UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3361
Fidelity Massachusetts Municipal Trust
(Exact name of registrant as specified in charter)
82 Devonshire St., Boston, Massachusetts 02109
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | January 31 |
|
|
Date of reporting period: | January 31, 2009 |
Item 1. Reports to Stockholders
Fidelity®
Massachusetts AMT
Tax-Free Money Market Fund -
Massachusetts AMT Tax-Free
Money Market
Institutional Class
Service Class
Annual Report
January 31, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders. | |
Shareholder Expense Example | An example of shareholder expenses. | |
Investment Changes/ | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, | |
Notes | Notes to the financial statements. | |
Report of Independent Registered Public Accounting Firm |
| |
Trustees and Officers |
| |
Distributions |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com, or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
The stresses on the world's capital markets have shown few signs of abating thus far in 2009. Although government programs may eventually rekindle economic growth, corporate earnings are still weaker than we would like to see them, and the valuations of many securities remain at historically low levels. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
Shareholder Expense Example
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2008 to January 31, 2009).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Annual Report
Shareholder Expense Example - continued
| Annualized | Beginning | Ending | Expenses Paid |
Massachusetts AMT Tax-Free Money Market | .33% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,007.50 | $ 1.67 |
HypotheticalA |
| $ 1,000.00 | $ 1,023.48 | $ 1.68 |
Institutional Class | .23% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,008.00 | $ 1.16 |
HypotheticalA |
| $ 1,000.00 | $ 1,023.98 | $ 1.17 |
Service Class | .50% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,006.70 | $ 2.52 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.62 | $ 2.54 |
A 5% return per year before expenses
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
If fees to participate in the U.S. Department of Treasury's Temporary Guarantee Program for Money Market Funds paid in October and December, 2008 (see Note 3 of Notes to Financial Statements) had been in effect during the entire period, the annualized expense ratio and the actual and hypothetical examples above would have been as follows:
| Annualized | Expenses |
Massachusetts AMT Tax-Free Money Market |
|
|
Actual | .35% | $ 1.77 |
HypotheticalA |
| $ 1.78 |
Institutional Class |
|
|
Actual | .24% | $ 1.21 |
HypotheticalA |
| $ 1.22 |
Service Class |
|
|
Actual | .52% | $ 2.62 |
HypotheticalA |
| $ 2.64 |
A 5% return per year before expenses
Annual Report
Investment Changes/Performance (Unaudited)
Maturity Diversification | |||
Days | % of fund's investments 1/31/09 | % of fund's investments 7/31/08 | % of fund's |
0 - 30 | 86.3 | 87.5 | 88.8 |
31 - 90 | 5.5 | 5.4 | 6.4 |
91 - 180 | 3.8 | 3.2 | 1.3 |
181 - 397 | 4.4 | 3.9 | 3.5 |
Weighted Average Maturity | |||
| 1/31/09 | 7/31/08 | 1/31/08 |
Fidelity Massachusetts AMT Tax-Free Money Market Fund | 25 Days | 22 Days | 19 Days |
Massachusetts Tax-Free Money Market | 24 Days | 25 Days | 24 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of January 31, 2009 | As of July 31, 2008 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
| ||
![]() | Commercial Paper (including CP Mode) 7.9% |
| ![]() | Commercial Paper (including CP Mode) 6.9% |
| ||
![]() | Tender Bonds 1.4% |
| ![]() | Tender Bonds 1.1% |
| ||
![]() | Municipal Notes 6.3% |
| ![]() | Municipal Notes 4.9% |
| ||
![]() | Fidelity Tax-Free |
| ![]() | Fidelity Tax-Free |
| ||
![]() | Other Investments 2.4% |
| ![]() | Other Investments 2.0% |
| ||
![]() | Net Other Assets 2.0% |
| ![]() | Net Other Assets 2.8% |
|
Current and Historical Seven-Day Yields
| 2/2/09 | 11/03/08 | 7/28/08 | 4/28/08 | 1/28/08 |
Massachusetts AMT Tax-Free Money Market Fund | 0.26% | 1.14% | 1.85% | 2.10% | 2.78% |
Annual Report
Current and Historical Seven-Day Yields
| 2/2/09 | 11/03/08 | 7/28/08 | 4/28/08 | 1/28/08 |
Institutional Class | 0.37% | 1.24% | 1.95% | 2.21% | 2.87% |
If Fidelity had not reimbursed certain fund expenses | 0.31% | 1.19% | 1.90% | 2.15% | 2.82% |
Current and Historical Seven-Day Yields
| 2/2/09 | 11/03/08 | 7/28/08 | 4/28/08 | 1/28/08 |
Service Class | 0.12% | 0.99% | 1.70% | 1.96% | 2.61% |
If Fidelity had not reimbursed certain fund expenses | 0.07% | 0.95% | 1.66% | 1.91% | 2.59% |
Yield refers to the income paid by each class over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money by investing in the fund.
*Source: iMoneyNet, Inc.
Annual Report
Investments January 31, 2009
Showing Percentage of Net Assets
Municipal Securities - 98.0% | |||
Principal Amount | Value | ||
California - 0.1% | |||
Los Angeles Dept. of Wtr. & Pwr. Rev. Participating VRDN Series Putters 1272, 0.88% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 1,495,000 | $ 1,495,000 | |
Colorado - 0.6% | |||
Colorado Springs Utils. Rev. Participating VRDN Series SGA 88, 0.75% (Liquidity Facility Societe Generale) (b)(f) | 17,000,000 | 17,000,000 | |
Florida - 1.3% | |||
Alachua County Health Facilities Auth. Continuing Care Retirement Cmnty. Rev. (Oak Hammock At The Univ. of Florida, Inc. Proj.) Series 2007, 0.7%, LOC Bank of Scotland PLC, VRDN (b) | 18,715,000 | 18,715,000 | |
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. (Mariner's Cay Apts. Proj.) Series 2008 M, 0.48%, LOC Fannie Mae, VRDN (b) | 2,000,000 | 2,000,000 | |
Palm Beach County Rev. (The Norton Gallery and School of Arts, Inc. Proj.) Series 2000, 0.54%, LOC Bank of America NA, VRDN (b) | 1,300,000 | 1,300,000 | |
Putnam County Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1994, 0.7%, VRDN (b) | 2,200,000 | 2,200,000 | |
Sunshine State Govt. Fing. Commission Rev. Series L, 1.75% 2/2/09, LOC Dexia Cr. Local de France, CP | 11,000,000 | 11,000,000 | |
| 35,215,000 | ||
Maryland - 0.1% | |||
Maryland Gen. Oblig. Bonds Series 2004, 5% 2/1/09 | 2,000,000 | 2,000,000 | |
Massachusetts - 86.6% | |||
Boston Gen. Oblig. Bonds Series 2005 A, 5% 1/1/10 | 6,800,000 | 7,044,564 | |
Braintree Gen. Oblig. BAN 2.5% 8/14/09 | 22,200,000 | 22,305,086 | |
Cambridge Gen. Oblig. Bonds 3% 2/1/09 | 4,990,000 | 4,990,000 | |
Chelmsford Gen. Oblig. BAN 2.5% 6/18/09 | 6,399,347 | 6,417,170 | |
Concord Gen. Oblig. BAN 2.75% 5/15/09 | 12,000,000 | 12,029,236 | |
Eclipse Fdg. Trust Various States Participating VRDN Series Solar 06 108, 0.51% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(f) | 9,300,000 | 9,300,000 | |
Framingham Gen. Oblig. BAN 2.5% 6/19/09 | 6,000,000 | 6,016,037 | |
Franklin Gen. Oblig. BAN 2.25% 3/25/09 | 6,995,000 | 7,000,481 | |
Hingham Gen. Oblig. BAN Series 2008 B, 2.5% 11/25/09 | 8,237,467 | 8,330,904 | |
Lunenburg Gen. Oblig. BAN 2.75% 6/25/09 | 5,689,258 | 5,708,404 | |
Malden Gen. Oblig. BAN 3.75% 10/23/09 | 6,100,000 | 6,127,784 | |
Marion Gen. Oblig. BAN 2.75% 12/11/09 | 6,995,000 | 7,082,036 | |
Massachusetts Participating VRDN: | |||
Series Clipper 06 11, 0.56% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 19,605,000 | 19,605,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Participating VRDN: - continued | |||
Series Clipper 07 18, 0.63% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | $ 54,600,000 | $ 54,600,000 | |
Massachusetts Bay Trans. Auth. Series 1999, 0.5% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b) | 26,455,000 | 26,455,000 | |
Massachusetts Bay Trans. Auth. Assessment Rev. Participating VRDN Series DC 8031, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 9,310,000 | 9,310,000 | |
Massachusetts Bay Trans. Auth. Sales Tax Rev.: | |||
Participating VRDN: | |||
Series BA 08 3050X, 0.43% (Liquidity Facility Bank of America NA) (b)(f) | 5,940,000 | 5,940,000 | |
Series DC 8030, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 5,890,000 | 5,890,000 | |
Series DCL 08 26, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 8,600,000 | 8,600,000 | |
Series DCL 08 28, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 9,030,000 | 9,030,000 | |
Series DCL 08 29, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 11,500,000 | 11,500,000 | |
Series MACN 05 E, 0.43% (Liquidity Facility Bank of America NA) (b)(f) | 8,600,000 | 8,600,000 | |
Series PT 4140, 0.54% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(f) | 17,795,000 | 17,795,000 | |
Series PT 4368, 0.54% (Liquidity Facility Wells Fargo & Co.) (b)(f) | 5,020,000 | 5,020,000 | |
Series 2008 A1, 0.4% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 14,140,000 | 14,140,000 | |
Series 2008 A2, 0.3% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 15,000,000 | 15,000,000 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
Bonds (Boston Univ. Proj.) Series U4, 2%, tender 6/18/09 (b) | 13,700,000 | 13,700,000 | |
(Abby Kelley Foster Charter Pub. School Proj.) Series 2008, 0.47%, LOC TD Banknorth, NA, VRDN (b) | 5,000,000 | 5,000,000 | |
(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 0.5%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 3,700,000 | 3,700,000 | |
(Babson College Proj.) Series 2008 A, 0.33%, LOC RBS Citizens NA, VRDN (b) | 15,300,000 | 15,300,000 | |
(Boston Univ. Proj.): | |||
Series U2, 0.2%, LOC BNP Paribas SA, VRDN (b) | 10,700,000 | 10,700,000 | |
Series U3, 0.2%, LOC BNP Paribas SA, VRDN (b) | 5,555,000 | 5,555,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Dev. Fin. Agcy. Rev.: - continued | |||
(Boston Univ. Proj.): | |||
Series U6E, 0.35%, LOC Bank of Nova Scotia, New York Agcy., VRDN (b) | $ 22,830,000 | $ 22,830,000 | |
(Brandeis Univ. Proj.) Series M, 0.4%, LOC Bank of America NA, VRDN (b) | 4,400,000 | 4,400,000 | |
(Brooksby Village, Inc. Proj.) Series 2004, 0.4%, LOC Bank of America NA, VRDN (b) | 47,460,000 | 47,460,000 | |
(Childrens Museum Proj.) Series 2006, 0.4%, LOC RBS Citizens NA, VRDN (b) | 11,900,000 | 11,900,000 | |
(City Year Proj.) Series 2006, 0.4%, LOC Bank of America NA, VRDN (b) | 8,395,000 | 8,395,000 | |
(Ed. Lawrence Academy Proj.) Series 2003 A, 0.4%, LOC Bank of America NA, VRDN (b) | 2,490,000 | 2,490,000 | |
(Edgewood Retirement Cmnty. Proj.): | |||
Series 2000 A, 0.95%, LOC Bank of America NA, VRDN (b) | 4,900,000 | 4,900,000 | |
Series 2008, 0.95%, LOC Bank of America NA, VRDN (b) | 7,340,000 | 7,340,000 | |
(Hockomock YMCA Issue Proj.) 0.4%, LOC Bank of America NA, VRDN (b) | 8,275,000 | 8,275,000 | |
(Institute of Contemporary Art Proj.) Series 2004 A, 0.4%, LOC Bank of America NA, VRDN (b) | 5,200,000 | 5,200,000 | |
(Int'l. Fund For Animal Welfare, Inc. Proj.) Series 2006, 0.4%, LOC Bank of America NA, VRDN (b) | 13,335,000 | 13,335,000 | |
(Lasell College Proj.) Series 2008, 0.65%, LOC RBS Citizens NA, VRDN (b) | 4,000,000 | 4,000,000 | |
(Lasell Village Proj.) Series 2007, 0.45%, LOC Bank of America NA, VRDN (b) | 19,755,000 | 19,755,000 | |
(Mary Ann Morse Healthcare Proj.) Series 2007, 0.43%, LOC JPMorgan Chase Bank, VRDN (b) | 8,500,000 | 8,500,000 | |
(Masonic Nursing Home, Inc. Proj.) Series 2002, 0.45%, LOC RBS Citizens NA, VRDN (b) | 30,320,000 | 30,320,000 | |
(Neighborhood House Charter Proj.) Series 2003 A, 0.47%, LOC Bank of America NA, VRDN (b) | 7,100,000 | 7,100,000 | |
(Newton Country Day School Proj.): | |||
Series 2000, 0.53%, LOC Bank of America NA, VRDN (b) | 7,040,000 | 7,040,000 | |
Series 2005, 0.53%, LOC Bank of America NA, VRDN (b) | 10,280,000 | 10,280,000 | |
(Saint Mark's School Proj.) Series 2004, 0.53%, LOC Bank of America NA, VRDN (b) | 7,490,000 | 7,490,000 | |
(Simmons College Proj.) Series G, 0.35%, LOC TD Banknorth, N.A., VRDN (b) | 9,775,000 | 9,775,000 | |
(The May Institute, Inc. Proj.) Series 2006, 0.53%, LOC Banco Santander SA, VRDN (b) | 5,195,000 | 5,195,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Dev. Fin. Agcy. Rev.: - continued | |||
(The Rivers School Proj.) Series 2002, 0.53%, LOC RBS Citizens NA, VRDN (b) | $ 6,800,000 | $ 6,800,000 | |
(Third Sector New England, Inc. Proj.) Series 2004 A, 0.47%, LOC Bank of America NA, VRDN (b) | 17,350,000 | 17,350,000 | |
(Worcester Polytechnic Institute Proj.) Series A, 0.4%, LOC TD Banknorth, N.A., VRDN (b) | 19,475,000 | 19,475,000 | |
(YMCA of Greater Boston Proj.) Series 2004 A, 0.65%, LOC RBS Citizens NA, VRDN (b) | 25,160,000 | 25,160,000 | |
Series 2001, 0.4% 4/1/09, LOC JPMorgan Chase Bank, CP | 5,684,000 | 5,684,000 | |
Massachusetts Dev. Fin. Agcy. Sr. Living Facility Rev. (New England Deaconess Assoc. Proj.) Series 2004, 0.35%, LOC Lloyds TSB Bank PLC, VRDN (b) | 21,165,000 | 21,165,000 | |
Massachusetts Gen. Oblig.: | |||
Bonds: | |||
Series 2001 A, 5.5% 1/1/10 | 4,380,000 | 4,558,632 | |
Series 2001 C, 5.5% 12/1/09 | 3,645,000 | 3,781,594 | |
Series 2002 A: | |||
5.5% 2/1/09 | 1,000,000 | 1,000,000 | |
5.5% 2/1/10 | 2,740,000 | 2,871,924 | |
Series 2004 A, 5% 8/1/09 | 2,500,000 | 2,543,928 | |
Series 2006 A, 5% 7/1/09 | 6,000,000 | 6,084,333 | |
Series 2008 A: | |||
3% 8/1/09 | 14,385,000 | 14,483,763 | |
3% 9/1/09 | 5,555,000 | 5,616,407 | |
Series Solar 07 77, 0.5%, tender 2/6/09 (Liquidity Facility U.S. Bank NA, Minnesota) (b)(f) | 11,300,000 | 11,300,000 | |
Participating VRDN: | |||
Series Clipper 07 06, 0.63% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 17,900,000 | 17,900,000 | |
Series Clipper 07 39, 0.56% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 37,900,000 | 37,900,000 | |
Series EGL 07 0149, 0.87% (Liquidity Facility Citibank NA) (b)(f) | 10,500,000 | 10,500,000 | |
Series MS 1186, 0.53% (Liquidity Facility Rabobank Nederland) (b)(f)(g) | 5,500,000 | 5,500,000 | |
Series Putters 2022, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 13,600,000 | 13,600,000 | |
Series Putters 2648, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,700,000 | 3,700,000 | |
Series Putters 301, 0.44% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 940,000 | 940,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Gen. Oblig.: - continued | |||
Participating VRDN: | |||
Series ROC II R 102, 0.53% (Liquidity Facility Citibank NA) (b)(f) | $ 4,865,000 | $ 4,865,000 | |
Series SG 126, 0.53% (Liquidity Facility Societe Generale) (b)(f) | 3,255,000 | 3,255,000 | |
(Central Artery Proj.) Series 2000 A, 0.5% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b) | 40,000,000 | 40,000,000 | |
BAN Series 2008 A, 3% 3/5/09 | 28,200,000 | 28,254,722 | |
Series 1997 B, 0.3% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b) | 65,145,000 | 65,145,000 | |
Series 1998 A, 0.25% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 58,965,000 | 58,965,000 | |
Series 1999 D: | |||
0.35% 2/9/09 (Liquidity Facility Bayerische Landesbank Girozentrale), CP | 7,625,000 | 7,625,000 | |
0.72% 2/6/09 (Liquidity Facility Bayerische Landesbank Girozentrale), CP | 30,600,000 | 30,600,000 | |
Series 2000 F, 1.05% 2/12/09 (Liquidity Facility JPMorgan Chase Bank), CP | 10,400,000 | 10,400,000 | |
Series 2001 B, 0.35% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b) | 63,100,000 | 63,100,000 | |
Series 2001 G, 1% 3/12/09 (Liquidity Facility BNP Paribas SA), CP | 7,900,000 | 7,900,000 | |
Series 2005 A, 0.45% (Liquidity Facility Citibank NA), VRDN (b) | 46,860,000 | 46,860,000 | |
Series H, 0.8% 3/19/09 (Liquidity Facility Bank of Nova Scotia, New York Agcy.), CP | 11,000,000 | 11,000,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
(Amherst College Proj.) Series H, 2.85%, tender 7/9/09 (b) | 9,700,000 | 9,700,000 | |
(Williams College Proj.) Series 2006 M, 1.55%, tender 4/10/09 (b) | 13,700,000 | 13,700,000 | |
Participating VRDN: | |||
Series BA 08 3320, 0.43% (Liquidity Facility Bank of America NA) (b)(f) | 5,630,000 | 5,630,000 | |
Series BA 08 3503, 0.43% (Liquidity Facility Bank of America NA) (b)(f) | 5,550,000 | 5,550,000 | |
Series BBT 08 56, 0.45% (Liquidity Facility Branch Banking & Trust Co.) (b)(f) | 5,000,000 | 5,000,000 | |
Series Clipper 07 08, 0.56% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 4,200,000 | 4,200,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | |||
Participating VRDN: | |||
Series PT 4633, 0.5% (Liquidity Facility Deutsche Postbank AG) (b)(f) | $ 15,780,000 | $ 15,780,000 | |
Series Putters 3163, 0.44% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 9,550,000 | 9,550,000 | |
Series Putters 3262, 0.44% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 5,770,000 | 5,770,000 | |
Series ROC II R 10244, 0.69% (Liquidity Facility Citigroup, Inc.) (b)(f) | 11,000,000 | 11,000,000 | |
Series ROC II R 12206, 0.77% (Liquidity Facility Citigroup, Inc.) (b)(f) | 3,775,000 | 3,775,000 | |
Series SGB 42, 0.53% (Liquidity Facility Societe Generale) (b)(f) | 8,700,000 | 8,700,000 | |
(Amherst College Proj.): | |||
Series 2005 I, 0.25%, VRDN (b) | 1,000,000 | 1,000,000 | |
Series 1996 F, 0.25%, VRDN (b) | 200,000 | 200,000 | |
(Baystate Med. Ctr. Proj.) Series 2005 G, 0.45%, LOC Bank of America NA, VRDN (b) | 39,535,000 | 39,535,000 | |
(Bentley College Proj.) Series K, 0.35%, LOC JPMorgan Chase Bank, VRDN (b) | 15,750,000 | 15,750,000 | |
(CIL Realty of Massachusetts Proj.) Series 2007, 0.55%, LOC HSBC Bank USA, NA, VRDN (b) | 7,500,000 | 7,500,000 | |
(Dana-Farber Cancer Institute Proj.) Series 2008 L1, 0.22%, LOC JPMorgan Chase Bank, VRDN (b) | 2,750,000 | 2,750,000 | |
(Endicott College Proj.) Series 2004 D, 0.4%, LOC Bank of America NA, VRDN (b) | 6,700,000 | 6,700,000 | |
(Harvard Univ. Proj.) Series BB 0.2%, VRDN (b) | 11,205,000 | 11,205,000 | |
(Harvard Vanguard Med. Associates Proj.) Series 2004, 0.3%, LOC Bank of America NA, VRDN (b) | 21,680,000 | 21,680,000 | |
(Home for Little Wanderers Proj.) Series B, 0.53%, LOC RBS Citizens NA, VRDN (b) | 4,015,000 | 4,015,000 | |
(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.4%, LOC JPMorgan Chase Bank, VRDN (b) | 9,900,000 | 9,900,000 | |
(Northeastern Univ. Proj.): | |||
Series 2008 U, 0.4%, LOC JPMorgan Chase Bank, VRDN (b) | 18,250,000 | 18,250,000 | |
Series 2008 W, 0.2%, LOC TD Banknorth, NA, VRDN (b) | 9,800,000 | 9,800,000 | |
(Partners HealthCare Sys., Inc. Proj.): | |||
Series 2008 D1, 0.4%, VRDN (b) | 8,800,000 | 8,800,000 | |
Series D2, 0.2%, VRDN (b) | 9,000,000 | 9,000,000 | |
Series D5, 0.4%, VRDN (b) | 7,000,000 | 7,000,000 | |
Series D6, 0.4%, VRDN (b) | 15,845,000 | 15,845,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | |||
(Pooled Ln. Prog.) Series 2007 M3D, 0.45%, LOC RBS Citizens NA, VRDN (b) | $ 18,400,000 | $ 18,400,000 | |
(Pooled Ln. Prog.) Series 2006 M3C, 0.45%, LOC RBS Citizens NA, VRDN (b) | 14,385,000 | 14,385,000 | |
(South Shore Hosp. Proj.) Series 2008 G, 0.58% (Assured Guaranty Corp. Insured), VRDN (b) | 13,700,000 | 13,700,000 | |
(Suffolk Univ. Proj.) Series 2008 A, 0.58%, LOC TD Banknorth, NA, VRDN (b) | 5,000,000 | 5,000,000 | |
(Wellesley College Proj.) Series B, 0.2%, VRDN (b) | 2,550,000 | 2,550,000 | |
(Williams College Proj.): | |||
Series E, 0.25%, VRDN (b) | 1,050,000 | 1,050,000 | |
Series I, 0.15%, VRDN (b) | 21,044,000 | 21,044,000 | |
Series 2008 H1, 1.57% 3/4/09, CP | 8,000,000 | 8,000,000 | |
