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: | July 31, 2009 |
Item 1. Reports to Stockholders
Fidelity® Massachusetts
Municipal Income Fund
and
Fidelity Massachusetts Municipal
Money Market Fund
Semiannual Report
July 31, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman's message to shareholders | |
Shareholder Expense Example | An example of shareholder expenses. | |
Fidelity Massachusetts Municipal Income Fund | ||
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 | A summary of major shifts in the fund's investments over the past six months. | |
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. | |
Proxy Voting Results |
| |
Board Approval of Investment Advisory Contracts and Management Fees |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
Semiannual 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.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
We've seen a welcome uptick in the global equity markets this spring and summer, as signs of stabilization in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Abigail P. Johnson
Abigail P. Johnson
Semiannual 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 (February 1, 2009 to July 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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Fidelity Massachusetts Municipal Income Fund | .48% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,044.50 | $ 2.43 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.41 | $ 2.41 |
Fidelity Massachusetts Municipal Money Market Fund | .56% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.50 | $ 2.78 |
Hypothetical A |
| $ 1,000.00 | $ 1,022.02 | $ 2.81 |
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 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Massachusetts Municipal Income Fund
Investment Changes (Unaudited)
Top Five Sectors as of July 31, 2009 | ||
| % of fund's | % of fund's net assets |
General Obligations | 21.9 | 19.9 |
Special Tax | 18.4 | 20.2 |
Education | 14.7 | 15.3 |
Transportation | 14.4 | 12.8 |
Water & Sewer | 13.6 | 11.9 |
Weighted Average Maturity as of July 31, 2009 | ||
|
| 6 months ago |
Years | 8.9 | 11.4 |
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 July 31, 2009 | ||
|
| 6 months ago |
Years | 7.8 | 7.9 |
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 July 31, 2009 | As of January 31, 2009 | ||||||
AAA 13.6% |
| AAA 12.4% |
| ||||
AA,A 73.3% |
| AA,A 68.4% |
| ||||
BBB 7.5% |
| BBB 11.9% |
| ||||
BB and Below 0.7% |
| BB and Below 0.9% |
| ||||
Not Rated 2.6% |
| Not Rated 2.0% |
| ||||
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. |
Semiannual Report
Fidelity Massachusetts Municipal Income Fund
Investments July 31, 2009 (Unaudited)
Showing Percentage of Net Assets
Municipal Bonds - 97.7% | ||||
| Principal Amount | Value | ||
Guam - 0.3% | ||||
Guam Ed. Fing. Foundation Ctfs. of Prtn.: | ||||
Series 2006 A, 5% 10/1/23 | $ 2,740,000 | $ 2,393,034 | ||
Series 2008: | ||||
4.625% 10/1/11 | 1,100,000 | 1,117,193 | ||
5.375% 10/1/14 | 1,150,000 | 1,183,511 | ||
5.875% 10/1/18 | 1,900,000 | 1,996,577 | ||
| 6,690,315 | |||
Massachusetts - 94.8% | ||||
Ashland Gen. Oblig. 5.25% 5/15/19 (AMBAC Insured) | 1,300,000 | 1,414,452 | ||
Auburn Gen. Oblig. 5.125% 6/1/23 (AMBAC Insured) | 1,305,000 | 1,376,344 | ||
Boston Gen. Oblig.: | ||||
Series 2005 A, 5% 1/1/17 | 1,005,000 | 1,124,806 | ||
Series 2007 A, 5% 3/1/22 | 2,335,000 | 2,558,016 | ||
Series 2007 B, 5% 3/1/21 | 7,335,000 | 8,117,718 | ||
Boston Spl. Oblig. (Boston City Hosp. Issue Proj.): | ||||
5% 8/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 9,705,000 | 10,092,327 | ||
5% 8/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,990,000 | 8,263,018 | ||
5% 8/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,200,000 | 6,376,514 | ||
Boston Wtr. & Swr. Commission Rev.: | ||||
Series 2009 A: | ||||
5% 11/1/25 | 1,725,000 | 1,849,959 | ||
5% 11/1/26 | 1,500,000 | 1,599,960 | ||
5% 11/1/28 | 2,195,000 | 2,307,143 | ||
Sr. Series A: | ||||
5.25% 11/1/19 | 10,325,000 | 11,609,843 | ||
5.75% 11/1/13 | 1,690,000 | 1,819,640 | ||
Braintree Gen. Oblig. Series 2009: | ||||
5% 5/15/23 | 5,000,000 | 5,388,450 | ||
5% 5/15/24 | 5,050,000 | 5,391,784 | ||
Bridgewater-Raynham Reg'l. School District: | ||||
5% 6/15/18 (FSA Insured) | 1,475,000 | 1,567,129 | ||
5% 6/15/19 (FSA Insured) | 1,535,000 | 1,627,392 | ||
Brockton Gen. Oblig.: | ||||
5% 4/1/15 (FSA Insured) | 1,000,000 | 1,110,980 | ||
5% 4/1/16 (FSA Insured) | 1,000,000 | 1,109,620 | ||
Brookline Gen. Oblig. 5.75% 4/1/15 | 1,045,000 | 1,081,794 | ||
Dracut Gen. Oblig.: | ||||
5% 5/15/16 (AMBAC Insured) | 1,400,000 | 1,501,864 | ||
5% 5/15/19 (AMBAC Insured) | 1,000,000 | 1,041,710 | ||
Freetown Lakeville Reg'l. School District 5% 1/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,265,000 | 2,370,164 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Hopedale Gen. Oblig. 5% 11/15/19 (AMBAC Insured) | $ 1,000,000 | $ 1,053,270 | ||
Littleton Gen. Oblig. 5% 1/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,380,000 | 1,458,384 | ||
Lowell Gen. Oblig.: | ||||
5% 12/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,410,000 | 1,564,395 | ||
5% 12/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,310,000 | 1,423,472 | ||
Lynn Gen. Oblig.: | ||||
5.375% 8/15/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,120,000 | 2,278,746 | ||
5.375% 8/15/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,235,000 | 2,401,910 | ||
5.375% 8/15/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,345,000 | 2,505,562 | ||
Lynn Wtr. & Swr. Commission Gen. Rev.: | ||||
Series 2003 A, 5% 12/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 1,912,340 | ||
Series 2005 A: | ||||
5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,055,000 | 2,145,482 | ||
5% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,560,000 | 1,619,701 | ||
Marblehead Gen. Oblig.: | ||||
5% 8/15/19 | 1,510,000 | 1,644,813 | ||
5% 8/15/20 | 1,465,000 | 1,586,551 | ||
Martha's Vineyard Land Bank Rev. Series 2006, 5% 5/1/18 (AMBAC Insured) | 2,010,000 | 2,212,749 | ||
Massachusetts Bay Trans. Auth.: | ||||
Series 1991 A: | ||||
7% 3/1/21 | 1,500,000 | 1,830,660 | ||
7% 3/1/21 (FGIC Insured) | 3,025,000 | 3,691,831 | ||
Series 1992 B, 6.2% 3/1/16 | 27,525,000 | 31,833,764 | ||
Series 1993 A, 5.5% 3/1/12 | 7,150,000 | 7,455,305 | ||
Massachusetts Bay Trans. Auth. Assessment Rev.: | ||||
Series 2000 A: | ||||
5.25% 7/1/30 | 7,085,000 | 7,136,366 | ||
5.75% 7/1/15 | 85,000 | 87,797 | ||
5.75% 7/1/18 | 330,000 | 338,696 | ||
Series 2008 A, 5.25% 7/1/34 | 17,750,000 | 18,452,900 | ||
Massachusetts Bay Trans. Auth. Sales Tax Rev.: | ||||
Series 2003 C: | ||||
5.25% 7/1/19 | 4,430,000 | 5,142,521 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Bay Trans. Auth. Sales Tax Rev.: - continued | ||||
Series 2003 C: | ||||
5.25% 7/1/21 | $ 4,000,000 | $ 4,634,360 | ||
5.25% 7/1/23 | 3,950,000 | 4,522,632 | ||
Series 2005 B, 5.5% 7/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000,000 | 4,550,600 | ||
Series 2006 A, 5.25% 7/1/32 | 7,745,000 | 8,338,267 | ||
Series 2006 C: | ||||
5% 7/1/22 | 9,900,000 | 10,829,214 | ||
5% 7/1/23 | 10,000,000 | 10,851,900 | ||
Series 2009 B: | ||||
5% 7/1/17 | 7,000,000 | 8,026,340 | ||
5% 7/1/18 | 4,500,000 | 5,164,560 | ||
Massachusetts Dept. of Agricultural Resources Higher Ed. Rev.: | ||||
(Emerson College Proj.) Series 2006 A, 5% 1/1/18 | 1,920,000 | 1,964,026 | ||
Series 2006 A: | ||||
5% 1/1/14 | 1,500,000 | 1,571,715 | ||
5% 1/1/17 | 1,250,000 | 1,289,738 | ||
5% 1/1/19 | 2,225,000 | 2,250,988 | ||
5% 1/1/20 | 3,000,000 | 3,010,920 | ||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||
(Babson College Proj.) Series 2007 A, 5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,165,000 | 1,083,718 | ||
(Boston College Proj.) Series P: | ||||
5% 7/1/20 | 2,500,000 | 2,696,025 | ||
5% 7/1/21 | 3,090,000 | 3,330,124 | ||
(Boston Univ. Proj.): | ||||
Series T1, 5% 10/1/39 (AMBAC Insured) | 10,000,000 | 9,116,900 | ||
Series U4, 5.7% 10/1/40 | 3,100,000 | 3,123,498 | ||
(Brandeis Univ. Proj.) Series N: | ||||
5% 10/1/23 | 1,040,000 | 1,109,982 | ||
5% 10/1/24 | 1,210,000 | 1,286,666 | ||
(College of the Holy Cross Proj.): | ||||
Series 2008 A, 5% 9/1/26 | 1,500,000 | 1,570,110 | ||
Series 2008 B, 5% 9/1/22 | 1,100,000 | 1,181,235 | ||
(Mount Holyoke College Proj.) Series 2001: | ||||
5.125% 7/1/21 | 5,715,000 | 5,892,051 | ||
