N-Q 1 filing930.htm PRIMARY DOCUMENT

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549


FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY


Investment Company Act file number   811-3361


Fidelity Massachusetts Municipal Trust

 (Exact name of registrant as specified in charter)


245 Summer St., Boston, Massachusetts  02210

 (Address of principal executive offices)       (Zip code)


William C. Coffey, 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:

October 31, 2018


Item 1.

Schedule of Investments






Quarterly Holdings Report
for

Fidelity® Massachusetts Municipal Income Fund

October 31, 2018







MFL-QTLY-1218
1.809072.115





Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Municipal Bonds - 91.4%   
 Principal Amount Value 
Guam - 0.1%   
Guam Int'l. Arpt. Auth. Rev. Series C, 5% 10/1/21 (a) 1,365,000 1,401,091 
Massachusetts - 91.3%   
Berkshire Wind Pwr. Coop. Corp.:   
(Wind Proj.) Series 1, 5.25% 7/1/30 (Pre-Refunded to 1/1/20 @ 100) $5,000,000 $5,184,100 
Series 2017 2:   
5% 7/1/22 350,000 381,339 
5% 7/1/25 505,000 574,397 
5% 7/1/26 925,000 1,058,274 
5% 7/1/27 700,000 804,363 
5% 7/1/30 480,000 539,496 
Series 2017, 5% 7/1/21 700,000 747,985 
Boston Wtr. & Swr. Commission Rev.:   
Series 2012 A, 4% 11/1/25 2,950,000 3,120,805 
Series 2016 B:   
5% 11/1/34 1,000,000 1,104,380 
5% 11/1/35 1,500,000 1,655,100 
5% 11/1/36 1,700,000 1,872,448 
Sr. Series A, 5.25% 11/1/19 2,950,000 2,983,158 
Braintree Gen. Oblig.:   
5% 5/15/26 2,300,000 2,682,398 
5% 5/15/27 2,000,000 2,353,580 
5% 5/15/28 600,000 711,450 
Cambridge Gen. Oblig. Series 12:   
5% 1/1/23 865,000 938,603 
5% 1/1/24 340,000 368,499 
Framingham Gen. Oblig. Series 2012 A:   
4% 12/1/20 1,260,000 1,306,116 
4% 12/1/24 1,360,000 1,438,105 
Lynn Wtr. & Swr. Commission Gen. Rev. Series 2003 A, 5% 12/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 440,000 441,118 
Marshfield Gen. Oblig.:   
5% 11/1/20 1,780,000 1,881,531 
5% 11/1/21 1,730,000 1,871,324 
Massachusetts Bay Trans. Auth.:   
Series 1991 A, 7% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,130,000 1,197,156 
7% 3/1/21 565,000 598,646 
Massachusetts Bay Trans. Auth. Assessment Rev. Series 2012 A, 5% 7/1/22 6,110,000 6,706,642 
Massachusetts Bay Trans. Auth. Sales Tax Rev.:   
Series 2003 C, 5.25% 7/1/23 3,950,000 4,453,072 
Series 2005 B, 5.5% 7/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,000,000 4,923,120 
Series 2006 A:   
5.25% 7/1/29 3,005,000 3,630,250 
5.25% 7/1/32 6,745,000 8,223,571 
Series 2010 B:   
5% 7/1/26 1,000,000 1,045,810 
5% 7/1/28 1,000,000 1,045,470 
5% 7/1/30 1,000,000 1,044,800 
Series 2015 A:   
5% 7/1/40 14,570,000 16,012,721 
5% 7/1/45 14,125,000 15,488,345 
Massachusetts Clean Energy Coop. Corp. Series 2013:   
5% 7/1/25 2,795,000 3,094,233 
5% 7/1/30 3,725,000 4,089,380 
Massachusetts Clean Wtr. Trust:   
(Pool Prog.):   
Series 2004 A, 5.25% 2/1/24 1,170,000 1,336,538 
Series 6, 5.25% 8/1/19 30,000 30,079 
Series 8, 5% 8/1/20 105,000 105,285 
Series 14, 5% 8/1/38 8,390,000 8,552,766 
Series 18:   
5% 2/1/28 3,500,000 3,923,990 
5% 2/1/29 6,355,000 7,101,649 
Series 2002 A, 5.25% 8/1/20 245,000 245,703 
Series 2012 B:   
5% 8/1/27 295,000 323,208 
5% 8/1/27 (Pre-Refunded to 8/1/22 @ 100) 5,605,000 6,147,284 
5% 8/1/28 330,000 361,429 
5% 8/1/28 (Pre-Refunded to 8/1/22 @ 100) 6,240,000 6,843,720 
Series 6, 5.5% 8/1/30 1,310,000 1,313,904 
5% 8/1/28 (Pre-Refunded to 8/1/19 @ 100) 3,480,000 3,559,309 
Massachusetts Commonwealth Trans. Fund Rev.:   
(Accelerated Bridge Prog.) Series 2014 A, 5% 6/1/44 27,295,000 29,859,911 
(Rail Enhancement & Accelerated Bridge Progs.) Series 2018 A, 5.25% 6/1/43 14,575,000 16,699,452 
(Rail Enhancement Prog.) Series 2015 A, 5% 6/1/45 17,750,000 19,444,415 
Series 2017 A, 5% 6/1/32 4,580,000 5,256,191 
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B:   
5% 1/1/22 10,000,000 10,323,200 
5% 1/1/25 13,340,000 13,744,602 
5% 1/1/26 4,210,000 4,335,753 
5% 1/1/27 7,000,000 7,202,510 
5% 1/1/30 5,000,000 5,153,450 
5% 1/1/32 3,495,000 3,591,252 
5% 1/1/35 4,230,000 4,358,296 
Massachusetts Dev. Fin. Agcy. Hosp. Rev. Series 2013:   
5.25% 11/15/36 3,000,000 3,244,770 
5.25% 11/15/41 4,620,000 4,954,996 
Massachusetts Dev. Fin. Agcy. Rev.:   
(Suffolk Univ. Proj.) Series 2017:   
5% 7/1/23 1,420,000 1,543,980 
5% 7/1/25 1,500,000 1,661,760 
(Babson College, MA Proj.) Series 2017, 5% 10/1/47 5,500,000 6,016,670 
(Babson College, MA. Proj.) Series 2017:   
5% 10/1/28 465,000 536,075 
5% 10/1/29 735,000 837,488 
5% 10/1/42 4,000,000 4,391,640 
(Boston College Proj.) Series T:   
5% 7/1/37 1,415,000 1,582,479 
5% 7/1/38 3,685,000 4,103,616 
5% 7/1/39 4,450,000 4,941,458 
5% 7/1/42 2,805,000 3,101,517 
(Boston Univ. Proj.) Series U4, 5.7% 10/1/40 (Pre-Refunded to 10/1/19 @ 100) 3,100,000 3,204,439 
(Broad Institute Proj.) Series 2017:   
5% 4/1/33 10,145,000 11,509,097 
5% 4/1/34 2,500,000 2,827,900 
5% 4/1/35 2,455,000 2,766,883 
5% 4/1/37 1,500,000 1,680,735 
(Broad Institute Proj.) Series 2017, 5% 4/1/36 2,205,000 2,476,083 
(Carleton-Willard Village Proj.) Series 2010:   
4.75% 12/1/20 2,105,000 2,164,950 
5.25% 12/1/25 820,000 843,518 
5.625% 12/1/30 1,000,000 1,028,760 
(Deerfield Academy Proj.) 5% 10/1/40 10,500,000 11,005,470 
(Lesley Univ. Proj.) Series 2016:   
5% 7/1/29 1,640,000 1,829,715 
5% 7/1/32 1,905,000 2,100,929 
5% 7/1/33 2,020,000 2,220,626 
5% 7/1/36 2,000,000 2,181,780 
5% 7/1/39 5,800,000 6,290,796 
(Newbridge On The Charles Proj.) Series 2017:   
4% 10/1/24 (b) 500,000 506,030 
4% 10/1/25 (b) 500,000 503,895 
4% 10/1/26 (b) 500,000 500,995 
4% 10/1/27 (b) 350,000 346,626 
5% 10/1/37 (b) 1,000,000 1,034,860 
5% 10/1/47 (b) 1,000,000 1,023,060 
5% 10/1/57 (b) 6,000,000 6,094,620 
(Partners HealthCare Sys. Proj.) Series 2011 K6, 5.375% 7/1/41 (Pre-Refunded to 7/1/20 @ 100) 7,000,000 7,362,110 
(Partners Healthcare Sys., Inc. Proj.) Series 2017 S:   
5% 7/1/25 1,000,000 1,142,000 
5% 7/1/31 11,455,000 13,022,502 
(Partners Healthcare Sys., Inc.) Series 2012, 5% 7/1/31 4,870,000 5,175,252 
(Suffolk Univ. Proj.) Series 2017:   
5% 7/1/21 750,000 793,230 
5% 7/1/22 875,000 939,978 
5% 7/1/24 1,000,000 1,098,510 
5% 7/1/26 1,935,000 2,158,841 
5% 7/1/27 2,085,000 2,335,096 
5% 7/1/28 4,300,000 4,778,246 
(Suffolk Univ., Proj.) Series 2017, 5% 7/1/32 1,000,000 1,090,140 
(Tufts Med. Ctr. Proj.):   
Series 2011, 6.875% 1/1/41 3,790,000 4,126,931 
Series 2011, 6.25% 1/1/27 5,000,000 5,386,850 
(UMASS Boston Student Hsg. Proj.) Series 2016:   
5% 10/1/29 3,120,000 3,353,844 
5% 10/1/30 1,100,000 1,176,263 
5% 10/1/31 1,200,000 1,278,996 
5% 10/1/32 1,240,000 1,317,314 
5% 10/1/33 1,235,000 1,307,717 
(UMass Memorial Health Care Proj.) Series K:   
5% 7/1/28 1,260,000 1,399,759 
5% 7/1/29 1,320,000 1,456,528 
5% 7/1/30 1,390,000 1,524,469 
5% 7/1/38 3,750,000 4,000,725 
(Univ. of Massachusetts Health Cr., Inc. Proj.) Series 2017 L, 4% 7/1/44 10,000,000 9,373,300 
(Univ. of Massachusetts Health Cr., Inc.) Series 2011 H, 5.5% 7/1/31 370,000 392,714 
(Wentworth Institute of Technology Proj.) Series 2017:   
5% 10/1/34 1,425,000 1,542,905 
5% 10/1/35 1,495,000 1,613,404 
5% 10/1/46 4,250,000 4,514,988 
(Wheaton College, MA. Proj.) Series 2017 H:   
5% 1/1/20 1,000,000 1,031,740 
5% 1/1/21 1,560,000 1,650,059 
5% 1/1/22 1,120,000 1,209,958 