Series 2008 H2, 1.8% 2/4/09, CP | 9,000,000 | 9,000,000 | |
Series B, 0.53%, LOC RBS Citizens NA, VRDN (b) | 7,530,000 | 7,530,000 | |
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. Participating VRDN Series Putters 3145, 0.44% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 15,550,000 | 15,550,000 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1992, 0.7% tender 2/4/09, CP mode | 1,300,000 | 1,300,000 | |
Series 1993 A, 0.7% tender 2/6/09, CP mode | 9,700,000 | 9,700,000 | |
Series 1993 B, 1.45% tender 2/2/09, CP mode | 13,500,000 | 13,500,000 | |
Massachusetts Indl. Fin. Agcy. Rev.: | |||
Bonds (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/09 | 8,500,000 | 8,411,862 | |
(Goddard House Proj.) 0.55%, LOC Bank of America NA, VRDN (b) | 9,100,000 | 9,100,000 | |
(Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 0.53%, LOC Bank of America NA, VRDN (b) | 5,835,000 | 5,835,000 | |
Massachusetts Port Auth. Rev.: | |||
Series 2003 A, 0.97% 3/10/09, LOC Bank of New York, New York, CP | 10,000,000 | 10,000,000 | |
Series 2008 A, 0.45%, LOC Bank of America NA, VRDN (b) | 12,100,000 | 12,100,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Participating VRDN: | |||
Series EGL 07 0031, 0.91% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 23,500,000 | 23,500,000 | |
Series EGL 07 0033, 0.91% (Liquidity Facility Bayerische Landesbank) (b)(f) | 19,800,000 | 19,800,000 | |
Series EGL 07 0067, 0.91% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 19,100,000 | 19,100,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: - continued | |||
Participating VRDN: | |||
Series EGL 07 0092, 0.86% (Liquidity Facility Citibank NA) (b)(f) | $ 17,700,000 | $ 17,700,000 | |
Series Putters 1197, 0.98% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 7,160,000 | 7,160,000 | |
Series Putters 1430, 0.93% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 8,700,000 | 8,700,000 | |
Series Putters 1920, 0.98% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 9,250,000 | 9,250,000 | |
Series Putters 2286, 0.98% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 14,355,000 | 14,355,000 | |
Series Putters 2479Z, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,100,000 | 3,100,000 | |
Series Putters 2735, 0.93% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 4,030,000 | 4,030,000 | |
Series Putters 2857, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,175,000 | 8,175,000 | |
Series A: | |||
0.45% 7/8/09, LOC Bank of Nova Scotia, New York Agcy., CP | 6,500,000 | 6,500,000 | |
0.75% 3/4/09, LOC Bank of Nova Scotia, New York Agcy., CP | 8,100,000 | 8,100,000 | |
0.77% 3/11/09, LOC Bank of Nova Scotia, New York Agcy., CP | 11,200,000 | 11,200,000 | |
0.97% 3/5/09, LOC Bank of Nova Scotia, New York Agcy., CP | 11,200,000 | 11,200,000 | |
1.05% 3/4/09, LOC Bank of Nova Scotia, New York Agcy., CP | 8,000,000 | 8,000,000 | |
Massachusetts Wtr. Poll. Abatement Trust Participating VRDN Series BBT 08 58, 0.45% (Liquidity Facility Branch Banking & Trust Co.) (b)(f) | 12,430,000 | 12,430,000 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | |||
Participating VRDN: | |||
Series DCL 07 001, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 13,800,000 | 13,800,000 | |
Series EGL 06 0097, 0.92% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 3,700,000 | 3,700,000 | |
Series MS 2935, 0.68% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(f) | 11,500,000 | 11,500,000 | |
Series Putters 2794, 0.93% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 3,865,000 | 3,865,000 | |
Series Putters 2848, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 5,895,000 | 5,895,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued | |||
Participating VRDN: | |||
Series ROC II R 10280, 0.92% (Liquidity Facility Citigroup, Inc.) (b)(f) | $ 11,900,000 | $ 11,900,000 | |
Series ROC II R 11319, 0.87% (Liquidity Facility Citibank NA) (b)(f) | 5,005,000 | 5,005,000 | |
Series 1995: | |||
0.75% 2/6/09, LOC Bayerische Landesbank Girozentrale, CP | 7,500,000 | 7,500,000 | |
0.8% 2/11/09, LOC Bayerische Landesbank Girozentrale, CP | 8,800,000 | 8,800,000 | |
Series 1999 B, 0.4%, LOC Landesbank Hessen-Thuringen, VRDN (b) | 7,715,000 | 7,715,000 | |
Series 1999: | |||
0.65% 4/2/09, LOC State Street Bank & Trust Co., Boston, CP | 7,000,000 | 7,000,000 | |
0.7% 3/4/09, LOC State Street Bank & Trust Co., Boston, CP | 2,000,000 | 2,000,000 | |
0.7% 3/4/09, LOC State Street Bank & Trust Co., Boston, CP | 6,000,000 | 6,000,000 | |
Series 2002 C, 0.25%, LOC Landesbank Hessen-Thuringen, VRDN (b) | 24,060,000 | 24,060,000 | |
Series 2008 B, 0.4% (Liquidity Facility Bank of America NA), VRDN (b) | 2,300,000 | 2,300,000 | |
Series 2008 C, 0.3% (Liquidity Facility Bayerische Landesbank), VRDN (b) | 57,000,000 | 57,000,000 | |
Series 2008 D, 0.3% (Liquidity Facility Bayerische Landesbank), VRDN (b) | 23,100,000 | 23,100,000 | |
Series 2008 E, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 43,600,000 | 43,600,000 | |
Series 2008 F, 0.2% (Liquidity Facility Bank of Nova Scotia, New York Agcy.), VRDN (b) | 34,300,000 | 34,300,000 | |
Nantucket Gen. Oblig. BAN 2% 2/27/09 | 3,137,725 | 3,137,502 | |
Plymouth Gen. Oblig. BAN 2.75% 5/15/09 | 15,400,000 | 15,438,809 | |
Sudbury Gen. Oblig. BAN 3.5% 6/15/09 | 2,545,000 | 2,550,501 | |
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.3%, LOC Lloyds TSB Bank PLC, VRDN (b) | 90,300,000 | 90,300,000 | |
Univ. of Massachusetts Bldg. Auth. Rev. Series 2008 3, 0.45%, LOC Bank of America NA, VRDN (b) | 22,400,000 | 22,400,000 | |
Westborough Gen. Oblig. BAN 2.5% 8/28/09 | 6,060,553 | 6,086,863 | |
Weston Gen. Oblig. BAN 1.5% 2/5/10 (a) | 17,328,166 | 17,484,466 | |
| 2,331,835,008 | ||
Municipal Securities - continued | |||
Principal Amount | Value | ||
Mississippi - 0.0% | |||
Jackson County Port Facilities Rev. (Chevron U.S.A., Inc. Proj.) Series 1993, 0.35%, VRDN (b) | $ 1,200,000 | $ 1,200,000 | |
North Carolina - 0.1% | |||
North Carolina Ports Auth. Port Facilities Rev. Series 2008, 0.5%, LOC Branch Banking & Trust Co., VRDN (b) | 3,500,000 | 3,500,000 | |
Pennsylvania - 0.4% | |||
Delaware County Auth. Rev. (White Horse Village Proj.) Series 2006 B, 0.62%, LOC Citizens Bank of Pennsylvania, VRDN (b) | 6,800,000 | 6,800,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev. (Marywood Univ. Proj.) Series 2005 A, 0.47%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 2,000,000 | 2,000,000 | |
Pennsylvania Tpk. Commission Tpk. Rev. Series 2008 B1, 0.53%, LOC Bank of America NA, VRDN (b) | 3,000,000 | 3,000,000 | |
| 11,800,000 | ||
Puerto Rico - 1.7% | |||
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Participating VRDN Series ROC II R 11321, 0.81% (Liquidity Facility Citibank NA) (b)(f) | 5,450,000 | 5,450,000 | |
Puerto Rico Commonwealth Infrastructure Fing. Auth. Participating VRDN Series Merlots 00 A15, 0.58% (Liquidity Facility Bank of New York, New York) (b)(f) | 13,870,000 | 13,870,000 | |
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | |||
Series 2007 A7, 0.2%, LOC UBS AG, VRDN (b) | 9,600,000 | 9,600,000 | |
TRAN: | |||
Series 2009 A1, 3% 7/30/09, LOC Bank of Nova Scotia, New York Agcy. | 7,600,000 | 7,650,072 | |
Series 2009 A2, 3% 7/30/09, LOC BNP Paribas SA | 4,300,000 | 4,328,330 | |
Series 2009 A3, 3% 7/30/09, LOC Banco Bilbao Vizcaya Argentaria SA | 3,900,000 | 3,925,695 | |
| 44,824,097 | ||
Rhode Island - 0.8% | |||
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. (Rhode Island School of Design Proj.) Series 2008 A, 0.45%, LOC Bank of America NA, VRDN (b) | 21,985,000 | 21,985,000 | |
South Carolina - 0.1% | |||
Greenville Hosp. Sys. Facilities Rev. Series 2008 E, 0.5%, LOC Wachovia Bank NA, VRDN (b) | 3,500,000 | 3,500,000 | |
Texas - 0.4% | |||
Harris County Cultural Ed. Facilities Fin. Corp. Spl. Facilities Rev. (Texas Med. Ctr. Proj.) Series 2008 B2, 0.4%, LOC Compass Bank, VRDN (b) | 4,850,000 | 4,850,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Texas - continued | |||
Houston Higher Ed. Fin. Corp. Higher Ed. Rev. (Rice Univ. Proj.) Series 2006 B, 0.25% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | $ 3,000,000 | $ 3,000,000 | |
San Antonio Elec. & Gas Sys. Rev. Bonds Series 1998 A, 5.25% 2/1/16 (Pre-Refunded to 2/1/09 @ 101) (e) | 2,810,000 | 2,838,100 | |
| 10,688,100 | ||
Virginia - 0.3% | |||
Chesapeake Bay Bridge and Tunnel District Gen. Resolution Rev. Series 2008 A, 0.45%, LOC Branch Banking & Trust Co., VRDN (b) | 7,250,000 | 7,250,000 | |
Wyoming - 0.6% | |||
Lincoln County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.45%, LOC Wells Fargo Bank NA, VRDN (b) | 3,200,000 | 3,200,000 | |
Sublette County Poll. Cont. Rev. (Exxon Proj.) Series 1994, 0.25%, VRDN (b) | 14,400,000 | 14,400,000 | |
| 17,600,000 | ||
Shares |
| ||
Other - 4.9% | |||
Fidelity Tax-Free Cash Central Fund, 0.47% (c)(d) | 131,220,389 | 131,220,389 | |
TOTAL INVESTMENT PORTFOLIO - 98.0% | 2,641,112,594 | ||
NET OTHER ASSETS - 2.0% | 52,906,818 | ||
NET ASSETS - 100% | $ 2,694,019,412 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
TRAN - TAX AND REVENUE |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund. |
(d) 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. |
(e) Security collateralized by an amount sufficient to pay interest and principal. |
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $5,500,000 or 0.2% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Cost |
Massachusetts Gen. Oblig. Participating VRDN Series MS 1186, 0.53% (Liquidity Facility Rabobank Nederland) | 10/12/05 | $ 5,500,000 |
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 | $ 2,052,962 |
Other Information |
The following is a summary of the inputs used, as of January 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 2,641,112,594 | $ - | $ 2,641,112,594 | $ - |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements
Statement of Assets and Liabilities
| January 31, 2009 | |
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $2,509,892,205) | $ 2,509,892,205 |
|
Fidelity Central Funds (cost $131,220,389) | 131,220,389 |
|
Total Investments (cost $2,641,112,594) |
| $ 2,641,112,594 |
Cash | 35,913,329 | |
Receivable for investments sold | 25,416,907 | |
Receivable for fund shares sold | 6,900,651 | |
Interest receivable | 6,617,424 | |
Distributions receivable from Fidelity Central Funds | 41,558 | |
Prepaid expenses | 339,296 | |
Receivable from investment adviser for expense reductions | 81,966 | |
Other receivables | 171,408 | |
Total assets | 2,716,595,133 | |
|
|
|
Liabilities | ||
Payable for investments purchased on a delayed delivery basis | $ 17,484,466 | |
Payable for fund shares redeemed | 4,347,565 | |
Distributions payable | 140,511 | |
Accrued management fee | 459,306 | |
Distribution fees payable | 1,383 | |
Other affiliated payables | 142,490 | |
Total liabilities | 22,575,721 | |
|
|
|
Net Assets | $ 2,694,019,412 | |
Net Assets consist of: |
| |
Paid in capital | $2,693,826,286 | |
Accumulated undistributed net realized gain (loss) on investments | 193,126 | |
Net Assets | $ 2,694,019,412 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities - continued
| January 31, 2009 | |
Massachusetts AMT Tax-Free Money Market: | $ 1.00 | |
|
|
|
Institutional Class: | $ 1.00 | |
|
|
|
Service Class: | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
| Year ended January 31, 2009 | |
|
|
|
Investment Income |
|
|
Interest |
| $ 62,256,518 |
Income from Fidelity Central Funds |
| 2,052,962 |
Total income |
| 64,309,480 |
|
|
|
Expenses | ||
Management fee | $ 6,637,695 | |
Transfer agent fees | 2,053,568 | |
Distribution fees | 50,088 | |
Independent trustees' compensation | 14,019 | |
Money Market Guarantee Program fee | 505,767 | |
Total expenses before reductions | 9,261,137 | |
Expense reductions | (2,743,206) | 6,517,931 |
Net investment income | 57,791,549 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 430,269 | |
Net increase in net assets resulting from operations | $ 58,221,818 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 57,791,549 | $ 94,958,908 |
Net realized gain (loss) | 430,269 | 240,279 |
Net increase in net assets resulting from operations | 58,221,818 | 95,199,187 |
Distributions to shareholders from net investment income | (57,789,747) | (94,958,613) |
Distributions to shareholders from net realized gain | (147,614) | (219,307) |
Total distributions | (57,937,361) | (95,177,920) |
Share transactions - net increase (decrease) | (1,131,456,287) | 1,993,305,540 |
Total increase (decrease) in net assets | (1,131,171,830) | 1,993,326,807 |
|
|
|
Net Assets | ||
Beginning of period | 3,825,191,242 | 1,831,864,435 |
End of period | $ 2,694,019,412 | $ 3,825,191,242 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Massachusetts AMT Tax-Free Money Market
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income | .016 | .033 | .031 | .022 | .009 |
Net realized and unrealized gain (loss) D | - | - | - | - | - |
Total from investment operations | .016 | .033 | .031 | .022 | .009 |
Distributions from net investment income | (.016) | (.033) | (.031) | (.022) | (.009) |
Distributions from net realized gain | - D | - D | - D | - | - D |
Total distributions | (.016) | (.033) | (.031) | (.022) | (.009) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return A | 1.64% | 3.35% | 3.15% | 2.19% | .95% |
Ratios to Average Net Assets B, C |
|
|
|
|
|
Expenses before reductions | .32% | .34% | .43% | .43% | .43% |
Expenses net of fee waivers, | .32% | .33% | .40% | .40% | .40% |
Expenses net of all reductions | .27% | .26% | .32% | .32% | .38% |
Net investment income | 1.66% | 3.30% | 3.11% | 2.20% | .90% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period | $ 638,141 | $ 855,065 | $ 1,831,864 | $ 1,388,517 | $ 986,968 |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
D Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Institutional Class
Years ended January 31, | 2009 | 2008 E |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
Net investment income | .017 | .027 |
Net realized and unrealized gain (loss) G | - | - |
Total from investment operations | .017 | .027 |
Distributions from net investment income | (.017) | (.027) |
Distributions from net realized gain G | - | - |
Total distributions | (.017) | (.027) |
Net asset value, end of period | $ 1.00 | $ 1.00 |
Total Return B, C | 1.74% | 2.72% |
Ratios to Average Net Assets D, F |
|
|
Expenses before reductions | .27% | .25% A |
Expenses net of fee waivers, if any | .22% | .20% A |
Expenses net of all reductions | .17% | .15% A |
Net investment income | 1.76% | 3.34% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 2,049,073 | $ 2,920,504 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E For the period April 18, 2007 (commencement of sale of shares) to January 31, 2008.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Service Class
Years ended January 31, | 2009 | 2008 E |
Selected Per-Share Data |
|
|
Net asset value, beginning of period | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
Net investment income | .015 | .025 |
Net realized and unrealized gain (loss) G | - | - |
Total from investment operations | .015 | .025 |
Distributions from net investment income | (.015) | (.025) |
Distributions from net realized gain G | - | - |
Total distributions | (.015) | (.025) |
Net asset value, end of period | $ 1.00 | $ 1.00 |
Total Return B, C | 1.49% | 2.52% |
Ratios to Average Net Assets D, F |
|
|
Expenses before reductions | .52% | .49% A |
Expenses net of fee waivers, if any | .46% | .45% A |
Expenses net of all reductions | .42% | .39% A |
Net investment income | 1.51% | 2.72% A |
Supplemental Data |
|
|
Net assets, end of period (000 omitted) | $ 6,805 | $ 49,623 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E For the period April 18, 2007 (commencement of sale of shares) to January 31, 2008.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended January 31, 2009
1. Organization.
Fidelity Massachusetts AMT Tax-Free Money Market Fund (the Fund) is a fund of Fidelity Massachusetts Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Massachusetts AMT Tax-Free Money Market, Institutional Class and Service Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro-rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Fund's Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation. As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value.
The Fund is subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Fund's fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
The aggregate value by input level, as of January 31, 2009, for the Fund's investments is included at the end of the Fund's Schedule of Investments.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Annual Report
3. Significant Accounting Policies - continued
Expenses - continued
The Board of Trustees of the Fund approved the participation by the Fund in the U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds (the "Program") through April 30, 2009. Under the Program, if the Fund's market value per share drops below $0.995 on any day while the Program is in effect, shareholders of record on that date who also held shares in the Fund on September 19, 2008 may be eligible to receive a payment from the Treasury upon liquidation of the Fund. The Fund paid the U.S. Treasury Department a fee equal to 0.01% based on the number of shares outstanding as of September 19, 2008 to participate in the Program for the initial 3-month term that expired on December 18, 2008. On December 4, 2008, the Fund paid an additional fee equal to 0.015% based on the number of shares outstanding as of September 19, 2008 to participate in the extension of the Program through April 30, 2009. The fees are being amortized over the length of the participation in the Program. The expense is borne by the Fund without regard to any expense limitation currently in effect. The U.S. Treasury Department has the option to renew the Program through the close of business on September 18, 2009. If extended, the Board of Trustees of the Fund will determine whether the Fund should continue participation in the Program and, if so, the Fund will incur additional participation fees.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to deferred trustees compensation and excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:
Unrealized appreciation | $ - |
|
Unrealized depreciation | - |
|
Net unrealized appreciation (depreciation) | - |
|
Undistributed ordinary income | 159,281 |
|
Undistributed long-term capital gain | 34,031 |
|
|
|
|
Cost for federal income tax purposes | $ 2,641,112,594 |
|
The tax character of distributions paid was as follows:
| January 31, 2009 | January 31, 2008 |
Tax-exempt Income | $ 57,789,747 | $ 94,958,613 |
Long-term Capital Gains | 147,614 | 219,307 |
Total | $ 57,937,361 | $ 95,177,920 |
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Annual Report
4. Operating Policies - continued
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. FMR pays all other fund-level expenses, except the compensation of the independent Trustees and certain exceptions such as interest expense.