5.25% 7/1/31 | 11,785,000 | 11,918,406 | ||
5.5% 7/1/14 | 750,000 | 801,300 | ||
5.5% 7/1/15 | 910,000 | 970,297 | ||
5.5% 7/1/16 | 590,000 | 626,810 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Dev. Fin. Agcy. Rev.: - continued | ||||
(Regis College Proj.) Series 1998: | ||||
5.25% 10/1/18 | $ 2,240,000 | $ 1,883,907 | ||
5.5% 10/1/28 | 5,660,000 | 4,058,843 | ||
Series 2008, 5.75% 9/1/25 | 8,000,000 | 8,737,840 | ||
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series 2002, 5.5%, tender 5/1/14 (b)(c) | 10,250,000 | 10,497,743 | ||
Massachusetts Edl. Fing. Auth. Rev.: | ||||
Series 1998 AG, 5% 12/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 910,000 | 910,710 | ||
Series 1998 CG: | ||||
4.7% 12/1/09 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 810,000 | 810,859 | ||
4.9% 12/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,150,000 | 1,150,725 | ||
Series 1999 AE: | ||||
4.65% 7/1/10 (AMBAC Insured) (c) | 1,065,000 | 1,068,621 | ||
4.75% 7/1/11 (AMBAC Insured) (c) | 1,830,000 | 1,829,433 | ||
4.8% 7/1/12 (AMBAC Insured) (c) | 470,000 | 469,398 | ||
4.95% 7/1/14 (AMBAC Insured) (c) | 895,000 | 888,887 | ||
5% 7/1/15 (AMBAC Insured) (c) | 425,000 | 420,746 | ||
Massachusetts Fed. Hwy.: | ||||
Series 1998 A, 0% 6/15/15 | 1,455,000 | 1,209,352 | ||
Series 2000 A: | ||||
5.75% 6/15/11 | 8,660,000 | 9,206,100 | ||
5.75% 12/15/11 | 9,510,000 | 10,109,701 | ||
5.75% 6/15/12 | 5,000,000 | 5,283,050 | ||
5.75% 6/15/13 | 8,000,000 | 8,442,800 | ||
5.75% 12/15/14 (Pre-Refunded to 12/15/10 @ 100) (d) | 5,035,000 | 5,305,984 | ||
5.75% 6/15/15 (Pre-Refunded to 12/15/10 @ 100) (d) | 7,000,000 | 7,376,740 | ||
Massachusetts Gen. Oblig.: | ||||
Series 2001 D: | ||||
5.5% 11/1/18 | 2,000,000 | 2,384,720 | ||
5.5% 11/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 4,000,000 | 4,769,440 | ||
5.5% 11/1/20 | 1,000,000 | 1,185,490 | ||
5.5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,370,980 | ||
Series 2002 C, 5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (d) | 1,795,000 | 2,013,649 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Gen. Oblig.: - continued | ||||
Series 2002 D, 5.375% 8/1/22 (Pre-Refunded to 8/1/12 @ 100) (d) | $ 240,000 | $ 267,756 | ||
Series 2002 E: | ||||
5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (d) | 4,315,000 | 4,825,767 | ||
5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (d) | 695,000 | 777,267 | ||
Series 2003 D: | ||||
5.25% 10/1/22 (Pre-Refunded to 10/1/13 @ 100) (d) | 3,800,000 | 4,332,380 | ||
5.5% 10/1/18 | 6,000,000 | 7,150,500 | ||
5.5% 10/1/19 | 7,000,000 | 8,332,730 | ||
Series 2004 A: | ||||
5% 8/1/16 (Pre-Refunded to 8/1/14 @ 100) (d) | 5,000,000 | 5,678,300 | ||
5.25% 8/1/20 | 4,500,000 | 5,249,025 | ||
Series 2004 D, 5% 12/1/23 (Pre-Refunded to 12/1/14 @ 100) (d) | 4,850,000 | 5,554,608 | ||
Series 2005 A, 5% 3/1/18 | 25,000,000 | 27,399,750 | ||
Series 2006 B: | ||||
5.25% 9/1/20 (FSA Insured) | 4,255,000 | 4,963,330 | ||
5.25% 9/1/22 | 15,000,000 | 17,358,300 | ||
Series 2006 D, 5% 8/1/19 | 8,990,000 | 9,889,809 | ||
Series 2007 A, 1.245% 5/1/37 (b) | 20,000,000 | 13,054,800 | ||
Series 2007 B, 5% 11/1/15 | 7,000,000 | 8,092,350 | ||
Series 2007 C: | ||||
5% 8/1/32 | 18,500,000 | 18,792,115 | ||
5% 8/1/37 | 33,800,000 | 34,021,052 | ||
5.25% 8/1/21 (AMBAC Insured) | 980,000 | 1,089,241 | ||
5.25% 8/1/22 | 1,985,000 | 2,181,714 | ||
5.25% 8/1/23 | 12,800,000 | 14,003,840 | ||
5.25% 8/1/24 | 6,500,000 | 7,083,375 | ||
Series 2008 A: | ||||
5% 8/1/33 | 3,000,000 | 3,047,760 | ||
5% 8/1/38 | 4,085,000 | 4,102,606 | ||
Series 2009 A, 5% 3/1/39 | 15,000,000 | 15,010,800 | ||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||
(Amherst College Proj.) Series 2009 K2, 2.75%, tender 1/5/12 (b) | 3,000,000 | 3,064,200 | ||
(Baystate Health Sys. Proj.): | ||||
Series 2009 I, 5.75% 7/1/36 | 7,500,000 | 7,336,725 | ||
Series 2009 K, 5%, tender 7/1/15 (b) | 3,000,000 | 3,125,850 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | ||||
(Baystate Med. Ctr. Proj.) Series F: | ||||
5.75% 7/1/17 | $ 1,305,000 | $ 1,352,854 | ||
5.75% 7/1/18 | 1,300,000 | 1,340,521 | ||
5.75% 7/1/19 | 1,455,000 | 1,492,394 | ||
5.75% 7/1/20 | 1,240,000 | 1,265,135 | ||
5.75% 7/1/33 | 3,000,000 | 2,942,520 | ||
(Berklee College of Music Proj.) Series 2007 A: | ||||
5% 10/1/16 | 1,000,000 | 1,089,550 | ||
5% 10/1/19 | 3,290,000 | 3,469,996 | ||
5% 10/1/21 | 3,270,000 | 3,393,966 | ||
5% 10/1/23 | 2,000,000 | 2,041,500 | ||
5% 10/1/25 | 5,950,000 | 6,001,170 | ||
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (e) | 10,830,000 | 10,857,617 | ||
(Brandeis Univ. Proj.) Series I: | ||||
5.25% 10/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,780,000 | 2,807,300 | ||
5.25% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,400,000 | 1,413,748 | ||
(CareGroup, Inc. Proj.): | ||||
Series 2008 B1, 5.375% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 926,750 | ||
Series 2008 B2: | ||||
5% 2/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 800,000 | 726,032 | ||
5.375% 2/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,750,000 | 1,638,210 | ||
5.375% 2/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 1,834,320 | ||
Series 2008 D: | ||||
5.25% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,500,000 | 1,474,935 | ||
5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,450,000 | 1,401,367 | ||
5.25% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 958,340 | ||
5.25% 7/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,900,000 | 1,787,520 | ||
Series 2008 E1: | ||||
5% 7/1/28 | 2,525,000 | 2,239,498 | ||
5.125% 7/1/33 | 2,000,000 | 1,711,540 | ||
Municipal Bonds - continued | ||||
�� | Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | ||||
(CareGroup, Inc. Proj.): | ||||
Series 2008 E1: | ||||
5.125% 7/1/38 | $ 3,640,000 | $ 3,067,574 | ||
5.375% 7/1/21 | 10,850,000 | 10,602,512 | ||
Series 2008 E2: | ||||
5.375% 7/1/23 | 3,500,000 | 3,365,600 | ||
5.375% 7/1/24 | 5,015,000 | 4,779,897 | ||
5.375% 7/1/25 | 3,500,000 | 3,304,980 | ||
(Emerson Hosp. Proj.) Series 2005 E, 5% 8/15/35 (Radian Asset Assurance, Inc. Insured) | 2,500,000 | 1,610,600 | ||
(Harvard Univ. Proj.) Series FF, 5.125% 7/15/37 | 32,840,000 | 33,281,698 | ||
(Lahey Clinic Med. Ctr. Proj.) Series 2005 C, 5% 8/15/30 (FGIC Insured) | 5,190,000 | 4,625,380 | ||
(Massachusetts Eye & Ear Infirmary Proj.) Series B: | ||||
5.25% 7/1/10 | 2,000,000 | 1,950,960 | ||
5.25% 7/1/11 | 3,025,000 | 2,866,581 | ||
(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (AMBAC Insured) | 7,100,000 | 7,413,891 | ||
(Massachusetts Institute of Technology Proj.): | ||||
Series 2008 N, 5% 7/1/19 | 3,000,000 | 3,394,590 | ||
Series K, 5.375% 7/1/17 | 6,805,000 | 8,108,906 | ||
Series L: | ||||
5% 7/1/18 | 4,315,000 | 5,017,914 | ||
5% 7/1/23 | 3,990,000 | 4,573,178 | ||
(Med. Ctr. of Central Massachusetts Proj.) 6.55% 6/23/22 (AMBAC Insured) | 15,900,000 | 16,202,100 | ||
(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 500,000 | 476,560 | ||
(Northeastern Univ. Proj.): | ||||
Series 2008 R: | ||||
5% 10/1/16 | 600,000 | 666,936 | ||
5% 10/1/17 | 750,000 | 812,573 | ||
5% 10/1/18 | 500,000 | 536,010 | ||
5% 10/1/20 | 2,000,000 | 2,104,920 | ||
5% 10/1/22 | 1,160,000 | 1,202,178 | ||
5% 10/1/27 | 3,030,000 | 3,026,213 | ||
5% 10/1/28 | 1,000,000 | 987,800 | ||
5% 10/1/33 | 5,000,000 | 4,606,200 | ||
Series 2009 T1, 4.125%, tender 2/16/12 (b) | 5,000,000 | 5,078,650 | ||
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 | $ 1,552,267 | ||
5% 10/1/16 | 1,495,000 | 1,564,413 | ||
5% 10/1/16 | 1,090,000 | 1,140,609 | ||
5% 10/1/17 | 1,570,000 | 1,637,165 | ||
5% 10/1/19 | 1,730,000 | 1,750,501 | ||
Series 2009 Y2: | ||||
5% 10/1/17 | 1,145,000 | 1,193,983 | ||
5% 10/1/18 | 1,215,000 | 1,239,980 | ||
(Partners HealthCare Sys. Proj.) Series 2009 I3: | ||||
5% 7/1/21 | 2,300,000 | 2,376,130 | ||
5% 7/1/22 | 5,000,000 | 5,129,450 | ||
(Partners HealthCare Sys., Inc. Proj.): | ||||
Series 1997 A: | ||||
5.125% 7/1/11 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,885,000 | 3,891,760 | ||
5.375% 7/1/24 | 7,430,000 | 7,452,513 | ||
Series 2005 F: | ||||
5% 7/1/17 | 1,410,000 | 1,486,493 | ||
5% 7/1/19 | 1,760,000 | 1,820,790 | ||
5% 7/1/20 | 2,350,000 | 2,412,698 | ||
5% 7/1/21 | 1,150,000 | 1,174,691 | ||
5% 7/1/22 | 1,855,000 | 1,886,201 | ||
Series 2007 G: | ||||
5% 7/1/18 | 1,500,000 | 1,584,090 | ||