5% 1/1/23 1,440,000 1,582,675 
5% 1/1/24 1,100,000 1,225,642 
5% 1/1/29 1,435,000 1,643,606 
5% 1/1/31 1,580,000 1,792,194 
5% 1/1/32 1,665,000 1,878,769 
5% 1/1/33 1,745,000 1,961,712 
5% 1/1/34 1,835,000 2,056,760 
5% 1/1/35 1,000,000 1,116,680 
5% 1/1/36 1,000,000 1,112,540 
5% 1/1/42 2,000,000 2,197,160 
5% 1/1/47 1,895,000 2,074,096 
5% 1/1/53 3,425,000 3,710,029 
Series 2008 B:   
0% 1/1/37 (Assured Guaranty Corp. Insured) 1,745,000 808,598 
0% 1/1/40 (Assured Guaranty Corp. Insured) 5,000,000 1,978,050 
0% 1/1/41 (Assured Guaranty Corp. Insured) 5,000,000 1,885,050 
0% 1/1/42 (Assured Guaranty Corp. Insured) 5,000,000 1,795,750 
Series 2011 B, 5% 7/1/41 6,520,000 6,921,697 
Series 2011 H, 5.125% 7/1/26 5,595,000 5,899,928 
Series 2011:   
5% 10/1/20 1,215,000 1,278,156 
5.25% 10/1/41 5,485,000 5,847,284 
5.5% 7/1/31 (Pre-Refunded to 7/1/21 @ 100) 7,380,000 7,996,525 
6.25% 1/1/27 (Pre-Refunded to 1/1/21 @ 100) 7,485,000 8,118,605 
6.875% 1/1/41 (Pre-Refunded to 1/1/21 @ 100) 5,750,000 6,310,913 
Series 2012 G:   
5% 10/1/23 2,245,000 2,398,468 
5% 10/1/24 1,625,000 1,734,671 
5% 10/1/25 1,600,000 1,706,592 
5% 10/1/26 2,170,000 2,312,678 
5% 10/1/27 2,235,000 2,380,007 
5% 10/1/28 1,240,000 1,319,372 
Series 2012 J, 5% 7/1/42 7,000,000 7,547,680 
Series 2012, 5% 7/1/36 (Pre-Refunded to 7/1/21 @ 100) 6,000,000 6,424,140 
Series 2013 A:   
6.25% 11/15/33 (Pre-Refunded to 11/15/23 @ 100) (b) 2,245,000 2,639,873 
6.5% 11/15/43 (Pre-Refunded to 11/15/23 @ 100) (b) 4,000,000 4,746,400 
Series 2013 F:   
4% 7/1/32 2,050,000 2,062,054 
4% 7/1/43 21,685,000 20,417,512 
5% 7/1/27 1,300,000 1,407,029 
5% 7/1/37 3,925,000 4,148,450 
Series 2013 G, 5% 7/1/44 17,110,000 17,712,614 
Series 2013 P, 5% 7/1/43 12,320,000 13,468,717 
Series 2013 X, 5% 10/1/48 14,920,000 16,061,529 
Series 2013, 5% 7/1/21 1,085,000 1,154,733 
Series 2014 A:   
5% 3/1/32 1,700,000 1,849,668 
5% 3/1/33 1,250,000 1,356,863 
5% 3/1/39 4,000,000 4,295,320 
5% 3/1/44 15,765,000 16,873,437 
Series 2014 F:   
5% 7/15/19 350,000 354,571 
5% 7/15/20 300,000 309,318 
5% 7/15/21 300,000 314,655 
5% 7/15/22 400,000 423,356 
5% 7/15/23 350,000 375,232 
5% 7/15/24 400,000 424,896 
5% 7/15/25 550,000 582,522 
5% 7/15/26 500,000 527,130 
5% 7/15/27 200,000 209,972 
5% 7/15/28 320,000 334,973 
5.625% 7/15/36 800,000 848,488 
5.75% 7/15/43 4,700,000 4,970,626 
Series 2014 M4, 5% 7/1/44 15,000,000 15,966,450 
Series 2014 P:   
5% 10/1/32 5,000,000 5,526,650 
5% 10/1/46 7,080,000 7,646,612 
Series 2015 D, 5% 7/1/44 10,975,000 11,460,644 
Series 2015 F, 5% 8/15/45 18,290,000 19,333,079 
Series 2015 H1:   
5% 7/1/26 3,585,000 3,987,560 
5% 7/1/29 3,750,000 4,111,950 
5% 7/1/30 1,800,000 1,965,870 
5% 7/1/31 1,190,000 1,295,220 
5% 7/1/32 1,000,000 1,085,330 
5% 7/1/33 1,000,000 1,077,330 
Series 2015 O2:   
5% 7/1/27 8,635,000 9,804,697 
5% 7/1/29 4,495,000 5,057,280 
Series 2015 Q:   
5% 8/15/28 1,000,000 1,139,710 
5% 8/15/29 1,000,000 1,135,730 
5% 8/15/32 1,500,000 1,693,695 
5% 8/15/33 1,500,000 1,688,775 
5% 8/15/34 1,790,000 2,008,255 
5% 8/15/38 1,690,000 1,889,454 
Series 2015:   
5% 1/1/25 3,525,000 3,883,457 
5% 1/1/27 2,695,000 2,928,171 
5% 1/1/28 1,850,000 1,999,369 
5% 1/1/29 2,945,000 3,165,904 
Series 2016 A, 5.25% 1/1/42 7,000,000 7,478,170 
Series 2016 E:   
5% 7/1/31 1,000,000 1,082,540 
5% 7/1/32 2,200,000 2,370,962 
5% 7/1/33 1,500,000 1,609,350 
5% 7/1/34 1,500,000 1,603,200 
5% 7/1/35 1,500,000 1,598,085 
5% 7/1/36 1,000,000 1,062,000 
5% 7/1/37 2,000,000 2,118,600 
Series 2016 I:   
5% 7/1/27 1,150,000 1,283,032 
5% 7/1/29 1,580,000 1,734,698 
5% 7/1/30 2,400,000 2,626,536 
5% 7/1/31 1,600,000 1,742,080 
5% 7/1/32 1,610,000 1,745,127 
5% 7/1/34 3,035,000 3,260,409 
5% 7/1/36 2,000,000 2,134,860 
5% 7/1/37 1,470,000 1,566,123 
5% 7/1/38 1,000,000 1,062,680 
5% 7/1/41 10,055,000 10,644,424 
Series 2016 N:   
5% 12/1/34 1,000,000 1,106,240 
5% 12/1/36 2,520,000 2,761,693 
Series 2016:   
4% 10/1/36 1,250,000 1,265,213 
5% 7/1/26 1,710,000 1,931,291 
5% 7/1/29 2,000,000 2,201,460 
5% 7/1/30 2,000,000 2,190,180 
5% 7/1/31 1,700,000 1,852,150 
5% 10/1/32 1,760,000 1,970,742 
5% 9/1/33 475,000 531,691 
5% 10/1/33 1,500,000 1,672,980 
5% 10/1/34 1,500,000 1,667,460 
5% 9/1/35 375,000 417,293 
5% 10/1/35 1,500,000 1,660,875 
5% 7/1/36 3,000,000 3,216,630 
5% 9/1/36 315,000 349,379 
5% 9/1/37 840,000 923,798 
5% 10/1/37 2,000,000 2,199,940 
5% 10/1/39 5,000,000 5,470,950 
5% 7/1/40 5,325,000 5,801,588 
5% 7/1/41 5,145,000 5,436,207 
5% 9/1/46 3,235,000 3,546,110 
5% 10/1/46 4,000,000 4,350,960 
5% 10/1/48 1,000,000 1,034,960 
5% 9/1/52 4,120,000 4,451,948 
Series 2017:   
5% 7/1/20 165,000 171,485 
5% 7/1/21 180,000 190,328 
5% 7/1/22 180,000 193,237 
5% 7/1/25 1,105,000 1,259,733 
5% 7/1/26 160,000 176,570 
5% 7/1/27 1,000,000 1,159,000 
5% 7/1/37 600,000 639,234 
5% 7/1/42 2,110,000 2,230,861 
5% 7/1/47 2,250,000 2,368,283 
Series 2018:   
5% 9/1/27 1,010,000 1,124,181 
5% 9/1/29 1,390,000 1,537,715 
5% 9/1/31 1,530,000 1,675,411 
5% 9/1/33 1,185,000 1,286,495 
5% 9/1/38 4,805,000 5,131,692 
5% 6/1/43 4,740,000 5,269,505 
5% 9/1/43 3,000,000 3,181,560 
5% 6/1/48 7,000,000 7,752,080 
Series B, 0% 1/1/39 (Assured Guaranty Corp. Insured) 3,200,000 1,333,120 
Series BB1, 5% 10/1/46 355,000 388,697 
Series L, 5% 7/1/41 (Pre-Refunded to 7/1/21 @ 100) 4,900,000 5,246,381 
Series N 2016:   
5% 12/1/41 13,600,000 14,686,640 
5% 12/1/46 7,000,000 7,499,030 
5% 3/1/34 4,375,000 4,737,863 
5.25% 7/1/25 1,000,000 1,081,450 
5.25% 7/1/25 (Pre-Refunded to 7/1/22 @ 100) 1,000,000 1,100,100 
5.25% 7/1/26 1,000,000 1,077,120 
5.25% 7/1/26 (Pre-Refunded to 7/1/22 @ 100) 1,000,000 1,100,100 
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. Bonds Series 2009, 5.75%, tender 5/1/19 (c) 2,000,000 2,038,420 
Massachusetts Edl. Fing. Auth. Rev.:   
Series 2010 A, 5.5% 1/1/22 3,500,000 3,629,430 
Series 2016 J, 5% 7/1/22 (a) 6,350,000 6,839,903 
Series 2017 A:   
4% 7/1/21 (a) 1,000,000 1,034,470 
5% 7/1/22 (a) 2,000,000 2,154,300 
5% 7/1/23 (a) 1,500,000 1,637,805 
5% 7/1/24 (a) 2,000,000 2,207,940 
5% 7/1/25 (a) 4,500,000 5,013,900 
5% 7/1/26 (a) 3,420,000 3,837,787 
Massachusetts Gen. Oblig.:   
Series 2004 A, 5.5% 8/1/30 2,000,000 2,453,320 
Series 2006 B, 5.25% 9/1/22 5,360,000 5,946,813 
Series 2007 A, 3 month U.S. LIBOR + 0.570% 2.14% 5/1/37 (c)(d) 19,470,000 18,785,240 
Series 2014 E:   
5% 9/1/29 7,500,000 8,163,450 
5% 9/1/30 5,000,000 5,434,650 
5% 9/1/31 8,000,000 8,689,360 
Series 2015 C:   
5% 7/1/40 12,730,000 13,926,875 
5% 7/1/45 22,075,000 24,081,838 
Series 2016 A, 5% 3/1/46 12,985,000 14,095,088 
Series 2016 B:   
5% 7/1/31 19,965,000 22,534,096 
5% 7/1/33 5,500,000 6,171,880 
5% 7/1/35 5,500,000 6,128,320 
5% 7/1/36 10,260,000 11,388,190 
5% 7/1/37 8,495,000 9,410,931 
Series 2016:   
5% 3/1/31 1,500,000 1,661,520 
5% 3/1/32 7,500,000 8,288,025 
Series 2017 A:   
5% 4/1/34 6,875,000 7,748,881 
5% 4/1/35 16,830,000 18,877,201 
5% 4/1/42 11,860,000 13,055,725 
Series 2017 C, 5% 10/1/26 20,000,000 23,350,600 
Series 2017 D:   
5% 2/1/33 2,550,000 2,876,349 
5% 2/1/36 20,000,000 22,314,000 
Series 2017 F:   
5% 11/1/38 10,000,000 11,173,700 
5% 11/1/39 10,000,000 11,149,200 
Series 2018 B, 5% 1/1/32 10,000,000 11,419,500 
Massachusetts Health & Edl. Facilities Auth. Rev.:   
(Berklee College Proj.):   
