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:

April 30, 2009

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

April 30, 2009 

1.800350.105

SMA-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 99.1%

Principal Amount

Value

California - 0.1%

Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN Series Putters 1272, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

$ 1,495,000

$ 1,495,000

Colorado - 0.7%

Colorado Springs Utils. Rev. Participating VRDN Series SGA 88, 0.5% (Liquidity Facility Societe Generale) (a)(d)

17,000,000

17,000,000

Florida - 1.1%

Alachua County Health Facilities Auth. Continuing Care Retirement Cmnty. Rev. (Oak Hammock At The Univ. of Florida, Inc. Proj.) Series 2007, 0.52%, LOC Bank of Scotland PLC, VRDN (a)

9,715,000

9,715,000

Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. (Mariner's Cay Apts. Proj.) Series 2008 M, 0.5%, LOC Fannie Mae, VRDN (a)

2,000,000

2,000,000

Palm Beach County Rev. (The Norton Gallery and School of Arts, Inc. Proj.) Series 2000, 0.57%, LOC Bank of America NA, VRDN (a)

1,300,000

1,300,000

Putnam County Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1994, 0.55%, VRDN (a)

2,200,000

2,200,000

Sunshine State Govt. Fing. Commission Rev. Series L, 1.45% 5/1/09, LOC Dexia Cr. Local de France, CP

11,000,000

11,000,000

 

26,215,000

Maryland - 0.9%

Chestertown Econ. Dev. Rev. (Washington College Proj.) Series 2008 A, 3.25%, LOC RBS Citizens NA, VRDN (a)

6,600,000

6,600,000

Maryland Health & Higher Edl. Facilities Auth. Rev. (Mercy Med. Ctr. Proj.) Series 2007 B, 0.5%, LOC Bank of America NA, VRDN (a)

16,000,000

16,000,000

 

22,600,000

Massachusetts - 83.6%

Boston Gen. Oblig. Bonds:

Series 2005 A, 5% 1/1/10

6,800,000

6,979,396

Series 2009 A, 2% 4/1/10

5,755,000

5,826,318

Boston Wtr. & Swr. Commission Rev. Bonds Series 2009 B, 3% 11/1/09

3,990,000

4,037,053

Braintree Gen. Oblig. BAN 2.5% 8/14/09

22,200,000

22,256,876

Chelmsford Gen. Oblig. BAN 2.5% 6/18/09

6,399,347

6,405,592

Concord Gen. Oblig. BAN 2.75% 5/15/09

12,000,000

12,003,974

Eclipse Fdg. Trust Various States Participating VRDN Series Solar 06 108, 0.52% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(d)

9,300,000

9,300,000

Framingham Gen. Oblig. BAN 2.5% 6/19/09

6,000,000

6,005,694

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Hingham Gen. Oblig. BAN Series 2008 B, 2.5% 11/25/09

$ 8,237,467

$ 8,302,905

Lunenburg Gen. Oblig. BAN 2.75% 6/25/09

5,689,258

5,696,571

Malden Gen. Oblig. BAN 3.75% 10/23/09

6,100,000

6,118,417

Marion Gen. Oblig. BAN 2.75% 12/11/09

6,995,000

7,057,288

Massachusetts Participating VRDN Series Clipper 07 18, 0.73% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)

54,600,000

54,600,000

Massachusetts Bay Trans. Auth. Series 1999, 0.5% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a)

22,895,000

22,895,000

Massachusetts Bay Trans. Auth. Assessment Rev. Participating VRDN Series DC 8031, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(d)

9,310,000

9,310,000

Massachusetts Bay Trans. Auth. Sales Tax Rev.:

Participating VRDN:

Series BA 08 3050X, 0.53% (Liquidity Facility Bank of America NA) (a)(d)

5,940,000

5,940,000

Series DC 8030, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(d)

5,890,000

5,890,000

Series DCL 08 26, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(d)

13,100,000

13,100,000

Series DCL 08 28, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(d)

9,030,000

9,030,000

Series DCL 08 29, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(d)

11,500,000

11,500,000

Series MACN 05 E, 0.53% (Liquidity Facility Bank of America NA) (a)(d)

8,600,000

8,600,000

Series PT 4140, 0.64% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(d)

17,795,000

17,795,000

Series PT 4368, 0.59% (Liquidity Facility Wells Fargo & Co.) (a)(d)

5,020,000

5,020,000

Series 2008 A1, 0.35% (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

6,140,000

6,140,000

Series 2008 A2, 0.47% (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

2,500,000

2,500,000

Series A, 0.6% 5/14/09 (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA), CP

6,000,000

6,000,000

Massachusetts Dev. Fin. Agcy. Rev.:

Bonds (Boston Univ. Proj.) Series U4, 2%, tender 6/18/09 (a)

13,700,000

13,700,000

(Abby Kelley Foster Charter Pub. School Proj.) Series 2008, 0.5%, LOC TD Banknorth, NA, VRDN (a)

5,000,000

5,000,000

(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 0.5%, LOC PNC Bank NA, Pittsburgh, VRDN (a)

3,700,000

3,700,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

(Boston Univ. Proj.):

Series U2, 0.3%, LOC BNP Paribas SA, VRDN (a)

$ 10,700,000

$ 10,700,000

Series U3, 0.3%, LOC BNP Paribas SA, VRDN (a)

5,555,000

5,555,000

Series U6A, 0.4%, LOC Bank of America NA, VRDN (a)

6,700,000

6,700,000

Series U6E, 0.17%, LOC Bank of Nova Scotia, New York Agcy., VRDN (a)

22,830,000

22,830,000

(Brandeis Univ. Proj.) Series M, 0.45%, LOC Bank of America NA, VRDN (a)

4,400,000

4,400,000

(Brooksby Village, Inc. Proj.) Series 2004, 0.42%, LOC Bank of America NA, VRDN (a)

47,460,000

47,460,000

(Childrens Museum Proj.) Series 2006, 3.75%, LOC RBS Citizens NA, VRDN (a)

15,300,000

15,300,000

(City Year Proj.) Series 2006, 0.45%, LOC Bank of America NA, VRDN (a)

8,395,000

8,395,000

(Ed. Lawrence Academy Proj.) Series 2003 A, 0.45%, LOC Bank of America NA, VRDN (a)

2,490,000

2,490,000

(Edgewood Retirement Cmnty. Proj.):

Series 2000 A, 0.85%, LOC Bank of America NA, VRDN (a)

4,900,000

4,900,000

Series 2008, 0.85%, LOC Bank of America NA, VRDN (a)

7,340,000

7,340,000

(Hockomock YMCA Issue Proj.) 0.45%, LOC Bank of America NA, VRDN (a)

8,275,000

8,275,000

(Institute of Contemporary Art Proj.) Series 2004 A, 0.45%, LOC Bank of America NA, VRDN (a)

4,600,000

4,600,000

(Int'l. Fund For Animal Welfare, Inc. Proj.) Series 2006, 0.45%, LOC Bank of America NA, VRDN (a)

13,335,000

13,335,000

(Lasell College Proj.) Series 2008, 3.15%, LOC RBS Citizens NA, VRDN (a)

12,665,000

12,665,000

(Lasell Village Proj.) Series 2007, 0.5%, LOC Bank of America NA, VRDN (a)

19,755,000

19,755,000

(Mary Ann Morse Healthcare Proj.) Series 2007, 0.52%, LOC JPMorgan Chase Bank, VRDN (a)

8,500,000

8,500,000

(Masonic Nursing Home, Inc. Proj.) Series 2002, 4%, LOC RBS Citizens NA, VRDN (a)

18,000,000

18,000,000

(Neighborhood House Charter Proj.) Series 2003 A, 0.5%, LOC Bank of America NA, VRDN (a)

7,100,000

7,100,000

(Newton Country Day School Proj.):

Series 2000, 0.63%, LOC Bank of America NA, VRDN (a)

7,040,000

7,040,000

Series 2005, 0.63%, LOC Bank of America NA, VRDN (a)

10,280,000

10,280,000

(Saint Mark's School Proj.) Series 2004, 0.63%, LOC Bank of America NA, VRDN (a)

7,490,000

7,490,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

(Simmons College Proj.) Series G, 0.3%, LOC TD Banknorth, N.A., VRDN (a)

$ 9,775,000

$ 9,775,000

(Thayer Academy Proj.) 0.55% (Assured Guaranty Corp. Insured), VRDN (a)

5,170,000

5,170,000

(The May Institute, Inc. Proj.) Series 2006, 0.88%, LOC Banco Santander SA, VRDN (a)

5,195,000

5,195,000

(The Rivers School Proj.) Series 2002, 3.38%, LOC RBS Citizens NA, VRDN (a)

6,800,000

6,800,000

(Third Sector New England, Inc. Proj.) Series 2004 A, 0.5%, LOC Bank of America NA, VRDN (a)

17,350,000

17,350,000

(Worcester Polytechnic Institute Proj.) Series A, 0.5%, LOC TD Banknorth, N.A., VRDN (a)

19,475,000

19,475,000

Series 2001, 0.5% 9/3/09, LOC JPMorgan Chase Bank, CP

5,684,000

5,684,000

Massachusetts Dev. Fin. Agcy. Sr. Living Facility Rev. (New England Deaconess Assoc. Proj.) Series 2004, 0.37%, LOC Lloyds TSB Bank PLC, VRDN (a)

21,165,000

21,165,000

Massachusetts Gen. Oblig.:

Bonds:

Series 2001 A, 5.5% 1/1/10

4,380,000

4,511,033

Series 2001 C:

5.5% 12/1/09

3,645,000

3,741,473

5.5% 12/1/09

1,000,000

1,028,316

Series 2002 A, 5.5% 2/1/10

2,740,000

2,839,756

Series 2004 A, 5% 8/1/09

2,500,000

2,522,328

Series 2006 A, 5% 7/1/09

6,000,000

6,034,296

Series 2008 A:

3% 8/1/09

14,385,000

14,435,200

3% 9/1/09

5,555,000

5,590,627

Participating VRDN:

Series Clipper 07 06, 0.73% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)

17,900,000

17,900,000

Series Clipper 07 39, 0.66% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)

26,900,000

26,900,000

Series EGL 07 0149, 0.96% (Liquidity Facility Citibank NA) (a)(d)

10,500,000

10,500,000

Series MS 1186, 0.58% (Liquidity Facility Rabobank Nederland) (a)(d)(e)

5,487,000

5,487,000

Series Putters 2022, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

13,955,000

13,955,000

Series Putters 2648, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

3,700,000

3,700,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series Putters 301, 0.54% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

$ 940,000

$ 940,000

Series ROC II R 102, 0.63% (Liquidity Facility Citibank NA) (a)(d)

4,865,000

4,865,000

Series SG 126, 0.63% (Liquidity Facility Societe Generale) (a)(d)

3,255,000

3,255,000

(Central Artery Proj.) Series 2000 A, 0.5% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a)

33,000,000

33,000,000

RAN Series 2008 C, 4% 5/29/09

1,400,000

1,403,548

Series 1997 B, 0.43% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a)

65,145,000

65,145,000

Series 1998 A, 0.3% (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

48,865,000

48,865,000

Series 1999 D, 0.7% 5/13/09 (Liquidity Facility Bayerische Landesbank Girozentrale), CP

6,625,000

6,625,000

Series 2001 B, 0.55% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a)

63,100,000

63,100,000

Series 2001 C, 0.75% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)

13,700,000

13,700,000

Series 2001 G, 0.62% 5/5/09 (Liquidity Facility BNP Paribas SA), CP

22,000,000

22,000,000

Series H, 0.55% 6/4/09 (Liquidity Facility Bank of Nova Scotia, New York Agcy.), CP

11,000,000

11,000,000

Massachusetts Health & Edl. Facilities Auth. Rev.:

Bonds:

(Amherst College Proj.) Series H, 2.85%, tender 7/9/09 (a)

9,700,000

9,700,000

(Univ. of Massachusetts Proj.) Series 2000 A, 0.85%, tender 4/1/10 (a)