5% 7/1/20 | 1,300,000 | 1,344,538 | ||
5% 7/1/22 | 1,350,000 | 1,379,106 | ||
5% 7/1/27 | 7,750,000 | 7,759,688 | ||
5% 7/1/28 | 5,515,000 | 5,501,378 | ||
Series C: | ||||
5.75% 7/1/21 | 2,500,000 | 2,575,600 | ||
5.75% 7/1/32 | 190,000 | 192,979 | ||
Series E: | ||||
5% 7/1/17 | 1,255,000 | 1,301,749 | ||
5% 7/1/19 | 1,390,000 | 1,423,082 | ||
(South Shore Hosp. Proj.) Series F: | ||||
5.5% 7/1/12 | 800,000 | 812,168 | ||
5.625% 7/1/19 | 370,000 | 371,269 | ||
5.75% 7/1/29 | 6,370,000 | 5,884,988 | ||
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 | $ 4,631,220 | ||
Series I, 5.5% 2/15/36 | 5,000,000 | 5,040,650 | ||
Series J, 5.5% 8/15/17 | 500,000 | 592,895 | ||
(UMass Worcester Proj.): | ||||
Series 2005 D: | ||||
5% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,040,000 | 3,302,565 | ||
5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,735,000 | 4,022,595 | ||
Series B: | ||||
5.25% 10/1/15 (FGIC Insured) | 565,000 | 593,131 | ||
5.25% 10/1/15 (Pre-Refunded to 10/1/11 @ 100) (d) | 215,000 | 233,518 | ||
(Wellesley College Proj.) Series II: | ||||
5% 7/1/19 | 1,975,000 | 2,118,741 | ||
5% 7/1/20 | 2,075,000 | 2,203,214 | ||
(Williams College Proj.): | ||||
Series 2003 H, 5% 7/1/20 | 1,005,000 | 1,060,305 | ||
Series 2006 L: | ||||
5% 7/1/17 | 1,000,000 | 1,134,550 | ||
5% 7/1/18 | 1,000,000 | 1,120,570 | ||
5% 7/1/19 | 1,695,000 | 1,872,687 | ||
5% 7/1/20 | 2,410,000 | 2,633,070 | ||
5% 7/1/21 | 2,535,000 | 2,758,283 | ||
(Woods Hole Oceanographic Institution Proj.) Series 2008 B: | ||||
5.25% 6/1/25 | 1,760,000 | 1,835,592 | ||
5.375% 6/1/30 | 8,000,000 | 8,268,960 | ||
(Worcester City Campus Proj.) Series 2007 E: | ||||
5% 10/1/17 (FGIC Insured) | 2,130,000 | 2,230,238 | ||
5% 10/1/18 (FGIC Insured) | 1,985,000 | 2,065,968 | ||
5% 10/1/19 (FGIC Insured) | 1,350,000 | 1,396,670 | ||
5% 10/1/20 (FGIC Insured) | 2,465,000 | 2,534,981 | ||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. (Boston Edison Co. Proj.) Series 1994 A, 5.75% 2/1/14 | 9,900,000 | 9,933,462 | ||
Massachusetts Indl. Fin. Agcy. Rev. (Whitehead Institute Biomedical Research Proj.) 5.125% 7/1/26 | 14,600,000 | 14,601,460 | ||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.: | ||||
(Nuclear #6 Proj.) Series A, 5.25% 7/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,465,000 | 1,541,253 | ||
(Nuclear Mix #1 Proj.) Series A, 5.25% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 8,000,000 | 8,452,560 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.: - continued | ||||
(Nuclear Mix #4 Proj.) Series A, 5.25% 7/1/12 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 8,510,000 | $ 8,991,411 | ||
Massachusetts Port Auth. Rev.: | ||||
(US Airways, Inc. Proj.) Series A, 5.5% 9/1/10 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (c) | 1,965,000 | 1,912,456 | ||
Series 1973, 5.625% 7/1/12 (Escrowed to Maturity) (d) | 850,000 | 919,037 | ||
Series 1998 A, 5% 7/1/23 (FSA Insured) | 8,750,000 | 8,758,750 | ||
Series 1998 B: | ||||
5% 7/1/10 (FSA Insured) (c) | 2,275,000 | 2,281,120 | ||
5% 7/1/15 (FSA Insured) (c) | 3,310,000 | 3,312,019 | ||
Series 1999 B: | ||||
5.5% 7/1/10 (FSA Insured) (c) | 11,470,000 | 11,599,955 | ||
5.5% 7/1/11 (FSA Insured) (c) | 5,500,000 | 5,558,850 | ||
5.5% 7/1/12 (FSA Insured) (c) | 4,000,000 | 4,042,160 | ||
Series 2003 A: | ||||
5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,000,000 | 2,112,300 | ||
5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,915,000 | 7,267,112 | ||
5% 7/1/20 | 2,505,000 | 2,613,066 | ||
5% 7/1/21 | 3,000,000 | 3,108,480 | ||
5% 7/1/22 | 2,000,000 | 2,063,540 | ||
5% 7/1/35 | 10,000,000 | 10,035,000 | ||
Series 2005 A: | ||||
5% 7/1/18 (AMBAC Insured) | 5,205,000 | 5,702,442 | ||
5% 7/1/21 (AMBAC Insured) | 5,010,000 | 5,333,345 | ||
Series 2007 C: | ||||
5% 7/1/17 (FSA Insured) (c) | 1,660,000 | 1,684,834 | ||
5% 7/1/22 (FSA Insured) (c) | 6,140,000 | 5,934,863 | ||
5% 7/1/27 (FSA Insured) (c) | 5,000,000 | 4,559,650 | ||
Massachusetts Port Auth. Spl. Facilities Rev.: | ||||
(BosFuel Corp. Proj.) Series 2007: | ||||
5% 7/1/18 (FGIC Insured) (c) | 1,500,000 | 1,474,560 | ||
5% 7/1/19 (FGIC Insured) (c) | 1,000,000 | 964,640 | ||
5% 7/1/20 (FGIC Insured) (c) | 1,360,000 | 1,295,645 | ||
5% 7/1/21 (c) | 1,000,000 | 936,040 | ||
(Delta Air Lines, Inc. Proj.) Series 2001 A: | ||||
5.5% 1/1/12 (AMBAC Insured) (c) | 9,335,000 | 7,959,208 | ||
5.5% 1/1/13 (AMBAC Insured) (c) | 7,015,000 | 5,930,762 | ||
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) (c) | $ 6,040,000 | $ 5,068,768 | ||
5.5% 1/1/15 (AMBAC Insured) (c) | 5,000,000 | 4,167,100 | ||
5.5% 1/1/16 (AMBAC Insured) (c) | 5,000,000 | 4,128,850 | ||
5.5% 1/1/17 (AMBAC Insured) (c) | 5,555,000 | 4,431,779 | ||
5.5% 1/1/18 (AMBAC Insured) (c) | 6,000,000 | 4,665,240 | ||
5.5% 1/1/19 (AMBAC Insured) (c) | 5,000,000 | 3,836,100 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | ||||
Series 2005 A: | ||||
5% 8/15/19 | 17,000,000 | 18,451,800 | ||
5% 8/15/22 | 5,540,000 | 5,925,861 | ||
5% 8/15/23 | 6,000,000 | 6,404,580 | ||
5% 8/15/24 | 26,600,000 | 28,260,638 | ||
5% 8/15/25 | 12,350,000 | 12,904,639 | ||
5% 8/15/26 | 2,000,000 | 2,076,840 | ||
5% 8/15/27 | 10,000,000 | 10,298,500 | ||
5% 8/15/30 | 107,600,000 | 109,501,275 | ||
Series 2007 A: | ||||
4.5% 8/15/35 | 19,775,000 | 18,048,840 | ||
5% 8/15/17 (AMBAC Insured) | 5,000,000 | 5,708,700 | ||
5% 8/15/37 | 26,000,000 | 25,767,300 | ||
Massachusetts Spl. Oblig. Dedicated Tax Rev.: | ||||
Series 2004, 5.25% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,935,000 | 6,521,319 | ||
Series 2005, 5.5% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,053,470 | ||
Massachusetts Spl. Oblig. Rev.: | ||||
(Fed. Hwy. Grant Anticipation Note Prog.) | ||||
5% 12/15/12 (FSA Insured) | 3,700,000 | 4,133,196 | ||
5% 12/15/13 (FSA Insured) | 2,700,000 | 3,042,630 | ||
Series 2002 A: | ||||
5.5% 6/1/15 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,070,000 | 12,956,771 | ||
5.5% 6/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,520,000 | 2,965,435 | ||
Series 2005 A: | ||||
5% 6/1/23 (FSA Insured) | 2,000,000 | 2,080,720 | ||
5.5% 6/1/16 (FSA Insured) | 3,000,000 | 3,530,280 | ||
5.5% 6/1/18 (FSA Insured) | 9,740,000 | 11,490,570 | ||
5.5% 6/1/19 | 10,000,000 | 11,758,900 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts State College Bldg. Auth. Rev.: | ||||
Series 2002 A, 0% 5/1/22 (Escrowed to Maturity) (d) | $ 2,250,000 | $ 1,345,028 | ||
Series 2003 A: | ||||
5.25% 5/1/14 (XL Cap. Assurance, Inc. Insured) | 2,075,000 | 2,273,515 | ||
5.25% 5/1/15 (XL Cap. Assurance, Inc. Insured) | 2,030,000 | 2,202,286 | ||
5.25% 5/1/16 (XL Cap. Assurance, Inc. Insured) | 1,295,000 | 1,390,623 | ||
5.25% 5/1/19 (XL Cap. Assurance, Inc. Insured) | 2,680,000 | 2,825,578 | ||
5.25% 5/1/21 (XL Cap. Assurance, Inc. Insured) | 1,965,000 | 2,048,002 | ||
5.25% 5/1/23 (XL Cap. Assurance, Inc. Insured) | 2,665,000 | 2,755,130 | ||
Series 2003 B: | ||||
0% 5/1/28 (XL Cap. Assurance, Inc. Insured) | 6,080,000 | 2,248,323 | ||
5.375% 5/1/18 (XL Cap. Assurance, Inc. Insured) | 1,100,000 | 1,232,077 | ||
5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured) | 1,825,000 | 2,059,221 | ||
Series 2004 A: | ||||
5% 5/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,270,000 | 2,416,370 | ||
5% 5/1/43 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 11,410,000 | 10,570,909 | ||
Series 2006 A: | ||||
5% 5/1/31 (AMBAC Insured) | 5,000,000 | 4,813,600 | ||
5% 5/1/36 (AMBAC Insured) | 8,000,000 | 7,527,760 | ||
Series 2008 A: | ||||
5% 5/1/19 (Assured Guaranty Corp. Insured) | 1,730,000 | 1,948,810 | ||
5% 5/1/20 (Assured Guaranty Corp. Insured) | 2,130,000 | 2,358,506 | ||
5% 5/1/21 (Assured Guaranty Corp. Insured) | 2,440,000 | 2,703,691 | ||
5% 5/1/22 (Assured Guaranty Corp. Insured) | 2,430,000 | 2,611,302 | ||
5% 5/1/23 (Assured Guaranty Corp. Insured) | 2,490,000 | 2,666,267 | ||
5% 5/1/38 (Assured Guaranty Corp. Insured) | 10,000,000 | 9,879,000 | ||
Series 2009 A: | ||||
5.375% 5/1/34 | 1,650,000 | 1,651,716 | ||
5.5% 5/1/39 | 7,000,000 | 7,036,050 | ||
5.75% 5/1/49 | 10,000,000 | 10,200,700 | ||
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.: | ||||
Series 1997 A, 5.125% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,575,000 | 3,585,511 | ||
Series 1999 A: | ||||
5% 1/1/39 | 7,230,000 | 6,511,772 | ||
5.25% 1/1/29 (AMBAC Insured) | 45,615,000 | 45,619,562 | ||
Sr. Series 1997 A: | ||||
