125% 7/15/2030  | 1020000 | 963148 |
| Pentucket MA Regl Sch Dist 3% 9/1/2043  | 1710000 | 1297467 |
| Plymouth MA Gen. Oblig. Series 2021, 2% 5/1/2037  | 640000 | 484213 |
| Revere Mass Gen. Oblig. 3% 3/1/2031  | 430000 | 427263 |
| Sharon MA Gen. Oblig. 2% 2/15/2036  | 635000 | 501120 |
| Sharon MA Gen. Oblig. 3% 2/15/2037  | 150000 | 132128 |
| Somerville MA Gen. Oblig. Series 2018 B, 3.375% 6/1/2043  | 250000 | 201204 |
| South Hadley Mass Gen. Oblig. 2% 1/15/2037  | 350000 | 267573 |
| Swampscott MA Series 2022, 3% 3/1/2036  | 1000000 | 917061 |
| Tisbury MA Series 2022, 4% 8/15/2036  | 1780000 | 1787571 |
| Tisbury MA Series 2022, 4% 8/15/2040  | 1995000 | 1888176 |
| Tisbury MA Series 2022, 4% 8/15/2041  | 2085000 | 1968897 |
| Westport Mass 2% 11/1/2040  | 1890000 | 1274352 |
| Westport Mass 2.125% 11/1/2041  | 1925000 | 1279461 |
| Westport Mass 2.125% 11/1/2042  | 1970000 | 1265603 |
| Westport Mass 2.25% 11/1/2043  | 2010000 | 1283531 |
| Westport Mass 2.25% 11/1/2044  | 2055000 | 1279776 |
| Westport Mass 2.25% 11/1/2045  | 2100000 | 1280386 |
| Westport Mass 2.25% 11/1/2047  | 4345000 | 2558643 |
| Westport Mass 2.375% 11/1/2049  | 3745000 | 2195310 |
| Weymouth Mass 2% 9/15/2045  | 3000000 | 1755506 |
| Worcester MA Gen. Oblig. 5% 2/15/2034  | 3720000 | 4132664 |
| Worcester MA Gen. Oblig. 5% 2/15/2036  | 4435000 | 4840663 |
| Worcester MA Gen. Oblig. 5% 2/15/2037  | 3045000 | 3297825 |
|  |  | 554425635 |
| Health Care - 9.8% |  |  |
| Massachusetts Dev Fin Agy Sr Living Rev (Care Communities LLC Proj.) Series 2025 A 1, 6.5% 7/15/2060 (e) | 5000000 | 4784987 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2026  | 1250000 | 1273348 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2033  | 2000000 | 2093582 |
| Massachusetts Development Finance Agency (Beth Israel Lahey Health Proj.) Series 2019 K, 5% 7/1/2035  | 2135000 | 2204941 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024 E 1, 1.5% 7/1/2052 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (d) | 1000000 | 1000000 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024D, 5% 7/1/2035  | 1000000 | 1108093 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024D, 5% 7/1/2036  | 1000000 | 1092796 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024D, 5% 7/1/2037  | 1150000 | 1241416 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024D, 5% 7/1/2038  | 1000000 | 1065693 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) 5% 7/1/2028  | 350000 | 369073 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) 5% 7/1/2030  | 225000 | 243227 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) 5% 7/1/2033  | 550000 | 589826 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) 5% 7/1/2034  | 1300000 | 1384612 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) 5% 7/1/2036  | 475000 | 498760 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) 5% 7/1/2037  | 1275000 | 1329423 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) 5% 7/1/2050  | 6700000 | 6392625 |
| Massachusetts Development Finance Agency (Southcoast Hospital Grp Inc,Ma Proj.) Series 2021 G, 4% 7/1/2046  | 2795000 | 2306296 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2019 A, 5% 7/1/2030  | 1350000 | 1390673 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2019 A, 5% 7/1/2031  | 1350000 | 1383961 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2019 A, 5% 7/1/2032  | 2000000 | 2041792 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2019 A, 5% 7/1/2033  | 2300000 | 2337437 |
| Massachusetts Development Finance Agency (Tufts Medicine Proj.) Series 2020 C, 3% 10/1/2045 (Assured Guaranty Inc Insured)  | 3355000 | 2433862 |
| Massachusetts Development Finance Agency (University of Mass Hlth Cr Inc Proj.) 4% 7/1/2044  | 7000000 | 5884640 |
| Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2015 H 1, 5% 7/1/2026  | 3585000 | 3588809 |
| Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2015 H 1, 5% 7/1/2029  | 3750000 | 3752978 |
| Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2015 H 1, 5% 7/1/2030  | 1800000 | 1801227 |
| Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2015 H 1, 5% 7/1/2031  | 1190000 | 1190653 |
| Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2015 H 1, 5% 7/1/2032  | 1000000 | 1000416 |
| Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2015 H 1, 5% 7/1/2033  | 1000000 | 1000294 |
| Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2016 I, 5% 7/1/2037  | 1470000 | 1474857 |
| Massachusetts St Dev Fin Agy Rev (Beth Israel Lahey Health Proj.) Series 2016 I, 5% 7/1/2038  | 1000000 | 1002103 |
| Massachusetts St Dev Fin Agy Rev (Dana Farber Cancer Inst, MA Proj.) Series 2016N, 5% 12/1/2034  | 1000000 | 1014009 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) 5% 7/1/2032  | 985000 | 1023832 |
| Massachusetts St Dev Fin Agy Rev (Mass General Brigham Inc Proj.) 5% 7/1/2034  | 750000 | 772888 |
| Massachusetts St Dev Fin Agy Rev (Newbridge On The Charles Proj.) 4% 10/1/2025 (e) | 500000 | 500254 |
| Massachusetts St Dev Fin Agy Rev (Newbridge On The Charles Proj.) 4% 10/1/2026 (e) | 500000 | 502000 |
| Massachusetts St Dev Fin Agy Rev (Newbridge On The Charles Proj.) 4% 10/1/2027 (e) | 350000 | 353097 |
| Massachusetts St Dev Fin Agy Rev (Newbridge On The Charles Proj.) 4% 10/1/2032 (e) | 1250000 | 1247525 |
| Massachusetts St Dev Fin Agy Rev (Newbridge On The Charles Proj.) 4.125% 10/1/2042 (e) | 6000000 | 5198319 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2029  | 1680000 | 1698972 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2030  | 2400000 | 2424584 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2031  | 2500000 | 2522127 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) 5% 7/1/2032  | 1960000 | 1974999 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) Series 2016 I, 4% 7/1/2036  | 6895000 | 6430107 |
| Massachusetts St Dev Fin Agy Rev (South Shore Hospital, MA Proj.) Series 2016 I, 5% 7/1/2027  | 1100000 | 1114551 |
| Massachusetts St Dev Fin Agy Rev (Southcoast Hospital Grp Inc,Ma Proj.) Series 2013 F, 4% 7/1/2032  | 2050000 | 2045891 |
| Massachusetts St Dev Fin Agy Rev (Southcoast Hospital Grp Inc,Ma Proj.) Series 2013 F, 4% 7/1/2043  | 16000000 | 13720507 |
| Massachusetts St Dev Fin Agy Rev (Southcoast Hospital Grp Inc,Ma Proj.) Series 2013 F, 5% 7/1/2027  | 1300000 | 1301524 |
| Massachusetts St Dev Fin Agy Rev (Southcoast Hospital Grp Inc,Ma Proj.) Series 2013 F, 5% 7/1/2037  | 3925000 | 3926689 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2026  | 1710000 | 1742601 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2027  | 1150000 | 1168443 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2028  | 1260000 | 1290890 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2029  | 2000000 | 2031634 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2029  | 1320000 | 1351315 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2030  | 2000000 | 2029521 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2030  | 1390000 | 1420717 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2031  | 1700000 | 1722708 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2036  | 3000000 | 3021148 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) 5% 7/1/2038  | 10850000 | 10923866 |
| Massachusetts St Dev Fin Agy Rev (University of Mass Hlth Cr Inc Proj.) Series 2017K, 5% 7/1/2027  | 1150000 | 1178296 |
| Massachusetts St Dev Fin Agy Rv (Childrens Hospital, MA Proj.) Series 2024 T, 5% 3/1/2034  | 4230000 | 4730655 |
| Massachusetts St Dev Fin Agy Rv (Lifespan Corp Obligated Group Proj.) Series 2025 A, 5.25% 8/15/2043  | 5900000 | 5993447 |
| Massachusetts St Dev Fin Agy Rv (Lifespan Corp Obligated Group Proj.) Series 2025 A, 5.25% 8/15/2044  | 7500000 | 7575058 |
| Massachusetts St Dev Fin Agy Rv (Lifespan Corp Obligated Group Proj.) Series 2025 B, 5% tender 8/15/2055 (d) | 12500000 | 13412849 |
|  |  | 166627423 |
| Housing - 2.4% |  |  |
| Massachusetts Housing Finance Agency (Housing Bond Resolution 12/10/02 Proj.) Series 2021 B 1, 2.875% 12/1/2051  | 4000000 | 2620845 |
| Massachusetts Housing Finance Agency (Single Family Housing Rev Proj.) 5% 12/1/2025  | 150000 | 151136 |
| Massachusetts Housing Finance Agency (Single Family Housing Rev Proj.) 5% 12/1/2026  | 125000 | 128915 |
| Massachusetts Housing Finance Agency (Single Family Housing Rev Proj.) 5% 12/1/2027  | 185000 | 194470 |
| Massachusetts Housing Finance Agency (Single Family Housing Rev Proj.) 5% 12/1/2028  | 230000 | 245635 |
| Massachusetts Housing Finance Agency (Single Family Housing Rev Proj.) 5% 6/1/2026  | 100000 | 101942 |
| Massachusetts Housing Finance Agency (Single Family Housing Rev Proj.) 5% 6/1/2027  | 100000 | 104045 |
| Massachusetts Housing Finance Agency (Single Family Housing Rev Proj.) 5% 6/1/2028  | 75000 | 79403 |
| Massachusetts Housing Finance Agency (Single Family Housing Rev Proj.) 5% 6/1/2029  | 100000 | 107334 |
| Massachusetts Housing Finance Agency (Single Family Housing Revenue Proj.) Series 221, 2.3% 6/1/2044  | 1500000 | 963416 |
| Massachusetts Housing Finance Agency (Single Family Housing Revenue Proj.) Series 222, 2.3% 12/1/2041  | 2450000 | 1713532 |
| Massachusetts Housing Finance Agency Series 224, 5% 6/1/2050  | 1500000 | 1559172 |
| Massachusetts Hsg Fin Agy Series 2023 C2, 4% 12/1/2027  | 9000000 | 9070716 |
| Massachusetts Hsg Fin Agy Series 2023 C2, 4.05% 12/1/2028  | 16000000 | 16310050 |
| Massachusetts St Hsg Fin Agy (Housing Bond Resolution 12/10/02 Proj.) 2.55% 12/1/2040  | 1000000 | 732063 |
| Massachusetts St Hsg Fin Agy (Housing Bond Resolution 12/10/02 Proj.) Series 2018A, 3.7% 12/1/2038  | 500000 | 457143 |
| Massachusetts St Hsg Fin Agy (Single Family Housing Rev Proj.) Series 211, 3.5% 12/1/2049  | 1990000 | 1990685 |
| Massachusetts St Hsg Fin Agy (Single Family Housing Revenue Proj.) 3.75% 12/1/2049  | 2875000 | 2887217 |
| Massachusetts St Hsg Fin Agy (Single Family Housing Revenue Proj.) Series 183, 3.5% 12/1/2046  | 190000 | 189883 |
| Massachusetts St Hsg Fin Agy (Single Family Housing Revenue Proj.) Series 188, 4% 6/1/2043 (b) | 430000 | 430041 |
| Massachusetts St Hsg Fin Agy (Single Family Housing Revenue Proj.) Series 207, 4% 6/1/2049  | 1125000 | 1132868 |
|  |  | 41170511 |
| Other - 1.8% |  |  |
| Massachusetts St Dev Fin Agy Rev (Broad Institute Proj.) Series 2017, 5% 4/1/2033  | 10145000 | 10443770 |
| Massachusetts St Dev Fin Agy Rev (Broad Institute Proj.) Series 2017, 5% 4/1/2034  | 2500000 | 2563439 |
| Massachusetts St Dev Fin Agy Rev (Broad Institute Proj.) Series 2017, 5% 4/1/2037  | 1500000 | 1520136 |
| Massachusetts St Dev Fin Agy Rev (Sterling And Francine Clark Art Institute Proj.) Series 2016, 4% 7/1/2041  | 865000 | 783210 |
| Massachusetts St Dev Fin Agy Rev (Wgbh Educational Foundation Proj.) 0% 1/1/2037 (Assured Guaranty Inc Insured) (c) | 1745000 | 1081347 |
| Massachusetts St Dev Fin Agy Rev (Wgbh Educational Foundation Proj.) 0% 1/1/2039 (Assured Guaranty Inc Insured) (c) | 3200000 | 1744572 |
| Massachusetts St Dev Fin Agy Rev (Wgbh Educational Foundation Proj.) 0% 1/1/2040 (Assured Guaranty Inc Insured) (c) | 5000000 | 2526079 |
| Massachusetts St Dev Fin Agy Rev (Wgbh Educational Foundation Proj.) 0% 1/1/2041 (Assured Guaranty Inc Insured) (c) | 5000000 | 2363551 |