In addition, under the expense contract, FMR pays class level expenses for Massachusetts AMT Tax-Free Money Market so that the total expenses do not exceed .35%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense.
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a Service Fee based on an annual percentage of Service Class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Service Fee rate and the total amount paid to and retained by FDC were as follows:
| Service | Paid to | Retained |
Service Class | .25% | $ 50,088 | $ 3,970 |
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer, dividend disbursing and shareholder servicing agent functions. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
Annual Report
Notes to Financial Statements - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
| Amount | % of |
Massachusetts AMT Tax-Free Money Market | $ 781,067 | .10 |
Institutional Class | 1,262,484 | .05 |
Service Class | 10,017 | .05 |
| $ 2,053,568 |
|
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
6. Expense Reductions.
FMR contractually agreed to reimburse Institutional Class and Service Class to the extent annual operating expenses, expressed as a percentage of each class' average net assets, exceed .20% and .45%, respectively. Some expenses, for example interest expense and the fee for participating in the U.S. Treasury Department's Temporary Guarantee Program, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $1,264,178 and $10,423, respectively.
In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $307,159. During the period, credits reduced each class' transfer agent expense as noted in the table below.
| Transfer Agent |
|
Massachusetts AMT Tax-Free Money Market | $ 272,903 |
|
Institutional Class | 881,585 |
|
Service Class | 6,958 |
|
| $ 1,161,446 |
|
7. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Annual Report
7. Other - continued
The supply of municipal money market securities has declined significantly due to market volatility. As a result, the Fund's cash position may be significant at times during the period.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended January 31, | 2009 | 2008 A |
From net investment income |
|
|
Massachusetts AMT Tax-Free Money Market | $ 12,920,983 | $ 37,296,493 |
Institutional Class | 44,509,611 | 57,438,713 |
Service Class | 359,153 | 223,407 |
Total | $ 57,789,747 | $ 94,958,613 |
From net realized gain |
|
|
Massachusetts AMT Tax-Free Money Market | $ 35,203 | $ 50,772 |
Institutional Class | 112,067 | 168,474 |
Service Class | 344 | 61 |
Total | $ 147,614 | $ 219,307 |
A Distributions for Institutional Class and Service Class are for the period April 18, 2007(commencement of sale of shares) to January 31, 2008.
9. Share Transactions.
Transactions for each class of shares at a $1.00 per share were as follows:
Years ended January 31, | 2009 | 2008 A |
Massachusetts AMT Tax-Free Money Market |
659,862,417 |
1,244,217,940 |
Reinvestment of distributions | 12,133,153 | 33,987,466 |
Shares redeemed | (888,948,627) | (2,254,780,594) |
Net increase (decrease) | (216,953,057) | (976,575,188) |
Institutional Class |
2,004,213,721 |
4,176,255,151 |
Reinvestment of distributions | 37,385,503 | 48,882,718 |
Shares redeemed | (2,913,285,902) | (1,304,876,901) |
Net increase (decrease) | (871,686,678) | 2,920,260,968 |
Service Class |
33,384,645 |
69,501,980 |
Reinvestment of distributions | 25,971 | 13,369 |
Shares redeemed | (76,227,168) | (19,895,589) |
Net increase (decrease) | (42,816,552) | 49,619,760 |
A Share transactions for Institutional Class and Service Class are for the period April 18, 2007(commencement of sale of shares) to January 31, 2008.
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Massachusetts Municipal Trust and Shareholders of Fidelity Massachusetts AMT Tax-Free Money Market Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Massachusetts AMT Tax-Free Money Market Fund (the Fund), a fund of Fidelity Massachusetts Municipal Trust, including the schedule of investments, as of January 31, 2009, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Massachusetts AMT Tax-Free Money Market Fund as of January 31, 2009, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
March 16, 2009
Annual Report
Trustees and Officers
The Trustees, Member of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for Edward C. Johnson 3d and James C. Curvey, each of the Trustees oversees 158 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 380 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Edward C. Johnson 3d (78) | |
| Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (73) | |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006- |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation | |
Albert R. Gamper, Jr. (66) | |
| Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Arthur E. Johnson (62) | |
| Year of Election or Appointment: 2008 Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
James H. Keyes (68) | |
| Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (62) | |
| Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of McKesson Corporation (healthcare service). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007). |
Kenneth L. Wolfe (69) | |
| Year of Election or Appointment: 2005 Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation, and as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Annual Report
Advisory Board Member and Executive Officers**:
Correspondence intended for Mr. Kenneally may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Michael E. Kenneally (54) | |
| Year of Election or Appointment: 2008 Member of the Advisory Board. Mr. Kenneally also serves as Trustee (2009-present) or Member of the Advisory Board of other Fidelity Fixed Income and Asset Allocation Funds. Previously, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of The Credit Suisse Funds (U.S. Mutual Fund, 2004-2008) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
John R. Hebble (50) | |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble is an employee of Fidelity Investments (2003- |
Boyce I. Greer (52) | |
| Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007- |
Charles S. Morrison (48) | |
| Year of Election or Appointment: 2005 Vice President of Fidelity's Money Market Funds. Mr. Morrison also serves as Senior Vice President, Money Market Group Leader of FMR. Previously, Mr. Morrison served as Vice President of Fidelity's Bond Funds and certain Balanced, and Asset Allocation Funds. |
Scott C. Goebel (41) | |
| Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Secretary of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). |
Holly C. Laurent (54) | |
| Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006). |
Christine Reynolds (50) | |
| Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. She served as Chief Operating Officer of FPCMS from 2007 through July 2008. Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004-2007). Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was an audit partner with PwC's investment management practice. |
Michael H. Whitaker (41) | |
| Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007- |
Bryan A. Mehrmann (47) | |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004). |
Stephanie J. Dorsey (39) | |
| Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Accounting Group Manager (2003) of JPMorgan Chase Bank. |
Robert G. Byrnes (42) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Byrnes is an employee of Fidelity Investments (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003). |
Paul M. Murphy (61) | |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007). |
Gary W. Ryan (50) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
Distributions (Unaudited)
The Board of Trustees of Fidelity Massachusetts AMT Tax-Free Money Market Fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
| Pay Date | Record Date | Capital Gains |
Massachusetts AMT Tax-Free Money Market | 03/16/09 | 03/13/09 | $0.00002 |
Institutional Class | 03/16/09 | 03/13/09 | $0.00002 |
Service Class | 03/16/09 | 03/13/09 | $0.00002 |
The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2009, $307,196, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2009, 100% of the fund's income dividends was free from federal income tax, and 0.00% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.
Annual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Annual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Annual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
19200 Von Karman Avenue
Irvine, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73-575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Annual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
11 Penn Plaza
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
14100 San Pedro
San Antonio, TX
1576 East Southlake Blvd.
Southlake, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Annual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Sub-Advisers
Fidelity Investments Money
Management, Inc.
FIL Investment Advisors
Fidelity Research & Analysis Company
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
SMA-UANN-0309 1.853999.101
Fidelity® Massachusetts
Municipal Income Fund
and
Fidelity Massachusetts Municipal
Money Market Fund
Annual Report
January 31, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | Ned Johnson's message to shareholders | |
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity Massachusetts Municipal Income Fund | ||
Performance | How the fund has done over time. | |
Management's Discussion | The manager's review of fund performance, strategy and outlook. | |
Investment Changes | A summary of major shifts in the fund's investments over the past six months. | |
Investments | A complete list of the fund's investments with their market values. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Fidelity Massachusetts Municipal Money Market Fund | ||
Investment Changes/Performance | A summary of major shifts in the fund's investments over the past six months and one year. | |
Investments | A complete list of the fund's investments. | |
Financial Statements | Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. | |
Notes | Notes to the financial statements | |
Report of Independent Registered Public Accounting Firm |
| |
Trustees and Officers |
| |
Distributions |
|
Annual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
Annual Report
Chairman's Message
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
The stresses on the world's capital markets have shown few signs of abating thus far in 2009. Although government programs may eventually rekindle economic growth, corporate earnings are still weaker than we would like to see them, and the valuations of many securities remain at historically low levels. While financial markets are always unpredictable, there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2008 to January 31, 2009).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annual Report
| Annualized | Beginning | Ending | Expenses Paid |
Fidelity Massachusetts Municipal Income Fund | .46% |
|
|
|
Actual |
| $ 1,000.00 | $ 999.00 | $ 2.31 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.82 | $ 2.34 |
Fidelity Massachusetts Municipal Money Market Fund | .53% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,006.20 | $ 2.67** |
HypotheticalA |
| $ 1,000.00 | $ 1,022.47 | $ 2.69** |
A 5% return per year before expenses
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 184/366 (to reflect the one-half year period).
** If fees to participate in the U.S. Department of Treasury's Temporary Guarantee Program for Money Market Funds paid in October and December, 2008 (see Note 3 of the Notes to Financial Statements) had been in effect during the entire period, the annualized expense ratio would have been .54% and the expenses paid in the actual and hypothetical examples above would have been $2.72 and $2.75, respectively.
Annual Report
Fidelity Massachusetts Municipal Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended January 31, 2009 | Past 1 | Past 5 | Past 10 |
Fidelity MA Municipal Income Fund | -1.13% | 3.05% | 4.33% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Massachusetts Municipal Income Fund on January 31, 1999. The chart shows how the value of your investment would have changed, and also shows how the Barclays Capital Municipal Bond Index performed over the same period.
Annual Report
Fidelity Massachusetts Municipal Income Fund
Management's Discussion of Fund Performance
Comments from Christine Thompson, Portfolio Manager of Fidelity® Massachusetts Municipal Income Fund
Despite an impressive late-period rally, municipal bonds suffered losses during the 12 months ending January 31, 2009, hurt by a persistent and deepening risk aversion that spread rapidly across the global financial markets. While lower-quality municipals were hit first, insured bond prices ultimately experienced declines amid concerns about the financial strength of bond insurers. Supply pressures also weighed on munis, as issuers scrambled to refinance their auction-rate debt when the market for these securities - a source of funding for muni issuers - broke down. The loss of independent muni dealers - including Bear Stearns, Lehman Brothers, Merrill Lynch and Wachovia - led to further disruption, as did the robust selling by leveraged investors to cover losses and meet investor redemptions. But in December and January, munis started to regain strength as investors gravitated toward their attractive valuations and as coupon payments - many of them distributed to investors in January 2009 - were reinvested into the muni market. For the 12 months overall, the Barclays Capital Municipal Bond Index - a performance measure of more than 44,000 investment-grade, fixed-rate, tax-exempt bonds - declined 0.16%. The overall taxable debt market, as measured by the Barclays Capital U.S. Aggregate Bond Index, rose 2.59%.
For the year ending January 31, 2008, the fund returned -1.13%, compared with the Barclays Capital Massachusetts 3+ Year Enhanced Municipal Bond Index, which returned 1.73%. The fund's underperformance stemmed partly from my emphasis on various bond structures. My decision to overweight callable bonds worked against us because they lagged the index. As short-term interest rates declined and long-term rates rose, their prices came under pressure because of the growing uncertainty as to when they would be called. Compared with the index, the fund was significantly underweighted in prerefunded and escrowed muni bonds, which are backed by U.S. government securities and were among the market's best performers due to strong demand for very high-quality securities. Sector selection was mixed. An overweighting in poor-performing transportation bonds detracted. In contrast, an overweighting in higher-education bonds helped. Elsewhere, yield-curve positioning - which refers to how I allocated the fund's investments across bonds of various maturities - aided performance. My decision to overweight intermediate-maturity bonds was a plus because they outpaced longer-term bonds, in which I was underweighted.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
Fidelity Massachusetts Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of January 31, 2009 | ||
| % of fund's | % of fund's net assets |
Special Tax | 20.2 | 19.2 |
General Obligations | 19.9 | 17.8 |
Education | 15.3 | 14.6 |
Transportation | 12.8 | 14.5 |
Water & Sewer | 11.9 | 11.1 |
Weighted Average Maturity as of January 31, 2009 | ||
|
| 6 months ago |
Years | 11.4 | 8.6 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of January 31, 2009 | ||
|
| 6 months ago |
Years | 7.9 | 7.2 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) | |||||||
As of January 31, 2009 | As of July 31, 2008 | ||||||
![]() | AAA 12.4% |
| ![]() | AAA 33.6% |
| ||
![]() | AA,A 68.4% |
| ![]() | AA,A 58.9% |
| ||
![]() | BBB 11.9% |
| ![]() | BBB 2.7% |
| ||
![]() | BB and Below 0.9% |
| ![]() | BB and Below 1.0% |
| ||
![]() | Not Rated 2.0% |
| ![]() | Not Rated 1.7% |
| ||
![]() | Short-Term |
| ![]() | Short-Term |
|
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. All ratings are as of the report date and do not reflect subsequent downgrades. |
Annual Report
Fidelity Massachusetts Municipal Income Fund
Investments January 31, 2009
Showing Percentage of Net Assets
Municipal Bonds - 95.6% | ||||
| Principal Amount | Value | ||
Guam - 0.4% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn.: | ||||
Series 2006 A, 5% 10/1/23 | $ 2,740,000 | $ 2,482,550 | ||
Series 2008: | ||||
4.625% 10/1/11 | 1,100,000 | 1,084,600 | ||
5.375% 10/1/14 | 1,150,000 | 1,147,976 | ||
5.875% 10/1/18 | 1,900,000 | 1,929,906 | ||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. Series 2005, 5.875% 7/1/35 | 2,115,000 | 1,652,344 | ||
| 8,297,376 | |||
Massachusetts - 92.6% | ||||
Ashland Gen. Oblig. 5.25% 5/15/19 (AMBAC Insured) | 1,300,000 | 1,424,904 | ||
Auburn Gen. Oblig. 5.125% 6/1/23 (AMBAC Insured) | 1,305,000 | 1,367,066 | ||
Boston Gen. Oblig. Series 2005 A, 5% 1/1/17 | 1,005,000 | 1,140,414 | ||
Boston Spl. Oblig. (Boston City Hosp. Issue Proj.): | ||||
5% 8/1/16 (MBIA Insured) | 9,705,000 | 10,337,281 | ||
5% 8/1/17 (MBIA Insured) | 7,990,000 | 8,437,200 | ||
5% 8/1/18 (MBIA Insured) | 6,200,000 | 6,553,276 | ||
Boston Wtr. & Swr. Commission Rev.: | ||||
Series 1998 C, 5.2% 11/1/21 (FGIC Insured) | 2,045,000 | 2,063,978 | ||
Sr. Series A: | ||||
5.25% 11/1/19 | 10,325,000 | 11,749,437 | ||
5.75% 11/1/13 | 1,690,000 | 1,835,002 | ||