5% 1/1/37 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 42,240,000 | 35,353,613 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.: - continued | ||||
Sr. Series 1997 A: | ||||
5.125% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | $ 4,090,000 | $ 4,017,893 | ||
Sr. Series A: | ||||
0% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 5,110,000 | 1,952,327 | ||
0% 1/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 33,195,000 | 9,160,160 | ||
Sr. Series C: | ||||
0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,000,000 | 2,232,030 | ||
0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 7,705,000 | 5,306,434 | ||
0% 1/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,760,000 | 1,135,710 | ||
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 13,815,000 | 8,278,086 | ||
Massachusetts Tpk. Auth. Western Tpk. Rev. Series 1997 A, 5.55% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 12,575,000 | 12,603,545 | ||
Massachusetts Wtr. Poll. Abatement Trust: | ||||
(MWRA Prog.) Series 2002 A, 5.25% 8/1/20 | 1,700,000 | 1,804,567 | ||
(Pool Prog.): | ||||
Series 10: | ||||
5% 8/1/22 | 305,000 | 324,053 | ||
5% 8/1/29 | 1,765,000 | 1,819,133 | ||
5% 8/1/34 | 150,000 | 152,313 | ||
5.25% 8/1/15 | 2,435,000 | 2,794,016 | ||
Series 12: | ||||
5% 8/1/19 | 13,995,000 | 15,607,784 | ||
5% 8/1/20 | 7,000,000 | 7,718,970 | ||
Series 13: | ||||
5% 8/1/19 | 3,565,000 | 4,027,594 | ||
5% 8/1/20 | 4,895,000 | 5,460,617 | ||
5% 8/1/21 | 5,350,000 | 5,908,968 | ||
5% 8/1/22 | 8,355,000 | 9,148,641 | ||
5% 8/1/23 | 4,385,000 | 4,760,356 | ||
Series 2004 A: | ||||
5.25% 2/1/16 | 6,110,000 | 7,150,594 | ||
5.25% 8/1/16 | 21,700,000 | 25,657,429 | ||
5.25% 2/1/17 | 6,435,000 | 7,555,140 | ||
5.25% 2/1/18 | 6,300,000 | 7,386,246 | ||
5.25% 8/1/22 | 6,525,000 | 7,619,373 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Wtr. Poll. Abatement Trust: - continued | ||||
(Pool Prog.): | ||||
Series 2004 A: | ||||
5.25% 2/1/23 | $ 1,390,000 | $ 1,609,147 | ||
5.25% 2/1/24 | 1,170,000 | 1,350,601 | ||
5.25% 8/1/24 | 3,780,000 | 4,378,412 | ||
Series 3, 5.4% 2/1/10 | 300,000 | 300,933 | ||
Series 4, 5.125% 8/1/14 | 70,000 | 70,202 | ||
Series 5, 5.25% 8/1/15 | 75,000 | 75,851 | ||
Series 6: | ||||
5.25% 8/1/19 | 30,000 | 31,061 | ||
5.5% 8/1/30 | 17,580,000 | 17,926,502 | ||
5.625% 8/1/14 | 115,000 | 120,305 | ||
5.625% 8/1/15 | 25,000 | 26,088 | ||
5.625% 8/1/16 | 485,000 | 504,880 | ||
Series 7: | ||||
5.25% 2/1/16 | 4,495,000 | 4,763,082 | ||
5.25% 2/1/17 | 2,795,000 | 2,952,163 | ||
Series 8: | ||||
5% 8/1/17 | 110,000 | 117,643 | ||
5% 8/1/20 | 105,000 | 109,918 | ||
Series 9, 5.25% 8/1/33 | 595,000 | 606,555 | ||
Series 14: | ||||
5% 8/1/32 | 5,685,000 | 5,879,256 | ||
5% 8/1/38 | 8,090,000 | 8,242,901 | ||
5% 8/1/21 (a) | 7,520,000 | 8,470,678 | ||
5% 8/1/22 (a) | 4,290,000 | 4,782,535 | ||
5% 8/1/23 (a) | 5,000,000 | 5,516,700 | ||
5% 8/1/24 (a) | 4,215,000 | 4,613,781 | ||
5% 8/1/25 (a) | 4,965,000 | 5,396,111 | ||
5% 8/1/26 (a) | 3,205,000 | 3,458,548 | ||
5% 8/1/27 (a) | 1,155,000 | 1,234,614 | ||
5% 8/1/28 (a) | 1,980,000 | 2,104,819 | ||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.): | ||||
Series 1993 A, 5.45% 2/1/13 (Escrowed to Maturity) (d) | 1,745,000 | 1,860,187 | ||
Series 1998 A: | ||||
5.25% 8/1/12 | 565,000 | 568,718 | ||
5.25% 8/1/13 | 330,000 | 331,000 | ||
Series A: | ||||
5% 8/1/15 | 50,000 | 50,139 | ||
5% 8/1/15 (Escrowed to Maturity) (d) | 950,000 | 1,110,683 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | ||||
Series 1992 A, 6.5% 7/15/19 (Escrowed to Maturity) (d) | $ 21,960,000 | $ 27,011,459 | ||
Series 1998 B: | ||||
5.5% 8/1/15 (FSA Insured) | 1,500,000 | 1,766,190 | ||
5.5% 8/1/16 (FSA Insured) | 1,425,000 | 1,687,542 | ||
Series 2002 B, 5.125% 8/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 6,960,000 | 7,192,812 | ||
Series 2002 J: | ||||
5% 8/1/42 | 8,160,000 | 7,992,067 | ||
5.5% 8/1/20 | 1,000,000 | 1,175,150 | ||
Series 2005 A: | ||||
5.25% 8/1/21 | 12,645,000 | 14,036,076 | ||
5.25% 8/1/24 | 9,000,000 | 9,794,880 | ||
Series 2006 A, 5% 8/1/41 | 1,000,000 | 979,670 | ||
Series 2007 A: | ||||
5% 8/1/23 (FSA Insured) | 2,000,000 | 2,121,680 | ||
5% 8/1/25 (FSA Insured) | 2,000,000 | 2,096,640 | ||
5% 8/1/26 (FSA Insured) | 2,000,000 | 2,095,340 | ||
5% 8/1/27 (FSA Insured) | 2,000,000 | 2,081,020 | ||
5% 8/1/28 (FSA Insured) | 2,000,000 | 2,071,980 | ||
Series 2009 A: | ||||
5% 8/1/34 | 6,350,000 | 6,369,749 | ||
5% 8/1/39 | 5,000,000 | 4,923,600 | ||
Series 2009 B, 5% 8/1/22 | 2,540,000 | 2,795,803 | ||
Monson Gen. Oblig.: | ||||
5.25% 5/15/17 (AMBAC Insured) | 2,120,000 | 2,278,597 | ||
5.25% 5/15/19 (AMBAC Insured) | 2,335,000 | 2,488,316 | ||
5.25% 11/1/21 (AMBAC Insured) | 1,000,000 | 1,061,910 | ||
5.25% 5/15/22 (AMBAC Insured) | 2,985,000 | 3,139,325 | ||
Newton Gen. Oblig. Series 2009 A: | ||||
4% 4/1/23 | 1,490,000 | 1,524,747 | ||
5% 4/1/20 | 1,840,000 | 2,103,304 | ||
5% 4/1/21 | 1,915,000 | 2,161,939 | ||
Pioneer Valley Reg'l. School District: | ||||
5.375% 6/15/15 (AMBAC Insured) | 1,235,000 | 1,342,482 | ||
5.375% 6/15/16 (AMBAC Insured) | 1,000,000 | 1,082,690 | ||
Pittsfield Gen. Oblig.: | ||||
5% 4/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,140,000 | 1,204,809 | ||
5.5% 4/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,930,000 | 2,071,199 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Plymouth Gen. Oblig.: | ||||
Series 2009: | ||||
5% 5/15/23 | $ 1,255,000 | $ 1,385,595 | ||
5% 5/15/25 | 1,150,000 | 1,250,004 | ||
5% 10/15/15 | 500,000 | 580,015 | ||
5% 10/15/16 | 1,675,000 | 1,950,303 | ||
5% 10/15/17 | 1,665,000 | 1,938,110 | ||
5% 10/15/19 | 500,000 | 577,740 | ||
Randolph Gen. Oblig.: | ||||
5% 9/1/16 (AMBAC Insured) | 1,170,000 | 1,252,801 | ||
5% 9/1/18 (AMBAC Insured) | 1,090,000 | 1,144,020 | ||
5% 9/1/19 (AMBAC Insured) | 1,085,000 | 1,132,838 | ||
Reading Gen. Oblig.: | ||||
5% 3/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,100,000 | 2,241,288 | ||
5% 3/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,190,000 | 2,309,596 | ||
Revere Gen. Oblig. Series 2009: | ||||
5% 4/1/28 | 515,000 | 531,696 | ||
5% 4/1/39 | 2,000,000 | 1,990,680 | ||
5.5% 4/1/27 | 2,510,000 | 2,758,314 | ||
Salem Gen. Oblig.: | ||||
5% 1/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,525,000 | 1,584,612 | ||
5% 1/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,350,000 | 1,394,442 | ||
Springfield Gen. Oblig.: | ||||
Series 2005: | ||||
5% 8/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 3,610,000 | 3,816,312 | ||
5% 8/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 2,050,000 | 2,162,668 | ||
Series 2007: | ||||
5% 8/1/15 (FSA Insured) | 1,000,000 | 1,120,520 | ||
5% 8/1/16 (FSA Insured) | 8,000,000 | 8,932,560 | ||
5% 8/1/17 (FSA Insured) | 5,000,000 | 5,538,950 | ||
5% 8/1/18 (FSA Insured) | 7,210,000 | 7,852,627 | ||
5.75% 8/1/14 (FSA Insured) | 4,000,000 | 4,620,400 | ||
Springfield Wtr. & Swr. Commission Rev. Series 2008 A: | ||||
5.75% 10/15/26 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,086,140 | ||
5.75% 10/15/27 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,079,130 | ||
5.75% 10/15/28 (Assured Guaranty Corp. Insured) | 1,000,000 | 1,072,950 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Massachusetts - continued | ||||
Taunton Gen. Oblig.: | ||||
5% 12/1/15 | $ 2,350,000 | $ 2,660,670 | ||
5% 12/1/16 | 2,340,000 | 2,647,148 | ||
5% 12/1/17 | 1,965,000 | 2,221,550 | ||
Univ. of Massachusetts Bldg. Auth. Facilities Rev.: | ||||
Series 2004 1, 5.375% 11/1/16 (AMBAC Insured) | 1,305,000 | 1,464,249 | ||
Series 2008 2, 5% 5/1/38 (FSA Insured) | 20,605,000 | 20,510,011 | ||
Woods Hole, Martha's Vineyard & Nantucket Steamship Auth. Series 2004 B, 5% 3/1/17 | 3,300,000 | 3,641,616 | ||
Worcester Gen. Oblig.: | ||||
Series 2001 A: | ||||
5.25% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,465,000 | 1,493,157 | ||
5.5% 8/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,285,000 | 1,372,341 | ||
5.5% 8/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,000,000 | 1,032,470 | ||
Series 2001 B, 5.5% 10/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) | 1,070,000 | 1,137,849 | ||
| 2,049,861,101 | |||
Puerto Rico - 2.3% | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.: | ||||
Series 1998, 5.75% 7/1/22 (CIFG North America Insured) | 3,000,000 | 2,856,000 | ||