6,600,000

6,600,000

(Williams College Proj.) Series 2006 M, 0.53%, tender 4/7/10 (a)

9,000,000

9,000,000

Participating VRDN:

Series BA 08 3320, 0.53% (Liquidity Facility Bank of America NA) (a)(d)

5,630,000

5,630,000

Series BA 08 3503, 0.53% (Liquidity Facility Bank of America NA) (a)(d)

5,550,000

5,550,000

Series BBT 08 56, 0.5% (Liquidity Facility Branch Banking & Trust Co.) (a)(d)

5,000,000

5,000,000

Series Clipper 07 08, 0.66% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d)

4,200,000

4,200,000

Series PT 4633, 0.6% (Liquidity Facility Deutsche Postbank AG) (a)(d)

15,765,000

15,765,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

Participating VRDN:

Series Putters 3163, 0.54% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

$ 9,550,000

$ 9,550,000

Series Putters 3262, 0.54% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

5,770,000

5,770,000

Series ROC II R 10414, 0.63% (Liquidity Facility Citibank NA) (a)(d)

3,775,000

3,775,000

Series ROC II R 10416, 0.63% (Liquidity Facility Citibank NA) (a)(d)

24,050,000

24,050,000

Series SGB 42, 0.68% (Liquidity Facility Societe Generale) (a)(d)

8,700,000

8,700,000

(Baystate Med. Ctr. Proj.) Series 2005 G, 0.47%, LOC Bank of America NA, VRDN (a)

39,535,000

39,535,000

(Bentley College Proj.) Series K, 0.33%, LOC JPMorgan Chase Bank, VRDN (a)

17,950,000

17,950,000

(CIL Realty of Massachusetts Proj.) Series 2007, 0.45%, LOC HSBC Bank USA, NA, VRDN (a)

7,300,000

7,300,000

(Dana-Farber Cancer Institute Proj.):

Series 2008 L1, 0.3%, LOC JPMorgan Chase Bank, VRDN (a)

7,750,000

7,750,000

Series 2008 L2, 0.45%, LOC Bank of America NA, VRDN (a)

12,200,000

12,200,000

(Endicott College Proj.) Series 2004 D, 0.45%, LOC Bank of America NA, VRDN (a)

6,700,000

6,700,000

(Harvard Univ. Proj.) Series Y, 0.32%, VRDN (a)

3,100,000

3,100,000

(Harvard Vanguard Med. Associates Proj.) Series 2004, 0.28%, LOC TD Banknorth, NA, VRDN (a)

22,880,000

22,880,000

(Home for Little Wanderers Proj.) Series B, 3.38%, LOC RBS Citizens NA, VRDN (a)

3,835,000

3,835,000

(Massachusetts Institute of Technology Proj.) Series 2001 J2, 0.37%, VRDN (a)

10,300,000

10,300,000

(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.45%, LOC JPMorgan Chase Bank, VRDN (a)

9,900,000

9,900,000

(Northeastern Univ. Proj.):

Series 2008 Q, 0.4%, LOC Bank of America NA, VRDN (a)

10,600,000

10,600,000

Series 2008 U, 0.3%, LOC JPMorgan Chase Bank, VRDN (a)

3,830,000

3,830,000

Series 2008 W, 0.3%, LOC TD Banknorth, NA, VRDN (a)

9,800,000

9,800,000

(Partners HealthCare Sys., Inc. Proj.) Series 2008 D1, 0.3%, VRDN (a)

7,300,000

7,300,000

(South Shore Hosp. Proj.) Series 2008 G, 0.47% (Assured Guaranty Corp. Insured), VRDN (a)

13,700,000

13,700,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

(Suffolk Univ. Proj.) Series 2008 A, 0.47%, LOC TD Banknorth, NA, VRDN (a)

$ 5,000,000

$ 5,000,000

(Williams College Proj.):

Series E, 0.35%, VRDN (a)

1,050,000

1,050,000

Series I, 0.32%, VRDN (a)

16,000,000

16,000,000

Series 2008 H1, 0.67% 9/2/09, CP

8,000,000

8,000,000

Series 2008 H2:

0.55% 6/5/09, CP

7,020,000

7,020,000

0.55% 7/7/09, CP

7,020,000

7,020,000

Series B, 3.38%, LOC RBS Citizens NA, VRDN (a)

7,530,000

7,530,000

Massachusetts Hsg. Fin. Agcy. Hsg. Rev. Participating VRDN Series Putters 3145, 0.54% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

15,550,000

15,550,000

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

Series 1993 A, 1.1% tender 5/7/09, CP mode

9,700,000

9,700,000

Series 1993 B, 1.8% tender 5/1/09, CP mode

13,500,000

13,500,000

Massachusetts Indl. Fin. Agcy. Rev.:

Bonds (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/09

8,500,000

8,455,200

(Goddard House Proj.) 0.5%, LOC Bank of America NA, VRDN (a)

9,100,000

9,100,000

(Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 0.63%, LOC Bank of America NA, VRDN (a)

5,835,000

5,835,000

Massachusetts Port Auth. Rev.:

Series 2003 A, 0.62% 8/4/09, LOC Bank of New York, New York, CP

10,000,000

10,000,000

Series 2008 A, 0.47%, LOC Bank of America NA, VRDN (a)

12,100,000

12,100,000

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

Participating VRDN:

Series EGL 07 0031, 0.96% (Liquidity Facility Citibank NA) (a)(d)

23,500,000

23,500,000

Series EGL 07 0033, 0.96% (Liquidity Facility Citibank NA) (a)(d)

19,800,000

19,800,000

Series EGL 07 0067, 0.96% (Liquidity Facility Citibank NA) (a)(d)

19,100,000

19,100,000

Series EGL 07 0092, 0.95% (Liquidity Facility Citibank NA) (a)(d)

17,700,000

17,700,000

Series Putters 1197, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

4,160,000

4,160,000

Series Putters 1430, 0.88% (Liquidity Facility JPMorgan Chase & Co.) (a)(d)

8,700,000

8,700,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

Participating VRDN:

Series Putters 1920, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

$ 7,845,000

$ 7,845,000

Series Putters 2286, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

14,510,000

14,510,000

Series Putters 2857, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

8,545,000

8,545,000

Series A:

0.45% 7/8/09, LOC Bank of Nova Scotia, New York Agcy., CP

6,500,000

6,500,000

0.5% 6/5/09, LOC Bank of Nova Scotia, New York Agcy., CP

16,100,000

16,100,000

0.55% 6/3/09, LOC Bank of Nova Scotia, New York Agcy., CP

11,200,000

11,200,000

0.55% 6/5/09, LOC Bank of Nova Scotia, New York Agcy., CP

2,000,000

2,000,000

0.57% 6/10/09, LOC Bank of Nova Scotia, New York Agcy., CP

11,200,000

11,200,000

Massachusetts Wtr. Poll. Abatement Trust Participating VRDN Series BBT 08 58, 0.5% (Liquidity Facility Branch Banking & Trust Co.) (a)(d)

12,430,000

12,430,000

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

Participating VRDN:

Series DCL 07 001, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(d)

13,785,000

13,785,000

Series EGL 06 0097, 0.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(d)

3,700,000

3,700,000

Series MS 2935, 0.78% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(d)

11,491,000

11,491,000

Series Putters 2848, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(d)

5,895,000

5,895,000

Series ROC II R 10377, 0.81% (Liquidity Facility Citibank NA) (a)(d)

11,900,000

11,900,000

Series ROC II R 11319, 0.96% (Liquidity Facility Citibank NA) (a)(d)

5,000,000

5,000,000

Series 1995:

0.5% 5/6/09, LOC Bayerische Landesbank
Girozentrale, CP

7,500,000

7,500,000

0.78% 5/8/09, LOC Bayerische Landesbank Girozentrale, CP

8,800,000

8,800,000

Series 1999 B, 0.48%, LOC Landesbank Hessen-Thuringen, VRDN (a)

7,715,000

7,715,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

Series 1999:

0.5% 6/4/09, LOC State Street Bank & Trust Co.,
Boston, CP

$ 1,500,000

$ 1,500,000

0.65% 6/11/09, LOC State Street Bank & Trust Co., Boston, CP

8,000,000

8,000,000

Series 2002 C, 0.4%, LOC Landesbank Hessen-Thuringen, VRDN (a)

24,060,000

24,060,000

Series 2002 D, 0.4%, LOC Landesbank Baden-Wuert, VRDN (a)

15,000,000

15,000,000

Series 2008 B, 0.43% (Liquidity Facility Bank of America NA), VRDN (a)

9,000,000

9,000,000

Series 2008 C, 0.33% (Liquidity Facility Bayerische Landesbank), VRDN (a)

59,000,000

59,000,000

Series 2008 D, 0.36% (Liquidity Facility Bayerische Landesbank), VRDN (a)

23,100,000

23,100,000

Series 2008 E, 0.64% (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

8,600,000

8,600,000

Series 2008 F, 0.3% (Liquidity Facility Bank of Nova Scotia, New York Agcy.), VRDN (a)

30,400,000

30,400,000

Nantucket Gen. Oblig. BAN 1.75% 2/26/10

9,602,235

9,684,735

Plymouth Gen. Oblig. BAN 2.75% 5/15/09

15,400,000

15,405,275

Sudbury Gen. Oblig. BAN 3.5% 6/15/09

2,545,000

2,546,847

Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.4%, LOC Lloyds TSB Bank PLC, VRDN (a)

90,300,000

90,300,000

Univ. of Massachusetts Bldg. Auth. Rev. Series 2008 3, 0.47%, LOC Bank of America NA, VRDN (a)

22,400,000

22,400,000

Westborough Gen. Oblig. BAN 2.5% 8/28/09

6,060,553

6,075,605

Weston Gen. Oblig. BAN 1.5% 2/5/10

17,328,166

17,448,397

 

2,074,904,720

Nebraska - 0.2%

Nebraska Edl. Fin. Auth. Rev. (Creighton Univ. Proj.) Series 2008, 0.45%, LOC JPMorgan Chase Bank, VRDN (a)

3,800,000

3,800,000

North Carolina - 0.1%

North Carolina Ports Auth. Port Facilities Rev. Series 2008, 0.51%, LOC Branch Banking & Trust Co., VRDN (a)

3,500,000

3,500,000

Municipal Securities - continued

Principal Amount

Value

Pennsylvania - 0.2%

Pennsylvania Higher Edl. Facilities Auth. Rev.:

(Marywood Univ. Proj.) Series 2005 A, 0.48%, LOC PNC Bank NA, Pittsburgh, VRDN (a)

$ 2,000,000

$ 2,000,000

(Student Assoc., Inc. Student Hsg. Proj.) Series 2006 A, 2.9%, LOC Citizens Bank of Pennsylvania, VRDN (a)

3,100,000

3,100,000

 

5,100,000

Puerto Rico - 0.9%

Puerto Rico Commonwealth Aqueduct & Swr. Auth. Participating VRDN Series ROC II R 11321, 0.93% (Liquidity Facility Citibank NA) (a)(d)

5,450,000

5,450,000

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

Series 2009 A1, 3% 7/30/09, LOC Bank of Nova Scotia, New York Agcy.