Bridgewater-Raynham Reg'l. School District: | ||||
5% 6/15/18 (FSA Insured) | 1,475,000 | 1,587,425 | ||
5% 6/15/19 (FSA Insured) | 1,535,000 | 1,640,762 | ||
Brockton Gen. Oblig.: | ||||
5% 4/1/15 (FSA Insured) | 1,000,000 | 1,127,230 | ||
5% 4/1/16 (FSA Insured) | 1,000,000 | 1,132,760 | ||
Brookline Gen. Oblig. 5.75% 4/1/15 | 1,045,000 | 1,100,197 | ||
Dracut Gen. Oblig.: | ||||
5% 5/15/16 (AMBAC Insured) | 1,400,000 | 1,535,800 | ||
5% 5/15/19 (AMBAC Insured) | 1,000,000 | 1,076,410 | ||
Freetown Lakeville Reg'l. School District 5% 1/1/21 (MBIA Insured) | 2,265,000 | 2,357,774 | ||
Hopedale Gen. Oblig. 5% 11/15/19 (AMBAC Insured) | 1,000,000 | 1,094,260 | ||
Littleton Gen. Oblig. 5% 1/15/19 (FGIC Insured) | 1,380,000 | 1,468,223 | ||
Lowell Gen. Oblig.: | ||||
5% 12/15/17 (MBIA Insured) | 1,410,000 | 1,583,712 | ||
5% 12/15/19 (MBIA Insured) | 1,310,000 | 1,433,101 | ||
Lynn Gen. Oblig.: | ||||
5.375% 8/15/14 (FGIC Insured) | 2,120,000 | 2,302,638 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Lynn Gen. Oblig.: - continued | ||||
5.375% 8/15/15 (FGIC Insured) | $ 2,235,000 | $ 2,431,032 | ||
5.375% 8/15/16 (FGIC Insured) | 2,345,000 | 2,538,556 | ||
Lynn Wtr. & Swr. Commission Gen. Rev.: | ||||
Series 2003 A, 5% 12/1/32 (MBIA Insured) | 2,000,000 | 1,994,340 | ||
Series 2005 A: | ||||
5% 6/1/18 (MBIA Insured) | 2,055,000 | 2,262,719 | ||
5% 6/1/19 (MBIA Insured) | 1,560,000 | 1,692,584 | ||
Marblehead Gen. Oblig.: | ||||
5% 8/15/19 | 1,510,000 | 1,658,795 | ||
5% 8/15/20 | 1,465,000 | 1,593,803 | ||
Martha's Vineyard Land Bank Rev. 5% 5/1/18 (AMBAC Insured) | 2,070,000 | 2,336,347 | ||
Massachusetts Bay Trans. Auth.: | ||||
Series 1991 A: | ||||
7% 3/1/21 | 1,500,000 | 1,861,485 | ||
7% 3/1/21 (FGIC Insured) | 3,025,000 | 3,753,995 | ||
Series 1992 B, 6.2% 3/1/16 | 27,525,000 | 32,004,143 | ||
Series 1993 A, 5.5% 3/1/12 | 4,350,000 | 4,589,207 | ||
Massachusetts Bay Trans. Auth. Assessment Rev. Series 2000 A: | ||||
5.25% 7/1/30 | 7,085,000 | 7,119,929 | ||
5.75% 7/1/15 | 85,000 | 89,476 | ||
5.75% 7/1/18 | 330,000 | 344,042 | ||
Massachusetts Bay Trans. Auth. Sales Tax Rev.: | ||||
Series 2003 C: | ||||
5.25% 7/1/19 | 4,430,000 | 5,241,355 | ||
5.25% 7/1/21 | 4,000,000 | 4,548,200 | ||
5.25% 7/1/23 | 3,950,000 | 4,403,855 | ||
Series 2005 B, 5.5% 7/1/29 (MBIA Insured) | 4,000,000 | 4,334,280 | ||
Series 2006 A, 5.25% 7/1/32 | 7,745,000 | 7,977,505 | ||
Series 2006 C: | ||||
5% 7/1/22 | 9,900,000 | 10,565,478 | ||
5% 7/1/23 | 10,000,000 | 10,624,100 | ||
Massachusetts Dept. of Agricultural Resources Higher Ed. Rev. Series 2006 A: | ||||
5% 1/1/14 | 1,500,000 | 1,552,665 | ||
5% 1/1/17 | 1,250,000 | 1,274,475 | ||
5% 1/1/19 | 2,225,000 | 2,197,544 | ||
5% 1/1/20 | 3,000,000 | 2,866,830 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Babson College Proj.) Series 2007 A, 5% 10/1/21 (MBIA Insured) | $ 1,165,000 | $ 1,050,422 | ||
(Boston College Proj.) Series P: | ||||
5% 7/1/20 | 2,500,000 | 2,727,275 | ||
5% 7/1/21 | 3,090,000 | 3,285,999 | ||
(Boston Univ. Proj.) Series T1, 5% 10/1/39 (AMBAC Insured) | 10,000,000 | 8,718,400 | ||
(Brandeis Univ. Proj.) Series N: | ||||
5% 10/1/23 | 1,040,000 | 1,087,778 | ||
5% 10/1/24 | 1,210,000 | 1,249,240 | ||
(College of the Holy Cross Proj.): | ||||
Series 2008 A, 5% 9/1/26 | 1,500,000 | 1,523,910 | ||
Series 2008 B, 5% 9/1/22 | 1,100,000 | 1,154,593 | ||
(Mount Holyoke College Proj.) Series 2001: | ||||
5.125% 7/1/21 | 5,715,000 | 5,892,794 | ||
5.25% 7/1/31 | 11,785,000 | 11,834,615 | ||
5.5% 7/1/14 | 750,000 | 813,990 | ||
5.5% 7/1/15 | 910,000 | 983,164 | ||
5.5% 7/1/16 | 590,000 | 634,120 | ||
(Regis College Proj.) Series 1998: | ||||
5.25% 10/1/18 | 2,240,000 | 1,784,250 | ||
5.5% 10/1/28 | 5,660,000 | 3,760,051 | ||
Series 2008, 5.75% 9/1/25 | 8,000,000 | 8,451,760 | ||
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2002, 5.5%, tender 5/1/14 (a)(b) | 10,250,000 | 9,352,818 | ||
Massachusetts Edl. Fing. Auth. Rev.: | ||||
Series 1998 AG, 5% 12/1/11 (MBIA Insured) (b) | 975,000 | 971,129 | ||
Series 1998 CG: | ||||
4.7% 12/1/09 (MBIA Insured) (b) | 860,000 | 872,780 | ||
4.9% 12/1/11 (AMBAC Insured) (b) | 1,225,000 | 1,218,544 | ||
Series 1999 AE: | ||||
4.55% 7/1/09 (AMBAC Insured) (b) | 510,000 | 513,973 | ||
4.65% 7/1/10 (AMBAC Insured) (b) | 1,220,000 | 1,219,292 | ||
4.75% 7/1/11 (AMBAC Insured) (b) | 2,100,000 | 2,070,810 | ||
4.8% 7/1/12 (AMBAC Insured) (b) | 540,000 | 529,902 | ||
4.95% 7/1/14 (AMBAC Insured) (b) | 1,030,000 | 998,441 | ||
5% 7/1/15 (AMBAC Insured) (b) | 485,000 | 466,517 | ||
Massachusetts Fed. Hwy.: | ||||
Series 1998 A, 0% 6/15/15 | 1,455,000 | 1,205,337 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Fed. Hwy.: - continued | ||||
Series 2000 A: | ||||
5.75% 6/15/11 | $ 8,660,000 | $ 9,320,498 | ||
5.75% 12/15/11 | 9,510,000 | 10,235,328 | ||
5.75% 6/15/12 | 5,000,000 | 5,355,500 | ||
5.75% 6/15/13 | 8,000,000 | 8,611,680 | ||
5.75% 12/15/14 (Pre-Refunded to 12/15/10 @ 100) (c) | 5,035,000 | 5,356,636 | ||
5.75% 6/15/15 (Pre-Refunded to 12/15/10 @ 100) (c) | 7,000,000 | 7,447,160 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2001 D: | ||||
5.5% 11/1/18 | 2,000,000 | 2,425,200 | ||
5.5% 11/1/20 | 1,000,000 | 1,189,030 | ||
Series 2002 C, 5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (c) | 1,795,000 | 2,018,065 | ||
Series 2002 D, 5.375% 8/1/22 (Pre-Refunded to 8/1/12 @ 100) (c) | 240,000 | 267,187 | ||
Series 2002 E: | ||||
5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (c) | 4,315,000 | 4,851,743 | ||
5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (c) | 695,000 | 781,451 | ||
Series 2003 D: | ||||
5.25% 10/1/22 (Pre-Refunded to 10/1/13 @ 100) (c) | 3,800,000 | 4,350,240 | ||
5.5% 10/1/18 | 6,000,000 | 7,277,460 | ||
5.5% 10/1/19 | 7,000,000 | 8,436,960 | ||
Series 2004 A: | ||||
5% 8/1/16 (Pre-Refunded to 8/1/14 @ 100) (c) | 5,000,000 | 5,723,250 | ||
5.25% 8/1/20 | 4,500,000 | 5,267,745 | ||
Series 2004 D, 5% 12/1/23 (Pre-Refunded to 12/1/14 @ 100) (c) | 4,850,000 | 5,577,064 | ||
Series 2005 A, 5% 3/1/18 | 25,000,000 | 27,889,750 | ||
Series 2006 B: | ||||
5.25% 9/1/20 (FSA Insured) | 4,255,000 | 4,980,690 | ||
5.25% 9/1/22 | 15,000,000 | 17,016,450 | ||
Series 2006 D, 5% 8/1/19 | 8,990,000 | 10,034,998 | ||
Series 2007 A, 2.709% 5/1/37 (a) | 20,000,000 | 11,704,000 | ||
Series 2007 B, 5% 11/1/15 | 7,000,000 | 8,192,870 | ||
Series 2007 C: | ||||
5% 8/1/32 | 18,500,000 | 18,474,470 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Gen. Oblig.: - continued | ||||
Series 2007 C: | ||||
5% 8/1/37 | $ 15,000,000 | $ 14,709,600 | ||
5.25% 8/1/21 (AMBAC Insured) | 980,000 | 1,089,074 | ||
5.25% 8/1/22 | 1,985,000 | 2,175,620 | ||
5.25% 8/1/23 | 12,800,000 | 13,856,128 | ||
5.25% 8/1/24 | 6,500,000 | 6,921,135 | ||
Series 2008 A: | ||||
5% 8/1/33 | 3,000,000 | 2,979,030 | ||
5% 8/1/38 | 4,085,000 | 3,998,602 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Amherst College Proj.) Series 2009 K2, 2.75%, tender 1/5/12 (a) | 3,000,000 | 3,045,540 | ||
(Baystate Med. Ctr. Proj.) Series F: | ||||
5.75% 7/1/17 | 1,305,000 | 1,329,939 | ||
5.75% 7/1/18 | 1,300,000 | 1,324,440 | ||
5.75% 7/1/19 | 1,455,000 | 1,478,265 | ||
5.75% 7/1/20 | 500,000 | 506,595 | ||
5.75% 7/1/33 | 3,000,000 | 2,702,760 | ||
(Berklee College of Music Proj.) Series 2007 A: | ||||
5% 10/1/16 | 1,000,000 | 1,125,700 | ||
5% 10/1/19 | 3,290,000 | 3,573,763 | ||
5% 10/1/21 | 3,270,000 | 3,395,503 | ||
5% 10/1/23 | 2,000,000 | 2,035,040 | ||
5% 10/1/25 | 5,950,000 | 5,936,256 | ||
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (d) | 11,360,000 | 11,360,000 | ||
(Brandeis Univ. Proj.) Series I: | ||||
5.25% 10/1/14 (MBIA Insured) | 2,780,000 | 2,815,084 | ||
5.25% 10/1/16 (MBIA Insured) | 1,400,000 | 1,417,668 | ||
(CareGroup, Inc. Proj.): | ||||
Series 2008 B1, 5.375% 2/1/27 (MBIA Insured) | 1,000,000 | 827,320 | ||
Series 2008 B2: | ||||
5% 2/1/25 (MBIA Insured) | 800,000 | 652,872 | ||
5.375% 2/1/26 (MBIA Insured) | 1,750,000 | 1,478,278 | ||
5.375% 2/1/28 (MBIA Insured) | 2,000,000 | 1,630,000 | ||
Series 2008 D: | ||||
5.25% 7/1/19 (MBIA Insured) | 1,500,000 | 1,447,710 | ||
5.25% 7/1/21 (MBIA Insured) | 1,450,000 | 1,302,086 | ||
5.25% 7/1/22 (MBIA Insured) | 1,000,000 | 869,080 | ||
5.25% 7/1/24 (MBIA Insured) | 1,900,000 | 1,594,328 | ||
Series 2008 E1: | ||||
5% 7/1/28 | 2,525,000 | 1,978,035 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | ||||
(CareGroup, Inc. Proj.): | ||||
Series 2008 E1: | ||||
5.125% 7/1/33 | $ 2,000,000 | $ 1,504,260 | ||
5.125% 7/1/38 | 3,640,000 | 2,654,616 | ||
5.375% 7/1/21 | 10,850,000 | 9,728,544 | ||
Series 2008 E2: | ||||
5.375% 7/1/23 | 3,500,000 | 3,012,660 | ||
5.375% 7/1/24 | 5,015,000 | 4,242,840 | ||
5.375% 7/1/25 | 3,500,000 | 2,913,190 | ||
(Emerson Hosp. Proj.) Series 2005 E, 5% 8/15/35 (Radian Asset Assurance, Inc. Insured) | 2,500,000 | 1,435,100 | ||
(Harvard Univ. Proj.) Series FF, 5.125% 7/15/37 | 32,840,000 | 33,143,442 | ||
(Lahey Clinic Med. Ctr. Proj.) Series 2005 C, 5% 8/15/30 (FGIC Insured) | 5,190,000 | 4,269,554 | ||
(Massachusetts Eye & Ear Infirmary Proj.) Series B: | ||||
5.25% 7/1/09 | 2,540,000 | 2,560,218 | ||
5.25% 7/1/10 | 2,000,000 | 1,893,920 | ||
5.25% 7/1/11 | 3,025,000 | 2,753,658 | ||
(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (AMBAC Insured) | 9,170,000 | 9,898,098 | ||
(Massachusetts Institute of Technology Proj.): | ||||
Series 2008 N, 5% 7/1/19 | 3,000,000 | 3,418,980 | ||
Series K, 5.375% 7/1/17 | 6,805,000 | 8,234,254 | ||
Series L: | ||||
5% 7/1/18 | 4,315,000 | 5,064,127 | ||
5% 7/1/23 | 3,990,000 | 4,363,983 | ||
(Med. Ctr. of Central Massachusetts Proj.) 6.55% 6/23/22 (AMBAC Insured) | 16,800,000 | 16,847,544 | ||
(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (MBIA Insured) | 500,000 | 473,160 | ||
(Northeastern Univ. Proj.): | ||||
Series 1998 G, 5% 10/1/28 (MBIA Insured) | 6,500,000 | 6,574,880 | ||
Series 2008 R: | ||||
5% 10/1/16 | 600,000 | 677,598 | ||
5% 10/1/17 | 750,000 | 844,110 | ||
5% 10/1/18 | 500,000 | 560,560 | ||
5% 10/1/20 | 2,000,000 | 2,153,840 | ||
5% 10/1/22 | 1,160,000 | 1,193,048 | ||
5% 10/1/27 | 3,030,000 | 2,961,492 | ||
5% 10/1/28 | 1,000,000 | 967,120 | ||
5% 10/1/33 | 5,000,000 | 4,582,850 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | ||||
(Northeastern Univ. Proj.): | ||||
Series 2009 Y1: | ||||
5% 10/1/15 | $ 1,425,000 | $ 1,520,318 | ||
5% 10/1/16 | 1,495,000 | 1,585,761 | ||
5% 10/1/16 | 1,090,000 | 1,156,174 | ||
5% 10/1/17 | 1,570,000 | 1,653,665 | ||
5% 10/1/19 | 1,730,000 | 1,763,579 | ||
Series 2009 Y2: | ||||
5% 10/1/17 | 1,145,000 | 1,206,017 | ||
5% 10/1/18 | 1,215,000 | 1,262,507 | ||
(Partners HealthCare Sys., Inc. Proj.): | ||||
Series 1997 A: | ||||
5.125% 7/1/11 (MBIA Insured) | 3,885,000 | 3,910,330 | ||
5.375% 7/1/24 | 7,430,000 | 7,184,141 | ||
Series 2005 F: | ||||
5% 7/1/17 | 1,410,000 | 1,451,976 | ||
5% 7/1/19 | 1,760,000 | 1,778,181 | ||
5% 7/1/20 | 2,350,000 | 2,356,275 | ||
5% 7/1/21 | 1,150,000 | 1,139,466 | ||
5% 7/1/22 | 1,855,000 | 1,815,915 | ||
Series 2007 G: | ||||
5% 7/1/18 | 1,500,000 | 1,540,335 | ||
5% 7/1/20 | 1,300,000 | 1,304,368 | ||
5% 7/1/22 | 1,350,000 | 1,321,556 | ||
5% 7/1/27 | 7,750,000 | 7,068,620 | ||
5% 7/1/28 | 5,515,000 | 4,958,867 | ||
Series C: | ||||
5.75% 7/1/21 | 2,500,000 | 2,550,125 | ||
5.75% 7/1/32 | 190,000 | 184,752 | ||
Series E: | ||||
5% 7/1/17 | 1,255,000 | 1,281,794 | ||
5% 7/1/19 | 1,390,000 | 1,400,314 | ||
(South Shore Hosp. Proj.) Series F: | ||||
5.25% 7/1/09 | 2,120,000 | 2,152,457 | ||
5.5% 7/1/12 | 800,000 | 810,696 | ||
5.5% 7/1/12 (Pre-Refunded to 7/1/09 @ 101) (c) | 1,365,000 | 1,405,445 | ||
5.625% 7/1/19 | 370,000 | 362,149 | ||
5.625% 7/1/19 (Pre-Refunded to 7/1/09 @ 101) (c) | 630,000 | 648,988 | ||
5.75% 7/1/29 | 6,370,000 | 5,536,294 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | ||||
(Tufts Univ. Proj.): | ||||
Series 2008 O, 5.375% 8/15/38 | $ 4,500,000 | $ 4,561,875 | ||
Series I, 5.5% 2/15/36 | 5,000,000 | 5,000,850 | ||
Series J, 5.5% 8/15/17 | 500,000 | 600,545 | ||
(UMass Worcester Proj.): | ||||
Series 2005 D: | ||||
5% 10/1/16 | 3,040,000 | 3,350,810 | ||
5% 10/1/17 | 3,735,000 | 4,068,162 | ||
Series B: | ||||
5.25% 10/1/15 (FGIC Insured) | 565,000 | 600,053 | ||
5.25% 10/1/15 (Pre-Refunded to 10/1/11 @ 100) (c) | 435,000 | 475,794 | ||
(Wellesley College Proj.) Series II: | ||||
5% 7/1/19 | 1,975,000 | 2,122,552 | ||
5% 7/1/20 | 2,075,000 | 2,206,285 | ||
(Williams College Proj.): | ||||
Series 2003 H, 5% 7/1/20 | 1,005,000 | 1,066,898 | ||
Series 2006 L: | ||||
5% 7/1/17 | 1,000,000 | 1,144,090 | ||
5% 7/1/18 | 1,000,000 | 1,131,240 | ||
5% 7/1/19 | 1,695,000 | 1,886,501 | ||
5% 7/1/20 | 2,410,000 | 2,639,095 | ||
5% 7/1/21 | 2,535,000 | 2,696,049 | ||
(Woods Hole Oceanographic Institution Proj.) Series 2008 B: | ||||
5.25% 6/1/25 | 1,760,000 | 1,792,349 | ||
5.375% 6/1/30 | 8,000,000 | 8,043,040 | ||
(Worcester City Campus Proj.) Series 2007 E: | ||||
5% 10/1/17 (FGIC Insured) | 2,130,000 | 2,371,670 | ||
5% 10/1/18 (FGIC Insured) | 1,985,000 | 2,214,486 | ||
5% 10/1/19 (FGIC Insured) | 1,350,000 | 1,480,194 | ||
5% 10/1/20 (FGIC Insured) | 2,465,000 | 2,663,235 | ||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. (Boston Edison Co. Proj.) Series 1994 A, 5.75% 2/1/14 | 9,900,000 | 9,900,000 | ||
Massachusetts Indl. Fin. Agcy. Rev. (Whitehead Institute Biomedical Research Proj.) 5.125% 7/1/26 | 14,600,000 | 14,425,530 | ||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.: | ||||
(Nuclear #6 Proj.) Series A, 5.25% 7/1/14 (MBIA Insured) | 1,465,000 | 1,520,436 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.: - continued | ||||
(Nuclear Mix #1 Proj.) Series A, 5.25% 7/1/12 (MBIA Insured) | $ 8,000,000 | $ 8,382,960 | ||
(Nuclear Mix #4 Proj.) Series A, 5.25% 7/1/12 (MBIA Insured) | 8,510,000 | 8,917,374 | ||
Massachusetts Port Auth. Rev.: | ||||
(US Airways, Inc. Proj.) Series A, 5.5% 9/1/10 (MBIA Insured) (b) | 1,965,000 | 1,900,489 | ||
Series 1973, 5.625% 7/1/12 (Escrowed to Maturity) (c) | 975,000 | 1,063,676 | ||
Series 1998 A, 5% 7/1/23 (FSA Insured) | 8,750,000 | 8,731,800 | ||
Series 1998 B: | ||||
5% 7/1/10 (FSA Insured) (b) | 2,275,000 | 2,279,232 | ||
5% 7/1/15 (FSA Insured) (b) | 3,310,000 | 3,310,828 | ||
Series 1999 B: | ||||
5.5% 7/1/10 (FSA Insured) (b) | 11,470,000 | 11,696,418 | ||
5.5% 7/1/11 (FSA Insured) (b) | 5,500,000 | 5,580,960 | ||
5.5% 7/1/12 (FSA Insured) (b) | 4,000,000 | 4,055,760 | ||
Series 2003 A: | ||||
5% 7/1/18 (MBIA Insured) | 2,000,000 | 2,120,660 | ||
5% 7/1/19 (MBIA Insured) | 6,915,000 | 7,265,867 | ||
5% 7/1/20 | 2,505,000 | 2,606,252 | ||
5% 7/1/21 | 3,000,000 | 3,095,550 | ||
5% 7/1/22 | 2,000,000 | 2,048,340 | ||
5% 7/1/35 | 10,000,000 | 9,658,400 | ||
Series 2005 A: | ||||
5% 7/1/18 (AMBAC Insured) | 5,205,000 | 5,788,428 | ||
5% 7/1/21 (AMBAC Insured) | 5,010,000 | 5,276,081 | ||
Series 2007 C: | ||||
5% 7/1/17 (FSA Insured) (b) | 1,660,000 | 1,783,620 | ||
5% 7/1/22 (FSA Insured) (b) | 6,140,000 | 5,536,561 | ||
5% 7/1/27 (FSA Insured) (b) | 5,000,000 | 4,172,550 | ||
Massachusetts Port Auth. Spl. Facilities Rev.: | ||||
(BosFuel Corp. Proj.) Series 2007: | ||||
5% 7/1/18 (FGIC Insured) (b) | 1,500,000 | 1,443,255 | ||
5% 7/1/19 (FGIC Insured) (b) | 1,000,000 | 939,000 | ||
5% 7/1/20 (FGIC Insured) (b) | 1,360,000 | 1,247,650 | ||
5% 7/1/21 (b) | 1,000,000 | 897,880 | ||
(Delta Air Lines, Inc. Proj.) Series 2001 A: | ||||
5.5% 1/1/12 (AMBAC Insured) (b) | 9,335,000 | 6,169,408 | ||
5.5% 1/1/13 (AMBAC Insured) (b) | 7,015,000 | 4,533,093 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Port Auth. Spl. Facilities Rev.: - continued | ||||
(Delta Air Lines, Inc. Proj.) Series 2001 A: | ||||
5.5% 1/1/14 (AMBAC Insured) (b) | $ 6,040,000 | $ 3,764,853 | ||
5.5% 1/1/15 (AMBAC Insured) (b) | 5,000,000 | 3,055,100 | ||
5.5% 1/1/16 (AMBAC Insured) (b) | 5,000,000 | 2,996,300 | ||
5.5% 1/1/17 (AMBAC Insured) (b) | 5,555,000 | 3,265,618 | ||
5.5% 1/1/18 (AMBAC Insured) (b) | 6,000,000 | 3,460,320 | ||
5.5% 1/1/19 (AMBAC Insured) (b) | 5,000,000 | 2,829,050 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A: | ||||
5% 8/15/19 | 17,000,000 | 18,716,660 | ||
5% 8/15/22 | 5,540,000 | 5,826,307 | ||
5% 8/15/23 | 6,000,000 | 6,257,640 | ||
5% 8/15/24 | 26,600,000 | 27,542,704 | ||
5% 8/15/25 | 12,350,000 | 12,731,121 | ||
5% 8/15/26 | 2,000,000 | 2,050,320 | ||
5% 8/15/27 | 10,000,000 | 10,161,200 | ||
5% 8/15/30 | 107,600,000 | 107,456,878 | ||
Series 2007 A: | ||||
4.5% 8/15/35 | 19,875,000 | 17,649,398 | ||
5% 8/15/17 (AMBAC Insured) | 5,000,000 | 5,879,300 | ||
5% 8/15/37 | 26,000,000 | 25,155,520 | ||
Massachusetts Spl. Oblig. Dedicated Tax Rev.: | ||||
Series 2004, 5.25% 1/1/19 (FGIC Insured) | 3,500,000 | 3,885,105 | ||
Series 2005, 5.5% 1/1/28 | 1,000,000 | 1,004,630 | ||
Massachusetts Spl. Oblig. Rev.: | ||||
(Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A, 5% 12/15/12 (FSA Insured) | 3,700,000 | 4,031,446 | ||
Series 2002 A: | ||||
5.5% 6/1/15 (FGIC Insured) | 11,070,000 | 12,958,985 | ||
5.5% 6/1/16 (FGIC Insured) | 2,520,000 | 2,976,826 | ||
Series 2005 A: | ||||
5% 6/1/23 (FSA Insured) | 2,000,000 | 2,090,220 | ||
5.5% 6/1/16 (FSA Insured) | 3,000,000 | 3,565,740 | ||
5.5% 6/1/18 (FSA Insured) | 9,740,000 | 11,611,346 | ||
5.5% 6/1/19 | 10,000,000 | 11,843,900 | ||
Massachusetts State College Bldg. Auth. Rev.: | ||||
Series 2002 A, 0% 5/1/22 (Escrowed to Maturity) (c) | 2,250,000 | 1,295,955 | ||
Series 2003 A: | ||||
5.25% 5/1/14 (XL Cap. Assurance, Inc. Insured) | 2,075,000 | 2,297,046 | ||
5.25% 5/1/15 (XL Cap. Assurance, Inc. Insured) | 2,030,000 | 2,227,519 | ||