| Massachusetts St Dev Fin Agy Rev (Wgbh Educational Foundation Proj.) 0% 1/1/2042 (Assured Guaranty Inc Insured) (c) | 5000000 | 2207185 |
| Massachusetts St Hlth & Ed Fac (Museum Of Fine Arts Boston Proj.) 2.8% 12/1/2037 (Liquidity Facility Bank of America NA) VRDN (d) | 5040000 | 5040000 |
|  |  | 30273289 |
| Special Tax - 14.7% |  |  |
| Mass Bay Tran Auth Sls Tax Series 2016, 0% 7/1/2032 (c) | 9275000 | 7241791 |
| Mass Bay Tran Auth Sls Tax Series 2023 A SUB A 1, 5.25% 7/1/2053  | 8000000 | 8228920 |
| Mass Bay Tran Auth Sls Tax Series 2024 A, 5.25% 7/1/2052  | 10550000 | 10922760 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 3% 8/15/2050  | 5030000 | 3499243 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2032  | 1500000 | 1639476 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2033  | 1675000 | 1816384 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2034  | 3000000 | 3231098 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2035  | 2000000 | 2136024 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2037  | 1400000 | 1473592 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2045  | 10000000 | 10045281 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2050  | 16615000 | 16606614 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016B, 5% 11/15/2039  | 1975000 | 1993529 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2019A, 5% 2/15/2044  | 11510000 | 11607050 |
| Massachusetts St Spl Oblig Dedicated Tax Rev 5.5% 1/1/2030 (National Public Finance Guarantee Corporation Insured)  | 17000000 | 18983421 |
| Massachusetts St Spl Oblig Dedicated Tax Rev 5.5% 1/1/2034 (National Public Finance Guarantee Corporation Insured)  | 14770000 | 16545234 |
| Massachusetts St Transn Fd Rev 5.25% 6/1/2043  | 14575000 | 14841067 |
| Massachusetts St Transn Fd Rev Series 2019A, 5% 6/1/2049  | 14600000 | 14576167 |
| Massachusetts St Transn Fd Rev Series 2021 A, 5% 6/1/2041  | 8140000 | 8439387 |
| Massachusetts St Transn Fd Rev Series 2021 A, 5% 6/1/2042  | 5750000 | 5915452 |
| Massachusetts St Transn Fd Rev Series 2021 A, 5% 6/1/2043  | 3000000 | 3067767 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2041  | 6000000 | 6113824 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2042  | 15370000 | 15744104 |
| Massachusetts St Transn Fd Rev Series 2021 B, 5% 6/1/2046  | 2615000 | 2613421 |
| Massachusetts St Transn Fd Rev Series 2022 A, 5% 6/1/2050  | 3500000 | 3502703 |
| Massachusetts St Transn Fd Rev Series 2023B, 5% 6/1/2047  | 8000000 | 8130134 |
| Massachusetts St Transn Fd Rev Series 2023B, 5% 6/1/2048  | 7350000 | 7450597 |
| Massachusetts St Transn Fd Rev Series 2023B, 5% 6/1/2049  | 5000000 | 5057387 |
| Massachusetts St Transn Fd Rev Series 2024A, 5% 6/1/2044  | 15000000 | 15466026 |
| Massachusetts St Transn Fd Rev Series 2024A, 5% 6/1/2053  | 20250000 | 20493217 |
|  |  | 247381670 |
| Synthetics - 0.8% |  |  |
| Massachusetts St Hsg Fin Agy Participating VRDN Series 2022 020, 2.8% 12/1/2056 (Liquidity Facility Barclays Bank PLC) (d)(f) | 7500000 | 7500000 |
| Massachusetts St Hsg Fin Agy Participating VRDN Series 2022 021, 2.8% 6/1/2058 (Liquidity Facility Barclays Bank PLC) (d)(f) | 5345000 | 5345000 |
|  |  | 12845000 |
| Transportation - 11.1% |  |  |
| MA Dept Transn Met Hwy Sys Rev Series 2019 A, 5% 1/1/2037  | 2000000 | 2086855 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 4% 7/1/2044 (b) | 8435000 | 7309957 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2028 (b) | 1500000 | 1585357 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2031 (b) | 1250000 | 1322899 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2032 (b) | 500000 | 526654 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2033 (b) | 1000000 | 1047883 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2034 (b) | 1250000 | 1303660 |
| Massachusetts Port Auth Spl Fac Rev (Bosfuel Corporation Proj.) Series 2019 A, 5% 7/1/2049 (b) | 5620000 | 5465933 |
| Massachusetts St Port Auth Rev 5% 7/1/2033 (b) | 3440000 | 3683832 |
| Massachusetts St Port Auth Rev 5% 7/1/2040 (b) | 4000000 | 4075161 |
| Massachusetts St Port Auth Rev 5% 7/1/2041 (b) | 1940000 | 1963718 |
| Massachusetts St Port Auth Rev 5% 7/1/2051 (b) | 16165000 | 15851016 |
| Massachusetts St Port Auth Rev Series 2017A, 5% 7/1/2030 (b) | 1280000 | 1317823 |
| Massachusetts St Port Auth Rev Series 2017A, 5% 7/1/2031 (b) | 1095000 | 1123167 |
| Massachusetts St Port Auth Rev Series 2017A, 5% 7/1/2032 (b) | 1370000 | 1400558 |
| Massachusetts St Port Auth Rev Series 2017A, 5% 7/1/2033 (b) | 1250000 | 1274507 |
| Massachusetts St Port Auth Rev Series 2017A, 5% 7/1/2035 (b) | 2000000 | 2029179 |
| Massachusetts St Port Auth Rev Series 2017A, 5% 7/1/2036 (b) | 1720000 | 1742253 |
| Massachusetts St Port Auth Rev Series 2017A, 5% 7/1/2042 (b) | 4540000 | 4451671 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2030 (b) | 725000 | 770108 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2033 (b) | 4085000 | 4257733 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2034 (b) | 5605000 | 5804115 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2035 (b) | 5000000 | 5152403 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2036 (b) | 1995000 | 2045667 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2037 (b) | 1100000 | 1122481 |
| Massachusetts St Port Auth Rev Series 2019 A, 5% 7/1/2040 (b) | 4450000 | 4477704 |
| Massachusetts St Port Auth Rev Series 2019 B, 5% 7/1/2044  | 5000000 | 5040841 |
| Massachusetts St Port Auth Rev Series 2019 C, 5% 7/1/2031 (b) | 3500000 | 3684289 |
| Massachusetts St Port Auth Rev Series 2019 C, 5% 7/1/2032 (b) | 2700000 | 2828728 |
| Massachusetts St Port Auth Rev Series 2019 C, 5% 7/1/2038 (b) | 11275000 | 11446370 |
| Massachusetts St Port Auth Rev Series 2019 C, 5% 7/1/2039 (b) | 5000000 | 5053883 |
| Massachusetts St Port Auth Rev Series 2019 C, 5% 7/1/2049 (b) | 2500000 | 2428134 |
| Massachusetts St Port Auth Rev Series 2021 A, 5% 7/1/2038  | 2125000 | 2256526 |
| Massachusetts St Port Auth Rev Series 2021 A, 5% 7/1/2039  | 1125000 | 1183446 |
| Massachusetts St Port Auth Rev Series 2021 A, 5% 7/1/2040  | 1045000 | 1092118 |
| Massachusetts St Port Auth Rev Series 2021 D, 5% 7/1/2046  | 3180000 | 3205098 |
| Massachusetts St Port Auth Rev Series 2021 D, 5% 7/1/2051  | 5740000 | 5743799 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2031 (b) | 2630000 | 2861474 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2036 (b) | 2450000 | 2590970 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2039 (b) | 1460000 | 1511307 |
| Massachusetts St Port Auth Rev Series 2022 A, 5% 7/1/2040 (b) | 2780000 | 2856324 |
| Massachusetts St Port Auth Rev Series 2121 B, 5% 7/1/2039 (b) | 1325000 | 1358722 |
| Massachusetts St Port Auth Rev Series C, 5% 7/1/2028  | 3000000 | 3004350 |
| Massachusetts St Port Auth Rev Series C, 5% 7/1/2029  | 4205000 | 4210591 |
| Massachusetts St Tpk Auth Met Hwy Sys Rev (MA Dept Transn Met Hwy Sys Rev Proj.) 0% 1/1/2028 (National Public Finance Guarantee Corporation Insured) (c) | 12700000 | 11894431 |
| Massachusetts St Tpk Auth Met Hwy Sys Rev (MA Dept Transn Met Hwy Sys Rev Proj.) 0% 1/1/2029 (National Public Finance Guarantee Corporation Insured) (c) | 33195000 | 30176048 |
|  |  | 187619743 |
| Water & Sewer - 4.9% |  |  |
| Lynn MA Wtr & Swr Commn Gen 5% 12/1/2032 (National Public Finance Guarantee Corporation Insured)  | 440000 | 440309 |
| Massachusetts Clean Water Trust/The Series 2025, 5% 2/1/2036  | 5000000 | 5645117 |
| Massachusetts Clean Water Trust/The Series 2025, 5% 2/1/2037  | 6500000 | 7244532 |
| Massachusetts Clean Water Trust/The Series 22, 5% 8/1/2037  | 4110000 | 4316904 |
| Massachusetts Clean Water Trust/The Series 23 B, 5% 2/1/2039  | 12940000 | 13642643 |
| Massachusetts Clean Water Trust/The Series 23 B, 5% 2/1/2041  | 2000000 | 2071922 |
| Massachusetts Clean Water Trust/The Series 23A, 5% 2/1/2039  | 5000000 | 5271501 |
| Massachusetts Clean Water Trust/The Series 23A, 5% 2/1/2040  | 4750000 | 4950884 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2036  | 2400000 | 2709656 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2038  | 1850000 | 2031901 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2039  | 2475000 | 2690702 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2040  | 1000000 | 1067592 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2041  | 2000000 | 2114693 |
| Massachusetts Clean Water Trust/The Series 26A, 5% 2/1/2042  | 1000000 | 1047478 |
| Massachusetts Clean Water Trust/The Series 26B, 5% 2/1/2039  | 2595000 | 2821160 |
| Massachusetts Clean Water Trust/The Series 26B, 5% 2/1/2040  | 2000000 | 2135184 |
| Massachusetts Clean Water Trust/The Series 26B, 5% 2/1/2041  | 4530000 | 4789779 |
| Massachusetts Clean Water Trust/The Series 26B, 5% 2/1/2042  | 1480000 | 1550268 |
| Massachusetts Clean Water Trust/The Series 26B, 5% 2/1/2043  | 1000000 | 1040389 |
| Massachusetts Clean Water Trust/The Series 26B, 5% 2/1/2044  | 2000000 | 2069147 |
| Massachusetts Clean Water Trust/The Series 26B, 5% 2/1/2045  | 1500000 | 1546108 |
| Massachusetts St Wtr Res Auth Series 2020 B, 5% 8/1/2041  | 3155000 | 3246313 |
| Massachusetts St Wtr Res Auth Series 2020 B, 5% 8/1/2042  | 7415000 | 7588160 |
|  |  | 82032342 |
| TOTAL MASSACHUSETTS |  | 1580720149 |
| Puerto Rico - 1.4%  |  |  |
| General Obligations - 0.7% |  |  |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 0% 7/1/2033 (c) | 5238348 | 3630102 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2027  | 625000 | 644184 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.625% 7/1/2029  | 1925000 | 2037941 |
| Puerto Rico Comwlth Gen. Oblig. Series 2022 A 1, 5.75% 7/1/2031  | 4525000 | 4912384 |
|  |  | 11224611 |
| Housing - 0.3% |  |  |
| Puerto Rico Hsg Fin Auth (PR Mhsg Rev 2020 Proj.) Series 2020, 5% 12/1/2027  | 4435000 | 4668048 |
| Special Tax - 0.2% |  |  |
| Puerto Rico Sales Tax Fing Corp Sales Tax Rev Series A 1, 0% 7/1/2031 (c) | 5010000 | 3990185 |
| Water & Sewer - 0.2% |  |  |
| Puerto Rico Comwlth Aqueduct & Swr Auth Rev Series 2021 B, 5% 7/1/2037 (e) | 3525000 | 3616713 |
| TOTAL PUERTO RICO |  | 23499557 |
| Virgin Islands - 0.5%  |  |  |
| Transportation - 0.5% |  |  |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2032  | 930000 | 1018467 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2034  | 2185000 | 2391512 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2037  | 1235000 | 1316746 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2038  | 2645000 | 2792342 |
| Virgin Islands Transportation & Infrastructure Corp 5% 9/1/2039  | 980000 | 1024672 |
|  |  | 8543739 |
| TOTAL VIRGIN ISLANDS |  | 8543739 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $1,702,193,565) |  | <br> **1612763445** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** | &nbsp;&nbsp;**Money Market Funds - 3.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (g)(h)<br>(Cost $64,049,996)<br>| 2.91 | 64037189 | **64049996** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 99.3%**<br> (Cost $1,766,243,561)<br>| <br>**1676813441** |
| **NET OTHER ASSETS (LIABILITIES) - 0.7%**  | **11659475** |
| **NET ASSETS - 100.0%** | **1688472916** |

