N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-3361

Fidelity Massachusetts Municipal Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices)       (Zip code)

Scott C. Goebel, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

January 31

 

 

Date of reporting period:

October 31, 2012

Item 1. Schedule of Investments

Quarterly Holdings Report

for

Fidelity ® Massachusetts
AMT Tax-Free
Money Market Fund

Massachusetts AMT Tax-Free
Money Market
Institutional Class
Service Class

October 31, 2012 

1.809100.109

SMA-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 65.3%

Principal
Amount

Value

Louisiana - 0.1%

Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.5% 11/7/12, VRDN (a)

$ 1,100,000

$ 1,100,000

Massachusetts - 64.8%

Massachusetts Bay Trans. Auth. Sales Tax Rev.:

Participating VRDN:

Series Clipper 07 18, 0.24% 11/7/12 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)

52,100,000

52,100,000

Series ROC II R 11933, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(c)

3,000,000

3,000,000

Series 2008 A1, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

18,010,000

18,010,000

Massachusetts Commonwealth Trans. Fund Rev. Participating VRDN Series WF 12 30 C, 0.22% 11/7/12 (Liquidity Facility Wells Fargo Bank NA) (a)(c)

3,000,000

3,000,000

Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.:

Series 2010 A1, 0.25% 11/7/12, LOC Citibank NA, VRDN (a)

17,150,000

17,150,000

Series 2010 A2, 0.18% 11/7/12, LOC Wells Fargo Bank NA, VRDN (a)

6,100,000

6,100,000

Series 2010 A3, 0.21% 11/7/12, LOC Bank of America NA, VRDN (a)

11,500,000

11,500,000

Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Tammy Brook Apts. Proj.) Series 2009, 0.22% 11/7/12, LOC Freddie Mac, VRDN (a)

3,560,000

3,560,000

Massachusetts Dev. Fin. Agcy. Rev.:

(Abby Kelley Foster Charter Pub. School Proj.) Series 2008, 0.22% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

4,800,000

4,800,000

(Babson College Proj.) Series 2008 A, 0.18% 11/7/12, LOC Fed. Home Ln. Bank of Boston, VRDN (a)

20,250,000

20,250,000

(Boston Univ. Proj.) Series U-6C, 0.22% 11/1/12, LOC JPMorgan Chase Bank, VRDN (a)

1,000,000

1,000,000

(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 0.21% 11/7/12, LOC Manufacturers & Traders Trust Co., VRDN (a)

3,800,000

3,800,000

(City Year Proj.) Series 2006, 0.3% 11/7/12, LOC Bank of America NA, VRDN (a)

8,000,000

8,000,000

(College of the Holy Cross Proj.) Series 2008 A, 0.22% 11/1/12, LOC JPMorgan Chase Bank, VRDN (a)

1,100,000

1,100,000

(Fay School Proj.) Series 2008, 0.2% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

5,350,000

5,350,000

(Governor Dummer Academy Issues Proj.) Series 2006, 0.21% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

4,900,000

4,900,000

(Int'l. Fund For Animal Welfare, Inc. Proj.) Series 2006, 0.26% 11/7/12, LOC Bank of America NA, VRDN (a)

12,175,000

12,175,000

Variable Rate Demand Note - continued

Principal
Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Rev.: - continued

(ISO New England, Inc. Proj.) Series 2005, 0.2% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

$ 100,000

$ 100,000

(Judge Rotenburg Ctr. Proj.) Series 2003, 0.25% 11/7/12, LOC Bank of America NA, VRDN (a)

1,400,000

1,400,000

(New England Deaconess Assoc. Proj.) Series 2011 B, 0.23% 11/7/12, LOC Manufacturers & Traders Trust Co., VRDN (a)

4,400,000

4,400,000

(Olin College Proj.):

Series 2008 C2, 0.25% 11/1/12, LOC RBS Citizens NA, VRDN (a)

6,800,000

6,800,000

Series 2008 C3, 0.25% 11/1/12, LOC RBS Citizens NA, VRDN (a)

3,635,000

3,635,000

(Smith College Proj.) Series 2007, 0.18% 11/7/12 (Liquidity Facility TD Banknorth, NA), VRDN (a)

11,760,000

11,760,000

(Williston Northampton School Proj.) Series 2010, 0.22% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

1,560,000

1,560,000

(Worcester Polytechnic Institute Proj.) Series 2008 A, 0.2% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

23,735,000

23,735,000

(YMCA of Greater Worcester Proj.) Series 2006, 0.21% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

1,940,000

1,940,000

Series 2006, 0.2% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

4,025,000

4,025,000

Massachusetts Gen. Oblig. Participating VRDN:

Series BC 12 119 W, 0.21% 11/7/12 (Liquidity Facility Barclays Bank PLC) (a)(c)

5,200,000

5,200,000

Series Clipper 07 06, 0.24% 11/7/12 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)

17,900,000

17,900,000

Series Clipper 07 39, 0.22% 11/7/12 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)

28,900,000

28,900,000

Series Merlots 2008-C54, 0.22% 11/7/12 (Liquidity Facility Wells Fargo Bank NA) (a)(c)

1,900,000

1,900,000

Series Putters 3699, 0.23% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

4,400,000

4,400,000

Series Putters 3898, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

3,500,000

3,500,000

Series Putters 802, 0.24% 11/7/12 (Liquidity Facility Bank of America NA) (a)(c)

3,400,000

3,400,000

Series Putters 803, 0.24% 11/7/12 (Liquidity Facility Bank of America NA) (a)(c)

4,475,000

4,475,000

Massachusetts Health & Edl. Facilities Auth. Rev.:

(Baystate Health Sys. Proj.) Series 2009 J2, 0.23% 11/1/12, LOC JPMorgan Chase Bank, VRDN (a)

5,550,000

5,550,000

Variable Rate Demand Note - continued

Principal
Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(Baystate Med. Ctr. Proj.) Series 2005 G, 0.24% 11/7/12, LOC Bank of America NA, VRDN (a)

$ 7,600,000

$ 7,600,000

(Children's Hosp. Proj.):

Series 2010 N3, 0.18% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

12,500,000

12,500,000

Series 2010 N4, 0.24% 11/1/12, LOC JPMorgan Chase Bank, VRDN (a)

9,005,000

9,005,000

(Fairview Extended Care Proj.) Series B, 0.26% 11/7/12, LOC Bank of America NA, VRDN (a)

2,500,000

2,500,000

(Harvard Vanguard Med. Associates Proj.) Series 2004, 0.18% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

28,180,000

28,180,000

(Henry Heywood Memorial Hosp. Proj.) Series 2008 C, 0.23% 11/1/12, LOC TD Banknorth, NA, VRDN (a)

6,245,000

6,245,000

(Home for Little Wanderers Proj.) Series B, 0.22% 11/7/12, LOC Fed. Home Ln. Bank of Boston, VRDN (a)

3,080,000

3,080,000

(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.23% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

9,400,000

9,400,000

(Peabody Essex Museum Proj.) Series 2002, 0.24% 11/7/12, LOC Bank of America NA, VRDN (a)

12,420,000

12,420,000

Participating VRDN:

Series BA 08 1056, 0.27% 11/7/12 (Liquidity Facility Bank of America NA) (a)(c)

3,310,000

3,310,000

Series BA 08 3320, 0.24% 11/7/12 (Liquidity Facility Bank of America NA) (a)(c)

6,190,000

6,190,000

Series BA 08 3503, 0.27% 11/7/12 (Liquidity Facility Bank of America NA) (a)(c)

5,550,000

5,550,000

Series BBT 08 54, 0.21% 11/7/12 (Liquidity Facility Branch Banking & Trust Co.) (a)(c)

6,300,000

6,300,000

Series BBT 08 56, 0.21% 11/7/12 (Liquidity Facility Branch Banking & Trust Co.) (a)(c)

3,500,000

3,500,000

Series BC 10 20W, 0.21% 11/7/12 (Liquidity Facility Barclays Bank PLC) (a)(c)

2,550,000

2,550,000

Series Putters 3163, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

5,655,000

5,655,000

Series Putters 3529, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

10,000,000

10,000,000

Series Putters 3530, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

11,495,000

11,495,000

Series Putters 3650, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

3,200,000

3,200,000

Series ROC II R 11913, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(c)

2,290,000

2,290,000

Variable Rate Demand Note - continued

Principal
Amount

Value

Massachusetts - continued

Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. Series 2009 A, 0.24% 11/7/12, LOC Bank of America NA, VRDN (a)

$ 1,000,000

$ 1,000,000

Massachusetts Indl. Fin. Agcy. Rev. (Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 0.24% 11/7/12, LOC Bank of America NA, VRDN (a)

4,080,000

4,080,000

Massachusetts Port Auth. Rev.:

Participating VRDN Series Solar 06 108, 0.21% 11/7/12 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)

9,300,000

9,300,000

Series 2008 A, 0.21% 11/7/12, LOC Bank of America NA, VRDN (a)

11,300,000

11,300,000

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN:

ROC II R 12193, 0.23% 11/7/12 (Liquidity Facility Citibank NA) (a)(c)

5,115,000

5,115,000

Series EGL 07 0033, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(c)

19,800,000

19,800,000

Series EGL 07 0067, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(c)

19,100,000

19,100,000

Series EGL 07 0092, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(c)

14,700,000

14,700,000

Series Putters 1052Z, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

2,995,000

2,995,000

Series Putters 1920, 0.24% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

7,985,000

7,985,000

Series Putters 2479Z, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

3,500,000

3,500,000

Series Putters 2857, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

15,545,000

15,545,000

Series Putters 3691, 0.23% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

1,425,000

1,425,000

Massachusetts Wtr. Poll. Abatement Trust Participating VRDN:

Series BBT 08 58, 0.21% 11/7/12 (Liquidity Facility Branch Banking & Trust Co.) (a)(c)

12,430,000

12,430,000

Series Putters 2847, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(c)

4,130,000

4,130,000

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 2008 B, 0.24% 11/7/12 (Liquidity Facility Bank of America NA), VRDN (a)

22,500,000

22,500,000

Variable Rate Demand Note - continued

Principal
Amount

Value

Massachusetts - continued

RBC Muni. Products, Inc. Trust Participating VRDN Series RBC E 32, 0.21% 11/7/12 (Liquidity Facility Royal Bank of Canada) (a)(c)

$ 23,500,000

$ 23,500,000

Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.24% 11/7/12, LOC Lloyds TSB Bank PLC, VRDN (a)

66,840,000

66,840,000

 

706,590,000

New York - 0.0%

Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 0.33% 11/7/12, LOC KeyBank NA, VRDN (a)

100,000

100,000

Puerto Rico - 0.4%

Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2003 C5-2, 0.21% 11/7/12, LOC Barclays Bank PLC NY Branch, VRDN (a)

3,870,000

3,870,000

TOTAL VARIABLE RATE DEMAND NOTE

711,660,000

Other Municipal Debt - 20.7%

 

 

 

 

Massachusetts - 20.7%

Arlington Gen. Oblig. BAN 0.75% 11/15/12

6,120,664

6,122,062

Auburn Gen. Oblig. BAN 1.5% 1/25/13

2,043,540

2,049,445

Bellingham Gen. Oblig. BAN Series 2012 A, 1% 12/19/12

5,263,871

5,269,448

Boston Gen. Oblig. Bonds:

Series 2009 A, 4% 4/1/13

750,000

761,524

Series 2009 C, 3% 2/1/13

1,000,000

1,007,008

Burlington Gen. Oblig. BAN Series 2012, 1.25% 7/26/13

3,135,000

3,158,548

Chicopee Gen. Oblig. BAN 0.85% 11/29/12

4,000,000

4,001,857

Framingham Gen. Oblig. BAN 0.5% 12/14/12

8,578,202

8,581,708

Franklin Gen. Oblig. BAN 1.25% 8/16/13

4,700,000

4,739,199

Gloucester Gen. Oblig. BAN 0.6% 2/8/13

2,900,000

2,903,262

Lexington Gen. Oblig. BAN Series 2012 B, 0.5% 2/22/13

2,835,900

2,838,857

Massachusetts Bay Trans. Auth. Bonds Series C, 5.5% 3/1/13 (Massachusetts Gen. Oblig. Guaranteed)

2,000,000

2,035,037

Massachusetts Bay Trans. Auth. Sales Tax Rev. Bonds Series 2006 B, 5% 7/1/13

1,000,000

1,031,701

Massachusetts Dev. Fin. Agcy. Series 2001, 0.18% 12/3/12, LOC TD Banknorth, NA, CP

2,249,000

2,249,000

Massachusetts Dev. Fin. Agcy. Rev.:

Series 2, 0.26% 11/5/12, LOC Bank of America NA, CP

1,600,000

1,600,000

Series 2001, 0.2% 12/6/12, LOC JPMorgan Chase Bank, CP

4,397,000

4,397,000

Other Municipal Debt - continued

Principal
Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.:

Bonds:

Series 2001 D, 5.5% 11/1/12

$ 6,205,000

$ 6,205,000

Series 2002 C, 5.5% 11/1/12

2,600,000

2,600,000

Series 2009 A, 5% 3/1/13

3,000,000

3,047,573

Series 2010 A, 0.59% 2/1/13 (a)

1,000,000

1,000,000

Series 2010 B, 4% 6/1/13

2,000,000

2,043,916

RAN Series 2012 A:

2% 4/25/13

25,100,000

25,320,702

2% 5/23/13

43,800,000

44,246,162

Massachusetts Health & Edl. Facilities Auth. Rev.:

Bonds:

(Partners HealthCare Sys. Proj.):

Series 2008 H1, 0.19% tender 3/6/13, CP mode

2,400,000

2,400,000

Series 2008 H2, 0.18% tender 2/19/13, CP mode

18,000,000

18,000,000

(Partners HealthCare Sys., Inc. Proj.):

Series 2008 H1:

0.14% tender 11/8/12, CP mode

3,600,000

3,600,000

0.18% tender 1/10/13, CP mode

5,000,000

5,000,000

Series 2008 H2, 0.17% tender 12/5/12, CP mode

7,020,000

7,020,000

(Univ. of Massachusetts Proj.) Series 2000 A, 2.2%, tender 4/1/13 (a)

1,125,000

1,134,148

Series 2010 J2, 5% 7/1/13

1,500,000

1,547,030

Series Z, 5.75% 1/15/13

1,425,000

1,441,222

Series EE:

0.15% 11/9/12, CP

1,000,000

1,000,000

0.17% 12/14/12, CP

3,200,000

3,200,000

0.21% 2/13/13, CP

2,200,000

2,200,000

Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.):

Series 1993 A, 0.45% tender 11/26/12, CP mode

3,700,000

3,700,000

Series 1993 B, 0.5% tender 12/7/12, CP mode

1,300,000

1,300,000

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Bonds (Nuclear #3 Proj.) Series 2011, 5% 7/1/13

1,000,000

1,030,524

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Bonds:

Series 2005 A, 5% 8/15/13

1,290,000

1,338,295

Series 2009 A, 4% 5/15/13

2,275,000

2,321,372

Series WF 11 124C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA) (a)(c)(d)

4,820,000

4,820,000

Massachusetts Spl. Oblig. Rev. Bonds (Hwy. Grant Prog.) Series 2010 A, 5% 6/15/13

670,000

689,307

Other Municipal Debt - continued

Principal
Amount

Value

Massachusetts - continued

Massachusetts State College Bldg. Auth. Rev. Bonds Series 2010 A, 3% 5/1/13

$ 450,000

$ 456,041

Massachusetts State Dev. Fing. Agcy. Poll. Cont. Rev. Bonds (Massachusetts Elec. Co. Proj.) Series 2004, 0.8% tender 11/9/12, CP mode

400,000

400,000

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:

Bonds Series WF 09 67C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.) (a)(c)(d)

3,675,000

3,675,000

Series 1999, 0.17% 1/17/13, LOC State Street Bank & Trust Co., Boston, CP

5,000,000

5,000,000

Plymouth Gen. Oblig. BAN 1.5% 5/8/13

4,200,000

4,228,487

Scituate Gen. Oblig. BAN 1.75% 11/16/12

2,186,479

2,187,702

Walpole Gen. Oblig. BAN 1.75% 11/29/12

3,060,000

3,063,193

Waltham Gen. Oblig. Bonds 3% 2/1/13

1,948,000

1,961,672

Westborough Gen. Oblig. BAN 1.25% 8/23/13

2,891,539

2,914,364

Westfield Gen. Oblig. BAN 0.75% 12/14/12

3,300,000

3,302,205

TOTAL OTHER MUNICIPAL DEBT

226,139,571

Investment Company - 13.9%

Shares

 

Fidelity Tax-Free Cash Central Fund, 0.21% (b)

151,061,389

151,061,389

TOTAL INVESTMENT PORTFOLIO - 99.9%

(Cost $1,088,860,960)

1,088,860,960

NET OTHER ASSETS (LIABILITIES) - 0.1%

1,569,692

NET ASSETS - 100%

$ 1,090,430,652

Security Type Abbreviations

BAN

-

BOND ANTICIPATION NOTE

CP

-

COMMERCIAL PAPER

RAN

-

REVENUE ANTICIPATION NOTE

VRDN

-

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

Legend

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

(b) Affiliated fund that is 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.

(c) Provides evidence of ownership in one or more underlying municipal bonds.

(d) Restricted securities - 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 $8,495,000 or 0.8% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Bonds Series WF 11 124C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA)

11/3/11 - 2/2/12

$ 4,820,000

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Bonds Series WF 09 67C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.)

2/3/12

$ 3,675,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Tax-Free Cash Central Fund

$ 222,939

Other Information

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.

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 those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $1,088,860,960.

Investment Valuation

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

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.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Massachusetts
Municipal Income Fund

October 31, 2012 

1.809072.109

MFL-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 98.8%

 

Principal
Amount

Value

Guam - 0.2%

Guam Ed. Fing. Foundation Ctfs. of Prtn.:

Series 2006 A, 5% 10/1/23

$ 2,740,000

$ 2,761,125

Series 2008:

5.375% 10/1/14

785,000

818,959

5.875% 10/1/18

1,900,000

2,131,268

 

5,711,352

Massachusetts - 95.2%

Ashland Gen. Oblig. 5.25% 5/15/19 (AMBAC Insured)

1,300,000

1,424,891

Auburn Gen. Oblig. 5.125% 6/1/23 (AMBAC Insured)

1,305,000

1,390,243

Berkshire Wind Pwr. Coop. Corp. (Wind Proj.) Series 1, 5.25% 7/1/30

5,000,000

5,509,500

Boston Gen. Oblig.:

Series 2007 B, 5% 3/1/21

7,335,000

8,522,316

Series 2012 A, 5% 4/1/21

8,130,000

10,332,417

Series A, 5% 1/1/17

480,000

526,248

Boston Wtr. & Swr. Commission Rev.:

Series 2009 A:

5% 11/1/25

1,725,000

2,035,000

5% 11/1/26

1,500,000

1,754,655

5% 11/1/28

2,195,000

2,563,299

Sr. Series A:

5.25% 11/1/19

10,325,000

12,007,459

5.75% 11/1/13

730,000

747,776

Braintree Gen. Oblig. Series 2009:

5% 5/15/23

5,000,000

6,067,000

5% 5/15/24

5,050,000

6,092,825

Brockton Gen. Oblig.:

5% 4/1/15 (FSA Insured)

1,000,000

1,100,110

5% 4/1/16 (FSA Insured)

1,000,000

1,138,280

Cambridge Gen. Oblig. Series 12:

5% 1/1/23

865,000

1,094,329

5% 1/1/24

340,000

427,530

Dracut Gen. Oblig.:

5% 5/15/16 (AMBAC Insured)

1,400,000

1,441,510

5% 5/15/19 (AMBAC Insured)

1,000,000

1,026,580

Freetown Lakeville Reg'l. School District 5% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,265,000

2,298,862

Hopedale Gen. Oblig. 5% 11/15/19 (AMBAC Insured)

1,000,000

1,070,790

Littleton Gen. Oblig. 5% 1/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,380,000

1,403,419

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Lowell Gen. Oblig.:

5% 12/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 1,410,000

$ 1,577,254

5% 12/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,310,000

1,451,794

Lynn Gen. Oblig. 5% 12/1/14

3,560,000

3,843,661

Lynn Wtr. & Swr. Commission Gen. Rev.:

Series 2003 A, 5% 12/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,035,060

Series 2005 A:

5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,055,000

2,217,920

5% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,560,000

1,670,651

Martha's Vineyard Land Bank Rev. Series 2006, 5% 5/1/18 (AMBAC Insured)

1,195,000

1,358,643

Massachusetts Bay Trans. Auth.:

Series 1991 A:

7% 3/1/21 (Escrowed to Maturity)

670,000

770,513

7% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,805,000

3,514,441

Series 1992 B, 6.2% 3/1/16

27,525,000

29,753,975

7% 3/1/21

725,000

972,319

Massachusetts Bay Trans. Auth. Assessment Rev.:

Series 2008 A, 5.25% 7/1/34

24,750,000

28,828,800

Series 2012 A:

5% 7/1/21

14,025,000

17,799,829

5% 7/1/22

6,085,000

7,778,821

Massachusetts Bay Trans. Auth. Sales Tax Rev.:

Series 2003 C:

5.25% 7/1/19

4,430,000

5,577,547

5.25% 7/1/21

4,000,000

5,156,960

5.25% 7/1/23

3,950,000

5,167,509

Series 2004 B:

5.25% 7/1/17

2,680,000

3,215,759

5.25% 7/1/21

12,670,000

16,334,671

Series 2004 C, 5.5% 7/1/18

3,115,000

3,893,594

Series 2005 A, 5% 7/1/24

7,000,000

9,038,610

Series 2005 B, 5.5% 7/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

4,000,000

5,397,640

Series 2006 A:

5.25% 7/1/29

3,005,000

3,993,795

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Bay Trans. Auth. Sales Tax Rev.: - continued

Series 2006 A:

5.25% 7/1/32

$ 6,745,000

$ 8,938,272

Series 2006 B, 5.25% 7/1/21

8,405,000

10,836,062

Series 2006 C:

5% 7/1/22 (Pre-Refunded to 7/1/18 @ 100)

9,900,000

12,237,786

5% 7/1/23 (Pre-Refunded to 7/1/18 @ 100)

10,000,000

12,361,400

Series 2010 B:

5% 7/1/26

1,000,000

1,187,730

5% 7/1/27

865,000

1,024,722

5% 7/1/28

1,000,000

1,183,110

5% 7/1/30

1,000,000

1,170,140

Massachusetts Commonwealth Trans. Fund Rev. (Accelerated Bridge Prog.) Series 2012 A:

5% 6/1/24

6,880,000

8,528,998

5% 6/1/25

12,940,000

15,926,681

Massachusetts Dept. of Agricultural Resources Higher Ed. Rev. (Emerson College Proj.) Series 2006 A:

5% 1/1/14

1,500,000

1,575,165

5% 1/1/17

1,250,000

1,416,413

5% 1/1/18

1,920,000

2,155,872

5% 1/1/19

2,225,000

2,475,735

5% 1/1/20

3,000,000

3,310,410

Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B:

5% 1/1/15

7,600,000

8,226,164

5% 1/1/25

13,340,000

15,230,545

5% 1/1/26

4,210,000

4,774,519

5% 1/1/27

7,000,000

7,890,470

5% 1/1/30

5,000,000

5,715,600

5% 1/1/35

4,230,000

4,759,385

Massachusetts Dev. Fin. Agcy. Resource Recovery Rev. Bonds (Waste Mgmt., Inc. Proj.) Series 1999 B, 3.4%, tender 12/1/12 (a)(b)

2,000,000

2,004,420

Massachusetts Dev. Fin. Agcy. Rev.:

(Babson College Proj.) Series 2007 A, 5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,165,000

1,299,220

(Boston College Proj.) Series P:

5% 7/1/20

2,500,000

2,901,775

5% 7/1/21

3,090,000

3,559,464

(Boston Univ. Proj.):

Series T1, 5% 10/1/39 (AMBAC Insured)

10,000,000

10,696,200

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Rev.: - continued

(Boston Univ. Proj.):

Series U4, 5.7% 10/1/40

$ 3,100,000

$ 3,476,681

(Brandeis Univ. Proj.) Series N:

5% 10/1/23

1,040,000

1,161,316

5% 10/1/24

1,210,000

1,344,891

(Carleton-Willard Village Proj.) Series 2010:

4.75% 12/1/20

3,355,000

3,706,302

5.25% 12/1/25

820,000

898,433

5.625% 12/1/30

1,000,000

1,093,410

(College of the Holy Cross Proj.):

Series 2008 A, 5% 9/1/26

1,500,000

1,721,235

Series 2008 B, 5% 9/1/22

1,100,000

1,291,059

(Deerfield Academy Proj.) 5% 10/1/40

10,500,000

12,184,305

(Partners HealthCare Sys. Proj.) Series 2011 K6, 5.375% 7/1/41

7,000,000

7,939,750

(Regis College Proj.) Series 1998:

5.25% 10/1/18

1,475,000

1,476,151

5.5% 10/1/28

5,660,000

5,660,000

(Tufts Med. Ctr. Proj.) Series I, 6.25% 1/1/27

8,500,000

10,259,415

Bonds (Dominion Energy Brayton Point Proj.) Series 2010 A, 2.25%, tender 9/1/16 (a)

3,000,000

3,092,280

Series 2008, 5.75% 9/1/25

9,500,000

11,168,485

Series 2010 B1, 5% 10/15/40

22,940,000

26,707,436

Series 2010 B2, 5.25% 2/1/34

5,000,000

6,076,000

Series 2011 B, 5% 7/1/41

6,520,000

7,327,437

Series 2011 H:

5.125% 7/1/26

5,500,000

6,210,380

5.5% 7/1/31

7,750,000

8,793,150

Series 2011:

5% 10/1/20

1,215,000

1,471,389

5% 7/1/41

5,000,000

5,619,200

5.25% 10/1/41

5,485,000

6,142,542

Series 2012 C:

5.25% 7/1/25

2,000,000

2,247,940

5.25% 7/1/26

2,000,000

2,230,740

Series 2012 G:

5% 10/1/23

2,245,000

2,606,894

5% 10/1/24

1,625,000

1,871,805

5% 10/1/25

1,600,000

1,834,944

5% 10/1/26

1,170,000

1,334,958

5% 10/1/27

1,235,000

1,401,947

5% 10/1/28

1,240,000

1,401,473

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Rev.: - continued

Series 2012 J, 5% 7/1/42

$ 7,000,000

$ 8,108,520

Series I, 6.875% 1/1/41

9,500,000

11,333,025

Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. Bonds:

(Waste Mgmt., Inc. Proj.) Series 2002, 5.5%, tender 5/1/14 (a)(b)

10,250,000

10,928,345

Series 2009, 5.75%, tender 5/1/19 (a)

2,000,000

2,458,380

Massachusetts Edl. Fing. Auth. Rev.:

Series 2010 A:

5.5% 1/1/17

3,000,000

3,430,800

5.5% 1/1/22

3,500,000

4,037,635

5.5% 1/1/23 (b)

2,065,000

2,283,023

Series 2010 B:

4.5% 1/1/16 (b)

820,000

874,587

4.8% 1/1/17 (b)

2,485,000

2,708,153

Massachusetts Fed. Hwy. Series 1998 A, 0% 6/15/15 (Escrowed to Maturity)

1,455,000

1,428,694

Massachusetts Gen. Oblig.:

Series 2001 D:

5.5% 11/1/20

1,000,000

1,299,220

5.5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,598,440

Series 2002 E, 5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100)

695,000

700,497

Series 2004 A, 5.5% 8/1/30

2,000,000

2,778,320

Series 2004 B, 5.25% 8/1/22

15,000,000

19,401,750

Series 2005 A, 5% 3/1/18

25,000,000

27,490,000

Series 2006 B:

5.25% 9/1/22

5,360,000

6,950,687

5.25% 9/1/23

9,400,000

12,274,050

Series 2006 D, 5% 8/1/19

8,990,000

10,359,986

Series 2007 A, 0.87% 5/1/37 (a)

20,250,000

18,457,268

Series 2007 C:

5% 8/1/37

36,375,000

41,319,454

5.25% 8/1/21 (AMBAC Insured)

980,000

1,181,880

5.25% 8/1/22

4,085,000

4,915,930

5.25% 8/1/23

12,960,000

15,562,757

5.25% 8/1/24

6,550,000

7,848,603

5.25% 8/1/25 (FSA Insured)

10,000,000

11,957,000

Series 2008 A:

5% 8/1/20

1,615,000

1,955,329

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Series 2008 A:

5% 8/1/22

$ 3,685,000

$ 4,416,251

5% 8/1/24

7,380,000

8,746,038

Series 2009 A:

5% 3/1/29

1,520,000

1,812,402

5% 3/1/39

17,000,000

19,438,480

Series 2009 B, 5% 7/1/24

1,800,000

2,173,518

Series 2011 A:

5% 4/1/26

5,425,000

6,552,424

5% 4/1/28

5,880,000

7,042,300

Series 2011 B:

5% 8/1/23

5,770,000

7,074,770

5% 8/1/24

1,750,000

2,133,040

Series 2011 D, 5% 10/1/24

7,860,000

9,702,463

Series 2012 B, 5% 6/1/25

12,855,000

15,532,054

Series C, 5.5% 12/1/22

7,200,000

9,519,336

Massachusetts Health & Edl. Facilities Auth. Rev.:

(Baystate Health Sys. Proj.) Series 2009 I, 5.75% 7/1/36

7,500,000

8,338,500

(Berklee College of Music Proj.) Series 2007 A:

5% 10/1/16

1,000,000

1,146,610

5% 10/1/19

3,290,000

3,807,254

5% 10/1/21

3,270,000

3,703,242

5% 10/1/23

2,000,000

2,240,240

5% 10/1/25

5,950,000

6,606,464

(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (c)

9,075,000

9,115,293

(Cape Cod Healthcare Proj.) Series 2004 D:

5% 11/15/31 (Assured Guaranty Corp. Insured)

2,000,000

2,163,440

5.125% 11/15/35 (Assured Guaranty Corp. Insured)

1,000,000

1,074,660

6% 11/15/28 (Assured Guaranty Corp. Insured)

2,735,000

3,168,771

(CareGroup, Inc. Proj.):

Series 2008 B1, 5.375% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,118,710

Series 2008 B2:

5% 2/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

800,000

880,200

5.375% 2/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,750,000

1,965,583

5.375% 2/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,000,000

2,230,740

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(CareGroup, Inc. Proj.):

Series 2008 D:

5.25% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 1,500,000

$ 1,714,545

5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,450,000

1,648,375

5.25% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,131,200

5.25% 7/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,900,000

2,122,870

Series 2008 E1:

5% 7/1/28

2,525,000

2,715,006

5.125% 7/1/33

2,000,000

2,185,740

5.125% 7/1/38

4,040,000

4,397,823

5.375% 7/1/21

10,850,000

12,405,239

Series 2008 E2:

5.375% 7/1/23

3,500,000

3,964,310

5.375% 7/1/24

5,015,000

5,663,540

5.375% 7/1/25

3,500,000

3,940,930

(Catholic Health East Proj.) Series 2010, 5% 11/15/18

1,005,000

1,161,197

(Children's Hosp. Proj.) Series 2009 M, 5.5% 12/1/39

20,000,000

22,646,800

(Emerson Hosp. Proj.) Series 2005 E, 5% 8/15/35 (Radian Asset Assurance, Inc. Insured)

2,500,000

2,388,550

(Harvard Univ. Proj.) Series 2009 A, 5.5% 11/15/36

1,025,000

1,243,325

(Lahey Clinic Med. Ctr. Proj.) Series 2005 C:

5% 8/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,190,000

5,417,893

5% 8/15/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,000,000

5,145,850

(Massachusetts Institute of Technology Proj.):

Series 2008 N, 5% 7/1/19

3,000,000

3,583,770

Series 2008 O, 6% 7/1/36

20,500,000

25,635,250

Series L, 5% 7/1/23

3,990,000

5,259,139

(Northeastern Univ. Proj.):

Series 2008 R:

5% 10/1/16

600,000

689,952

5% 10/1/17

750,000

882,240

5% 10/1/18

500,000

600,105

5% 10/1/20

2,000,000

2,345,980

5% 10/1/22

1,160,000

1,325,810

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(Northeastern Univ. Proj.):

Series 2008 R:

5% 10/1/27

$ 3,030,000

$ 3,374,723

5% 10/1/28

1,000,000

1,110,330

5% 10/1/33

5,000,000

5,444,150

Series 2009 Y1:

5% 10/1/15

1,425,000

1,592,609

5% 10/1/16

1,495,000

1,719,130

5% 10/1/17

1,570,000

1,846,822

5% 10/1/19

1,730,000

2,082,955

Series 2009 Y2:

5% 10/1/16

1,090,000

1,253,413

5% 10/1/17

1,145,000

1,346,886

5% 10/1/18

1,215,000

1,459,786

(Partners HealthCare Sys., Inc. Proj.):

Series 2005 F:

5% 7/1/17

1,410,000

1,563,704

5% 7/1/19

1,760,000

1,944,994

5% 7/1/20

2,350,000

2,597,667

5% 7/1/21

1,150,000

1,265,449

5% 7/1/22

1,855,000

2,034,583

Series 2007 G:

5% 7/1/18

1,500,000

1,758,810

5% 7/1/20

1,300,000

1,493,102

5% 7/1/22

1,350,000

1,524,015

5% 7/1/27

7,750,000

8,553,210

5% 7/1/28

5,515,000

6,068,761

Series 2009 I3:

5% 7/1/21

2,300,000

2,735,804

5% 7/1/22

5,000,000

5,855,500

Series 2010 J1, 5% 7/1/39

23,500,000

25,707,120

(South Shore Hosp. Proj.) Series F:

5.625% 7/1/19

370,000

370,792

5.75% 7/1/29

6,370,000

6,379,746

(Tufts Univ. Proj.):

Series 2008 O, 5.375% 8/15/38

4,500,000

5,260,410

Series J, 5.5% 8/15/17

500,000

608,365

(UMass Memorial Proj.) Series 2010 G, 5% 7/1/17

2,215,000

2,509,994

(UMass Worcester Proj.) Series 2005 D:

5% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,040,000

3,258,150

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(UMass Worcester Proj.):

Series 2005 D:

5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 3,735,000

$ 3,984,012

(Wellesley College Proj.) Series II:

5% 7/1/19

1,975,000

2,032,157

5% 7/1/20

2,075,000

2,134,345

(Williams College Proj.):

Series 2003 H, 5% 7/1/20

1,005,000

1,033,743

Series 2006 L:

5% 7/1/17

1,000,000

1,166,360

5% 7/1/18

1,000,000

1,160,820

5% 7/1/19

1,695,000

1,945,657

5% 7/1/20

2,410,000

2,757,016

5% 7/1/21

2,535,000

2,879,456

(Winchester Hosp. Proj.) Series 2010 H, 5.25% 7/1/38

18,975,000

20,866,238

(Woods Hole Oceanographic Institution Proj.) Series 2008 B:

5.25% 6/1/25

1,760,000

2,021,114

5.375% 6/1/30

8,000,000

9,135,600

(Worcester City Campus Proj.) Series 2007 E:

5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,130,000

2,411,735

5% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,985,000

2,251,605

5% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,350,000

1,522,544

5% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,465,000

2,775,072

Bonds:

(Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/15 (a)

3,000,000

3,240,480

(Univ. of Massachusetts Proj.) Series 2000 A, 2.2%, tender 4/1/13 (a)

4,000,000

4,031,280

Series 2005 D:

5.25% 7/1/30

3,000,000

3,024,900

5.375% 7/1/35

1,160,000

1,170,324

Series 2008 E2. 5.375% 7/1/21

2,075,000

2,372,431

Series 2010 H, 5% 7/1/16

1,000,000

1,129,360

Series E, 5% 7/15/27

7,195,000

7,422,002

5% 7/1/17

115,000

118,413

5% 7/1/19

130,000

133,832

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. (Nuclear #6 Proj.) Series 2012 A:

5% 7/1/15

$ 5,500,000

$ 6,098,015

5% 7/1/16

3,700,000

4,231,320

Massachusetts Port Auth. Rev.:

Series 2005 A:

5% 7/1/18 (AMBAC Insured)

5,205,000

5,788,428

5% 7/1/21 (AMBAC Insured)

5,010,000

5,543,565

Series 2007 C:

5% 7/1/17 (FSA Insured) (b)

1,660,000

1,921,101

5% 7/1/22 (FSA Insured) (b)

6,140,000

6,787,709

5% 7/1/27 (FSA Insured) (b)

5,000,000

5,343,800

Series 2010 A:

5% 7/1/34

2,000,000

2,370,840

5% 7/1/40

12,000,000

13,914,960

Series 2012 A, 5% 7/1/42 (b)

9,600,000

10,754,112

Series 2012 B:

5% 7/1/25

4,150,000

5,082,879

5% 7/1/27

6,570,000

7,952,262

5% 7/1/28

5,030,000

6,054,812

Massachusetts Port Auth. Spl. Facilities Rev.:

(BosFuel Corp. Proj.) Series 2007:

5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

1,500,000

1,622,610

5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

1,000,000

1,078,590

5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

1,560,000

1,671,431

5% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b)

1,000,000

1,068,310

(ConRAC Proj.) Series 2011 A, 5.125% 7/1/41

10,000,000

10,969,100

(Delta Air Lines, Inc. Proj.) Series 2001 A:

5.5% 1/1/13 (AMBAC Insured) (b)

7,015,000

7,017,876

5.5% 1/1/14 (AMBAC Insured) (b)

6,040,000

6,041,812

5.5% 1/1/15 (AMBAC Insured) (b)

5,000,000

5,001,100

5.5% 1/1/16 (AMBAC Insured) (b)

5,000,000

5,000,950

5.5% 1/1/17 (AMBAC Insured) (b)

5,555,000

5,555,889

5.5% 1/1/18 (AMBAC Insured) (b)

6,000,000

6,000,960

5.5% 1/1/19 (AMBAC Insured) (b)

5,000,000

5,001,400

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.:

Series 2005 A:

5% 8/15/22 (Pre-Refunded to 8/15/15 @ 100)

$ 5,540,000

$ 6,243,248

5% 8/15/26 (Pre-Refunded to 8/15/15 @ 100)

2,000,000

2,253,880

5% 8/15/27 (Pre-Refunded to 8/15/15 @ 100)

3,860,000

4,344,276

5% 8/15/27 (Pre-Refunded to 8/15/15 @ 100)

6,140,000

6,910,324

5% 8/15/30 (Pre-Refunded to 8/15/15 @ 100)

113,335,000

124,998,289

Series 2007 A:

4.75% 8/15/32

2,685,000

2,988,674

5% 8/15/17 (AMBAC Insured)

5,000,000

5,977,200

5% 8/15/37

6,605,000

7,522,831

Series 2011 B:

5% 10/15/41

35,000,000

40,633,950

5.25% 10/15/35

12,500,000

15,050,750

Series 2012 A:

5% 8/15/23

25,000,000

31,503,500

5% 8/15/24

12,500,000

15,638,625

5% 8/15/25

63,475,000

78,969,248

Series 2012 B:

5% 8/15/27

10,000,000

12,312,400

5% 8/15/28

12,000,000

14,704,320

5% 8/15/29

11,000,000

13,414,610

5% 8/15/30

10,000,000

12,137,000

Massachusetts Spl. Oblig. Dedicated Tax Rev.:

Series 2004, 5.25% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,935,000

6,956,710

Series 2005:

5% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,500,000

2,916,000

5.5% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,000,000

1,255,200

5.5% 1/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

4,000,000

5,049,760

Massachusetts Spl. Oblig. Rev. Series 2005 A:

5% 6/1/23 (FSA Insured)

2,000,000

2,173,320

5.5% 6/1/16 (FSA Insured)

3,000,000

3,514,080

5.5% 6/1/18 (FSA Insured)

9,740,000

12,163,604

5.5% 6/1/19

10,000,000

12,695,100

Massachusetts State College Bldg. Auth. Rev.:

Series 2002 A, 0% 5/1/22 (Escrowed to Maturity)

2,250,000

1,797,548

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts State College Bldg. Auth. Rev.: - continued

Series 2003 B:

0% 5/1/28 (XL Cap. Assurance, Inc. Insured)

$ 6,080,000

$ 3,746,800

5.375% 5/1/18 (XL Cap. Assurance, Inc. Insured)

1,100,000

1,352,450

5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured)

1,825,000

2,309,392

Series 2006 A:

5% 5/1/31 (Pre-Refunded to 5/1/16 @ 100)

5,000,000

5,773,450

5% 5/1/36 (AMBAC Insured)

9,220,000

10,085,666

Series 2008 A:

5% 5/1/19 (Assured Guaranty Corp. Insured)

1,730,000

2,071,087

5% 5/1/20 (Assured Guaranty Corp. Insured)

2,130,000

2,526,329

5% 5/1/21 (Assured Guaranty Corp. Insured)

2,440,000

2,865,853

5% 5/1/22 (Assured Guaranty Corp. Insured)

2,430,000

2,830,537

5% 5/1/23 (Assured Guaranty Corp. Insured)

2,490,000

2,887,728

Series 2009 A:

5.375% 5/1/34

2,300,000

2,647,714

5.5% 5/1/39

7,000,000

7,971,810

5.5% 5/1/49

3,440,000

3,865,975

5.75% 5/1/49

10,000,000

11,383,000

Series 2009 B:

5% 5/1/28

1,000,000

1,173,500

5% 5/1/35

5,500,000

6,264,500

5% 5/1/40

4,625,000

5,185,273

Series 2012 A:

5% 5/1/36

5,000,000

5,833,950

5% 5/1/41

10,000,000

11,560,500

Series 2012 B:

5% 5/1/29

2,000,000

2,414,400

5% 5/1/30

1,870,000

2,246,992

5% 5/1/37

3,075,000

3,565,801

5% 5/1/43

11,125,000

12,831,353

Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.:

Series 1997 C, 0% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,800,000

1,338,282

Sr. Series A:

0% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

5,110,000

3,486,451

0% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

7,700,000

4,619,384

0% 1/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

33,195,000

19,011,108

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.: - continued

Sr. Series C:

0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 3,000,000

$ 2,881,620

0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

7,705,000

7,250,020

0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

13,815,000

12,244,649

Massachusetts Wtr. Poll. Abatement Trust:

(Pool Prog.):

Series 10:

5% 8/1/22

305,000

325,920

5% 8/1/29

1,765,000

1,878,472

5% 8/1/34

150,000

159,321

5.25% 8/1/15

2,435,000

2,638,103

Series 12:

5% 8/1/19

13,995,000

16,077,456

5% 8/1/20

9,570,000

10,956,023

Series 13:

5% 8/1/19

3,740,000

4,402,167

5% 8/1/20

5,145,000

6,042,957

5% 8/1/21

5,350,000

6,264,850

5% 8/1/22

8,355,000

9,750,201

5% 8/1/23

6,385,000

7,432,076

5% 8/1/24

1,000,000

1,160,000

Series 2004 A:

5.25% 2/1/18

6,300,000

7,753,662

5.25% 8/1/22

6,525,000

8,547,946

5.25% 2/1/23

1,390,000

1,807,834

5.25% 2/1/24

1,170,000

1,527,646

5.25% 8/1/24

3,780,000

4,966,882

Series 4, 5.125% 8/1/14

70,000

70,240

Series 6:

5.25% 8/1/19

30,000

30,097

5.625% 8/1/14

115,000

115,437

5.625% 8/1/15

25,000

25,092

5.625% 8/1/16

485,000

486,751

Series 8:

5% 8/1/17

110,000

110,343

5% 8/1/20

105,000

105,312

Series 9, 5.25% 8/1/33

595,000

609,185

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust: - continued

Series 14:

5% 8/1/25

$ 4,950,000

$ 6,063,503

5% 8/1/32

5,685,000

6,782,717

5% 8/1/38

8,390,000

9,813,531

Series 2, 5.25% 2/1/17

95,000

95,311

Series 2002 A, 5.25% 8/1/20

680,000

682,142

Series 2010 A, 5% 8/1/21

9,000,000

11,285,820

Series 2012 A:

5% 8/1/26

5,940,000

7,390,667

5% 8/1/27

5,900,000

7,305,852

5% 8/1/28

6,570,000

8,103,175

Series 6, 5.5% 8/1/30

6,745,000

6,763,414

5% 8/1/21

7,520,000

9,276,747

5% 8/1/22

4,290,000

5,264,302

5% 8/1/23

5,000,000

6,103,250

5% 8/1/24

4,215,000

5,126,957

5% 8/1/25

4,965,000

6,010,977

5% 8/1/26

3,205,000

3,859,814

5% 8/1/27

2,460,000

2,953,943

5% 8/1/28

3,480,000

4,161,697

Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.):

Series 1993 A, 5.45% 2/1/13 (Escrowed to Maturity)

135,000

136,705

Series 1998 A, 5.25% 8/1/13

330,000

331,188

Series A, 5% 8/1/15 (Escrowed to Maturity)

950,000

1,068,912

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:

Series 1992 A, 6.5% 7/15/19 (Escrowed to Maturity)

21,960,000

26,329,820

Series 1998 B:

5.5% 8/1/15 (Escrowed to Maturity)

1,500,000

1,682,640

5.5% 8/1/16 (Escrowed to Maturity)

1,425,000

1,689,751

Series 2002 J, 5.5% 8/1/20

1,000,000

1,285,310

Series 2005 A:

5.25% 8/1/21

12,645,000

15,048,562

5.25% 8/1/24

9,000,000

10,587,690

Series 2006 A, 5% 8/1/41

9,000,000

9,919,890

Series 2007 A:

5% 8/1/23 (FSA Insured)

2,000,000

2,289,940

5% 8/1/25 (FSA Insured)

2,000,000

2,268,780

5% 8/1/26 (FSA Insured)

2,000,000

2,263,520

5% 8/1/27 (FSA Insured)

2,000,000

2,259,140

5% 8/1/28 (FSA Insured)

2,000,000

2,254,780

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued

Series 2009 A:

5% 8/1/34

$ 6,350,000

$ 7,496,937

5% 8/1/39

8,360,000

9,806,949

Series 2009 B, 5% 8/1/22

2,540,000

3,060,725

Series 2011 B, 5% 8/1/41

16,000,000

18,390,080

Series 2011 C:

5% 8/1/24

22,090,000

27,139,995

5% 8/1/25

14,235,000

17,463,783

5.25% 8/1/42

8,425,000

9,971,830

Series 2012 A, 5% 8/1/37

8,000,000

9,320,160

Series J, 5% 8/1/42

100,000

100,213

Monson Gen. Oblig. 5.25% 11/1/21 (AMBAC Insured)

1,000,000

1,050,290

Newton Gen. Oblig. Series 2009 A:

4% 4/1/23

1,490,000

1,678,813

5% 4/1/20

1,840,000

2,264,727

5% 4/1/21

1,915,000

2,320,271

Pittsfield Gen. Oblig.:

4% 3/1/15

1,555,000

1,668,873

4% 3/1/16

3,355,000

3,699,257

Plymouth Gen. Oblig.:

Series 2009:

5% 5/15/23

1,255,000

1,497,027

5% 5/15/25

1,150,000

1,353,976

5% 10/15/15

500,000

564,580

5% 10/15/16

1,675,000

1,960,437

5% 10/15/17

1,665,000

2,002,446

5% 10/15/19

500,000

626,610

Randolph Gen. Oblig.:

5% 9/1/16 (AMBAC Insured)

1,170,000

1,272,703

5% 9/1/18 (AMBAC Insured)

1,090,000

1,185,048

5% 9/1/19 (AMBAC Insured)

1,085,000

1,176,921

Reading Gen. Oblig. Series 2012:

5% 2/1/20

1,165,000

1,450,017

5% 2/1/22

1,245,000

1,564,579

5% 2/1/23

1,185,000

1,500,080

Revere Gen. Oblig. Series 2009:

5% 4/1/28

515,000

583,263

5% 4/1/39

2,000,000

2,173,140

5.5% 4/1/27

2,510,000

2,928,819

Municipal Bonds - continued

 

Principal
Amount

Value

Massachusetts - continued

Salem Gen. Oblig.:

5% 1/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

$ 1,525,000

$ 1,551,123

5% 1/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

1,350,000

1,372,586

Springfield Gen. Oblig.:

Series 2005:

5% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

3,610,000

3,913,240

5% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,050,000

2,213,631

Series 2007:

5% 8/1/15 (FSA Insured)

1,000,000

1,110,090

5% 8/1/16 (FSA Insured)

8,000,000

9,174,560

5% 8/1/17 (FSA Insured)

5,000,000

5,825,700

5% 8/1/18 (FSA Insured)

7,210,000

8,319,475

5.75% 8/1/14 (FSA Insured)

4,000,000

4,360,160

Springfield Wtr. & Swr. Commission Rev. Series 2008 A:

5.75% 10/15/26 (Assured Guaranty Corp. Insured)

1,000,000

1,206,690

5.75% 10/15/27 (Assured Guaranty Corp. Insured)

1,000,000

1,202,960

5.75% 10/15/28 (Assured Guaranty Corp. Insured)

1,000,000

1,198,630

Taunton Gen. Oblig.:

5% 12/1/15

2,350,000

2,637,476

5% 12/1/16

2,340,000

2,702,443

5% 12/1/17

1,965,000

2,326,049

Univ. of Massachusetts Bldg. Auth. Facilities Rev.:

Series 2004 1, 5.375% 11/1/16 (AMBAC Insured)

1,305,000

1,413,106

Series 2008 2, 5% 5/1/38 (FSA Insured)

20,605,000

23,186,600

Woods Hole, Martha's Vineyard & Nantucket Steamship Auth. Series 2004 B, 5% 3/1/17

3,300,000

3,628,680

Worcester Gen. Oblig.:

Series 2001 A:

5.25% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

310,000

310,877

5.5% 8/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

245,000

245,909

5.5% 8/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

220,000

220,755

Series 2001 B, 5.5% 10/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

225,000

225,828

 

2,456,012,431

Municipal Bonds - continued

 

Principal
Amount

Value

Puerto Rico - 3.0%

Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.:

Series 1998, 5.75% 7/1/22 (CIFG North America Insured)

$ 3,000,000

$ 3,059,130

Series 2002 E, 5.5% 7/1/21 (FSA Insured)

1,700,000

1,979,514

Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.:

Series 2004 A:

5.25% 7/1/18 (Pre-Refunded to 7/1/13 @ 100)

3,500,000

3,614,310

5.25% 7/1/18 (Pre-Refunded to 7/1/13 @ 100)

2,500,000

2,582,500

Series 2006 A, 3.203% 7/1/21 (FGIC Insured) (a)

5,400,000

5,031,288

Series 2007 A, 5.5% 7/1/21 (FGIC Insured)

8,000,000

8,802,560

Puerto Rico Pub. Bldg. Auth. Rev. Bonds Series M2, 5.75%, tender 7/1/17 (a)

3,100,000

3,344,559

Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.:

Series 2007 A:

0% 8/1/41 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

47,350,000

9,574,644

0% 8/1/42 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

6,220,000

1,186,278

0% 8/1/45 (Nat'l. Pub. Fin. Guarantee Corp. Insured)

2,100,000

337,785

0% 8/1/47 (AMBAC Insured)

48,100,000

6,896,578

Series 2009 A:

6% 8/1/42

3,800,000

4,221,078

6.5% 8/1/44

5,345,000

6,195,496

Series 2010 A, 0% 8/1/33

23,950,000

7,602,928

Series 2011 C:

0% 8/1/38

4,960,000

1,249,077

0% 8/1/39

43,460,000

10,346,957

0% 8/1/41

6,775,000

1,412,791

 

77,437,473

Virgin Islands - 0.4%

Virgin Islands Pub. Fin. Auth.:

Series 2004 A:

5% 10/1/13

700,000

722,526

5.25% 10/1/16

750,000

802,193

Series 2009 A, 6.75% 10/1/37

4,000,000

4,660,440

Municipal Bonds - continued

 

Principal
Amount

Value

Virgin Islands - continued

Virgin Islands Pub. Fin. Auth.: - continued

Series 2009 A1, 5% 10/1/39

$ 1,500,000

$ 1,556,655

Series 2009 B, 5% 10/1/25

2,800,000

3,077,200

 

10,819,014

TOTAL INVESTMENT PORTFOLIO - 98.8%

(Cost $2,348,791,557)

2,549,980,270

NET OTHER ASSETS (LIABILITIES) - 1.2%

30,204,953

NET ASSETS - 100%

$ 2,580,185,223

Legend

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

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

(c) Restricted securities - 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 $9,115,293 or 0.4% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Acquisition
Cost

Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22

9/3/92

$ 8,511,715

Other Information

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 those securities. For more information on valuation inputs, please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $2,348,741,765. Net unrealized appreciation aggregated $201,238,505, of which $204,673,769 related to appreciated investment securities and $3,435,264 related to depreciated investment securities.

Investment Valuation

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or rates are not readily available or reliable, securities will be fair valued in good faith by the Fidelity Management & Research Company (FMR) Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by security type and may include market or security specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal securities, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices and are generally categorized as Level 2 in the hierarchy.

