0001379491-18-004894.txt : 20180925 0001379491-18-004894.hdr.sgml : 20180925 20180925130709 ACCESSION NUMBER: 0001379491-18-004894 CONFORMED SUBMISSION TYPE: N-CSRS PUBLIC DOCUMENT COUNT: 8 CONFORMED PERIOD OF REPORT: 20180731 FILED AS OF DATE: 20180925 DATE AS OF CHANGE: 20180925 EFFECTIVENESS DATE: 20180925 FILER: COMPANY DATA: COMPANY CONFORMED NAME: FIDELITY MASSACHUSETTS MUNICIPAL TRUST CENTRAL INDEX KEY: 0000357057 IRS NUMBER: 042760270 STATE OF INCORPORATION: MA FISCAL YEAR END: 0131 FILING VALUES: FORM TYPE: N-CSRS SEC ACT: 1940 Act SEC FILE NUMBER: 811-03361 FILM NUMBER: 181085397 BUSINESS ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 BUSINESS PHONE: 617-563-7000 MAIL ADDRESS: STREET 1: 245 SUMMER STREET CITY: BOSTON STATE: MA ZIP: 02210 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MASSACHUSETTS TAX FREE FUND MASS FREE DATE OF NAME CHANGE: 19831024 FORMER COMPANY: FORMER CONFORMED NAME: FIDELITY MASSACHUSETTS TAX EXEMPT MONEY MARKET TRUST DATE OF NAME CHANGE: 19830922 0000357057 S000007113 Fidelity Massachusetts AMT Tax-Free Money Market Fund C000019442 Fidelity Massachusetts AMT Tax-Free Money Market Fund FMSXX C000047913 Fidelity Massachusetts AMT Tax-Free Money Market Fund: Institutional Class FMAXX C000047914 Fidelity Massachusetts AMT Tax-Free Money Market Fund: Service Class FMHXX 0000357057 S000007114 Fidelity Massachusetts Municipal Income Fund C000019443 Fidelity Massachusetts Municipal Income Fund FDMMX 0000357057 S000007115 Fidelity Massachusetts Municipal Money Market Fund C000019444 Fidelity Massachusetts Municipal Money Market Fund FDMXX N-CSRS 1 filing930.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES


Investment Company Act file number   811-3361


Fidelity Massachusetts Municipal Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, MA 02210

 (Address of principal executive offices)       (Zip code)


Marc Bryant, Secretary

245 Summer St.

Boston, Massachusetts  02210

(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:

July 31, 2018


Item 1.

Reports to Stockholders




Fidelity® Massachusetts Municipal Income Fund

Fidelity® Massachusetts Municipal Money Market Fund



Semi-Annual Report

July 31, 2018




Fidelity Investments


Contents

Investment Summary

Schedule of Investments

Financial Statements

Investment Summary/Performance

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Fidelity® Massachusetts Municipal Income Fund

Investment Summary (Unaudited)

Top Five Sectors as of July 31, 2018

 % of fund's net assets 
Education 23.3 
Health Care 18.1 
General Obligations 16.9 
Special Tax 13.8 
Transportation 11.9 

Quality Diversification (% of fund's net assets)

As of July 31, 2018 
   AAA 1.6% 
   AA,A 77.1% 
   BBB 13.4% 
   BB and Below 0.5% 
   Not Rated 3.6% 
   Short-Term Investments and Net Other Assets 3.8% 


We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes.