---

**Security Type Abbreviations**

VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(c) Security initially issued in zero coupon form which converts to coupon form at a specified rate and date. The rate shown is the rate at period end.

(d) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(e) 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 $17,132,186 or 1.0% of net assets.

(f) Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.

(g) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.

(h) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 126856774 | 147817837 | 210624615 | 1422228 | - | - | 64049996 | 64037189 | 2.4% |
| Total | 126856774 | 147817837 | 210624615 | 1422228 | - | - | 64049996 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

The following is a summary of the inputs used, as of July 31, 2025, involving the Fund's assets and liabilities carried at fair value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used below, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** | **Valuation Inputs at Reporting Date:** |
| **Description** | **Total ($)** | **Level 1 ($)** | **Level 2 ($)** | **Level 3 ($)** |
|  **<u>Investments in Securities:</u>** |  |  |  |  |
|  **Municipal Securities** |  |  |  |  |
| Education | 254599228 | - | 254599228 | - |
| Electric Utilities | 2174530 | - | 2174530 | - |
| Escrowed/Pre-Refunded | 1570778 | - | 1570778 | - |
| General Obligations | 565650246 | - | 565650246 | - |
| Health Care | 166627423 | - | 166627423 | - |
| Housing | 45838559 | - | 45838559 | - |
| Other | 30273289 | - | 30273289 | - |
| Special Tax | 251371855 | - | 251371855 | - |
| Synthetics | 12845000 | - | 12845000 | - |
| Transportation | 196163482 | - | 196163482 | - |
| Water & Sewer | 85649055 | - | 85649055 | - |
|  **Money Market Funds** | 64049996 | 64049996 | - | - |
| **Total Investments in Securities:** | 1676813441 | 64049996 | 1612763445 | - |

---

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $1,702,193,565) | $1612763445 |  |
| Fidelity Central Funds (cost $64,049,996) | 64049996 |  |
| Total Investment in Securities (cost $1,766,243,561) |  | $1676813441 |
| Cash |  | 385632 |
| Receivable for fund shares sold |  | 556186 |
| Interest receivable |  | 15177799 |
| Distributions receivable from Fidelity Central Funds |  | 121508 |
| Prepaid expenses |  | 216 |
| Other receivables |  | 361 |
| **Total assets** |  | 1693055143 |
| **Liabilities** |  |  |
| Payable for investments purchased  | $489216 |  |
| Payable for fund shares redeemed | 1648678 |  |
| Distributions payable | 1791391 |  |
| Accrued management fee | 617246 |  |
| Other payables and accrued expenses | 35696 |  |
| **Total liabilities** |  | 4582227 |
| **Net Assets**  |  | $1688472916 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $1818683540 |
| Total accumulated earnings (loss) |  | (130210624) |
| **Net Assets** |  | $1688472916 |
| **Net Asset Value**, offering price and redemption price per share ($1,688,472,916 ÷ 152,178,187 shares) |  | $11.10 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $26299985 |
| Income from Fidelity Central Funds  |  | 1422228 |
| **Total income** |  | 27722213 |
| **Expenses** |  |  |
| Management fee | $3747811 |  |
| Custodian fees and expenses | 8525 |  |
| Independent trustees' fees and expenses | 2045 |  |
| Registration fees | 23865 |  |
| Audit fees | 27623 |  |
| Legal | 6351 |  |
| Miscellaneous | 3408 |  |
| Total expenses before reductions | 3819628 |  |
| Expense reductions | (1524) |  |
| Total expenses after reductions |  | 3818104 |
| **Net Investment income (loss)** |  | 23904109 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (6878321) |  |
| Total net realized gain (loss) |  | (6878321) |
| Change in net unrealized appreciation (depreciation) on investment securities  |  | (33100570) |
| **Net gain (loss)** |  | (39978891) |
| **Net increase (decrease) in net assets resulting from operations** |  | $(16074782) |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $23904109 | $47925435 |
| &nbsp;&nbsp;Net realized gain (loss) | (6878321)<br>| (5744663)<br>|
| &nbsp;&nbsp;Change in net unrealized appreciation (depreciation) | (33100570) | (11378637)<br>|
| &nbsp;&nbsp;**Net increase (decrease) in net assets resulting from operations** | (16074782)<br>| 30802135<br>|
| Distributions to shareholders | (23092766)<br>| (46766702)<br>|
| Share transactions |  |  |
| &nbsp;&nbsp;Proceeds from sales of shares | 190417146 | 415024572 |
| Reinvestment of distributions | 12704840<br>| 25929290<br>|
| &nbsp;&nbsp;Cost of shares redeemed | (216024012) | (529195931) |
| **Net increase (decrease) in net assets resulting from share transactions** | (12902026)<br>| (88242069)<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | (52069574)<br>| (104206636)<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 1740542490 | 1844749126<br>|
| &nbsp;&nbsp;End of period | $1688472916 | $1740542490 |
| **Other Information** |  |  |
| Shares |  |  |
| &nbsp;&nbsp;Sold | 17067224 | 36362922 |
| Issued in reinvestment of distributions | 1135516<br>| 2277902<br>|
| &nbsp;&nbsp;Redeemed | (19344952) | (46424851) |
| &nbsp;&nbsp;Net increase (decrease) | (1142212) | (7784027) |

---

**Financial Highlights** 

**Fidelity® Massachusetts Municipal Income Fund** <br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $11.35 | $11.45 | $11.40 | $12.16 | $12.71 | $12.62 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A,B | .157  | .309  | .289  | .242  | .248  | .280  |
| Net realized and unrealized gain (loss)  | (.255)  | (.108)  | .045  | (.762)  | (.469)  | .111  |
| Total from investment operations  | (.098)  | .201  | .334  | (.520)  | (.221)  | .391  |
| Distributions from net investment income  | (.152)  | (.300)  | (.284)  | (.240)  | (.248)  | (.280)  |
| Distributions from net realized gain  | -  | (.001)  | -  | -  | (.081)  | (.021)  |
| Total distributions  | (.152)  | (.301)  | (.284)  | (.240)  | (.329)  | (.301)  |
| Net asset value, end of period  | $11.10 | $11.35 | $11.45 | $11.40 | $12.16 | $12.71 |
| **Total Return** C,D | (.87)% <br>| 1.78%  | 3.02%  | (4.24)%  | (1.79)%  | 3.16%  |
| **Ratios to Average Net Assets** B,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .45% G | .45%  | .46%  | .46%  | .45%  | .45%  |
| Expenses net of fee waivers, if any  | .45% G<br>| .45%  | .46%  | .46%  | .45%  | .45%  |
| Expenses net of all reductions, if any  | .45% G | .45%  | .46%  | .45%  | .45%  | .45%  |
| Net investment income (loss)  | 2.83% G | 2.71%  | 2.59%  | 2.13%  | 1.97%  | 2.24%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1688473 | $1740542 | $1844749 | $1972838 | $2278182 | $2386142 |
| Portfolio turnover rate H | 27% G<br>| 19%  | 14%  | 25%  | 11%  | 20%  |

---

A*Calculated based on average shares outstanding during the period.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

H*Amount does not include the portfolio activity of any underlying mutual funds or exchange-traded funds (ETFs), derivatives or securities that mature within one year from acquisition.* 

**Notes to Financial Statements** **(Unaudited)**

For the period ended July 31, 2025

**1. Organization.**

Fidelity Massachusetts Municipal Income Fund (the Fund) is a non-diversified fund of Fidelity Massachusetts Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. Share transactions on the Statement of Changes in Net Assets may contain exchanges between affiliated funds. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund may be affected by economic and political developments in the state of Massachusetts.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has designated the Fund's investment adviser as the valuation designee responsible for the fair valuation function and performing fair value determinations as needed. The investment adviser has established a Fair Value Committee (the Committee) to carry out the day-to-day fair valuation responsibilities and has adopted policies and procedures to govern the fair valuation process and the activities of the Committee. In accordance with these fair valuation policies and procedures, which have been approved by the Board, the Fund attempts to obtain prices from one or more third party pricing services 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 the policies and procedures. Factors used in determining fair value vary by investment type and may include market or investment specific events, transaction data, estimated cash flows, and market observations of comparable investments. The frequency that the fair valuation procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee manages the Fund's fair valuation practices and maintains the fair valuation policies and procedures. The Fund's investment adviser reports to the Board information regarding the fair valuation process and related material matters.

The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

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 services or from brokers who make markets in such securities. Municipal securities are valued by pricing services 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 services. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

Investments in open-end mutual funds including the Fidelity Central Funds, are valued at their closing net asset value (NAV) each business day and are categorized as Level 1 in the hierarchy.

Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. The aggregate value of investments by input level as of July 31, 2025 is included at the end of the Fund's Schedule of Investments.

**Investment Transactions and Income.** For financial reporting purposes, the Fund's investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable. Debt obligations may be placed on non-accrual status and related interest income may be reduced by ceasing current accruals and writing off interest receivables when the collection of all or a portion of interest has become doubtful based on consistently applied procedures. A debt obligation is removed from non-accrual status when the issuer resumes interest payments or when collectability of interest is reasonably assured.

**Expenses.** Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and capital loss carryforwards.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities, and derivatives if applicable, for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $10035896 |
| **Gross unrealized depreciation** | <u>(96225738)</u> |
| **Net unrealized appreciation (depreciation)** | <u>$(86189842)</u> |
| **Tax cost** | <u>$1763003283</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(4843582) |
| Long-term | <u>(32623331)</u> |
| **Total capital loss carryforward** | <u>$(37466913)</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Purchases and Sales of Investments.**

Purchases and sales of securities, other than short-term securities and in-kind transactions, as applicable, are noted in the table below.

---

| | | |
|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** |
| **Fidelity Massachusetts Municipal Income Fund** | 221276688 | 214898964 |

---

**5. Fees and Other Transactions with Affiliates.**

**Management Fee.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee.

Any reference to "class" in this note shall mean "the Fund" as the Fund currently offers only one class of shares. The Fund's management contract incorporates a management fee rate that may vary by class. The investment adviser or an affiliate pays certain expenses of managing and operating the Fund out of each class's management fee. Each class of the Fund pays a management fee to the investment adviser. The management fee is calculated and paid to the investment adviser every month. When determining a class's management fee, a mandate rate is calculated based on the monthly average net assets of a group of funds advised by FMR within a designated asset class. A discount rate is subtracted from the mandate rate once the Fund's monthly average net assets reach a certain level. The mandate rate and discount rate may vary by class. The annual management fee rate for a class of shares of the Fund is the lesser of (1) the class's mandate rate reduced by the class's discount rate (if applicable) or (2) the amount set forth in the following table.

---

| | |
|:---|:---|
|  | **Maximum Management Fee Rate %** |
| **Fidelity Massachusetts Municipal Income Fund** | .44 |

---

One-twelfth of the management fee rate for a class is applied to the average net assets of the class for the month, giving a dollar amount which is the management fee for the class for that month. A different management fee rate may be applicable to each class of the Fund. The difference between classes is the result of separate arrangements for class-level services and/or waivers of certain expenses. It is not the result of any difference in advisory or custodial fees or other expenses related to the management of the Fund's assets, which do not vary by class. For the reporting period, the total annualized management fee rates were as follows:

---

| | |
|:---|:---|
|  | **Total Management Fee Rate %** |
| **Fidelity Massachusetts Municipal Income Fund** | .44 |

---

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. Any interfund trades are included within the respective purchases and sales amounts shown in the Purchases and Sales of Investments note. Interfund trades during the period are noted in the table below.

---

| | | | |
|:---|:---|:---|:---|
|  | **Purchases ($)** | **Sales ($)** | **Realized Gain (Loss) ($)** |
| **Fidelity Massachusetts Municipal Income Fund** | 283850 | - | - |

---

**6. Committed Line of Credit.**

Certain Funds participate with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes.

Commitment fees are charged based on the unused amount of the line of credit at an annual rate of .10%, and then allocated to each participating fund based on its pro-rata portion of the line of credit. The commitment fees are reflected in Miscellaneous expenses on the Statement of Operations, and are listed below.

Interest is charged to a participating fund based on its borrowings at an annual rate of .75% plus the highest of (i) daily SOFR plus a .10% spread adjustment, (ii) Federal Funds Effective Rate, or (iii) Overnight Bank Funding Rate. During the period, there were no borrowings on this line of credit.

The line of credit agreement will expire in March 2026 unless extended or renewed.

---

| | |
|:---|:---|
|  | **Amount ($)** |
| **Fidelity Massachusetts Municipal Income Fund** | 828 |

---

**7. Expense Reductions.** 

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses by $1,524.

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img111951_4.jpg)<br>

1.536216.128 MAS-SANN-0925

**Fidelity® Massachusetts Municipal Money Market Fund**

**Semi-Annual Report**

**July 31, 2025**

![](img111952_1.jpg)

![](img111952_2.jpg)

**Contents**

---

| |
|:---|
| **[Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)](#Sec_Item7_SMA-SANN_0)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Fidelity® Massachusetts Municipal Money Market Fund](#Sub_Sec_Fund_426_SMA-SANN)** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **[Notes to Financial Statements](#Sub_Sec_NotestoFinancialStatements426_SMA-SANN)** |
| **[Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#Sec_Item8_SMA-SANN)** |
| **[Item 9: Proxy Disclosures for Open-End Management Investment Companies](#Sec_Item9_SMA-SANN)** |
| **[Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies](#Sec_Item10_SMA-SANN)** |
| **[Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract](#Sec_Item11_SMA-SANN)** |

---

To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov.

You may also call 1-800-544-8544, or for Institutional, call 1-877-208-0098, to request a free copy of the proxy voting guidelines.