5.25% 5/1/16 (XL Cap. Assurance, Inc. Insured) | 1,295,000 | 1,410,721 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts State College Bldg. Auth. Rev.: - continued | ||||
Series 2003 A: | ||||
5.25% 5/1/19 (XL Cap. Assurance, Inc. Insured) | $ 2,680,000 | $ 2,844,766 | ||
5.25% 5/1/21 (XL Cap. Assurance, Inc. Insured) | 1,965,000 | 2,036,546 | ||
5.25% 5/1/23 (XL Cap. Assurance, Inc. Insured) | 2,665,000 | 2,732,931 | ||
Series 2003 B: | ||||
0% 5/1/28 (XL Cap. Assurance, Inc. Insured) | 6,080,000 | 1,960,253 | ||
5.375% 5/1/18 (XL Cap. Assurance, Inc. Insured) | 1,100,000 | 1,251,349 | ||
5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured) | 1,825,000 | 2,062,670 | ||
Series 2004 A: | ||||
5% 5/1/18 (MBIA Insured) | 2,270,000 | 2,453,098 | ||
5% 5/1/43 (MBIA Insured) | 11,410,000 | 10,364,388 | ||
Series 2006 A: | ||||
5% 5/1/31 (AMBAC Insured) | 5,000,000 | 4,703,900 | ||
5% 5/1/36 (AMBAC Insured) | 8,000,000 | 7,367,200 | ||
Series 2008 A: | ||||
5% 5/1/19 (Assured Guaranty Corp. Insured) | 1,730,000 | 1,952,253 | ||
5% 5/1/20 (Assured Guaranty Corp. Insured) | 2,130,000 | 2,355,503 | ||
5% 5/1/21 (Assured Guaranty Corp. Insured) | 2,440,000 | 2,624,879 | ||
5% 5/1/22 (Assured Guaranty Corp. Insured) | 2,430,000 | 2,564,136 | ||
5% 5/1/23 (Assured Guaranty Corp. Insured) | 2,490,000 | 2,615,795 | ||
Series 2009 A: | ||||
5.5% 5/1/39 | 7,000,000 | 6,788,810 | ||
5.75% 5/1/49 | 10,000,000 | 9,679,800 | ||
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.: | ||||
Series 1997 A, 5.125% 1/1/17 (MBIA Insured) | 3,575,000 | 3,575,358 | ||
Series 1999 A: | ||||
5% 1/1/39 | 7,205,000 | 4,935,569 | ||
5.25% 1/1/29 (AMBAC Insured) | 45,615,000 | 35,359,836 | ||
Sr. Series 1997 A: | ||||
5% 1/1/37 (MBIA Insured) | 42,240,000 | 30,226,099 | ||
5.125% 1/1/23 (MBIA Insured) | 3,600,000 | 3,242,988 | ||
Sr. Series A: | ||||
0% 1/1/25 (MBIA Insured) | 5,110,000 | 2,057,797 | ||
0% 1/1/29 (MBIA Insured) | 33,195,000 | 9,843,645 | ||
Sr. Series C: | ||||
0% 1/1/16 (MBIA Insured) | 3,000,000 | 2,336,670 | ||
0% 1/1/17 (MBIA Insured) | 7,705,000 | 5,676,967 | ||
0% 1/1/18 (MBIA Insured) | 1,825,000 | 1,265,747 | ||
0% 1/1/19 (MBIA Insured) | 13,815,000 | 8,966,902 | ||
Massachusetts Tpk. Auth. Western Tpk. Rev. Series 1997 A, 5.55% 1/1/17 (MBIA Insured) | 12,575,000 | 12,568,587 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Wtr. Poll. Abatement Trust: | ||||
(MWRA Prog.) Series 2002 A, 5.25% 8/1/20 | $ 1,700,000 | $ 1,806,165 | ||
(Pool Prog.): | ||||
Series 10: | ||||
5% 8/1/22 | 305,000 | 317,615 | ||
5% 8/1/29 | 1,765,000 | 1,781,856 | ||
5% 8/1/34 | 150,000 | 149,144 | ||
5.25% 8/1/15 | 2,435,000 | 2,802,247 | ||
Series 12: | ||||
5% 8/1/19 | 13,995,000 | 15,631,575 | ||
5% 8/1/20 | 7,000,000 | 7,686,700 | ||
Series 13: | ||||
5% 8/1/19 | 3,565,000 | 4,030,375 | ||
5% 8/1/20 | 4,895,000 | 5,430,366 | ||
5% 8/1/21 | 5,350,000 | 5,743,921 | ||
5% 8/1/22 | 8,355,000 | 8,828,227 | ||
5% 8/1/23 | 4,385,000 | 4,646,214 | ||
Series 2004 A: | ||||
5.25% 2/1/16 | 6,110,000 | 7,224,708 | ||
5.25% 8/1/16 | 21,700,000 | 25,835,586 | ||
5.25% 2/1/17 | 6,435,000 | 7,612,541 | ||
5.25% 2/1/18 | 6,300,000 | 7,486,353 | ||
5.25% 8/1/22 | 6,525,000 | 7,354,458 | ||
5.25% 2/1/23 | 1,390,000 | 1,562,068 | ||
5.25% 2/1/24 | 1,170,000 | 1,297,366 | ||
5.25% 8/1/24 | 3,780,000 | 4,201,205 | ||
Series 3, 5.4% 2/1/10 | 300,000 | 300,399 | ||
Series 4, 5.125% 8/1/14 | 70,000 | 70,471 | ||
Series 5, 5.25% 8/1/15 | 75,000 | 76,963 | ||
Series 6: | ||||
5.25% 8/1/19 | 30,000 | 31,408 | ||
5.5% 8/1/30 | 17,580,000 | 17,890,463 | ||
5.625% 8/1/14 | 115,000 | 122,583 | ||
5.625% 8/1/15 | 25,000 | 26,572 | ||
5.625% 8/1/16 | 485,000 | 513,790 | ||
Series 7: | ||||
5.25% 2/1/16 | 4,495,000 | 4,842,643 | ||
5.25% 2/1/17 | 2,795,000 | 2,990,734 | ||
Series 8: | ||||
5% 8/1/17 | 110,000 | 118,034 | ||
5% 8/1/20 | 105,000 | 110,664 | ||
Series 9, 5.25% 8/1/33 | 595,000 | 599,248 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.): | ||||
Series 1993 A, 5.45% 2/1/13 (Escrowed to Maturity) (c) | $ 1,960,000 | $ 2,077,737 | ||
Series 1998 A: | ||||
5.25% 8/1/12 | 565,000 | 569,249 | ||
5.25% 8/1/13 | 330,000 | 331,940 | ||
Series A: | ||||
5% 8/1/15 | 50,000 | 50,007 | ||
5% 8/1/15 (Escrowed to Maturity) (c) | 950,000 | 1,130,339 | ||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | ||||
Series 1992 A, 6.5% 7/15/19 (Escrowed to Maturity) (c) | 21,960,000 | 27,477,670 | ||
Series 1997 D, 5% 8/1/24 | 1,510,000 | 1,521,657 | ||
Series 1998 B: | ||||
5.5% 8/1/15 (FSA Insured) | 1,500,000 | 1,759,275 | ||
5.5% 8/1/16 (FSA Insured) | 1,425,000 | 1,705,725 | ||
Series 2002 B, 5.125% 8/1/27 (MBIA Insured) | 6,960,000 | 7,084,166 | ||
Series 2002 J: | ||||
5% 8/1/42 | 8,160,000 | 7,877,256 | ||
5.5% 8/1/20 | 1,000,000 | 1,179,590 | ||
Series 2005 A: | ||||
5.25% 8/1/21 | 12,645,000 | 13,859,299 | ||
5.25% 8/1/24 | 9,000,000 | 9,530,640 | ||
Series 2007 A: | ||||
5% 8/1/23 (FSA Insured) | 2,000,000 | 2,103,500 | ||
5% 8/1/25 (FSA Insured) | 2,000,000 | 2,071,920 | ||
5% 8/1/26 (FSA Insured) | 2,000,000 | 2,058,380 | ||
5% 8/1/27 (FSA Insured) | 2,000,000 | 2,042,260 | ||
5% 8/1/28 (FSA Insured) | 2,000,000 | 2,031,580 | ||
Monson Gen. Oblig.: | ||||
5.25% 5/15/17 (AMBAC Insured) | 2,120,000 | 2,298,186 | ||
5.25% 5/15/19 (AMBAC Insured) | 2,335,000 | 2,500,855 | ||
5.25% 11/1/21 (AMBAC Insured) | 1,000,000 | 1,055,960 | ||
5.25% 5/15/22 (AMBAC Insured) | 2,985,000 | 3,122,788 | ||
Pioneer Valley Reg'l. School District: | ||||
5.375% 6/15/15 (AMBAC Insured) | 1,235,000 | 1,354,313 | ||
5.375% 6/15/16 (AMBAC Insured) | 1,000,000 | 1,094,910 | ||
Pittsfield Gen. Oblig.: | ||||
5% 4/15/19 (MBIA Insured) | 1,140,000 | 1,209,631 | ||
5.5% 4/15/17 (MBIA Insured) | 1,930,000 | 2,089,206 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Randolph Gen. Oblig.: | ||||
5% 9/1/16 (AMBAC Insured) | $ 1,170,000 | $ 1,268,420 | ||
5% 9/1/18 (AMBAC Insured) | 1,090,000 | 1,157,188 | ||
5% 9/1/19 (AMBAC Insured) | 1,085,000 | 1,137,557 | ||
Reading Gen. Oblig.: | ||||
5% 3/15/20 (MBIA Insured) | 2,100,000 | 2,249,289 | ||
5% 3/15/21 (MBIA Insured) | 2,190,000 | 2,294,419 | ||
Salem Gen. Oblig.: | ||||
5% 1/15/19 (FGIC Insured) | 1,525,000 | 1,627,739 | ||
5% 1/15/20 (FGIC Insured) | 1,350,000 | 1,427,085 | ||
Springfield Gen. Oblig.: | ||||
Series 2005: | ||||
5% 8/1/22 (MBIA Insured) | 3,610,000 | 3,768,443 | ||
5% 8/1/23 (MBIA Insured) | 2,050,000 | 2,134,071 | ||
Series 2007: | ||||
5% 8/1/15 (FSA Insured) | 1,000,000 | 1,132,300 | ||
5% 8/1/16 (FSA Insured) | 8,000,000 | 9,077,840 | ||
5% 8/1/17 (FSA Insured) | 5,000,000 | 5,626,450 | ||
5% 8/1/18 (FSA Insured) | 7,210,000 | 7,995,385 | ||
5.75% 8/1/14 (FSA Insured) | 4,000,000 | 4,652,040 | ||
Springfield Wtr. & Swr. Commission Rev. Series 2008 A: | ||||
5.75% 10/15/26 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,060,150 | ||
5.75% 10/15/27 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,052,280 | ||
5.75% 10/15/28 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,046,820 | ||
Univ. of Massachusetts Bldg. Auth. Facilities Rev.: | ||||
Series 2004 1, 5.375% 11/1/16 (AMBAC Insured) | 1,305,000 | 1,489,462 | ||
Series 2008 2, 5% 5/1/38 (FSA Insured) | 20,605,000 | 20,169,410 | ||
Woods Hole, Martha's Vineyard & Nantucket Steamship Auth. Series 2004 B, 5% 3/1/17 | 3,300,000 | 3,689,235 | ||
Worcester Gen. Oblig.: | ||||
Series 2001 A: | ||||
5.25% 8/15/21 (FGIC Insured) | 1,465,000 | 1,494,139 | ||
5.5% 8/15/13 (FGIC Insured) | 1,285,000 | 1,387,492 | ||
5.5% 8/15/18 (FGIC Insured) | 1,000,000 | 1,047,530 | ||
Series 2001 B, 5.5% 10/1/14 (FGIC Insured) | 1,070,000 | 1,151,170 | ||
| 1,788,479,697 | |||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Puerto Rico - 2.5% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.: | ||||
Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | $ 3,000,000 | $ 2,939,490 | ||
Series 2002 E, 5.5% 7/1/21 (FSA Insured) | 1,700,000 | 1,828,350 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/40 (Escrowed to Maturity) (c) | 10,360,000 | 10,727,055 | ||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | ||||
Series 2004 A: | ||||
5.25% 7/1/18 | 3,500,000 | 3,305,645 | ||
5.25% 7/1/18 (CIFG North America Insured) (FSA Insured) | 2,500,000 | 2,587,250 | ||
Series 2006 A: | ||||
4.555% 7/1/21 (FGIC Insured) (a) | 5,400,000 | 3,942,216 | ||
5.25% 7/1/26 | 3,000,000 | 2,568,540 | ||
5.25% 7/1/30 | 2,060,000 | 1,687,140 | ||
Series 2006 B, 5.25% 7/1/32 | 1,000,000 | 809,690 | ||
Series 2007 A, 5.5% 7/1/21 (FGIC Insured) | 9,000,000 | 8,577,450 | ||
Puerto Rico Govt. Dev. Bank Series 2006 B, 5% 12/1/12 | 3,790,000 | 3,730,156 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (a) | 3,100,000 | 2,836,345 | ||
Puerto Rico Pub. Fin. Corp. Commonwealth Appropriation Series 2004 A, 5.25%, tender 2/1/12 (AMBAC Insured) (a) | 1,015,000 | 976,745 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 | 15,600,000 | 1,535,040 | ||
| 48,051,112 | |||
Virgin Islands - 0.1% | ||||
Virgin Islands Pub. Fin. Auth. Rev. Series 2004 A: | ||||
5% 10/1/11 | 805,000 | 803,559 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Virgin Islands - continued | ||||
Virgin Islands Pub. Fin. Auth. Rev. Series 2004 A: - continued | ||||
5% 10/1/13 | $ 700,000 | $ 687,071 | ||
5.25% 10/1/16 | 750,000 | 727,913 | ||
| 2,218,543 |
TOTAL INVESTMENT PORTFOLIO - 95.6% (Cost $1,899,533,389) | 1,847,046,728 | ||
NET OTHER ASSETS - 4.4% | 85,097,066 | ||
NET ASSETS - 100% | $ 1,932,143,794 |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(c) Security collateralized by an amount sufficient to pay interest and principal. |
(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 $11,360,000 or 0.6% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 | 9/3/92 | $ 10,654,885 |
Other Information |
The following is a summary of the inputs used, as of January 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the tables below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 1,847,046,728 | $ - | $ 1,835,686,728 | $ 11,360,000 |
The following is a reconciliation of assets for which Level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ - |
Total Realized Gain (Loss) | 20,147 |
Total Unrealized Gain (Loss) | (79,473) |
Cost of Purchases | - |
Proceeds of Sales | (455,000) |
Amortization/Accretion | 22,109 |
Transfer in/out of Level 3 | 11,852,217 |
Ending Balance | $ 11,360,000 |
The information used in the above reconciliation represents fiscal year to date activity for any Investment Securities identified as using Level 3 inputs at either the beginning or the end of the current fiscal period. Transfers in or out of Level 3 represents either the beginning value (for transfers in), or the ending value (for transfers out) of any Security or Instrument where a change in the pricing level occurred from the beginning to the end of the period. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: (Unaudited) |
Special Tax | 20.2% |
General Obligations | 19.9% |
Education | 15.3% |
Transportation | 12.8% |
Water & Sewer | 11.9% |
Health Care | 7.0% |
Others* (individually less than 5%) | 12.9% |
| 100.0% |
* Includes net other assets |
Income Tax Information |
At January 31, 2009, the fund had a capital loss carryforward of approximately $5,789,800 all of which will expire on January 31, 2017. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| January 31, 2009 | |
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,899,533,389) |
| $ 1,847,046,728 |
Cash | 71,737,026 | |
Receivable for fund shares sold | 1,714,343 | |
Interest receivable | 25,104,841 | |
Prepaid expenses | 17,355 | |
Other receivables | 23,886 | |
Total assets | 1,945,644,179 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 10,106,952 | |
Payable for fund shares redeemed | 377,637 | |
Distributions payable | 1,833,569 | |
Accrued management fee | 588,271 | |
Other affiliated payables | 539,312 | |
Other payables and accrued expenses | 54,644 | |
Total liabilities | 13,500,385 | |
|
|
|
Net Assets | $ 1,932,143,794 | |
Net Assets consist of: |
| |
Paid in capital | $ 1,993,384,994 | |
Undistributed net investment income | 893,297 | |
Accumulated undistributed net realized gain (loss) on investments | (9,647,836) | |
Net unrealized appreciation (depreciation) on investments | (52,486,661) | |
Net Assets, for 171,749,977 shares outstanding | $ 1,932,143,794 | |
Net Asset Value, offering price and redemption price per share ($1,932,143,794 ÷ 171,749,977 shares) | $ 11.25 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Income Fund
Financial Statements - continued
Statement of Operations
| Year ended January 31, 2009 | |
Investment Income |
|
|
Interest |
| $ 88,164,885 |
|
|
|
Expenses | ||
Management fee | $ 7,154,138 | |
Transfer agent fees | 1,322,532 | |
Accounting fees and expenses | 355,455 | |
Custodian fees and expenses | 28,370 | |
Independent trustees' compensation | 7,816 | |
Registration fees | 18,626 | |
Audit | 62,481 | |
Legal | 9,843 | |
Miscellaneous | 11,277 | |
Total expenses before reductions | 8,970,538 | |
Expense reductions | (414,782) | 8,555,756 |
Net investment income | 79,609,129 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (9,646,190) | |
Change in net unrealized appreciation (depreciation) on investment securities | (100,830,739) | |
Net gain (loss) | (110,476,929) | |
Net increase (decrease) in net assets resulting from operations | $ (30,867,800) |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
| Year ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 79,609,129 | $ 74,793,746 |
Net realized gain (loss) | (9,646,190) | 9,318,837 |
Change in net unrealized appreciation (depreciation) | (100,830,739) | 2,627,942 |
Net increase (decrease) in net assets resulting from operations | (30,867,800) | 86,740,525 |
Distributions to shareholders from net investment income | (79,495,695) | (74,676,954) |
Distributions to shareholders from net realized gain | (2,489,673) | (7,619,691) |
Total distributions | (81,985,368) | (82,296,645) |
Share transactions | 710,370,006 | 406,252,934 |
Reinvestment of distributions | 58,149,574 | 57,559,220 |
Cost of shares redeemed | (657,480,576) | (379,428,447) |
Net increase (decrease) in net assets resulting from share transactions | 111,039,004 | 84,383,707 |
Redemption fees | 51,652 | 17,941 |
Total increase (decrease) in net assets | (1,762,512) | 88,845,528 |
|
|
|
Net Assets | ||
Beginning of period | 1,933,906,306 | 1,845,060,778 |
End of period (including undistributed net investment income of $893,297 and undistributed net investment income of $976,393, respectively) | $ 1,932,143,794 | $ 1,933,906,306 |
Other Information Shares | ||
Sold | 62,720,016 | 34,468,582 |
Issued in reinvestment of distributions | 5,149,082 | 4,882,617 |
Redeemed | (59,060,817) | (32,279,919) |
Net increase (decrease) | 8,808,281 | 7,071,280 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
| |
Net asset value, beginning of period | $ 11.87 | $ 11.84 | $ 11.87 | $ 12.20 | $ 12.30 |
Income from Investment Operations |
|
|
|
|
|
Net investment income B | .464 | .473 | .484 | .497 | .519 |
Net realized and unrealized gain (loss) | (.606) | .077 | - D | (.169) | .051 |
Total from investment operations | (.142) | .550 | .484 | .328 | .570 |
Distributions from net investment income | (.463) | (.472) | (.478) | (.498) | (.521) |
Distributions from net realized gain | (.015) | (.048) | (.036) | (.160) | (.149) |
Total distributions | (.478) | (.520) | (.514) | (.658) | (.670) |
Redemption fees added to paid in capital B, D | - | - | - | - | - |
Net asset value, end of period | $ 11.25 | $ 11.87 | $ 11.84 | $ 11.87 | $ 12.20 |
Total Return A | (1.13)% | 4.77% | 4.17% | 2.76% | 4.80% |
Ratios to Average Net Assets C |
|
|
|
| |
Expenses before reductions | .46% | .46% | .47% | .47% | .47% |
Expenses net of fee waivers, if any | .46% | .46% | .47% | .47% | .47% |
Expenses net of all reductions | .44% | .42% | .44% | .44% | .46% |
Net investment income | 4.09% | 4.01% | 4.09% | 4.11% | 4.27% |
Supplemental Data |
|
|
|
| |
Net assets, end of period (000 omitted) | $ 1,932,144 | $ 1,933,906 | $ 1,845,061 | $ 1,850,085 | $ 1,775,774 |
Portfolio turnover rate | 14% | 18% | 14% | 21% | 22% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
D Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Money Market Fund
Investment Changes/Performance (Unaudited)
Maturity Diversification | |||
Days | % of fund's investments 1/31/09 | % of fund's investments 7/31/08 | % of fund's |
0 - 30 | 87.4 | 86.9 | 86.9 |
31 - 90 | 5.8 | 5.4 | 6.2 |
91 - 180 | 3.5 | 3.1 | 3.5 |
181 - 397 | 3.3 | 4.6 | 3.4 |
Weighted Average Maturity | |||
| 1/31/09 | 7/31/08 | 1/31/08 |
Fidelity Massachusetts Municipal Money Market Fund | 21 Days | 24 Days | 22 Days |
Massachusetts Tax-Free Money Market Funds Average * | 24 Days | 25 Days | 24 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of January 31, 2009 | As of July 31, 2008 | ||||||
![]() | Variable Rate |
| ![]() | Variable Rate |
| ||
![]() | Commercial Paper (including |
| ![]() | Commercial Paper (including |
| ||
![]() | Tender Bonds 0.8% |
| ![]() | Tender Bonds 2.3% |
| ||
![]() | Municipal Notes 6.9% |
| ![]() | Municipal Notes 6.3% |
| ||
![]() | Fidelity Municipal |
| ![]() | Fidelity Municipal |
| ||
![]() | Other Investments 1.0% |
| ![]() | Other Investments 0.7% |
| ||
![]() | Net Other Assets 0.1% |
| ![]() | Net Other Assets 2.8% |
|
Current and Historical Seven-Day Yields
| 2/02/09 | 11/03/08 | 7/28/08 | 4/28/08 | 1/28/08 |
Fidelity Massachusetts Municipal Money Market Fund | 0.10% | 0.82% | 1.65% | 1.98% | 2.63% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money by investing in the fund.