Fidelity® Massachusetts Municipal Income Fund

Schedule of Investments July 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 96.2%   
 Principal Amount Value 
Guam - 0.1%   
Guam Ed. Fing. Foundation Ctfs. of Prtn. Series 2008, 5.875% 10/1/18 (Escrowed to Maturity) 515,000 518,857 
Guam Int'l. Arpt. Auth. Rev. Series C, 5% 10/1/21 (a) 1,365,000 1,422,740 
TOTAL GUAM  1,941,597 
Massachusetts - 96.1%   
Berkshire Wind Pwr. Coop. Corp.:   
(Wind Proj.) Series 1, 5.25% 7/1/30 (Pre-Refunded to 1/1/20 @ 100) $5,000,000 $5,249,000 
Series 2017 2:   
5% 7/1/22 350,000 387,940 
5% 7/1/25 505,000 585,739 
5% 7/1/26 925,000 1,079,253 
5% 7/1/27 700,000 822,535 
5% 7/1/30 480,000 553,368 
Series 2017, 5% 7/1/21 700,000 759,766 
Boston Wtr. & Swr. Commission Rev.:   
Series 2012 A, 4% 11/1/25 2,950,000 3,165,350 
Series 2016 B:   
5% 11/1/34 1,000,000 1,126,910 
5% 11/1/35 1,500,000 1,688,790 
5% 11/1/36 1,700,000 1,910,392 
Sr. Series A, 5.25% 11/1/19 2,950,000 3,013,071 
Braintree Gen. Oblig.:   
5% 5/15/26 2,300,000 2,738,495 
5% 5/15/27 2,000,000 2,406,140 
5% 5/15/28 600,000 730,062 
Cambridge Gen. Oblig. Series 12:   
5% 1/1/23 865,000 954,121 
5% 1/1/24 340,000 374,320 
Framingham Gen. Oblig. Series 2012 A:   
4% 12/1/20 1,260,000 1,324,436 
4% 12/1/24 1,360,000 1,458,818 
Lynn Wtr. & Swr. Commission Gen. Rev. Series 2003 A, 5% 12/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 440,000 441,320 
Marshfield Gen. Oblig.:   
5% 11/1/20 1,780,000 1,910,972 
5% 11/1/21 1,730,000 1,904,384 
Massachusetts Bay Trans. Auth.:   
Series 1991 A, 7% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,130,000 1,221,180 
7% 3/1/21 565,000 610,669 
Massachusetts Bay Trans. Auth. Assessment Rev. Series 2012 A, 5% 7/1/22 6,110,000 6,821,082 
Massachusetts Bay Trans. Auth. Sales Tax Rev.:   
Series 2003 C, 5.25% 7/1/23 3,950,000 4,541,908 
Series 2005 B, 5.5% 7/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,000,000 5,061,160 
Series 2006 A:   
5.25% 7/1/29 3,005,000 3,731,519 
5.25% 7/1/32 6,745,000 8,540,114 
Series 2010 B:   
5% 7/1/26 1,000,000 1,061,280 
5% 7/1/28 1,000,000 1,060,890 
5% 7/1/30 1,000,000 1,060,120 
Series 2015 A:   
5% 7/1/40 14,570,000 16,454,630 
5% 7/1/45 14,125,000 15,904,891 
Massachusetts Clean Energy Coop. Corp. Series 2013:   
5% 7/1/25 2,795,000 3,145,074 
5% 7/1/30 3,725,000 4,163,991 
Massachusetts Clean Wtr. Trust:   
(Pool Prog.):   
Series 2004 A, 5.25% 2/1/24 1,170,000 1,364,372 
Series 6, 5.25% 8/1/19 30,000 30,090 
Series 8, 5% 8/1/20 105,000 105,323 
Series 14, 5% 8/1/38 8,390,000 8,645,727 
Series 18:   
5% 2/1/28 3,500,000 4,002,880 
5% 2/1/29 6,355,000 7,246,861 
Series 2002 A, 5.25% 8/1/20 520,000 521,685 
Series 2012 B:   
5% 8/1/27 295,000 329,075 
5% 8/1/27 (Pre-Refunded to 8/1/22 @ 100) 5,605,000 6,257,030 
5% 8/1/28 330,000 367,986 
5% 8/1/28 (Pre-Refunded to 8/1/22 @ 100) 6,240,000 6,965,899 
Series 6, 5.5% 8/1/30 1,310,000 1,314,493 
5% 8/1/28 (Pre-Refunded to 8/1/19 @ 100) 3,480,000 3,600,095 
Massachusetts Commonwealth Trans. Fund Rev.:   
(Accelerated Bridge Prog.) Series 2014 A, 5% 6/1/44 27,295,000 30,425,991 
(Rail Enhancement & Accelerated Bridge Progs.) Series 2018 A, 5.25% 6/1/43 14,575,000 17,293,821 
(Rail Enhancement Prog.) Series 2015 A, 5% 6/1/45 17,750,000 19,915,500 
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B:   
5% 1/1/22 10,000,000 10,458,900 
5% 1/1/25 13,340,000 13,940,700 
5% 1/1/26 4,210,000 4,395,366 
5% 1/1/27 7,000,000 7,305,200 
5% 1/1/30 5,000,000 5,215,850 
5% 1/1/32 3,495,000 3,639,903 
5% 1/1/35 4,230,000 4,404,149 
Massachusetts Dev. Fin. Agcy. Hosp. Rev. Series 2013:   
5.25% 11/15/36 3,000,000 3,307,500 
5.25% 11/15/41 4,620,000 5,060,517 
Massachusetts Dev. Fin. Agcy. Rev.:   
(Suffolk Univ. Proj.) Series 2017:   
5% 7/1/23 1,420,000 1,581,085 
5% 7/1/25 1,500,000 1,704,075 
(Babson College, MA Proj.) Series 2017, 5% 10/1/47 5,500,000 6,169,240 
(Babson College, MA. Proj.) Series 2017:   
5% 10/1/28 465,000 548,812 
5% 10/1/29 735,000 856,473 
5% 10/1/42 4,000,000 4,503,480 
(Boston College Proj.) Series T:   
5% 7/1/37 1,415,000 1,628,906 
5% 7/1/38 3,685,000 4,235,834 
5% 7/1/39 4,450,000 5,107,710 
5% 7/1/42 2,805,000 3,212,538 
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 (Pre-Refunded to 10/1/19 @ 100) 3,100,000 3,249,234 
(Broad Institute Proj.) Series 2017:   
5% 4/1/33 10,145,000 11,857,172 
5% 4/1/34 2,500,000 2,913,175 
5% 4/1/35 2,455,000 2,852,170 
5% 4/1/37 1,500,000 1,733,550 
(Broad Institute Proj.) Series 2017, 5% 4/1/36 2,205,000 2,554,052 
(Carleton-Willard Village Proj.) Series 2010:   
4.75% 12/1/20 2,105,000 2,192,757 
5.25% 12/1/25 820,000 852,374 
5.625% 12/1/30 1,000,000 1,040,210 
(Deerfield Academy Proj.) 5% 10/1/40 10,500,000 11,172,735 
(Lesley Univ. Proj.) Series 2016:   
5% 7/1/29 1,640,000 1,867,025 
5% 7/1/32 1,905,000 2,150,116 
5% 7/1/33 2,020,000 2,273,874 
5% 7/1/36 2,000,000 2,233,580 
5% 7/1/39 5,800,000 6,451,746 
(Newbridge On The Charles Proj.) Series 2017:   
4% 10/1/24 (b) 500,000 523,340 
4% 10/1/25 (b) 500,000 520,855 
4% 10/1/26 (b) 500,000 516,880 
4% 10/1/27 (b) 350,000 359,181 
5% 10/1/37 (b) 1,000,000 1,075,240 
5% 10/1/47 (b) 1,000,000 1,066,550 
5% 10/1/57 (b) 6,000,000 6,357,000 
(Partners HealthCare Sys. Proj.) Series 2011 K6, 5.375% 7/1/41 (Pre-Refunded to 7/1/20 @ 100) 7,000,000 7,490,560 
(Partners Healthcare Sys., Inc. Proj.) Series 2017 S:   
5% 7/1/25 1,000,000 1,166,100 
5% 7/1/30 4,600,000 5,407,300 
5% 7/1/31 11,825,000 13,847,075 
(Partners Healthcare Sys., Inc.) Series 2012, 5% 7/1/31 4,870,000 5,255,607 
(Suffolk Univ. Proj.) Series 2017:   
5% 7/1/21 750,000 808,283 
5% 7/1/22 875,000 960,173 
5% 7/1/24 1,000,000 1,126,660 
5% 7/1/26 1,935,000 2,211,647 
5% 7/1/27 2,085,000 2,396,666 
5% 7/1/28 4,300,000 4,910,342 
(Suffolk Univ., Proj.) Series 2017:   
5% 7/1/29 3,250,000 3,695,088 
5% 7/1/30 3,500,000 3,964,835 
5% 7/1/31 3,750,000 4,232,550 
5% 7/1/32 1,000,000 1,124,580 
(Tufts Med. Ctr. Proj.):   
series 2011 6.875% 1/1/41 3,790,000 4,201,405 
Series 2011, 6.25% 1/1/27 5,000,000 5,461,050 
(UMASS Boston Student Hsg. Proj.) Series 2016:   
5% 10/1/29 3,120,000 3,494,369 
5% 10/1/30 1,100,000 1,225,334 
5% 10/1/31 1,200,000 1,332,204 
5% 10/1/32 1,240,000 1,371,031 
5% 10/1/33 1,235,000 1,360,896 
(UMass Memorial Health Care Proj.) Series K:   
5% 7/1/28 1,260,000 1,430,087 
5% 7/1/29 1,320,000 1,489,858 
5% 7/1/30 1,390,000 1,561,248 
5% 7/1/38 3,750,000 4,105,275 
(Univ. of Massachusetts Health Cr., Inc. Proj.) Series 2017 L:   
4% 7/1/44 10,000,000 10,044,500 
5% 7/1/44 6,225,000 6,809,777 
(Univ. of Massachusetts Health Cr., Inc.) Series 2011 H, 5.5% 7/1/31 370,000 398,187 
(Wentworth Institute of Technology Proj.) Series 2017:   
5% 10/1/34 1,425,000 1,562,855 
5% 10/1/35 1,495,000 1,635,201 
5% 10/1/46 4,250,000 4,592,465 
(Wheaton College, MA. Proj.) Series 2017 H:   
5% 1/1/20 1,000,000 1,044,600 
5% 1/1/21 1,560,000 1,674,691 
5% 1/1/22 1,120,000 1,228,774 
5% 1/1/23 1,440,000 1,611,907 
5% 1/1/24 1,100,000 1,249,754 
5% 1/1/29 1,435,000 1,672,665 
5% 1/1/31 1,580,000 1,829,024 
5% 1/1/32 1,665,000 1,917,131 
5% 1/1/33 1,745,000 2,003,103 
5% 1/1/34 1,835,000 2,099,992 
5% 1/1/35 1,000,000 1,140,920 
5% 1/1/36 1,000,000 1,138,310 
5% 1/1/42 2,000,000 2,267,960 
5% 1/1/47 1,895,000 2,140,725 
5% 1/1/53 3,425,000 3,828,088 
Series 2008 B:   
0% 1/1/37 (Assured Guaranty Corp. Insured) 1,745,000 829,468 
0% 1/1/40 (Assured Guaranty Corp. Insured) 5,000,000 2,083,500 
0% 1/1/41 (Assured Guaranty Corp. Insured) 5,000,000 1,995,650 
0% 1/1/42 (Assured Guaranty Corp. Insured) 5,000,000 1,911,150 
Series 2008:   
5% 9/1/22 (Pre-Refunded to 9/1/18 @ 100) 350,000 351,057 
5% 9/1/26 (Pre-Refunded to 9/1/18 @ 100) 480,000 481,450 
Series 2011 B, 5% 7/1/41 6,520,000 7,028,560 
Series 2011 H, 5.125% 7/1/26 5,595,000 5,967,739 
Series 2011:   
5% 10/1/20 1,215,000 1,297,924 
5.25% 10/1/41 5,485,000 5,944,424 
5.5% 7/1/31 (Pre-Refunded to 7/1/21 @ 100) 7,380,000 8,142,797 
6.25% 1/1/27 (Pre-Refunded to 1/1/21 @ 100) 7,485,000 8,255,132 
6.875% 1/1/41 (Pre-Refunded to 1/1/21 @ 100) 5,750,000 6,426,028 
Series 2012 G:   
5% 10/1/23 2,245,000 2,453,314 
5% 10/1/24 1,625,000 1,774,744 
5% 10/1/25 1,600,000 1,746,416 
5% 10/1/26 2,170,000 2,367,166 
5% 10/1/27 2,235,000 2,436,642 
5% 10/1/28 1,240,000 1,351,079 
Series 2012 J, 5% 7/1/42 7,000,000 7,689,640 
Series 2012, 5% 7/1/36 (Pre-Refunded to 7/1/21 @ 100) 6,000,000 6,535,440 
Series 2013 A:   
6.25% 11/15/33 (Pre-Refunded to 11/15/23 @ 100) (b) 2,245,000 2,705,001 
6.5% 11/15/43 (Pre-Refunded to 11/15/23 @ 100) (b) 4,000,000 4,864,880 
Series 2013 F:   
4% 7/1/32 2,050,000 2,092,148 
4% 7/1/43 21,685,000 21,381,193 
5% 7/1/27 1,300,000 1,428,531 
5% 7/1/37 3,925,000 4,221,612 
Series 2013 G, 5% 7/1/44 17,110,000 18,045,404 
Series 2013 P, 5% 7/1/43 12,320,000 13,723,618 
Series 2013 X, 5% 10/1/48 14,920,000 16,404,540 
Series 2013, 5% 7/1/21 1,085,000 1,172,831 
Series 2014 A:   
5% 3/1/32 1,700,000 1,880,829 
5% 3/1/33 1,250,000 1,379,575 
5% 3/1/39 4,000,000 4,384,480 
5% 3/1/44 15,765,000 17,238,082 
Series 2014 F:   
5% 7/15/19 350,000 357,749 
5% 7/15/20 300,000 313,269 
5% 7/15/21 300,000 319,188 
5% 7/15/22 400,000 430,068 
5% 7/15/23 350,000 381,990 
5% 7/15/24 400,000 431,780 
5% 7/15/25 550,000 591,091 
5% 7/15/26 500,000 534,295 
5% 7/15/27 200,000 212,874 
5% 7/15/28 320,000 339,706 
5.625% 7/15/36 800,000 863,456 
5.75% 7/15/43 4,700,000 5,068,339 
Series 2014 M4, 5% 7/1/44 15,000,000 16,310,700 
Series 2014 P:   
5% 10/1/32 5,000,000 5,642,750 
5% 10/1/46 7,080,000 7,829,206 
Series 2015 D, 5% 7/1/44 10,975,000 11,858,927 
Series 2015 F, 5% 8/15/45 18,290,000 19,952,012 
Series 2015 H1:   
5% 7/1/26 3,585,000 4,084,821 
5% 7/1/29 3,750,000 4,232,550 
5% 7/1/30 1,800,000 2,024,424 
5% 7/1/31 1,190,000 1,332,848 
5% 7/1/32 1,000,000 1,110,170 
5% 7/1/33 1,000,000 1,100,400 
Series 2015 O2:   
5% 7/1/27 8,635,000 10,009,606 
5% 7/1/29 4,495,000 5,170,464 
Series 2015 Q:   
5% 8/15/28 1,000,000 1,163,180 
5% 8/15/29 1,000,000 1,158,980 
5% 8/15/32 1,500,000 1,728,015 
5% 8/15/33 1,500,000 1,722,825 
5% 8/15/34 1,790,000 2,048,494 
5% 8/15/38 1,690,000 1,927,090 
Series 2015:   
5% 1/1/25 3,525,000 4,001,686 
5% 1/1/27 2,695,000 3,018,966 
5% 1/1/28 1,850,000 2,066,672 
5% 1/1/29 2,945,000 3,269,922 
Series 2016 A:   
5% 1/1/47 5,000,000 5,447,250 
5.25% 1/1/42 7,000,000 7,778,120 
Series 2016 E:   
5% 7/1/31 1,000,000 1,113,840 
5% 7/1/32 2,200,000 2,442,374 
5% 7/1/33 1,500,000 1,657,590 
5% 7/1/34 1,500,000 1,649,955 
5% 7/1/35 1,500,000 1,642,380 
5% 7/1/36 1,000,000 1,090,600 
5% 7/1/37 2,000,000 2,174,040 
Series 2016 I:   
5% 7/1/27 1,150,000 1,309,195 
5% 7/1/29 1,580,000 1,778,574 
5% 7/1/30 2,400,000 2,687,376 
5% 7/1/31 1,600,000 1,783,328 
5% 7/1/32 1,610,000 1,786,198 
5% 7/1/34 3,035,000 3,382,750 
5% 7/1/36 2,000,000 2,211,580 
5% 7/1/37 1,470,000 1,621,234 
5% 7/1/38 1,000,000 1,100,700 
5% 7/1/41 10,055,000 10,937,226 
Series 2016 N:   
5% 12/1/34 1,000,000 1,145,620 
5% 12/1/36 2,520,000 2,863,098 
Series 2016:   
4% 10/1/36 1,250,000 1,295,800 
5% 7/1/26 1,710,000 1,970,108 
5% 7/1/29 2,000,000 2,254,340 
5% 7/1/30 2,000,000 2,243,940 
5% 7/1/31 1,700,000 1,898,543 
5% 10/1/32 1,760,000 2,020,005 
5% 9/1/33 475,000 544,911 
5% 10/1/33 1,500,000 1,715,745 
5% 10/1/34 1,500,000 1,711,080 
5% 9/1/35 375,000 427,879 
5% 10/1/35 1,500,000 1,705,275 
5% 7/1/36 3,000,000 3,293,400 
5% 9/1/36 315,000 358,448 
5% 9/1/37 840,000 947,528 
5% 10/1/37 2,000,000 2,262,900 
5% 10/1/39 5,000,000 5,641,900 
5% 7/1/41 5,145,000 5,611,137 
5% 7/1/46 1,440,000 1,565,309 
5% 9/1/46 3,235,000 3,649,112 
5% 10/1/46 4,000,000 4,489,080 
5% 10/1/48 1,000,000 1,079,860 
5% 9/1/52 4,120,000 4,579,174 
Series 2017:   
5% 7/1/20 165,000 173,418 
5% 7/1/21 180,000 192,776 
5% 7/1/22 180,000 195,903 
5% 7/1/26 160,000 180,229 
5% 7/1/37 600,000 655,224 
5% 7/1/42 2,110,000 2,289,097 
5% 7/1/47 2,250,000 2,429,775 
Series 2018:   
5% 9/1/27 1,010,000 1,153,965 
5% 9/1/29 1,390,000 1,586,073 
5% 9/1/31 1,530,000 1,722,107 
5% 9/1/33 1,185,000 1,323,112 
5% 9/1/38 4,805,000 5,292,467 
5% 6/1/43 4,740,000 5,428,722 
5% 9/1/43 3,000,000 3,291,150 
5% 6/1/48 7,000,000 7,985,530 
Series B, 0% 1/1/39 (Assured Guaranty Corp. Insured) 3,200,000 1,391,872 
Series BB1, 5% 10/1/46 355,000 400,848 
Series L, 5% 7/1/41 (Pre-Refunded to 7/1/21 @ 100) 4,900,000 5,344,577 
Series N 2016:   
5% 12/1/41 8,600,000 9,683,600 
5% 12/1/46 13,325,000 14,952,249 
5% 3/1/34 4,375,000 4,819,063 
5.25% 7/1/25 1,000,000 1,097,600 
5.25% 7/1/25 (Pre-Refunded to 7/1/22 @ 100) 1,000,000 1,123,350 
5.25% 7/1/26 1,000,000 1,092,920 
5.25% 7/1/26 (Pre-Refunded to 7/1/22 @ 100) 1,000,000 1,123,350 
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. Bonds Series 2009, 5.75%, tender 5/1/19 (c) 2,000,000 2,063,940 
Massachusetts Edl. Fing. Auth. Rev.:   
Series 2010 A, 5.5% 1/1/22 3,500,000 3,674,895 
Series 2016 J, 5% 7/1/22 (a) 6,350,000 6,958,140 
Series 2017 A:   
4% 7/1/21 (a) 1,000,000 1,048,500 
5% 7/1/22 (a) 2,000,000 2,191,540 
5% 7/1/23 (a) 1,500,000 1,670,895 
5% 7/1/24 (a) 2,000,000 2,256,820 
5% 7/1/25 (a) 2,250,000 2,563,695 
5% 7/1/26 (a) 1,650,000 1,894,679 
Massachusetts Gen. Oblig.:   
Series 2004 A, 5.5% 8/1/30 2,000,000 2,528,340 
Series 2006 B, 5.25% 9/1/22 5,360,000 6,059,480 
Series 2007 A, 3 month U.S. LIBOR + 0.570% 2.15% 5/1/37 (c)(d) 19,470,000 18,812,109 
Series 2014 E:   
5% 9/1/29 7,500,000 8,312,100 
5% 9/1/30 5,000,000 5,533,150 
5% 9/1/31 8,000,000 8,846,400 
Series 2015 C:   
5% 7/1/40 12,730,000 14,291,844 
5% 7/1/45 22,075,000 24,710,314 
Series 2016 A, 5% 3/1/46 12,985,000 14,500,869 
Series 2016 B:   
5% 7/1/31 19,965,000 23,093,715 
5% 7/1/33 5,500,000 6,319,775 
5% 7/1/34 10,245,000 11,740,770 
5% 7/1/35 5,500,000 6,286,335 
5% 7/1/36 10,260,000 11,687,987 
5% 7/1/37 8,495,000 9,658,135 
Series 2016:   
5% 3/1/31 1,500,000 1,702,530 
5% 3/1/32 7,500,000 8,495,925 
Series 2017 A:   
5% 4/1/34 6,875,000 7,945,300 
5% 4/1/35 16,830,000 19,394,555 
5% 4/1/42 11,860,000 13,482,922 
Series 2017 C, 5% 10/1/26 20,000,000 23,833,800 
Series 2017 D:   
5% 2/1/33 2,550,000 2,948,667 
5% 2/1/35 6,300,000 7,243,992 
5% 2/1/36 20,000,000 22,932,200 
Series 2017 F:   
5% 11/1/38 10,000,000 11,525,700 
5% 11/1/39 10,000,000 11,508,300 
Series 2018 B, 5% 1/1/32 10,000,000 11,755,000 
Massachusetts Health & Edl. Facilities Auth. Rev.:   
(Berklee College Proj.):   
5% 10/1/19 230,000 230,649 
5% 10/1/21 225,000 225,684 
5% 10/1/23 140,000 140,427 
5% 10/1/25 415,000 416,262 
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (e) 4,345,000 4,363,684 
(Cape Cod Healthcare Proj.) Series 2004 D, 6% 11/15/28 (Pre-Refunded to 11/15/19 @ 100) 2,735,000 2,886,437 
(Northeastern Univ. Proj.) Series 2009 Y1, 5% 10/1/19 1,730,000 1,799,165 
(Winchester Hosp. Proj.) Series 2010 H, 5.25% 7/1/38 18,995,000 20,089,302 
Series 2010 C:   
5% 7/1/30 4,460,000 4,674,704 
5.125% 7/1/35 930,000 972,306 
Massachusetts Port Auth. Rev.:   
Series 2010 A:   
5% 7/1/34 2,000,000 2,117,120 
5% 7/1/40 12,000,000 12,679,440 
Series 2012 A:   
5% 7/1/37 (a) 2,000,000 2,153,520 
5% 7/1/42 (a) 10,300,000 11,074,869 
Series 2012 B:   
5% 7/1/25 4,150,000 4,621,357 
5% 7/1/27 6,570,000 7,290,006 
5% 7/1/28 5,030,000 5,571,278 
Series 2014 B, 5% 7/1/39 (a) 4,965,000 5,437,320 
Series 2014 C:   
5% 7/1/28 3,000,000 3,432,930 
5% 7/1/29 4,205,000 4,794,373 
5% 7/1/30 3,000,000 3,411,630 
Series 2015 A:   
5% 7/1/28 460,000 530,067 
5% 7/1/28 (a) 500,000 565,340 
5% 7/1/29 (a) 1,245,000 1,403,538 
5% 7/1/30 1,400,000 1,606,570 
5% 7/1/30 (a) 1,450,000 1,631,758 
5% 7/1/40 (a) 2,000,000 2,207,300 
5% 7/1/45 (a) 3,500,000 3,851,400 
5% 7/1/45 5,570,000 6,249,707 
Series 2016 A:   
5% 7/1/26 695,000 821,226 
5% 7/1/28 760,000 889,694 
5% 7/1/30 1,660,000 1,927,808 
5% 7/1/32 1,970,000 2,277,202 
5% 7/1/36 3,760,000 4,303,245 
Series 2016 B:   
4% 7/1/46 (a) 10,875,000 11,059,440 
5% 7/1/43 (a) 6,410,000 7,144,458 
Series 2017 A:   
5% 7/1/30 (a) 1,280,000 1,479,987 
5% 7/1/31 (a) 1,095,000 1,261,451 
5% 7/1/32 (a) 1,370,000 1,572,486 
5% 7/1/33 (a) 1,250,000 1,429,513 
5% 7/1/35 (a) 1,000,000 1,136,950 
5% 7/1/36 (a) 1,720,000 1,949,844 
5% 7/1/42 (a) 4,110,000 4,622,024 
Massachusetts Port Auth. Spl. Facilities Rev.:   
(BosFuel Corp. Proj.) Series 2007:   
5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) 1,000,000 1,002,760 
5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) 1,560,000 1,564,243 
5% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) 1,000,000 1,002,650 
(BosFuel Proj.) Series 2007, 5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) 5,175,000 5,187,420 
(ConRAC Proj.) Series 2011 A, 5.125% 7/1/41 13,000,000 13,903,760 
(Delta Air Lines, Inc. Proj.) Series 2001 A, 5.5% 1/1/19 (AMBAC Insured) (a) 5,000,000 5,030,600 
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.:   
Series 2011 B:   
5% 10/15/41 25,065,000 27,021,323 
5.25% 10/15/35 12,500,000 13,660,250 
Series 2012 A, 5% 8/15/23 15,000,000 16,755,000 
Series 2012 B, 5% 8/15/30 18,400,000 20,319,304 
Series 2013 A, 5% 5/15/43 18,675,000 20,634,755 
Series 2016 A:   
5% 11/15/40 7,335,000 8,293,538 
5% 11/15/41 7,710,000 8,712,146 
Series 2016 C, 5% 11/15/33 20,000,000 23,152,800 
Massachusetts Spl. Oblig. Dedicated Tax Rev.:   
Series 2004, 5.25% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,935,000 6,027,645 
Series 2005:   
5.25% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,270,000 4,613,223 
5.5% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000,000 1,219,280 
5.5% 1/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,770,000 5,986,732 
Massachusetts State College Bldg. Auth. Rev.:   
Series 2002 A, 0% 5/1/22 (Escrowed to Maturity) 2,250,000 2,073,645 
Series 2003 B:   
0% 5/1/28 (XL Cap. Assurance, Inc. Insured) 6,080,000 4,539,571 
5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured) 1,825,000 1,942,859 
Series 2009 B:   
5% 5/1/35 (Pre-Refunded to 5/1/20 @ 100) 5,560,000 5,883,314 
5% 5/1/40 (Pre-Refunded to 5/1/20 @ 100) 4,625,000 4,893,944 
Series 2012 A:   
5% 5/1/36 7,360,000 8,014,010 
5% 5/1/41 10,000,000 10,866,200 
Series 2012 B:   
5% 5/1/29 2,000,000 2,202,580 
5% 5/1/30 1,870,000 2,056,570 
5% 5/1/37 3,075,000 3,347,076 
5% 5/1/43 11,125,000 12,080,304 
Series 2014 B:   
5% 5/1/39 2,500,000 2,780,175 
5% 5/1/44 13,935,000 15,457,677 
Series 2014 D:   
5% 5/1/39 7,575,000 8,518,466 
5% 5/1/41 4,515,000 5,071,474 
Series 2016 A:   
5% 5/1/38 11,450,000 12,890,983 
5% 5/1/41 7,960,000 8,941,070 
5% 5/1/49 12,015,000 13,433,491 
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.:   
Series 1997 C, 0% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,800,000 1,625,760 
Sr. Series A:   
0% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,110,000 4,299,707 
0% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 7,700,000 5,780,005 
0% 1/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 33,195,000 23,801,479 
Sr. Series C, 0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 13,815,000 13,719,538 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:   
Series 1992 A, 6.5% 7/15/19 (Escrowed to Maturity) 1,475,000 1,544,635 
Series 2011 B, 5% 8/1/36 (Pre-Refunded to 8/1/21 @ 100) 4,110,000 4,480,763 
Series 2011 C, 5.25% 8/1/42 8,425,000 9,189,485 
Series 2012 A, 5% 8/1/37 8,000,000 8,788,320 
Series 2016 B, 5% 8/1/40 4,625,000 5,271,298 
Series 2016 C:   
5% 8/1/35 12,550,000 14,428,735 
5% 8/1/40 22,000,000 25,074,280 
Plymouth Gen. Oblig. 5% 10/15/19 500,000 520,770 
Reading Gen. Oblig. Series 2012:   
5% 2/1/20 1,165,000 1,224,252 
5% 2/1/22 1,245,000 1,378,115 
5% 2/1/23 1,185,000 1,342,084 
Springfield Gen. Oblig. Series 2017:   
5% 3/1/20 2,715,000 2,856,289 
5% 3/1/23 1,775,000 2,001,969 
5% 3/1/24 2,225,000 2,554,233 
5% 3/1/25 2,420,000 2,807,248 
Univ. of Massachusetts Bldg. Auth. Facilities Rev.:   
(Bldg. Auth. Proj.) Series 2015 1:   
5% 11/1/27 3,500,000 4,074,070 
5% 11/1/28 6,000,000 6,958,260 
5% 11/1/29 6,230,000 7,198,267 
5% 11/1/30 6,000,000 6,911,100 
Series 2014 1, 5% 11/1/44 20,445,000 22,893,698 
Westfield Gen. Oblig. Series 2014:   
5% 3/1/26 2,990,000 3,400,407 
5% 3/1/27 2,740,000 3,100,776 
Worcester Gen. Oblig. Series 2001 A:   
5.25% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 310,000 310,980 
5.5% 8/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 220,000 220,356 
TOTAL MASSACHUSETTS  1,995,972,966 
TOTAL MUNICIPAL BONDS   
(Cost $1,970,734,027)  1,997,914,563 
Municipal Notes - 0.1%   
Massachusetts - 0.1%   
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 25 11, 1.14% 8/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(f)   
(Cost $1,685,000) 1,685,000 1,685,000 
TOTAL INVESTMENT IN SECURITIES - 96.3%   
(Cost $1,972,419,027)  1,999,599,563 
NET OTHER ASSETS (LIABILITIES) - 3.7%  76,996,348 
NET ASSETS - 100%  $2,076,595,911 