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Other third-party marks appearing herein are the property of their respective owners.

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.© 2025 FMR LLC. All rights reserved.

*This report and the financial statements contained herein are submitted for the general information of the shareholders of the Fund. This report is not authorized for distribution to prospective investors in the Fund unless preceded or accompanied by an effective prospectus.*

*A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-PORT. Forms N-PORT are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-PORT may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330.*

*For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, http://www.institutional.fidelity.com, or http://www.401k.com, as applicable.*

**NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE**

*Neither the Fund nor Fidelity Distributors Corporation is a bank.*

**Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies (Semi-Annual Report)**

**Fidelity® Massachusetts Municipal Money Market Fund**

**Schedule of Investments July 31, 2025 (Unaudited)**

Showing Percentage of Net Assets

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Municipal Securities - 25.8%** | &nbsp;&nbsp;**Municipal Securities - 25.8%** | &nbsp;&nbsp;**Municipal Securities - 25.8%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Massachusetts - 25.8%  |  |  |
| Education - 4.7% |  |  |
| Massachusetts Development Finance Agency (Boston University Mass Proj.) Series 2023 FF, 5% 10/1/2025  | 740000 | 742214 |
| Massachusetts St College Bldg Series 2024A, 5% 11/1/2025  | 3425000 | 3444599 |
| Massachusetts St Dev Fin Agy Rv (Boston University Mass Proj.) 2.9% tender 11/5/2025 CP mode (b) | 30000000 | 30000000 |
| Massachusetts St Dev Fin Agy Rv (Boston University Mass Proj.) 3.02% tender 10/7/2025 CP mode (b) | 36000000 | 36000000 |
| Massachusetts St Dev Fin Agy Rv (Boston University Mass Proj.) 3.02% tender 9/18/2025 CP mode (b) | 20000000 | 20000000 |
| Massachusetts St Dev Fin Agy Rv (Boston University Mass Proj.) 3.05% tender 8/5/2025 CP mode (b) | 67500000 | 67500000 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2017 3, 5% 11/1/2025  | 140000 | 140660 |
| University MA Bldg Auth Rev (Univ of Massachusetts Proj.) Series 2021 1, 5% 11/1/2025  | 450000 | 452124 |
| University Mass Bldg Auth Proj (Univ of Massachusetts Proj.) Series 2020 1, 5% 11/1/2025  | 100000 | 100507 |
|  |  | 158380104 |
| Electric Utilities - 0.4% |  |  |
| Massachusetts St Dev Agy Elec Util Rev (Nantucket Elec Co Proj.) 3.08% tender 8/11/2025 (Massachusetts Electric Co Guaranteed) CP mode (c) | 13300000 | 13300000 |
| Escrowed/Pre-Refunded - 0.7% |  |  |
| Boston MA Wtr & Swr Commn Series 2018 A, 4% 11/1/2037 (Pre-refunded to 5/1/2026 at 100)  | 120000 | 120788 |
| Massachusetts Clean Water Trust/The Series 2014, 5% 8/1/2025 (Escrowed to Maturity)  | 470000 | 470000 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 4.75% 8/15/2032 (Pre-refunded to 8/15/2025 at 100)  | 105000 | 105048 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 11/15/2040 (Pre-refunded to 11/15/2025 at 100)  | 1000000 | 1005183 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 11/15/2041 (Pre-refunded to 11/15/2025 at 100)  | 250000 | 251051 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev 5% 8/15/2037 (Pre-refunded to 8/15/2025 at 100)  | 235000 | 235196 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2015C, 5% 8/15/2031 (Pre-refunded to 8/15/2025 at 100)  | 4145000 | 4147808 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2015C, 5% 8/15/2033 (Pre-refunded to 8/15/2025 at 100)  | 275000 | 275165 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2015C, 5% 8/15/2034 (Pre-refunded to 8/15/2025 at 100)  | 6010000 | 6014944 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2015C, 5% 8/15/2035 (Pre-refunded to 8/15/2025 at 100)  | 1020000 | 1020750 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016A, 5% 11/15/2031 (Pre-refunded to 11/15/2025 at 100)  | 120000 | 120553 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016A, 5% 11/15/2034 (Pre-refunded to 11/15/2025 at 100)  | 515000 | 518368 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016A, 5% 11/15/2038 (Pre-refunded to 11/15/2025 at 100)  | 100000 | 100560 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016A, 5% 11/15/2039 (Pre-refunded to 11/15/2025 at 100)  | 125000 | 125648 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2016A, 5% 11/15/2045 (Pre-refunded to 11/15/2025 at 100)  | 100000 | 100623 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2019A, 5% 2/15/2049 (Pre-refunded to 2/15/2026 at 100)  | 6750000 | 6822941 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series C, 5% 8/15/2036 (Pre-refunded to 8/15/2025 at 100)  | 1085000 | 1085801 |
| University Mass Bldg Auth Proj Series 2015 1, 5% 11/1/2032 (Pre-refunded to 11/1/2025 at 100)  | 430000 | 431960 |
| University Mass Bldg Auth Proj Series 2015 1, 5% 11/1/2034 (Pre-refunded to 11/1/2025 at 100)  | 100000 | 100521 |
|  |  | 23052908 |
| General Obligations - 14.9% |  |  |
| Agawam MA Gen. Oblig. BAN 4% 9/24/2025  | 38478944 | 38543736 |
| Amherst MA BAN 4% 3/26/2026  | 17570000 | 17685150 |
| Andover MA BAN 4% 12/19/2025  | 11485000 | 11527398 |
| Andover MA Gen. Oblig. 5% 12/1/2025  | 1965000 | 1981104 |
| Ashland MA BAN 4% 10/10/2025  | 14400571 | 14433077 |
| Ayer Mass BAN 4% 5/14/2026  | 5610515 | 5643268 |
| Bedford Mass Gen. Oblig. Series 2024, 5% 10/1/2025  | 500000 | 502026 |
| Belmont Mass Gen. Oblig. BAN 4% 9/26/2025  | 4810000 | 4817378 |
| Boston Mass Gen. Oblig. 5% 11/1/2025  | 425000 | 427009 |
| Boston Mass Gen. Oblig. Series 2025A, 5% 2/1/2026  | 14505000 | 14660263 |
| Dedham-Westwood MA Wtr Dist Gen. Oblig. BAN 4% 10/22/2025  | 8630000 | 8651850 |
| Deerfield Mass BAN 4% 11/6/2025  | 9406000 | 9429522 |
| Duxbury MA BAN 5% 4/16/2026  | 13565000 | 13729489 |
| East Longmeadow Mass Gen. Oblig. BAN 4% 12/19/2025  | 4665246 | 4688770 |
| East Longmeadow Mass Series 2024, 5% 11/1/2025  | 425000 | 427722 |
| Eastham Mass Gen. Oblig. BAN 4% 1/23/2026  | 100000 | 100024 |
| Easton MA Gen. Oblig. BAN 4% 3/5/2026  | 639934 | 643579 |
| Falmouth MA BAN 4% 10/3/2025  | 8887250 | 8904724 |
| Framingham MA Gen. Oblig. BAN 4% 12/18/2025  | 18794720 | 18860792 |
| Framingham MA Gen. Oblig. BAN 4% 12/18/2025  | 11203019 | 11263340 |
| Framingham MA Gen. Oblig. Series 2016, 4% 11/1/2025  | 900000 | 902488 |
| Framingham MA Gen. Oblig. Series 2024, 5% 12/1/2025  | 3580000 | 3609933 |
| Gloucester Mass Gen. Oblig. BAN 4.5% 10/3/2025  | 24550000 | 24595768 |
| Greater Fall River Vocational School District BAN 4% 9/10/2025  | 55000000 | 55059671 |
| Groton MA Gen. Oblig. BAN 4% 2/12/2026  | 3633061 | 3650680 |
| Hamilton Wenham MA Regl Sch Dist BAN 4% 12/18/2025  | 10477405 | 10531818 |
| Hanover Mass BAN 4% 2/20/2026  | 926327 | 930527 |
| Hingham MA Gen. Oblig. BAN 4% 2/13/2026  | 1771683 | 1778212 |
| Holbrook MA Gen. Oblig. BAN 4.25% 8/29/2025  | 3223000 | 3225564 |
| Hopkinton MA BAN 4% 6/10/2026  | 20000000 | 20166362 |
| Lawrence MA Gen. Oblig. BAN 4.25% 9/1/2025  | 5677000 | 5683304 |
| Lenox MA BAN 5% 1/22/2026  | 17250000 | 17351040 |
| Leominster MA Gen. Oblig. BAN 4% 1/29/2026  | 1753742 | 1761247 |
| Littleton Mass BAN 4% 11/13/2025  | 13500000 | 13535816 |
| Ludlow Mass Gen. Oblig. BAN 3.75% 9/11/2025  | 7194999 | 7201059 |
| Manchester By The Sea MA Gen. Oblig. BAN 4% 6/26/2026  | 4100000 | 4132226 |
| Marlborough Mass Gen. Oblig. BAN 4% 6/12/2026  | 6500000 | 6546728 |
| Massachusetts St Gen. Oblig. 5% 11/1/2025  | 125000 | 125676 |
| Massachusetts St Gen. Oblig. 5.25% 9/1/2025  | 365000 | 365727 |
| Massachusetts St Gen. Oblig. Series 2016C, 5% 10/1/2025  | 150000 | 150453 |
| Massachusetts St Gen. Oblig. Series 2018 E, 5% 9/1/2025  | 610000 | 611058 |
| Massachusetts St Gen. Oblig. Series 2018C, 5% 9/1/2025  | 100000 | 100133 |
| Massachusetts St Gen. Oblig. Series 2019 E, 3% 12/1/2025  | 9185000 | 9193350 |
| Massachusetts St Gen. Oblig. Series 2019 G, 5% 9/1/2025  | 7255000 | 7268991 |
| Massachusetts St Gen. Oblig. Series 2021 B, 5% 11/1/2025  | 215000 | 216110 |
| Massachusetts St Gen. Oblig. Series 2024A, 5% 1/1/2026  | 250000 | 251699 |
| Massachusetts St Gen. Oblig. Series C, 5% 10/1/2025  | 490000 | 491775 |
| Massachusetts St Gen. Oblig. Series C, 5% 8/1/2025  | 3545000 | 3545000 |
| Melrose MA Gen. Oblig. BAN 4% 8/22/2025  | 225000 | 225072 |
| Middleborough MA Gen. Oblig. Series 2024, 5% 9/15/2025  | 480000 | 481318 |
| Nantucket MA Gen. Oblig. Series 2021, 5% 10/1/2025  | 100000 | 100349 |
| Needham MA Gen. Oblig. Series 2019, 5% 8/1/2025  | 100000 | 99999 |
| North Middlesex Mass Regl Sch BAN 4% 10/30/2025  | 17910984 | 17959521 |
| North Reading MA BAN 4% 5/21/2026  | 6467803 | 6511587 |
| Orleans MA Gen. Oblig. BAN 4% 1/23/2026  | 19413584 | 19510279 |
| Pembroke Mass Gen. Oblig. BAN 4% 9/27/2025  | 505000 | 505004 |
| Salisbury Mass Gen. Oblig. BAN 4% 9/5/2025  | 445000 | 445371 |
| Scituate Mass Gen. Oblig. BAN 4% 12/19/2025  | 10748000 | 10786845 |
| Scituate Mass Gen. Oblig. Series 2024, 5% 9/1/2025  | 2400000 | 2404581 |
| Somerville MA Gen. Oblig. BAN Series A, 4% 6/18/2026  | 21025377 | 21202366 |
| Stow Mass Gen. Oblig. BAN 4% 10/16/2025  | 8171500 | 8184004 |
| Swampscott MA Gen. Oblig. BAN 4% 3/5/2026  | 175000 | 175882 |
| Uxbridge MA Gen. Oblig. BAN Series B, 4% 7/23/2026  | 6435000 | 6487929 |
| Waltham Mass Gen. Oblig. Series 2023, 5% 8/15/2025  | 1000000 | 1000856 |
| Waltham Mass Gen. Oblig. Series 2024, 5% 8/15/2025  | 750000 | 750645 |
| Wellesley MA BAN 4% 5/28/2026  | 7500000 | 7561628 |
| Westwood MA BAN 4% 11/21/2025  | 7796923 | 7823121 |
| Winchester MA BAN 4% 3/26/2026  | 5000000 | 5041067 |
| Worcester MA Gen. Oblig. Series 2020 A, 4% 2/1/2026  | 400000 | 401556 |
| Worcester MA Gen. Oblig. Series 2022, 5% 2/1/2026  | 100000 | 101019 |
| Yarmouth MA Gen. Oblig. BAN 4% 4/17/2026  | 200000 | 201226 |
|  |  | 507863861 |
| Health Care - 4.6% |  |  |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) SIFMA Municipal Swap Index + 0.6%, 2.89% tender 7/1/2049 (b)(d)(e) | 6250000 | 6250000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.85% tender 10/16/2025 CP mode (b) | 12640000 | 12640000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.85% tender 11/4/2025 CP mode (b) | 17750000 | 17750000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.88% tender 10/2/2025 CP mode  | 19585000 | 19585000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.89% tender 11/18/2025 CP mode (b) | 17090000 | 17090000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.89% tender 9/17/2025 CP mode  | 14010000 | 14010000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.89% tender 9/18/2025 CP mode  | 7825000 | 7825000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.95% tender 8/18/2025 CP mode  | 18595000 | 18595000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.95% tender 9/16/2025 CP mode  | 16050000 | 16050000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.95% tender 9/4/2025 CP mode  | 17385000 | 17385000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 3% tender 8/1/2025 CP mode  | 4440000 | 4440000 |
|  |  | 151620000 |
| Special Tax - 0.1% |  |  |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Series 2015C, 5% 8/15/2025  | 655000 | 655440 |
| Massachusetts St Transn Fd Rev Series 2024A, 5% 6/1/2026  | 4380000 | 4454310 |
|  |  | 5109750 |
| Transportation - 0.2% |  |  |
| MA Dept Transn Met Hwy Sys Rev Series 2019 A, 5% 1/1/2026  | 5655000 | 5702967 |
| Water & Sewer - 0.2% |  |  |
| Massachusetts Clean Water Trust/The 5% 8/1/2025  | 100000 | 100000 |
| Massachusetts Clean Water Trust/The Series 2017, 5% 8/1/2025  | 225000 | 225000 |
| Massachusetts Clean Water Trust/The Series 2023, 5% 2/1/2026  | 2320000 | 2342469 |
| Massachusetts Clean Water Trust/The Series 22, 5% 8/1/2025  | 200000 | 200000 |
| Massachusetts Clean Water Trust/The Series 25A, 5% 2/1/2026  | 115000 | 116172 |
| Massachusetts St Wtr Res Auth 5% 8/1/2025  | 195000 | 195000 |
| Massachusetts St Wtr Res Auth 5.25% 8/1/2025  | 930000 | 930000 |
| Massachusetts St Wtr Res Auth Series 2019 B, 5% 8/1/2025  | 860000 | 860000 |