*Source: iMoneyNet, Inc.
Annual Report
Fidelity Massachusetts Municipal Money Market Fund
Investments January 31, 2009
Showing Percentage of Net Assets
Municipal Securities - 99.9% | |||
Principal Amount | Value | ||
Arizona - 0.4% | |||
Phoenix Indl. Dev. Auth. Multi-family Hsg. Rev. (Paradise Lakes Apt. Proj.): | |||
Series 2007 A, 0.48%, LOC Wachovia Bank NA, VRDN (b) | $ 5,675,000 | $ 5,675,000 | |
Series 2007 B, 0.63%, LOC Wachovia Bank NA, VRDN (b)(e) | 13,900,000 | 13,900,000 | |
| 19,575,000 | ||
Colorado - 0.0% | |||
Moffat County Poll. Cont. Rev. (PacifiCorp Proj.) Series 1994, 0.4%, LOC Wells Fargo Bank NA, VRDN (b) | 2,000,000 | 2,000,000 | |
Florida - 0.3% | |||
Indian River County Hosp. District Hosp. Rev. Series 1985, 0.95%, LOC Wachovia Bank NA, VRDN (b) | 15,400,000 | 15,400,000 | |
Georgia - 0.1% | |||
Atlanta Tax Allocation (Westside Proj.) Series 2008, 0.5%, LOC Wachovia Bank NA, VRDN (b) | 5,100,000 | 5,100,000 | |
Illinois - 0.3% | |||
Illinois Fin. Auth. Rev.: | |||
(Chicago Symphony Orchestra Proj.) Series 2008, 0.4%, LOC RBS Citizens NA, VRDN (b) | 8,000,000 | 8,000,000 | |
(Southern Illinois Healthcare Enterprises, Inc. Proj.) Series 2008, 0.65%, LOC Bank of Nova Scotia, New York Agcy., VRDN (b) | 6,580,000 | 6,580,000 | |
Lake County Multi-family Hsg. Rev. (Whispering Oaks Apts. Proj.) Series 2008, 0.45%, LOC Freddie Mac, VRDN (b) | 3,250,000 | 3,250,000 | |
| 17,830,000 | ||
Indiana - 0.1% | |||
Indiana Dev. Fin. Auth. Envir. Rev. (Duke Energy Indiana, Inc. Proj.) Series 2009 A2, 0.65%, LOC Bank of America NA, VRDN (b)(e) | 3,250,000 | 3,250,000 | |
Kentucky - 0.5% | |||
Kenton County Arpt. Board Spl. Facilities Rev. Series A, 4%, VRDN (b)(e) | 21,200,000 | 21,200,000 | |
Minor Lane Heights Solid Waste Disp. Rev. (Waste Mgmt. of Kentucky, LLC Proj. D) Series 2003, 0.67%, LOC Wachovia Bank NA, VRDN (b)(e) | 5,000,000 | 5,000,000 | |
| 26,200,000 | ||
Massachusetts - 87.1% | |||
Billerica Gen. Oblig. BAN 3.5% 11/5/09 | 9,262,000 | 9,358,367 | |
Boston Indl. Dev. Rev. (New Boston Seafood Ctr., Inc. Proj.) Series 1997, 0.6%, LOC Bank of America NA, VRDN (b)(e) | 3,070,000 | 3,070,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Boston Wtr. & Swr. Commission Rev.: | |||
Participating VRDN Series SG 75, 0.64% (Liquidity Facility Societe Generale) (b)(f) | $ 2,000,000 | $ 2,000,000 | |
Series A, 0.9% 2/4/09, LOC Bank of America NA, CP | 1,200,000 | 1,200,000 | |
Bourne Gen. Oblig. BAN 1.5% 9/29/09 | 9,953,915 | 10,013,244 | |
Braintree Gen. Oblig. BAN 2.5% 8/14/09 | 39,515,000 | 39,702,048 | |
Brockton Gen. Oblig. BAN 2.75% 5/15/09 | 9,000,000 | 9,019,406 | |
Canton Hsg. Auth. Multi-family Hsg. Mtg. Rev. (Canton Arboretum Apt. Proj.) Series 1999, 0.35%, LOC Fannie Mae, VRDN (b)(e) | 7,665,000 | 7,665,000 | |
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 05 36, 0.53% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 11,835,000 | 11,835,000 | |
Danvers Gen. Oblig. BAN 2.5% 7/10/09 | 7,430,000 | 7,472,573 | |
Easton Gen. Oblig. BAN 2.5% 4/24/09 | 7,465,000 | 7,480,673 | |
Eclipse Fdg. Trust Various States Participating VRDN Series Solar 06 108, 0.51% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(f) | 14,530,000 | 14,530,000 | |
Falmouth Gen. Oblig. BAN: | |||
2.5% 3/13/09 | 20,206,131 | 20,213,481 | |
3.5% 7/17/09 | 10,426,000 | 10,449,241 | |
Franklin Gen. Oblig. BAN 2.25% 3/25/09 | 11,100,000 | 11,108,698 | |
Haverhill Gen. Oblig. BAN: | |||
2.5% 3/27/09 | 5,000,000 | 5,004,569 | |
3% 11/6/09 | 9,971,170 | 10,008,181 | |
Hingham Gen. Oblig. BAN: | |||
Series 2008 B, 2.5% 11/25/09 | 14,700,000 | 14,866,742 | |
2.5% 12/23/09 | 6,700,000 | 6,773,617 | |
Lexington Gen. Oblig. BAN 2.25% 2/24/09 | 3,419,610 | 3,420,560 | |
Lynnfield Gen. Oblig. BAN 2.5% 2/27/09 | 7,650,000 | 7,652,659 | |
Malden Gen. Oblig. BAN 3.75% 10/23/09 | 10,400,000 | 10,447,369 | |
Marblehead Gen. Oblig. BAN 2.75% 8/14/09 | 19,457,000 | 19,573,963 | |
Massachusetts Participating VRDN: | |||
Series Clipper 06 11, 0.56% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 63,900,000 | 63,900,000 | |
Series Clipper 07 18, 0.63% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 98,675,000 | 98,675,000 | |
Massachusetts Bay Trans. Auth. Assessment Rev. Participating VRDN Series ROC II R 9304, 0.7% (Liquidity Facility Citigroup, Inc.) (b)(f) | 4,760,000 | 4,760,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Bay Trans. Auth. Sales Tax Rev.: | |||
Participating VRDN: | |||
Series DCL 08 26, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | $ 15,955,000 | $ 15,955,000 | |
Series DCL 08 28, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 16,600,000 | 16,600,000 | |
Series DCL 08 29, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 21,175,000 | 21,175,000 | |
Series PT 4140, 0.54% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(f) | 28,010,000 | 28,010,000 | |
Series ROC II R 11492, 0.5% (Liquidity Facility Citibank NA) (b)(f) | 2,940,000 | 2,940,000 | |
Series 2008 A1, 0.4% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 61,850,000 | 61,850,000 | |
Series 2008 A2, 0.3% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 27,865,000 | 27,865,000 | |
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2005, 0.75% tender 2/4/09, CP mode (e) | 2,500,000 | 2,500,000 | |
Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.: | |||
(Charm Sciences, Inc. Proj.) Series 1999 A, 0.47%, LOC Bank of America NA, VRDN (b)(e) | 2,700,000 | 2,700,000 | |
(Monkiewicz Realty Trust Proj.) 0.65%, LOC Bank of America NA, VRDN (b)(e) | 4,330,000 | 4,330,000 | |
Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Archstone Reading Apts. Proj.) Series 2004 A, 0.59%, LOC Freddie Mac, VRDN (b)(e) | 24,840,000 | 24,840,000 | |
(Avalon Acton Apts. Proj.) Series 2006, 0.6%, LOC Fannie Mae, VRDN (b)(e) | 33,000,000 | 33,000,000 | |
(Casco Crossing Proj.) 0.75%, LOC Fannie Mae, VRDN (b)(e) | 10,535,000 | 10,535,000 | |
(Georgetown Village Apts. Proj.) Series 2003 A, 0.75%, LOC Fannie Mae, VRDN (b)(e) | 15,600,000 | 15,600,000 | |
(Salem Heights Apts. Proj.) Series 2003 A, 0.5%, LOC Fed. Home Ln. Bank of Boston, VRDN (b)(e) | 16,200,000 | 16,200,000 | |
Series A, 0.45%, LOC Bayerische Landesbank, VRDN (b)(e) | 40,000,000 | 40,000,000 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
Bonds: | |||
(Boston Univ. Proj.) Series U4, 2%, tender 6/18/09 (b) | 21,300,000 | 21,300,000 | |
(Phillips Academy Proj.) Series 2008, 4% 9/1/09 | 1,115,000 | 1,133,086 | |
Participating VRDN Series BA 08 1129, 0.43% (Liquidity Facility Bank of America NA) (b)(f) | 5,000,000 | 5,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Dev. Fin. Agcy. Rev.: - continued | |||
(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 0.5%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | $ 6,230,000 | $ 6,230,000 | |
(Babson College Proj.) Series 2008 A, 0.33%, LOC RBS Citizens NA, VRDN (b) | 10,375,000 | 10,375,000 | |
(Boston Univ. Proj.): | |||
Series U1, 0.2%, LOC Bank of Nova Scotia, New York Agcy., VRDN (b) | 20,000,000 | 20,000,000 | |
Series U2, 0.2%, LOC BNP Paribas SA, VRDN (b) | 18,300,000 | 18,300,000 | |
Series U3, 0.2%, LOC BNP Paribas SA, VRDN (b) | 22,220,000 | 22,220,000 | |
Series U5A, 0.4%, LOC RBS Citizens NA, VRDN (b) | 17,530,000 | 17,530,000 | |
Series U5B, 0.43%, LOC RBS Citizens NA, VRDN (b) | 23,300,000 | 23,300,000 | |
Series U6E, 0.35%, LOC Bank of Nova Scotia, New York Agcy., VRDN (b) | 12,695,000 | 12,695,000 | |
(Brandeis Univ. Proj.) Series M, 0.4%, LOC Bank of America NA, VRDN (b) | 51,870,000 | 51,870,000 | |
(Brooks School Proj.) Series 2008, 0.68%, LOC RBS Citizens NA, VRDN (b) | 6,500,000 | 6,500,000 | |
(Carleton-Willard Village Proj.) Series 2000, 0.35%, LOC Bank of America NA, VRDN (b) | 16,420,000 | 16,420,000 | |
(Clark Univ. Proj.) 0.58%, LOC TD Banknorth, N.A., VRDN (b) | 870,000 | 870,000 | |
(College of the Holy Cross Proj.) Series 2008 A, 0.25%, LOC Bank of America NA, VRDN (b) | 8,015,000 | 8,015,000 | |
(Ed. Lawrence Academy Proj.) Series 2003 A, 0.4%, LOC Bank of America NA, VRDN (b) | 1,060,000 | 1,060,000 | |
(Edgewood Retirement Cmnty. Proj.): | |||
Series 2000 A, 0.95%, LOC Bank of America NA, VRDN (b) | 10,175,000 | 10,175,000 | |
Series 2008, 0.95%, LOC Bank of America NA, VRDN (b) | 13,200,000 | 13,200,000 | |
(Fay School Proj.) 0.53%, LOC TD Banknorth, N.A., VRDN (b) | 5,450,000 | 5,450,000 | |
(Fifteen-O-Five West Housatonic LLC Proj.) Series 2007, 0.6%, LOC HSBC Bank USA, NA, VRDN (b)(e) | 2,970,000 | 2,970,000 | |
(Institute of Contemporary Art Proj.) Series 2004 A, 0.4%, LOC Bank of America NA, VRDN (b) | 8,470,000 | 8,470,000 | |
(Judge Rotenburg Ctr. Proj.) 0.4%, LOC Bank of America NA, VRDN (b) | 4,055,000 | 4,055,000 | |
(Mary Ann Morse Healthcare Proj.) Series 2007, 0.43%, LOC JPMorgan Chase Bank, VRDN (b) | 13,890,000 | 13,890,000 | |
(Masonic Nursing Home, Inc. Proj.) Series 2002, 0.45%, LOC RBS Citizens NA, VRDN (b) | 2,195,000 | 2,195,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Dev. Fin. Agcy. Rev.: - continued | |||
(Olin College Proj.): | |||
Series 2008 C2, 0.4%, LOC RBS Citizens NA, VRDN (b) | $ 400,000 | $ 400,000 | |
Series 2008 C3, 0.25%, LOC RBS Citizens NA, VRDN (b) | 39,960,000 | 39,960,000 | |
(Simmons College Proj.) Series G, 0.35%, LOC TD Banknorth, N.A., VRDN (b) | 15,435,000 | 15,435,000 | |
(Smith College Proj.) Series 2002, 0.15%, VRDN (b) | 12,582,000 | 12,582,000 | |
(Wilber School Apts. Proj.) Series 2008 A, 0.47%, LOC Bank of America NA, VRDN (b) | 8,100,000 | 8,100,000 | |
(Worcester Polytechnic Institute Proj.) Series A, 0.4%, LOC TD Banknorth, N.A., VRDN (b) | 9,735,000 | 9,735,000 | |
Series 2001, 0.4% 4/1/09, LOC JPMorgan Chase Bank, CP | 10,363,000 | 10,363,000 | |
0.75% 2/2/09, LOC Bank of America NA, CP | 6,250,000 | 6,250,000 | |
Massachusetts Dev. Fin. Agcy. Sr. Living Facility Rev. (New England Deaconess Assoc. Proj.) Series 2004, 0.35%, LOC Lloyds TSB Bank PLC, VRDN (b) | 3,100,000 | 3,100,000 | |
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN Series ROC II R 11648, 0.88% (Liquidity Facility Citibank NA) (b)(e)(f) | 6,360,000 | 6,360,000 | |
Massachusetts Fed. Hwy. Bonds Series 2000 A, 5.75% 6/15/09 | 1,000,000 | 1,012,306 | |
Massachusetts Gen. Oblig.: | |||
Bonds: | |||
Series 2001 A, 5.5% 1/1/10 | 3,000,000 | 3,120,058 | |
Series 2001 C, 5% 12/1/09 | 2,000,000 | 2,066,729 | |
Series 2002 A, 5.5% 2/1/09 | 3,000,000 | 3,000,000 | |
Series 2008 A, 3% 9/1/09 | 9,900,000 | 10,009,437 | |
Series Solar 07 77, 0.5%, tender 2/6/09 (Liquidity Facility U.S. Bank NA, Minnesota) (b)(f) | 15,760,000 | 15,760,000 | |
Participating VRDN: | |||
Series BA 01 O, 0.93% (Liquidity Facility Bank of America NA) (b)(f) | 2,785,000 | 2,785,000 | |
Series BA 02 C, 0.93% (Liquidity Facility Bank of America NA) (b)(f) | 3,490,000 | 3,490,000 | |
Series Clipper 07 06, 0.63% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 53,850,000 | 53,850,000 | |
Series DCL 08 22, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 33,265,000 | 33,265,000 | |
Series EGL 07 0124, 0.87% (Liquidity Facility Citibank NA) (b)(f) | 12,235,000 | 12,235,000 | |
Series EGL 07 0149, 0.87% (Liquidity Facility Citibank NA) (b)(f) | 19,000,000 | 19,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Gen. Oblig.: - continued | |||
Participating VRDN: | |||
Series MS 06 1496, 0.53% (Liquidity Facility Rabobank Nederland) (b)(f)(g) | $ 5,620,000 | $ 5,620,000 | |
Series MS 1186, 0.53% (Liquidity Facility Rabobank Nederland) (b)(f)(g) | 16,120,000 | 16,120,000 | |
Series PT 3989, 0.55% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(f) | 21,890,000 | 21,890,000 | |
Series Putters 2022, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 22,040,000 | 22,040,000 | |
Series Putters 2648, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 1,850,000 | 1,850,000 | |
Series Putters 300, 0.44% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 23,885,000 | 23,885,000 | |
Series Putters 301, 0.44% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 3,980,000 | 3,980,000 | |
Series Putters 317, 0.44% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 12,805,000 | 12,805,000 | |
Series Putters 571, 0.93% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 4,110,000 | 4,110,000 | |
(Central Artery Proj.) Series 2000 A, 0.5% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b) | 85,965,000 | 85,965,000 | |
BAN Series 2008 A, 3% 3/5/09 | 51,800,000 | 51,900,519 | |
Series 1997 B, 0.3% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b) | 164,620,000 | 164,620,000 | |
Series 1998 A, 0.25% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 150,055,000 | 150,055,000 | |
Series 1999 D, 0.72% 2/6/09 (Liquidity Facility Bayerische Landesbank Girozentrale), CP | 54,200,000 | 54,200,000 | |
Series 2000 F: | |||
1.05% 2/6/09 (Liquidity Facility JPMorgan Chase Bank), CP | 17,250,000 | 17,250,000 | |
1.05% 2/12/09 (Liquidity Facility JPMorgan Chase Bank), CP | 18,600,000 | 18,600,000 | |
Series 2001 B, 0.35% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b) | 73,320,000 | 73,320,000 | |
Series 2001 C, 1% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) | 40,950,000 | 40,950,000 | |
Series 2001 G: | |||
0.64% 6/12/09 (Liquidity Facility BNP Paribas SA), CP | 4,000,000 | 4,000,000 | |
1% 3/12/09 (Liquidity Facility BNP Paribas SA), CP | 14,100,000 | 14,100,000 | |
Series 2005 A, 0.45% (Liquidity Facility Citibank NA), VRDN (b) | 57,325,000 | 57,325,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Gen. Oblig.: - continued | |||
Series 2006 A, 2% (Liquidity Facility Dexia Cr. Local de France), VRDN (b) | $ 1,700,000 | $ 1,700,000 | |
Series 2006 B, 0.5% (Liquidity Facility Bank of America NA), VRDN (b) | 2,700,000 | 2,700,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
(Tufts Univ. Proj.) Series 2008 O, 3.5% 8/15/09 | 2,000,000 | 2,021,202 | |
(Williams College Proj.) Series 2006 M, 1.55%, tender 4/10/09 (b) | 22,300,000 | 22,300,000 | |
Participating VRDN: | |||
Series BA 02 D, 0.48% (Liquidity Facility Bank of America NA) (b)(f) | 10,505,000 | 10,505,000 | |
Series BA 08 1056, 0.43% (Liquidity Facility Bank of America NA) (b)(f) | 5,185,000 | 5,185,000 | |
Series BBT 08 54, 0.45% (Liquidity Facility Branch Banking & Trust Co.) (b)(f) | 12,650,000 | 12,650,000 | |
Series Clipper 07 08, 0.56% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) | 11,250,000 | 11,250,000 | |
Series PT 4633, 0.5% (Liquidity Facility Deutsche Postbank AG) (b)(f) | 24,500,000 | 24,500,000 | |
Series Putters 2974, 1.03% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 9,720,000 | 9,720,000 | |
Series Putters 3104, 0.46% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,550,000 | 3,550,000 | |
Series ROC II R 10244, 0.69% (Liquidity Facility Citigroup, Inc.) (b)(f) | 5,700,000 | 5,700,000 | |
Series SGB 42, 0.53% (Liquidity Facility Societe Generale) (b)(f) | 27,080,000 | 27,080,000 | |
(Amherst College Proj.): | |||
Series 1996 F, 0.25%, VRDN (b) | 11,000,000 | 11,000,000 | |
Series 2005 I, 0.25%, VRDN (b) | 8,790,000 | 8,790,000 | |
Series 2005 J1, 0.25%, VRDN (b) | 7,305,000 | 7,305,000 | |
(Bentley College Proj.) Series K, 0.35%, LOC JPMorgan Chase Bank, VRDN (b) | 7,700,000 | 7,700,000 | |
(Dana-Farber Cancer Institute Proj.): | |||
Series 2008 L1, 0.22%, LOC JPMorgan Chase Bank, VRDN (b) | 42,150,000 | 42,150,000 | |
Series 2008 L2, 0.25%, LOC Bank of America NA, VRDN (b) | 56,500,000 | 56,500,000 | |
(Endicott College Proj.): | |||
Series 2004 D, 0.4%, LOC Bank of America NA, VRDN (b) | 21,590,000 | 21,590,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | |||
(Endicott College Proj.): | |||
Series 2007 E, 0.4%, LOC Bank of America NA, VRDN (b) | $ 12,550,000 | $ 12,550,000 | |
(Hallmark Health Sys. Proj.) Series 2008 C, 0.35%, LOC Bank of America NA, VRDN (b) | 7,000,000 | 7,000,000 | |
(Harvard Univ. Proj.) Series BB 0.2%, VRDN (b) | 47,005,000 | 47,005,000 | |
(Henry Heywood Memorial Hosp. Proj.) Series 2008 C, 0.7%, LOC TD Banknorth, NA, VRDN (b) | 6,715,000 | 6,715,000 | |
(Massachusetts Institute of Technology Proj.): | |||
Series 2001 J1, 0.2%, VRDN (b) | 69,280,000 | 69,280,000 | |
Series 2001 J2, 0.15%, VRDN (b) | 62,000,000 | 62,000,000 | |
(Mount Ida College Proj.) Series 2007 A, 0.4%, LOC Bank of America NA, VRDN (b) | 1,000,000 | 1,000,000 | |
(New England Aquarium Corp. Proj.) Series 2007 A, 0.4%, LOC JPMorgan Chase Bank, VRDN (b) | 21,215,000 | 21,215,000 | |
(Northeast Hosp. Corp. Proj.): | |||
Series 2004 G, 0.4%, LOC JPMorgan Chase Bank, VRDN (b) | 39,000,000 | 39,000,000 | |
Series 2006 H, 0.4%, LOC Bank of America NA, VRDN (b) | 22,650,000 | 22,650,000 | |
(Northeastern Univ. Proj.): | |||
Series 2008 Q, 0.25%, LOC Bank of America NA, VRDN (b) | 40,350,000 | 40,350,000 | |
Series 2008 U, 0.4%, LOC JPMorgan Chase Bank, VRDN (b) | 1,600,000 | 1,600,000 | |
(Partners HealthCare Sys., Inc. Proj.): | |||
Series 2008 D1, 0.4%, VRDN (b) | 10,100,000 | 10,100,000 | |
Series D2, 0.2%, VRDN (b) | 28,000,000 | 28,000,000 | |
(Pool Ln. Prog.): | |||
Series 2006 M3C, 0.45%, LOC RBS Citizens NA, VRDN (b) | 2,260,000 | 2,260,000 | |
Series 2007 M3D, 0.45%, LOC RBS Citizens NA, VRDN (b) | 5,100,000 | 5,100,000 | |
(South Shore Hosp. Proj.) Series 2008 G, 0.58% (Assured Guaranty Corp. Insured), VRDN (b) | 21,100,000 | 21,100,000 | |
(Southcoast Health Sys. Obligated Group Proj.) Series 2008 C, 0.25%, LOC Bank of America NA, VRDN (b) | 4,600,000 | 4,600,000 | |
(Stonehill College Proj.) Series 2008 K, 0.25%, LOC Bank of America NA, VRDN (b) | 15,200,000 | 15,200,000 | |
(Suffolk Univ. Proj.) Series 2008 A, 0.58%, LOC TD Banknorth, NA, VRDN (b) | 9,000,000 | 9,000,000 | |
(Wellesley College Proj.): | |||
Series 2008 I, 0.4%, VRDN (b) | 3,000,000 | 3,000,000 | |
Series B, 0.2%, VRDN (b) | 1,200,000 | 1,200,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | |||
(Winchester Hosp. Proj.): | |||
Series 2004 F, 0.5%, LOC Bank of America NA, VRDN (b) | $ 15,170,000 | $ 15,170,000 | |
Series 2004 G, 0.5%, LOC Bank of America NA, VRDN (b) | 4,085,000 | 4,085,000 | |
Series 2008 H1: | |||
1.05% 6/5/09, CP | 2,660,000 | 2,660,000 | |
1.57% 3/4/09, CP | 4,500,000 | 4,500,000 | |
1.57% 3/5/09, CP | 12,500,000 | 12,500,000 | |
Series 2008 H2: | |||