Security Type Abbreviations

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

Legend

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

 (b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $17,988,927 or 0.9% of net assets.

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

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

 (e) 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 $4,363,684 or 0.2% of net assets.

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Acquisition Cost 
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 9/3/92 $4,278,487 

Investment Valuation

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

Other Information

The distribution of municipal securities by revenue source, as a percentage of total Net Assets, is as follows (Unaudited):

Education 23.3% 
Health Care 18.1% 
General Obligations 16.9% 
Special Tax 13.8% 
Transportation 11.9% 
Other 6.0% 
Water & Sewer 5.2% 
Others* (Individually Less Than 5%) 4.8% 
 100.0% 

* Includes net other assets

See accompanying notes which are an integral part of the financial statements.


Fidelity® Massachusetts Municipal Income Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,972,419,027) 
 $1,999,599,563 
Cash  53,453,172 
Receivable for investments sold  8,595,022 
Receivable for fund shares sold  562,296 
Interest receivable  18,514,893 
Prepaid expenses  5,459 
Other receivables  6,297 
Total assets  2,080,736,702 
Liabilities   
Payable for fund shares redeemed $1,480,712  
Distributions payable 1,844,720  
Accrued management fee 617,828  
Other affiliated payables 162,398  
Other payables and accrued expenses 35,133  
Total liabilities  4,140,791 
Net Assets  $2,076,595,911 
Net Assets consist of:   
Paid in capital  $2,048,600,926 
Undistributed net investment income  1,009,128 
Accumulated undistributed net realized gain (loss) on investments  (194,679) 
Net unrealized appreciation (depreciation) on investments  27,180,536 
Net Assets, for 174,037,175 shares outstanding  $2,076,595,911 
Net Asset Value, offering price and redemption price per share ($2,076,595,911 ÷ 174,037,175 shares)  $11.93 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended July 31, 2018 (Unaudited) 
Investment Income   
Interest  $33,961,029 
Expenses   
Management fee $3,728,023  
Transfer agent fees 781,091  
Accounting fees and expenses 189,353  
Custodian fees and expenses 7,514  
Independent trustees' fees and expenses 2,655  
Registration fees 19,890  
Audit 29,337  
Legal 7,023  
Miscellaneous 8,763  
Total expenses before reductions 4,773,649  
Expense reductions (14,111)  
Total expenses after reductions  4,759,538 
Net investment income (loss)  29,201,491 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers  (81,043) 
Total net realized gain (loss)  (81,043) 
Change in net unrealized appreciation (depreciation) on investment securities  (15,901,440) 
Net gain (loss)  (15,982,483) 
Net increase (decrease) in net assets resulting from operations  $13,219,008 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended July 31, 2018 (Unaudited) Year ended January 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $29,201,491 $60,569,355 
Net realized gain (loss) (81,043) 8,556,276 
Change in net unrealized appreciation (depreciation) (15,901,440) 9,409,452 
Net increase (decrease) in net assets resulting from operations 13,219,008 78,535,083 
Distributions to shareholders from net investment income (29,164,482) (60,477,865) 
Distributions to shareholders from net realized gain (7,842,456) (4,758,148) 
Total distributions (37,006,938) (65,236,013) 
Share transactions   
Proceeds from sales of shares 173,009,146 338,459,491 
Reinvestment of distributions 23,526,631 42,283,225 
Cost of shares redeemed (265,933,708) (351,574,839) 
Net increase (decrease) in net assets resulting from share transactions (69,397,931) 29,167,877 
Total increase (decrease) in net assets (93,185,861) 42,466,947 
Net Assets   
Beginning of period 2,169,781,772 2,127,314,825 
End of period $2,076,595,911 $2,169,781,772 
Other Information   
Undistributed net investment income end of period $1,009,128 $972,119 
Shares   
Sold 14,479,864 27,834,672 
Issued in reinvestment of distributions 1,971,064 3,484,642 
Redeemed (22,249,851) (28,952,037) 
Net increase (decrease) (5,798,923) 2,367,277 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Massachusetts Municipal Income Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $12.07 $11.99 $12.61 $12.73 $11.99 $12.69 
Income from Investment Operations       
Net investment income (loss)A .166 .340 .358 .390 .405 .399 
Net realized and unrealized gain (loss) (.096) .107 (.467) (.079) .763 (.630) 
Total from investment operations .070 .447 (.109) .311 1.168 (.231) 
Distributions from net investment income (.166) (.340) (.358) (.389) (.405) (.399) 
Distributions from net realized gain (.044) (.027) (.153) (.042) (.023) (.070) 
Total distributions (.210) (.367) (.511) (.431) (.428) (.469) 
Redemption fees added to paid in capitalA – – B B B B 
Net asset value, end of period $11.93 $12.07 $11.99 $12.61 $12.73 $11.99 
Total ReturnC,D .59% 3.75% (.92)% 2.54% 9.91% (1.79)% 
Ratios to Average Net AssetsE       
Expenses before reductions .46%F .46% .46% .46% .46% .46% 
Expenses net of fee waivers, if any .46%F .46% .46% .46% .46% .46% 
Expenses net of all reductions .46%F .45% .46% .46% .46% .46% 
Net investment income (loss) 2.81%F 2.80% 2.85% 3.13% 3.29% 3.28% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,076,596 $2,169,782 $2,127,315 $2,275,398 $2,227,164 $2,000,388 
Portfolio turnover rate 8%F 16% 25% 11% 8% 11% 

 A Calculated based on average shares outstanding during the period.

 B Amount represents less than $.0005 per share.

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

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

 E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 F Annualized

See accompanying notes which are an integral part of the financial statements.


Fidelity® Massachusetts Municipal Money Market Fund

Investment Summary/Performance (Unaudited)

Effective Maturity Diversification

Days % of fund's investments 7/31/18 
1 - 7 77.9 
8 - 30 3.0 
31 - 60 8.1 
61 - 90 4.4 
91 - 180 1.7 
> 180 4.9 

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of July 31, 2018 
   Variable Rate Demand Notes (VRDNs) 38.3% 
   Tender Option Bond 33.2% 
   Other Municipal Security 21.0% 
   Investment Companies 7.0% 
   Net Other Assets (Liabilities) 0.5% 


Current 7-Day Yield

 7/31/18 
Fidelity® Massachusetts Municipal Money Market Fund 0.62% 

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund.