| Massachusetts St Wtr Res Auth Series 2020 B, 5% 8/1/2025  | 470000 | 470000 |
| Massachusetts St Wtr Res Auth Series 2024B, 5% 8/1/2025  | 255000 | 255000 |
|  |  | 5693641 |
| TOTAL MASSACHUSETTS |  | 870723231 |
| Michigan - 0.0%  |  |  |
| Health Care - 0.0% |  |  |
| Kent MI Hosp Fin Auth (Corewell Health Proj.) SIFMA Municipal Swap Index + 0.25%, 2.54% tender 1/15/2047 (b)(e) | 1100000 | 1100000 |
| <br> **TOTAL MUNICIPAL SECURITIES**<br> (Cost $871,823,231) |  | <br> **871823231** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Tender Option Bond - 25.1%** | &nbsp;&nbsp;**Tender Option Bond - 25.1%** | &nbsp;&nbsp;**Tender Option Bond - 25.1%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Arizona - 0.1%  |  |  |
| Arizona Ind Dev Auth Participating VRDN 2.54% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 200000 | 200000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 2.54% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1500000 | 1500000 |
| Arizona St Indl Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9211, 2.54% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 300000 | 300000 |
| TOTAL ARIZONA |  | 2000000 |
| Florida - 0.0%  |  |  |
| Palm Beach Cnty Fla Health Facs Auth Hosp Rev Participating VRDN Series 2022 XG0370, 2.39% 8/15/2049 (Liquidity Facility Bank of America, N.A.) (b)(f) | 1460000 | 1460000 |
| Illinois - 0.0%  |  |  |
| Illinois Fin Auth Rev Participating VRDN Series 2018 017, 2.59% 8/15/2030 (Liquidity Facility Barclays Bank PLC) (b)(f) | 900000 | 900000 |
| Massachusetts - 24.1%  |  |  |
| Mass Bay Tran Auth Sls Tax Participating VRDN Series 2025 XF3425, 2.29% 7/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 12800000 | 12800000 |
| Mass Bay Tran Auth Sls Tax Participating VRDN Series 2025 XX1382, 2.8% 7/1/2052 (Liquidity Facility Barclays Bank PLC) (b)(f) | 7710000 | 7710000 |
| Mass Bay Tran Auth Sls Tax Participating VRDN Series 2025 XX1411, 2.29% 7/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 10800000 | 10800000 |
| Mass Bay Tran Auth Sls Tax Participating VRDN Series 2025 YX1410, 2.29% 7/1/2050 (Liquidity Facility Barclays Bank PLC) (b)(f) | 14350000 | 14350000 |
| Massachusetts Bay Trans Auth Sales Tax Rev Participating VRDN 2.35% 7/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 10425000 | 10425000 |
| Massachusetts Dev Fin Agcy Rev Participating VRDN 2.31% 3/1/2049 (Liquidity Facility Bank of America, N.A.) (b)(f) | 114305000 | 114305000 |
| Massachusetts Edl Fing Auth Rev Participating VRDN Series 2017 XF2511, 2.3% 7/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(c)(f) | 1625000 | 1625000 |
| Massachusetts Edl Fing Auth Rev Participating VRDN Series 2017 XG0139, 2.3% 7/1/2046 (Liquidity Facility Barclays Bank PLC) (b)(c)(f) | 12590000 | 12590000 |
| Massachusetts Gen Oblig Participating VRDN Series E 148, 2.32% 4/1/2036 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 40000000 | 40000000 |
| Massachusetts Housing Finance Agency Participating VRDN Series 2024 XF1703, 2.31% 12/1/2054 (Liquidity Facility Toronto Dominion Bank NA) (b)(f) | 6075000 | 6075000 |
| Massachusetts Hsg Fin Agy Participating VRDN Series 2024 XG0582, 2.32% 12/1/2064 (Liquidity Facility Bank of America, N.A.) (b)(f) | 1215000 | 1215000 |
| Massachusetts St Dev Fin Agcy Rev Participating VRDN Series 2024 008, 2.39% 5/1/2027 (Liquidity Facility Barclays Bank PLC) (b)(f) | 47495000 | 47495000 |
| Massachusetts St Dev Fin Agy Rev Participating VRDN Series 2017 YX1074, 2.29% 7/1/2037 (Liquidity Facility Barclays Bank PLC) (b)(f) | 8560000 | 8560000 |
| Massachusetts St Gen. Oblig. Participating VRDN 2.29% 10/1/2048 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 6335000 | 6335000 |
| Massachusetts St Gen. Oblig. Participating VRDN 2.29% 10/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 7500000 | 7500000 |
| Massachusetts St Gen. Oblig. Participating VRDN 2.29% 12/1/2051 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 6250000 | 6250000 |
| Massachusetts St Gen. Oblig. Participating VRDN 2.29% 5/1/2048 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 3750000 | 3750000 |
| Massachusetts St Gen. Oblig. Participating VRDN 2.29% 9/1/2035 (Liquidity Facility Citibank NA) (b)(f) | 32550000 | 32550000 |
| Massachusetts St Gen. Oblig. Participating VRDN 2.3% 12/1/2054 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 1200000 | 1200000 |
| Massachusetts St Gen. Oblig. Participating VRDN 2.31% 10/1/2047 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 11000000 | 11000000 |
| Massachusetts St Gen. Oblig. Participating VRDN 2.35% 10/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 24090000 | 24090000 |
| Massachusetts St Gen. Oblig. Participating VRDN 2.85% 8/1/2054 (Liquidity Facility UBS AG) (b)(f) | 5210000 | 5210000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2016 XM0221, 2.85% 8/1/2030 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 24750000 | 24750000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2023 MS0020, 2.35% 10/1/2049 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 28050000 | 28050000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2023 ZL0488, 2.29% 10/1/2051 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 6665000 | 6665000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2024 CF7003, 2.29% 8/1/2028 (Liquidity Facility Citibank NA) (b)(f) | 9270000 | 9270000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 XF1904, 2.85% 5/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3290000 | 3290000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 XF3357, 2.29% 11/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 20860000 | 20860000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 XF3416, 2.29% 4/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 6600000 | 6600000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 XL0613, 2.29% 12/1/2052 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 22500000 | 22500000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 XM1243, 2.85% 5/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 3755000 | 3755000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 XM1251, 2.85% 1/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 8845000 | 8845000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 ZF3324, 2.29% 12/1/2054 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 7085000 | 7085000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 ZF3392, 2.29% 4/1/2055 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 7500000 | 7500000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 ZF3411, 2.29% 12/1/2053 (Liquidity Facility Morgan Stanley Bank NA) (b)(f) | 6665000 | 6665000 |
| Massachusetts St Gen. Oblig. Participating VRDN Series 2025 ZL0645, 2.29% 5/1/2048 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 7610000 | 7610000 |
| Massachusetts St Port Auth Rev Participating VRDN 2.34% 7/1/2046 (Liquidity Facility Morgan Stanley Bank NA) (b)(c)(f) | 11250000 | 11250000 |
| Massachusetts St Port Auth Rev Participating VRDN 2.83% 7/1/2043 (Liquidity Facility Barclays Bank PLC) (b)(c)(f) | 1240000 | 1240000 |
| Massachusetts St Port Auth Rev Participating VRDN 2.93% 7/1/2038 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(f) | 6640000 | 6640000 |
| Massachusetts St Port Auth Rev Participating VRDN Series 2023 XF1613, 2.32% 7/1/2049 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(f) | 17900000 | 17900000 |
| Massachusetts St Port Auth Rev Participating VRDN Series 2023 ZF1679, 2.32% 7/1/2051 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(f) | 2810000 | 2810000 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Participating VRDN Series 2022 XM1051, 2.32% 8/15/2045 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 13425000 | 13425000 |
| Massachusetts St Sch Bldg Auth Dedicated Sales Tax Rev Participating VRDN Series 2025 CF7015, 2.29% 8/15/2037 (Liquidity Facility Citibank NA) (b)(f) | 47355000 | 47355000 |
| Massachusetts St Transn Fd Rev Participating VRDN 2.85% 6/1/2050 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 8000000 | 8000000 |
| Massachusetts St Transn Fd Rev Participating VRDN 2.85% 6/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 21350000 | 21350000 |
| Massachusetts St Transn Fd Rev Participating VRDN Series 2023 XF1604, 2.3% 6/1/2053 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 15000000 | 15000000 |
| Massachusetts St Transn Fd Rev Participating VRDN Series 2023 XF1605, 2.29% 6/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(f) | 8000000 | 8000000 |
| Massachusetts St Transn Fd Rev Participating VRDN Series 2023 XF1607, 2.29% 6/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(f) | 12800000 | 12800000 |
| Massachusetts St Transn Fd Rev Participating VRDN Series 2023 XF1612, 2.29% 6/1/2053 (Liquidity Facility Bank of America, N.A.) (b)(f) | 16400000 | 16400000 |
| Massachusetts St Transn Fd Rev Participating VRDN Series 2023 XG0531, 2.29% 6/1/2051 (Liquidity Facility Barclays Bank PLC) (b)(f) | 11200000 | 11200000 |
| Massachusetts St Transn Fd Rev Participating VRDN Series 2023 XM1137, 2.29% 6/1/2053 (Liquidity Facility Royal Bank of Canada NY) (b)(f) | 17230000 | 17230000 |
| Massachusetts St Transn Fd Rev Participating VRDN Series 2025 XF1895, 2.85% 6/1/2054 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 9960000 | 9960000 |
| Massachusetts St Transn Fd Rev Participating VRDN Series 2025 XF3358, 2.29% 6/1/2052 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 22500000 | 22500000 |
| Massachusetts St Transn Fd Rev Participating VRDN Series 2025 ZF1802, 2.29% 6/1/2050 (Liquidity Facility Bank of America, N.A.) (b)(f) | 5660000 | 5660000 |
| University Mass Bldg Auth Proj Participating VRDN Series 2024 XM1158, 2.85% 11/1/2052 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 11725000 | 11725000 |
| TOTAL MASSACHUSETTS |  | 809725000 |
| Michigan,New York - 0.0%  |  |  |
| Eastern Mi University Rev Participating VRDN Series 2025 001, 2.54% 3/1/2055 (Liquidity Facility Barclays Bank PLC) (b)(f) | 1500000 | 1500000 |
| Minnesota - 0.0%  |  |  |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 2.54% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1600000 | 1600000 |
| Missouri - 0.1%  |  |  |
| Kansas City Mo Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 2.54% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 800000 | 800000 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 2.54% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 900000 | 900000 |
| TOTAL MISSOURI |  | 1700000 |
| Nevada - 0.0%  |  |  |
| Clark Cnty NV School Dist Participating VRDN Series 2023 XF1473, 2.41% 6/15/2042 (Liquidity Facility JP Morgan Chase Bank NA) (b)(f) | 840000 | 840000 |
| New Jersey - 0.3%  |  |  |
| New Jersey Hsg & Mtg Fin Agcy Multi Fam Rev Participating VRDN Series 2024 012, 2.54% 11/1/2027 (Liquidity Facility Barclays Bank PLC) (b)(f) | 10300000 | 10300000 |
| New Mexico - 0.1%  |  |  |
| Bernalillo Nm Multi Fam Hsg St Anthony'S Pl Participating VRDN Series 2025 MIZ9210, 2.54% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 2000000 | 2000000 |
| New York - 0.2%  |  |  |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 2.54% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 5500000 | 5500000 |
| Oregon - 0.0%  |  |  |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 2.54% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 400000 | 400000 |
| Tennessee - 0.0%  |  |  |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Fac Participating VRDN Series 2024 MIZ9181, 2.54% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1060000 | 1060000 |
| Texas - 0.1%  |  |  |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 2.54% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) (b)(f)(g) | 1500000 | 1500000 |
| North Ft Bend Wtr Auth Tex Wtrsys Rev Participating VRDN Series 2023 XL0422, 2.4% 12/15/2058 (Liquidity Facility Wells Fargo Bank NA) (b)(f) | 2315000 | 2315000 |
| TOTAL TEXAS |  | 3815000 |
| Washington - 0.1%  |  |  |
| Port Seattle WA Rev Participating VRDN Series 2022 XM1027, 2.35% 8/1/2046 (Liquidity Facility JP Morgan Chase Bank NA) (b)(c)(f) | 2700000 | 2700000 |
| <br> **TOTAL TENDER OPTION BOND**<br> (Cost $845,500,000) |  | <br> **845500000** |