Series 2002 E, 5.5% 7/1/21 (FSA Insured) | 1,700,000 | 1,810,058 | ||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/40 (Pre-Refunded to 10/1/10 @ 101) (d) | 10,360,000 | 11,066,552 | ||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | ||||
Series 2004 A: | ||||
5.25% 7/1/18 | 3,500,000 | 3,458,210 | ||
5.25% 7/1/18 (CIFG North America Insured) (FSA Insured) | 2,500,000 | 2,574,475 | ||
Series 2006 A: | ||||
0.163% 7/1/21 (FGIC Insured) (b) | 5,400,000 | 3,507,246 | ||
5.25% 7/1/26 | 3,000,000 | 2,738,340 | ||
5.25% 7/1/30 | 1,960,000 | 1,733,855 | ||
Series 2006 B, 5.25% 7/1/32 | 1,000,000 | 872,540 | ||
Series 2007 A, 5.5% 7/1/21 (FGIC Insured) | 9,000,000 | 8,792,280 | ||
Municipal Bonds - continued | ||||
| Principal Amount | Value | ||
Puerto Rico - continued | ||||
Puerto Rico Govt. Dev. Bank Series 2006 B, 5% 12/1/12 | $ 3,790,000 | $ 3,908,968 | ||
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (b) | 3,100,000 | 3,092,033 | ||
Puerto Rico Pub. Fin. Corp. Commonwealth Appropriation Series 2004 A, 5.25%, tender 2/1/12 (AMBAC Insured) (b) | 1,015,000 | 1,018,979 | ||
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series 2007 A, 0% 8/1/41 | 15,600,000 | 2,003,508 | ||
| 49,433,044 | |||
Virgin Islands - 0.3% | ||||
Virgin Islands Pub. Fin. Auth. Rev.: | ||||
Series 2004 A: | ||||
5% 10/1/11 | 805,000 | 830,671 | ||
5% 10/1/13 | 700,000 | 704,389 | ||
5.25% 10/1/16 | 750,000 | 754,313 | ||
Series 2009 A, 6.75% 10/1/37 | 4,000,000 | 4,008,240 | ||
| 6,297,613 |
TOTAL INVESTMENT PORTFOLIO - 97.7% (Cost $2,115,186,951) | 2,112,282,073 | ||
NET OTHER ASSETS - 2.3% | 50,566,367 | ||
NET ASSETS - 100% | $ 2,162,848,440 |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $10,857,617 or 0.5% of net assets. |
Additional information on each holding is as follows: |
Security | Acquisition Date | Acquisition Cost |
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 | 9/3/92 | $ 10,157,782 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, 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. |
The following is a reconciliation of Investments in Securities for which level 3 inputs were used in determining value: |
| Investments in Securities |
Beginning Balance | $ 11,360,000 |
Total Realized Gain (Loss) | 22,437 |
Total Unrealized Gain (Loss) | (5,916) |
Cost of Purchases | - |
Proceeds of Sales | (530,000) |
Amortization/Accretion | 11,096 |
Transfer in/out of Level 3 | (10,857,617) |
Ending Balance | $ - |
The information used in the above reconciliation represents fiscal year to date activity for any Investment in 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. Realized and unrealized gains (losses) disclosed in the reconciliation are included in Net Gain (Loss) on the Fund's Statement of Operations. |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations | 21.9% |
Special Tax | 18.4% |
Education | 14.7% |
Transportation | 14.4% |
Water & Sewer | 13.6% |
Health Care | 7.2% |
Others* (individually less than 5%) | 9.8% |
| 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.
Semiannual Report
Fidelity Massachusetts Municipal Income Fund
Financial Statements
Statement of Assets and Liabilities
| July 31, 2009 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $2,115,186,951) |
| $ 2,112,282,073 |
Cash | 60,616,238 | |
Receivable for investments sold | 78,212 | |
Receivable for fund shares sold | 1,557,488 | |
Interest receivable | 28,113,712 | |
Prepaid expenses | 6,988 | |
Other receivables | 4,561 | |
Total assets | 2,202,659,272 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 476,552 | |
Delayed delivery | 35,458,533 | |
Payable for fund shares redeemed | 888,872 | |
Distributions payable | 1,902,979 | |
Accrued management fee | 650,919 | |
Other affiliated payables | 297,833 | |
Other payables and accrued expenses | 135,144 | |
Total liabilities | 39,810,832 | |
|
|
|
Net Assets | $ 2,162,848,440 | |
Net Assets consist of: |
| |
Paid in capital | $ 2,174,809,963 | |
Undistributed net investment income | 943,947 | |
Accumulated undistributed net realized gain (loss) on investments | (10,000,592) | |
Net unrealized appreciation (depreciation) on investments | (2,904,878) | |
Net Assets, for 187,688,734 shares outstanding | $ 2,162,848,440 | |
Net Asset Value, offering price and redemption price per share ($2,162,848,440 ÷ 187,688,734 shares) | $ 11.52 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Massachusetts Municipal Income Fund
Financial Statements - continued
Statement of Operations
Six months ended July 31, 2009 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 45,295,237 |
|
|
|
Expenses | ||
Management fee | $ 3,764,812 | |
Transfer agent fees | 678,559 | |
Accounting fees and expenses | 184,706 | |
Custodian fees and expenses | 13,345 | |
Independent trustees' compensation | 3,649 | |
Registration fees | 12,680 | |
Audit | 29,299 | |
Legal | 8,201 | |
Miscellaneous | 122,660 | |
Total expenses before reductions | 4,817,911 | |
Expense reductions | (24,461) | 4,793,450 |
Net investment income | 40,501,787 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers | (352,756) | |
Change in net unrealized appreciation (depreciation) on investment securities | 49,581,783 | |
Net gain (loss) | 49,229,027 | |
Net increase (decrease) in net assets resulting from operations | $ 89,730,814 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended July 31, 2009 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 40,501,787 | $ 79,609,129 |
Net realized gain (loss) | (352,756) | (9,646,190) |
Change in net unrealized appreciation (depreciation) | 49,581,783 | (100,830,739) |
Net increase (decrease) in net assets resulting | 89,730,814 | (30,867,800) |
Distributions to shareholders from net investment income | (40,451,137) | (79,495,695) |
Distributions to shareholders from net realized gain | - | (2,489,673) |
Total distributions | (40,451,137) | (81,985,368) |
Share transactions | 284,444,305 | 710,370,006 |
Reinvestment of distributions | 29,253,743 | 58,149,574 |
Cost of shares redeemed | (132,286,192) | (657,480,576) |
Net increase (decrease) in net assets resulting from share transactions | 181,411,856 | 111,039,004 |
Redemption fees | 13,113 | 51,652 |
Total increase (decrease) in net assets | 230,704,646 | (1,762,512) |
|
|
|
Net Assets | ||
Beginning of period | 1,932,143,794 | 1,933,906,306 |
End of period (including undistributed net investment income of $943,947 and undistributed net investment income of $893,297, respectively) | $ 2,162,848,440 | $ 1,932,143,794 |
Other Information Shares | ||
Sold | 25,016,797 | 62,720,016 |
Issued in reinvestment of distributions | 2,568,018 | 5,149,082 |
Redeemed | (11,646,058) | (59,060,817) |
Net increase (decrease) | 15,938,757 | 8,808,281 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended January 31, | ||||
(Unaudited) | 2009 | 2008 | 2007 | 2006 | 2005 | |
Selected Per-Share Data |
|
|
|
|
| |
Net asset value, beginning of period | $ 11.25 | $ 11.87 | $ 11.84 | $ 11.87 | $ 12.20 | $ 12.30 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income D | .226 | .464 | .473 | .484 | .497 | .519 |
Net realized and unrealized gain (loss) | .270 | (.606) | .077 | - F | (.169) | .051 |
Total from investment operations | .496 | (.142) | .550 | .484 | .328 | .570 |
Distributions from net investment income | (.226) | (.463) | (.472) | (.478) | (.498) | (.521) |
Distributions from net realized gain | - | (.015) | (.048) | (.036) | (.160) | (.149) |
Total distributions | (.226) | (.478) | (.520) | (.514) | (.658) | (.670) |
Redemption fees added to paid in capital D, F | - | - | - | - | - | - |
Net asset value, end of period | $ 11.52 | $ 11.25 | $ 11.87 | $ 11.84 | $ 11.87 | $ 12.20 |
Total Return B, C | 4.45% | (1.13)% | 4.77% | 4.17% | 2.76% | 4.80% |
Ratios to Average Net Assets E |
|
|
|
|
| |
Expenses before reductions | .48% A | .46% | .46% | .47% | .47% | .47% |
Expenses net of fee waivers, if any | .48% A | .46% | .46% | .47% | .47% | .47% |
Expenses net of all reductions | .47% A | .44% | .42% | .44% | .44% | .46% |
Net investment income | 4.01% A | 4.09% | 4.01% | 4.09% | 4.11% | 4.27% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 2,162,848 | $ 1,932,144 | $ 1,933,906 | $ 1,845,061 | $ 1,850,085 | $ 1,775,774 |
Portfolio turnover rate | 2% A | 14% | 18% | 14% | 21% | 22% |
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 Calculated based on average shares outstanding during the period.