7,600,000

7,625,314

Series 2009 A2, 3% 7/30/09, LOC BNP Paribas SA

4,300,000

4,314,322

Series 2009 A3, 3% 7/30/09, LOC Banco Bilbao Vizcaya Argentaria SA

3,900,000

3,912,990

 

21,302,626

Rhode Island - 0.5%

Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. (Rhode Island School of Design Proj.) Series 2008 A, 0.5%, LOC Bank of America NA, VRDN (a)

11,985,000

11,985,000

South Carolina - 0.1%

Greenville Hosp. Sys. Facilities Rev. Series 2008 E, 0.47%, LOC Wachovia Bank NA, VRDN (a)

3,500,000

3,500,000

Texas - 0.5%

Dallas Performing Arts Cultural Facilities Corp. Cultural Facility Rev. (Dallas Ctr. for the Performing Arts Foundation, Inc. Proj.) Series 2008 B, 0.45%, LOC JPMorgan Chase Bank, VRDN (a)

9,225,000

9,225,000

Harris County Cultural Ed. Facilities Fin. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.) Series 2008 B2, 0.38%, LOC Compass Bank, VRDN (a)

4,150,000

4,150,000

 

13,375,000

Virginia - 0.3%

Chesapeake Bay Bridge and Tunnel District Gen. Resolution Rev. Series 2008 A, 0.46%, LOC Branch Banking & Trust Co., VRDN (a)

7,250,000

7,250,000

Wyoming - 0.1%

Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.45%, LOC Wells Fargo Bank NA, VRDN (a)

3,200,000

3,200,000

Municipal Securities - continued

Shares

Value

Other - 9.8%

Fidelity Tax-Free Cash Central Fund, 0.46% (b)(c)

242,503,389

$ 242,503,389

TOTAL INVESTMENT PORTFOLIO - 99.1%

(Cost $2,457,730,735)

2,457,730,735

NET OTHER ASSETS - 0.9%

23,021,802

NET ASSETS - 100%

$ 2,480,752,537

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

RAN - REVENUE ANTICIPATION
NOTE

TRAN - TAX AND REVENUE
ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND
NOTE

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free 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.

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

(e) 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 $5,487,000 or 0.2% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost

Massachusetts Gen. Oblig. Participating VRDN Series MS 1186, 0.58% (Liquidity Facility Rabobank Nederland)

10/12/05

$ 5,487,000

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

$ 162,171

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at 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 in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 2,457,730,735

$ -

$ 2,457,730,735

$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $2,457,730,735.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

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

April 30, 2009 

1.800349.105

MFL-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 97.6%

 

Principal Amount

Value

Guam - 0.3%

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

Series 2006 A, 5% 10/1/23

$ 2,740,000

$ 2,333,987

Series 2008:

4.625% 10/1/11

1,100,000

1,099,340

5.375% 10/1/14

1,150,000

1,164,720

5.875% 10/1/18

1,900,000

1,939,083

 

6,537,130

Massachusetts - 94.8%

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

1,300,000

1,418,963

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

1,305,000

1,385,284

Boston Gen. Oblig.:

Series 2005 A, 5% 1/1/17

1,005,000

1,130,504

Series 2007 A, 5% 3/1/22

2,335,000

2,566,048

Series 2007 B, 5% 3/1/21

7,335,000

8,150,799

Boston Spl. Oblig. (Boston City Hosp. Issue Proj.):

5% 8/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured)

9,705,000

10,044,190

5% 8/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured)

7,990,000

8,220,192

5% 8/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured)

6,200,000

6,340,802

Boston Wtr. & Swr. Commission Rev.:

Series 1998 C, 5.2% 11/1/21 (Nat'l. Pub. Fin. Guar Corp. Insured)

2,045,000

2,065,450

Series 2009 A:

5% 11/1/25

1,725,000

1,836,642

5% 11/1/26

1,500,000

1,580,790

5% 11/1/28

2,195,000

2,277,137

Sr. Series A:

5.25% 11/1/19

10,325,000

11,656,925

5.75% 11/1/13

1,690,000

1,822,817

Bridgewater-Raynham Reg'l. School District:

5% 6/15/18 (FSA Insured)

1,475,000

1,574,032

5% 6/15/19 (FSA Insured)

1,535,000

1,633,347

Brockton Gen. Oblig.:

5% 4/1/15 (FSA Insured)

1,000,000

1,106,910

5% 4/1/16 (FSA Insured)

1,000,000

1,110,050

Brookline Gen. Oblig. 5.75% 4/1/15

1,045,000

1,088,012

Dracut Gen. Oblig.:

5% 5/15/16 (AMBAC Insured)

1,400,000

1,519,000

5% 5/15/19 (AMBAC Insured)

1,000,000

1,071,990

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

2,265,000

2,372,633

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

1,000,000

1,089,890

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

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

$ 1,380,000

$ 1,462,731

Lowell Gen. Oblig.:

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

1,410,000

1,567,201

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

1,310,000

1,427,455

Lynn Gen. Oblig.:

5.375% 8/15/14 (Nat'l. Pub. Fin. Guar Corp. Insured)

2,120,000

2,278,979

5.375% 8/15/15 (Nat'l. Pub. Fin. Guar Corp. Insured)

2,235,000

2,405,195

5.375% 8/15/16 (Nat'l. Pub. Fin. Guar Corp. Insured)

2,345,000

2,512,199

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

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

2,000,000

2,021,080

Series 2005 A:

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

2,055,000

2,238,676

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

1,560,000

1,686,079

Marblehead Gen. Oblig.:

5% 8/15/19

1,510,000

1,654,779

5% 8/15/20

1,465,000

1,596,513

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

2,070,000

2,299,998

Massachusetts Bay Trans. Auth.:

Series 1991 A:

7% 3/1/21

1,500,000

1,847,025

7% 3/1/21 (FGIC Insured)

3,025,000

3,724,834

Series 1992 B, 6.2% 3/1/16

27,525,000

31,867,344

Series 1993 A, 5.5% 3/1/12

7,150,000

7,512,934

Massachusetts Bay Trans. Auth. Assessment Rev.:

Series 2000 A:

5.25% 7/1/30

7,085,000

7,136,579

5.75% 7/1/15

85,000

88,541

5.75% 7/1/18

330,000

340,979

Series 2008 A, 5.25% 7/1/34

12,750,000

13,333,695

Massachusetts Bay Trans. Auth. Sales Tax Rev.:

Series 2003 C:

5.25% 7/1/19

4,430,000

5,199,358

5.25% 7/1/21

4,000,000

4,640,680

5.25% 7/1/23

3,950,000

4,558,300

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

4,000,000

4,469,400

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

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

Series 2006 A, 5.25% 7/1/32

$ 7,745,000

$ 8,296,134

Series 2006 C:

5% 7/1/22

9,900,000

10,834,956

5% 7/1/23

10,000,000

10,863,700

Series 2009 B:

5% 7/1/17

7,000,000

8,104,600

5% 7/1/18

4,500,000

5,184,540

Massachusetts Dept. of Agricultural Resources Higher Ed. Rev.:

(Emerson College Proj.) Series 2006 A, 5% 1/1/18

1,920,000

1,968,979

Series 2006 A:

5% 1/1/14

1,500,000

1,564,365

5% 1/1/17

1,250,000

1,299,050

5% 1/1/19

2,225,000

2,251,656

5% 1/1/20

3,000,000

2,985,120

Massachusetts Dev. Fin. Agcy. Rev.:

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

1,165,000

1,052,799

(Boston College Proj.) Series P:

5% 7/1/20

2,500,000

2,690,400

5% 7/1/21

3,090,000

3,289,799

(Boston Univ. Proj.) Series T1, 5% 10/1/39 (AMBAC Insured)

10,000,000

9,607,200

(Brandeis Univ. Proj.) Series N:

5% 10/1/23

1,040,000

1,110,730

5% 10/1/24

1,210,000

1,277,784

(College of the Holy Cross Proj.):

Series 2008 A, 5% 9/1/26

1,500,000

1,547,265

Series 2008 B, 5% 9/1/22

1,100,000

1,176,879

(Mount Holyoke College Proj.) Series 2001:

5.125% 7/1/21

5,715,000

5,901,138

5.25% 7/1/31

11,785,000

11,896,368

5.5% 7/1/14

750,000

804,270

5.5% 7/1/15

910,000

970,870

5.5% 7/1/16

590,000

626,256

(Regis College Proj.) Series 1998:

5.25% 10/1/18

2,240,000

1,818,768

5.5% 10/1/28

5,660,000

3,868,836

Series 2008, 5.75% 9/1/25

8,000,000

8,715,840

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2002, 5.5%, tender 5/1/14 (b)(c)

$ 10,250,000

$ 10,245,490

Massachusetts Edl. Fing. Auth. Rev.:

Series 1998 AG, 5% 12/1/11 (Nat'l. Pub. Fin. Guar Corp. Insured) (c)

975,000

974,961

Series 1998 CG:

4.7% 12/1/09 (Nat'l. Pub. Fin. Guar Corp. Insured) (c)

860,000

861,660

4.9% 12/1/11 (Nat'l. Pub. Fin. Guar Corp. Insured) (c)

1,225,000

1,224,951

Series 1999 AE:

4.55% 7/1/09 (AMBAC Insured) (c)

510,000

510,066

4.65% 7/1/10 (AMBAC Insured) (c)

1,220,000

1,222,111

4.75% 7/1/11 (AMBAC Insured) (c)

2,100,000

2,090,109

4.8% 7/1/12 (AMBAC Insured) (c)

540,000

536,225

4.95% 7/1/14 (AMBAC Insured) (c)

1,030,000

1,011,841

5% 7/1/15 (AMBAC Insured) (c)

485,000

473,588

Massachusetts Fed. Hwy.:

Series 1998 A, 0% 6/15/15

1,455,000

1,195,530

Series 2000 A:

5.75% 6/15/11

8,660,000

9,250,699

5.75% 12/15/11

9,510,000

10,158,677

5.75% 6/15/12

5,000,000

5,303,900

5.75% 6/15/13

8,000,000

8,519,200

5.75% 12/15/14 (Pre-Refunded to 12/15/10 @ 100) (d)

5,035,000

5,317,917

5.75% 6/15/15 (Pre-Refunded to 12/15/10 @ 100) (d)

7,000,000

7,393,330

Massachusetts Gen. Oblig.:

Series 2001 D:

5.5% 11/1/18

2,000,000

2,381,100

5.5% 11/1/20

1,000,000

1,182,660

Series 2002 C, 5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (d)

1,795,000

2,011,262

Series 2002 D, 5.375% 8/1/22 (Pre-Refunded to 8/1/12 @ 100) (d)

240,000

268,238

Series 2002 E:

5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (d)

4,315,000

4,811,700

5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (d)

695,000

775,001

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Series 2003 D:

5.25% 10/1/22 (Pre-Refunded to 10/1/13 @ 100) (d)

$ 3,800,000

$ 4,332,038

5.5% 10/1/18

6,000,000

7,145,280

5.5% 10/1/19

7,000,000

8,319,570

Series 2004 A:

5% 8/1/16 (Pre-Refunded to 8/1/14 @ 100) (d)

5,000,000

5,678,400

5.25% 8/1/20

4,500,000

5,239,980

Series 2004 D, 5% 12/1/23 (Pre-Refunded to 12/1/14 @ 100) (d)

4,850,000

5,533,850

Series 2005 A, 5% 3/1/18

25,000,000

27,595,500

Series 2006 B:

5.25% 9/1/20 (FSA Insured)

4,255,000

4,954,607

5.25% 9/1/22

15,000,000

17,273,400

Series 2006 D, 5% 8/1/19

8,990,000

9,960,381

Series 2007 A, 1.354% 5/1/37 (b)

20,000,000

11,145,000

Series 2007 B, 5% 11/1/15

7,000,000

8,019,690

Series 2007 C:

5% 8/1/32

18,500,000

18,988,585

5% 8/1/37

33,800,000

34,576,386

5.25% 8/1/21 (AMBAC Insured)

980,000

1,095,081

5.25% 8/1/22

1,985,000

2,195,728

5.25% 8/1/23

12,800,000

14,082,560

5.25% 8/1/24

6,500,000

7,084,155

Series 2008 A:

5% 8/1/33

3,000,000

3,062,100

5% 8/1/38

4,085,000

4,142,027

Series 2009 A, 5% 3/1/39

15,000,000

15,184,800

Massachusetts Health & Edl. Facilities Auth. Rev.:

(Amherst College Proj.) Series 2009 K2, 2.75%, tender 1/5/12 (b)

3,000,000

3,037,770

(Baystate Med. Ctr. Proj.) Series F:

5.75% 7/1/17

1,305,000

1,339,269

5.75% 7/1/18

1,300,000

1,334,138

5.75% 7/1/19

1,455,000

1,489,789

5.75% 7/1/20

500,000

510,785

5.75% 7/1/33

3,000,000

2,849,760

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

5% 10/1/16

1,000,000

1,109,470

5% 10/1/19

3,290,000

3,427,325

5% 10/1/21

3,270,000

3,335,040

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

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

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

5% 10/1/23

$ 2,000,000

$ 2,013,560

5% 10/1/25

5,950,000

5,858,132

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

10,830,000

10,830,000

(Brandeis Univ. Proj.) Series I:

5.25% 10/1/14 (Nat'l. Pub. Fin. Guar Corp. Insured)

2,780,000

2,808,467

5.25% 10/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured)

1,400,000

1,414,280

(CareGroup, Inc. Proj.):

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

1,000,000

900,940

Series 2008 B2:

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

800,000

706,520

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

1,750,000

1,593,970

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

2,000,000

1,781,860

Series 2008 D:

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

1,500,000

1,446,135

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

1,450,000

1,370,134

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

1,000,000

935,800

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

1,900,000

1,741,578

Series 2008 E1:

5% 7/1/28

2,525,000

2,179,151

5.125% 7/1/33

2,000,000

1,668,360

5.125% 7/1/38

3,640,000

2,964,707

5.375% 7/1/21

10,850,000

10,368,911

Series 2008 E2:

5.375% 7/1/23

3,500,000

3,283,490

5.375% 7/1/24

5,015,000

4,658,283

5.375% 7/1/25

3,500,000

3,217,690

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

2,500,000

1,539,375

(Harvard Univ. Proj.) Series FF, 5.125% 7/15/37

32,840,000

33,510,593

(Lahey Clinic Med. Ctr. Proj.) Series 2005 C, 5% 8/15/30 (FGIC Insured)

5,190,000

4,396,293

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

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

(Massachusetts Eye & Ear Infirmary Proj.) Series B:

5.25% 7/1/09

$ 2,540,000

$ 2,547,798

5.25% 7/1/10

2,000,000

1,923,760

5.25% 7/1/11

3,025,000

2,810,649

(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (AMBAC Insured)

9,170,000

9,596,864

(Massachusetts Institute of Technology Proj.):

Series 2008 N, 5% 7/1/19

3,000,000

3,426,450

Series K, 5.375% 7/1/17

6,805,000

8,101,829

Series L:

5% 7/1/18

4,315,000

5,023,782

5% 7/1/23

3,990,000

4,571,622

(Med. Ctr. of Central Massachusetts Proj.) 6.55% 6/23/22 (AMBAC Insured)

16,800,000

16,127,832

(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (Nat'l. Pub. Fin. Guar Corp. Insured)

500,000

479,695

(Northeastern Univ. Proj.):

Series 2008 R:

5% 10/1/16

600,000

665,682

5% 10/1/17

750,000

828,990

5% 10/1/18

500,000

549,135

5% 10/1/20

2,000,000

2,145,700

5% 10/1/22

1,160,000

1,212,177

5% 10/1/27

3,030,000

3,022,637

5% 10/1/28

1,000,000

986,510

5% 10/1/33

5,000,000

4,789,100

Series 2009 T1, 4.125%, tender 2/16/12 (a)(b)

5,000,000

4,998,450

Series 2009 Y1:

5% 10/1/15

1,425,000

1,501,480

5% 10/1/16

1,495,000

1,558,792

5% 10/1/16

1,090,000

1,136,510

5% 10/1/17

1,570,000

1,631,057

5% 10/1/19

1,730,000

1,742,491

Series 2009 Y2:

5% 10/1/17

1,145,000

1,181,411

5% 10/1/18

1,215,000

1,236,846

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

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

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

Series 1997 A:

5.125% 7/1/11 (Nat'l. Pub. Fin. Guar Corp. Insured)

$ 3,885,000

$ 3,898,520

5.375% 7/1/24

7,430,000

7,429,480

Series 2005 F:

5% 7/1/17

1,410,000

1,480,697

5% 7/1/19

1,760,000

1,816,302

5% 7/1/20

2,350,000

2,408,609

5% 7/1/21

1,150,000

1,170,033

5% 7/1/22

1,855,000

1,875,442

Series 2007 G:

5% 7/1/18

1,500,000

1,581,000

5% 7/1/20

1,300,000

1,341,197

5% 7/1/22

1,350,000

1,368,873

5% 7/1/27

7,750,000

7,533,310

5% 7/1/28

5,515,000

5,297,819

Series C:

5.75% 7/1/21

2,500,000

2,577,225

5.75% 7/1/32

190,000

191,288

Series E:

5% 7/1/17

1,255,000

1,299,138

5% 7/1/19

1,390,000

1,421,275

(South Shore Hosp. Proj.) Series F:

5.25% 7/1/09

2,120,000

2,131,681

5.5% 7/1/12

800,000

809,320

5.5% 7/1/12 (Pre-Refunded to 7/1/09 @ 101) (d)

1,365,000

1,389,010

5.625% 7/1/19

370,000

370,229

5.625% 7/1/19 (Pre-Refunded to 7/1/09 @ 101) (d)

630,000

641,201

5.75% 7/1/29

6,370,000

5,759,881

(Tufts Univ. Proj.):

Series 2008 O, 5.375% 8/15/38

4,500,000

4,660,875

Series I, 5.5% 2/15/36

5,000,000

5,013,800

Series J, 5.5% 8/15/17

500,000

594,630

(UMass Worcester Proj.):

Series 2005 D:

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

3,040,000

3,309,557

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

3,735,000

4,031,522

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

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

(UMass Worcester Proj.):

Series B:

5.25% 10/1/15 (FGIC Insured)

$ 565,000

$ 594,544

5.25% 10/1/15 (Pre-Refunded to 10/1/11 @ 100) (d)

215,000

234,083

(Wellesley College Proj.) Series II:

5% 7/1/19

1,975,000

2,126,562

5% 7/1/20

2,075,000

2,210,850

(Williams College Proj.):

Series 2003 H, 5% 7/1/20

1,005,000

1,066,385

Series 2006 L:

5% 7/1/17

1,000,000

1,127,900

5% 7/1/18

1,000,000

1,114,260

5% 7/1/19

1,695,000

1,872,704

5% 7/1/20

2,410,000

2,635,383

5% 7/1/21

2,535,000

2,718,965

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

5.25% 6/1/25

1,760,000

1,818,942

5.375% 6/1/30

8,000,000

8,175,360

(Worcester City Campus Proj.) Series 2007 E:

5% 10/1/17 (FGIC Insured)

2,130,000

2,162,823

5% 10/1/18 (FGIC Insured)

1,985,000

2,003,242

5% 10/1/19 (FGIC Insured)

1,350,000

1,354,077

5% 10/1/20 (FGIC Insured)

2,465,000

2,454,302

Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. (Boston Edison Co. Proj.) Series 1994 A, 5.75% 2/1/14

9,900,000

9,904,158

Massachusetts Indl. Fin. Agcy. Rev. (Whitehead Institute Biomedical Research Proj.) 5.125% 7/1/26

14,600,000

14,600,146

Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.:

(Nuclear #6 Proj.) Series A, 5.25% 7/1/14 (Nat'l. Pub. Fin. Guar Corp. Insured)

1,465,000

1,509,536

(Nuclear Mix #1 Proj.) Series A, 5.25% 7/1/12 (Nat'l. Pub. Fin. Guar Corp. Insured)

8,000,000

8,343,920

(Nuclear Mix #4 Proj.) Series A, 5.25% 7/1/12 (Nat'l. Pub. Fin. Guar Corp. Insured)

8,510,000

8,875,845

Massachusetts Port Auth. Rev.:

(US Airways, Inc. Proj.) Series A, 5.5% 9/1/10 (Nat'l. Pub. Fin. Guar Corp. Insured) (c)

1,965,000

1,885,653

Series 1973, 5.625% 7/1/12 (Escrowed to Maturity) (d)

975,000

1,058,343

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

Massachusetts Port Auth. Rev.: - continued

Series 1998 A, 5% 7/1/23 (FSA Insured)

$ 8,750,000

$ 8,759,188

Series 1998 B:

5% 7/1/10 (FSA Insured) (c)

2,275,000

2,280,847

5% 7/1/15 (FSA Insured) (c)

3,310,000

3,311,059

Series 1999 B:

5.5% 7/1/10 (FSA Insured) (c)

11,470,000

11,629,204

5.5% 7/1/11 (FSA Insured) (c)

5,500,000

5,566,055

5.5% 7/1/12 (FSA Insured) (c)

4,000,000

4,046,440

Series 2003 A:

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

2,000,000

2,103,140

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

6,915,000

7,238,968

5% 7/1/20

2,505,000

2,601,843

5% 7/1/21

3,000,000

3,091,620

5% 7/1/22

2,000,000

2,051,880

5% 7/1/35

10,000,000

10,051,900

Series 2005 A:

5% 7/1/18 (AMBAC Insured)

5,205,000

5,724,511

5% 7/1/21 (AMBAC Insured)

5,010,000

5,328,486

Series 2007 C:

5% 7/1/17 (FSA Insured) (c)

1,660,000

1,650,023

5% 7/1/22 (FSA Insured) (c)

6,140,000

5,712,165

5% 7/1/27 (FSA Insured) (c)

5,000,000

4,305,150

Massachusetts Port Auth. Spl. Facilities Rev.:

(BosFuel Corp. Proj.) Series 2007:

5% 7/1/18 (FGIC Insured) (c)

1,500,000

1,445,520

5% 7/1/19 (FGIC Insured) (c)

1,000,000

950,920

5% 7/1/20 (FGIC Insured) (c)

1,360,000

1,276,156

5% 7/1/21 (c)

1,000,000

924,260

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

5.5% 1/1/12 (AMBAC Insured) (c)

9,335,000

6,352,841

5.5% 1/1/13 (AMBAC Insured) (c)

7,015,000

4,625,200

5.5% 1/1/14 (AMBAC Insured) (c)

6,040,000

3,862,097

5.5% 1/1/15 (AMBAC Insured) (c)

5,000,000

3,156,000

5.5% 1/1/16 (AMBAC Insured) (c)

5,000,000

3,146,200

5.5% 1/1/17 (AMBAC Insured) (c)

5,555,000

3,456,988

5.5% 1/1/18 (AMBAC Insured) (c)

6,000,000

3,723,720

5.5% 1/1/19 (AMBAC Insured) (c)

5,000,000

3,095,700

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

Series 2005 A:

5% 8/15/19

17,000,000

18,706,800

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

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

Series 2005 A:

5% 8/15/22

$ 5,540,000

$ 5,939,877

5% 8/15/23

6,000,000

6,384,660

5% 8/15/24

26,600,000

28,062,202

5% 8/15/25

12,350,000

12,924,152

5% 8/15/26

2,000,000

2,078,420

5% 8/15/27

10,000,000

10,314,300

5% 8/15/30

107,600,000

109,563,694

Series 2007 A:

4.5% 8/15/35

19,825,000

18,603,185

5% 8/15/17 (AMBAC Insured)

5,000,000

5,787,500

5% 8/15/37

26,000,000

26,226,200

Massachusetts Spl. Oblig. Dedicated Tax Rev.:

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

3,500,000

3,873,975

Series 2005, 5.5% 1/1/28 (Nat'l. Pub. Fin. Guar Corp. Insured)

1,000,000

1,041,570

Massachusetts Spl. Oblig. Rev.:

(Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A:

5% 12/15/12 (FSA Insured)

3,700,000

4,036,145

5% 12/15/13 (FSA Insured)

2,700,000

2,985,984

Series 2002 A:

5.5% 6/1/15 (Nat'l. Pub. Fin. Guar Corp. Insured)

11,070,000

12,774,891

5.5% 6/1/16 (Nat'l. Pub. Fin. Guar Corp. Insured)

2,520,000

2,930,911

Series 2005 A:

5% 6/1/23 (FSA Insured)

2,000,000

2,077,300

5.5% 6/1/16 (FSA Insured)