5% 10/1/19 230,000 230,564 
5% 10/1/21 225,000 225,581 
5% 10/1/23 140,000 140,364 
5% 10/1/25 415,000 416,071 
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 4,345,000 4,362,423 
(Cape Cod Healthcare Proj.) Series 2004 D, 6% 11/15/28 (Pre-Refunded to 11/15/19 @ 100) 2,735,000 2,846,315 
(Northeastern Univ. Proj.) Series 2009 Y1, 5% 10/1/19 1,730,000 1,777,212 
(Winchester Hosp. Proj.) Series 2010 H, 5.25% 7/1/38 18,995,000 19,805,707 
Series 2010 C:   
5% 7/1/30 4,460,000 4,624,173 
5.125% 7/1/35 930,000 961,806 
Massachusetts Port Auth. Rev.:   
Series 2010 A:   
5% 7/1/34 2,000,000 2,086,920 
5% 7/1/40 12,000,000 12,479,520 
Series 2012 A:   
5% 7/1/37 (a) 2,000,000 2,119,900 
5% 7/1/42 (a) 10,300,000 10,902,859 
Series 2012 B:   
5% 7/1/25 4,150,000 4,530,721 
5% 7/1/27 6,570,000 7,143,824 
5% 7/1/28 5,030,000 5,469,320 
Series 2014 B, 5% 7/1/39 (a) 4,965,000 5,315,430 
Series 2014 C:   
5% 7/1/28 3,000,000 3,368,430 
5% 7/1/29 4,205,000 4,702,620 
5% 7/1/30 3,000,000 3,343,350 
Series 2015 A:   
5% 7/1/28 460,000 519,621 
5% 7/1/28 (a) 500,000 556,460 
5% 7/1/29 (a) 1,245,000 1,379,261 
5% 7/1/30 1,400,000 1,571,528 
5% 7/1/30 (a) 1,450,000 1,599,959 
5% 7/1/40 (a) 2,000,000 2,148,540 
5% 7/1/45 (a) 3,500,000 3,747,170 
5% 7/1/45 5,570,000 6,090,238 
Series 2016 A:   
5% 7/1/26 695,000 805,491 
5% 7/1/28 760,000 870,626 
5% 7/1/30 1,660,000 1,882,091 
5% 7/1/32 1,970,000 2,222,081 
5% 7/1/36 3,760,000 4,194,957 
Series 2016 B:   
4% 7/1/46 (a) 10,875,000 10,660,219 
5% 7/1/43 (a) 6,410,000 6,916,967 
Series 2017 A:   
5% 7/1/30 (a) 1,280,000 1,442,752 
5% 7/1/31 (a) 1,095,000 1,228,973 
5% 7/1/32 (a) 1,370,000 1,531,057 
5% 7/1/33 (a) 1,250,000 1,392,000 
5% 7/1/35 (a) 1,000,000 1,105,710 
5% 7/1/36 (a) 1,720,000 1,893,737 
5% 7/1/42 (a) 4,110,000 4,467,817 
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 1,002,370 
5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) 1,560,000 1,563,666 
5% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) 1,000,000 1,002,200 
(BosFuel Proj.) Series 2007, 5% 7/1/38 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (a) 5,175,000 5,185,040 
(ConRAC Proj.) Series 2011 A, 5.125% 7/1/41 13,000,000 13,694,850 
(Delta Air Lines, Inc. Proj.) Series 2001 A, 5.5% 1/1/19 (AMBAC Insured) (a) 5,000,000 5,034,700 
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.:   
Series 2011 B:   
5% 10/15/41 25,065,000 26,594,968 
5.25% 10/15/35 12,500,000 13,398,625 
Series 2012 A, 5% 8/15/23 15,000,000 16,471,350 
Series 2012 B, 5% 8/15/30 18,400,000 20,002,640 
Series 2013 A, 5% 5/15/43 18,675,000 20,264,243 
Series 2016 A:   
5% 11/15/40 7,335,000 8,097,620 
5% 11/15/41 7,710,000 8,506,520 
Series 2016 C, 5% 11/15/33 5,000,000 5,637,000 
Massachusetts Spl. Oblig. Dedicated Tax Rev.:   
Series 2004, 5.25% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,935,000 5,967,168 
Series 2005:   
5.25% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,270,000 4,540,803 
5.5% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,000,000 1,203,410 
5.5% 1/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 4,770,000 5,779,618 
Massachusetts State College Bldg. Auth. Rev.:   
Series 2002 A, 0% 5/1/22 (Escrowed to Maturity) 2,250,000 2,059,898 
Series 2003 B:   
0% 5/1/28 (XL Cap. Assurance, Inc. Insured) 6,080,000 4,451,411 
5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured) 1,825,000 1,913,750 
Series 2009 B:   
5% 5/1/35 (Pre-Refunded to 5/1/20 @ 100) 5,560,000 5,798,135 
5% 5/1/40 (Pre-Refunded to 5/1/20 @ 100) 4,625,000 4,823,089 
Series 2012 A:   
5% 5/1/36 7,360,000 7,885,725 
5% 5/1/41 10,000,000 10,693,600 
Series 2012 B:   
5% 5/1/29 2,000,000 2,165,740 
5% 5/1/30 1,870,000 2,022,368 
5% 5/1/37 3,075,000 3,293,571 
5% 5/1/43 11,125,000 11,889,065 
Series 2014 B:   
5% 5/1/39 2,500,000 2,722,550 
5% 5/1/44 13,935,000 15,124,352 
Series 2014 D:   
5% 5/1/39 7,575,000 8,313,260 
5% 5/1/41 4,515,000 4,943,970 
Series 2016 A:   
5% 5/1/38 11,450,000 12,586,985 
5% 5/1/41 7,960,000 8,716,280 
5% 5/1/49 12,015,000 13,098,032 
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.:   
Series 1997 C, 0% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 1,800,000 1,612,458 
Sr. Series A:   
0% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 5,110,000 4,258,316 
0% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 7,700,000 5,678,981 
0% 1/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 33,195,000 23,306,541 
Sr. Series C, 0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 13,815,000 13,766,648 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:   
Series 1992 A, 6.5% 7/15/19 (Escrowed to Maturity) 1,475,000 1,522,097 
Series 2011 B, 5% 8/1/36 (Pre-Refunded to 8/1/21 @ 100) 4,110,000 4,408,181 
Series 2011 C, 5.25% 8/1/42 8,425,000 9,026,798 
Series 2012 A, 5% 8/1/37 8,000,000 8,639,360 
Series 2016 B, 5% 8/1/40 4,625,000 5,121,725 
Series 2016 C:   
5% 8/1/34 10,000,000 11,247,900 
5% 8/1/35 12,550,000 14,061,146 
5% 8/1/40 20,500,000 22,701,700 
Plymouth Gen. Oblig. 5% 10/15/19 500,000 514,320 
Reading Gen. Oblig. Series 2012:   
5% 2/1/20 1,165,000 1,208,093 
5% 2/1/22 1,245,000 1,354,859 
5% 2/1/23 1,185,000 1,316,760 
Springfield Gen. Oblig. Series 2017:   
5% 3/1/20 2,715,000 2,818,061 
5% 3/1/23 1,775,000 1,966,008 
5% 3/1/24 2,225,000 2,506,841 
5% 3/1/25 2,420,000 2,755,412 
Univ. of Massachusetts Bldg. Auth. Facilities Rev.:   
(Bldg. Auth. Proj.) Series 2015 1:   
5% 11/1/27 3,500,000 4,014,955 
5% 11/1/28 6,000,000 6,849,900 
5% 11/1/29 6,230,000 7,078,526 
5% 11/1/30 6,000,000 6,788,700 
Series 2014 1, 5% 11/1/44 20,445,000 22,310,606 
Westfield Gen. Oblig. Series 2014:   
5% 3/1/26 2,990,000 3,343,358 
5% 3/1/27 2,740,000 3,049,401 
Worcester Gen. Oblig. Series 2001 A, 5.25% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) 310,000 310,837 
TOTAL MASSACHUSETTS  1,909,654,040 
TOTAL MUNICIPAL BONDS   
(Cost $1,919,859,448)  1,911,055,131 
Municipal Notes - 6.4%   
Massachusetts - 6.4%   
Massachusetts Dev. Fin. Agcy. Rev. (Boston Univ. Proj.):   
Series U-6C, 1.58% 11/1/18, LOC TD Banknorth, NA, VRDN (c) 9,940,000 $9,940,000 
Series U-6E, 1.6% 11/1/18, LOC TD Banknorth, NA, VRDN (c) 23,600,000 23,600,000 
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XF 25 11, 1.8% 11/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(e) 1,685,000 1,685,000 
Massachusetts Gen. Oblig.:   
(Central Artery Proj.) Series 2000 B, 1.62% 11/1/18 (Liquidity Facility TD Banknorth, NA), VRDN (c) 27,420,000 27,420,000 
Series 2006 A, 1.5% 11/1/18 (Liquidity Facility Barclays Bank PLC), VRDN (c) 30,365,000 30,364,986 
Massachusetts Health & Edl. Facilities Auth. Rev.:   
(Baystate Health Sys. Proj.) Series 2009 J2, 1.58% 11/1/18, LOC JPMorgan Chase Bank, VRDN (c) 9,180,000 9,180,000 
(Harvard Univ. Proj.) Series R, 1.2% 11/1/18, VRDN (c) 17,345,000 17,345,000 
(Henry Heywood Memorial Hosp. Proj.) Series 2009 C, 1.68% 11/1/18, LOC TD Banknorth, NA, VRDN (c) 3,600,000 3,600,000 
Series 2008 N1, 1.68% 11/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati), VRDN (c) 11,000,000 11,000,000 
TOTAL MUNICIPAL NOTES   
(Cost $134,135,000)  134,134,986 
TOTAL INVESTMENT IN SECURITIES - 97.8%   
(Cost $2,053,994,448)  2,045,190,117 
NET OTHER ASSETS (LIABILITIES) - 2.2%  44,945,177 
NET ASSETS - 100%  $2,090,135,294 