Fidelity® Massachusetts Municipal Money Market Fund

Schedule of Investments July 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 38.3%   
 Principal Amount Value 
Alabama - 0.5%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.07% 8/7/18, VRDN (a)(b) $6,800,000 $6,800,000 
West Jefferson Indl. Dev. Series 2008, 1.09% 8/7/18, VRDN (b) 4,800,000 4,800,000 
  11,600,000 
Arkansas - 0.3%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.):   
Series 1998, 1.07% 8/7/18, VRDN (a)(b) 400,000 400,000 
Series 2002, 1.08% 8/7/18, VRDN (a)(b) 1,900,000 1,900,000 
Osceola Solid Waste Disp. Rev. (Plum Point Energy Associates, LLC Proj.) Series 2006, 0.98% 8/7/18, LOC Royal Bank of Scotland PLC, VRDN (a)(b) 4,500,000 4,500,000 
  6,800,000 
Delaware - 0.1%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 B, 1.08% 8/7/18, VRDN (a)(b) 2,400,000 2,400,000 
Indiana - 0.4%   
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.) Series 2003 A, 1.05% 8/7/18, VRDN (a)(b) 3,300,000 3,300,000 
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.):   
Series H, 1.09% 8/7/18, VRDN (b) 2,400,000 2,400,000 
Series I, 1.09% 8/7/18, VRDN (b) 800,000 800,000 
Michigan City Ltd. Oblig. Rev. (Palatek Proj.) 1.09% 8/7/18, LOC Comerica Bank, VRDN (a)(b) 2,500,000 2,500,000 
  9,000,000 
Iowa - 0.3%   
Iowa Fin. Auth. Solid Waste Facilities (Mid-American Energy Co. Proj.) Series 2017, 1.06% 8/7/18, VRDN (a)(b) 6,000,000 6,000,000 
Louisiana - 0.7%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):   
Series 2010 A1, 1.03% 8/7/18, VRDN (b) 4,180,000 4,180,000 
Series 2010 B1, 1.05% 8/7/18, VRDN (b) 11,600,000 11,600,000 
  15,780,000 
Massachusetts - 35.3%   
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.:   
Series 2010 A1, 0.92% 8/7/18, LOC Citibank NA, VRDN (b) 48,450,000 48,450,000 
Series 2010 A2:   
0.94% 8/7/18, LOC Landesbank Hessen-Thuringen, VRDN (b) 4,940,000 4,940,000 
0.95% 8/7/18, LOC Barclays Bank PLC, VRDN (b) 18,965,000 18,965,000 
Series 2010 A3, 0.97% 8/7/18, LOC Landesbank Hessen-Thuringen, VRDN (b) 34,355,000 34,355,000 
Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.:   
(Charm Sciences, Inc. Proj.) Series 1999 A, 1.11% 8/7/18, LOC Bank of America NA, VRDN (a)(b) 500,000 500,000 
(Monkiewicz Realty Trust Proj.) 1.03% 8/7/18, LOC Bank of America NA, VRDN (a)(b) 720,000 720,000 
Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Salem Heights Apts. Proj.) Series 2003 A, 0.95% 8/7/18, LOC Fed. Home Ln. Bank of Boston, VRDN (a)(b) 11,600,000 11,600,000 
Massachusetts Dev. Fin. Agcy. Rev.:   
(Babson College Proj.) Series 2008 A, 0.92% 8/7/18, LOC Bank of America NA, VRDN (b) 10,605,000 10,605,000 
(Boston Univ. Proj.):   
Series U-6C, 1.5% 8/1/18, LOC TD Banknorth, NA, VRDN (b) 7,300,000 7,300,000 
Series U3, 0.88% 8/7/18, LOC Northern Trust Co., VRDN (b) 15,950,000 15,950,000 
(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 0.95% 8/7/18, LOC Manufacturers & Traders Trust Co., VRDN (b) 12,185,000 12,185,000 
(Clark Univ. Proj.) 0.98% 8/7/18, LOC TD Banknorth, NA, VRDN (b) 28,800,000 28,800,000 
(Fifteen-O-Five West Housatonic LLC Proj.) Series 2007, 1% 8/7/18, LOC HSBC Bank U.S.A., NA, VRDN (a)(b) 1,730,000 1,730,000 
(Governor Dummer Academy Issues Proj.) Series 2006, 0.96% 8/7/18, LOC TD Banknorth, NA, VRDN (b) 3,895,000 3,895,000 
(Partners HealthCare Sys. Proj.) Series 2011 K2, 0.93% 8/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (b) 1,500,000 1,500,000 
(Seven Hills Foundation and Affiliates Proj.):   
Series 2008 A, 0.94% 8/7/18, LOC TD Banknorth, NA, VRDN (b) 8,025,000 8,025,000 
Series 2008 B, 0.94% 8/7/18, LOC TD Banknorth, NA, VRDN (b) 3,695,000 3,695,000 
(Simmons College Proj.) Series G, 0.98% 8/7/18, LOC JPMorgan Chase Bank, VRDN (b) 43,255,000 43,255,000 
(Wilber School Apts. Proj.) Series 2008 A, 0.95% 8/7/18, LOC Bank of America NA, VRDN (b) 7,640,000 7,640,000 
Series 2001, 0.96% 8/7/18, LOC TD Banknorth, NA, VRDN (b) 3,270,000 3,270,000 
Series 2006, 0.99% 8/7/18, LOC PNC Bank NA, VRDN (b) 22,935,000 22,935,000 
Series 2010, 0.96% 8/7/18, LOC Manufacturers & Traders Trust Co., VRDN (b) 6,450,000 6,450,000 
Massachusetts Gen. Oblig. Series 2001 C, 0.85% 8/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (b) 26,075,000 26,075,000 
Massachusetts Health & Edl. Facilities Auth. Rev.:   
(Baystate Health Sys. Proj.):   
Series 2009 J1, 0.94% 8/7/18, LOC JPMorgan Chase Bank, VRDN (b) 25,500,000 25,500,000 
Series 2009 J2, 1.5% 8/1/18, LOC JPMorgan Chase Bank, VRDN (b) 13,300,000 13,300,000 
Series 2009 K, 0.92% 8/7/18, LOC Bank of America NA, VRDN (b) 13,600,000 13,600,000 
(CIL Realty of Massachusetts Proj.) Series 2007, 0.95% 8/7/18, LOC HSBC Bank U.S.A., NA, VRDN (b) 6,295,000 6,295,000 
(Harvard Univ. Proj.):   
Series R, 1.45% 8/1/18, VRDN (b) 9,870,000 9,870,000 
Series Y, 0.85% 8/7/18, VRDN (b) 19,375,000 19,375,000 
(Massachusetts Institute of Technology Proj.):   
Series 2001 J1, 0.9% 8/7/18, VRDN (b) 2,500,000 2,500,000 
Series 2001 J2, 0.85% 8/7/18, VRDN (b) 78,275,000 78,275,000 
(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.97% 8/7/18, LOC JPMorgan Chase Bank, VRDN (b) 34,020,000 34,020,000 
(Partners HealthCare Sys., Inc. Proj.) Series 2005 F, 0.93% 8/7/18, LOC TD Banknorth, NA, VRDN (b) 4,000,000 4,000,000 
(Southcoast Health Sys. Obligated Group Proj.) Series 2008 C, 0.9% 8/7/18, LOC TD Banknorth, NA, VRDN (b) 2,000,000 2,000,000 
(Williams College Proj.) Series I, 0.85% 8/7/18, VRDN (b) 9,976,000 9,976,000 
Series 2009 O-1, 0.92% 8/7/18, LOC Fed. Home Ln. Bank of Boston, VRDN (b) 13,985,000 13,985,000 
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. (Princeton Westford Proj.) Series 2015 A, 0.97% 8/7/18, LOC Bank of America NA, VRDN (b) 16,430,000 16,430,000 
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. Series 2013 F, 1.02% 8/7/18, LOC TD Banknorth, NA, VRDN (a)(b) 25,000,000 25,000,000 
Massachusetts Indl. Fin. Agcy. Rev. (Governor Dummer Academy Proj.) Series 1996, 0.96% 8/7/18, LOC TD Banknorth, NA, VRDN (b) 5,000,000 5,000,000 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:   
Series 1999 B, 1.02% 8/7/18, LOC Landesbank Hessen-Thuringen, VRDN (b) 2,700,000 2,700,000 
Series 2008 C2, 0.92% 8/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (b) 4,250,000 4,250,000 
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.95% 8/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (b) 94,020,000 94,020,000 
FHLMC Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.:   
(Archstone Reading Apts. Proj.) Series 2004 A, 1% 8/7/18, LOC Freddie Mac, VRDN (a)(b) 24,840,000 24,840,000 
(Tammy Brook Apts. Proj.) Series 2009, 0.96% 8/7/18, LOC Freddie Mac, VRDN (b) 5,920,000 5,920,000 
FNMA Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Avalon Acton Apts. Proj.) Series 2006, 1.01% 8/7/18, LOC Fannie Mae, VRDN (a)(b) 45,000,000 45,000,000 
  778,696,000 
Nebraska - 0.2%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.07% 8/7/18, VRDN (a)(b) 3,700,000 3,700,000 
Nevada - 0.0%   
Washoe County Gas Facilities Rev. Series 2016 C, 1.01% 8/7/18, VRDN (a)(b) 500,000 500,000 
North Carolina - 0.1%   
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.08% 8/7/18, VRDN (a)(b) 1,000,000 1,000,000 
South Carolina - 0.0%   
Berkeley County Indl. Dev. Rev.:   
(Nucor Corp. Proj.) Series 1995, 1.07% 8/7/18, VRDN (a)(b) 200,000 200,000 
Series A, 1.17% 8/7/18, VRDN (a)(b) 420,000 420,000 
  620,000 
West Virginia - 0.4%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.09% 8/7/18, VRDN (a)(b) 5,800,000 5,800,000 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.04% 8/7/18, VRDN (a)(b) 3,600,000 3,600,000 
  9,400,000 
Wyoming - 0.0%   
Converse County Envir. Impt. Rev. Series 1995, 1.06% 8/7/18, VRDN (a)(b) 1,000,000 1,000,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $846,496,000)  846,496,000 
Tender Option Bond - 33.2%   
California - 1.0%   
California Gen. Oblig. Participating VRDN Series Floaters XF 10 38, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c) 400,000 400,000 
California Health Facilities Fing. Auth. Participating VRDN Series 16 XG 00 49, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c) 1,700,000 1,700,000 
California Health Facilities Fing. Auth. Rev. Participating VRDN:   
Series DB 15 XF 0234, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c) 7,400,000 7,400,000 
Series Floaters XG 00 48, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c) 9,000,000 9,000,000 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series XF 10 32, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(c) 3,335,000 3,335,000 
  21,835,000 
Massachusetts - 32.2%   
Billerica Gen. Oblig. Bonds Series Solar 17 0027, SIFMA Municipal Swap Index + 0.150% 1.09%, tender 8/9/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(c)(d) 3,400,000 3,400,000 
Boston Gen. Oblig. Participating VRDN Series Floaters XF 26 08, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 2,400,000 2,400,000 
Massachusetts Clean Wtr. Trust Bonds:   
Series Clipper 05 36, SIFMA Municipal Swap Index + 0.040% 0.99%, tender 8/2/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)(d) 6,105,000 6,105,000 
Series Clipper 09 30, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)(d)(e) 12,200,000 12,200,000 
Massachusetts Commonwealth Trans. Fund Rev. Participating VRDN:   
Series 2016 20, SIFMA Municipal Swap Index + 0.050% 1.49% 8/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(c)(d) 35,090,000 35,090,000 
Series Floaters XF 06 10, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 2,900,000 2,900,000 
Series Floaters XF 26 06, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 2,400,000 2,400,000 
Series Floaters ZF 25 67, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 3,300,000 3,300,000 
Series Floaters ZF 25 68, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 4,865,000 4,865,000 
Massachusetts Dev. Fin. Agcy. Participating VRDN Series Floaters XM 03 68, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 11,800,000 11,800,000 
Massachusetts Dev. Fin. Agcy. Rev.:   
Bonds Series WF 10 56C, SIFMA Municipal Swap Index + 0.280% 1.17%, tender 10/25/18 (Liquidity Facility Wells Fargo Bank NA) (b)(c)(d)(e) 19,785,000 19,785,000 
Participating VRDN:   
Series 15 XF0245, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 8,135,000 8,135,000 
Series 2016 XF2207, 0.96% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 750,000 750,000 
Series 2016 XM0136, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c)(f) 3,750,000 3,750,000 
Series 2016 XM0137, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 2,865,000 2,865,000 
Series Floaters XF 26 07, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 3,600,000 3,600,000 
Series Floaters ZF 06 04, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 1,500,000 1,500,000 
Series Floaters ZM 05 72, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 2,500,000 2,500,000 
Series MS 3373, 0.97% 8/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) 7,100,000 7,100,000 
Series MS 3389X, 0.97% 8/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) 2,500,000 2,500,000 
Series ROC II R 11999X, 0.96% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 6,785,000 6,785,000 
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XG 01 39, 1.03% 8/7/18 (Liquidity Facility Citibank NA) (a)(b)(c) 13,055,000 13,055,000 
Massachusetts Gen. Oblig.:   
Bonds:   
Series Clipper 09 37, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)(d)(e) 36,075,000 36,075,000 
Series Clipper 09 67, SIFMA Municipal Swap Index + 0.050% 0.99%, tender 8/2/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)(d) 77,000,000 77,000,000 
Series Clipper 09 69, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)(d)(e) 38,156,000 38,156,000 
Participating VRDN:   
Series 16 XM0221, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 1,300,000 1,300,000 
Series Floaters E 116, 0.97% 8/7/18 (Liquidity Facility Royal Bank of Canada) (b)(c) 19,540,000 19,540,000 
Series Floaters G4, 0.96% 8/7/18 (Liquidity Facility Royal Bank of Canada) (b)(c) 14,900,000 14,900,000 
Series Floaters G9, 0.96% 8/7/18 (Liquidity Facility Royal Bank of Canada) (b)(c) 5,700,000 5,700,000 
Series Floaters XF 05 28, 0.98% 8/7/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c) 2,385,000 2,385,000 
Series Floaters XF 05 30, 0.98% 8/7/18 (Liquidity Facility Toronto-Dominion Bank) (b)(c) 2,830,000 2,830,000 
Series Floaters XF 25 74, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 3,700,000 3,700,000 
Series Floaters XG 01 42, 0.96% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 3,000,000 3,000,000 
Series Floaters XM 03 72, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 6,650,000 6,650,000 
Series Floaters XM 04 28, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 7,500,000 7,500,000 
Series Floaters XM 06 66, 0.95% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 15,100,000 15,100,000 
Series Floaters ZM 05 79, 0.97% 8/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) 2,235,000 2,235,000 
Massachusetts Health & Edl. Facilities Auth. Participating VRDN Series XL 00 17, 0.97% 8/7/18 (Liquidity Facility Barclays Bank PLC) (b)(c) 10,785,000 10,785,000 
Massachusetts Health & Edl. Facilities Auth. Rev.:   
Bonds Series Clipper 09 39, SIFMA Municipal Swap Index + 0.050% 0.99%, tender 8/2/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)(d) 15,450,000 15,450,000 
Participating VRDN:   
Series 16 XM0217, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 41,800,000 41,800,000 
Series Floaters XF 00 47, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 9,600,000 9,600,000 
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN:   
Series 16 ZM0173, 0.97% 8/7/18 (Liquidity Facility Royal Bank of Canada) (b)(c) 10,000,000 10,000,000 
Series EGL 14 C031A, 0.97% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 14,875,000 14,875,000 
Series EGL 15 0004, 0.97% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 45,460,000 45,460,000 
Series EGL 15 001, 0.97% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 51,710,000 51,710,000 
Series EGL 15 002, 0.97% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 52,000,000 52,000,000 
Series EGL 15 003, 0.97% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 43,340,000 43,340,000 
Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 1/2/19 (Liquidity Facility Royal Bank of Canada) (b)(c)(d)(e) 4,000,000 4,000,000 
Massachusetts Wtr. Resources Auth. Participating VRDN Series XM 02 87, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (b)(c) 2,200,000 2,200,000 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Participating VRDN Series Floaters XF 25 02, 0.96% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 3,450,000 3,450,000 
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Participating VRDN:   
Series Floaters XF 25 88, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (b)(c) 4,170,000 4,170,000 
Series XL 0042, 0.97% 8/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(c) 8,380,000 8,380,000 
  710,076,000 
TOTAL TENDER OPTION BOND   
(Cost $731,911,000)  731,911,000 
Other Municipal Security - 21.0%   
Georgia - 0.6%   
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.04%, tender 10/1/18 (Liquidity Facility Royal Bank of Canada) (b)(d) 13,615,000 13,615,000 
Kentucky - 0.1%   
Jefferson County Poll. Cont. Rev. Bonds Series 01A, 1.3% tender 8/13/18, CP mode 1,400,000 1,400,000 
Massachusetts - 20.1%   
Avon Gen. Oblig. BAN:   
Series 2017, 2.25% 9/28/18 3,100,000 3,105,848 
Series 2018, 2% 9/28/18 2,600,000 2,601,951 
Billerica Gen. Oblig. BAN Series 2018, 3% 6/28/19 2,600,000 2,626,620 
Bourne Gen. Oblig. BAN Series 2018 A, 3% 11/15/18 2,471,053 2,480,951 
Brookline Gen. Oblig. BAN Series 2018, 2.5% 3/29/19 4,625,000 4,653,738 
Chicopee Gen. Oblig. BAN:   
Series 2017, 2.25% 10/5/18 3,750,000 3,757,393 
Series 2018, 2.25% 10/5/18 5,531,000 5,539,299 
Framingham Gen. Oblig. Bonds Series 2017, 5% 12/1/18 3,081,000 3,119,667 
Franklin Gen. Oblig. BAN Series 2018, 3% 5/17/19 3,300,000 3,330,000 
Gloucester Gen. Oblig. BAN Series 2018:   
2.5% 9/21/18 6,769,000 6,779,835 
2.75% 9/21/18 2,350,000 2,353,981 
Massachusetts Clean Wtr. Trust Bonds Series 2004 A, 5.25% 8/1/18 3,890,000 3,890,000 
Massachusetts Dev. Fin. Agcy. Series 5, 1.5% 10/1/18, LOC TD Banknorth, NA, CP 2,884,000 2,884,000 
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds Series 05, 1.65% tender 8/15/18 (Massachusetts Elec. Co. Guaranteed), CP mode (a) 22,000,000 22,000,000 
Massachusetts Edl. Fing. Auth. Rev. Bonds:   
Series 2013, 5% 7/1/19 (a) 4,730,000 4,861,210 
Series 2014 I:   
3% 1/1/19 (a) 1,595,000 1,601,907 
5% 1/1/19 (a) 1,120,000 1,134,100 
Massachusetts Gen. Oblig. Bonds:   
Series 2008 A:   
5% 8/1/18 (Pre-Refunded to 8/1/18 @ 100) 1,775,000 1,775,000 
5% 8/1/18 (Pre-Refunded to 8/1/18 @ 100) 2,900,000 2,900,000 
Series 2013 B, 5% 8/1/18 3,100,000 3,100,000 
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds:   
(Caregroup, Inc., MA. Proj.) Series 2008 B-1, 5.375% 8/1/18 (Pre-Refunded to 8/1/18 @ 100) 2,200,000 2,200,000 
Series H1:   
1.3% tender 9/6/18, CP mode 11,000,000 11,000,000 
1.35% tender 10/3/18, CP mode 6,200,000 6,200,000 
1.4% tender 10/1/18, CP mode 6,700,000 6,700,000 
1.54% tender 8/3/18, CP mode 7,300,000 7,300,000 
1.62% tender 8/2/18, CP mode 8,500,000 8,500,000 
Series H2:   
1.3% tender 9/4/18, CP mode 8,000,000 8,000,000 
1.4% tender 8/7/18, CP mode 12,090,000 12,090,000 
1.42% tender 8/6/18, CP mode 11,700,000 11,700,000 
Massachusetts Port Auth. Rev.:   
Series 12A:   
1.37% 8/9/18, LOC TD Banknorth, NA, CP 13,100,000 13,100,000 
1.47% 10/4/18, LOC TD Banknorth, NA, CP 7,100,000 7,100,000 
Series 12B:   
1.4% 9/14/18, LOC TD Banknorth, NA, CP (a) 26,600,000 26,600,000 
1.45% 9/14/18, LOC TD Banknorth, NA, CP (a) 1,000,000 1,000,000 
1.5% 10/4/18, LOC TD Banknorth, NA, CP (a) 22,500,000 22,500,000 
1.68% 9/14/18, LOC TD Banknorth, NA, CP (a) 9,000,000 9,000,000 
Series B, 1.75% 8/9/18, LOC TD Banknorth, NA, CP (a) 24,000,000 24,000,000 
Massachusetts State College Bldg. Auth. Rev. Bonds Series 2009 A, 5.5% 5/1/19 (Pre-Refunded to 5/1/19 @ 100) 4,730,000 4,860,896 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:   
Bonds Series 2006 B:   
5% 8/1/18 (Pre-Refunded to 8/1/18 @ 100) 1,435,000 1,435,000 
5% 8/1/18 (Pre-Refunded to 8/1/18 @ 100) 2,250,000 2,250,000 
Series 99:   
1.25% 8/2/18, LOC State Street Bank & Trust Co., Boston, CP 15,000,000 15,000,000 
1.3% 9/13/18, LOC State Street Bank & Trust Co., Boston, CP 15,000,000 15,000,000 
Medford Gen. Oblig. BAN Series 2018, 2.75% 9/28/18 419,000 419,555 
Middleborough Gen. Oblig. BAN:   
Series 2017, 2% 10/5/18 5,052,777 5,061,231 
Series 2018, 2.5% 10/5/18 10,685,000 10,705,627 
Millis Gen. Oblig. BAN Series 2017, 3% 12/21/18 9,300,000 9,354,163 
Milton Gen. Oblig. BAN Series 2018, 2.25% 8/30/18 2,900,000 2,901,816 
Nantucket Gen. Oblig. BAN:   
Series 2018 A, 3% 5/24/19 1,883,447 1,901,499 
Series 2018 B, 2.5% 11/16/18 12,300,000 12,335,644 
Orleans Gen. Oblig. Anticipation Notes BAN Series 2018, 2.5% 2/8/19 5,400,000 5,429,525 
Peabody Gen. Oblig. BAN Series 2018, 2.5% 3/22/19 3,560,000 3,581,466 
Revere Gen. Oblig. Bonds Series 2009, 5% 4/1/19 (Pre-Refunded to 4/1/19 @ 100) 1,745,000 1,781,385 
Scituate Gen. Oblig. BAN Series 2018, 3% 2/1/19 10,100,000 10,178,267 
Stoughton Gen. Oblig. BAN Series 2018, 2.75% 10/26/18 5,535,814 5,550,656 
Stow Gen. Oblig. BAN Series 2018, 3% 5/1/19 6,105,000 6,156,552 
Topsfield Gen. Oblig. BAN:   
Series 2017, 2.25% 10/19/18 1,500,000 1,503,464 
Series 2018:   
3% 3/8/19 3,900,000 3,932,709 
3% 5/10/19 6,562,292 6,619,538 
Waltham Gen. Oblig. BAN Series 2018, 3% 6/27/19 3,400,000 3,434,708 
Westborough Gen. Oblig. BAN Series 2018, 3% 5/31/19 18,700,000 18,891,153 
Westfield Gen. Oblig. BAN:   
Series 2017, 2.25% 10/31/18 3,800,000 3,810,772 
Series 2018 A, 3% 6/14/19 2,700,000 2,725,771 
Weston Gen. Oblig. BAN Series 2018, 2.5% 2/1/19 3,200,000 3,211,366 
Westport Gen. Oblig. BAN Series 2018, 3% 5/24/19 4,100,000 4,138,170 
Weymouth Gen. Oblig. BAN Series 2018:   
3% 3/14/19 12,240,000 12,353,706 
3% 3/14/19 1,800,000 1,812,280 
Woburn Gen. Oblig. BAN Series 2018, 2.5% 9/28/18 5,445,000 5,452,990 
  443,275,409 
New Hampshire - 0.2%   
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds Series A1, 1.33% tender 8/2/18, CP mode (a) 5,700,000 5,700,000 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $463,990,409)  463,990,409 
 Shares Value 
Investment Company - 7.0%   
Fidelity Municipal Cash Central Fund, 1.15% (g)(h)   
(Cost $154,087,754) 154,081,914 154,087,754 
TOTAL INVESTMENT IN SECURITIES - 99.5%   
(Cost $2,196,485,163)  2,196,485,163 
NET OTHER ASSETS (LIABILITIES) - 0.5%  10,739,106 
NET ASSETS - 100%  $2,207,224,269 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