---

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**Variable Rate Demand Note - 32.6%** | &nbsp;&nbsp;**Variable Rate Demand Note - 32.6%** | &nbsp;&nbsp;**Variable Rate Demand Note - 32.6%** |
|  | Principal<br> Amount (a)<br>| Value ($)<br>|
| Alabama - 0.4%  |  |  |
| Decatur AL Indl Dev Brd Exempt (Nucor Corp Proj.) 2.53% 8/1/2036 VRDN (b)(c) | 4428000 | 4428000 |
| West Jefferson Ala Indl Dev Brd Solid Waste Disp Rev (Alabama Power & Light Proj.) Series 2023, 2.7% 8/1/2063 VRDN (b)(c) | 8600000 | 8600000 |
| TOTAL ALABAMA |  | 13028000 |
| Arizona - 0.2%  |  |  |
| Maricopa Cnty AZ Pollution Ctl (Arizona Public Service Co Proj.) 2.45% 5/1/2029 VRDN (b) | 6000000 | 6000000 |
| Arkansas - 0.0%  |  |  |
| Blytheville AR Indl Dev Rev (Nucor Corp Proj.) 2.53% 6/1/2028 VRDN (b)(c) | 400000 | 400000 |
| Delaware - 0.0%  |  |  |
| Delaware St Econ Dev Auth Rev (Delmarva Power & Light Proj.) 2.43% 10/1/2028 VRDN (b) | 100000 | 100000 |
| Florida - 1.0%  |  |  |
| Lee Cnty FL Indl DevAuth Rev (Florida Pwr & Lt Co Proj.) Series 2016 B, 2.75% 12/1/2046 VRDN (b)(c) | 1200000 | 1200000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2021, 2.5% 5/1/2046 VRDN (b)(c) | 3000000 | 3000000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024A, 2.65% 5/1/2054 VRDN (b)(c) | 14600000 | 14600000 |
| Miami-Dade Cnty FL Indl Dev Au (Florida Pwr & Lt Co Proj.) Series 2024B, 2.45% 5/1/2054 VRDN (b)(c) | 15700000 | 15700000 |
| TOTAL FLORIDA |  | 34500000 |
| Indiana - 0.0%  |  |  |
| Indiana St Dev Fin Auth Envr Rev (Duke Energy Ind Inc Proj.) 2.39% 12/1/2038 VRDN (b)(c) | 900000 | 900000 |
| Iowa - 0.3%  |  |  |
| Iowa Fin Auth Sld Disp Wst Rev (Midamerican Energy Co Proj.) 2.58% 7/1/2038 VRDN (b)(c) | 9400000 | 9400000 |
| Iowa Fin Auth Solid Waste Facs Rev (Midamerican Energy Co Proj.) 2.55% 12/1/2047 VRDN (b)(c) | 2025000 | 2025000 |
| TOTAL IOWA |  | 11425000 |
| Kansas - 0.1%  |  |  |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.58% 9/1/2035 VRDN (b) | 2200000 | 2200000 |
| Burlington Kans Envr Imprv Rev (Evergy Kansas Metro Proj.) 2.58% 9/1/2035 VRDN (b) | 1000000 | 1000000 |
| Wamego Kansas Pcr (Evergy Kansas Central Proj.) 2.65% 4/15/2032 VRDN (b) | 700000 | 700000 |
| TOTAL KANSAS |  | 3900000 |
| Kentucky - 0.2%  |  |  |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2020 B 1, 3.3% 7/1/2060 VRDN (b)(c) | 1400000 | 1400000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021 A 1, 3.3% 8/1/2061 VRDN (b)(c) | 5000000 | 5000000 |
| Meade Cnty KY Indl Bldg Rev (Nucor Corp Proj.) Series 2021B 1, 3.25% 8/1/2061 VRDN (b)(c) | 300000 | 300000 |
| TOTAL KENTUCKY |  | 6700000 |
| Louisiana - 0.1%  |  |  |
| St James Parish LA Rev (Nucor Corp Proj.) 2.65% 11/1/2040 VRDN (b) | 3380000 | 3380000 |
| Massachusetts - 29.7%  |  |  |
| MA Dept Transn Met Hwy Sys Rev (Massachusetts St Proj.) 2.15% 1/1/2039 (Liquidity Facility TD Bank NA) VRDN (b) | 53795000 | 53795000 |
| MA Dept Transn Met Hwy Sys Rev (Massachusetts St Proj.) 2.16% 1/1/2039 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 78725000 | 78725000 |
| MA Dept Transn Met Hwy Sys Rev (Massachusetts St Proj.) 2.3% 1/1/2039 (Liquidity Facility US Bank NA/Cincinnati OH) VRDN (b) | 16805000 | 16805000 |
| MA Dept Transn Met Hwy Sys Rev 2.25% 1/1/2037, LOC TD Bank NA VRDN (b) | 64155000 | 64155000 |
| MA Dept Transn Met Hwy Sys Rev Series 2010 A 2, 2.2% 1/1/2037, LOC TD Bank NA VRDN (b) | 78140000 | 78140000 |
| Mass Bay Tran Auth Sls Tax (Massachusetts St Proj.) Series 2022A, 2.2% 7/1/2052 (Liquidity Facility TD Bank NA) VRDN (b) | 27875000 | 27875000 |
| Massachusetts Bay Transn Auth (Massachusetts St Proj.) Series 2000A SUB A 1, 2.2% 3/1/2030 (Liquidity Facility TD Bank NA) VRDN (b) | 26230000 | 26230000 |
| Massachusetts Dev Fin Agcy Multifamily Hsg (Avalonbay Communities Inc Proj.) 2.33% 7/15/2040, LOC Fannie Mae VRDN (b)(c) | 45000000 | 45000000 |
| Massachusetts Development Finance Agency (Childrens Hospital, Ma Proj.) Series 2024 U 1, 2.5% 3/1/2048, LOC TD Bank NA VRDN (b) | 39615000 | 39615000 |
| Massachusetts Development Finance Agency (Childrens Hospital, Ma Proj.) Series 2024 U 2, 2.5% 3/1/2048, LOC TD Bank NA VRDN (b) | 8860000 | 8860000 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024 E 1, 1.5% 7/1/2052 (Liquidity Facility JPMorgan Chase Bank NA) VRDN (b) | 37100000 | 37100000 |
| Massachusetts Development Finance Agency (Mass General Brigham Inc Proj.) Series 2024 E 2, 1.6% 7/1/2052, LOC Royal Bank of Canada VRDN (b) | 54375000 | 54375000 |
| Massachusetts Housing Finance Agency (Single Family Housing Revenue Proj.) Series 196, 2.31% 12/1/2048 (Liquidity Facility TD Bank NA) VRDN (b) | 9000000 | 9000000 |
| Massachusetts Housing Finance Agency (Single Family Housing Revenue Proj.) Series 200, 2.31% 12/1/2048 (Liquidity Facility TD Bank NA) VRDN (b) | 15000000 | 15000000 |
| Massachusetts Housing Finance Agency (Single Family Housing Revenue Proj.) Series 204, 2.31% 12/1/2048 (Liquidity Facility TD Bank NA) VRDN (b) | 10000000 | 10000000 |
| Massachusetts St Dev Fin Agy Rev (Babson College, Ma Proj.) 2.05% 10/1/2032, LOC Bank of America NA VRDN (b) | 16730000 | 16730000 |
| Massachusetts St Dev Fin Agy Rev (Holy Cross College, Ma Proj.) 2.65% 9/1/2037, LOC Bank of America NA VRDN (b) | 24465000 | 24465000 |
| Massachusetts St Dev Fin Agy Rev (Iso New England, Inc Proj.) 2.31% 2/1/2032, LOC TD Bank NA VRDN (b) | 12185000 | 12185000 |
| Massachusetts St Dev Fin Agy Rev (Marine Biological Laboratory Proj.) 2.25% 10/1/2036, LOC PNC Bank NA VRDN (b) | 19925000 | 19925000 |
| Massachusetts St Dev Fin Agy Rev (Melmark New England Inc Proj.) 2.27% 7/1/2026, LOC TD Bank NA VRDN (b) | 440000 | 440000 |
| Massachusetts St Dev Fin Agy Rev (Worcester Polytech Inst, Ma Proj.) 2.16% 9/1/2035, LOC TD Bank NA VRDN (b) | 25940000 | 25940000 |
| Massachusetts St Hlth & Ed Fac (Baystate Health System Inc Proj.) 2.23% 7/1/2039, LOC Bank of America NA VRDN (b) | 26265000 | 26265000 |
| Massachusetts St Hlth & Ed Fac (Baystate Health System Inc Proj.) 2.45% 7/1/2044, LOC TD Bank NA VRDN (b) | 32970000 | 32970000 |
| Massachusetts St Hlth & Ed Fac (Baystate Health System Inc Proj.) 2.5% 7/1/2044, LOC TD Bank NA VRDN (b) | 7325000 | 7325000 |
| Massachusetts St Hlth & Ed Fac (Mass General Brigham Inc Proj.) 2.15% 7/1/2040, LOC TD Bank NA VRDN (b) | 13200000 | 13200000 |
| Massachusetts St Hlth & Ed Fac (Massachusetts Inst Tech, Ma Proj.) 2.05% 7/1/2031 VRDN (b) | 100995000 | 100995000 |
| Massachusetts St Hlth & Ed Fac (Massachusetts Inst Tech, Ma Proj.) Series 2001J 2, 2% 7/1/2031 VRDN (b) | 61490000 | 61490000 |
| Massachusetts St Hlth & Ed Fac 2.33% 7/1/2031, LOC Federal Home Ln Bank of Boston VRDN (b) | 4650000 | 4650000 |
| Massachusetts St Housing Finance Agency (Single Family Housing Revenue Proj.) Series 208, 2.31% 6/1/2049 (Liquidity Facility TD Bank NA) VRDN (b) | 15000000 | 15000000 |
| Massachusetts St Hsg Fin Agy (Princeton Property Management Proj.) Series 2015 A, 2.29% 1/1/2034, LOC Bank of America NA VRDN (b) | 28255000 | 28255000 |
| Massachusetts St Hsg Fin Agy 2.4% 12/1/2038, LOC TD Bank NA VRDN (b)(c) | 19710000 | 19710000 |
| Massachusetts St Wtr Res Auth 1.9% 8/1/2028, LOC TD Bank NA VRDN (b) | 10000000 | 10000000 |
| Massachusetts St Wtr Res Auth 1.95% 11/1/2026 (Liquidity Facility Barclays Bank PLC) VRDN (b) | 14620000 | 14620000 |
| TOTAL MASSACHUSETTS |  | 998840000 |
| Nebraska - 0.1%  |  |  |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.53% 11/1/2026 VRDN (b)(c) | 3700000 | 3700000 |
| Stanton Cnty NE Indl Dev Rev (Nucor Corp Proj.) 2.53% 6/1/2028 VRDN (b)(c) | 300000 | 300000 |
| TOTAL NEBRASKA |  | 4000000 |
| North Carolina - 0.0%  |  |  |
| Hertford Cnty NC Indl Facs & Pollutn Ctl Fing Auth Indl Dev Rev (Nucor Corp Proj.) 2.85% 11/1/2033 VRDN (b)(c) | 100000 | 100000 |
| South Carolina - 0.2%  |  |  |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 2.53% 4/1/2030 VRDN (b)(c) | 1500000 | 1500000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 3% 3/1/2029 VRDN (b)(c) | 1800000 | 1800000 |
| Berkeley Cnty SC Indl Dev Rev (Nucor Corp Proj.) 3% 4/1/2031 VRDN (b)(c) | 2816000 | 2816000 |
| Darlington Cnty SC Indl Dev Re (Nucor Corp Proj.) 3% 8/1/2029 VRDN (b)(c) | 1900000 | 1900000 |
| TOTAL SOUTH CAROLINA |  | 8016000 |
| Tennessee - 0.1%  |  |  |
| Memphis Shelby Cnty TN Indl Dev Brd Exempt Facs Rev (Nucor Corp Proj.) 2.53% 9/1/2037 VRDN (b)(c) | 2330000 | 2330000 |
| Wyoming - 0.2%  |  |  |
| Sweetwater Cnty WY Env Imp Rev (Pacificorp Proj.) 3.05% 11/1/2025 VRDN (b)(c) | 6800000 | 6800000 |
| <br> **TOTAL VARIABLE RATE DEMAND NOTE**<br> (Cost $1,100,419,000) |  | <br> **1100419000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Commercial Paper - 1.5%** | &nbsp;&nbsp;**Commercial Paper - 1.5%** | &nbsp;&nbsp;**Commercial Paper - 1.5%** | &nbsp;&nbsp;**Commercial Paper - 1.5%** |
|  | Yield (%) (h) | Principal<br> Amount (a)<br>| Value ($)<br>|
| Boston MA Wtr & Swr Commn 2.97% 10/7/2025, LOC TD Bank NA CP  | 2.97 | 30000000 | 30000000 |
| Massachusetts St Wtr Res Auth 3.02% 9/23/2025, LOC TD Bank NA CP  | 3.02 | 20000000 | 20000000 |
| Massachusetts St Wtr Res Auth 3.05% 8/6/2025, LOC TD Bank NA CP  | 3.05 | 1000000 | 1000000 |
| <br> **TOTAL COMMERCIAL PAPER**<br> (Cost $51,000,000) |  |  | **51000000** |

---

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp;**Money Market Funds - 13.8%** | &nbsp;&nbsp;**Money Market Funds - 13.8%** | &nbsp;&nbsp;**Money Market Funds - 13.8%** | &nbsp;&nbsp;**Money Market Funds - 13.8%** |
|  | Yield (%) | Shares | Value ($)<br>|
| Fidelity Municipal Cash Central Fund (i)(j)<br>(Cost $464,500,526)<br>| 2.91 | 464414371 | **464500526** |

---

---

| | |
|:---|:---|
| <br> **TOTAL INVESTMENT IN SECURITIES - 98.8%**<br> (Cost $3,333,242,757)<br>| <br>**3333242757** |
| **NET OTHER ASSETS (LIABILITIES) - 1.2%**  | **41486938** |
| **NET ASSETS - 100.0%** | **3374729695** |

---

**Security Type Abbreviations**

BAN - BOND ANTICIPATION NOTE <br> VRDN - VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly)

The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets.