When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. These are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

Fidelity ® Massachusetts Municipal Money Market Fund

October 31, 2012 

1.809069.109

MFS-QTLY-1212

Investments October 31, 2012 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 64.1%

Principal Amount

Value

Alabama - 0.1%

Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.55% 11/7/12, VRDN (a)(d)

$ 3,500,000

$ 3,500,000

Colorado - 0.1%

Colorado Reg'l. Trans. District Sales Tax Rev. Participating VRDN Series MT 741, 0.24% 11/7/12 (Liquidity Facility Bank of America NA) (a)(e)

7,360,000

7,360,000

Delaware - 0.1%

Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 0.48% 11/7/12, VRDN (a)

4,400,000

4,400,000

Indiana - 0.1%

Michigan City Ltd. Oblig. Rev. (Palatek Proj.) 0.31% 11/7/12, LOC Comerica Bank, VRDN (a)(d)

4,110,000

4,110,000

Louisiana - 0.0%

Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.5% 11/7/12, VRDN (a)

2,400,000

2,400,000

Maine - 0.2%

Maine Pub. Util. Fin. Pub. Util. Rev. (Maine Pub. Svc. Co. Proj.) Series 2000, 0.44% 11/7/12, LOC Bank of America NA, VRDN (a)(d)

9,000,000

9,000,000

Massachusetts - 62.2%

Boston Indl. Dev. Rev. (New Boston Seafood Ctr., Inc. Proj.) Series 1997, 0.38% 11/7/12, LOC Bank of America NA, VRDN (a)(d)

2,555,000

2,555,000

Boston Wtr. & Swr. Commission Rev. Series 1994 A, 0.21% 11/7/12, LOC State Street Bank & Trust Co., Boston, VRDN (a)

800,000

800,000

Canton Hsg. Auth. Multi-family Hsg. Mtg. Rev. (Canton Arboretum Apt. Proj.) Series 1999, 0.19% 11/7/12, LOC Fannie Mae, VRDN (a)(d)

13,695,000

13,695,000

Massachusetts Bay Trans. Auth. Sales Tax Rev.:

Participating VRDN:

Series Clipper 07 18, 0.24% 11/7/12 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(e)

101,175,000

101,175,000

Series PT 4368, 0.22% 11/7/12 (Liquidity Facility Wells Fargo & Co.) (a)(e)

15,025,000

15,025,000

Series ROC II R 11933, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

3,000,000

3,000,000

Series 2008 A1, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

98,500,000

98,500,000

Series 2008 A2, 0.2% 11/7/12 (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

91,165,000

91,165,000

Variable Rate Demand Note - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Commonwealth Trans. Fund Rev. Participating VRDN Series WF 12 30 C, 0.22% 11/7/12 (Liquidity Facility Wells Fargo Bank NA) (a)(e)

$ 13,335,000

$ 13,335,000

Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.:

Series 2010 A1, 0.25% 11/7/12, LOC Citibank NA, VRDN (a)

47,675,000

47,675,000

Series 2010 A2, 0.18% 11/7/12, LOC Wells Fargo Bank NA, VRDN (a)

99,065,000

99,065,000

Series 2010 A3, 0.21% 11/7/12, LOC Bank of America NA, VRDN (a)

79,345,000

79,345,000

Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.:

(Charm Sciences, Inc. Proj.) Series 1999 A, 0.62% 11/7/12, LOC Bank of America NA, VRDN (a)(d)

1,700,000

1,700,000

(Monkiewicz Realty Trust Proj.) 0.67% 11/7/12, LOC Bank of America NA, VRDN (a)(d)

2,880,000

2,880,000

Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.:

(Archstone Reading Apts. Proj.) Series 2004 A, 0.23% 11/7/12, LOC Freddie Mac, VRDN (a)(d)

24,840,000

24,840,000

(Avalon Acton Apts. Proj.) Series 2006, 0.25% 11/7/12, LOC Fannie Mae, VRDN (a)(d)

38,500,000

38,500,000

(Casco Crossing Proj.) 0.23% 11/7/12, LOC Fannie Mae, VRDN (a)(d)

10,535,000

10,535,000

(Georgetown Village Apts. Proj.) Series 2003 A, 0.21% 11/7/12, LOC Fannie Mae, VRDN (a)(d)

18,450,000

18,450,000

(Salem Heights Apts. Proj.) Series 2003 A, 0.22% 11/7/12, LOC Fed. Home Ln. Bank of Boston, VRDN (a)(d)

14,600,000

14,600,000

(Tammy Brook Apts. Proj.) Series 2009, 0.22% 11/7/12, LOC Freddie Mac, VRDN (a)

6,400,000

6,400,000

Massachusetts Dev. Fin. Agcy. Rev.:

(Abby Kelley Foster Charter Pub. School Proj.) Series 2008, 0.22% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

4,325,000

4,325,000

(Berkshire School Proj.) Series 2001, 0.2% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

9,575,000

9,575,000

(Boston Univ. Proj.):

Series U-5A, 0.18% 11/7/12, LOC Fed. Home Ln. Bank of Boston, VRDN (a)

15,925,000

15,925,000

Series U-5B, 0.21% 11/7/12, LOC Fed. Home Ln. Bank of Boston, VRDN (a)

15,600,000

15,600,000

Series U-6E, 0.19% 11/7/12, LOC Bank of Nova Scotia New York Branch, VRDN (a)

20,925,000

20,925,000

Series U3, 0.2% 11/7/12, LOC Northern Trust Co., VRDN (a)

10,000,000

10,000,000

Variable Rate Demand Note - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Rev.: - continued

(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 0.21% 11/7/12, LOC Manufacturers & Traders Trust Co., VRDN (a)

$ 14,510,000

$ 14,510,000

(Clark Univ. Proj.) 0.2% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

31,130,000

31,130,000

(College of the Holy Cross Proj.) Series 2008 A, 0.22% 11/1/12, LOC JPMorgan Chase Bank, VRDN (a)

20,500,000

20,500,000

(Edgewood Retirement Cmnty. Proj.):

Series 2000 A, 0.2% 11/7/12, LOC Bank of America NA, VRDN (a)

13,490,000

13,490,000

Series 2008, 0.2% 11/7/12, LOC Bank of America NA, VRDN (a)

26,265,000

26,265,000

(Fay School Proj.) Series 2008, 0.2% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

16,110,000

16,110,000

(Fessenden School Proj.) Series 2001, 0.23% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

11,355,000

11,355,000

(Fifteen-O-Five West Housatonic LLC Proj.) Series 2007, 0.25% 11/7/12, LOC HSBC Bank USA, NA, VRDN (a)(d)

2,540,000

2,540,000

(Governor Dummer Academy Issues Proj.) Series 2006, 0.21% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

4,505,000

4,505,000

(ISO New England, Inc. Proj.) Series 2005, 0.2% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

31,890,000

31,890,000

(Judge Rotenburg Ctr. Proj.) Series 2003, 0.25% 11/7/12, LOC Bank of America NA, VRDN (a)

9,485,000

9,485,000

(Lasell Village Proj.) Series 2007, 0.35% 11/7/12, LOC Bank of America NA, VRDN (a)

5,000,000

5,000,000

(Meadowbrook School Proj.) Series 2000, 0.2% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

3,075,000

3,075,000

(New England Deaconess Assoc. Proj.) Series 2011 B, 0.23% 11/7/12, LOC Manufacturers & Traders Trust Co., VRDN (a)

4,960,000

4,960,000

(Olin College Proj.):

Series 2008 C2, 0.25% 11/1/12, LOC RBS Citizens NA, VRDN (a)

35,200,000

35,200,000

Series 2008 C3, 0.25% 11/1/12, LOC RBS Citizens NA, VRDN (a)

38,365,000

38,365,000

(Smith College Proj.):

Series 2001, 0.19% 11/7/12, VRDN (a)

2,269,000

2,269,000

Series 2002, 0.19% 11/7/12, VRDN (a)

4,678,000

4,678,000

Series 2007, 0.18% 11/7/12 (Liquidity Facility TD Banknorth, NA), VRDN (a)

56,200,000

56,200,000

(Wilber School Apts. Proj.) Series 2008 A, 0.22% 11/7/12, LOC Bank of America NA, VRDN (a)

6,900,000

6,900,000

Variable Rate Demand Note - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Rev.: - continued

(Williston Northampton School Proj.) Series 2010, 0.22% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

$ 7,200,000

$ 7,200,000

(Worcester Polytechnic Institute Proj.) Series 2008 A, 0.2% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

18,635,000

18,635,000

(YMCA of Greater Worcester Proj.) Series 2006, 0.21% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

9,300,000

9,300,000

Participating VRDN:

Series Putters 3840, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

5,000,000

5,000,000

Series Putters 4691, 0.24% 11/7/12 (Liquidity Facility Bank of America NA) (a)(e)

6,250,000

6,250,000

Series ROC II R 11999X, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

3,300,000

3,300,000

Series WF 10 56C, 0.22% 11/7/12 (Liquidity Facility Wells Fargo Bank NA) (a)(e)

19,895,000

19,895,000

Series 2006, 0.23% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

11,300,000

11,300,000

Series 2007 A, 0.23% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

9,000,000

9,000,000

Series 2007 B, 0.23% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

12,975,000

12,975,000

Series 2011 A, 0.22% 11/7/12, LOC RBS Citizens NA, VRDN (a)

12,870,000

12,870,000

Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Wheelabrator Millbury Proj.) 0.24% 11/1/12, LOC JPMorgan Chase Bank, VRDN (a)(d)

10,000,000

10,000,000

Massachusetts Gen. Oblig.:

Participating VRDN:

Series BC 11 101W, 0.21% 11/7/12 (Liquidity Facility Barclays Bank PLC) (a)(e)

5,880,000

5,880,000

Series BC 12 119 W, 0.21% 11/7/12 (Liquidity Facility Barclays Bank PLC) (a)(e)

24,440,000

24,440,000

Series Clipper 07 06, 0.24% 11/7/12 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(e)

53,850,000

53,850,000

Series Clipper 07 39, 0.22% 11/7/12 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(e)

14,325,000

14,325,000

Series EGL 07 0124, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

12,235,000

12,235,000

Series EGL 07 0149, 0.22% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

43,000,000

43,000,000

Series Merlots 2008-C54, 0.22% 11/7/12 (Liquidity Facility Wells Fargo Bank NA) (a)(e)

13,100,000

13,100,000

Variable Rate Demand Note - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series Putters 2022, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

$ 35,995,000

$ 35,995,000

Series Putters 2648, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

9,250,000

9,250,000

Series Putters 3699, 0.23% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

8,320,000

8,320,000

Series Putters 3896, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

7,500,000

7,500,000

Series Putters 3898, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

4,000,000

4,000,000

Series Putters 4247, 0.19% 11/1/12 (Liquidity Facility JPMorgan Chase & Co.) (a)(e)

12,495,000

12,495,000

Series Putters 802, 0.24% 11/7/12 (Liquidity Facility Bank of America NA) (a)(e)

16,600,000

16,600,000

Series Putters 803, 0.24% 11/7/12 (Liquidity Facility Bank of America NA) (a)(e)

21,800,000

21,800,000

Series 2001 C, 0.19% 11/7/12 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)

178,390,000

178,390,000

Massachusetts Health & Edl. Facilities Auth. Rev.:

(Baystate Health Sys. Proj.):

Series 2009 J1, 0.2% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

23,700,000

23,700,000

Series 2009 J2, 0.23% 11/1/12, LOC JPMorgan Chase Bank, VRDN (a)

35,400,000

35,400,000

(Baystate Med. Ctr. Proj.) Series 2005 G, 0.24% 11/7/12, LOC Bank of America NA, VRDN (a)

37,510,000

37,510,000

(Bentley College Proj.) Series K, 0.18% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

15,300,000

15,300,000

(Boston Univ. Proj.) Series H, 0.2% 11/7/12, LOC State Street Bank & Trust Co., Boston, VRDN (a)

19,725,000

19,725,000

(Children's Hosp. Proj.):

Series 2010 N2, 0.2% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

59,400,000

59,400,000

Series 2010 N3, 0.18% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

28,300,000

28,300,000

Series 2010 N4, 0.24% 11/1/12, LOC JPMorgan Chase Bank, VRDN (a)

95,935,000

95,935,000

(CIL Realty of Massachusetts Proj.) Series 2007, 0.2% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

12,930,000

12,930,000

(Dana-Farber Cancer Institute Proj.) Series 2008 L1, 0.19% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