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 $17,396,359 or 0.8% 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) Provides evidence of ownership in one or more underlying municipal bonds.

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. Additional information on valuation inputs is provided later in this section.

Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Security transactions are accounted for as of trade date. The Board of Trustees (the Board) has delegated the day to day responsibility for the valuation of the Fund's investments to the Fair Value Committee (the Committee) established by the Fund's investment adviser. In accordance with valuation policies and procedures approved by the Board, the Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or 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 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 Fund's investments and ratifies the fair value determinations of the Committee. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels: Level 1 - quoted prices in active markets for identical investments: Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds etc.): Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available). Changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy. Valuation techniques used to value the Fund's investments by major category are as follows:

Debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. 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 additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





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

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

Quarterly Holdings Report
for

Fidelity® Massachusetts Municipal Money Market Fund

October 31, 2018







MFS-QTLY-1218
1.809069.115





Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 35.4%   
 Principal Amount Value 
Alabama - 0.6%   
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 1.89% 11/7/18, VRDN (a)(b) $6,800,000 $6,800,000 
West Jefferson Indl. Dev. Series 2008, 1.7% 11/7/18, VRDN (a) 4,800,000 4,800,000 
  11,600,000 
Arkansas - 0.1%   
Blytheville Indl. Dev. Rev. (Nucor Corp. Proj.):   
Series 1998, 1.89% 11/7/18, VRDN (a)(b) 400,000 400,000 
Series 2002, 1.82% 11/7/18, VRDN (a)(b) 1,900,000 1,900,000 
  2,300,000 
Delaware - 0.1%   
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 B, 1.75% 11/7/18, VRDN (a)(b) 2,400,000 2,400,000 
Indiana - 0.4%   
Indiana Dev. Fin. Auth. Envir. Rev. (PSI Energy Proj.):   
Series 2003 A, 1.88% 11/7/18, VRDN (a)(b) 2,900,000 2,900,000 
Series 2003 B, 1.9% 11/7/18, VRDN (a)(b) 400,000 400,000 
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.):   
Series H, 1.7% 11/7/18, VRDN (a) 3,800,000 3,800,000 
Series I, 1.7% 11/7/18, VRDN (a) 1,600,000 1,600,000 
  8,700,000 
Kentucky - 0.2%   
Trimble County Poll. Cont. Rev. (Louisville Gas and Elec. Co. Proj.) Series 2016 A, 1.72% 11/7/18, VRDN (a)(b) 3,500,000 3,500,000 
Louisiana - 0.8%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):   
Series 2010 A1, 1.85% 11/7/18, VRDN (a) 4,180,000 4,180,000 
Series 2010 B1, 1.85% 11/7/18, VRDN (a) 11,600,000 11,600,000 
  15,780,000 
Massachusetts - 32.5%   
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.:   
Series 2010 A1, 1.59% 11/7/18, LOC Citibank NA, VRDN (a) 29,350,000 29,350,000 
Series 2010 A2:   
1.62% 11/7/18, LOC Barclays Bank PLC, VRDN (a) 17,255,000 17,255,000 
1.62% 11/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 13,470,000 13,470,000 
Series 2010 A3, 1.61% 11/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 34,355,000 34,355,000 
Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev. (Monkiewicz Realty Trust Proj.) 1.76% 11/7/18, 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, 1.6% 11/7/18, 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, 1.62% 11/7/18, LOC Bank of America NA, VRDN (a) 6,900,000 6,900,000 
(Boston Univ. Proj.) Series U3, 1.53% 11/7/18, LOC Northern Trust Co., VRDN (a) 15,950,000 15,950,000 
(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 1.61% 11/7/18, LOC Manufacturers & Traders Trust Co., VRDN (a) 12,185,000 12,185,000 
(Clark Univ. Proj.) 1.6% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 28,610,000 28,610,000 
(Fifteen-O-Five West Housatonic LLC Proj.) Series 2007, 1.66% 11/7/18, LOC HSBC Bank U.S.A., NA, VRDN (a)(b) 1,730,000 1,730,000 
(Governor Dummer Academy Issues Proj.) Series 2006, 1.61% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 3,795,000 3,795,000 
(Seven Hills Foundation and Affiliates Proj.):   
Series 2008 A, 1.63% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 7,710,000 7,710,000 
Series 2008 B, 1.63% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 3,545,000 3,545,000 
(Wilber School Apts. Proj.) Series 2008 A, 1.6% 11/7/18, LOC Bank of America NA, VRDN (a) 7,985,000 7,985,000 
Series 2001, 1.59% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 3,160,000 3,160,000 
Series 2006, 1.6% 11/7/18, LOC PNC Bank NA, VRDN (a) 22,195,000 22,195,000 
Series 2010, 1.62% 11/7/18, LOC Manufacturers & Traders Trust Co., VRDN (a) 6,450,000 6,450,000 
Massachusetts Gen. Oblig.:   
(Central Artery Proj.) Series 2000 B, 1.62% 11/1/18 (Liquidity Facility TD Banknorth, NA), VRDN (a) 8,530,000 8,530,000 
Series 2001 C, 1.6% 11/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (a) 30,075,000 30,075,000 
Massachusetts Health & Edl. Facilities Auth. Rev.:   
(Baystate Health Sys. Proj.):   
Series 2009 J1, 1.58% 11/7/18, LOC JPMorgan Chase Bank, VRDN (a) 25,500,000 25,500,000 
Series 2009 K, 1.57% 11/7/18, LOC Bank of America NA, VRDN (a) 13,600,000 13,600,000 
(CIL Realty of Massachusetts Proj.) Series 2007, 1.6% 11/7/18, LOC HSBC Bank U.S.A., NA, VRDN (a) 6,295,000 6,295,000 
(Harvard Univ. Proj.) Series Y, 1.5% 11/7/18, VRDN (a) 19,375,000 19,375,000 
(Massachusetts Institute of Technology Proj.) Series 2001 J2, 1.5% 11/7/18, VRDN (a) 63,275,000 63,275,000 
(Northeast Hosp. Corp. Proj.) Series 2004 G, 1.65% 11/7/18, LOC JPMorgan Chase Bank, VRDN (a) 34,020,000 34,020,000 
(Southcoast Health Sys. Obligated Group Proj.) Series 2008 C, 1.58% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 1,905,000 1,905,000 
(Williams College Proj.) Series I, 1.5% 11/7/18, VRDN (a) 9,976,000 9,976,000 
Series 2009 O-1, 1.59% 11/7/18, LOC Fed. Home Ln. Bank of Boston, VRDN (a) 13,385,000 13,385,000 
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. (Princeton Westford Proj.) Series 2015 A, 1.63% 11/7/18, LOC Bank of America NA, VRDN (a) 16,420,000 16,420,000 
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. Series 2013 F, 1.63% 11/7/18, LOC TD Banknorth, NA, VRDN (a)(b) 25,000,000 25,000,000 
Massachusetts Indl. Fin. Agcy. Rev. (Governor Dummer Academy Proj.) Series 1996, 1.59% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 5,000,000 5,000,000 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:   
Series 1999 B, 1.61% 11/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 2,600,000 2,600,000 
Series 2002 C, 1.62% 11/1/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 2,900,000 2,900,000 
Series 2008 C2, 1.61% 11/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (a) 2,650,000 2,650,000 
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 1.58% 11/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (a) 91,020,000 91,020,000 
FHLMC Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.:   
(Archstone Reading Apts. Proj.) Series 2004 A, 1.66% 11/7/18, LOC Freddie Mac, VRDN (a)(b) 24,840,000 24,840,000 
(Tammy Brook Apts. Proj.) Series 2009, 1.6% 11/7/18, LOC Freddie Mac, VRDN (a) 5,920,000 5,920,000 
FNMA Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Avalon Acton Apts. Proj.) Series 2006, 1.64% 11/7/18, LOC Fannie Mae, VRDN (a)(b) 45,000,000 45,000,000 
  674,251,000 
Nebraska - 0.2%   
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 1.89% 11/7/18, VRDN (a)(b) 3,700,000 3,700,000 
North Carolina - 0.0%   
Hertford County Indl. Facilities Poll. Cont. Fing. Auth. (Nucor Corp. Proj.) Series 2000 A, 1.82% 11/7/18, VRDN (a)(b) 1,000,000 1,000,000 
South Carolina - 0.0%   
Berkeley County Indl. Dev. Rev.:   
(Nucor Corp. Proj.) Series 1995, 1.89% 11/7/18, VRDN (a)(b) 200,000 200,000 
Series A, 1.75% 11/7/18, VRDN (a)(b) 420,000 420,000 
  620,000 
West Virginia - 0.5%   
West Virginia Econ. Dev. Auth. Solid Waste Disp. Facilities Rev.:   
(Appalachian Pwr. Co. - Amos Proj.) Series 2008 B, 1.73% 11/7/18, VRDN (a)(b) 5,800,000 5,800,000 
(Appalachian Pwr. Co.- Mountaineer Proj.) Series 2008 A, 1.72% 11/7/18, VRDN (a)(b) 3,600,000 3,600,000 
  9,400,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $733,251,000)  733,251,000 
Tender Option Bond - 36.2%   
California - 1.0%   
California Gen. Oblig. Participating VRDN Series Floaters XF 10 38, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 135,000 135,000 
California Health Facilities Fing. Auth. Participating VRDN Series 16 XG 00 49, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 1,700,000 1,700,000 
California Health Facilities Fing. Auth. Rev. Participating VRDN:   
Series DB 15 XF 0234, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 6,900,000 6,900,000 
Series Floaters XG 00 48, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 9,000,000 9,000,000 
San Francisco City & County Arpts. Commission Int'l. Arpt. Rev. Participating VRDN Series XF 10 32, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(c) 1,680,000 1,680,000 
  19,415,000 
Colorado - 0.1%   
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) (a)(c)(d) 2,200,000 2,200,000 
Denver City & County Arpt. Rev. Participating VRDN Series Floaters XG 01 97, 1.73% 11/7/18 (Liquidity Facility Bank of America NA) (a)(b)(c) 400,000 400,000 
  2,600,000 
Florida - 0.0%   
Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, SIFMA Municipal Swap Index + 0.050% 1.75%, tender 11/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(e) 400,000 400,000 
Massachusetts - 35.1%   
Billerica Gen. Oblig. Bonds Series Solar 17 0027, SIFMA Municipal Swap Index + 0.150% 1.75%, tender 11/8/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(e) 3,400,000 3,400,000 
Boston Gen. Oblig. Participating VRDN Series Floaters XF 26 08, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 2,400,000 2,400,000 
Massachusetts Clean Wtr. Trust Participating VRDN:   
Series Clipper 05 36, SIFMA Municipal Swap Index + 0.040% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(e) 2,088,000 2,088,000 
Series Clipper 09 30, SIFMA Municipal Swap Index + 0.180% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(e) 12,200,000 12,200,000 
Massachusetts Commonwealth Trans. Fund Rev. Participating VRDN:   
Series 2016 20, SIFMA Municipal Swap Index + 0.050% 1.64% 11/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(c)(e) 35,090,000 35,090,000 
Series Floaters XF 06 10, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 2,900,000 2,900,000 
Series Floaters XF 26 06, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 2,400,000 2,400,000 
Series Floaters ZF 25 67, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 3,300,000 3,300,000 
Series Floaters ZF 25 68, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 4,865,000 4,865,000 
Massachusetts Dev. Fin. Agcy. Participating VRDN Series Floaters XM 03 68, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 11,800,000 11,800,000 