0.3% 2/4/09, CP | 9,580,000 | 9,580,000 | |
1.7% 2/3/09, CP | 15,000,000 | 15,000,000 | |
0.45% 6/1/09, CP | 24,725,000 | 24,725,000 | |
Massachusetts Hsg. Fin. Agcy. Hsg. Rev.: | |||
Participating VRDN Series ROC II R 11451, 0.57% (Liquidity Facility Citibank NA) (b)(e)(f) | 3,945,000 | 3,945,000 | |
Series 2004 A, 0.45%, LOC Lloyds TSB Bank PLC, VRDN (b)(e) | 16,000,000 | 16,000,000 | |
Series 2008 A, 0.45%, LOC Lloyds TSB Bank PLC, VRDN (b)(e) | 12,000,000 | 12,000,000 | |
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. (Princeton Crossing LP Proj.) Series 1996 A, 0.45%, LOC Fannie Mae, VRDN (b)(e) | 20,900,000 | 20,900,000 | |
Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev.: | |||
(346 Univ. LLC Proj.) Series 1996, 0.47%, LOC Bank of America NA, VRDN (b)(e) | 1,600,000 | 1,600,000 | |
(BBB Esq. LLC Proj.) Series 1996, 0.47%, LOC Bank of America NA, VRDN (b)(e) | 1,100,000 | 1,100,000 | |
(Boutwell Owens & Co., Inc. Proj.) Series 1998, 0.65%, LOC Wells Fargo Bank NA, VRDN (b)(e) | 810,000 | 810,000 | |
(Brady Enterprises Proj.) Series 1996, 0.65%, LOC Bank of America NA, VRDN (b)(e) | 1,650,000 | 1,650,000 | |
(Decas Cranberry Proj.) Series 1997, 0.65%, LOC Bank of America NA, VRDN (b)(e) | 3,375,000 | 3,375,000 | |
(Interpolymer Corp. Proj.) Series 1992, 0.47%, LOC Bank of America NA, VRDN (b)(e) | 1,000,000 | 1,000,000 | |
(Riverdale Mills Corp. Proj.) Series 1995, 0.47%, LOC Bank of America NA, VRDN (b)(e) | 1,100,000 | 1,100,000 | |
(United Plastics Proj.) Series 1997, 0.65%, LOC Wells Fargo Bank NA, VRDN (b)(e) | 2,085,000 | 2,085,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1992: | |||
0.7% tender 2/4/09, CP mode | $ 2,500,000 | $ 2,500,000 | |
0.7% tender 2/6/09, CP mode | 4,100,000 | 4,100,000 | |
Series 1993 A, 0.7% tender 2/6/09, CP mode | 9,300,000 | 9,300,000 | |
Series 1993 B, 1.45% tender 2/2/09, CP mode | 8,500,000 | 8,500,000 | |
Massachusetts Indl. Fin. Agcy. Rev. Bonds (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/09 | 20,300,000 | 20,091,590 | |
Massachusetts Port Auth. Rev.: | |||
Series 2003 B, 1.05% 3/10/09, LOC Bank of New York, New York, CP (e) | 59,000,000 | 59,000,000 | |
Series 2008 B, 0.63%, LOC Bank of America NA, VRDN (b)(e) | 92,500,000 | 92,500,000 | |
Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt Proj.) Series 2001 A, 0.45%, LOC Royal Bank of Scotland PLC, VRDN (b)(e) | 37,100,000 | 37,100,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Participating VRDN: | |||
Series BA 08 1082, 0.93% (Liquidity Facility Bank of America NA) (b)(f) | 10,250,000 | 10,250,000 | |
Series BA 08 3307, 1.03% (Liquidity Facility Bank of America NA) (b)(f) | 5,000,000 | 5,000,000 | |
Series EGL 07 0031, 0.91% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 47,600,000 | 47,600,000 | |
Series EGL 07 0032, 0.91% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 69,300,000 | 69,300,000 | |
Series EGL 07 0067, 0.91% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 41,660,000 | 41,660,000 | |
Series EGL 07 0092, 0.86% (Liquidity Facility Citibank NA) (b)(f) | 43,095,000 | 43,095,000 | |
Series Putters 1052Z, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,850,000 | 8,850,000 | |
Series Putters 1185, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 10,120,000 | 10,120,000 | |
Series Putters 2479Z, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 3,180,000 | 3,180,000 | |
Series Putters 2735, 0.93% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 3,990,000 | 3,990,000 | |
Series Putters 2857, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 8,180,000 | 8,180,000 | |
Series ROC II R 12179, 1.13% (Liquidity Facility Citigroup, Inc.) (b)(f) | 8,800,000 | 8,800,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: - continued | |||
Participating VRDN: | |||
Series ROC II R 12187, 1.07% (Liquidity Facility Citigroup, Inc.) (b)(f) | $ 6,435,000 | $ 6,435,000 | |
Series Solar 05 03, 0.45% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(f) | 45,605,000 | 45,605,000 | |
Series A: | |||
0.45% 7/8/09, LOC Bank of Nova Scotia, New York Agcy., CP | 18,100,000 | 18,100,000 | |
0.75% 3/4/09, LOC Bank of Nova Scotia, New York Agcy., CP | 12,700,000 | 12,700,000 | |
0.77% 3/11/09, LOC Bank of Nova Scotia, New York Agcy., CP | 17,050,000 | 17,050,000 | |
0.97% 3/5/09, LOC Bank of Nova Scotia, New York Agcy., CP | 33,800,000 | 33,800,000 | |
Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 0.65% tender 2/5/09, CP mode (e) | 12,300,000 | 12,300,000 | |
Massachusetts Wtr. Poll. Abatement Trust: | |||
Bonds (Pool Prog.) Series 9, 5% 8/1/09 | 3,000,000 | 3,050,733 | |
Participating VRDN: | |||
Series BA 08 1089, 0.43% (Liquidity Facility Bank of America NA) (b)(f) | 5,000,000 | 5,000,000 | |
Series BBT 08 40, 0.45% (Liquidity Facility Branch Banking & Trust Co.) (b)(f) | 7,375,000 | 7,375,000 | |
Series Putters 3159, 0.44% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | 15,320,000 | 15,320,000 | |
Series Putters 577, 0.44% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 7,975,000 | 7,975,000 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | |||
Participating VRDN: | |||
Series DCL 07 001, 1.25% (Liquidity Facility Dexia Cr. Local de France) (b)(f) | 25,250,000 | 25,250,000 | |
Series EGL 06 0054, 0.88% (Liquidity Facility Citibank NA) (b)(f) | 7,300,000 | 7,300,000 | |
Series EGL 06 0097, 0.92% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(f) | 11,645,000 | 11,645,000 | |
Series EGL 7050011 Class A, 0.68% (Liquidity Facility Citibank NA) (b)(f) | 10,990,000 | 10,990,000 | |
Series MS 2935, 0.68% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(f) | 19,970,000 | 19,970,000 | |
Series Putters 2794, 0.93% (Liquidity Facility JPMorgan Chase & Co.) (b)(f) | 6,190,000 | 6,190,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued | |||
Participating VRDN: | |||
Series Putters 2848, 0.93% (Liquidity Facility JPMorgan Chase Bank) (b)(f) | $ 7,835,000 | $ 7,835,000 | |
Series ROC II R 10280, 0.92% (Liquidity Facility Citigroup, Inc.) (b)(f) | 21,760,000 | 21,760,000 | |
Series Solar 06 86, 0.44% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(f) | 6,725,000 | 6,725,000 | |
Series 1995: | |||
0.17% 2/2/09, LOC Bayerische Landesbank Girozentrale, CP | 20,000,000 | 20,000,000 | |
0.3% 2/10/09, LOC Bayerische Landesbank Girozentrale, CP | 10,000,000 | 10,000,000 | |
0.59% 3/6/09, LOC Bayerische Landesbank Girozentrale, CP | 15,000,000 | 15,000,000 | |
0.75% 2/6/09, LOC Bayerische Landesbank Girozentrale, CP | 1,400,000 | 1,400,000 | |
0.8% 2/11/09, LOC Bayerische Landesbank Girozentrale, CP | 15,200,000 | 15,200,000 | |
Series 1999 B, 0.4%, LOC Landesbank Hessen-Thuringen, VRDN (b) | 45,935,000 | 45,935,000 | |
Series 2002 C, 0.25%, LOC Landesbank Hessen-Thuringen, VRDN (b) | 18,265,000 | 18,265,000 | |
Series 2002 D, 0.25%, LOC Landesbank Baden-Wuert, VRDN (b) | 53,905,000 | 53,905,000 | |
Series 2008 B, 0.4% (Liquidity Facility Bank of America NA), VRDN (b) | 90,295,000 | 90,295,000 | |
Series 2008 C, 0.3% (Liquidity Facility Bayerische Landesbank), VRDN (b) | 101,685,000 | 101,684,999 | |
Series 2008 D, 0.3% (Liquidity Facility Bayerische Landesbank), VRDN (b) | 50,015,000 | 50,015,000 | |
Series 2008 E, 0.2% (Liquidity Facility JPMorgan Chase Bank), VRDN (b) | 83,070,000 | 83,070,000 | |
Series 2008 F, 0.2% (Liquidity Facility Bank of Nova Scotia, New York Agcy.), VRDN (b) | 49,000,000 | 49,000,000 | |
Melrose Gen. Oblig. BAN 2.75% 5/20/09 | 5,785,000 | 5,803,285 | |
Needham Gen. Oblig. BAN 2.5% 6/1/09 | 5,044,500 | 5,057,195 | |
Northborough Gen. Oblig. BAN 2.5% 5/1/09 | 10,665,072 | 10,685,516 | |
Plymouth Gen. Oblig. BAN 2.75% 5/15/09 | 23,923,966 | 23,984,254 | |
Shrewsbury Gen. Oblig. BAN 2.5% 11/20/09 | 6,100,000 | 6,156,812 | |
Stoughton Gen. Oblig. BAN 2.5% 6/26/09 | 5,276,030 | 5,291,875 | |
Swampscott Gen. Oblig. BAN 4% 10/16/09 | 7,717,000 | 7,764,381 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.3%, LOC Lloyds TSB Bank PLC, VRDN (b) | $ 126,090,000 | $ 126,090,000 | |
Univ. of Massachusetts Bldg. Auth. Rev. Series 2008 3, 0.45%, LOC Bank of America NA, VRDN (b) | 49,675,000 | 49,675,000 | |
Winchester Gen. Oblig. BAN 1.5% 7/9/09 (a) | 12,500,000 | 12,548,250 | |
Woods Hole, Martha's Vineyard & Nantucket Steamship Auth. BAN 3.75% 7/30/09 | 5,000,000 | 5,039,916 | |
| 4,638,952,534 | ||
Mississippi - 0.0% | |||
Jackson County Poll Cont. Rev. (Chevron U.S.A., Inc. Proj.) Series 1993 0.6%, VRDN (b) | 1,500,000 | 1,500,000 | |
Missouri - 0.1% | |||
Missouri Higher Ed. Ln. Auth. Student Ln. Rev. Series 2008 A2, 0.7%, LOC Bank of America NA, VRDN (b)(e) | 7,600,000 | 7,600,000 | |
Nebraska - 0.2% | |||
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
Series 2007 B, 0.65% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 6,715,000 | 6,715,000 | |
Series 2007 J, 0.65% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (b)(e) | 6,050,000 | 6,050,000 | |
| 12,765,000 | ||
New Hampshire - 0.3% | |||
New Hampshire Hsg. Fin. Auth. Multi-family Rev. (Pheasant Run Proj.) 0.6%, LOC Fannie Mae, VRDN (b)(e) | 16,300,000 | 16,300,000 | |
North Carolina - 0.4% | |||
North Carolina State Ed. Assistance Auth. Student Ln. Rev. Series 2008 3A2, 0.7%, LOC Bank of America NA, VRDN (b)(e) | 7,100,000 | 7,100,000 | |
North Carolina State Univ. at Raleigh Rev. Series 2003 B, 0.45% (Liquidity Facility Bayerische Landesbank Girozentrale), VRDN (b) | 4,600,000 | 4,600,000 | |
Wake County Gen. Oblig. Series 2003 C, 0.42% (Liquidity Facility Lloyds TSB Bank PLC), VRDN (b) | 7,600,000 | 7,600,000 | |
| 19,300,000 | ||
North Dakota - 0.1% | |||
Cass County Health Care Facilities Rev. (Essentia Health Obligated Group Proj.) Series 2008 A2, 0.55% (Assured Guaranty Corp. Insured), VRDN (b) | 6,550,000 | 6,550,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Ohio - 0.4% | |||
Cleveland Arpt. Sys. Rev. Series 2008 B, 0.6%, LOC Wachovia Bank NA, VRDN (b)(e) | $ 5,400,000 | $ 5,400,000 | |
Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 3.65%, VRDN (b)(e) | 17,400,000 | 17,400,000 | |
| 22,800,000 | ||
Puerto Rico - 0.9% | |||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | |||
Series 2007 A6, 0.52%, LOC UBS AG, VRDN (b) | 17,780,000 | 17,780,000 | |
TRAN: | |||
Series 2009 A1, 3% 7/30/09, LOC Bank of Nova Scotia, New York Agcy. | 13,600,000 | 13,689,602 | |
Series 2009 A2, 3% 7/30/09, LOC BNP Paribas SA | 7,500,000 | 7,549,413 | |
Series 2009 A3, 3% 7/30/09, LOC Banco Bilbao Vizcaya Argentaria SA | 6,800,000 | 6,844,801 | |
| 45,863,816 | ||
South Carolina - 0.4% | |||
Greenville Hosp. Sys. Facilities Rev. Series 2008 E, 0.5%, LOC Wachovia Bank NA, VRDN (b) | 6,400,000 | 6,400,000 | |
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev. (ACI Industries LLC Proj.) 0.65%, LOC Wachovia Bank NA, VRDN (b)(e) | 7,000,000 | 7,000,000 | |
South Carolina Jobs-Econ. Dev. Auth. Indl. Rev. (South Carolina Elec. & Gas Co. Proj.) Series 2008, 0.65%, LOC Branch Banking & Trust Co., VRDN (b)(e) | 7,000,000 | 7,000,000 | |
| 20,400,000 | ||
Tennessee - 0.1% | |||
Memphis-Shelby County Arpt. Auth. Arpt. Rev. Bonds Series 2001 A, 5.5% 3/1/09 (e) | 6,975,000 | 6,992,948 | |
Virginia - 0.3% | |||
Fairfax County Econ. Dev. Rev. Exempt Facilities Rev. (Hilltop Sand & Gravel, Inc. Proj.) Series 2000, 0.65%, LOC Wachovia Bank NA, VRDN (b)(e) | 2,000,000 | 2,000,000 | |
Prince William County Indl. Dev. Auth. Sewage Disp. Facilities Rev. (Dale Svc. Corp. Proj.) 0.63%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,650,000 | 6,650,000 | |
Virginia Hsg. Dev. Auth. Commonwealth Mtg. Rev. Participating VRDN Series Merlots 06 B21, 0.7% (Liquidity Facility Wachovia Bank NA) (b)(e)(f) | 8,285,000 | 8,285,000 | |
| 16,935,000 | ||
Municipal Securities - continued | |||
Principal Amount | Value | ||
Washington - 0.1% | |||
Seattle Wtr. Sys. Rev. Series 2002 B, 0.55%, LOC Bayerische Landesbank Girozentrale, VRDN (b) | $ 3,800,000 | $ 3,800,000 | |
West Virginia - 0.7% | |||
West Virginia Pub. Energy Auth. Energy Rev. Bonds (Morgantown Energy Assoc. Proj.) 1.9% tender 2/2/09, LOC Dexia Cr. Local de France, CP mode (e) | 30,000,000 | 30,000,000 | |
Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.7%, LOC Wachovia Bank NA, VRDN (b)(e) | 6,580,000 | 6,580,000 | |
| 36,580,000 | ||
Shares |
| ||
Other - 7.1% | |||
Fidelity Municipal Cash Central Fund, 0.55% (c)(d) | 376,989,000 | 376,989,000 | |
TOTAL INVESTMENT PORTFOLIO - 99.9% | 5,322,683,298 | ||
NET OTHER ASSETS - 0.1% | 5,733,613 | ||
NET ASSETS - 100% | $ 5,328,416,911 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
TRAN - TAX AND REVENUE |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(d) 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. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $21,740,000 or 0.4% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Cost |
Massachusetts Gen. Oblig. Participating VRDN Series MS 06 1496, 0.53% (Liquidity Facility Rabobank Nederland) | 12/27/06 - 6/11/07 | $ 5,620,000 |
Massachusetts Gen. Oblig. Participating VRDN Series MS 1186, 0.53% (Liquidity Facility Rabobank Nederland) | 10/12/05 | $ 16,120,000 |
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 | $ 5,842,531 |
Other Information |
The following is a summary of the inputs used, as of January 31, 2009, involving the Fund's assets carried at value. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, and their aggregation into the levels used in the table below, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
Valuation Inputs at Reporting Date: | ||||
Description | Total | Level 1 | Level 2 | Level 3 |
Investments in Securities | $ 5,322,683,298 | $ - | $ 5,322,683,298 | $ - |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| January 31, 2009 | |
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $4,945,694,298) | $ 4,945,694,298 |
|
Fidelity Central Funds (cost $376,989,000) | 376,989,000 |
|
Total Investments (cost $5,322,683,298) |
| $ 5,322,683,298 |
Cash | 4,054,437 | |
Receivable for investments sold | 31,073,595 | |
Receivable for fund shares sold | 54,616,311 | |
Interest receivable | 13,460,948 | |
Distributions receivable from Fidelity Central Funds | 133,455 | |
Prepaid expenses | 589,416 | |
Other receivables | 358,376 | |
Total assets | 5,426,969,836 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 40,942,943 | |
Delayed delivery | 12,548,250 | |
Payable for fund shares redeemed | 40,977,496 | |
Distributions payable | 15,523 | |
Accrued management fee | 1,646,942 | |
Other affiliated payables | 2,369,301 | |
Other payables and accrued expenses | 52,470 | |
Total liabilities | 98,552,925 | |
|
|
|
Net Assets | $ 5,328,416,911 | |
Net Assets consist of: |
| |
Paid in capital | $ 5,328,193,183 | |
Accumulated undistributed net realized gain (loss) on investments | 223,728 | |
Net Assets, for 5,324,534,090 shares outstanding | $ 5,328,416,911 | |
Net Asset Value, offering price and redemption price per share ($5,328,416,911 ÷ 5,324,534,090 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Operations
| Year ended January 31, 2009 | |
|
|
|
Investment Income |
|
|
Interest |
| $ 97,554,395 |
Income from Fidelity Central Funds |
| 5,842,531 |
Total income |
| 103,396,926 |
|
|
|
Expenses | ||
Management fee | $ 19,997,340 | |
Transfer agent fees | 6,760,750 | |
Accounting fees and expenses | 464,125 | |
Custodian fees and expenses | 76,288 | |
Independent trustees' compensation | 22,444 | |
Registration fees | 36,899 | |
Audit | 52,206 | |
Legal | 28,965 | |
Miscellaneous | 829,348 | |
Total expenses before reductions | 28,268,365 | |
Expense reductions | (2,786,685) | 25,481,680 |
Net investment income | 77,915,246 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | 1,338,813 | |
Net increase in net assets resulting from operations | $ 79,254,059 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Money Market Fund
Financial Statements - continued
Statement of Changes in Net Assets
| Year ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 77,915,246 | $ 156,822,022 |
Net realized gain (loss) | 1,338,813 | 1,049,295 |
Net increase in net assets resulting from operations | 79,254,059 | 157,871,317 |
Distributions to shareholders from net investment income | (77,917,267) | (156,822,915) |
Distributions to shareholders from net realized gain | (1,084,429) | - |
Total distributions | (79,001,696) | (156,822,915) |
Share transactions at net asset value of $1.00 per share | 17,509,656,364 | 16,146,695,107 |
Reinvestment of distributions | 77,400,931 | 154,129,518 |
Cost of shares redeemed | (17,833,693,240) | (15,710,805,336) |
Net increase (decrease) in net assets and shares resulting from share transactions | (246,635,945) | 590,019,289 |
Total increase (decrease) in net assets | (246,383,582) | 591,067,691 |
|
|
|
Net Assets | ||
Beginning of period | 5,574,800,493 | 4,983,732,802 |
End of period | $ 5,328,416,911 | $ 5,574,800,493 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
Years ended January 31, | 2009 | 2008 | 2007 | 2006 | 2005 |
Selected Per-Share Data |
|
|
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income | .014 | .031 | .030 | .021 | .008 |
Net realized and unrealized gain (loss) D | - | - | - | - | - |
Total from investment operations | .014 | .031 | .030 | .021 | .008 |
Distributions from net investment income | (.014) | (.031) | (.030) | (.021) | (.008) |
Distributions from net realized gain | - D | - | - | - | - D |
Total distributions | (.014) | (.031) | (.030) | (.021) | (.008) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return A | 1.46% | 3.16% | 3.03% | 2.07% | .84% |
Ratios to Average Net Assets B, C |
|
|
|
| |
Expenses before reductions | .52% | .50% | .51% | .51% | .51% |
Expenses net of fee waivers, if any | .52% | .50% | .51% | .51% | .51% |
Expenses net of all reductions | .47% | .40% | .39% | .42% | .49% |
Net investment income | 1.43% | 3.11% | 2.99% | 2.07% | .79% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) | $ 5,328,417 | $ 5,574,800 | $ 4,983,733 | $ 4,166,724 | $ 3,678,016 |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
C Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
D Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Notes to Financial Statements
