497K 1 main.htm Fund Summary

Fund/Ticker

Fidelity® Massachusetts Municipal Money Market Fund/FDMXX

Summary Prospectus

April 1, 2015

As Revised October 14, 2015


mas382380

Fund Summary

Fund:
Fidelity® Massachusetts Municipal Money Market Fund

Investment Objective

The fund seeks as high a level of current income, exempt from federal income tax and Massachusetts personal income tax, as is consistent with preservation of capital.

Fee Table

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

Shareholder fees
(fees paid directly from your investment)

None

Annual operating expenses
(expenses that you pay each year as a % of the value of your investment)

Management fee

0.36%

Distribution and/or Service (12b-1) fees

None

Other expenses

0.13%

Total annual operating expenses

0.49%

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

1 year

$ 50

3 years

$ 157

5 years

$ 274

10 years

$ 616

Principal Investment Strategies

  • Normally investing in municipal money market securities.
  • Normally investing at least 80% of assets in municipal securities whose interest is exempt from federal and Massachusetts personal income taxes.

Summary Prospectus

  • Potentially investing up to 20% of assets in municipal securities whose interest is subject to Massachusetts personal income tax.
  • Potentially investing more than 25% of total assets in municipal securities that finance similar types of projects.
    • Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, and diversification of investments.

    Principal Investment Risks

    • Municipal Market Volatility. The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.
    • Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.
    • Foreign Exposure. Entities providing credit support or a maturity-shortening structure that are located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries.
    • Geographic Concentration. Unfavorable political or economic conditions within Massachusetts can affect the credit quality of issuers located in that state.
    • Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.

    An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

    Performance

    The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.

    Visit www.fidelity.com for updated return information.

    Summary Prospectus

    Fund Summary - continued

    Year-by-Year Returns

    Calendar Years

    2005

    2006

    2007

    2008

    2009

    2010

    2011

    2012

    2013

    2014

     

    1.96%

    2.98%

    3.20%

    1.67%

    0.07%

    0.02%

    0.01%

    0.01%

    0.01%

    0.02%

    mas382382

    During the periods shown in the chart:

    Returns

    Quarter ended

    Highest Quarter Return

    0.82%

    September 30, 2007

    Lowest Quarter Return

    0.00%

    March 31, 2011

    Average Annual Returns

    For the periods ended
    December 31, 2014

    Past 1
    year

    Past 5
    years

    Past 10
    years

    Fidelity Massachusetts Municipal Money Market Fund

    0.02%

    0.01%

    0.99%

    Investment Adviser

    Fidelity Management & Research Company (FMR) (the Adviser) is the fund's manager. Fidelity Investments Money Management, Inc. (FIMM) and other investment advisers serve as sub-advisers for the fund.

    Purchase and Sale of Shares

    The fund has been designated a retail money market fund, which means that it limits investments to accounts beneficially owned by natural persons. The fund expects to implement the new eligibility requirements on January 1, 2016.

    The fund is not yet subject to liquidity fees, nor the temporary suspension of redemptions. The fund expects to implement these features by October 2016.

    Effective after the close of business on December 31, 2015, new positions in the fund established through Fidelity brokerage or mutual fund accounts that are not beneficially owned by natural persons, as determined by the fund, may no longer be opened. For more information, see the Additional Information about the Purchase and Sale of Shares section of the prospectus.

    On or about January 22, 2016, the fund will begin involuntarily redeeming accounts that are not beneficially owned by natural persons, as determined by the fund, in order to implement the fund's eligibility requirements as a retail money market fund. Shares held by these accounts will be sold at their net asset value per share calculated on the day that the fund closes the account position.

    Summary Prospectus

    You may buy or sell shares through a Fidelity brokerage or mutual fund account, or through an investment professional. You may buy or sell shares in various ways:

    Internet

    www.fidelity.com

    Phone

    Fidelity Automated Service Telephone (FAST®) 1-800-544-5555

    To reach a Fidelity representative 1-800-544-6666

    Mail

    Additional purchases:

    Fidelity Investments
    P.O. Box 770001
    Cincinnati, OH 45277-0003

    Redemptions:

    Fidelity Investments
    P.O. Box 770001
    Cincinnati, OH 45277-0035

    TDD - Service for the Deaf and Hearing Impaired

    1-800-544-0118

    The price to buy one share is its net asset value per share (NAV). Shares will be bought at the NAV next calculated after your investment is received in proper form.

    The price to sell one share is its NAV. Shares will be sold at the NAV next calculated after an order is received in proper form.

    The fund is open for business each day the New York Stock Exchange (NYSE) is open. Even if the NYSE is closed, the fund will be open for business on those days on which the Federal Reserve Bank of New York (New York Fed) is open, the primary trading markets for the fund's portfolio instruments are open, and the fund's management believes there is an adequate market to meet purchase and redemption requests.

    Initial Purchase Minimum

    $5,000

    The fund may waive or lower purchase minimums.

    Tax Information

    The fund seeks to earn income and pay dividends exempt from federal income tax and Massachusetts personal income tax. A portion of the dividends you receive may be subject to federal, state, or local income tax and may also be subject to the federal alternative minimum tax. You may also receive taxable distributions attributable to the fund's sale of municipal bonds.

    Payments to Broker-Dealers and Other Financial Intermediaries

    The fund, the Adviser, Fidelity Distributors Corporation (FDC), and/or their affiliates may pay intermediaries, which may include banks, broker-dealers, retirement plan sponsors, administrators, or service-providers (who may be affiliated with the Adviser or FDC), for the sale of fund shares and related services. These payments may create a conflict of interest by influencing your intermediary and your investment professional to recommend the fund over another investment. Ask your investment professional or visit your intermediary's web site for more information.

    Summary Prospectus

    Current regulations allow Fidelity to send a single copy of shareholder documents for Fidelity funds, such as prospectuses, annual and semiannual reports, and proxy materials, to certain mutual fund customers whom we believe are members of the same family who share the same address. We will not send multiple copies of these documents to you and members of your family who share the same address. Instead, we will send only a single copy of these documents. This will continue for as long as you are a shareholder, unless you notify us otherwise. If at any time you choose to receive individual copies of any documents, please call 1-800-544-8544. We will begin sending individual copies to you within 30 days of receiving your call.

    FDC is a member of the Securities Investor Protection Corporation (SIPC). You may obtain information about SIPC, including the SIPC brochure, by visiting www.sipc.org or calling SIPC at 202-371-8300.

    Fidelity, Fidelity Investments & Pyramid Design, and FAST are registered service marks of FMR LLC. © 2015 FMR LLC. All rights reserved.

    The third-party marks appearing above are the marks of their respective owners.

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