3,000,000

3,499,620

5.5% 6/1/18 (FSA Insured)

9,740,000

11,416,254

5.5% 6/1/19

10,000,000

11,731,500

Massachusetts State College Bldg. Auth. Rev.:

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

2,250,000

1,329,818

Series 2003 A:

5.25% 5/1/14 (XL Cap. Assurance, Inc. Insured)

2,075,000

2,271,357

5.25% 5/1/15 (XL Cap. Assurance, Inc. Insured)

2,030,000

2,202,895

5.25% 5/1/16 (XL Cap. Assurance, Inc. Insured)

1,295,000

1,395,181

5.25% 5/1/19 (XL Cap. Assurance, Inc. Insured)

2,680,000

2,833,752

5.25% 5/1/21 (XL Cap. Assurance, Inc. Insured)

1,965,000

2,048,847

5.25% 5/1/23 (XL Cap. Assurance, Inc. Insured)

2,665,000

2,759,847

Series 2003 B:

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

6,080,000

2,166,000

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

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

Series 2003 B:

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

$ 1,100,000

$ 1,240,701

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

1,825,000

2,061,976

Series 2004 A:

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

2,270,000

2,424,632

5% 5/1/43 (Nat'l. Pub. Fin. Guar Corp. Insured)

11,410,000

11,012,476

Series 2006 A:

5% 5/1/31 (AMBAC Insured)

5,000,000

4,876,250

5% 5/1/36 (AMBAC Insured)

8,000,000

7,735,440

Series 2008 A:

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

1,730,000

1,937,150

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

2,130,000

2,353,820

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

2,440,000

2,653,427

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

2,430,000

2,611,958

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

2,490,000

2,668,682

5% 5/1/38 (Assured Guaranty Corp. Insured)

10,000,000

10,043,100

Series 2009 A:

5.375% 5/1/34

1,650,000

1,694,253

5.5% 5/1/39

7,000,000

7,239,120

5.75% 5/1/49

10,000,000

10,456,000

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

Series 1997 A, 5.125% 1/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured)

3,575,000

3,575,751

Series 1999 A:

5% 1/1/39

7,230,000

5,716,544

5.25% 1/1/29 (AMBAC Insured)

45,615,000

40,114,743

Sr. Series 1997 A:

5% 1/1/37 (Nat'l. Pub. Fin. Guar Corp. Insured)

42,240,000

33,967,718

5.125% 1/1/23 (Nat'l. Pub. Fin. Guar Corp. Insured)

3,600,000

3,418,236

Sr. Series A:

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

5,110,000

1,879,458

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

33,195,000

8,844,476

Sr. Series C:

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

3,000,000

2,212,170

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

7,705,000

5,271,453

0% 1/1/18 (Nat'l. Pub. Fin. Guar Corp. Insured)

1,825,000

1,167,325

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

13,815,000

8,219,925

Massachusetts Tpk. Auth. Western Tpk. Rev. Series 1997 A, 5.55% 1/1/17 (Nat'l. Pub. Fin. Guar Corp. Insured)

12,575,000

12,619,893

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust:

(MWRA Prog.) Series 2002 A, 5.25% 8/1/20

$ 1,700,000

$ 1,794,520

(Pool Prog.):

Series 10:

5% 8/1/22

305,000

321,775

5% 8/1/29

1,765,000

1,812,284

5% 8/1/34

150,000

153,174

5.25% 8/1/15

2,435,000

2,787,539

Series 12:

5% 8/1/19

13,995,000

15,658,586

5% 8/1/20

7,000,000

7,736,610

Series 13:

5% 8/1/19

3,565,000

4,040,143

5% 8/1/20

4,895,000

5,472,072

5% 8/1/21

5,350,000

5,891,634

5% 8/1/22

8,355,000

9,088,903

5% 8/1/23

4,385,000

4,725,057

Series 2004 A:

5.25% 2/1/16

6,110,000

7,154,138

5.25% 8/1/16

21,700,000

25,659,816

5.25% 2/1/17

6,435,000

7,534,613

5.25% 2/1/18

6,300,000

7,398,153

5.25% 8/1/22

6,525,000

7,553,405

5.25% 2/1/23

1,390,000

1,608,939

5.25% 2/1/24

1,170,000

1,345,722

5.25% 8/1/24

3,780,000

4,361,893

Series 3, 5.4% 2/1/10

300,000

300,258

Series 4, 5.125% 8/1/14

70,000

70,246

Series 5, 5.25% 8/1/15

75,000

76,294

Series 6:

5.25% 8/1/19

30,000

31,215

5.5% 8/1/30

17,580,000

17,963,068

5.625% 8/1/14

115,000

121,296

5.625% 8/1/15

25,000

26,290

5.625% 8/1/16

485,000

508,484

Series 7:

5.25% 2/1/16

4,495,000

4,787,669

5.25% 2/1/17

2,795,000

2,963,762

Series 8:

5% 8/1/17

110,000

117,615

5% 8/1/20

105,000

110,436

Series 9, 5.25% 8/1/33

595,000

607,174

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

Massachusetts Wtr. Poll. Abatement Trust: - continued

Series 14:

5% 8/1/32

$ 5,685,000

$ 5,896,880

5% 8/1/38

8,090,000

8,331,325

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

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

1,745,000

1,870,274

Series 1998 A:

5.25% 8/1/12

565,000

568,543

5.25% 8/1/13

330,000

330,970

Series A:

5% 8/1/15

50,000

50,023

5% 8/1/15 (Escrowed to Maturity) (d)

950,000

1,109,676

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

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

21,960,000

27,227,765

Series 1998 B:

5.5% 8/1/15 (FSA Insured)

1,500,000

1,746,150

5.5% 8/1/16 (FSA Insured)

1,425,000

1,687,756

Series 2002 B, 5.125% 8/1/27 (Nat'l. Pub. Fin. Guar Corp. Insured)

6,960,000

7,151,609

Series 2002 J:

5% 8/1/42

8,160,000

8,171,424

5.5% 8/1/20

1,000,000

1,180,380

Series 2005 A:

5.25% 8/1/21

12,645,000

13,940,227

5.25% 8/1/24

9,000,000

9,619,470

Series 2007 A:

5% 8/1/23 (FSA Insured)

2,000,000

2,116,840

5% 8/1/25 (FSA Insured)

2,000,000

2,073,860

5% 8/1/26 (FSA Insured)

2,000,000

2,069,900

5% 8/1/27 (FSA Insured)

2,000,000

2,058,020

5% 8/1/28 (FSA Insured)

2,000,000

2,046,220

Series 2009 A:

5% 8/1/34

6,350,000

6,400,165

5% 8/1/39

5,000,000

5,027,500

Series 2009 B, 5% 8/1/22

2,540,000

2,762,656

Monson Gen. Oblig.:

5.25% 5/15/17 (AMBAC Insured)

2,120,000

2,278,979

5.25% 5/15/19 (AMBAC Insured)

2,335,000

2,489,087

5.25% 11/1/21 (AMBAC Insured)

1,000,000

1,063,080

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

Monson Gen. Oblig.: - continued

5.25% 5/15/22 (AMBAC Insured)

$ 2,985,000

$ 3,143,056

Newton Gen. Oblig. Series 2009 A:

4% 4/1/23

1,490,000

1,521,782

5% 4/1/20

1,840,000

2,114,160

5% 4/1/21

1,915,000

2,170,806

Pioneer Valley Reg'l. School District:

5.375% 6/15/15 (AMBAC Insured)

1,235,000

1,340,024

5.375% 6/15/16 (AMBAC Insured)

1,000,000

1,083,170

Pittsfield Gen. Oblig.:

5% 4/15/19 (Nat'l. Pub. Fin. Guar Corp. Insured)

1,140,000

1,204,615

5.5% 4/15/17 (Nat'l. Pub. Fin. Guar Corp. Insured)

1,930,000

2,058,963

Randolph Gen. Oblig.:

5% 9/1/16 (AMBAC Insured)

1,170,000

1,254,193

5% 9/1/18 (AMBAC Insured)

1,090,000

1,146,571

5% 9/1/19 (AMBAC Insured)

1,085,000

1,134,530

Reading Gen. Oblig.:

5% 3/15/20 (Nat'l. Pub. Fin. Guar Corp. Insured)

2,100,000

2,249,289

5% 3/15/21 (Nat'l. Pub. Fin. Guar Corp. Insured)

2,190,000

2,311,523

Revere Gen. Oblig. Series 2009:

5% 4/1/28

515,000

526,691

5% 4/1/39

1,000,000

1,006,170

5.5% 4/1/27

2,510,000

2,723,350

Salem Gen. Oblig.:

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

1,525,000

1,621,334

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

1,350,000

1,426,599

Springfield Gen. Oblig.:

Series 2005:

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

3,610,000

3,827,827

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

2,050,000

2,170,192

Series 2007:

5% 8/1/15 (FSA Insured)

1,000,000

1,117,200

5% 8/1/16 (FSA Insured)

8,000,000

8,945,440

5% 8/1/17 (FSA Insured)

5,000,000

5,547,250

5% 8/1/18 (FSA Insured)

7,210,000

7,875,916

5.75% 8/1/14 (FSA Insured)

4,000,000

4,611,120

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

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

1,000,000

1,075,360

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

1,000,000

1,069,860

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

1,000,000

1,062,070

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

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

1,305,000

1,469,208

Municipal Bonds - continued

 

Principal Amount

Value

Massachusetts - continued

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

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

$ 20,605,000

$ 20,768,192

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

3,300,000

3,651,912

Worcester Gen. Oblig.:

Series 2001 A:

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

1,465,000

1,498,299

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

1,285,000

1,367,433

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

1,000,000

1,039,800

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

1,070,000

1,133,141

 

1,943,409,521

Puerto Rico - 2.4%

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

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

3,000,000

2,866,740

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

1,700,000

1,770,312

Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/40 (Pre-Refunded to 10/1/10 @ 101) (d)

10,360,000

10,836,353

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

Series 2004 A:

5.25% 7/1/18

3,500,000

3,347,645

5.25% 7/1/18 (CIFG North America Insured) (FSA Insured)

2,500,000

2,555,925

Series 2006 A:

4.555% 7/1/21 (FGIC Insured) (b)

5,400,000

3,409,236

5.25% 7/1/26

3,000,000

2,637,240

5.25% 7/1/30

2,060,000

1,764,369

Series 2006 B, 5.25% 7/1/32

1,000,000

846,440

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

9,000,000

8,608,770

Puerto Rico Govt. Dev. Bank Series 2006 B, 5% 12/1/12

3,790,000

3,798,452

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

3,100,000

3,024,980

Municipal Bonds - continued

 

Principal Amount

Value

Puerto Rico - continued

Puerto Rico Pub. Fin. Corp. Commonwealth Appropriation Series 2004 A, 5.25%, tender 2/1/12 (AMBAC Insured) (b)

$ 1,015,000

$ 1,002,719

Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41

15,600,000

1,747,668

 

48,216,849

Virgin Islands - 0.1%

Virgin Islands Pub. Fin. Auth. Rev. Series 2004 A:

5% 10/1/11

805,000

809,492

5% 10/1/13

700,000

696,143

5.25% 10/1/16

750,000

741,818

 

2,247,453

TOTAL INVESTMENT PORTFOLIO - 97.6%

(Cost $2,026,230,728)

2,000,410,953

NET OTHER ASSETS - 2.4%

49,923,347

NET ASSETS - 100%

$ 2,050,334,300

Legend

(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end.

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

(d) Security collateralized by an amount sufficient to pay interest and principal.

(e) 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 $10,830,000 or 0.5% of net assets.

Additional information on each 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

$ 10,157,782

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at 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 in the tables below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 2,000,410,953

$ -

$ 1,989,580,953

$ 10,830,000

The following is a reconciliation of assets for which Level 3 inputs were used in determining value:

 

Investments in Securities

Beginning Balance

$ 11,360,000

Total Realized Gain (Loss)

22,437

Total Unrealized Gain (Loss)

(27,893)

Cost of Purchases

-

Proceeds of Sales

(530,000)

Amortization/Accretion

5,456

Transfer in/out of Level 3

-

Ending Balance

$ 10,830,000

The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period.