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

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

Legend

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

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

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

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

 (e) 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 $110,216,000 or 5.0% of net assets.

 (f) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the end of the period, the value of these securities amounted to $3,750,000 or 0.2% of net assets.

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
Massachusetts Clean Wtr. Trust Bonds Series Clipper 09 30, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) 5/1/08 - 3/18/15 $12,200,000 
Massachusetts Dev. Fin. Agcy. Rev. Bonds Series WF 10 56C, SIFMA Municipal Swap Index + 0.280% 1.17%, tender 10/25/18 (Liquidity Facility Wells Fargo Bank NA) 12/23/10 - 8/4/11 $19,785,000 
Massachusetts Gen. Oblig. Bonds Series Clipper 09 37, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) 2/15/07 - 5/1/08 $36,075,000 
Massachusetts Gen. Oblig. Bonds Series Clipper 09 69, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) 9/28/16 $38,156,000 
Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 1/2/19 (Liquidity Facility Royal Bank of Canada) 7/12/18 $4,000,000 

Affiliated Central Funds

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

Fund Income earned 
Fidelity Municipal Cash Central Fund $1,225,962 
Total $1,225,962 

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

Investment Valuation

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

See accompanying notes which are an integral part of the financial statements.


Fidelity® Massachusetts Municipal Money Market Fund

Financial Statements

Statement of Assets and Liabilities

  July 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $2,042,397,409) 
$2,042,397,409  
Fidelity Central Funds (cost $154,087,754) 154,087,754  
Total Investment in Securities (cost $2,196,485,163)  $2,196,485,163 
Cash  19,709 
Receivable for investments sold  11,000,348 
Receivable for fund shares sold  1,622,458 
Interest receivable  6,626,649 
Distributions receivable from Fidelity Central Funds  153,285 
Prepaid expenses  5,749 
Other receivables  362 
Total assets  2,215,913,723 
Liabilities   
Payable for investments purchased $4,861,210  
Payable for fund shares redeemed 2,869,576  
Distributions payable 28,657  
Accrued management fee 661,561  
Other affiliated payables 238,392  
Other payables and accrued expenses 30,058  
Total liabilities  8,689,454 
Net Assets  $2,207,224,269 
Net Assets consist of:   
Paid in capital  $2,207,311,135 
Undistributed net investment income  338 
Accumulated undistributed net realized gain (loss) on investments  (87,204) 
Net Assets, for 2,203,651,675 shares outstanding  $2,207,224,269 
Net Asset Value, offering price and redemption price per share ($2,207,224,269 ÷ 2,203,651,675 shares)  $1.00 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended July 31, 2018 (Unaudited) 
Investment Income   
Interest  $14,352,483 
Income from Fidelity Central Funds  1,225,962 
Total income  15,578,445 
Expenses   
Management fee $4,174,834  
Transfer agent fees 1,384,523  
Accounting fees and expenses 111,110  
Custodian fees and expenses 8,373  
Independent trustees' fees and expenses 4,500  
Registration fees 12,137  
Audit 21,634  
Legal 8,051  
Miscellaneous 8,465  
Total expenses before reductions 5,733,627  
Expense reductions (8,174)  
Total expenses after reductions  5,725,453 
Net investment income (loss)  9,852,992 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (5,265)  
Fidelity Central Funds 5,920  
Total net realized gain (loss)  655 
Net increase in net assets resulting from operations  $9,853,647 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended July 31, 2018 (Unaudited) Year ended January 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $9,852,992 $13,269,441 
Net realized gain (loss) 655 (154,832) 
Net increase in net assets resulting from operations 9,853,647 13,114,609 
Distributions to shareholders from net investment income (9,852,654) (13,216,082) 
Distributions to shareholders from net realized gain – (2,581,689) 
Total distributions (9,852,654) (15,797,771) 
Share transactions at net asset value of $1.00 per share   
Proceeds from sales of shares 94,949,512 252,074,261 
Reinvestment of distributions 9,636,357 15,419,061 
Cost of shares redeemed (409,292,585) (1,305,482,934) 
Net increase (decrease) in net assets and shares resulting from share transactions (304,706,716) (1,037,989,612) 
Total increase (decrease) in net assets (304,705,723) (1,040,672,774) 
Net Assets   
Beginning of period 2,511,929,992 3,552,602,766 
End of period $2,207,224,269 $2,511,929,992 
Other Information   
Undistributed net investment income end of period $338 $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Massachusetts Municipal Money Market Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss) .004 .005 .001 A A A 
Net realized and unrealized gain (loss)A – – – – – – 
Total from investment operations .004 .005 .001 A A A 
Distributions from net investment income (.004) (.005) (.001) A A A 
Distributions from net realized gain – (.001) A A A – 
Total distributions (.004) (.005)B (.001) A A A 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnC,D .42% .53% .12% .02% .02% .01% 
Ratios to Average Net AssetsE,F       
Expenses before reductions .49%G .48% .48% .49% .49% .50% 
Expenses net of fee waivers, if any .49%G .48% .37% .05% .06% .10% 
Expenses net of all reductions .49%G .48% .37% .05% .06% .10% 
Net investment income (loss) .85%G .44% .09% .01% .01% .01% 
Supplemental Data       
Net assets, end of period (000 omitted) $2,207,224 $2,511,930 $3,552,603 $6,396,020 $6,701,648 $6,453,250 

 A Amount represents less than $.0005 per share.

 B Total distributions of $.005 per share is comprised of distributions from net investment income of $.0045 and distributions from net realized gain of $.0007 per share.

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

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

 E Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 F Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.

 G Annualized

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended July 31, 2018

1. Organization.

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

2. Investments in Fidelity Central Funds.

The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by the investment adviser and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

Each Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:

Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Income Fund's investments to the Fair Value Committee (the Committee) established by the Income Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the Committee, in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and reports to the Board on the Committee's activities and fair value determinations. The Board monitors the appropriateness of the procedures used in valuing the Income Fund's investments and ratifies the fair value determinations of the Committee.

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

Valuation techniques used to value each Fund's investments by major category are as follows:

For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. Municipal securities are valued by pricing vendors who utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type or by broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.

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

For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.

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

Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, market discount, deferred trustees compensation and losses deferred due to wash sales.

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

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

 Tax cost Gross unrealized appreciation Gross unrealized depreciation Net unrealized appreciation (depreciation) 
Fidelity Massachusetts Municipal Income Fund $1,972,065,352 $49,298,327 $(21,764,116) $27,534,211 
Fidelity Massachusetts Municipal Money Market Fund 2,196,485,163 – – – 

Capital loss carryforwards are only available to offset future capital gains of the Funds to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Funds are permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

 No expiration   
 Short-term Total no expiration Total capital loss carryforward 
Fidelity Massachusetts Municipal Money Market Fund (139,347) (139,347) (139,347) 

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

New Accounting Pronouncement. In March 2017, the Financial Accounting Standards Board (FASB) issued an Accounting Standards Update (ASU), ASU 2017-08, which amends the amortization period for certain callable debt securities that are held at a premium. The amendment requires the premium to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount. The ASU is effective for annual periods beginning after December 15, 2018. Management is currently evaluating the potential impact of these changes to the financial statements.

4. Purchases and Sales of Investments.

Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $81,404,234 and $185,576,895, respectively.

5. Fees and Other Transactions with Affiliates.

Management Fee. Fidelity Management & Research Company (the investment adviser) and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by the investment adviser, including any mutual funds previously advised by the investment adviser that are currently advised by Fidelity SelectCo, LLC, an affiliate of the investment adviser. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the reporting period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:

 Individual Rate Group Rate Total 
Fidelity Massachusetts Municipal Income Fund .25% .11% .36% 
Fidelity Massachusetts Municipal Money Market Fund .25% .11% .36% 

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Funds. FIIOC receives account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:

Fidelity Massachusetts Municipal Income Fund .08% 
Fidelity Massachusetts Municipal Money Market Fund .12% 

Accounting Fees. Fidelity Service Company, Inc. (FSC), an affiliate of the investment adviser, maintains each Fund's accounting records. The fee is based on the level of average net assets for each month. For the period, the fees were equivalent to the following annualized rates:

 % of Average Net Assets 
Fidelity Massachusetts Municipal Income Fund .02 
Fidelity Massachusetts Municipal Money Market Fund .01 

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

6. Committed Line of Credit.

The Income Fund participates with other funds managed by the investment adviser or an affiliate in a $4.25 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:

Fidelity Massachusetts Municipal Income Fund $2,940 

During the period, the Income Fund did not borrow on this line of credit.