For the period ended January 31, 2009
1. Organization.
Fidelity Massachusetts Municipal Income Fund (the Income Fund) and Fidelity Massachusetts Municipal Money Market Fund (the Money Market Fund) are funds of Fidelity Massachusetts Municipal Trust (the trust). The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Each Fund may be affected by economic and political developments in the state of Massachusetts.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds, which are not covered by the Funds' Report of Independent Registered Public Accounting Firm, are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Funds:
Security Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. Wherever possible, each Fund uses independent pricing services approved by the Board of Trustees to value their investments.
For the Income Fund, debt securities, including restricted securities, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. Investments in open-end mutual funds ,including the
Annual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value. Actual prices received at disposition may differ.
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities owned by the Money Market Fund are valued at amortized cost which approximates market value.
When current market prices or quotations are not readily available or reliable, valuations may be determined in good faith in accordance with procedures adopted by the Board of Trustees. Factors used in determining value may include significant market or security specific events, changes in interest rates and credit quality, and developments in foreign markets which are monitored by evaluating the performance of ADRs, futures contracts and exchange-traded funds. The frequency with which these procedures are used cannot be predicted and may be utilized to a significant extent. The value of securities used for net asset value (NAV) calculation under these procedures may differ from published prices for the same securities.
The Funds are subject to the provisions of Statement of Financial Accounting Standards No. 157, "Fair Value Measurements" (SFAS 157), effective with the beginning of the Funds' fiscal year. SFAS 157 establishes a hierarchy that prioritizes the inputs to valuation techniques giving the highest priority to readily available unadjusted quoted prices in active markets for identical assets (level 1 measurements) and the lowest priority to unobservable inputs (level 3 measurements) when market prices are not readily available or reliable. The three levels of the hierarchy under SFAS 157 are described below:
Level 1 | Quoted prices in active markets for identical securities. |
Level 2 | Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others. |
Level 3 | Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable or deemed less relevant (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available. |
Changes in valuation techniques may result in transfers in or out of an investment's assigned level within the hierarchy.
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation - continued
The aggregate value by input level, as of January 31, 2009 for each Fund's investments, as well as a reconciliation of assets for which significant unobservable inputs(Level 3) were used in determining value, is included at the end of each Fund's Schedule of Investments.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
The Board of Trustees of the Money Market Fund approved the participation by the Money Market Fund in the U.S. Treasury Department's Temporary Guarantee Program for Money Market Funds (the "Program") through April 30, 2009. Under the Program, if the Money Market Fund's market value per share drops below $0.995 on any day while the Program is in effect, shareholders of record on that date who also held shares in the Money Market Fund on September 19, 2008 may be eligible to receive a payment from the Treasury upon liquidation of the Money Market Fund. The Money Market Fund paid the U.S. Treasury Department a fee equal to 0.01% based on the number of shares outstanding as of September 19, 2008 to participate in the Program for the initial 3-month term that expired on December 18, 2008. On December 4, 2008, the Money Market Fund paid an additional fee equal to 0.015% based on the number of shares outstanding as of September 19, 2008 to participate in the extension of the Program through April 30, 2009. The fees are being amortized over the length of the participation in the Program. The expense is borne by the Money Market Fund without regard to any expense limitation currently in effect. The U.S. Treasury Department has the option to renew the Program through the close of business on September 18, 2009. If extended, the Board of Trustees of the Money Market Fund will determine whether the Money Market Fund should continue participation in the Program and, if so, the Money Market Fund will incur additional participation fees.
Annual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Each Fund is subject to the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. There are no unrecognized tax benefits in the accompanying financial statements. A Fund's federal tax return is subject to examination by the Internal Revenue Service (IRS) for a period of three years.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, certain Funds will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, market discount, capital loss carryforwards, deferred trustees compensation, and losses deferred due to excise tax regulations.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows for each Fund:
| Cost for Federal | Unrealized | Unrealized | Net Unrealized |
Fidelity Massachusetts Municipal Income Fund | $ 1,898,723,872 | $ 51,380,160 | $ (103,057,304) | $ (51,677,144) |
Fidelity Massachusetts Municipal Money Market Fund | 5,322,683,298 | - | - | - |
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
| Undistributed | Undistributed | Capital Loss |
Fidelity Massachusetts Municipal | $ 83,223 | $ - | $ (5,789,800) |
Fidelity Massachusetts Municipal | 224,358 | - | - |
The tax character of distributions paid was as follows:
January 31, 2009 | Tax-exempt | Ordinary | Long-term | Total |
Fidelity Massachusetts Municipal Income Fund | $ 79,495,695 | $ - | $ 2,489,673 | $ 81,985,368 |
Fidelity Massachusetts Municipal Money Market Fund | 77,917,267 | - | 1,084,429 | 79,001,696 |
January 31, 2008 | Tax-exempt | Ordinary | Long-term | Total |
Fidelity Massachusetts Municipal Income Fund | $ 74,676,954 | $ - | $ 7,619,691 | $ 82,296,645 |
Fidelity Massachusetts Municipal Money Market Fund | 156,822,915 | - | - | 156,822,915 |
Short-Term Trading (Redemption) Fees. Shares held in the Income Fund less than 30 days are subject to a redemption fee equal to .50% of the proceeds of the redeemed shares. All redemption fees, including any estimated redemption fees paid by FMR, are retained by the Fund and accounted for as an addition to paid in capital.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. Certain Funds may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, equivalent deliverable securities are held for the transaction. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. Certain Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the
Annual Report
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $313,335,782 and $263,101,438, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, each Fund's annual management fee rate expressed as a percentage of each Fund's average net assets was as follows:
| Individual Rate | Group Rate | Total |
Fidelity Massachusetts Municipal | .25% | .12% | .37% |
Fidelity Massachusetts Municipal | .25% | .12% | .37% |
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the Funds. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Funds' transfer, dividend disbursing and shareholder servicing agent functions. The Funds pay account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annual rates expressed as a percentage of average net assets:
Fidelity Massachusetts Municipal Income Fund | .07% | | |
Fidelity Massachusetts Municipal Money Market Fund | .12% |
|
Annual Report
Notes to Financial Statements - continued
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is based on the level of average net assets for the month.
7. Committed Line of Credit.
The Income Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro-rata portion of the line of credit, which is reflected in Miscellaneous Expense on the Statement of Operations, and is as follows:
Fidelity Massachusetts Municipal Income Fund | $ 4,368 |
During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
Through arrangements with the Funds' custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.
| Custody | Transfer | Accounting |
Fidelity Massachusetts Municipal Income Fund | $ 28,255 | $ 386,517 | $ 10 |
Fidelity Massachusetts Municipal Money Market Fund | 72,597 | 2,634,931 | 79,157 |
9. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
The supply of municipal money market securities has declined significantly due to market volatility. As a result, the Money Market Fund's cash position may be significant at times during the period.
Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Massachusetts Municipal Trust and Shareholders of Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund:
We have audited the accompanying statements of assets and liabilities of Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund (the Funds), funds of Fidelity Massachusetts Municipal Trust, including the schedules of investments, as of January 31, 2009, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2009, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund as of January 31, 2009, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
March 16, 2009
Annual Report
Trustees and Officers
The Trustees , Member of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund's activities, review contractual arrangements with companies that provide services to each fund, and review each fund's performance. Except for Edward C. Johnson 3d and James C. Curvey , each of the Trustees oversees 158 funds advised by FMR or an affiliate. Messrs. Johnson and Curvey oversee 380 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Member hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Edward C. Johnson 3d (78) | |
| Year of Election or Appointment: 1981 Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Previously, Mr. Johnson served as President of FMR LLC (2006-2007). Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (73) | |
| Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006- |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation | |
Albert R. Gamper, Jr. (66) | |
| Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities), a member of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. Previously, Mr. Gamper served as Chairman of the Board of Governors, Rutgers University (2004-2007). |
Arthur E. Johnson (62) | |
| Year of Election or Appointment: 2008 Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
James H. Keyes (68) | |
| Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines) and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). Previously, Mr. Keyes served as a member of the Board of LSI Logic Corporation (semiconductor technologies, 1984-2008). |
Marie L. Knowles (62) | |
| Year of Election or Appointment: 2001 Prior to Ms. Knowles' retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996-2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of McKesson Corporation (healthcare service). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California. Previously, Ms. Knowles served as a Director of Phelps Dodge Corporation (copper mining and manufacturing, 1994-2007). |
Kenneth L. Wolfe (69) | |
| Year of Election or Appointment: 2005 Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as Chairman and a Director (2007-2009) and Chairman and Chief Executive Officer of Hershey Foods Corporation, and as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Annual Report
Trustees and Officers - continued
Advisory Board Member and Executive Officers**:
Correspondence intended for Mr. Kenneally may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation | |
Michael E. Kenneally (54) | |
| Year of Election or Appointment: 2008 Mr. Kenneally also serves as Trustee (2009-present) or Member of the Advisory Board of other Fidelity Fixed Income and Asset Allocation Funds. Previously, Mr. Kenneally served as Chairman and Global Chief Executive Officer of Credit Suisse Asset Management (2003-2005). Mr. Kenneally was a Director of The Credit Suisse Funds (U.S. Mutual Fund, 2004-2008) and was awarded the Chartered Financial Analyst (CFA) designation in 1991. |
John R. Hebble (50) | |
| Year of Election or Appointment: 2008 President and Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Hebble is an employee of Fidelity Investments (2003- |
Boyce I. Greer (52) | |
| Year of Election or Appointment: 2005 or 2006 Vice President of Fidelity's Fixed Income Funds (2006) and Asset Allocation Funds (2005). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is President and a Director of Fidelity Investments Money Management, Inc. (2007- |
Charles S. Morrison (48) | |
| Year of Election or Appointment: 2005 Vice President of Fidelity's Money Market Funds. Mr. Morrison also serves as Senior Vice President, Money Market Group Leader of FMR. Previously, Mr. Morrison served as Vice President of Fidelity's Bond Funds and certain Balanced, and Asset Allocation Funds. |
Scott C. Goebel (41) | |
| Year of Election or Appointment: 2008 Secretary and Chief Legal Officer (CLO) of the Fidelity funds. Mr. Goebel also serves as General Counsel, Secretary, and Senior Vice President of FMR (2008-present); Deputy General Counsel of FMR LLC; Chief Legal Secretary of Fidelity Management & Research (Hong Kong) Limited (2008-present) and Assistant Secretary of Fidelity Management & Research (Japan) Inc. (2008-present). Previously, Mr. Goebel served as Assistant Secretary of the Funds (2007-2008) and as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (2005-2007). |
Nancy D. Prior (42) | |
| Year of Election or Appointment: 2008 Assistant Secretary of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Prior is an employee of Fidelity Investments (2002-present). |
Holly C. Laurent (54) | |
| Year of Election or Appointment: 2008 Anti-Money Laundering (AML) Officer of the Fidelity funds. Ms. Laurent is an employee of Fidelity Investments. Previously, Ms. Laurent was Senior Vice President and Head of Legal for Fidelity Business Services India Pvt. Ltd. (2006-2008), Senior Vice President, Deputy General Counsel and Group Head for FMR LLC (2005-2006). |
Christine Reynolds (50) | |
| Year of Election or Appointment: 2008 Chief Financial Officer of the Fidelity funds. Ms. Reynolds became President of Fidelity Pricing and Cash Management Services (FPCMS) in August 2008. She served as Chief Operating Officer of FPCMS from 2007 through July 2008. Previously, Ms. Reynolds served as President, Treasurer, and Anti-Money Laundering officer of the Fidelity funds (2004- 2007). Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980-2002), where she was an audit partner with PwC's investment management practice. |
Michael H. Whitaker (41) | |
| Year of Election or Appointment: 2008 Chief Compliance Officer of Fidelity's Fixed Income and Asset Allocation Funds. Mr. Whitaker is an employee of Fidelity Investments (2007- |
Bryan A. Mehrmann (47) | |
| Year of Election or Appointment: 2005 Deputy Treasurer of the Fidelity funds. Mr. Mehrmann is an employee of Fidelity Investments. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Company, Inc. (FIIOC) Client Services (1998-2004). |
Stephanie J. Dorsey (39) | |
| Year of Election or Appointment: 2008 Deputy Treasurer of Fidelity's Fixed Income and Asset Allocation Funds. Ms. Dorsey is an employee of Fidelity Investments (2008-present). Previously, Ms. Dorsey served as Treasurer (2004-2008) of the JPMorgan Mutual Funds and Accounting Group Manager (2003) of JPMorgan Chase Bank. |
Robert G. Byrnes (42) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Byrnes is an employee of Fidelity Investments (2005-present). Previously, Mr. Byrnes served as Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (2003-2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000-2003). |
Paul M. Murphy (61) | |
| Year of Election or Appointment: 2007 Assistant Treasurer of the Fidelity funds. Mr. Murphy is an employee of Fidelity Investments (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services (FPCMS) (1994-2007). |
Gary W. Ryan (50) | |
| Year of Election or Appointment: 2005 Assistant Treasurer of the Fidelity funds. Mr. Ryan is an employee of Fidelity Investments. Previously, Mr. Ryan served as Vice President of Fund Reporting in Fidelity Pricing and Cash Management Services (FPCMS) (1999-2005). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
Distributions (Unaudited)
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended January 31, 2009, or, if subsequently determined to be different, the net capital gain of such year.
Fund |
|
Fidelity Massachusetts Municipal Money Market Fund | $1,231,895 |
During fiscal year ended 2009, 100% of each fund's income dividends were free from federal income tax, and 6.59% and 13.94% of Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund's income dividends, respectively, were subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2010 of amounts for use in preparing 2009 income tax returns.
Annual Report
Managing Your Investments
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
For mutual fund and brokerage trading.
For quotes.*
For account balances and holdings.
To review orders and mutual
fund activity.
To change your PIN.
To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Annual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
19200 Von Karman Avenue
Irvine, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73-575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Annual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
11 Penn Plaza
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
14100 San Pedro
San Antonio, TX
1576 East Southlake Blvd.
Southlake, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Annual Report
To Write Fidelity
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Annual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Sub-Advisers
Fidelity Investments Money
Management, Inc.
FIL Investment Advisors
Fidelity Research & Analysis Company
FIL Investment Advisors
(U.K.) Ltd.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 1-800-544-5555
Automated line for quickest service
MAS-UANN-0309 1.789255.107
Item 2. Code of Ethics
As of the end of the period, January 31, 2009, Fidelity Massachusetts Municipal Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
Fees and Services
The following table presents fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") in each of the last two fiscal years for services rendered to Fidelity Massachusetts AMT Tax-Free Money Market Fund, Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund (the "Funds"):
Services Billed by Deloitte Entities
January 31, 2009 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Massachusetts AMT Tax-Free Money Market Fund | $30,000 | $- | $4,500 | $- |
Fidelity Massachusetts Municipal Income Fund | $48,000 | $- | $4,500 | $- |
Fidelity Massachusetts Municipal Money Market Fund | $31,000 | $- | $4,500 | $- |
January 31, 2008 FeesA
| Audit Fees | Audit-Related Fees | Tax Fees | All Other Fees |
Fidelity Massachusetts AMT Tax-Free Money Market Fund | $32,000 | $- | $4,500 | $- |
Fidelity Massachusetts Municipal Income Fund | $45,000 | $- | $4,500 | $- |
Fidelity Massachusetts Municipal Money Market Fund | $32,000 | $- | $4,500 | $- |
A Amounts may reflect rounding.
The following table presents fees billed by Deloitte Entities that were required to be approved by the Audit Committee for services that relate directly to the operations and financial reporting of the Funds and that are rendered on behalf of Fidelity Management & Research Company ("FMR") and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the Funds ("Fund Service Providers"):
Services Billed by Deloitte Entities
| January 31, 2009A | January 31, 2008A,B |
Audit-Related Fees | $815,000 | $- |
Tax Fees | $2,000 | $- |
All Other Fees | $445,000 | $485,000 |
A Amounts may reflect rounding.
B Reflects current period presentation.
"Audit-Related Fees" represent fees billed for assurance and related services that are reasonably related to the performance of the fund audit or the review of the fund's financial statements and that are not reported under Audit Fees.
"Tax Fees" represent fees billed for tax compliance, tax advice or tax planning that relate directly to the operations and financial reporting of the fund.
"All Other Fees" represent fees billed for assurance services provided to the fund or Fund Service Provider that relate directly to the operations and financial reporting of the fund, excluding those services that are reported under Audit Fees, Audit-Related Fees or Tax Fees.
Assurance services must be performed by an independent public accountant.
* * *
The aggregate non-audit fees billed by Deloitte Entities for services rendered to the Funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any Fund Service Provider for each of the last two fiscal years of the Funds are as follows:
Billed By | January 31, 2009 A | January 31, 2008 A |
Deloitte Entities | $1,485,000 | $685,000 |
A Amounts may reflect rounding.
The trust's Audit Committee has considered non-audit services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the Funds, taking into account representations from Deloitte Entities, in accordance with Public Company Accounting Oversight Board rules, regarding its independence from the Funds and their related entities and FMR's review of the appropriateness and permissibility under applicable law of such non-audit services prior to their provision to the Fund Service Providers.
Audit Committee Pre-Approval Policies and Procedures
The trust's Audit Committee must pre-approve all audit and non-audit services provided by a fund's independent registered public accounting firm relating to the operations or financial reporting of the fund. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund ("Covered Service") are subject to approval by the Audit Committee before such service is provided.
All Covered Services must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee.
Non-audit services provided by a fund audit firm to a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund are reported to the Audit Committee on a periodic basis.
Non-Audit Services Approved Pursuant to Rule 2-01(c)(7)(i)(C) and (ii) of Regulation S-X ("De Minimis Exception")
There were no non-audit services approved or required to be approved by the Audit Committee pursuant to the De Minimis Exception during the Funds' last two fiscal years relating to services provided to (i) the Funds or (ii) any Fund Service Provider that relate directly to the operations and financial reporting of the Funds.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's 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 second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Massachusetts Municipal Trust
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | March 30, 2009 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By: | /s/John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | March 30, 2009 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | March 30, 2009 |