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $2,025,397,913. Net unrealized depreciation aggregated $24,986,960, of which $53,264,983 related to appreciated investment securities and $78,251,943 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. The Fund uses independent pricing services approved by the Board of Trustees to value its investments.

Debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as available dealer supplied prices. Investments in open-end mutual funds are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.

When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value calculation under these procedures may differ from published prices for the same securities.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.

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

April 30, 2009 

1.800343.105

MFS-QTLY-0609

Investments April 30, 2009 (Unaudited)

Showing Percentage of Net Assets

Municipal Securities - 97.4%

Principal Amount

Value

Arizona - 0.2%

Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Paradise Lakes Apt. Proj.) Series 2007 B, 0.61%, LOC Wachovia Bank NA, VRDN (a)(d)

$ 10,000,000

$ 10,000,000

Delaware - 0.2%

Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 1.25%, VRDN (a)

9,700,000

9,700,000

Florida - 0.1%

Indian River County Hosp. District Hosp. Rev. Series 1985, 0.6%, LOC Wachovia Bank NA, VRDN (a)

4,400,000

4,400,000

Hawaii - 0.2%

Hawaii Dept. of Budget & Fin. Spl. Purp. Rev. Participating VRDN Series EGL 07 0034, 0.91% (Liquidity Facility Citibank NA) (a)(d)(e)

8,800,000

8,800,000

Kentucky - 0.5%

Kenton County Arpt. Board Spl. Facilities Rev. Series A, 4%, VRDN (a)(d)

21,200,000

21,200,000

Minor Lane Heights Solid Waste Disp. Rev. (Waste Mgmt. of Kentucky, LLC Proj. D) Series 2003, 0.68%, LOC Wachovia Bank NA, VRDN (a)(d)

5,000,000

5,000,000

 

26,200,000

Massachusetts - 82.2%

Billerica Gen. Oblig. BAN 3.5% 11/5/09

9,262,000

9,327,404

Boston Gen. Oblig. Bonds Series 2008 B, 3.5% 4/1/10

3,480,000

3,575,377

Boston Indl. Dev. Rev. (New Boston Seafood Ctr., Inc. Proj.) Series 1997, 0.64%, LOC Bank of America NA, VRDN (a)(d)

3,070,000

3,070,000

Boston Wtr. & Swr. Commission Rev. Participating VRDN Series SG 75, 0.74% (Liquidity Facility Societe Generale) (a)(e)

2,000,000

2,000,000

Bourne Gen. Oblig. BAN 1.5% 9/29/09

9,953,915

9,991,243

Braintree Gen. Oblig. BAN 2.5% 8/14/09

39,515,000

39,616,237

Brockton Gen. Oblig. BAN 2.75% 5/15/09

9,000,000

9,002,638

Canton Hsg. Auth. Multi-family Hsg. Mtg. Rev. (Canton Arboretum Apt. Proj.) Series 1999, 0.42%, LOC Fannie Mae, VRDN (a)(d)

7,665,000

7,665,000

Concord Gen. Oblig. Bonds Series 2009, 2% 3/15/10

1,115,000

1,128,041

Danvers Gen. Oblig. BAN 2.5% 7/10/09

7,430,000

7,448,743

Easton Gen. Oblig. BAN 1.5% 4/23/10

9,620,000

9,699,443

Eclipse Fdg. Trust Various States Participating VRDN Series Solar 06 108, 0.52% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(e)

14,530,000

14,530,000

Falmouth Gen. Oblig. BAN:

Series A, 1.5% 3/12/10

11,300,672

11,378,125

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Falmouth Gen. Oblig. BAN: - continued

Series B, 1.5% 3/12/10

$ 17,815,131

$ 17,937,233

3.5% 7/17/09

10,426,000

10,436,780

Haverhill Gen. Oblig. BAN:

1.75% 3/26/10

7,225,000

7,257,129

3% 11/6/09

9,971,170

9,996,332

Hingham Gen. Oblig. BAN:

Series 2008 B, 2.5% 11/25/09

14,700,000

14,816,775

2.5% 12/23/09

6,700,000

6,753,458

Malden Gen. Oblig. BAN 3.75% 10/23/09

10,400,000

10,431,400

Marblehead Gen. Oblig. BAN 2.75% 8/14/09

19,457,000

19,520,305

Massachusetts Participating VRDN:

Series Clipper 06 11, 0.66% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(e)

23,900,000

23,900,000

Series Clipper 07 18, 0.73% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(e)

98,675,000

98,675,000

Massachusetts Bay Trans. Auth. Assessment Rev. Participating VRDN Series DC 8031, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(e)

17,200,000

17,200,000

Massachusetts Bay Trans. Auth. Sales Tax Rev.:

Participating VRDN:

Series DCL 08 28, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(e)

16,600,000

16,600,000

Series DCL 08 29, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(e)

21,175,000

21,175,000

Series PT 4140, 0.64% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(e)

28,010,000

28,010,000

Series Putters 3389, 0.54% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

3,375,000

3,375,000

Series 2008 A1, 0.35% (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

49,850,000

49,850,000

Series 2008 A2, 0.47% (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

52,865,000

52,865,000

Series A, 0.7% 6/11/09 (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA), CP

9,150,000

9,150,000

Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2005, 1.15% tender 5/8/09, CP mode (d)

2,500,000

2,500,000

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

(Charm Sciences, Inc. Proj.) Series 1999 A, 0.52%, LOC Bank of America NA, VRDN (a)(d)

2,700,000

2,700,000

(Monkiewicz Realty Trust Proj.) 0.65%, LOC Bank of America NA, VRDN (a)(d)

4,330,000

4,330,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

(Archstone Reading Apts. Proj.) Series 2004 A, 0.61%, LOC Freddie Mac, VRDN (a)(d)

$ 24,840,000

$ 24,840,000

(Avalon Acton Apts. Proj.) Series 2006, 0.64%, LOC Fannie Mae, VRDN (a)(d)

33,000,000

33,000,000

(Casco Crossing Proj.) 0.75%, LOC Fannie Mae, VRDN (a)(d)

10,535,000

10,535,000

(Georgetown Village Apts. Proj.) Series 2003 A, 0.75%, LOC Fannie Mae, VRDN (a)(d)

15,600,000

15,600,000

(Salem Heights Apts. Proj.) Series 2003 A, 0.52%, LOC Fed. Home Ln. Bank of Boston, VRDN (a)(d)

16,200,000

16,200,000

Series A, 0.47%, LOC Bayerische Landesbank, VRDN (a)(d)

40,000,000

40,000,000

Massachusetts Dev. Fin. Agcy. Rev.:

Bonds:

(Boston Univ. Proj.) Series U4, 2%, tender 6/18/09 (a)

21,600,000

21,600,197

(Phillips Academy Proj.) Series 2008, 4% 9/1/09

1,115,000

1,125,493

Participating VRDN Series BA 08 1129, 0.53% (Liquidity Facility Bank of America NA) (a)(e)

5,000,000

5,000,000

(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 0.5%, LOC PNC Bank NA, Pittsburgh, VRDN (a)

6,230,000

6,230,000

(Boston Univ. Proj.):

Series U1, 0.3%, LOC Bank of Nova Scotia, New York Agcy., VRDN (a)

20,000,000

20,000,000

Series U2, 0.3%, LOC BNP Paribas SA, VRDN (a)

23,300,000

23,300,000

Series U3, 0.3%, LOC BNP Paribas SA, VRDN (a)

22,220,000

22,220,000

Series U6E, 0.17%, LOC Bank of Nova Scotia, New York Agcy., VRDN (a)

12,695,000

12,695,000

(Brandeis Univ. Proj.) Series M, 0.45%, LOC Bank of America NA, VRDN (a)

52,950,000

52,950,000

(Brooks School Proj.) Series 2008, 4%, LOC RBS Citizens NA, VRDN (a)

6,500,000

6,500,000

(Carleton-Willard Village Proj.) Series 2000, 0.37%, LOC Bank of America NA, VRDN (a)

16,420,000

16,420,000

(Childrens Museum Proj.) Series 2006, 3.75%, LOC RBS Citizens NA, VRDN (a)

10,460,000

10,460,000

(Clark Univ. Proj.) 0.38%, LOC TD Banknorth, N.A., VRDN (a)

870,000

870,000

(Ed. Lawrence Academy Proj.) Series 2003 A, 0.45%, LOC Bank of America NA, VRDN (a)

1,060,000

1,060,000

(Edgewood Retirement Cmnty. Proj.):

Series 2000 A, 0.85%, LOC Bank of America NA, VRDN (a)

10,175,000

10,175,000

Series 2008, 0.85%, LOC Bank of America NA, VRDN (a)

13,200,000

13,200,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

(Fay School Proj.) 0.63%, LOC TD Banknorth, N.A., VRDN (a)

$ 5,450,000

$ 5,450,000

(Fifteen-O-Five West Housatonic LLC Proj.) Series 2007, 0.7%, LOC HSBC Bank USA, NA, VRDN (a)(d)

2,870,000

2,870,000

(Greater Boston Food Bank, Inc. Proj.) Series 2008 B, 0.48%, LOC Bank of America NA, VRDN (a)

8,100,000

8,100,000

(Institute of Contemporary Art Proj.) Series 2004 A, 0.45%, LOC Bank of America NA, VRDN (a)

7,570,000

7,570,000

(Judge Rotenburg Ctr. Proj.) 0.45%, LOC Bank of America NA, VRDN (a)

4,055,000

4,055,000

(Mary Ann Morse Healthcare Proj.) Series 2007, 0.52%, LOC JPMorgan Chase Bank, VRDN (a)

13,890,000

13,890,000

(Masonic Nursing Home, Inc. Proj.) Series 2002, 4%, LOC RBS Citizens NA, VRDN (a)

2,295,000

2,295,000

(Olin College Proj.):

Series 2008 C2, 3.75%, LOC RBS Citizens NA, VRDN (a)

500,000

500,000

Series 2008 C3, 1.5%, LOC RBS Citizens NA, VRDN (a)

16,000,000

16,000,000

(Simmons College Proj.) Series G, 0.3%, LOC TD Banknorth, N.A., VRDN (a)

15,435,000

15,435,000

(Thayer Academy Proj.) 0.55% (Assured Guaranty Corp. Insured), VRDN (a)

8,595,000

8,595,000

(Wilber School Apts. Proj.) Series 2008 A, 0.5%, LOC Bank of America NA, VRDN (a)

8,100,000

8,100,000

(Worcester Polytechnic Institute Proj.) Series A, 0.5%, LOC TD Banknorth, N.A., VRDN (a)

9,735,000

9,735,000

Series 2001, 0.5% 9/3/09, LOC JPMorgan Chase Bank, CP

10,363,000

10,363,000

0.55% 6/9/09, LOC Bank of America NA, CP

25,930,000

25,930,000

Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Wheelabrator Millbury Proj.) 0.45%, LOC JPMorgan Chase Bank, VRDN (a)(d)

1,000,000

1,000,000

Massachusetts Dev. Fin. Agcy. Sr. Living Facility Rev. (New England Deaconess Assoc. Proj.) Series 2004, 0.37%, LOC Lloyds TSB Bank PLC, VRDN (a)

3,200,000

3,200,000

Massachusetts Fed. Hwy. Bonds Series 2000 A,
5.75% 6/15/09

1,000,000

1,004,133

Massachusetts Gen. Oblig.:

Bonds:

Series 2000 A, 6% 2/1/10

6,005,000

6,244,805

Series 2001 A, 5.5% 1/1/10

3,000,000

3,088,066

Series 2001 C, 5% 12/1/09

2,000,000

2,047,129

Series 2008 A, 3% 9/1/09

9,900,000

9,963,494

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Participating VRDN:

Series BA 01 O, 0.88% (Liquidity Facility Bank of America NA) (a)(e)