7. Expense Reductions.

Through arrangements with each Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.

 Custody expense reduction 
Fidelity Massachusetts Municipal Income Fund $7,514 
Fidelity Massachusetts Municipal Money Market Fund 207 

In addition, during the period the investment adviser reimbursed and/or waived a portion of operating expenses as follows:

 Amount 
Fidelity Massachusetts Municipal Income Fund $6,597 
Fidelity Massachusetts Municipal Money Market Fund 7,967 

8. Other.

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

Shareholder Expense Example

As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).

Actual Expenses

The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2018 
Ending
Account Value
July 31, 2018 
Expenses Paid
During Period-B
February 1, 2018
to July 31, 2018 
Fidelity Massachusetts Municipal Income Fund .46%    
Actual  $1,000.00 $1,005.90 $2.29 
Hypothetical-C  $1,000.00 $1,022.51 $2.31 
Fidelity Massachusetts Municipal Money Market Fund .49%    
Actual  $1,000.00 $1,004.20 $2.43 
Hypothetical-C  $1,000.00 $1,022.36 $2.46 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/ 365 (to reflect the one-half year period).

 C 5% return per year before expenses





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Fidelity® Massachusetts AMT Tax-Free Money Market Fund
Fidelity® Massachusetts AMT Tax-Free Money Market Fund
Institutional Class
Service Class



Semi-Annual Report

July 31, 2018




Fidelity Investments


Contents

Investment Summary/Performance

Schedule of Investments

Financial Statements

Notes to Financial Statements

Shareholder Expense Example


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

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

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

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

All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2018 FMR LLC. All rights reserved.



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

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

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

NOT FDIC INSURED •MAY LOSE VALUE •NO BANK GUARANTEE

Neither the Fund nor Fidelity Distributors Corporation is a bank.



Investment Summary/Performance (Unaudited)

Effective Maturity Diversification as of July 31, 2018

Days % of fund's investments 7/31/18 
1 - 7 81.8 
8 - 30 2.7 
31 - 60 4.2 
61 - 90 2.5 
91 - 180 2.6 
> 180 6.2 

Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940.

Asset Allocation (% of fund's net assets)

As of July 31, 2018 
   Variable Rate Demand Notes (VRDNs) 50.2% 
   Tender Option Bond 26.6% 
   Other Municipal Security 20.7% 
   Investment Companies 2.3% 
   Net Other Assets (Liabilities) 0.2% 


Current 7-Day Yields

 7/31/18 
Fidelity® Massachusetts AMT Tax-Free Money Market Fund 0.77% 
Institutional Class 0.87% 
Service Class 0.62% 

Yield refers to the income paid by the Fund over a given period. Yield for money market funds is usually for seven-day periods, as it is here, though it is expressed as an annual percentage rate. Past performance is no guarantee of future results. Yield will vary and it's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending July 31, 2018, the most recent period shown in the table, would have been 0.82% for the Institutional Class and 0.58% for the Service Class.