Massachusetts Dev. Fin. Agcy. Rev. Participating VRDN:   
Series 15 XF0245, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 8,135,000 8,135,000 
Series 2016 XM0136, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c)(f) 3,750,000 3,750,000 
Series 2016 XM0137, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 2,865,000 2,865,000 
Series Floaters XF 26 07, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 3,600,000 3,600,000 
Series Floaters XF 27 05, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 4,740,000 4,740,000 
Series Floaters YX 10 74, 1.62% 11/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) 1,400,000 1,400,000 
Series Floaters ZF 06 04, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 3,000,000 3,000,000 
Series Floaters ZF 27 22, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 8,600,000 8,600,000 
Series Floaters ZM 05 72, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 4,000,000 4,000,000 
Series MS 3373, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 7,100,000 7,100,000 
Series MS 3389X, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 2,500,000 2,500,000 
Series ROC II R 11999X, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 6,785,000 6,785,000 
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series Floaters XG 01 39, 1.69% 11/7/18 (Liquidity Facility Citibank NA) (a)(b)(c) 13,055,000 13,055,000 
Massachusetts Gen. Oblig. Participating VRDN:   
Series 16 XM0221, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 1,300,000 1,300,000 
Series Clipper 09 37, SIFMA Municipal Swap Index + 0.180% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(e) 36,075,000 36,075,000 
Series Clipper 09 67, SIFMA Municipal Swap Index + 0.050% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(e) 67,000,000 67,000,000 
Series Clipper 09 69, SIFMA Municipal Swap Index + 0.180% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(e) 38,156,000 38,156,000 
Series Floaters E 116, 1.63% 11/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) 19,540,000 19,540,000 
Series Floaters G4, 1.62% 11/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) 19,500,000 19,500,000 
Series Floaters G9, 1.62% 11/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) 5,700,000 5,700,000 
Series Floaters XF 05 28, 1.63% 11/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(c) 1,190,000 1,190,000 
Series Floaters XF 05 30, 1.63% 11/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(c) 4,865,000 4,865,000 
Series Floaters XF 25 65, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 12,750,000 12,750,000 
Series Floaters XF 25 74, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 3,700,000 3,700,000 
Series Floaters XF 27 06, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 15,800,000 15,800,000 
Series Floaters XG 01 42, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 2,991,000 2,991,000 
Series Floaters XM 03 72, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 6,650,000 6,650,000 
Series Floaters XM 04 28, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 7,500,000 7,500,000 
Series Floaters ZF 26 93, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 13,400,000 13,400,000 
Series Floaters ZF 26 95, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 5,900,000 5,900,000 
Series Floaters ZM 05 79, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 2,235,000 2,235,000 
Massachusetts Health & Edl. Facilities Auth. Participating VRDN Series XL 00 17, 1.63% 11/7/18 (Liquidity Facility Barclays Bank PLC) (a)(c) 10,785,000 10,785,000 
Massachusetts Health & Edl. Facilities Auth. Rev. Participating VRDN:   
Series 16 XM0217, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 41,800,000 41,800,000 
Series Clipper 09 39, SIFMA Municipal Swap Index + 0.050% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(c)(e) 15,450,000 15,450,000 
Series Floaters XF 00 47, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 9,600,000 9,600,000 
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN:   
Series 16 ZM0173, 1.63% 11/7/18 (Liquidity Facility Royal Bank of Canada) (a)(c) 10,000,000 10,000,000 
Series EGL 14 C031A, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 13,875,000 13,875,000 
Series EGL 15 0004, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 45,460,000 45,460,000 
Series EGL 15 001, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 47,210,000 47,210,000 
Series EGL 15 002, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 52,000,000 52,000,000 
Series EGL 15 003, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 35,340,000 35,340,000 
Series Floaters ZF 06 84, 1.63% 11/7/18 (Liquidity Facility Bank of America NA) (a)(c) 4,100,000 4,100,000 
Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, SIFMA Municipal Swap Index + 0.180% 1.78%, tender 1/2/19 (Liquidity Facility Royal Bank of Canada) (a)(c)(d)(e) 4,000,000 4,000,000 
Massachusetts Wtr. Resources Auth. Participating VRDN Series XM 02 87, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(c) 2,200,000 2,200,000 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Participating VRDN:   
Series Floaters XF 25 02, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 3,450,000 3,450,000 
Series Floaters XF 27 01, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 1,200,000 1,200,000 
Saugus Gen. Oblig. Participating VRDN Series Floaters XF 06 81, 1.63% 11/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(c) 4,615,000 4,615,000 
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Participating VRDN:   
Series Floaters XF 25 88, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(c) 4,170,000 4,170,000 
Series XL 0042, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(c) 8,380,000 8,380,000 
  727,860,000 
Ohio - 0.0%   
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.74% 11/7/18 (Liquidity Facility Bank of America NA) (a)(c) 300,000 300,000 
TOTAL TENDER OPTION BOND   
(Cost $750,575,000)  750,575,000 
Other Municipal Security - 24.4%   
Georgia - 0.6%   
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.7%, tender 2/1/19 (Liquidity Facility Royal Bank of Canada) (a)(e) 13,615,000 13,615,000 
Kentucky - 0.1%   
Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 1.82% tender 11/30/18, CP mode 1,300,000 1,300,000 
Massachusetts - 23.3%   
Billerica Gen. Oblig. BAN Series 2018:   
3% 6/28/19 2,600,000 2,619,221 
3% 9/27/19 (g) 2,374,000 2,391,093 
Bourne Gen. Oblig. BAN Series 2018 A, 3% 11/15/18 2,471,053 2,472,360 
Brookline Gen. Oblig. BAN Series 2018, 2.5% 3/29/19 4,625,000 4,642,722 
Chicopee Gen. Oblig. BAN Series 2018, 3% 8/22/19 5,296,000 5,338,781 
Franklin Gen. Oblig. BAN Series 2018, 3% 5/17/19 3,300,000 3,320,450 
Gloucester Gen. Oblig. BAN Series 2018 B, 3% 9/20/19 6,200,000 6,256,502 
Massachusetts Bay Trans. Auth. Assessment Rev. Bonds Series 2012 A, 5% 7/1/19 8,700,000 8,875,745 
Massachusetts Dev. Fin. Agcy. Series 5, 1.82% 1/3/19, LOC TD Banknorth, NA, CP 2,800,000 2,800,000 
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds Series 2005, 1.8% tender 11/9/18 (Massachusetts Elec. Co. Guaranteed), CP mode (b) 20,800,000 20,800,000 
Massachusetts Dev. Fin. Agcy. Rev. Bonds:   
Series 2009, 5.5% 11/15/18 (Pre-Refunded to 11/15/18 @ 100) 20,800,000 20,829,536 
Series A, 5.5% 11/15/18 (Pre-Refunded to 11/15/18 @ 100) 9,855,000 9,868,600 
Massachusetts Edl. Fing. Auth. Rev. Bonds:   
Series 2013, 5% 7/1/19 (b) 4,730,000 4,825,068 
Series 2014 I:   
3% 1/1/19 (b) 2,855,000 2,859,503 
5% 1/1/19 (b) 1,120,000 1,125,621 
Massachusetts Gen. Oblig.:   
Bonds Series 2014, 3% 7/1/19 1,680,000 1,691,887 
RAN Series 2018 B, 4% 5/23/19 17,800,000 18,004,228 
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds:   
Series 2010 J1, 5% 7/1/19 (Pre-Refunded to 7/1/19 @ 100) 3,600,000 3,673,090 
Series H1:   
1.7% tender 11/1/18, CP mode 10,500,000 10,500,000 
1.71% tender 11/6/18, CP mode 7,500,000 7,500,000 
1.73% tender 12/3/18, CP mode 7,500,000 7,500,000 
1.73% tender 12/4/18, CP mode 6,000,000 6,000,000 
1.73% tender 12/7/18, CP mode 6,200,000 6,200,000 
Series H2:   
1.7% tender 11/2/18, CP mode 7,000,000 7,000,000 
1.75% tender 12/5/18, CP mode 10,500,000 10,500,000 
1.77% tender 12/6/18, CP mode 11,200,000 11,200,000 
Massachusetts Port Auth. Rev.:   
Series 12, 1.8% 1/10/19, LOC TD Banknorth, NA, CP (b) 40,000,000 40,000,000 
Series 12A:   
1.7% 12/6/18, LOC TD Banknorth, NA, CP 13,400,000 13,400,000 
1.84% 2/12/19, LOC TD Banknorth, NA, CP 7,000,000 7,000,000 
Series 12B:   
1.74% 12/6/18, LOC TD Banknorth, NA, CP (b) 21,900,000 21,900,000 
1.87% 2/12/19, LOC TD Banknorth, NA, CP (b) 21,100,000 21,100,000 
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 4,816,785 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 99:   
1.73% 12/4/18, LOC State Street Bank & Trust Co., Boston, CP 19,450,000 19,450,000 
1.74% 12/4/18, LOC State Street Bank & Trust Co., Boston, CP 16,500,000 16,500,000 
Medford Gen. Oblig.:   
BAN Series 2019, 3% 7/19/19 2,000,000 2,014,344 
Bonds Series 2011 B, 4% 3/1/19 3,490,000 3,514,693 
Middleborough Gen. Oblig. BAN Series 2019, 3% 10/4/19 5,000,000 5,046,164 
Millis Gen. Oblig. BAN:   
Series 2017, 3% 12/21/18 9,300,000 9,319,071 
Series 2018, 3% 11/1/19 (g) 3,300,000 3,331,284 
Nantucket Gen. Oblig. BAN:   
Series 2018 A, 3% 5/24/19 1,883,447 1,895,889 
Series A, 2.5% 2/22/19 (g) 3,161,235 3,166,925 
Series B, 3% 5/24/19 (g) 4,179,934 4,203,258 
Orleans Gen. Oblig. Anticipation Notes BAN Series 2018, 2.5% 2/8/19 5,400,000 5,415,304 
Peabody Gen. Oblig. BAN Series 2018, 2.5% 3/22/19 3,560,000 3,572,990 
Revere Gen. Oblig. Bonds Series 2009, 5% 4/1/19 (Pre-Refunded to 4/1/19 @ 100) 1,745,000 1,767,610 
Salisbury Gen. Oblig. BAN Series 2018, 3% 9/13/19 3,308,000 3,338,039 
Scituate Gen. Oblig. BAN Series 2018, 3% 2/1/19 10,100,000 10,139,134 
Somerville Gen. Oblig. BAN Series 2018, 3% 6/7/19 13,600,000 13,689,603 
Stow Gen. Oblig. BAN Series 2018, 3% 5/1/19 6,105,000 6,139,179 
Topsfield Gen. Oblig. BAN Series 2018:   
3% 3/8/19 3,900,000 3,918,968 
3% 5/10/19 6,562,292 6,600,862 
Waltham Gen. Oblig. BAN:   
Series 2018, 3% 6/27/19 3,400,000 3,425,032 
Series 2019, 3% 6/27/19 10,550,000 10,621,372 
Westborough Gen. Oblig. BAN Series 2018, 3% 5/31/19 18,700,000 18,833,113 
Westfield Gen. Oblig. BAN:   
Series 2018 A, 3% 6/14/19 2,700,000 2,718,292 
Series 2018, 3% 10/31/19 3,720,000 3,754,167 
Weston Gen. Oblig. BAN Series 2018, 2.5% 2/1/19 3,500,000 3,506,120 
Westport Gen. Oblig. BAN Series 2018, 3% 5/24/19 4,100,000 4,126,307 
Weymouth Gen. Oblig. BAN Series 2018:   
3% 3/14/19 1,800,000 1,807,259 
3% 3/14/19 12,240,000 12,307,213 
Winchester Gen. Oblig. BAN Series 2018, 2.75% 6/27/19 2,100,000 2,111,358 
  483,244,742 
New Hampshire - 0.3%   
New Hampshire Bus. Fin. Auth. Poll. Cont. Rev. Bonds Series A1, 1.85% tender 11/7/18, CP mode (b) 5,600,000 5,600,000 
Ohio - 0.1%   
Lancaster Port Auth. Gas Rev. Bonds Series 2014, 0.007% x 1 month U.S. LIBOR 2.232%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(e) 1,400,000 1,400,409 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $505,160,151)  505,160,151 
 Shares Value 
Investment Company - 5.6%   
Fidelity Municipal Cash Central Fund, 1.67%(h)(i)   
(Cost $116,706,752) 116,704,652 116,706,752 
TOTAL INVESTMENT IN SECURITIES - 101.6%   
(Cost $2,105,692,903)  2,105,692,903 
NET OTHER ASSETS (LIABILITIES) - (1.6)%  (33,204,945) 
NET ASSETS - 100%  $2,072,487,958 