**Legend**

(a) Amount is stated in United States dollars unless otherwise noted.

(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end.

(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals.

(d) 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 $6,250,000 or 0.2% of net assets.

(e) Coupon is indexed to a floating interest rate which may be multiplied by a specified factor and/or subject to caps or floors.

(f) Provides evidence of ownership in one or more underlying municipal bonds. Coupon rates are determined by re-marketing agents based on current market conditions.

(g) Restricted securities (including private placements) - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $15,760,000 or 0.5% of net assets.

(h) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating and adjustable rate securities, the rate at period end.

(i) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Central Fund.

(j) Affiliated fund that is generally available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request.

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| | | |
|:---|:---|:---|
| Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: | Additional information on each restricted holding is as follows: |
| Security | Acquisition Date | Cost ($)<br>|
| Arizona Ind Dev Auth Participating VRDN 2.54% 6/20/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 6/18/25 | 200000 |
| Arizona Ind Dev Auth Participating VRDN Series 2024 MIZ9187, 2.54% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/24 | 1500000 |
| Arizona St Indl Dev Auth Multifamily Hsg Rev Participating VRDN Series 2025 MIZ9211, 2.54% 5/13/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/14/25 | 300000 |
| Bernalillo Nm Multi Fam Hsg St Anthony'S Pl Participating VRDN Series 2025 MIZ9210, 2.54% 4/29/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 4/30/25 | 2000000 |
| Collin County Hsg Fin Corp Multi Fam Participating VRDN 2.54% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/24 | 1500000 |
| Kansas City Mo Multi Fam Hsg Rev Participating VRDN Series 2025 MIZ9207, 2.54% 1/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/23/25 | 800000 |
| Metropolitan Govt Nashville & Davidson County Hlth & Edl Fac Participating VRDN Series 2024 MIZ9181, 2.54% 7/11/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 7/11/24 | 1060000 |
| New York Dorm Auth Royal Charter Prop Participating VRDN Series 2025 MIZ9208, 2.54% 3/16/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 3/17/25 | 5500000 |
| Oregon Hsg & Cmnty Svcs Dep Participating VRDN 2.54% 1/2/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 1/02/25 | 400000 |
| Saint Paul Hsg & Redev Auth Rev Participating VRDN 2.54% 8/21/2027 (Liquidity Facility Mizuho Capital Markets LLC) | 8/21/24 | 1600000 |
| St Louis MO Lafayette Apts Participating VRDN Series 2025 MIZ9212, 2.54% 5/21/2028 (Liquidity Facility Mizuho Capital Markets LLC) | 5/22/25 | 900000 |

---

**Affiliated Central Funds**

Fiscal year to date information regarding the Fund's investments in Fidelity Central Funds, including the ownership percentage, is presented below.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| Affiliate  | Value,<br> beginning<br> of period ($) | Purchases ($) | Sales<br> Proceeds ($) | Dividend<br> Income ($) | Realized<br> Gain (loss) ($) | Change in<br> Unrealized<br> appreciation<br> (depreciation) ($) | Value,<br> end<br> of period ($) | <br>Shares,<br> end<br> of period  | % ownership,<br> end<br> of period |
| Fidelity Municipal Cash Central Fund | 375332416 | 1239045437 | 1149877327 | 5703250 | - | - | 464500526 | 464414371 | 17.7% |
| Total | 375332416 | 1239045437 | 1149877327 | 5703250 | - | - | 464500526 |  |  |

---

Amounts in the dividend income column in the above table include any capital gain distributions from underlying funds, which are presented in the corresponding line item in the Statement of Operations, if applicable.

Amounts included in the purchases and sales proceeds columns may include in-kind transactions, if applicable.

**Investment Valuation**

All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in these securities. For more information on valuation inputs, refer to the Investment Valuation section in the accompanying Notes to Financial Statements.

**Financial Statements (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** | **Statement of Assets and Liabilities** |
| <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** | <br> **As of July 31, 2025 (Unaudited)** |
| **Assets**  |  |  |
| Investment in securities, at value - See accompanying schedule: |  |  |
| Unaffiliated issuers (cost $2,868,742,231) | $2868742231 |  |
| Fidelity Central Funds (cost $464,500,526) | 464500526 |  |
| Total Investment in Securities (cost $3,333,242,757) |  | $3333242757 |
| Receivable for fund shares sold |  | 26750857 |
| Interest receivable |  | 19171909 |
| Distributions receivable from Fidelity Central Funds |  | 836343 |
| Receivable from investment adviser for expense reductions |  | 76025 |
| Other receivables |  | 6558 |
| **Total assets** |  | 3380084449 |
| **Liabilities** |  |  |
| Payable to custodian bank | $535367 |  |
| Payable for fund shares redeemed | 3064153 |  |
| Distributions payable | 970862 |  |
| Accrued management fee | 551463 |  |
| Other affiliated payables | 197918 |  |
| Other payables and accrued expenses | 34991 |  |
| **Total liabilities** |  | 5354754 |
| **Net Assets**  |  | $3374729695 |
| Net Assets consist of: |  |  |
| Paid in capital |  | $3374697616 |
| Total accumulated earnings (loss) |  | 32079 |
| **Net Assets** |  | $3374729695 |
| **Net Asset Value and Maximum Offering Price** |  |  |
| **Fidelity Massachusetts Municipal Money Market Fund :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($56,650,836 ÷ 56,671,902 shares) |  | $1.00 |
| **Institutional Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($2,086,876,128 ÷ 2,085,122,665 shares) |  | $1.00 |
| **Premium Class :** |  |  |
| **Net Asset Value**, offering price and redemption price per share ($1,231,202,731 ÷ 1,229,670,982 shares) |  | $1.00 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Operations** | **Statement of Operations** | **Statement of Operations** |
| **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** | **Six months ended July 31, 2025 (Unaudited)** |
| **Investment Income** |  |  |
| Interest  |  | $38177180 |
| Income from Fidelity Central Funds  |  | 5703250 |
| **Total income** |  | 43880430 |
| **Expenses** |  |  |
| Management fee | $3254437 |  |
| Transfer agent fees | 1146483 |  |
| Independent trustees' fees and expenses | 3825 |  |
| Total expenses before reductions | 4404745 |  |
| Expense reductions | (523896) |  |
| Total expenses after reductions |  | 3880849 |
| **Net Investment income (loss)** |  | 39999581 |
| **Realized and Unrealized Gain (Loss)** |  |  |
| Net realized gain (loss) on: |  |  |
| Investment Securities: |  |  |
| Unaffiliated issuers  | (4164) |  |
| Total net realized gain (loss) |  | (4164) |
| **Net increase in net assets resulting from operations** |  | $39995417 |

---

---

| | | |
|:---|:---|:---|
| **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** | **Statement of Changes in Net Assets** |
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)** | **Year ended**<br> **January 31, 2025** |
| **Increase (Decrease) in Net Assets** |  |  |
| Operations |  |  |
| &nbsp;&nbsp;Net investment income (loss) | $39999581 | $88951571 |
| &nbsp;&nbsp;Net realized gain (loss) | (4164)<br>| (14346)<br>|
| **Net increase in net assets resulting from operations** | 39995417<br>| 88937225<br>|
| Distributions to shareholders | (40001053)<br>| (88942613)<br>|
| Share transactions - net increase (decrease) | 252227970<br>| 376161125<br>|
| &nbsp;&nbsp;**Total increase (decrease) in net assets** | 252222334<br>| 376155737<br>|
| **Net Assets** |  |  |
| &nbsp;&nbsp;Beginning of period | 3122507361 | 2746351624<br>|
| &nbsp;&nbsp;End of period | $3374729695 | $3122507361 |

---

**Financial Highlights** 

**Fidelity® Massachusetts Municipal Money Market Fund** <br>

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023** A |
| **Selected Per-Share Data**  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |
| Net investment income (loss) B | .011  | .028  | .028  | .007  |
| Net realized and unrealized gain (loss) C | -  | -  | -  | -  |
| Total from investment operations  | .011  | .028  | .028  | .007  |
| Distributions from net investment income  | (.011)  | (.028)  | (.028)  | (.007)  |
| Total distributions  | (.011)  | (.028)  | (.028)  | (.007)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** D,E | 1.14% <br>| 2.82%  | 2.79%  | .69%  |
| **Ratios to Average Net Assets** B,F,G |  |  |  |  |
| Expenses before reductions  | .42% H | .42%  | .42%  | .42% H |
| Expenses net of fee waivers, if any  | .42% H<br>| .42%  | .42%  | .42% H |
| Expenses net of all reductions, if any  | .42% H | .42%  | .42%  | .41% H |
| Net investment income (loss)  | 2.29% H | 2.78%  | 2.76%  | 1.71% H |
| **Supplemental Data** |  |  |  |  |
| Net assets, end of period (000 omitted) | $56651 | $30372 | $16587 | $3949 |

---

A*For the period September 22, 2022 (commencement of sale of shares) through January 31, 2023.*

B*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

C*Amount represents less than $.0005 per share.*

D*Total returns for periods of less than one year are not annualized.*

E*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

F*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

G*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

H*Annualized.*

**Fidelity® Massachusetts Municipal Money Market Fund Institutional Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .012  | .030  | .030  | .011  | - B | .004  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .012  | .030  | .030  | .011  | - B | .004  |
| Distributions from net investment income  | (.012)  | (.030)  | (.030)  | (.011)  | - B | (.004)  |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | - B |
| Total distributions  | (.012)  | (.030)  | (.030)  | (.011)  | - B | (.004)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.25% <br>| 3.05%  | 3.02%  | 1.14%  | .02%  | .36%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .25% G | .25%  | .25%  | .25%  | .25%  | .25%  |
| Expenses net of fee waivers, if any  | .20% G<br>| .20%  | .20%  | .20%  | .07%  | .19%  |
| Expenses net of all reductions, if any  | .20% G | .20%  | .20%  | .20%  | .07%  | .18%  |
| Net investment income (loss)  | 2.51% G | 3.00%  | 2.98%  | 1.39%  | .01%  | .40%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $2086876 | $1934384 | $1611323 | $1201472 | $907646 | $1073961 |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Amount represents less than $.0005 per share.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

**Fidelity® Massachusetts Municipal Money Market Fund Premium Class**<br>

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Six months ended**<br> **July 31, 2025**<br> **(Unaudited)**  | **Years ended January 31, 2025**  | **2024**  | **2023**  | **2022**  | **2021**  |
| **Selected Per-Share Data**  |  |  |  |  |  |  |
| Net asset value, beginning of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| Income from Investment Operations  |  |  |  |  |  |  |
| Net investment income (loss) A | .012  | .029  | .029  | .010  | - B | .003  |
| Net realized and unrealized gain (loss) B | -  | -  | -  | -  | -  | -  |
| Total from investment operations  | .012  | .029  | .029  | .010  | - B | .003  |
| Distributions from net investment income  | (.012)  | (.029)  | (.029)  | (.010)  | - B | (.003)  |
| Distributions from net realized gain  | -  | -  | -  | -  | - B | - B |
| Total distributions  | (.012)  | (.029)  | (.029)  | (.010)  | - B | (.003)  |
| Net asset value, end of period  | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 | $1.00 |
| **Total Return** C,D | 1.20% <br>| 2.95%  | 2.92%  | 1.05%  | .02%  | .31%  |
| **Ratios to Average Net Assets** A,E,F |  |  |  |  |  |  |
| Expenses before reductions  | .30% G | .30%  | .30%  | .30%  | .30%  | .30%  |
| Expenses net of fee waivers, if any  | .30% G<br>| .30%  | .30%  | .29%  | .07%  | .23%  |
| Expenses net of all reductions, if any  | .30% G | .30%  | .30%  | .29%  | .07%  | .23%  |
| Net investment income (loss)  | 2.41% G | 2.90%  | 2.88%  | 1.30%  | .01%  | .35%  |
| **Supplemental Data** |  |  |  |  |  |  |
| Net assets, end of period (000 omitted) | $1231203 | $1157751 | $1118442 | $1162526 | $202508 | $232777 |

---

A*Net investment income (loss) is affected by the timing of the declaration of dividends by any underlying mutual funds or exchange-traded funds (ETFs). Net investment income (loss) of any mutual funds or ETFs is not included in the Fund's net investment income (loss) ratio.*

B*Amount represents less than $.0005 per share.*

C*Total returns for periods of less than one year are not annualized.*

D*Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.*

E*Fees and expenses of any underlying mutual funds or exchange-traded funds (ETFs) are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of these expenses. For additional expense information related to investments in Fidelity Central Funds, please refer to the "Investments in Fidelity Central Funds" note found in the Notes to Financial Statements section of the most recent Annual or Semi-Annual report.*

F*Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed, waived, or reduced through arrangements with the investment adviser, brokerage services, or other offset arrangements, if applicable, and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur.*

G*Annualized.*

**Notes to Financial Statements** **(Unaudited)**

For the period ended July 31, 2025

**1. Organization.**

Fidelity Massachusetts Municipal Money Market Fund (the Fund) is a fund of Fidelity Massachusetts Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Fidelity Massachusetts Municipal Money Market Fund, Institutional Class and Premium Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Shares of the Fund are only available for purchase by retail shareholders. The Fund may be affected by economic and political developments in the state of Massachusetts.