Schedule of Investments July 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 50.2%   
 Principal Amount Value 
Alabama - 0.2%   
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.09% 8/7/18, VRDN (a) $900,000 $900,000 
West Jefferson Indl. Dev. Series 2008, 1.09% 8/7/18, VRDN (a) 1,500,000 1,500,000 
  2,400,000 
Arizona - 0.2%   
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 1.02% 8/7/18, VRDN (a) 2,250,000 2,250,000 
Connecticut - 0.4%   
Connecticut Gen. Oblig. Series 2016 C, 1.05% 8/7/18 (Liquidity Facility Bank of America NA), VRDN (a) 6,100,000 6,100,000 
Delaware - 0.0%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.):   
Series 1993 C, 1.13% 8/7/18, VRDN (a) 100,000 100,000 
Series 1999 A, 1.02% 8/7/18, VRDN (a) 200,000 200,000 
  300,000 
Indiana - 0.0%   
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.):   
Series H, 1.09% 8/7/18, VRDN (a) 400,000 400,000 
Series I, 1.09% 8/7/18, VRDN (a) 300,000 300,000 
  700,000 
Louisiana - 0.4%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):   
Series 2010 A1, 1.03% 8/7/18, VRDN (a) 2,200,000 2,200,000 
Series 2010 B1, 1.05% 8/7/18, VRDN (a) 4,080,000 4,080,000 
  6,280,000 
Massachusetts - 48.9%   
Boston Wtr. & Swr. Commission Rev. Series 1994 A, 0.85% 8/7/18, LOC State Street Bank & Trust Co., Boston, VRDN (a) 10,705,000 10,705,000 
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.:   
Series 2010 A1, 0.92% 8/7/18, LOC Citibank NA, VRDN (a) 24,450,000 24,450,000 
Series 2010 A2:   
0.94% 8/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 24,245,000 24,245,000 
0.95% 8/7/18, LOC Barclays Bank PLC, VRDN (a) 39,075,000 39,075,000 
Series 2010 A3, 0.97% 8/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 26,450,000 26,450,000 
Massachusetts Dev. Fin. Agcy. Rev.:   
(Babson College Proj.) Series 2008 A, 0.92% 8/7/18, LOC Bank of America NA, VRDN (a) 11,580,000 11,580,000 
(Boston Univ. Proj.):   
Series U-6C, 1.5% 8/1/18, LOC TD Banknorth, NA, VRDN (a) 4,765,000 4,765,000 
Series U3, 0.88% 8/7/18, LOC Northern Trust Co., VRDN (a) 33,950,000 33,950,000 
(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 0.95% 8/7/18, LOC Manufacturers & Traders Trust Co., VRDN (a) 3,240,000 3,240,000 
(Clark Univ. Proj.) 0.98% 8/7/18, LOC TD Banknorth, NA, VRDN (a) 5,000,000 5,000,000 
(Governor Dummer Academy Issues Proj.) Series 2006, 0.96% 8/7/18, LOC TD Banknorth, NA, VRDN (a) 4,295,000 4,295,000 
(ISO New England, Inc. Proj.) Series 2005, 0.93% 8/7/18, LOC TD Banknorth, NA, VRDN (a) 23,185,000 23,185,000 
(Simmons College Proj.) Series G, 0.98% 8/7/18, LOC JPMorgan Chase Bank, VRDN (a) 4,655,000 4,655,000 
(Wilber School Apts. Proj.) Series 2008 A, 0.95% 8/7/18, LOC Bank of America NA, VRDN (a) 800,000 800,000 
(Worcester Polytechnic Institute Proj.) Series 2008 A, 0.91% 8/7/18, LOC TD Banknorth, NA, VRDN (a) 35,050,000 35,050,000 
Series 2006:   
0.93% 8/7/18, LOC TD Banknorth, NA, VRDN (a) 2,975,000 2,975,000 
0.99% 8/7/18, LOC PNC Bank NA, VRDN (a) 3,045,000 3,045,000 
Series 2010, 0.96% 8/7/18, LOC Manufacturers & Traders Trust Co., VRDN (a) 940,000 940,000 
Series 2014 M2, 0.93% 8/7/18, LOC Bank of New York, New York, VRDN (a) 6,225,000 6,225,000 
Massachusetts Gen. Oblig. Series 2001 C, 0.85% 8/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (a) 43,245,000 43,245,000 
Massachusetts Health & Edl. Facilities Auth. Rev.:   
(Amherst College Proj.):   
Series 2005 I, 0.82% 8/7/18, VRDN (a) 21,550,000 21,550,000 
Series 2005 J1, 0.82% 8/7/18, VRDN (a) 28,950,000 28,950,000 
(Baystate Health Sys. Proj.):   
Series 2009 J1, 0.94% 8/7/18, LOC JPMorgan Chase Bank, VRDN (a) 19,500,000 19,500,000 
Series 2009 J2, 1.5% 8/1/18, LOC JPMorgan Chase Bank, VRDN (a) 8,615,000 8,615,000 
Series 2009 K, 0.92% 8/7/18, LOC Bank of America NA, VRDN (a) 9,950,000 9,950,000 
(Boston Univ. Proj.) Series H, 0.88% 8/7/18, LOC State Street Bank & Trust Co., Boston, VRDN (a) 18,775,000 18,775,000 
(CIL Realty of Massachusetts Proj.) Series 2007, 0.95% 8/7/18, LOC HSBC Bank U.S.A., NA, VRDN (a) 700,000 700,000 
(Harvard Univ. Proj.):   
Series R, 1.45% 8/1/18, VRDN (a) 6,400,000 6,400,000 
Series Y, 0.85% 8/7/18, VRDN (a) 41,215,000 41,215,000 
(Massachusetts Institute of Technology Proj.):   
Series 2001 J1, 0.9% 8/7/18, VRDN (a) 51,595,000 51,595,000 
Series 2001 J2, 0.85% 8/7/18, VRDN (a) 4,080,000 4,080,000 
(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.97% 8/7/18, LOC JPMorgan Chase Bank, VRDN (a) 8,605,000 8,605,000 
(Southcoast Health Sys. Obligated Group Proj.) Series 2008 C, 0.9% 8/7/18, LOC TD Banknorth, NA, VRDN (a) 36,540,000 36,540,000 
(Williams College Proj.):   
Series I, 0.85% 8/7/18, VRDN (a) 9,110,000 9,110,000 
Series J, 0.83% 8/7/18, VRDN (a) 22,461,000 22,461,000 
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. (Princeton Westford Proj.) Series 2015 A, 0.97% 8/7/18, LOC Bank of America NA, VRDN (a) 1,900,000 1,900,000 
Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev. 0.93% 8/7/18, LOC TD Banknorth, NA, VRDN (a) 2,900,000 2,900,000 
Massachusetts Indl. Fin. Agcy. Rev.:   
(Governor Dummer Academy Proj.) Series 1996, 0.96% 8/7/18, LOC TD Banknorth, NA, VRDN (a) 700,000 700,000 
(Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 0.94% 8/7/18, LOC TD Banknorth, NA, VRDN (a) 1,885,000 1,885,000 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:   
Series 1999 B, 1.02% 8/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 1,300,000 1,300,000 
Series 2008 C2, 0.92% 8/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (a) 7,705,000 7,705,000 
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.95% 8/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (a) 64,670,000 64,670,000 
FHLMC Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Tammy Brook Apts. Proj.) Series 2009, 0.96% 8/7/18, LOC Freddie Mac, VRDN (a) 3,400,000 3,400,000 
  680,381,000 
Wyoming - 0.1%   
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1% 8/7/18, VRDN (a) 200,000 200,000 
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.):   
Series 1992 A, 1% 8/7/18, VRDN (a) 500,000 500,000 
Series 1992 B, 1% 8/7/18, VRDN (a) 200,000 200,000 
  900,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $699,311,000)  699,311,000 
Tender Option Bond - 26.6%   
California - 1.9%   
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN Series XF 10 44, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 2,000,000 2,000,000 
California Gen. Oblig. Participating VRDN Series 15 XF0129, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 4,200,000 4,200,000 
California Health Facilities Fing. Auth. Participating VRDN Series 16 XG 00 49, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 4,000,000 4,000,000 
California Health Facilities Fing. Auth. Rev. Participating VRDN:   
Series DB 15 XF 0234, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 2,200,000 2,200,000 
Series Floaters XG 00 48, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 7,400,000 7,400,000 
Dignity Health Participating VRDN Series 17 04, SIFMA Municipal Swap Index + 0.160% 1.1% 9/11/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c)(d) 595,000 595,000 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series XF 10 32, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 2,300,000 2,300,000 
Univ. of California Revs. Participating VRDN Series Floaters XG 00 61, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 4,250,000 4,250,000 
  26,945,000 
Colorado - 0.0%   
Denver City & County Arpt. Rev. Participating VRDN Series Floaters XF 10 36, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 300,000 300,000 
Illinois - 0.9%   
Chicago Board of Ed. Participating VRDN:   
Series Floaters 003, 1.34% 9/11/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 6,005,000 6,005,000 
Series Floaters 006, 1.34% 9/11/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 3,620,000 3,620,000 
Series Floaters 013, 1.34% 9/11/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,850,000 1,850,000 
Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 0.98% 8/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 700,000 700,000 
  12,175,000 
Maryland - 0.0%   
Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.14%, tender 1/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 300,000 300,000 
Massachusetts - 23.4%   
Billerica Gen. Oblig. Bonds Series Solar 17 0027, SIFMA Municipal Swap Index + 0.150% 1.09%, tender 8/9/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(d) 900,000 900,000 
Boston Gen. Oblig. Participating VRDN Series Floaters XF 26 08, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 1,600,000 1,600,000 
Massachusetts Clean Wtr. Trust Bonds Series Clipper 05 36, SIFMA Municipal Swap Index + 0.040% 0.99%, tender 8/2/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(d) 2,000,000 2,000,000 
Massachusetts Commonwealth Trans. Fund Rev. Participating VRDN:   
Series 2016 20, SIFMA Municipal Swap Index + 0.050% 1.49% 8/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(d) 8,800,000 8,800,000 
Series Floaters XF 06 10, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 1,600,000 1,600,000 
Series Floaters XF 26 06, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 1,600,000 1,600,000 
Series Floaters ZF 25 68, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 3,100,000 3,100,000 
Massachusetts Dev. Fin. Agcy. Participating VRDN Series Floaters XM 03 68, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 1,700,000 1,700,000 
Massachusetts Dev. Fin. Agcy. Rev. Participating VRDN:   
Series 15 XF0245, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 400,000 400,000 
Series 2016 XF2207, 0.96% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 3,250,000 3,250,000 
Series 2016 XM0137, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 1,650,000 1,650,000 
Series Floaters XF 26 07, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 2,400,000 2,400,000 
Series Floaters YX 10 74, 0.96% 8/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 4,000,000 4,000,000 
Series MS 3373, 0.97% 8/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) 900,000 900,000 
Massachusetts Gen. Oblig.:   
Bonds:   
Series Clipper 09 37, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c)(d) 12,000,000 12,000,000 
Series Clipper 09 67, SIFMA Municipal Swap Index + 0.050% 0.99%, tender 8/2/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(d) 33,500,000 33,500,000 
Series Clipper 09 69, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(c)(d) 5,515,000 5,515,000 
Participating VRDN:   
Series 16 XF0374, 0.97% 8/7/18 (Liquidity Facility Bank of America NA) (a)(b) 2,000,000 2,000,000 
Series 16 XM 03 35, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 7,500,000 7,500,000 
Series 16 XM0221, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 18,955,000 18,955,000 
Series 16 ZF0377, 0.98% 8/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(b) 4,375,000 4,375,000 
Series Floaters 16 ZF2364, 0.96% 8/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 5,335,000 5,335,000 
Series Floaters E 116, 0.97% 8/7/18 (Liquidity Facility Royal Bank of Canada) (a)(b) 9,800,000 9,800,000 
Series Floaters G4, 0.96% 8/7/18 (Liquidity Facility Royal Bank of Canada) (a)(b) 10,100,000 10,100,000 
Series Floaters G9, 0.96% 8/7/18 (Liquidity Facility Royal Bank of Canada) (a)(b) 3,800,000 3,800,000 
Series Floaters XF 05 30, 0.98% 8/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(b) 500,000 500,000 
Series Floaters XG 01 42, 0.96% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 5,998,000 5,998,000 
Series Floaters XM 03 72, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 4,600,000 4,600,000 
Series Floaters XM 06 66, 0.95% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 10,280,000 10,280,000 
Series Floaters ZM 05 79, 0.97% 8/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) 1,100,000 1,100,000 
Massachusetts Health & Edl. Facilities Auth. Participating VRDN Series XL 00 17, 0.97% 8/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 2,550,000 2,550,000 
Massachusetts Health & Edl. Facilities Auth. Rev. Participating VRDN:   
Series 16 XG0014, 0.96% 8/7/18 (Liquidity Facility Bank of America NA) (a)(b) 5,550,000 5,550,000 
Series 16 XM0217, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 10,700,000 10,700,000 
Series Floaters XF 00 47, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 1,500,000 1,500,000 
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.:   
Bonds Series Solar 17 13, SIFMA Municipal Swap Index + 0.050% 1.09%, tender 8/23/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(d) 3,900,000 3,900,000 
Participating VRDN:   
Series 15 XF2203, 0.96% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 7,460,000 7,460,000 
Series 16 XM0239, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 11,250,000 11,250,000 
Series 16 ZM0173, 0.97% 8/7/18 (Liquidity Facility Royal Bank of Canada) (a)(b) 1,000,000 1,000,000 
Series EGL 15 0004, 0.97% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 17,900,000 17,900,000 
Series EGL 15 001, 0.97% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 10,900,000 10,900,000 
Series EGL 15 002, 0.97% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 28,885,000 28,885,000 
Series EGL 15 003, 0.97% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 11,000,000 11,000,000 
Series Floaters XM 04 30, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 3,335,000 3,335,000 
Series Floaters XX 10 08, 0.96% 8/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 6,300,000 6,300,000 
Series Floaters YX 10 29, 0.96% 8/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 10,820,000 10,820,000 
Series ROC II R 14021, 0.96% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 7,500,000 7,500,000 
Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 1/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 6,420,000 6,420,000 
Massachusetts Wtr. Resources Auth. Participating VRDN Series XM 02 87, 0.97% 8/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 300,000 300,000 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Participating VRDN Series Floaters XF 25 02, 0.96% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 4,050,000 4,050,000 
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Participating VRDN:   
Series Floaters XF 25 88, 0.94% 8/7/18 (Liquidity Facility Citibank NA) (a)(b) 3,700,000 3,700,000 
Series XL 0042, 0.97% 8/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) 1,000,000 1,000,000 
  325,278,000 
Montana - 0.1%   
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.12% 9/11/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,600,000 1,600,000 
Nebraska - 0.0%   
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 200,000 200,000 
New Jersey - 0.1%   
Union County Impt. Auth. Participating VRDN Series XF 10 19, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 400,000 400,000 
Union County Impt. Auth. Rev. Participating VRDN Series XG 00 57, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 300,000 300,000 
  700,000 
Ohio - 0.2%   
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 1.04% 8/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 1,000,000 1,000,000 
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.12% 9/11/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 590,000 590,000 
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.12% 9/11/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 600,000 600,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.14%, tender 12/3/18 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 275,000 275,000 
  2,465,000 
Pennsylvania - 0.0%   
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, SIFMA Municipal Swap Index + 0.170% 1.11%, tender 10/1/18 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 600,000 600,000 
Texas - 0.0%   
Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN Series Floaters 011, 1.12% 9/11/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 265,000 265,000 
TOTAL TENDER OPTION BOND   
(Cost $370,828,000)  370,828,000 
Other Municipal Security - 20.7%   
Georgia - 0.2%   
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds:   
Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.04%, tender 10/1/18 (Liquidity Facility Royal Bank of Canada) (a)(d) 595,000 595,000 
Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.04%, tender 10/1/18 (Liquidity Facility Royal Bank of Canada) (a)(d) 1,700,000 1,700,000 
  2,295,000 
Kentucky - 0.1%   
Jefferson County Poll. Cont. Rev. Bonds Series 01A, 1.3% tender 8/13/18, CP mode 1,000,000 1,000,000 
Massachusetts - 20.4%   
Avon Gen. Oblig. BAN:   
Series 2017, 2.25% 9/28/18 1,100,000 1,102,075 
Series 2018, 2% 9/28/18 1,800,000 1,801,350 
Billerica Gen. Oblig. BAN Series 2018, 3% 6/28/19 1,730,000 1,747,712 
Boston Gen. Oblig. Bonds:   
Series 2017 A, 5% 4/1/19 1,000,000 1,021,663 
Series 2018 A, 5% 5/1/19 10,360,000 10,612,188 
Bourne Gen. Oblig. BAN Series 2017, 2.25% 11/15/18 2,086,092 2,092,372 
Brookline Gen. Oblig. BAN Series 2018, 2.5% 3/29/19 2,500,000 2,515,534 
Chicopee Gen. Oblig. BAN:   
Series 2017, 2.25% 10/5/18 1,300,000 1,302,563 
Series 2018, 2.25% 10/5/18 3,900,000 3,905,852 
Framingham Gen. Oblig. Bonds Series 2017, 5% 12/1/18 1,100,000 1,113,805 
Franklin Gen. Oblig. BAN Series 2018, 3% 5/17/19 2,000,000 2,018,182 
Gloucester Gen. Oblig. BAN Series 2018, 2.5% 9/21/18 3,400,000 3,405,442 
Hingham Gen. Oblig. BAN Series 2018, 4% 5/16/19 7,840,426 7,976,589 
Massachusetts Clean Wtr. Trust Bonds Series 2004 A, 5.25% 8/1/18 1,800,000 1,800,000 
Massachusetts Dev. Fin. Agcy. Series 5, 1.5% 10/1/18, LOC TD Banknorth, NA, CP 2,000,000 2,000,000 
Massachusetts Dev. Fin. Agcy. Rev. Bonds Series 2009, 5.5% 11/15/18 (Pre-Refunded to 11/15/18 @ 100) 9,765,000 9,871,346 
Massachusetts Gen. Oblig. Bonds:   
Series 2008 A:   
5% 8/1/18 (Pre-Refunded to 8/1/18 @ 100) 2,000,000 2,000,000 
5% 8/1/18 (Pre-Refunded to 8/1/18 @ 100) 1,100,000 1,100,000 
5% 8/1/18 (Pre-Refunded to 8/1/18 @ 100) 500,000 500,000 
5% 8/1/18 (Pre-Refunded to 8/1/18 @ 100) 1,485,000 1,485,000 
Series 2013 B, 5% 8/1/18 1,900,000 1,900,000 
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds:   
Series H1:   
1.3% tender 9/6/18, CP mode 2,500,000 2,500,000 
1.35% tender 10/3/18, CP mode 4,300,000 4,300,000 
1.4% tender 10/1/18, CP mode 4,800,000 4,800,000 
1.54% tender 8/3/18, CP mode 10,000,000 10,000,000 
1.62% tender 8/2/18, CP mode 11,045,000 11,045,000 
Series H2:   
1.3% tender 9/4/18, CP mode 6,040,000 6,040,000 
1.4% tender 8/7/18, CP mode 7,700,000 7,700,000 
1.42% tender 8/6/18, CP mode 7,885,000 7,885,000 
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.):   
Series 1992, 1.6% tender 8/10/18, CP mode 14,800,000 14,800,000 
Series 92, 1.5% tender 8/23/18, CP mode 700,000 700,000 
Massachusetts Port Auth. Rev. Series 12A:   
1.37% 8/9/18, LOC TD Banknorth, NA, CP 8,900,000 8,900,000 
1.47% 10/4/18, LOC TD Banknorth, NA, CP 4,900,000 4,900,000 
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Bonds:   
Series 2011 B, 5% 10/15/18 2,205,000 2,219,844 
Series 2012 B, 5% 8/15/18 5,245,000 5,251,598 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:   
Bonds Series 2012 J, 5.25% 8/1/18 1,805,000 1,805,000 
Series 99:   
1.25% 8/2/18, LOC State Street Bank & Trust Co., Boston, CP 18,750,000 18,750,000 
1.3% 9/13/18, LOC State Street Bank & Trust Co., Boston, CP 18,750,000 18,750,000 
Middleborough Gen. Oblig. BAN:   
Series 2017, 2% 10/5/18 1,700,000 1,702,844 
Series 2018, 2.5% 10/5/18 5,600,000 5,610,811 
Millis Gen. Oblig. BAN Series 2017, 3% 12/21/18 3,700,000 3,721,549 
Milton Gen. Oblig. BAN Series 2018, 2.25% 8/30/18 1,594,979 1,595,978 
Nantucket Gen. Oblig. BAN Series 2018 B, 2.5% 11/16/18 8,450,169 8,474,657 
Natick Gen. Oblig. BAN Series 2018 A, 2.5% 12/7/18 2,960,000 2,968,700 
North Reading Gen. Oblig. BAN Series 2018, 3% 6/14/19 8,118,932 8,201,996 
Orleans Gen. Oblig. Anticipation Notes BAN Series 2018, 2.5% 2/8/19 2,538,561 2,552,441 
Peabody Gen. Oblig. BAN Series 2018, 2.5% 3/22/19 1,900,000 1,911,457 
Revere Gen. Oblig. Bonds Series 2009, 5.5% 4/1/19 (Pre-Refunded to 4/1/19 @ 100) 2,190,000 2,242,837 
Scituate Gen. Oblig. BAN Series 2018, 3% 2/1/19 4,839,000 4,876,499 
Stoughton Gen. Oblig. BAN Series 2018, 2.75% 10/26/18 3,700,000 3,709,920 
Stow Gen. Oblig. BAN Series 2018, 3% 5/1/19 3,600,000 3,630,399 
Topsfield Gen. Oblig. BAN Series 2018:   
3% 3/8/19 2,100,000 2,117,613 
3% 5/10/19 4,100,000 4,135,766 
Waltham Gen. Oblig. BAN Series 2018, 3% 6/27/19 2,278,479 2,301,738 
Westborough Gen. Oblig. BAN Series 2018, 3% 5/31/19 12,628,100 12,757,186 
Westfield Gen. Oblig. BAN:   
Series 2017, 2.25% 10/31/18 1,315,000 1,318,728 
Series 2018 A, 3% 6/14/19 1,895,000 1,913,087 
Weston Gen. Oblig. BAN Series 2018, 2.5% 2/1/19 3,300,000 3,313,605 
Westport Gen. Oblig. BAN Series 2018, 3% 5/24/19 2,650,000 2,674,671 
Weymouth Gen. Oblig. BAN Series 2018:   
3% 3/14/19 6,400,000 6,459,454 
3% 3/14/19 1,300,000 1,308,869 
Woburn Gen. Oblig. BAN Series 2018, 2.5% 9/28/18 2,900,000 2,904,256 
  284,023,176 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $287,318,176)  287,318,176 
 Shares Value 
Investment Company - 2.3%   
Fidelity Tax-Free Cash Central Fund, 1.01% (e)(f)   
(Cost $31,559,528) 31,559,528 31,559,528 
TOTAL INVESTMENT IN SECURITIES - 99.8%   
(Cost $1,389,016,704)  1,389,016,704 
NET OTHER ASSETS (LIABILITIES) - 0.2%  3,318,669 
NET ASSETS - 100%  $1,392,335,373 

Security Type Abbreviations

BAN – BOND ANTICIPATION NOTE

CP – COMMERCIAL PAPER

RAN – REVENUE ANTICIPATION NOTE

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

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

Legend

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

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

 (c) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $40,235,000 or 2.9% of net assets.

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

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

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

Additional information on each restricted holding is as follows:

Security Acquisition Date Cost 
Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.14%, tender 1/2/19 (Liquidity Facility Royal Bank of Canada) 7/12/18 $300,000 
Chicago Board of Ed. Participating VRDN Series Floaters 003, 1.34% 8/2/18 (Liquidity Facility Barclays Bank PLC) 2/1/18 - 7/13/18 $6,005,000 
Chicago Board of Ed. Participating VRDN Series Floaters 006, 1.34% 8/2/18 (Liquidity Facility Barclays Bank PLC) 3/1/18 - 6/14/18 $3,620,000 
Chicago Board of Ed. Participating VRDN Series Floaters 013, 1.34% 8/2/18 (Liquidity Facility Barclays Bank PLC) 7/12/18 - 7/19/18 $1,850,000 
Dallas Fort Worth Int'l. Arpt. Rev. Participating VRDN Series Floaters 011, 1.12% 9/11/18 (Liquidity Facility Barclays Bank PLC) 6/7/18 $265,000 
Dignity Health Participating VRDN Series 17 04, SIFMA Municipal Swap Index + 0.160% 1.1% 9/11/18 (Liquidity Facility Barclays Bank PLC) 10/5/17 $595,000 
Massachusetts Gen. Oblig. Bonds Series Clipper 09 37, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) 2/15/07 - 4/5/07 $12,000,000 
Massachusetts Gen. Oblig. Bonds Series Clipper 09 69, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 9/6/18 (Liquidity Facility State Street Bank & Trust Co., Boston) 9/28/16 $5,515,000 
Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, SIFMA Municipal Swap Index + 0.180% 1.12%, tender 1/2/19 (Liquidity Facility Royal Bank of Canada) 7/12/18 - 7/26/18 $6,420,000 
Middletown Hosp. Facilities Rev. Participating VRDN Series Floaters 00 31 44, 1.12% 9/11/18 (Liquidity Facility Barclays Bank PLC) 9/14/17 $590,000 
Missoula Mont Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.12% 9/11/18 (Liquidity Facility Barclays Bank PLC) 11/3/17 - 3/2/18 $1,600,000 
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.12% 9/11/18 (Liquidity Facility Barclays Bank PLC) 3/9/17 - 7/13/18 $600,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.14%, tender 12/3/18 (Liquidity Facility Royal Bank of Canada) 7/12/18 $275,000 
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, SIFMA Municipal Swap Index + 0.170% 1.11%, tender 10/1/18 (Liquidity Facility Royal Bank of Canada) 2/2/18 $600,000 

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 $1,025,393 
Total $1,025,393 

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

Investment Valuation

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

See accompanying notes which are an integral part of the financial statements.