E 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.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Massachusetts Municipal Money Market Fund
Investment Changes (Unaudited)
Maturity Diversification | |||
Days | % of fund's investments 7/31/09 | % of fund's investments 1/31/09 | % of fund's |
0 - 30 | 89.5 | 87.4 | 86.9 |
31 - 90 | 3.8 | 5.8 | 5.4 |
91 - 180 | 1.9 | 3.5 | 3.1 |
181 - 397 | 4.8 | 3.3 | 4.6 |
Weighted Average Maturity | |||
| 7/31/09 | 1/31/09 | 7/31/08 |
Fidelity Massachusetts Municipal Money Market Fund | 22 Days | 21 Days | 24 Days |
Massachusetts Tax-Free Money Market Funds Average* | 25 Days | 24 Days | 25 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of July 31, 2009 | As of January 31, 2009 | ||||||
Variable Rate |
| Variable Rate |
| ||||
Commercial Paper |
| Commercial Paper |
| ||||
Tender Bonds 1.3% |
| Tender Bonds 0.8% |
| ||||
Municipal Notes 5.4% |
| Municipal Notes 6.9% |
| ||||
Fidelity Municipal |
| Fidelity Municipal |
| ||||
Other Investments 1.8% |
| Other Investments 1.0% |
| ||||
Net Other Assets 1.2% |
| Net Other Assets 0.1% |
|
*Source: iMoneyNet, Inc.
Semiannual Report
Fidelity Massachusetts Municipal Money Market Fund
Investments July 31, 2009 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 98.8% | |||
Principal Amount | Value | ||
Arizona - 0.1% | |||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 E, 1.29%, LOC Landesbank Baden-Wuert, VRDN (a) | $ 4,700,000 | $ 4,700,000 | |
California - 0.1% | |||
East Bay Muni. Util. District Wtr. Sys. Rev.: | |||
Series 2008 B2, 0.92% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a) | 2,200,000 | 2,200,000 | |
Series 2008 B3, 0.8% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a) | 3,465,000 | 3,465,000 | |
| 5,665,000 | ||
Delaware - 0.2% | |||
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 0.9%, VRDN (a) | 9,700,000 | 9,700,000 | |
Georgia - 0.4% | |||
Gainesville & Hall County Hosp. Auth. Rev. (Northeast Georgia Health Sys., Inc. Proj.) Series 2008 D, 1%, LOC Landesbank Baden-Wuert, VRDN (a) | 9,400,000 | 9,400,000 | |
Muni. Elec. Auth. of Georgia (Combustion Turbine Proj.) Series 2008 B, 1.1%, LOC Bayerische Landesbank, VRDN (a) | 10,000,000 | 10,000,000 | |
| 19,400,000 | ||
Kentucky - 0.5% | |||
Kenton County Arpt. Board Spl. Facilities Rev. Series 2003 A, 3.25%, VRDN (a)(d) | 21,200,000 | 21,200,000 | |
Minor Lane Heights Solid Waste Disp. Rev. (Waste Mgmt. of Kentucky, LLC Proj. D) Series 2003, 0.51%, LOC PNC Bank NA, Pittsburgh, VRDN (a)(d) | 5,000,000 | 5,000,000 | |
| 26,200,000 | ||
Massachusetts - 83.3% | |||
Bedford Gen. Oblig. BAN 1.5% 7/22/10 | 16,939,000 | 17,111,118 | |
Billerica Gen. Oblig. BAN 3.5% 11/5/09 | 9,262,000 | 9,295,398 | |
Boston Gen. Oblig. Bonds: | |||
Series 2004 B, 5% 7/1/10 | 2,750,000 | 2,864,025 | |
Series 2008 B, 3.5% 4/1/10 | 3,480,000 | 3,549,184 | |
Boston Indl. Dev. Rev. (New Boston Seafood Ctr., Inc. Proj.) Series 1997, 0.46%, LOC Bank of America NA, VRDN (a)(d) | 3,070,000 | 3,070,000 | |
Boston Wtr. & Swr. Commission Rev.: | |||
Participating VRDN Series SG 75, 0.52% (Liquidity Facility Societe Generale) (a)(f) | 2,000,000 | 2,000,000 | |
Series 1994 A, 0.33%, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 1,200,000 | 1,200,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Bourne Gen. Oblig. BAN 1.5% 9/29/09 | $ 9,953,915 | $ 9,968,500 | |
Braintree Gen. Oblig.: | |||
Bonds Series 2009, 3% 5/15/10 | 5,102,000 | 5,195,771 | |
BAN 2.5% 8/14/09 | 39,515,000 | 39,527,534 | |
Burlington Gen. Oblig. BAN 2% 7/30/10 | 3,780,000 | 3,834,961 | |
Canton Hsg. Auth. Multi-family Hsg. Mtg. Rev. (Canton Arboretum Apt. Proj.) Series 1999, 0.4%, LOC Fannie Mae, VRDN (a)(d) | 7,665,000 | 7,665,000 | |
Concord Gen. Oblig. Bonds Series 2009, 2% 3/15/10 | 1,115,000 | 1,124,268 | |
Dartmouth Gen. Oblig. BAN 1% 2/26/10 | 3,214,418 | 3,220,944 | |
Easton Gen. Oblig. BAN 1.5% 4/23/10 | 9,620,000 | 9,678,970 | |
Eclipse Fdg. Trust Various States Participating VRDN Series Solar 06 108, 0.3% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f) | 14,470,000 | 14,470,000 | |
Falmouth Gen. Oblig. BAN: | |||
Series A, 1.5% 3/12/10 | 11,300,672 | 11,355,504 | |
Series B, 1.5% 3/12/10 | 17,815,131 | 17,901,572 | |
Framingham Gen. Oblig. BAN: | |||
Series 2009 A, 0.75% 12/17/09 | 2,545,000 | 2,547,193 | |
Series 2009 B, 1.5% 6/18/10 | 14,800,000 | 14,924,252 | |
Haverhill Gen. Oblig. BAN: | |||
1.75% 3/26/10 | 7,225,000 | 7,248,145 | |
3% 11/6/09 | 9,971,170 | 9,984,084 | |
Hingham Gen. Oblig. BAN: | |||
Series 2008 B, 2.5% 11/25/09 | 14,700,000 | 14,765,125 | |
2.5% 12/23/09 | 6,700,000 | 6,732,618 | |
Malden Gen. Oblig. BAN 3.75% 10/23/09 | 10,400,000 | 10,414,893 | |
Marblehead Gen. Oblig. BAN 2.75% 8/14/09 | 19,457,000 | 19,464,838 | |
Massachusetts Participating VRDN: | |||
Series Clipper 06 11, 0.44% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(f) | 23,900,000 | 23,900,000 | |
Series Clipper 07 18, 0.44% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(f) | 98,675,000 | 98,675,000 | |
Massachusetts Bay Trans. Auth. Assessment Rev.: | |||
Bonds Series 2000 A, 5.25% 7/1/30 (Pre-Refunded to 7/1/10 @ 100) (e) | 17,235,000 | 17,985,574 | |
Participating VRDN Series DC 8031, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(f) | 17,200,000 | 17,200,000 | |
Massachusetts Bay Trans. Auth. Sales Tax Rev.: | |||
Participating VRDN: | |||
Series DCL 08 28, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(f) | 16,600,000 | 16,600,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Bay Trans. Auth. Sales Tax Rev.: - continued | |||
Participating VRDN: | |||
Series DCL 08 29, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(f) | $ 21,165,000 | $ 21,165,000 | |
Series PT 4140, 0.42% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(f) | 27,925,000 | 27,925,000 | |
Series Putters 3522, 0.32% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 5,000,000 | 5,000,000 | |
Series 2008 A2, 0.3% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 39,245,000 | 39,245,000 | |
Series A, 0.4% 9/9/09 (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA), CP | 9,150,000 | 9,150,000 | |
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2005, 1.3% tender 8/3/09, CP mode (d) | 2,600,000 | 2,600,000 | |
Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.: | |||
(Charm Sciences, Inc. Proj.) Series 1999 A, 0.42%, LOC Bank of America NA, VRDN (a)(d) | 2,700,000 | 2,700,000 | |
(Monkiewicz Realty Trust Proj.) 0.6%, LOC Bank of America NA, VRDN (a)(d) | 3,965,000 | 3,965,000 | |
Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.: | |||
(Archstone Reading Apts. Proj.) Series 2004 A, 0.41%, LOC Freddie Mac, VRDN (a)(d) | 24,840,000 | 24,840,000 | |
(Avalon Acton Apts. Proj.) Series 2006, 0.46%, LOC Fannie Mae, VRDN (a)(d) | 33,000,000 | 33,000,000 | |
(Casco Crossing Proj.) 0.6%, LOC Fannie Mae, VRDN (a)(d) | 10,535,000 | 10,535,000 | |
(Georgetown Village Apts. Proj.) Series 2003 A, 0.6%, LOC Fannie Mae, VRDN (a)(d) | 15,500,000 | 15,500,000 | |
(Salem Heights Apts. Proj.) Series 2003 A, 0.36%, LOC Fed. Home Ln. Bank of Boston, VRDN (a)(d) | 15,800,000 | 15,800,000 | |
Series A, 1.25%, LOC Bayerische Landesbank, VRDN (a)(d) | 40,000,000 | 40,000,000 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
Bonds (Phillips Academy Proj.) Series 2008, 4% 9/1/09 | 1,115,000 | 1,117,645 | |
(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 0.32%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 6,230,000 | 6,230,000 | |
(Babson College Proj.) Series 2008 A, 0.4%, LOC Fed. Home Ln. Bank of Boston, VRDN (a) | 6,700,000 | 6,700,000 | |
(Boston Univ. Proj.): | |||
Series U1, 0.2%, LOC Bank of Nova Scotia, New York Agcy., VRDN (a) | 20,000,000 | 20,000,000 | |
Series U2, 0.25%, LOC BNP Paribas SA, VRDN (a) | 23,300,000 | 23,300,000 | |
Series U3, 0.25%, LOC BNP Paribas SA, VRDN (a) | 22,220,000 | 22,220,000 | |
Series U5A, 0.55%, LOC RBS Citizens NA, VRDN (a) | 23,200,000 | 23,200,000 | |
Series U6A, 0.33%, LOC Bank of America NA, VRDN (a) | 9,600,000 | 9,600,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Dev. Fin. Agcy. Rev.: - continued | |||
(Boston Univ. Proj.): | |||
Series U6E, 0.27%, LOC Bank of Nova Scotia, New York Agcy., VRDN (a) | $ 12,695,000 | $ 12,695,000 | |