23,500,000

23,500,000

Variable Rate Demand Note - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

(Fairview Extended Care Proj.) Series B, 0.26% 11/7/12, LOC Bank of America NA, VRDN (a)

$ 26,580,000

$ 26,580,000

(Harvard Vanguard Med. Associates Proj.) Series 2004, 0.18% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

2,600,000

2,600,000

(Northeast Hosp. Corp. Proj.):

Series 2004 G, 0.23% 11/7/12, LOC JPMorgan Chase Bank, VRDN (a)

37,075,000

37,075,000

Series 2006 H, 0.27% 11/7/12, LOC Bank of America NA, VRDN (a)

23,000,000

23,000,000

(Partners HealthCare Sys., Inc. Proj.):

Series 2005 F, 0.19% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

38,065,000

38,065,000

Series D6, 0.2% 11/1/12, VRDN (a)

7,490,000

7,490,000

(Peabody Essex Museum Proj.) Series 2002, 0.24% 11/7/12, LOC Bank of America NA, VRDN (a)

14,525,000

14,525,000

(Wellesley College Proj.) Series B, 0.18% 11/7/12, VRDN (a)

4,200,000

4,200,000

(Williams College Proj.) Series J, 0.21% 11/7/12, VRDN (a)

31,279,000

31,279,000

(Winchester Hosp. Proj.) Series 2004 F, 0.33% 11/5/12, LOC Bank of America NA, VRDN (a)

15,170,000

15,170,000

Participating VRDN:

Series BA 08 1056, 0.27% 11/7/12 (Liquidity Facility Bank of America NA) (a)(e)

3,290,000

3,290,000

Series BA 08 3320, 0.24% 11/7/12 (Liquidity Facility Bank of America NA) (a)(e)

3,810,000

3,810,000

Series BBT 08 54, 0.21% 11/7/12 (Liquidity Facility Branch Banking & Trust Co.) (a)(e)

12,505,000

12,505,000

Series BBT 08 56, 0.21% 11/7/12 (Liquidity Facility Branch Banking & Trust Co.) (a)(e)

15,395,000

15,395,000

Series BC 10 15W, 0.21% 11/7/12 (Liquidity Facility Barclays Bank PLC) (a)(e)

7,185,000

7,185,000

Series BC 10 20W, 0.21% 11/7/12 (Liquidity Facility Barclays Bank PLC) (a)(e)

9,785,000

9,785,000

Series Clipper 07 08, 0.21% 11/7/12 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(e)

15,450,000

15,450,000

Series Putters 3104, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

3,620,000

3,620,000

Series Putters 3529, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

26,660,000

26,660,000

Series Putters 3530, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

1,000,000

1,000,000

Variable Rate Demand Note - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Health & Edl. Facilities Auth. Rev.: - continued

Participating VRDN:

Series Putters 3531, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

$ 12,495,000

$ 12,495,000

Series Putters 3548, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

9,925,000

9,925,000

Series Putters 3650, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

11,800,000

11,800,000

Series ROC II R 11824, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

2,665,000

2,665,000

Series ROC II R 11913, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

2,975,000

2,975,000

Series 2009 O-1, 0.21% 11/7/12, LOC Fed. Home Ln. Bank of Boston, VRDN (a)

46,950,000

46,950,000

Massachusetts Hsg. Fin. Agcy. Hsg. Rev. Series 2004 A, 0.25% 11/7/12, LOC Lloyds TSB Bank PLC, VRDN (a)(d)

27,870,000

27,870,000

Massachusetts Hsg. Fin. Agcy. Multi-Family Rev.:

(Princeton Crossing LP Proj.) Series 1996 A, 0.22% 11/7/12, LOC Fannie Mae, VRDN (a)(d)

20,300,000

20,300,000

Series 2009 A, 0.24% 11/7/12, LOC Bank of America NA, VRDN (a)

6,850,000

6,850,000

Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev.:

(346 Univ. LLC Proj.) Series 1996, 1.17% 11/7/12, LOC Bank of America NA, VRDN (a)(d)

800,000

800,000

(BBB Esq. LLC Proj.) Series 1996, 1.17% 11/7/12, LOC Bank of America NA, VRDN (a)(d)

1,700,000

1,700,000

(Boutwell Owens & Co., Inc. Proj.) Series 1998, 1.27% 11/7/12, LOC Wells Fargo Bank NA, VRDN (a)(d)

480,000

480,000

(Brady Enterprises Proj.) Series 1996, 1.17% 11/2/12, LOC Bank of America NA, VRDN (a)(d)

1,050,000

1,050,000

(Decas Cranberry Proj.) Series 1997, 0.32% 11/7/12, LOC TD Banknorth, NA, VRDN (a)(d)

1,875,000

1,875,000

(United Plastics Proj.) Series 1997, 0.77% 11/7/12, LOC Wells Fargo Bank NA, VRDN (a)(d)

1,145,000

1,145,000

Massachusetts Indl. Fin. Agcy. Rev. (Governor Dummer Academy Proj.) Series 1996, 0.21% 11/7/12, LOC TD Banknorth, NA, VRDN (a)

4,800,000

4,800,000

Massachusetts Port Auth. Rev.:

Participating VRDN Series Solar 06 108, 0.21% 11/7/12 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)

14,070,000

14,070,000

Series 2008 A, 0.21% 11/7/12, LOC Bank of America NA, VRDN (a)

11,400,000

11,400,000

Series 2010 D, 0.21% 11/7/12, LOC Bank of America NA, VRDN (a)(d)

98,890,000

98,890,000

Variable Rate Demand Note - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt Proj.) Series 2001 A, 0.21% 11/7/12, LOC Royal Bank of Scotland PLC, VRDN (a)(d)

$ 37,100,000

$ 37,100,000

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN:

ROC II R 12193, 0.23% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

4,000,000

4,000,000

Series BA 08 1082, 0.24% 11/7/12 (Liquidity Facility Bank of America NA) (a)(e)

7,620,000

7,620,000

Series BA 08 3307, 0.27% 11/7/12 (Liquidity Facility Bank of America NA) (a)(e)

5,000,000

5,000,000

Series EGL 07 0031, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

52,600,000

52,600,000

Series EGL 07 0032, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

69,300,000

69,300,000

Series EGL 07 0067, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

41,660,000

41,660,000

Series EGL 07 0092, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

46,095,000

46,095,000

Series MS 3228X, 0.27% 11/7/12 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(e)

2,500,000

2,500,000

Series Putters 2479Z, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

2,340,000

2,340,000

Series Putters 3691, 0.23% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

2,100,000

2,100,000

Series Putters 3990, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

3,000,000

3,000,000

Series Putters 4030, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

3,070,000

3,070,000

Series ROC II R 14021, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

3,000,000

3,000,000

Series ROC II R 12254, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

18,900,000

18,900,000

Series Solar 05 03, 0.21% 11/7/12 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)

20,125,000

20,125,000

Massachusetts St Wtr. Resources Auth. Participating VRDN Series Putters 3690, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

1,300,000

1,300,000

Massachusetts Wtr. Poll. Abatement Trust Participating VRDN:

Series BBT 08 40, 0.21% 11/7/12 (Liquidity Facility Branch Banking & Trust Co.) (a)(e)

15,340,000

15,340,000

Series Clipper 06 11, 0.24% 11/7/12 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(e)

23,900,000

23,900,000

Variable Rate Demand Note - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: - continued

Series Putters 3159, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

$ 15,490,000

$ 15,490,000

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:

Participating VRDN:

Series EGL 06 0054, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

5,300,000

5,300,000

Series EGL 7050011 Class A, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

10,990,000

10,990,000

Series Putters 2848, 0.22% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

19,075,000

19,075,000

Series Putters 4176, 0.23% 11/7/12 (Liquidity Facility JPMorgan Chase Bank) (a)(e)

5,980,000

5,980,000

Series ROC II R 11914, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

1,750,000

1,750,000

Series ROC II R 11968, 0.21% 11/7/12 (Liquidity Facility Citibank NA) (a)(e)

5,185,000

5,185,000

Series Solar 06 86, 0.21% 11/7/12 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(e)

21,855,000

21,855,000

Series 2008 B, 0.24% 11/7/12 (Liquidity Facility Bank of America NA), VRDN (a)

98,530,000

98,530,000

Series 2008 F, 0.2% 11/7/12 (Liquidity Facility Bank of Nova Scotia New York Branch), VRDN (a)

700,000

700,000

RBC Muni. Products, Inc. Trust Participating VRDN Series RBC E 32, 0.21% 11/7/12 (Liquidity Facility Royal Bank of Canada) (a)(e)

104,605,000

104,605,000

Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.24% 11/7/12, LOC Lloyds TSB Bank PLC, VRDN (a)

137,020,000

137,020,000

Weston Gen. Oblig. Participating VRDN Series Putters 4047, 0.23% 11/1/12 (Liquidity Facility JPMorgan Chase & Co.) (a)(e)

9,495,000

9,495,000

 

3,408,271,000

Nebraska - 0.0%

Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.55% 11/7/12, VRDN (a)(d)

3,400,000

3,400,000

New Jersey - 0.1%

Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.) Series 2012 A, 0.47% 11/7/12, VRDN (a)(d)

3,400,000

3,400,000

Variable Rate Demand Note - continued

Principal Amount

Value

New York - 0.0%

Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 0.33% 11/7/12, LOC KeyBank NA, VRDN (a)

$ 500,000

$ 500,000

Ohio - 0.2%

Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.):

Series A, 0.42% 11/7/12, VRDN (a)

1,200,000

1,200,000

Series B, 0.35% 11/7/12, VRDN (a)

11,800,000

11,800,000

 

13,000,000

Puerto Rico - 0.6%

Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2003 C5-2, 0.21% 11/7/12, LOC Barclays Bank PLC NY Branch, VRDN (a)

34,110,000

34,110,000

Tennessee - 0.1%

Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.) Series 2003, 0.3% 11/1/12, LOC Bank of America NA, VRDN (a)

5,400,000

5,400,000

Texas - 0.3%

Port Arthur Navigation District Indl. Dev. Corp. Exempt Facilities Rev. (Air Products Proj.):

Series 2010 A, 0.24% 11/7/12 (Total SA Guaranteed), VRDN (a)

5,000,000

5,000,000

Series 2012, 0.24% 11/7/12 (Total SA Guaranteed), VRDN (a)

10,000,000

10,000,000

 

15,000,000

TOTAL VARIABLE RATE DEMAND NOTE


3,513,851,000

Other Municipal Debt - 23.9%

 

 

 

 

Massachusetts - 23.9%

Andover Gen. Oblig. BAN 1.5% 12/20/12

2,000,000

2,003,201

Belmont Gen. Oblig. BAN 1.5% 4/25/13

14,000,000

14,088,375

Billerica Gen. Oblig. BAN Series 2012, 1% 5/17/13

11,750,000

11,800,759

Boston Gen. Oblig. Bonds:

Series 2011 A, 4% 4/1/13

5,620,000

5,708,639

Series 2012 A, 2% 4/1/13

8,060,000

8,120,586

Series 2012 B, 2% 2/1/13

11,495,000

11,547,322

Cambridge Gen. Oblig. Bonds:

Series 2007 B, 5% 2/1/13

1,000,000

1,012,020

Other Municipal Debt - continued

Principal Amount

Value

Massachusetts - continued

Cambridge Gen. Oblig. Bonds: - continued

Series 2010, 3% 2/15/13

$ 1,275,000

$ 1,285,283

Series 2012, 2% 2/15/13

3,825,000

3,845,013

Carlisle Gen. Oblig. BAN 1.25% 11/16/12

13,436,000

13,441,542

Chicopee Gen. Oblig. BAN 2% 11/29/12

5,000,000

5,005,977

Concord & Carlisle Reg'l. School District BAN 1.5% 12/14/12

5,000,000

5,007,647

Danvers Gen. Oblig. BAN 1.25% 7/3/13

5,026,000

5,061,198

Fitchburg Gen. Oblig. Bonds 2% 12/1/12

1,270,000

1,271,660

Framingham Gen. Oblig. BAN 0.5% 12/14/12

39,000,000

39,015,941

Franklin Gen. Oblig. BAN 1.25% 8/16/13

22,300,000

22,485,986

Gloucester Gen. Oblig. BAN 0.6% 2/8/13

14,155,594

14,171,515

Lexington Gen. Oblig.:

BAN Series 2012 B, 0.5% 2/22/13

13,100,000

13,113,660

Bonds Series 2012, 5% 2/15/13

1,118,000

1,133,516

Marblehead Gen. Oblig. BAN 1.25% 8/9/13

14,911,000

15,031,174

Marshfield Gen. Oblig. BAN 0.75% 11/15/12

5,577,000

5,578,081

Massachusetts Bay Trans. Auth. Assessment Rev. Bonds Series 2012 A, 1.5% 1/1/13

3,480,000

3,487,671

Massachusetts Bay Trans. Auth. Sales Tax Rev. Bonds Series 2012 C, 5.25% 7/1/13

535,000

552,652

Massachusetts Commonwealth Trans. Fund Rev. Bonds (Accelerated Bridge Prog.) Series 2012 A, 2% 6/1/13

6,780,000

6,851,003

Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Bonds Series 2010 B, 5% 1/1/13

4,500,000

4,535,177

Massachusetts Dev. Fin. Agcy. Series 2001, 0.18% 12/3/12, LOC TD Banknorth, NA, CP

8,326,000

8,326,000

Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2005, 0.5% tender 11/26/12, CP mode (d)

3,600,000

3,600,000

Massachusetts Dev. Fin. Agcy. Rev. Series 2001. 0.2% 12/6/12, LOC JPMorgan Chase Bank, CP

9,950,000

9,950,000

Massachusetts Gen. Oblig.:

Bonds:

Series 2001 D, 5.5% 11/1/12

13,885,000

13,885,000

Series 2002 C:

5.5% 11/1/12

10,750,000

10,750,000

5.5% 11/1/13

2,550,000

2,683,473

Series 2002 E, 5.5% 1/1/13

3,135,000

3,162,699

Series 2004 A, 5.25% 8/1/13

3,000,000

3,113,012

Series 2007 B:

4% 11/1/12

1,000,000

1,000,000

5% 11/1/12

1,035,000

1,035,000

Other Municipal Debt - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Series 2010 A, 0.59% 2/1/13 (a)

$ 1,700,000

$ 1,700,000

Series 2010 B, 4% 6/1/13

1,000,000

1,021,990

Series 2012 A, 0.19% 2/1/13 (a)

35,000,000

35,000,000

RAN Series 2012 A:

2% 4/25/13

124,900,000

125,998,232

2% 5/23/13

273,700,000

276,483,311

Massachusetts Health & Edl. Facilities Auth. Rev.:

Bonds:

(Partners HealthCare Sys. Proj.) Series 2008 H1:

0.19% tender 3/6/13, CP mode

15,100,000

15,100,000

0.19% tender 3/7/13, CP mode

12,500,000

12,500,000

(Partners HealthCare Sys., Inc. Proj.) Series 2008 H1:

0.14% tender 11/8/12, CP mode

16,400,000

16,400,000

0.18% tender 1/10/13, CP mode

10,660,000

10,660,000

(Partners Healthcare Sys., Inc. Proj.) Series 2008 H1, 0.18% tender 2/6/13, CP mode

20,000,000

20,000,000

(Partners HealthCare Sys., Inc. Proj.) Series 2008 H2:

0.14% tender 11/2/12, CP mode

19,790,000

19,790,000

0.14% tender 11/5/12, CP mode

14,040,000

14,040,000

0.17% tender 12/5/12, CP mode

7,020,000

7,020,000

0.18% tender 1/9/13, CP mode

19,790,000

19,790,000

Series 2010 J2, 5% 7/1/13

450,000

463,913

Series G, 5% 7/1/13

100,000

102,997

Series EE:

0.15% 11/2/12, CP

16,381,000

16,381,000

0.15% 11/5/12, CP

50,000,000

50,000,000

0.15% 11/8/12, CP

7,750,000

7,750,000

0.15% 11/9/12, CP

8,500,000

8,500,000

0.17% 12/14/12, CP

29,800,000

29,800,000

0.21% 2/13/13, CP

11,036,000

11,036,000

Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.):

Series 1992, 0.45% tender 11/28/12, CP mode

8,960,000

8,960,000

Series 1993 A, 0.45% tender 11/26/12, CP mode

300,000

300,000

Series 1993 B, 0.5% tender 12/7/12, CP mode

1,950,000

1,950,000

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Bonds (Nuclear #6 Proj.) Series 2012 A, 5% 7/1/13

1,500,000

1,545,410

Massachusetts Port Auth. Rev.:

Series 2012 A:

0.16% 12/7/12, LOC TD Banknorth, NA, CP

4,000,000

4,000,000

0.16% 12/7/12, LOC TD Banknorth, NA, CP

11,000,000

11,000,000

Other Municipal Debt - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Port Auth. Rev.: - continued

Series 2012 B:

0.16% 12/7/12, LOC TD Banknorth, NA, CP (d)

$ 12,000,000

$ 12,000,000

0.16% 12/7/12, LOC TD Banknorth, NA, CP (d)

15,000,000

15,000,000

0.16% 12/7/12, LOC TD Banknorth, NA, CP (d)

53,000,000

53,000,000

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Bonds Series WF 11 124C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA) (a)(e)(f)

14,835,000

14,835,000

Massachusetts Spl. Oblig. Rev. Bonds:

(Hwy. Grant Prog.) Series 2010 A, 5% 6/15/13

4,065,000

4,185,339

Series 1997 A, 5.5% 6/1/13

1,000,000

1,030,849

Series 2010 A:

3% 12/15/12

1,700,000

1,705,764

4% 12/15/12

11,070,000

11,120,385

Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 0.4% tender 11/2/12, CP mode (d)

12,200,000

12,200,000

Massachusetts State Dev. Fing. Agcy. Poll. Cont. Rev. Bonds (Massachusetts Elec. Co. Proj.) Series 2004, 0.8% tender 11/9/12, CP mode

200,000

200,000

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:

Bonds Series WF 09 67C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.) (a)(e)(f)

15,400,000

15,400,000

Series 1999, 0.17% 1/17/13, LOC State Street Bank & Trust Co., Boston, CP

18,000,000

18,000,000

Melrose Gen. Oblig. BAN 1.5% 11/15/12

12,125,000

12,130,731

Millis Gen. Oblig. BAN 2% 2/22/13

5,118,038

5,144,481

Nantucket Gen. Oblig. BAN 1.25% 6/7/13

8,968,090

9,024,163

Needham Gen. Oblig. BAN 1.5% 7/2/13

5,008,000

5,051,342

Plymouth Gen. Oblig. BAN 1.5% 5/8/13

18,708,600

18,835,492

Somerville Gen. Oblig. BAN 1.25% 6/28/13

8,399,962

8,455,888

Stow Gen. Oblig. BAN 1.25% 5/28/13

8,000,000

8,048,063

Univ. of Massachusetts Bldg. Auth. Facilities Rev. Bonds Series 2004 1, 5.25% 11/1/13

1,000,000

1,049,466

Univ. of Massachusetts Bldg. Auth. Rev. Bonds Series 2, 5% 11/1/12

1,100,000

1,100,000

Waltham Gen. Oblig. BAN 1.25% 6/28/13

9,500,000

9,565,129

Wellesley Gen. Oblig. BAN 1.25% 6/21/13

3,000,000

3,019,965

West Springfield Gen. Oblig. BAN 1.25% 6/28/13

12,165,000

12,242,824

Westfield Gen. Oblig. BAN:

Series 2012 A, 1.25% 4/12/13

12,220,000

12,264,814

0.75% 12/14/12

15,100,000

15,110,096

1.25% 10/25/13

5,000,000

5,047,897

Other Municipal Debt - continued

Principal Amount

Value

Massachusetts - continued

Winchester Gen. Oblig. BAN 1.25% 7/2/13

$ 13,320,000

$ 13,414,682

Woburn Gen. Oblig. BAN 1% 5/3/13

6,240,000

6,264,711

Worcester Gen. Oblig. Bonds Series 2012, 3% 11/1/13

4,448,000

4,568,275

TOTAL OTHER MUNICIPAL DEBT


1,308,968,991

Investment Company - 12.2%

Shares

 

Fidelity Municipal Cash Central Fund, 0.23% (b)(c)

670,847,000


670,847,000

TOTAL INVESTMENT PORTFOLIO - 100.2%

(Cost $5,493,666,991)

5,493,666,991

NET OTHER ASSETS (LIABILITIES) - (0.2)%

(13,549,917)

NET ASSETS - 100%

$ 5,480,117,074

Security Type Abbreviations

BAN

-

BOND ANTICIPATION NOTE

CP

-

COMMERCIAL PAPER

RAN

-

REVENUE ANTICIPATION NOTE

VRDN

-

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

Legend

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

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

(c) Affiliated fund that is 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.

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

(e) Provides evidence of ownership in one or more underlying municipal bonds.

(f) Restricted securities - 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 $30,235,000 or 0.6% of net assets.

Additional information on each restricted holding is as follows:

Security

Acquisition
Date

Cost

Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Bonds Series WF 11 124C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo Bank NA)

2/2/12 - 7/9/12

$ 14,835,000

Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Bonds Series WF 09 67C, 0.26%, tender 2/14/13 (Liquidity Facility Wells Fargo & Co.)

2/3/12

$ 15,400,000

Affiliated Central Funds

Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows:

Fund

Income earned

Fidelity Municipal Cash Central Fund

$ 1,044,100

Other Information

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.

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 those securities. For more information on valuation inputs please refer to the Investment Valuation section at the end of this listing.

Income Tax Information

At October 31, 2012, the cost of investment securities for income tax purposes was $5,493,666,991.

Investment Valuation

Security transactions are accounted for as of trade date. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments. Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.). Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available).

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.

For additional information on the Fund's policy regarding valuation of investments and other significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please

see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR LLC

or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(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 Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

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.

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

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

December 28, 2012

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.

By:

/s/John R. Hebble

 

John R. Hebble

 

President and Treasurer

 

 

Date:

December 28, 2012

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

December 28, 2012