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

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

 (d) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $6,200,000 or 0.3% of net assets.

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

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

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

 (i) 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 
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) 10/15/18 $2,200,000 
Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, SIFMA Municipal Swap Index + 0.180% 1.78%, 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 $1,832,332 
Total $1,832,332 

Amounts in the income column in the above table exclude any capital gain distributions from underlying funds.

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. Additional information on valuation inputs is provided later in this section.

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

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





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

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

Quarterly Holdings Report
for

Fidelity® Massachusetts AMT Tax-Free Money Market Fund

October 31, 2018







SMA-QTLY-1218
1.809100.115





Schedule of Investments October 31, 2018 (Unaudited)

Showing Percentage of Net Assets

Variable Rate Demand Note - 44.9%   
 Principal Amount Value 
Alabama - 0.2%   
Mobile Indl. Dev. Board Poll. Cont. Rev. (Alabama Pwr. Co. Barry Plant Proj.) Series 2007 C, 1.7% 11/7/18, VRDN (a) $900,000 $900,000 
West Jefferson Indl. Dev. Series 2008, 1.7% 11/7/18, VRDN (a) 1,500,000 1,500,000 
  2,400,000 
Arizona - 0.1%   
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc. Co. Palo Verde Proj.) Series 2009 A, 1.65% 11/7/18, VRDN (a) 2,250,000 2,250,000 
Connecticut - 0.4%   
Connecticut Gen. Oblig. Series 2016 C, 1.72% 11/7/18 (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, 1.73% 11/7/18, VRDN (a) 100,000 100,000 
Series 1999 A, 1.7% 11/7/18, VRDN (a) 200,000 200,000 
  300,000 
Indiana - 0.1%   
Lawrenceburg Poll. Cont. Rev. (Indiana Michigan Pwr. Co. Proj.):   
Series H, 1.7% 11/7/18, VRDN (a) 1,300,000 1,300,000 
Series I, 1.7% 11/7/18, VRDN (a) 800,000 800,000 
  2,100,000 
Louisiana - 0.4%   
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.):   
Series 2010 A1, 1.85% 11/7/18, VRDN (a) 2,200,000 2,200,000 
Series 2010 B1, 1.85% 11/7/18, VRDN (a) 4,080,000 4,080,000 
  6,280,000 
Massachusetts - 43.6%   
Boston Wtr. & Swr. Commission Rev. Series 1994 A, 1.56% 11/7/18, 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, 1.59% 11/7/18, LOC Citibank NA, VRDN (a) 18,950,000 18,950,000 
Series 2010 A2:   
1.62% 11/7/18, LOC Barclays Bank PLC, VRDN (a) 39,075,000 39,075,000 
1.62% 11/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 23,645,000 23,645,000 
Series 2010 A3, 1.61% 11/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 27,450,000 27,450,000 
Massachusetts Dev. Fin. Agcy. Rev.:   
(Babson College Proj.) Series 2008 A, 1.62% 11/7/18, LOC Bank of America NA, VRDN (a) 16,685,000 16,685,000 
(Boston Univ. Proj.):   
Series U-6C, 1.58% 11/1/18, LOC TD Banknorth, NA, VRDN (a) 13,705,000 13,705,000 
Series U3, 1.53% 11/7/18, LOC Northern Trust Co., VRDN (a) 33,950,000 33,950,000 
(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 1.61% 11/7/18, LOC Manufacturers & Traders Trust Co., VRDN (a) 3,240,000 3,240,000 
(Clark Univ. Proj.) 1.6% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 4,805,000 4,805,000 
(College of the Holy Cross Proj.) Series 2008 A, 1.67% 11/1/18, LOC Bank of America NA, VRDN (a) 23,170,000 23,170,000 
(Governor Dummer Academy Issues Proj.) Series 2006, 1.61% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 4,185,000 4,185,000 
(ISO New England, Inc. Proj.) Series 2005, 1.6% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 22,820,000 22,820,000 
(Wilber School Apts. Proj.) Series 2008 A, 1.6% 11/7/18, LOC Bank of America NA, VRDN (a) 1,185,000 1,185,000 
(Worcester Polytechnic Institute Proj.) Series 2008 A, 1.6% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 33,420,000 33,420,000 
Series 2006:   
1.6% 11/7/18, LOC PNC Bank NA, VRDN (a) 2,945,000 2,945,000 
1.6% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 2,975,000 2,975,000 
Series 2010, 1.62% 11/7/18, LOC Manufacturers & Traders Trust Co., VRDN (a) 940,000 940,000 
Massachusetts Gen. Oblig. Series 2001 C, 1.6% 11/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (a) 5,245,000 5,245,000 
Massachusetts Health & Edl. Facilities Auth. Rev.:   
(Amherst College Proj.):   
Series 2005 I, 1.56% 11/7/18, VRDN (a) 21,720,000 21,720,000 
Series 2005 J1, 1.56% 11/7/18, VRDN (a) 28,950,000 28,950,000 
(Baystate Health Sys. Proj.):   
Series 2009 J1, 1.58% 11/7/18, LOC JPMorgan Chase Bank, VRDN (a) 19,500,000 19,500,000 
Series 2009 J2, 1.58% 11/1/18, LOC JPMorgan Chase Bank, VRDN (a) 5,850,000 5,850,000 
Series 2009 K, 1.57% 11/7/18, LOC Bank of America NA, VRDN (a) 11,170,000 11,170,000 
(Baystate Med. Ctr. Proj.) Series 2005 G, 1.65% 11/1/18, LOC TD Banknorth, NA, VRDN (a) 4,620,000 4,620,000 
(Boston Univ. Proj.) Series H, 1.58% 11/7/18, LOC State Street Bank & Trust Co., Boston, VRDN (a) 18,775,000 18,775,000 
(CIL Realty of Massachusetts Proj.) Series 2007, 1.6% 11/7/18, LOC HSBC Bank U.S.A., NA, VRDN (a) 700,000 700,000 
(Harvard Univ. Proj.) Series Y, 1.5% 11/7/18, VRDN (a) 41,215,000 41,215,000 
(Massachusetts Institute of Technology Proj.):   
Series 2001 J1, 1.54% 11/7/18, VRDN (a) 55,145,000 55,145,000 
Series 2001 J2, 1.5% 11/7/18, VRDN (a) 7,050,000 7,050,000 
(Northeast Hosp. Corp. Proj.) Series 2004 G, 1.65% 11/7/18, LOC JPMorgan Chase Bank, VRDN (a) 8,605,000 8,605,000 
(Southcoast Health Sys. Obligated Group Proj.) Series 2008 C, 1.58% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 36,075,000 36,075,000 
(Williams College Proj.):   
Series I, 1.5% 11/7/18, VRDN (a) 9,110,000 9,110,000 
Series J, 1.56% 11/7/18, VRDN (a) 22,461,000 22,461,000 
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. (Princeton Westford Proj.) Series 2015 A, 1.63% 11/7/18, LOC Bank of America NA, VRDN (a) 1,900,000 1,900,000 
Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev. 1.6% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 2,900,000 2,900,000 
Massachusetts Indl. Fin. Agcy. Rev.:   
(Governor Dummer Academy Proj.) Series 1996, 1.59% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 700,000 700,000 
(Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 1.6% 11/7/18, LOC TD Banknorth, NA, VRDN (a) 1,390,000 1,390,000 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.:   
Series 1999 B, 1.61% 11/7/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 1,300,000 1,300,000 
Series 2002 C, 1.62% 11/1/18, LOC Landesbank Hessen-Thuringen, VRDN (a) 8,320,000 8,320,000 
Series 2008 C2, 1.61% 11/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (a) 7,705,000 7,705,000 
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 1.58% 11/7/18 (Liquidity Facility Barclays Bank PLC), VRDN (a) 68,820,000 68,820,000 
FHLMC Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Tammy Brook Apts. Proj.) Series 2009, 1.6% 11/7/18, LOC Freddie Mac, VRDN (a) 3,400,000 3,400,000 
  676,476,000 
Wyoming - 0.1%   
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 1.68% 11/7/18, VRDN (a) 200,000 200,000 
Sweetwater County Poll. Cont. Rev. (PacifiCorp Proj.):   
Series 1992 A, 1.69% 11/7/18, VRDN (a) 500,000 500,000 
Series 1992 B, 1.69% 11/7/18, VRDN (a) 200,000 200,000 
  900,000 
TOTAL VARIABLE RATE DEMAND NOTE   
(Cost $696,806,000)  696,806,000 
Tender Option Bond - 29.6%   
California - 1.6%   
Bay Area Toll Auth. San Francisco Bay Toll Bridge Rev. Participating VRDN Series XF 10 44, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 2,000,000 2,000,000 
California Gen. Oblig. Participating VRDN Series 15 XF0129, 1.7% 11/7/18 (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, 1.7% 11/7/18 (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 Floaters XG 00 48, 1.7% 11/7/18 (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% 1.75% 12/12/18 (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, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 1,140,000 1,140,000 
Univ. of California Revs. Participating VRDN Series Floaters XG 00 61, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 5,250,000 5,250,000 
  24,585,000 
Colorado - 0.1%   
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,600,000 1,600,000 
Denver City & County Arpt. Rev. Participating VRDN Series Floaters XF 10 36, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 300,000 300,000 
  1,900,000 
Florida - 0.1%   
Florida Dept. of Trans. Tpk. Rev. Bonds Series Solar 17 02, SIFMA Municipal Swap Index + 0.050% 1.75%, tender 11/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(d) 200,000 200,000 
Tallahassee Memorial Healthcare Participating VRDN Series Floaters ML 70 01, 1.72% 11/7/18 (Liquidity Facility Bank of America NA) (a)(b) 900,000 900,000 
  1,100,000 
Illinois - 0.2%   
Chicago Transit Auth. Participating VRDN Series Floaters XM 04 50, 1.64% 11/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 700,000 700,000 
Illinois Fin. Auth. Rev. Participating VRDN Series Floaters 017, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 2,600,000 2,600,000 
  3,300,000 
Maryland - 0.0%   
Baltimore Proj. Rev. Bonds Series Floaters G 28, 1.8%, tender 1/2/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 300,000 300,000 
Massachusetts - 27.2%   
Billerica Gen. Oblig. Bonds Series Solar 17 0027, SIFMA Municipal Swap Index + 0.150% 1.75%, tender 11/8/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(d) 900,000 900,000 
Massachusetts Clean Wtr. Trust Participating VRDN Series Clipper 05 36, SIFMA Municipal Swap Index + 0.040% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(d) 712,000 712,000 
Massachusetts Commonwealth Trans. Fund Rev. Participating VRDN:   
Series 2016 20, SIFMA Municipal Swap Index + 0.050% 1.64% 11/1/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(d) 8,800,000 8,800,000 
Series Floaters XF 06 10, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 1,600,000 1,600,000 
Series Floaters XF 26 06, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 1,600,000 1,600,000 
Series Floaters ZF 25 68, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 3,100,000 3,100,000 
Massachusetts Dev. Fin. Agcy. Participating VRDN Series Floaters XM 03 68, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 1,700,000 1,700,000 
Massachusetts Dev. Fin. Agcy. Rev. Participating VRDN:   
Series 15 XF0245, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 400,000 400,000 
Series 2016 XF2207, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 2,900,000 2,900,000 
Series 2016 XM0137, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 1,650,000 1,650,000 
Series Floaters XF 26 07, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 2,400,000 2,400,000 
Series Floaters XF 27 05, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 3,300,000 3,300,000 
Series Floaters YX 10 74, 1.62% 11/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 5,860,000 5,860,000 
Series Floaters ZF 27 22, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) 6,065,000 6,065,000 
Series Floaters ZM 05 72, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 1,000,000 1,000,000 
Series Floaters ZM 05 74, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 1,500,000 1,500,000 
Series MS 3373, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) 900,000 900,000 
Massachusetts Gen. Oblig. Participating VRDN:   