Financial Statements

Statement of Assets and Liabilities

  July 31, 2018 (Unaudited) 
Assets   
Investment in securities, at value — See accompanying schedule:
Unaffiliated issuers (cost $1,357,457,176) 
$1,357,457,176  
Fidelity Central Funds (cost $31,559,528) 31,559,528  
Total Investment in Securities (cost $1,389,016,704)  $1,389,016,704 
Cash  12,564 
Receivable for investments sold  6,980,000 
Receivable for fund shares sold  624,342 
Interest receivable  4,235,134 
Distributions receivable from Fidelity Central Funds  105,634 
Receivable from investment adviser for expense reductions  47,333 
Other receivables  509 
Total assets  1,401,022,220 
Liabilities   
Payable for investments purchased $6,000,000  
Payable for fund shares redeemed 2,184,179  
Distributions payable 178,398  
Accrued management fee 250,417  
Distribution and service plan fees payable 25  
Other affiliated payables 73,828  
Total liabilities  8,686,847 
Net Assets  $1,392,335,373 
Net Assets consist of:   
Paid in capital  $1,392,406,732 
Undistributed net investment income  113 
Accumulated undistributed net realized gain (loss) on investments  (71,472) 
Net Assets  $1,392,335,373 
Massachusetts AMT Tax-Free Money Market Fund:   
Net Asset Value, offering price and redemption price per share ($263,463,581 ÷ 263,261,878 shares)  $1.00 
Institutional Class:   
Net Asset Value, offering price and redemption price per share ($1,128,738,495 ÷ 1,128,324,431 shares)  $1.00 
Service Class:   
Net Asset Value, offering price and redemption price per share ($133,297 ÷ 133,250 shares)  $1.00 

See accompanying notes which are an integral part of the financial statements.


Statement of Operations

  Six months ended July 31, 2018 (Unaudited) 
Investment Income   
Interest  $8,200,305 
Income from Fidelity Central Funds  1,025,393 
Total income  9,225,698 
Expenses   
Management fee $1,419,785  
Transfer agent fees 420,189  
Distribution and service plan fees 161  
Independent trustees' fees and expenses 1,363  
Total expenses before reductions 1,841,498  
Expense reductions (297,356)  
Total expenses after reductions  1,544,142 
Net investment income (loss)  7,681,556 
Realized and Unrealized Gain (Loss)   
Net realized gain (loss) on:   
Investment securities:   
Unaffiliated issuers (3,026)  
Fidelity Central Funds 8,304  
Total net realized gain (loss)  5,278 
Net increase in net assets resulting from operations  $7,686,834 

See accompanying notes which are an integral part of the financial statements.


Statement of Changes in Net Assets

 Six months ended July 31, 2018 (Unaudited) Year ended January 31, 2018 
Increase (Decrease) in Net Assets   
Operations   
Net investment income (loss) $7,681,556 $6,666,198 
Net realized gain (loss) 5,278 (102,039) 
Net increase in net assets resulting from operations 7,686,834 6,564,159 
Distributions to shareholders from net investment income (7,681,443) (6,656,510) 
Distributions to shareholders from net realized gain – (41,132) 
Total distributions (7,681,443) (6,697,642) 
Share transactions - net increase (decrease) 131,402,650 471,649,566 
Total increase (decrease) in net assets 131,408,041 471,516,083 
Net Assets   
Beginning of period 1,260,927,332 789,411,249 
End of period $1,392,335,373 $1,260,927,332 
Other Information   
Undistributed net investment income end of period $113 $– 

See accompanying notes which are an integral part of the financial statements.


Financial Highlights

Fidelity Massachusetts AMT Tax-Free Money Market Fund

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss) .005 .006 .002 A A A 
Net realized and unrealized gain (loss) A A A .001 A A 
Total from investment operations .005 .006 .002 .001 A A 
Distributions from net investment income (.005) (.006) (.002) A A A 
Distributions from net realized gain – A – (.001) A A 
Total distributions (.005) (.006) (.002) (.001) A A 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnB,C .50% .61% .22% .11% .04% .02% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .30%F .30% .30% .30% .30% .30% 
Expenses net of fee waivers, if any .30%F .30% .26% .05% .07% .10% 
Expenses net of all reductions .30%F .30% .26% .05% .06% .10% 
Net investment income (loss) 1.00%F .62% .23% .01% .01% .01% 
Supplemental Data       
Net assets, end of period (000 omitted) $263,464 $241,538 $200,828 $200,616 $235,903 $250,871 

 A Amount represents less than $.0005 per share.

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

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

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Annualized

See accompanying notes which are an integral part of the financial statements.


Fidelity Massachusetts AMT Tax-Free Money Market Fund Institutional Class

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss) .005 .007 .003 A A A 
Net realized and unrealized gain (loss) A A A .001 A A 
Total from investment operations .005 .007 .003 .001 A A 
Distributions from net investment income (.005) (.007) (.003) A A A 
Distributions from net realized gain – A – (.001) A A 
Total distributions (.005) (.007) (.003) (.001) A A 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnB,C .55% .71% .30% .11% .04% .02% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .25%F .25% .25% .25% .25% .25% 
Expenses net of fee waivers, if any .20%F .20% .18% .05% .07% .10% 
Expenses net of all reductions .20%F .20% .18% .05% .06% .10% 
Net investment income (loss) 1.11%F .72% .31% .01% .01% .01% 
Supplemental Data       
Net assets, end of period (000 omitted) $1,128,738 $1,019,289 $588,483 $432,509 $484,222 $566,873 

 A Amount represents less than $.0005 per share.

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

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

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Annualized

See accompanying notes which are an integral part of the financial statements.


Fidelity Massachusetts AMT Tax-Free Money Market Fund Service Class

 Six months ended (Unaudited) July 31, Years endedJanuary 31,     
 2018 2018 2017 2016 2015 2014 
Selected Per–Share Data       
Net asset value, beginning of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Income from Investment Operations       
Net investment income (loss) .004 .005 .001 A A A 
Net realized and unrealized gain (loss) A A A .001 A A 
Total from investment operations .004 .005 .001 .001 A A 
Distributions from net investment income (.004) (.005) (.001) A A A 
Distributions from net realized gain – A – (.001) A A 
Total distributions (.004) (.005) (.001) (.001) A A 
Net asset value, end of period $1.00 $1.00 $1.00 $1.00 $1.00 $1.00 
Total ReturnB,C .42% .46% .11% .11% .04% .02% 
Ratios to Average Net AssetsD,E       
Expenses before reductions .50%F .50% .50% .50% .50% .50% 
Expenses net of fee waivers, if any .45%F .45% .37% .05% .06% .10% 
Expenses net of all reductions .45%F .45% .37% .05% .06% .10% 
Net investment income (loss) .86%F .47% .12% .01% .01% .01% 
Supplemental Data       
Net assets, end of period (000 omitted) $133 $101 $100 $100 $100 $146 

 A Amount represents less than $.0005 per share.

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

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

 D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.

 E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.

 F Annualized

See accompanying notes which are an integral part of the financial statements.


Notes to Financial Statements (Unaudited)

For the period ended July 31, 2018

1. Organization.

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

2. Investments in Fidelity Central Funds.

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

The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of the investment adviser. Annualized expenses of the Money Market Central Funds as of their most recent shareholder report date are less than .005%.

A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website or upon request.

3. Significant Accounting Policies.

The Fund is an investment company and applies the accounting and reporting guidance of the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946 Financial Services – Investments Companies. The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:

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

  • Level 1 – quoted prices in active markets for identical investments
  • Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
  • Level 3 – unobservable inputs (including the Fund's own assumptions based on the best information available)

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

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

Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated daily on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions may also differ by class. For the reporting period, the allocated portion of income and expenses to each class as a percent of its average net assets may vary due to the timing of recording these transactions in relation to fluctuating net assets of the classes. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.

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

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

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

Book-tax differences are primarily due to short-term gain distributions from the underlying funds, deferred trustees compensation, capital loss carryforwards and losses deferred due to wash sales.

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

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

Gross unrealized appreciation $– 
Gross unrealized depreciation – 
Net unrealized appreciation (depreciation) $– 
Tax cost $1,389,016,704 

Capital loss carryforwards are only available to offset future capital gains of the Fund to the extent provided by regulations and may be limited. Under the Regulated Investment Company Modernization Act of 2010 (the Act), the Fund is permitted to carry forward capital losses incurred in taxable years beginning after December 22, 2010 for an unlimited period and such capital losses are required to be used prior to any losses that expire. The capital loss carryforward information presented below, including any applicable limitation, is estimated as of prior fiscal period end and is subject to adjustment.

No expiration  
Short-term $(100,212) 
Total capital loss carryforward $(100,212) 

Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.

4. Fees and Other Transactions with Affiliates.

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

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

Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of the investment adviser, a Service Fee based on an annual percentage of Service Class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:

 Service Fee Total Fees Retained by FDC 
Service Class .25% $161 $161 

Transfer Agent Fees. Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of the investment adviser, is the transfer, dividend disbursing and shareholder servicing agent for the Fund. FIIOC receives asset-based fees with respect to each account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. Each class, with the exception of Massachusetts AMT Tax-Free Money Market Fund, pays a transfer agent fee equal to an annual rate of .05% of class-level average net assets. Massachusetts AMT Tax-Free Money Market Fund pays a transfer agent fee equal to an annual rate of .10% of class-level average net assets. For the period, transfer agent fees for each class were as follows:

 Amount(a) 
Massachusetts AMT Tax-Free Money Market Fund $129,521 
Institutional Class 290,636 
Service Class 32 
 $420,189 

 (a) Annualized

Interfund Trades. The Fund may purchase from or sell securities to other Fidelity Funds under procedures adopted by the Board. The procedures have been designed to ensure these interfund trades are executed in accordance with Rule 17a-7 of the 1940 Act.

5. Expense Reductions.

The investment adviser contractually agreed to reimburse Institutional Class and Service Class to the extent annual operating expenses, expressed as a percentage of each class' average net assets, exceed .20% and .45%, respectively. Some expenses, for example the compensation of the independent Trustees and certain other expenses such as interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $296,854 and $34, respectively.

In addition, through arrangements with the Fund's custodian, credits realized as a result of certain uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's management fee by $468.

6. Distributions to Shareholders.

Distributions to shareholders of each class were as follows:

 Six months ended
July 31, 2018 
Year ended
January 31, 2018 
From net investment income   
Massachusetts AMT Tax-Free Money Market Fund $1,289,487 $1,329,497 
Institutional Class 6,391,401 5,326,558 
Service Class 555 455 
Total $7,681,443 $6,656,510 
From net realized gain   
Massachusetts AMT Tax-Free Money Market Fund $– $10,186 
Institutional Class – 30,941 
Service Class – 
Total $– $41,132 

7. Share Transactions.

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

 Six months ended July 31, 2018 Year ended January 31, 2018 
Massachusetts AMT Tax-Free Money Market Fund   
Shares sold 106,003,957 158,580,305 
Reinvestment of distributions 1,145,216 1,208,311 
Shares redeemed (85,229,923) (119,025,561) 
Net increase (decrease) 21,919,250 40,763,055 
Institutional Class   
Shares sold 728,448,357 799,321,386 
Reinvestment of distributions 5,245,622 4,196,992 
Shares redeemed (624,243,091) (372,632,327) 
Net increase (decrease) 109,450,888 430,886,051 
Service Class   
Shares sold 78,644 – 
Reinvestment of distributions 527 460 
Shares redeemed (46,659) – 
Net increase (decrease) 32,512 460 

8. Other.

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

Shareholder Expense Example

As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (February 1, 2018 to July 31, 2018).

Actual Expenses

The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Hypothetical Example for Comparison Purposes

The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.

 Annualized Expense Ratio-A Beginning
Account Value
February 1, 2018 
Ending
Account Value
July 31, 2018 
Expenses Paid
During Period-B
February 1, 2018
to July 31, 2018 
Massachusetts AMT Tax-Free Money Market Fund .30%    
Actual  $1,000.00 $1,005.00 $1.49 
Hypothetical-C  $1,000.00 $1,023.31 $1.51 
Institutional Class .20%    
Actual  $1,000.00 $1,005.50 $.99 
Hypothetical-C  $1,000.00 $1,023.80 $1.00 
Service Class .45%    
Actual  $1,000.00 $1,004.20 $2.24 
Hypothetical-C  $1,000.00 $1,022.56 $2.26 

 A Annualized expense ratio reflects expenses net of applicable fee waivers.

 B Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).

 C 5% return per year before expenses





Fidelity Investments

Corporate Headquarters

245 Summer St.

Boston, MA 02210

www.fidelity.com

SMA-SANN-0918
1.854004.111



Item 2.

Code of Ethics


Not applicable.

 

Item 3.

Audit Committee Financial Expert


Not applicable.


Item 4.

Principal Accountant Fees and Services


Not applicable.


Item 5.

Audit Committee of Listed Registrants


Not applicable.


Item 6.  

Investments


(a)

Not applicable.


(b)

Not applicable


Item 7.

Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies


Not applicable.


Item 8.

Portfolio Managers of Closed-End Management Investment Companies


Not applicable.


Item 9.  

Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers


Not applicable.


Item 10.

Submission of Matters to a Vote of Security Holders


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


Item 11.

Controls and Procedures


(a)(i)  The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Massachusetts Municipal Trusts (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 Trusts internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trusts internal control over financial reporting.


Item 12.

Disclosure of Securities Lending Activities for Closed-End Management

Investment Companies


Not applicable.



Item 13.

Exhibits


(a)

(1)

Not applicable.

(a)

(2)

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

(a)

(3)

Not applicable.

(b)


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




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/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

September 25, 2018


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/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

September 25, 2018



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

September 25, 2018

 





EX-99.CERT 2 ex99.htm EX99.HTM Converted by EDGARwiz

                                                      Exhibit EX-99.CERT

     

I, Laura M. Del Prato, certify that:


1.

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

2.

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

3.

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

4.

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

a.

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

b.

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

c.

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

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

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

a.

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

b.

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


Date:

 September 25, 2018

/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer



I, John J. Burke III, certify that:

1.

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

2.

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

3.

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

4.

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

a.

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

 b.

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

c.

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

d.

Disclosed in this report any change in the registrants internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrants internal control over financial reporting; and



5.

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

a.

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

b.

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


Date:

September 25, 2018

/s/John J. Burke III

John J. Burke III

Chief Financial Officer







EX-99.906 CERT 3 ex906.htm EX906.HTM Converted by EDGARwiz

Exhibit EX-99.906CERT



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


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


1.

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

2.

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


Dated:

September 25, 2018



/s/Laura M. Del Prato

Laura M. Del Prato

President and Treasurer



 

Dated:

September 25, 2018



/s/John J. Burke III

John J. Burke III

Chief Financial Officer




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



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