(Brandeis Univ. Proj.) Series M, 0.33%, LOC Bank of America NA, VRDN (a) | 54,070,000 | 54,070,000 | |
(Brooks School Proj.) Series 2008, 2.25%, LOC RBS Citizens NA, VRDN (a) | 6,300,000 | 6,300,000 | |
(Brooksby Village, Inc. Proj.) Series 2004, 0.35%, LOC Bank of America NA, VRDN (a) | 3,870,000 | 3,870,000 | |
(Carleton-Willard Village Proj.) Series 2000, 0.35%, LOC Bank of America NA, VRDN (a) | 16,420,000 | 16,420,000 | |
(Childrens Museum Proj.) Series 2006, 0.9%, LOC RBS Citizens NA, VRDN (a) | 9,465,000 | 9,465,000 | |
(Clark Univ. Proj.) 0.33%, LOC TD Banknorth, N.A., VRDN (a) | 1,220,000 | 1,220,000 | |
(Ed. Lawrence Academy Proj.) Series 2003 A, 0.38%, LOC Bank of America NA, VRDN (a) | 1,425,000 | 1,425,000 | |
(Edgewood Retirement Cmnty. Proj.): | |||
Series 2000 A, 0.75%, LOC Bank of America NA, VRDN (a) | 10,010,000 | 10,010,000 | |
Series 2008, 0.75%, LOC Bank of America NA, VRDN (a) | 13,200,000 | 13,200,000 | |
(Elderhostel, Inc. Proj.) Series 2000, 2.41%, LOC RBS Citizens NA, VRDN (a) | 8,145,000 | 8,145,000 | |
(Fay School Proj.) 0.36%, LOC TD Banknorth, N.A., VRDN (a) | 5,450,000 | 5,450,000 | |
(Fifteen-O-Five West Housatonic LLC Proj.) Series 2007, 0.51%, LOC HSBC Bank USA, NA, VRDN (a)(d) | 2,870,000 | 2,870,000 | |
(Greater Boston Food Bank, Inc. Proj.) Series 2008 B, 0.35%, LOC Bank of America NA, VRDN (a) | 7,940,000 | 7,940,000 | |
(Hockomock YMCA Proj.) Series 2009, 0.4%, LOC Bank of America NA, VRDN (a) | 14,395,000 | 14,395,000 | |
(Institute of Contemporary Art Proj.) Series 2004 A, 0.33%, LOC Bank of America NA, VRDN (a) | 6,970,000 | 6,970,000 | |
(Judge Rotenburg Ctr. Proj.) 0.33%, LOC Bank of America NA, VRDN (a) | 4,400,000 | 4,400,000 | |
(Mary Ann Morse Healthcare Proj.) Series 2007, 0.39%, LOC JPMorgan Chase Bank, VRDN (a) | 27,780,000 | 27,780,000 | |
(Masonic Nursing Home, Inc. Proj.) Series 2002, 2.35%, LOC RBS Citizens NA, VRDN (a) | 2,255,000 | 2,255,000 | |
(Olin College Proj.): | |||
Series 2008 C2, 0.9%, LOC RBS Citizens NA, VRDN (a) | 900,000 | 900,000 | |
Series 2008 C3, 0.9%, LOC RBS Citizens NA, VRDN (a) | 16,000,000 | 16,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Dev. Fin. Agcy. Rev.: - continued | |||
(Simmons College Proj.) Series G, 0.25%, LOC TD Banknorth, N.A., VRDN (a) | $ 15,435,000 | $ 15,435,000 | |
(Wilber School Apts. Proj.) Series 2008 A, 0.32%, LOC Bank of America NA, VRDN (a) | 8,100,000 | 8,100,000 | |
(Worcester Polytechnic Institute Proj.) Series A, 0.32%, LOC TD Banknorth, N.A., VRDN (a) | 9,735,000 | 9,735,000 | |
Series 2001, 0.5% 9/3/09, LOC JPMorgan Chase Bank, CP | 10,363,000 | 10,363,000 | |
0.32% 8/6/09, LOC Bank of America NA, CP | 25,761,000 | 25,761,000 | |
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Wheelabrator Millbury Proj.) 0.32%, LOC JPMorgan Chase Bank, VRDN (a)(d) | 6,100,000 | 6,100,000 | |
Massachusetts Gen. Oblig.: | |||
Bonds: | |||
Series 2000 A, 6% 2/1/10 | 6,005,000 | 6,164,870 | |
Series 2001 A, 5.5% 1/1/10 | 3,000,000 | 3,054,997 | |
Series 2001 C, 5% 12/1/09 | 2,000,000 | 2,026,868 | |
Series 2008 A, 3% 9/1/09 | 9,900,000 | 9,916,003 | |
Series 2009 B, 2% 7/1/10 | 3,000,000 | 3,041,044 | |
Participating VRDN: | |||
Series BA 01 O, 0.61% (Liquidity Facility Bank of America NA) (a)(f) | 2,785,000 | 2,785,000 | |
Series BA 02 C, 0.61% (Liquidity Facility Bank of America NA) (a)(f) | 3,490,000 | 3,490,000 | |
Series Clipper 07 06, 0.44% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(f) | 53,850,000 | 53,850,000 | |
Series DCL 08 22, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(f) | 33,215,000 | 33,215,000 | |
Series EGL 07 0124, 0.45% (Liquidity Facility Citibank NA) (a)(f) | 12,235,000 | 12,235,000 | |
Series EGL 07 0149, 0.45% (Liquidity Facility Citibank NA) (a)(f) | 19,000,000 | 19,000,000 | |
Series MS 1186, 0.41% (Liquidity Facility Rabobank Nederland) (a)(f) | 16,098,000 | 16,098,000 | |
Series PT 3989, 0.43% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(f) | 21,835,000 | 21,835,000 | |
Series Putters 2022, 0.51% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 22,040,000 | 22,040,000 | |
Series Putters 2648, 0.51% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 1,850,000 | 1,850,000 | |
Series Putters 2708, 0.34% (Liquidity Facility JPMorgan Chase & Co.) (a)(f) | 2,645,000 | 2,645,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Gen. Oblig.: - continued | |||
Participating VRDN: | |||
Series Putters 300, 0.32% (Liquidity Facility JPMorgan Chase & Co.) (a)(f) | $ 24,075,000 | $ 24,075,000 | |
Series Putters 301, 0.32% (Liquidity Facility JPMorgan Chase & Co.) (a)(f) | 3,965,000 | 3,965,000 | |
Series Putters 317, 0.32% (Liquidity Facility JPMorgan Chase & Co.) (a)(f) | 12,805,000 | 12,805,000 | |
Series Putters 3337, 0.32% (Liquidity Facility JPMorgan Chase & Co.) (a)(f) | 2,475,000 | 2,475,000 | |
Series Putters 571, 0.56% (Liquidity Facility JPMorgan Chase & Co.) (a)(f) | 4,110,000 | 4,110,000 | |
Series ROC II R 11163, 0.43% (Liquidity Facility Citibank NA) (a)(f) | 15,260,000 | 15,260,000 | |
(Central Artery Proj.): | |||
Series 2000 A, 0.36% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a) | 67,000,000 | 67,000,000 | |
Series 2000 B, 0.33% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 12,800,000 | 12,800,000 | |
Series 1997 B, 0.3% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 140,570,000 | 140,570,000 | |
Series 1998 A, 0.35% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 42,800,000 | 42,800,000 | |
Series 2001 B, 0.37% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 31,420,000 | 31,420,000 | |
Series 2001 C, 0.37% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 83,350,000 | 83,350,000 | |
Series 2006 B, 0.4% (Liquidity Facility Bank of America NA), VRDN (a) | 55,905,000 | 55,905,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
(Northeastern Univ. Proj.) Series 2008 T3, 1%, tender 2/18/10 (a) | 46,700,000 | 46,700,000 | |
(Tufts Univ. Proj.) Series 2008 O, 3.5% 8/15/09 | 2,000,000 | 2,001,522 | |
(Univ. of Massachusetts Proj.) Series 2000 A, 0.85%, tender 4/1/10 (a) | 13,400,000 | 13,400,000 | |
Series 2008 H2: | |||
0.23% tender 8/17/09, CP mode | 7,020,000 | 7,020,000 | |
0.25% tender 8/7/09, CP mode | 19,790,000 | 19,790,000 | |
Participating VRDN: | |||
Series BA 02 D, 0.41% (Liquidity Facility Bank of America NA) (a)(f) | 10,505,000 | 10,505,000 | |
Series BA 08 1056, 0.36% (Liquidity Facility Bank of America NA) (a)(f) | 5,185,000 | 5,185,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | |||
Participating VRDN: | |||
Series BBT 08 54, 0.3% (Liquidity Facility Branch Banking & Trust Co.) (a)(f) | $ 12,635,000 | $ 12,635,000 | |
Series Clipper 07 08, 0.41% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(f) | 11,250,000 | 11,250,000 | |
Series MS 3044, 0.35% (Liquidity Facility Morgan Stanley) (a)(f) | 14,850,000 | 14,850,000 | |
Series MS 3053, 0.35% (Liquidity Facility Morgan Stanley) (a)(f) | 14,170,000 | 14,170,000 | |
Series PT 4633, 0.38% (Liquidity Facility Deutsche Postbank AG) (a)(f) | 24,480,000 | 24,480,000 | |
Series Putters 3104, 0.34% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 3,550,000 | 3,550,000 | |
Series Putters 3529, 0.32% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 15,660,000 | 15,660,000 | |
Series ROC II R 10416, 0.38% (Liquidity Facility Citibank NA) (a)(f) | 15,700,000 | 15,700,000 | |
Series SGB 42, 0.39% (Liquidity Facility Societe Generale) (a)(f) | 27,080,000 | 27,080,000 | |
(Alliance Health of Southeastern Massachusetts Proj.) Series 2007 A, 2.15%, LOC RBS Citizens NA, VRDN (a) | 14,170,000 | 14,170,000 | |
(Baystate Med. Ctr. Proj.) Series 2005 G, 0.25%, LOC Bank of America NA, VRDN (a) | 1,000,000 | 1,000,000 | |
(Boston Univ. Proj.) Series H, 0.28%, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 41,100,000 | 41,100,000 | |
(Dana-Farber Cancer Institute Proj.): | |||
Series 2008 L1, 0.3%, LOC JPMorgan Chase Bank, VRDN (a) | 45,650,000 | 45,650,000 | |
Series 2008 L2, 0.3%, LOC Bank of America NA, VRDN (a) | 58,500,000 | 58,500,000 | |
(Endicott College Proj.): | |||
Series 2004 D, 0.33%, LOC Bank of America NA, VRDN (a) | 21,590,000 | 21,590,000 | |
Series 2007 E, 0.33%, LOC Bank of America NA, VRDN (a) | 12,550,000 | 12,550,000 | |
(Hallmark Health Sys. Proj.) Series 2008 C, 0.35%, LOC Bank of America NA, VRDN (a) | 6,800,000 | 6,800,000 | |