Series 16 XF0374, 1.63% 11/7/18 (Liquidity Facility Bank of America NA) (a)(b) 2,000,000 2,000,000 
Series 16 XM 03 35, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 7,500,000 7,500,000 
Series 16 XM0221, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 18,955,000 18,955,000 
Series 16 ZF0377, 1.63% 11/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(b) 4,375,000 4,375,000 
Series Clipper 09 37, SIFMA Municipal Swap Index + 0.180% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(d) 12,000,000 12,000,000 
Series Clipper 09 67, SIFMA Municipal Swap Index + 0.050% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(d) 58,900,000 58,900,000 
Series Clipper 09 69, SIFMA Municipal Swap Index + 0.180% 1.63% 11/7/18 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(b)(d) 21,015,000 21,015,000 
Series Floaters E 116, 1.63% 11/7/18 (Liquidity Facility Royal Bank of Canada) (a)(b) 9,800,000 9,800,000 
Series Floaters G4, 1.62% 11/7/18 (Liquidity Facility Royal Bank of Canada) (a)(b) 13,000,000 13,000,000 
Series Floaters G9, 1.62% 11/7/18 (Liquidity Facility Royal Bank of Canada) (a)(b) 3,800,000 3,800,000 
Series Floaters XF 05 30, 1.63% 11/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(b) 1,800,000 1,800,000 
Series Floaters XF 27 06, 1.6% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 10,600,000 10,600,000 
Series Floaters XG 01 42, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 5,980,000 5,980,000 
Series Floaters XM 03 72, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 4,600,000 4,600,000 
Series Floaters ZF 26 93, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) 9,100,000 9,100,000 
Series Floaters ZF 26 95, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) 4,100,000 4,100,000 
Series Floaters ZM 05 79, 1.63% 11/7/18 (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, 1.63% 11/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 2,550,000 2,550,000 
Massachusetts Health & Edl. Facilities Auth. Rev. Participating VRDN:   
Series 16 XG0014, 1.62% 11/7/18 (Liquidity Facility Bank of America NA) (a)(b) 5,550,000 5,550,000 
Series 16 XM0217, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 10,700,000 10,700,000 
Series Floaters XF 00 47, 1.63% 11/7/18 (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% 1.75%, tender 11/22/18 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(b)(d) 3,900,000 3,900,000 
Participating VRDN:   
Series 15 XF2203, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 7,460,000 7,460,000 
Series 16 XM0239, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 11,250,000 11,250,000 
Series 16 ZM0173, 1.63% 11/7/18 (Liquidity Facility Royal Bank of Canada) (a)(b) 8,000,000 8,000,000 
Series EGL 14 C031A, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 1,000,000 1,000,000 
Series EGL 15 0004, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 17,900,000 17,900,000 
Series EGL 15 001, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 15,400,000 15,400,000 
Series EGL 15 002, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 28,885,000 28,885,000 
Series EGL 15 003, 1.63% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 19,000,000 19,000,000 
Series Floaters XM 04 30, 1.63% 11/7/18 (Liquidity Facility JPMorgan Chase Bank) (a)(b) 3,335,000 3,335,000 
Series Floaters XX 10 08, 1.62% 11/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 6,300,000 6,300,000 
Series Floaters YX 10 29, 1.62% 11/7/18 (Liquidity Facility Barclays Bank PLC) (a)(b) 10,820,000 10,820,000 
Series Floaters ZF 06 84, 1.63% 11/7/18 (Liquidity Facility Bank of America NA) (a)(b) 8,035,000 8,035,000 
Series Floaters ZF 06 92, 1.63% 11/7/18 (Liquidity Facility Bank of America NA) (a)(b) 1,985,000 1,985,000 
Series ROC II R 14021, 1.62% 11/7/18 (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% 1.78%, 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, 1.63% 11/7/18 (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, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 4,050,000 4,050,000 
Series Floaters XF 27 01, 1.62% 11/7/18 (Liquidity Facility Citibank NA) (a)(b) 2,800,000 2,800,000 
Saugus Gen. Oblig. Participating VRDN Series Floaters XF 06 81, 1.63% 11/7/18 (Liquidity Facility Toronto-Dominion Bank) (a)(b) 3,000,000 3,000,000 
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Participating VRDN Series XL 0042, 1.63% 11/7/18 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (a)(b) 1,000,000 1,000,000 
  421,652,000 
Montana - 0.1%   
Missoula Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,365,000 1,365,000 
Nebraska - 0.0%   
Omaha Pub. Pwr. District Elec. Rev. Participating VRDN Series 16 XF1053, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 200,000 200,000 
New Jersey - 0.0%   
Union County Impt. Auth. Participating VRDN Series XF 10 19, 1.7% 11/7/18 (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, 1.7% 11/7/18 (Liquidity Facility Deutsche Bank AG New York Branch) (a)(b) 300,000 300,000 
  700,000 
Ohio - 0.2%   
Cuyahoga County Ctfs. of Prtn. Participating VRDN Series Floaters XG 02 06, 1.74% 11/7/18 (Liquidity Facility Bank of America NA) (a)(b) 200,000 200,000 
Hamilton County HealthCare Facilities Rev. Participating VRDN Series XF 10 50, 1.7% 11/7/18 (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, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 590,000 590,000 
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) (a)(b)(c) 1,000,000 1,000,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.8%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c) 275,000 275,000 
  3,065,000 
Oklahoma - 0.0%   
Oklahoma Dev. Fin. Auth. Health Sys. Rev. Participating VRDN Series Floaters XG 02 10, 1.7% 11/7/18 (Liquidity Facility Bank of America NA) (a)(b) 200,000 200,000 
Pennsylvania - 0.1%   
Pennsylvania Higher Edl. Facilities Auth. Rev. Bonds Series 2016 E75, SIFMA Municipal Swap Index + 0.170% 1.77%, tender 3/1/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 700,000 700,000 
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 0.002% x SIFMA Municipal Swap Index 1.8%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) (a)(b)(c)(d) 500,000 500,000 
  1,200,000 
TOTAL TENDER OPTION BOND   
(Cost $459,567,000)  459,567,000 
Other Municipal Security - 21.0%   
Georgia - 0.1%   
Main Street Natural Gas, Inc. Georgia Gas Proj. Rev. Bonds:   
Series 2010 A1, SIFMA Municipal Swap Index + 0.100% 1.7%, tender 2/1/19 (Liquidity Facility Royal Bank of Canada) (a)(d) 595,000 595,000 
Series 2010 A2, SIFMA Municipal Swap Index + 0.100% 1.7%, tender 2/1/19 (Liquidity Facility Royal Bank of Canada) (a)(d) 1,685,000 1,685,000 
  2,280,000 
Kentucky - 0.1%   
Jefferson County Poll. Cont. Rev. Bonds Series 2001 A, 1.82% tender 11/30/18, CP mode 1,000,000 1,000,000 
Massachusetts - 20.7%   
Billerica Gen. Oblig. BAN Series 2018:   
3% 6/28/19 1,730,000 1,742,789 
3% 9/27/19 (e) 1,700,000 1,712,240 
Boston Gen. Oblig. Bonds:   
Series 2017 A, 5% 4/1/19 1,000,000 1,013,461 
Series 2018 A, 5% 5/1/19 10,360,000 10,527,202 
Boston Wtr. & Swr. Commission Rev. Bonds Series A, 5% 5/1/19 (Pre-Refunded to 5/1/19 @ 100) 1,000,000 1,015,614 
Bourne Gen. Oblig. BAN Series 2017, 2.25% 11/15/18 2,086,092 2,086,921 
Brookline Gen. Oblig. BAN Series 2018, 2.5% 3/29/19 2,500,000 2,509,579 
Chicopee Gen. Oblig. BAN Series 2018, 3% 8/22/19 3,700,000 3,729,889 
Franklin Gen. Oblig. BAN Series 2018, 3% 5/17/19 2,000,000 2,012,394 
Gloucester Gen. Oblig. BAN Series 2018 B, 3% 9/20/19 4,380,000 4,419,916 
Hingham Gen. Oblig. BAN Series 2018, 4% 5/16/19 7,840,426 7,933,093 
Massachusetts Bay Trans. Auth. Assessment Rev. Bonds Series 2012 A, 5% 7/1/19 6,300,000 6,427,263 
Massachusetts Clean Wtr. Trust Bonds Series 2014, 5% 8/1/19 1,000,000 1,022,640 
Massachusetts Dev. Fin. Agcy. Series 5, 1.82% 1/3/19, LOC TD Banknorth, NA, CP 1,960,000 1,960,000 
Massachusetts Dev. Fin. Agcy. Rev. Bonds:   
Series 2009, 5.5% 11/15/18 (Pre-Refunded to 11/15/18 @ 100) 25,265,000 25,301,056 
Series A, 5.5% 11/15/18 (Pre-Refunded to 11/15/18 @ 100) 7,300,000 7,310,074 
Massachusetts Gen. Oblig.:   
Bonds Series 2009 A, 5% 3/1/19 (Pre-Refunded to 3/1/19 @ 100) 1,000,000 1,010,488 
RAN Series 2018 B, 4% 5/23/19 13,200,000 13,351,450 
Massachusetts Health & Edl. Facilities Auth. Rev. Bonds:   
Series 2010 J1, 5% 7/1/19 (Pre-Refunded to 7/1/19 @ 100) 2,400,000 2,448,727 
Series H1:   
1.7% tender 11/1/18, CP mode 3,000,000 3,000,000 
1.71% tender 11/6/18, CP mode 10,800,000 10,800,000 
1.73% tender 12/3/18, CP mode 9,800,000 9,800,000 
1.73% tender 12/4/18, CP mode 5,500,000 5,500,000 
1.73% tender 12/7/18, CP mode 4,300,000 4,300,000 
Series H2:   
1.7% tender 11/2/18, CP mode 6,300,000 6,300,000 
1.75% tender 12/5/18, CP mode 7,500,000 7,500,000 
1.77% tender 12/6/18, CP mode 8,290,000 8,290,000 
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds:   
Series 1992, 1.8% tender 11/8/18, CP mode 13,500,000 13,500,000 
Series 2018, 1.8% tender 11/19/18, CP mode 1,300,000 1,300,000 
Massachusetts Port Auth. Rev. Series 12A:   
1.7% 12/6/18, LOC TD Banknorth, NA, CP 8,600,000 8,600,000 
1.84% 2/12/19, LOC TD Banknorth, NA, CP 5,000,000 5,000,000 
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 99:   
1.73% 12/4/18, LOC State Street Bank & Trust Co., Boston, CP 14,300,000 14,300,000 
1.74% 12/4/18, LOC State Street Bank & Trust Co., Boston, CP 14,800,000 14,800,000 
Middleborough Gen. Oblig. BAN Series 2019, 3% 10/4/19 3,459,453 3,491,394 
Millis Gen. Oblig. BAN:   
Series 2017, 3% 12/21/18 3,700,000 3,707,588 
Series 2018, 3% 11/1/19 (e) 2,442,000 2,465,150 
Nantucket Gen. Oblig. BAN:   
Series 2018 B, 2.5% 11/16/18 8,450,169 8,453,602 
Series A, 2.5% 2/22/19 (e) 2,300,000 2,304,140 
Series B, 3% 5/24/19 (e) 3,100,000 3,117,298 
Natick Gen. Oblig. BAN Series 2018 A, 2.5% 12/7/18 2,960,000 2,962,447 
North Reading Gen. Oblig. BAN Series 2018, 3% 6/14/19 8,118,932 8,177,889 
Orleans Gen. Oblig. Anticipation Notes BAN Series 2018, 2.5% 2/8/19 2,538,561 2,545,755 
Peabody Gen. Oblig. BAN Series 2018, 2.5% 3/22/19 1,900,000 1,906,933 
Revere Gen. Oblig. Bonds Series 2009, 5.5% 4/1/19 (Pre-Refunded to 4/1/19 @ 100) 2,190,000 2,222,833 
Salisbury Gen. Oblig. BAN Series 2018, 3% 9/13/19 2,200,000 2,219,977 
Scituate Gen. Oblig. BAN Series 2018, 3% 2/1/19 4,839,000 4,857,749 
Somerville Gen. Oblig. BAN Series 2018, 3% 6/7/19 9,400,000 9,461,931 
Stow Gen. Oblig. BAN Series 2018, 3% 5/1/19 3,600,000 3,620,155 
Topsfield Gen. Oblig. BAN Series 2018:   
3% 3/8/19 2,100,000 2,110,214 
3% 5/10/19 4,100,000 4,124,098 
Waltham Gen. Oblig. BAN:   
Series 2018, 3% 6/27/19 2,278,479 2,295,254 
Series 2019, 3% 6/27/19 7,400,000 7,450,062 
Westborough Gen. Oblig. BAN Series 2018, 3% 5/31/19 12,628,100 12,717,991 
Westfield Gen. Oblig. BAN:   
Series 2018 A, 3% 6/14/19 1,895,000 1,907,838 
Series 2018, 3% 10/31/19 2,800,000 2,825,717 
Weston Gen. Oblig. BAN Series 2018, 2.5% 2/1/19 3,300,000 3,306,803 
Westport Gen. Oblig. BAN Series 2018, 3% 5/24/19 2,650,000 2,667,003 
Weymouth Gen. Oblig. BAN Series 2018:   
3% 3/14/19 6,400,000 6,435,144 
3% 3/14/19 1,300,000 1,305,243 
Winchester Gen. Oblig. BAN Series 2018, 2.75% 6/27/19 1,445,000 1,452,815 
  320,637,819 
Ohio - 0.1%   
Lancaster Port Auth. Gas Rev. Bonds Series 2014, 0.007% x 1 month U.S. LIBOR 2.232%, tender 8/1/19 (Liquidity Facility Royal Bank of Canada) (a)(d) 1,000,000 1,000,292 
TOTAL OTHER MUNICIPAL SECURITY   
(Cost $324,918,111)  324,918,111 
 Shares Value 
Investment Company - 5.7%   
Fidelity Tax-Free Cash Central Fund, 1.62% (f)(g)   
(Cost $88,846,528) 88,840,800 88,846,528 
TOTAL INVESTMENT IN SECURITIES - 101.2%   
(Cost $1,570,137,639)  1,570,137,639 
NET OTHER ASSETS (LIABILITIES) - (1.2)%  (17,868,061) 
NET ASSETS - 100%  $1,552,269,578 