$ 2,785,000

$ 2,785,000

Series BA 02 C, 0.88% (Liquidity Facility Bank of America NA) (a)(e)

3,490,000

3,490,000

Series Clipper 07 06, 0.73% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(e)

53,850,000

53,850,000

Series DCL 08 22, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(e)

33,215,000

33,215,000

Series EGL 07 0124, 0.96% (Liquidity Facility Citibank NA) (a)(e)

12,235,000

12,235,000

Series EGL 07 0149, 0.96% (Liquidity Facility Citibank NA) (a)(e)

19,000,000

19,000,000

Series MS 06 1496, 0.58% (Liquidity Facility Rabobank Nederland) (a)(e)(f)

5,590,000

5,590,000

Series MS 1186, 0.58% (Liquidity Facility Rabobank Nederland) (a)(e)(f)

16,098,000

16,098,000

Series PT 3989, 0.65% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(e)

21,835,000

21,835,000

Series Putters 2022, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

22,040,000

22,040,000

Series Putters 2648, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

1,850,000

1,850,000

Series Putters 300, 0.54% (Liquidity Facility JPMorgan Chase & Co.) (a)(e)

23,885,000

23,885,000

Series Putters 301, 0.54% (Liquidity Facility JPMorgan Chase & Co.) (a)(e)

3,980,000

3,980,000

Series Putters 317, 0.54% (Liquidity Facility JPMorgan Chase & Co.) (a)(e)

12,805,000

12,805,000

Series Putters 3337, 0.54% (Liquidity Facility JPMorgan Chase & Co.) (a)(e)

2,475,000

2,475,000

Series Putters 3402, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

2,600,000

2,600,000

Series Putters 571, 0.88% (Liquidity Facility JPMorgan Chase & Co.) (a)(e)

4,110,000

4,110,000

Series ROC II R 11163, 0.81% (Liquidity Facility Citibank NA) (a)(e)

15,260,000

15,260,000

(Central Artery Proj.) Series 2000 A, 0.5% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a)

93,565,000

93,565,000

Series 1997 B, 0.43% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a)

164,620,000

164,620,000

Series 1998 A, 0.3% (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

21,300,000

21,300,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Massachusetts Gen. Oblig.: - continued

Series 1999 D, 0.7% 5/13/09 (Liquidity Facility Bayerische Landesbank Girozentrale), CP

$ 1,000,000

$ 1,000,000

Series 2001 B, 0.55% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a)

73,320,000

73,320,000

Series 2001 C, 0.75% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a)

83,350,000

83,350,000

Series 2001 G, 0.64% 6/12/09 (Liquidity Facility BNP Paribas SA), CP

4,000,000

4,000,000

Series 2006 B, 0.55% (Liquidity Facility Bank of America NA), VRDN (a)

46,200,000

46,200,000

Massachusetts Health & Edl. Facilities Auth. Rev.:

Bonds:

(Tufts Univ. Proj.) Series 2008 O, 3.5% 8/15/09

2,000,000

2,011,525

(Univ. of Massachusetts Proj.) Series 2000 A, 0.85%, tender 4/1/10 (a)

13,400,000

13,400,000

Participating VRDN:

Series BA 02 D, 0.58% (Liquidity Facility Bank of America NA) (a)(e)

10,505,000

10,505,000

Series BA 08 1056, 0.53% (Liquidity Facility Bank of America NA) (a)(e)

5,185,000

5,185,000

Series BBT 08 54, 0.5% (Liquidity Facility Branch Banking & Trust Co.) (a)(e)

12,650,000

12,650,000

Series Clipper 07 08, 0.66% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(e)

11,250,000

11,250,000

Series PT 4633, 0.6% (Liquidity Facility Deutsche Postbank AG) (a)(e)

24,480,000

24,480,000

Series Putters 2974, 1.13% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

9,720,000

9,720,000

Series Putters 3104, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

3,550,000

3,550,000

Series ROC II R 10416, 0.63% (Liquidity Facility Citibank NA) (a)(e)

15,700,000

15,700,000

Series SGB 42, 0.68% (Liquidity Facility Societe Generale) (a)(e)

27,080,000

27,080,000

(Alliance Health of Southeastern Massachusetts Proj.) Series 2007 A, 3.32%, LOC RBS Citizens NA, VRDN (a)

14,390,000

14,390,000

(Amherst College Proj.):

Series 2005 I, 0.17%, VRDN (a)

8,790,000

8,790,000

Series 2005 J1, 0.17%, VRDN (a)

7,305,000

7,305,000

(Bentley College Proj.) Series K, 0.33%, LOC JPMorgan Chase Bank, VRDN (a)

7,700,000

7,700,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

(Dana-Farber Cancer Institute Proj.):

Series 2008 L1, 0.3%, LOC JPMorgan Chase Bank, VRDN (a)

$ 47,650,000

$ 47,650,000

Series 2008 L2, 0.45%, LOC Bank of America NA, VRDN (a)

56,500,000

56,500,000

(Endicott College Proj.):

Series 2004 D, 0.45%, LOC Bank of America NA, VRDN (a)

21,590,000

21,590,000

Series 2007 E, 0.45%, LOC Bank of America NA, VRDN (a)

12,550,000

12,550,000

(Hallmark Health Sys. Proj.) Series 2008 C, 0.37%, LOC Bank of America NA, VRDN (a)

7,000,000

7,000,000

(Harvard Univ. Proj.):

Series BB 0.2%, VRDN (a)

62,505,000

62,505,000

Series Y, 0.32%, VRDN (a)

3,000,000

3,000,000

(Henry Heywood Memorial Hosp. Proj.) Series 2008 C, 0.52%, LOC TD Banknorth, NA, VRDN (a)

6,715,000

6,715,000

(Massachusetts Institute of Technology Proj.):

Series 2001 J1, 0.2%, VRDN (a)

19,280,000

19,280,000

Series 2001 J2, 0.37%, VRDN (a)

16,400,000

16,400,000

(Mount Ida College Proj.) Series 2007 A, 0.45%, LOC Bank of America NA, VRDN (a)

1,000,000

1,000,000

(New England Aquarium Corp. Proj.) Series 2007 A, 0.45%, LOC JPMorgan Chase Bank, VRDN (a)

21,215,000

21,215,000

(Northeast Hosp. Corp. Proj.):

Series 2004 G, 0.45%, LOC JPMorgan Chase Bank, VRDN (a)

39,000,000

39,000,000

Series 2006 H, 0.48%, LOC Bank of America NA, VRDN (a)

22,650,000

22,650,000

(Northeastern Univ. Proj.) Series 2008 W, 0.3%, LOC TD Banknorth, NA, VRDN (a)

6,800,000

6,800,000

(Pool Ln. Prog.):

Series 2006 M3C, 4%, LOC RBS Citizens NA, VRDN (a)

5,760,000

5,760,000

Series 2007 M3D, 4%, LOC RBS Citizens NA, VRDN (a)

17,800,000

17,800,000

(South Shore Hosp. Proj.) Series 2008 G, 0.47% (Assured Guaranty Corp. Insured), VRDN (a)

21,100,000

21,100,000

(Southcoast Health Sys. Obligated Group Proj.) Series 2008 C, 0.45%, LOC Bank of America NA, VRDN (a)

4,600,000

4,600,000

(Suffolk Univ. Proj.) Series 2008 A, 0.47%, LOC TD Banknorth, NA, VRDN (a)

9,000,000

9,000,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

(Winchester Hosp. Proj.):

Series 2004 F, 0.43%, LOC Bank of America NA, VRDN (a)

$ 15,170,000

$ 15,170,000

Series 2004 G, 0.43%, LOC Bank of America NA, VRDN (a)

4,085,000

4,085,000

Series 2008 H1:

0.5% 11/13/09, CP

8,000,000

8,000,000

0.67% 9/2/09, CP

4,500,000

4,500,000

0.67% 9/3/09, CP

12,500,000

12,500,000

1.05% 6/5/09, CP

2,660,000

2,660,000

Series 2008 H2:

0.55% 6/5/09, CP

7,020,000

7,020,000

0.55% 7/7/09, CP

7,020,000

7,020,000

0.6% 7/6/09, CP

19,790,000

19,790,000

0.45% 6/1/09, CP

24,725,000

24,725,000

Massachusetts Hsg. Fin. Agcy. Hsg. Rev.:

Series 2004 A, 0.5%, LOC Lloyds TSB Bank PLC, VRDN (a)(d)

18,000,000

18,000,000

Series 2008 A, 0.5%, LOC Lloyds TSB Bank PLC, VRDN (a)(d)

12,000,000

12,000,000

Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. (Princeton Crossing LP Proj.) Series 1996 A, 0.55%, LOC Fannie Mae, VRDN (a)(d)

20,900,000

20,900,000

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

(346 Univ. LLC Proj.) Series 1996, 0.52%, LOC Bank of America NA, VRDN (a)(d)

1,400,000

1,400,000

(BBB Esq. LLC Proj.) Series 1996, 0.52%, LOC Bank of America NA, VRDN (a)(d)

1,100,000

1,100,000

(Boutwell Owens & Co., Inc. Proj.) Series 1998, 0.65%, LOC Wells Fargo Bank NA, VRDN (a)(d)

810,000

810,000

(Brady Enterprises Proj.) Series 1996, 0.65%, LOC Bank of America NA, VRDN (a)(d)

1,650,000

1,650,000

(Decas Cranberry Proj.) Series 1997, 0.65%, LOC Bank of America NA, VRDN (a)(d)

3,375,000

3,375,000

(Interpolymer Corp. Proj.) Series 1992, 0.52%, LOC Bank of America NA, VRDN (a)(d)

1,000,000

1,000,000

(Riverdale Mills Corp. Proj.) Series 1995, 0.52%, LOC Bank of America NA, VRDN (a)(d)

1,100,000

1,100,000

(United Plastics Proj.) Series 1997, 0.65%, LOC Wells Fargo Bank NA, VRDN (a)(d)

1,850,000

1,850,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

Series 1992, 1.1% tender 5/7/09, CP mode

$ 4,100,000

$ 4,100,000

Series 1993 A, 1.1% tender 5/7/09, CP mode

9,300,000

9,300,000

Series 1993 B, 1.8% tender 5/1/09, CP mode

8,500,000

8,500,000

Massachusetts Indl. Fin. Agcy. Rev. Bonds (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/09

20,300,000

20,194,722

Massachusetts Port Auth. Rev.:

Series 2003 B, 0.67% 8/5/09, LOC Bank of New York, New York, CP (d)

59,000,000

59,000,000

Series 2008 B, 0.58%, LOC Bank of America NA, VRDN (a)(d)

92,500,000

92,500,000

Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt Proj.) Series 2001 A, 0.55%, 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:

Series BA 08 1082, 0.88% (Liquidity Facility Bank of America NA) (a)(e)

5,250,000

5,250,000

Series BA 08 3307, 0.93% (Liquidity Facility Bank of America NA) (a)(e)

5,000,000

5,000,000

Series EGL 07 0031, 0.96% (Liquidity Facility Citibank NA) (a)(e)

47,600,000

47,600,000

Series EGL 07 0032, 0.96% (Liquidity Facility Citibank NA) (a)(e)

69,300,000

69,300,000

Series EGL 07 0067, 0.96% (Liquidity Facility Citibank NA) (a)(e)

41,660,000

41,660,000

Series EGL 07 0092, 0.95% (Liquidity Facility Citibank NA) (a)(e)

43,095,000

43,095,000

Series Putters 1185, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

10,105,000

10,105,000

Series Putters 2479Z, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

3,180,000

3,180,000

Series Putters 2857, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

8,180,000

8,180,000

Series ROC II R 10409, 0.96% (Liquidity Facility Citibank NA) (a)(e)

8,800,000

8,800,000

Series ROC II R 10413, 0.96% (Liquidity Facility Citibank NA) (a)(e)

6,435,000

6,435,000

Series Solar 05 03, 0.51% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(e)

20,475,000

20,475,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

Series A:

0.45% 7/8/09, LOC Bank of Nova Scotia, New York Agcy., CP

$ 18,100,000

$ 18,100,000

0.5% 6/5/09, LOC Bank of Nova Scotia, New York Agcy., CP

12,700,000

12,700,000

0.55% 6/3/09, LOC Bank of Nova Scotia, New York Agcy., CP

17,050,000

17,050,000

0.57% 6/10/09, LOC Bank of Nova Scotia, New York Agcy., CP

33,800,000

33,800,000

Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 1.7% tender 5/1/09, CP mode (d)

12,300,000

12,300,000

Massachusetts Wtr. Poll. Abatement Trust:

Bonds (Pool Prog.) Series 9, 5% 8/1/09

3,000,000

3,025,787

Participating VRDN:

Series BA 08 1089, 0.53% (Liquidity Facility Bank of America NA) (a)(e)

5,000,000

5,000,000

Series BBT 08 40, 0.5% (Liquidity Facility Branch Banking & Trust Co.) (a)(e)

7,360,000

7,360,000

Series Putters 3159, 0.54% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

15,320,000

15,320,000

Series Putters 3408, 0.54% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

5,155,000

5,155,000

Series Putters 577, 0.54% (Liquidity Facility JPMorgan Chase & Co.) (a)(e)

7,975,000

7,975,000

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

Participating VRDN:

Series DCL 07 001, 1.5% (Liquidity Facility Dexia Cr. Local de France) (a)(e)

25,215,000

25,215,000

Series EGL 06 0054, 0.97% (Liquidity Facility Citibank NA) (a)(e)

7,300,000

7,300,000

Series EGL 06 0097, 0.97% (Liquidity Facility Landesbank Hessen-Thuringen) (a)(e)

11,645,000

11,645,000

Series EGL 7050011 Class A, 0.82% (Liquidity Facility Citibank NA) (a)(e)

10,990,000

10,990,000

Series MS 2935, 0.78% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(e)

19,944,000

19,944,000

Series Putters 2848, 0.88% (Liquidity Facility JPMorgan Chase Bank) (a)(e)

7,835,000

7,835,000

Series ROC II R 10377, 0.81% (Liquidity Facility Citibank NA) (a)(e)

21,760,000

21,760,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

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

Participating VRDN:

Series Solar 06 86, 0.49% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(e)

$ 6,715,000

$ 6,715,000

Series 1995:

0.5% 5/6/09, LOC Bayerische Landesbank
Girozentrale, CP

1,400,000

1,400,000

0.55% 6/4/09, LOC Bayerische Landesbank Girozentrale, CP

20,000,000

20,000,000

0.55% 6/9/09, LOC Bayerische Landesbank Girozentrale, CP

15,000,000

15,000,000

0.73% 5/7/09, LOC Bayerische Landesbank Girozentrale, CP

10,000,000

10,000,000

0.78% 5/8/09, LOC Bayerische Landesbank Girozentrale, CP

15,200,000

15,200,000

Series 1999 B, 0.48%, LOC Landesbank Hessen-Thuringen, VRDN (a)

45,935,000

45,935,000

Series 2002 D, 0.4%, LOC Landesbank Baden-Wuert, VRDN (a)

45,539,000

45,539,000

Series 2008 B, 0.43% (Liquidity Facility Bank of America NA), VRDN (a)

103,595,000

103,595,000

Series 2008 C, 0.33% (Liquidity Facility Bayerische Landesbank), VRDN (a)

101,685,000

101,685,000

Series 2008 D, 0.36% (Liquidity Facility Bayerische Landesbank), VRDN (a)

52,915,000

52,915,000

Series 2008 E, 0.64% (Liquidity Facility JPMorgan Chase Bank), VRDN (a)

25,000,000

25,000,000

Series 2008 F, 0.3% (Liquidity Facility Bank of Nova Scotia, New York Agcy.), VRDN (a)

61,300,000

61,300,000

Melrose Gen. Oblig. BAN 2.75% 5/20/09

5,785,000

5,788,217

Needham Gen. Oblig. BAN 2.5% 6/1/09

5,044,500

5,047,779

Northborough Gen. Oblig. BAN 2.5% 5/1/09

10,665,072

10,665,072

Plymouth Gen. Oblig. BAN 2.75% 5/15/09

23,923,966

23,932,160

Shrewsbury Gen. Oblig. BAN 2.5% 11/20/09

6,100,000

6,139,496

Somerville Gen. Oblig. BAN 1.5% 2/19/10

10,834,000

10,900,679

Stoughton Gen. Oblig. BAN 2.5% 6/26/09

5,276,030

5,282,150

Swampscott Gen. Oblig. BAN 4% 10/16/09

7,717,000

7,747,973

Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.4%, LOC Lloyds TSB Bank PLC, VRDN (a)

126,090,000

126,090,000

Univ. of Massachusetts Bldg. Auth. Rev. Series 2008 3, 0.47%, LOC Bank of America NA, VRDN (a)

49,675,000

49,675,000

Municipal Securities - continued

Principal Amount

Value

Massachusetts - continued

Winchester Gen. Oblig. BAN 1.5% 7/9/09

$ 12,500,000

$ 12,521,479

Woods Hole, Martha's Vineyard & Nantucket Steamship Auth. BAN 3.75% 7/30/09

5,000,000

5,020,069

 

4,089,616,088

Michigan - 0.1%

Michigan Hosp. Fin. Auth. Rev. (Henry Ford Health Sys. Proj.) Series 2006 C, 3.5%, LOC RBS Citizens NA, VRDN (a)

5,400,000

5,400,000

Missouri - 0.2%

Missouri Higher Ed. Ln. Auth. Student Ln. Rev. Series 2008 A2, 0.7%, LOC Bank of America NA, VRDN (a)(d)

7,600,000

7,600,000

Nebraska - 0.3%

Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.:

Series 2007 B, 0.63% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(d)

6,690,000

6,690,000

Series 2007 J, 0.63% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(d)

6,050,000

6,050,000

 

12,740,000

Nevada - 0.3%

Clark County Passenger Facility Charge Rev. McCarran Int'l. Arpt. Series 2005 A2, 0.63%, LOC Bayerische Landesbank, VRDN (a)(d)

14,500,000

14,500,000

New Hampshire - 0.1%

Manchester Arpt. Rev. Series 2008, 2.85%, LOC RBS Citizens NA, VRDN (a)(d)

3,300,000

3,300,000

North Carolina - 0.1%

North Carolina State Ed. Assistance Auth. Student Ln. Rev. Series 2008 3A2, 0.7%, LOC Bank of America NA, VRDN (a)(d)

7,100,000

7,100,000

Ohio - 0.3%

Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 3.63%, VRDN (a)(d)

17,400,000

17,400,000

Oklahoma - 0.3%

Oklahoma Student Ln. Auth. Rev. Series 2008 A1, 0.7%, LOC Bank of America NA, VRDN (a)(d)

15,000,000

15,000,000

Pennsylvania - 0.9%

Delaware County Auth. Rev. (White Horse Village Proj.) Series 2006 B, 2.95%, LOC Citizens Bank of Pennsylvania, VRDN (a)

10,250,000

10,250,000

Municipal Securities - continued

Principal Amount

Value

Pennsylvania - continued

Pennsylvania Higher Edl. Facilities Auth. Rev.:

(Indiana Univ. of Pennsylvania Student Hsg. Proj.) Series 2008, 2.9%, LOC Citizens Bank of Pennsylvania, VRDN (a)

$ 3,800,000

$ 3,800,000

(St. Joseph's Univ. Proj.) Series 2008 B, 3.2%, LOC Citizens Bank of Pennsylvania, VRDN (a)

11,800,000

11,800,000

(Student Assoc., Inc. Student Hsg. Proj.) Series 2006 A, 2.9%, LOC Citizens Bank of Pennsylvania, VRDN (a)

4,300,000

4,300,000

Southcentral Pennsylvania Gen. Auth. Rev. (WellSpan Health Obligated Group Proj.) Series 2008 B, 3.5%, LOC Citizens Bank of Pennsylvania, VRDN (a)

16,625,000

16,625,000

 

46,775,000

Puerto Rico - 0.6%

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

Series 2009 A1, 3% 7/30/09, LOC Bank of Nova Scotia, New York Agcy.

13,600,000

13,645,299

Series 2009 A2, 3% 7/30/09, LOC BNP Paribas SA

7,500,000

7,524,981

Series 2009 A3, 3% 7/30/09, LOC Banco Bilbao Vizcaya Argentaria SA

6,800,000

6,822,650

 

27,992,930

South Carolina - 0.3%

Greenville Hosp. Sys. Facilities Rev. Series 2008 E, 0.47%, LOC Wachovia Bank NA, VRDN (a)

100,000

100,000

South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (ACI Industries LLC Proj.) 0.77%, LOC Wachovia Bank NA, VRDN (a)(d)

7,000,000

7,000,000

South Carolina Jobs-Econ. Dev. Auth. Indl. Rev. (South Carolina Elec. & Gas Co. Proj.) Series 2008, 0.66%, LOC Branch Banking & Trust Co., VRDN (a)(d)

7,000,000

7,000,000

 

14,100,000

Virginia - 0.0%

Fairfax County Econ. Dev. Rev. Exempt Facilities Rev. (Hilltop Sand & Gravel, Inc. Proj.) Series 2000, 0.77%, LOC Wachovia Bank NA, VRDN (a)(d)

2,000,000

2,000,000

Washington - 0.2%

Chelan County Pub. Util. District #1 Rev. Participating VRDN Series Putters 3362, 1.03% (Liquidity Facility JPMorgan Chase Bank) (a)(d)(e)

9,970,000

9,970,000

Municipal Securities - continued

Principal Amount

Value

West Virginia - 0.7%

West Virginia Pub. Energy Auth. Energy Rev. Bonds (Morgantown Energy Assoc. Proj.) 2.5% tender 5/1/09, LOC Dexia Cr. Local de France, CP mode (d)

$ 26,250,000

$ 26,250,000

Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.75%, LOC Wachovia Bank NA, VRDN (a)(d)

6,580,000

6,580,000

 

32,830,000

Shares

 

Other - 9.6%

Fidelity Municipal Cash Central Fund, 0.58% (b)(c)

480,039,000

480,039,001

TOTAL INVESTMENT PORTFOLIO - 97.4%

(Cost $4,845,463,019)

4,845,463,019

NET OTHER ASSETS - 2.6%

130,255,745

NET ASSETS - 100%

$ 4,975,718,764

Security Type Abbreviations

BAN - BOND ANTICIPATION NOTE

CP - COMMERCIAL PAPER

TRAN - TAX AND REVENUE
ANTICIPATION NOTE

VRDN - VARIABLE RATE DEMAND
NOTE

Legend

(a) The coupon rate shown on floating or adjustable rate securities represents the rate 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.

(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 $21,688,000 or 0.4% of net assets.

Additional information on each holding is as follows:

Security

Acquisition Date

Cost

Massachusetts Gen. Oblig.:
Participating VRDN Series MS 06 1496, 0.58% (Liquidity Facility Rabobank Nederland)

12/27/06 - 6/11/07

$ 5,590,000

Participating VRDN Series MS 1186, 0.58% (Liquidity Facility Rabobank Nederland)

10/12/05

$ 16,098,000

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

$ 541,116

Other Information

The following is a summary of the inputs used, as of April 30, 2009, involving the Fund's assets carried at 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 in the table below, please refer to the Investment Valuation section at the end of this listing.

Valuation Inputs at Reporting Date:

Description

Total

Level 1

Level 2

Level 3

Investments in Securities

$ 4,845,463,019

$ -

$ 4,845,463,019

$ -

Income Tax Information

At April 30, 2009, the aggregate cost of investment securities for income tax purposes was $4,845,463,019.

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157). SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:

Level 1 - Quoted prices in active markets for identical securities.

Level 2 - Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

Level 3 - Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

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:

June 29, 2009

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:

June 29, 2009

By:

/s/Christine Reynolds

 

Christine Reynolds

 

Chief Financial Officer

 

 

Date:

June 29, 2009