**2. Investments in Fidelity Central Funds.**

Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Schedule of Investments lists any Fidelity Central Funds held as an investment as of period end, but does not include the underlying holdings of each Fidelity Central Fund. An investing fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

Based on its investment objective, each Fidelity Central Fund may invest or participate in various investment vehicles or strategies that are similar to those of the investing fund. These strategies are consistent with the investment objectives of the investing fund and may involve certain economic risks which may cause a decline in value of each of the Fidelity Central Funds and thus a decline in the value of the investing fund.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fidelity Central Fund** | **Investment Manager** | **Investment Objective** | **Investment Practices** | **Expense RatioA** |
| Fidelity Money Market Central Funds | Fidelity Management & Research Company LLC (FMR) | Each fund seeks to obtain a high level of current income consistent with the preservation of capital and liquidity. | Short-term Investments | Less than .005% |

---

*A Expenses expressed as a percentage of average net assets and are as of each underlying Central Fund's most recent annual or semi-annual shareholder report.* 

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds which contain the significant accounting policies (including investment valuation policies) of those funds, and are not covered by the Report of Independent Registered Public Accounting Firm, are available on the Securities and Exchange Commission website or upon request.

**3. Significant Accounting Policies.**

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 *Financial Services - Investment Companies*. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The Fund operates as a single operating segment. The Fund's income, expenses, assets, and performance are regularly monitored and assessed as a whole by the investment adviser and other individuals responsible for oversight functions of the Trust, using the information presented in the financial statements and financial highlights. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The Fund's Schedule of Investments lists any underlying mutual funds or exchange-traded funds but does not include the underlying holdings of these funds. The following summarizes the significant accounting policies of the Fund:

**Investment Valuation.** The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:

Level 1 - unadjusted 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)

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.

**Investment Transactions and Income.** The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Income and capital gain distributions from Fidelity Central Funds, if any, are recorded on the ex-dividend date. Interest income is accrued as earned and includes coupon interest and amortization of premium and accretion of discount on debt securities as applicable.

**Class Allocations and Expenses.** Investment income, realized and unrealized capital gains and losses, common expenses of a fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of a fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred, as applicable. Certain expense reductions may also differ by class, if applicable. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expenses included in the accompanying financial statements reflect the expenses of that fund and do not include any expenses associated with any underlying mutual funds or exchange-traded funds. Although not included in a fund's expenses, a fund indirectly bears its proportionate share of these expenses through the net asset value of each underlying mutual fund or exchange-traded fund. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

**Income Tax Information and Distributions to Shareholders.** Each year, the Fund intends to qualify as a regulated investment company under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for U.S. Federal income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. The Fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.

Distributions are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.

Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Capital accounts are not adjusted for temporary book-tax differences which will reverse in a subsequent period.

Book-tax differences are primarily due to market discount and capital loss carryforwards.

The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.

As of period end, the cost and unrealized appreciation (depreciation) in securities for federal income tax purposes were as follows:

---

| | |
|:---|:---|
| **Gross unrealized appreciation** | $- |
| **Gross unrealized depreciation** | <u>-</u> |
| **Net unrealized appreciation (depreciation)** | <u>$-</u> |
| **Tax cost** | <u>$3333242757</u> |

---

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

---

| | |
|:---|:---|
| Short-term | $(92870) |
| Long-term | <u>-</u> |
| **Total capital loss carryforward** | <u>$(92870)</u> |

---

**Restricted Securities (including Private Placements).** Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities held at period end is included at the end of the Schedule of Investments, if applicable.

**New Accounting Pronouncement.** In December 2023, the FASB issued ASU 2023-09 Income Taxes (Topic 740): Improvements to Income Tax Disclosures. Effective for annual periods beginning after December 15, 2024, the amendments require greater disaggregation of disclosures related to income taxes paid. The ASU allows for early adoption and amendments should be applied on a prospective basis. Management is currently evaluating the impact of the ASU but does not expect this guidance to materially impact the financial statements.

**4. Fees and Other Transactions with Affiliates.**

**Management Fee and Expense Contract.** Fidelity Management & Research Company LLC (the investment adviser) and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, the investment adviser pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.

In addition, under the expense contract, the investment adviser pays class-level expenses for Premium Class so that the total expenses do not exceed .35%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense.

**Transfer Agent Fees.** Fidelity Investments Institutional Operations Company LLC (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, transfer agent fees for each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Amount ($)** | **% of Class-Level Average Net AssetsA** |
| **Fidelity Massachusetts Municipal Money Market Fund** | 39972 | .22 |
| **Institutional Class** | 504451 | .05 |
| **Premium Class** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>602060</u> | .10 |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; <u>1146483</u> |  |

---

*A Annualized*

**Interfund Trades.** Funds may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board of Trustees. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act. During the period, there were no interfund trades.

**5. Expense Reductions.**

The investment adviser contractually agreed to reimburse Institutional Class to the extent annual operating expenses, expressed as a percentage of average net assets, exceed .20%. Some expenses, for example the compensation of the independent Trustees, and certain other expenses such as interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class expenses by $516,761.

Through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, custodian credits reduced the Fund's expenses by $7,135.

**6. Distributions to Shareholders.**

Distributions to shareholders of each class were as follows:

---

| | | |
|:---|:---|:---|
|  | **Six months ended** <br> **July 31, 2025** | **Year ended**<br> **January 31, 2025** |
| **Fidelity Massachusetts Municipal Money Market Fund** |  |  |
| **Distributions to shareholders** |  |  |
| Fidelity Massachusetts Municipal Money Market Fund | $397969 | $711863 |
| Institutional Class | 25250149 | 54169328 |
| Premium Class | &nbsp;&nbsp;&nbsp;&nbsp; <u>14352935</u> | &nbsp;&nbsp;&nbsp;&nbsp; <u>34061422</u> |
| Total  | <u>$40001053</u> | <u>$88942613</u> |

---

**7. Share Transactions.**

Share transactions for each class of shares at a $1.00 per share were as follows and may contain in-kind transactions, automatic conversions between classes or exchanges between affiliated funds:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Shares** | **Shares** | **Dollars** | **Dollars** |
|  | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** | **Six months ended** <br> **July 31, 2025**  | **Year ended**<br> **January 31, 2025** |
| **Fidelity Massachusetts Municipal Money Market Fund** |  |  |  |  |
| **Fidelity Massachusetts Municipal Money Market Fund** |  |  |  |  |
| Shares sold | 63552670 | 76818493 | $63552670 | $76818493 |
| Reinvestment of distributions | 366350 | 606839 | 366350 | 606839 |
| Shares redeemed | <u>(37629432)</u> | <u>(63633002)</u> | <u>(37629432)</u> | <u>(63633002)</u> |
| Net increase (decrease) | <u>26289588</u> | <u>13792330</u> | <u>$26289588</u> | <u>$13792330</u> |
| **Institutional Class** |  |  |  |  |
| Shares sold | 2330828887 | 2495741596 | $2330828887 | $2495741596 |
| Reinvestment of distributions | 20603247 | 44181698 | 20603247 | 44181698 |
| Shares redeemed | <u>(2198909536)</u> | <u>(2216969061)</u> | <u>(2198909536)</u> | <u>(2216969061)</u> |
| Net increase (decrease) | <u>152522598</u> | <u>322954233</u> | <u>$152522598</u> | <u>$322954233</u> |
| **Premium Class** |  |  |  |  |
| Shares sold | 386321180 | 565473734 | $386321179 | $565473734 |
| Reinvestment of distributions | 12725161 | 31094822 | 12725161 | 31094822 |
| Shares redeemed | <u>(325630557)</u> | <u>(557153994)</u> | <u>(325630556)</u> | <u>(557153994)</u> |
| Net increase (decrease) | <u>73415784</u> | <u>39414562</u> | <u>$73415784</u> | <u>$39414562</u> |

---

**8. Other.**

A fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the fund. In the normal course of business, a fund may also enter into contracts that provide general indemnifications. A fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against a fund. The risk of material loss from such claims is considered remote.

**9. Risk and Uncertainties.**

Many factors affect a fund's performance. Developments that disrupt global economies and financial markets, such as public health emergencies, military conflicts, terrorism, government restrictions, political changes, and environmental disasters, may significantly affect a fund's investment performance. The effects of these developments to a fund will be impacted by the types of securities in which a fund invests, the financial condition, industry, economic sector, and geographic location of an issuer, and a fund's level of investment in the securities of that issuer. Significant concentrations in security types, issuers, industries, sectors, and geographic locations may magnify the factors that affect a fund's performance.

**Item 8: Changes in and Disagreements with Accountants for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 9: Proxy Disclosures for Open-End Management Investment Companies**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

**Item 10: Remuneration Paid to Directors, Officers, and others of Open-End Management Investment Companies**

**(Unaudited)**

Note: This information is disclosed as part of the financial statements for each Fund as part of Item 7: Financial Statements and Financial Highlights for Open-End Management Investment Companies.

**Item 11: Statement Regarding Basis for Approval of Investment Advisory Contract**

**(Unaudited)**

Note: This is not applicable for any fund included in this document.

![](img111952_4.jpg)<br>

1.854004.118 SMA-SANN-0925

Item 8.

<u>Changes in and Disagreements with Accountants for Open-End Management Investment Companies</u>

See Item 7.

Item 9.

<u>Proxy Disclosures for Open-End Management Investment Companies</u>

See Item 7.

Item 10.

<u>Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies</u>

See Item 7.

Item 11.

<u>Statement Regarding Basis for Approval of Investment Advisory Contract</u>

See Item 7.

Item 12.

<u>Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies</u>

Not applicable.

Item 13.

<u>Portfolio Managers of Closed-End Management Investment Companies</u>

Not applicable.

Item 14.

<u>Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers</u>

Not applicable.

Item 15.

<u>Submission of Matters to a Vote of Security Holders</u>

There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Massachusetts Municipal Trust's Board of Trustees.

Item 16.

<u>Controls and Procedures</u>

(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Massachusetts Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 17.

<u>Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>

Not applicable.

Item 18.

<u>Recovery of Erroneously Awarded Compensation</u>

(a) Not applicable.

(b) Not applicable.

Item 19.

<u>Exhibits</u>

(a) (1) Not applicable.

(a) (2) [Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.](ex99cert.htm)

(a) (3) Not applicable.

(b) [Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT.](ex99906cert.htm)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Fidelity Massachusetts Municipal Trust

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Laura M. Del Prato</u> |
|  | &nbsp;&nbsp; Laura M. Del Prato |
|  | &nbsp;&nbsp; President and Treasurer (Principal Executive Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

---

| | |
|:---|:---|
| &nbsp;&nbsp; By: | &nbsp;&nbsp; <u>/s/Stephanie Caron</u> |
|  | &nbsp;&nbsp; Stephanie Caron |
|  | &nbsp;&nbsp; Chief Financial Officer (Principal Financial Officer) |
| &nbsp;&nbsp; Date: | &nbsp;&nbsp; September 22, 2025 |

---

## Ex-99.Cert

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

<u>Exhibit EX-99.CERT</u>

I, Laura M. Del Prato, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Massachusetts Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

I, Stephanie Caron, certify that:

1. I have reviewed this report on Form N-CSR of Fidelity Massachusetts Municipal Trust;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; b.

Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date:

September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

## Exhibit 99.906

<u>Exhibit EX-99.906CERT</u>

**Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)**

In connection with the attached Report of Fidelity Massachusetts Municipal Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.

Dated: September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Laura M. Del Prato</u> |
| &nbsp;&nbsp;Laura M. Del Prato |
| &nbsp;&nbsp;President and Treasurer (Principal Executive Officer) |

---

Dated: September 22, 2025

---

| |
|:---|
| &nbsp;&nbsp;<u>/s/Stephanie Caron</u> |
| &nbsp;&nbsp;Stephanie Caron |
| &nbsp;&nbsp;Chief Financial Officer (Principal Financial Officer) |

---

A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.

<br>