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 $13,345,000 or 0.9% 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) Security or a portion of the security purchased on a delayed delivery or when-issued basis.

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

 (g) 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, 1.8%, tender 1/2/19 (Liquidity Facility Royal Bank of Canada) 7/12/18 $300,000 
Colorado Health Facilities Auth. Rev. Participating VRDN Series Floaters 018, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) 10/15/18 $1,600,000 
Dignity Health Participating VRDN Series 17 04, SIFMA Municipal Swap Index + 0.160% 1.75% 12/12/18 (Liquidity Facility Barclays Bank PLC) 10/5/17 $595,000 
Massachusetts Spl. Oblig. Dedicated Tax Rev. Bonds Series Floaters G 29, SIFMA Municipal Swap Index + 0.180% 1.78%, 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, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) 9/14/17 $590,000 
Missoula Wtr. Sys. Rev. Participating VRDN Series Floaters 011, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) 1/25/18 - 3/2/18 $1,365,000 
Ohio Higher Edl. Facility Commission Rev. Participating VRDN Series 2017, 1.78% 12/12/18 (Liquidity Facility Barclays Bank PLC) 3/9/17 - 8/6/18 $1,000,000 
Ohio Univ. Gen. Receipts Athens Bonds Series Floaters G 27, 1.8%, tender 6/3/19 (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% 1.77%, tender 3/1/19 (Liquidity Facility Royal Bank of Canada) 2/2/18 - 8/3/18 $700,000 
Pennsylvania Tpk. Commission Tpk. Rev. Bonds Series Floaters G 43, 0.002% x SIFMA Municipal Swap Index 1.8%, tender 6/3/19 (Liquidity Facility Royal Bank of Canada) 8/2/18 $500,000 

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 $1,410,840 
Total $1,410,840 

Amounts in the income column in the above table exclude any capital gain distributions from underlying funds.

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. Additional information on valuation inputs is provided later in this section.

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

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

For additional information on the Fund's significant accounting policies, please refer to the Fund's most recent semiannual or annual shareholder report.





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

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


Item 2.

Controls and Procedures


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


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


Item 3.

Exhibits


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




SIGNATURES


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


Fidelity Massachusetts Municipal Trust



By:

/s/Laura M. Del Prato


Laura M. Del Prato


President and Treasurer



Date:

December 27, 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:

December 27, 2018



By:

/s/John J. Burke III


John J. Burke III


Chief Financial Officer



Date:

December 27, 2018