(Harvard Univ. Proj.): | |||
Series BB 0.23%, VRDN (a) | 94,805,000 | 94,805,000 | |
Series R, 0.25%, VRDN (a) | 21,950,000 | 21,950,000 | |
(Harvard Vanguard Med. Associates Proj.) Series 2004, 0.23%, LOC TD Banknorth, NA, VRDN (a) | 2,900,000 | 2,900,000 | |
(Henry Heywood Memorial Hosp. Proj.) Series 2008 C, 0.36%, LOC TD Banknorth, NA, VRDN (a) | 6,605,000 | 6,605,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | |||
(Massachusetts Institute of Technology Proj.): | |||
Series 2001 J1, 0.23%, VRDN (a) | $ 19,280,000 | $ 19,280,000 | |
Series 2001 J2, 0.15%, VRDN (a) | 30,500,000 | 30,500,000 | |
(Mount Ida College Proj.) Series 2007 A, 0.33%, LOC Bank of America NA, VRDN (a) | 1,000,000 | 1,000,000 | |
(New England Aquarium Corp. Proj.) Series 2007 A, 0.33%, LOC JPMorgan Chase Bank, VRDN (a) | 21,215,000 | 21,215,000 | |
(Northeast Hosp. Corp. Proj.): | |||
Series 2004 G, 0.33%, LOC JPMorgan Chase Bank, VRDN (a) | 38,525,000 | 38,525,000 | |
Series 2006 H, 0.35%, LOC Bank of America NA, VRDN (a) | 23,000,000 | 23,000,000 | |
(Northeastern Univ. Proj.): | |||
Series 2008 Q, 0.33%, LOC Bank of America NA, VRDN (a) | 23,300,000 | 23,300,000 | |
Series 2008 U, 0.3%, LOC JPMorgan Chase Bank, VRDN (a) | 11,600,000 | 11,600,000 | |
Series 2008 W, 0.25%, LOC TD Banknorth, NA, VRDN (a) | 6,800,000 | 6,800,000 | |
(Partners HealthCare Sys., Inc. Proj.): | |||
Series 2008 D1, 0.25%, VRDN (a) | 8,830,000 | 8,830,000 | |
Series D5, 0.25%, VRDN (a) | 8,505,000 | 8,505,000 | |
Series D6, 0.25%, VRDN (a) | 8,000,000 | 8,000,000 | |
(Pool Ln. Prog.): | |||
Series 2006 M3C, 2.3%, LOC RBS Citizens NA, VRDN (a) | 4,630,000 | 4,630,000 | |
Series 2007 M3D, 2.3%, LOC RBS Citizens NA, VRDN (a) | 16,310,000 | 16,310,000 | |
(Southcoast Health Sys. Obligated Group Proj.) Series 2008 C, 0.25%, LOC Bank of America NA, VRDN (a) | 4,600,000 | 4,600,000 | |
(Suffolk Univ. Proj.) Series 2008 A, 0.3%, LOC TD Banknorth, NA, VRDN (a) | 14,250,000 | 14,250,000 | |
(Wellesley College Proj.): | |||
Series 2008 I, 0.25%, VRDN (a) | 5,400,000 | 5,400,000 | |
Series B, 0.23%, VRDN (a) | 1,000,000 | 1,000,000 | |
(Winchester Hosp. Proj.): | |||
Series 2004 F, 0.3%, LOC Bank of America NA, VRDN (a) | 15,170,000 | 15,170,000 | |
Series 2004 G, 0.3%, LOC Bank of America NA, VRDN (a) | 3,665,000 | 3,665,000 | |
Series 2008 H1: | |||
0.45% 11/17/09, CP | 2,660,000 | 2,660,000 | |
0.5% 11/13/09, CP | 8,000,000 | 8,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | |||
Series 2008 H1: | |||
0.67% 9/2/09, CP | $ 4,500,000 | $ 4,500,000 | |
0.67% 9/3/09, CP | 12,500,000 | 12,500,000 | |
Series 2008 H2, 0.4% 12/4/09, CP | 7,020,000 | 7,020,000 | |
0.3% 10/1/09, CP | 16,300,000 | 16,300,000 | |
0.35% 8/5/09, CP | 12,627,000 | 12,627,000 | |
0.35% 10/15/09, CP | 24,725,000 | 24,725,000 | |
Massachusetts Hsg. Fin. Agcy. Hsg. Rev.: | |||
Series 2004 A, 0.4%, LOC Lloyds TSB Bank PLC, VRDN (a)(d) | 20,300,000 | 20,300,000 | |
Series 2008 A, 0.4%, LOC Lloyds TSB Bank PLC, VRDN (a)(d) | 12,000,000 | 12,000,000 | |
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. (Princeton Crossing LP Proj.) Series 1996 A, 0.35%, LOC Fannie Mae, VRDN (a)(d) | 20,900,000 | 20,900,000 | |
Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev.: | |||
(346 Univ. LLC Proj.) Series 1996, 0.42%, LOC Bank of America NA, VRDN (a)(d) | 1,400,000 | 1,400,000 | |
(BBB Esq. LLC Proj.) Series 1996, 0.42%, LOC Bank of America NA, VRDN (a)(d) | 1,100,000 | 1,100,000 | |
(Boutwell Owens & Co., Inc. Proj.) Series 1998, 0.6%, LOC Wells Fargo Bank NA, VRDN (a)(d) | 725,000 | 725,000 | |
(Brady Enterprises Proj.) Series 1996, 0.6%, LOC Bank of America NA, VRDN (a)(d) | 1,650,000 | 1,650,000 | |
(Decas Cranberry Proj.) Series 1997, 0.6%, LOC Bank of America NA, VRDN (a)(d) | 3,000,000 | 3,000,000 | |
(Interpolymer Corp. Proj.) Series 1992, 0.42%, LOC Bank of America NA, VRDN (a)(d) | 1,000,000 | 1,000,000 | |
(Riverdale Mills Corp. Proj.) Series 1995, 0.42%, LOC Bank of America NA, VRDN (a)(d) | 600,000 | 600,000 | |
(United Plastics Proj.) Series 1997, 0.6%, LOC Wells Fargo Bank NA, VRDN (a)(d) | 1,850,000 | 1,850,000 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev.: | |||
Bonds (New England Pwr. Co. Proj.): | |||
Series 1992, 1.25% tender 8/5/09, CP mode | 4,100,000 | 4,100,000 | |
Series 1993 B, 1.98% tender 8/20/09, CP mode | 8,500,000 | 8,500,000 | |
(New England Pwr. Co. Proj.) Bonds Series 1993 A, 1.25% tender 8/5/09, CP mode | 9,300,000 | 9,300,000 | |
Massachusetts Indl. Fin. Agcy. Rev. Bonds (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/09 | 20,300,000 | 20,300,000 | |
Massachusetts Port Auth. Rev.: | |||
Series 2003 B, 0.67% 8/5/09, LOC Bank of New York, New York, CP (d) | 59,000,000 | 59,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Port Auth. Rev.: - continued | |||
Series 2008 B, 0.37%, LOC Bank of America NA, VRDN (a)(d) | $ 98,125,000 | $ 98,125,000 | |
Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt Proj.) Series 2001 A, 0.35%, LOC Royal Bank of Scotland PLC, VRDN (a)(d) | 37,100,000 | 37,100,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Participating VRDN: | |||
Series BA 08 1082, 0.61% (Liquidity Facility Bank of America NA) (a)(f) | 5,250,000 | 5,250,000 | |
Series BA 08 3307, 0.71% (Liquidity Facility Bank of America NA) (a)(f) | 5,000,000 | 5,000,000 | |
Series EGL 07 0031, 0.45% (Liquidity Facility Citibank NA) (a)(f) | 42,600,000 | 42,600,000 | |
Series EGL 07 0032, 0.45% (Liquidity Facility Citibank NA) (a)(f) | 69,300,000 | 69,300,000 | |
Series EGL 07 0067, 0.45% (Liquidity Facility Citibank NA) (a)(f) | 41,660,000 | 41,660,000 | |
Series EGL 07 0092, 0.45% (Liquidity Facility Citibank NA) (a)(f) | 43,095,000 | 43,095,000 | |
Series Putters 1185, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 10,205,000 | 10,205,000 | |
Series Putters 1197, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 1,000,000 | 1,000,000 | |
Series Putters 2479Z, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 3,395,000 | 3,395,000 | |
Series Putters 2857, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 8,180,000 | 8,180,000 | |
Series ROC II R 10413, 0.45% (Liquidity Facility Citibank NA) (a)(f) | 6,435,000 | 6,435,000 | |
Series Solar 05 03, 0.31% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f) | 20,475,000 | 20,475,000 | |
Series A: | |||
0.25% 8/7/09, LOC Bank of Nova Scotia, New York Agcy., CP | 17,050,000 | 17,050,000 | |
0.3% 9/15/09, LOC Bank of Nova Scotia, New York Agcy., CP | 8,000,000 | 8,000,000 | |
0.32% 9/4/09, LOC Bank of Nova Scotia, New York Agcy., CP | 5,000,000 | 5,000,000 | |
0.32% 9/9/09, LOC Bank of Nova Scotia, New York Agcy., CP | 12,700,000 | 12,700,000 | |
0.37% 9/8/09, LOC Bank of Nova Scotia, New York Agcy., CP | 33,800,000 | 33,800,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: - continued | |||
Series A: | |||
0.4% 12/10/09, LOC Bank of Nova Scotia, New York Agcy., CP | $ 18,100,000 | $ 18,100,000 | |
Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 1.7% tender 8/20/09, CP mode (d) | 12,300,000 | 12,300,000 | |
Massachusetts Wtr. Poll. Abatement Trust: | |||
Bonds (Pool Prog.) Series 9, 5% 8/1/09 | 3,000,000 | 3,000,000 | |
Participating VRDN: | |||
Series BA 08 1089, 0.36% (Liquidity Facility Bank of America NA) (a)(f) | 5,000,000 | 5,000,000 | |
Series BBT 08 40, 0.3% (Liquidity Facility Branch Banking & Trust Co.) (a)(f) | 7,360,000 | 7,360,000 | |
Series PT 4644, 0.41% (Liquidity Facility Deutsche Postbank AG) (a)(f) | 11,285,000 | 11,285,000 | |
Series Putters 3159, 0.32% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 15,320,000 | 15,320,000 | |
Series Putters 3408, 0.32% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 5,155,000 | 5,155,000 | |
Series Putters 577, 0.32% (Liquidity Facility JPMorgan Chase & Co.) (a)(f) | 7,975,000 | 7,975,000 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | |||
Participating VRDN: | |||
Series DCL 07 001, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(f) | 25,215,000 | 25,215,000 | |
Series EGL 06 0054, 0.45% (Liquidity Facility Citibank NA) (a)(f) | 7,300,000 | 7,300,000 | |
Series EGL 06 0097, 0.45% (Liquidity Facility Citibank NA) (a)(f) | 11,645,000 | 11,645,000 | |
Series EGL 7050011 Class A, 0.43% (Liquidity Facility Citibank NA) (a)(f) | 10,990,000 | 10,990,000 | |
Series MS 2935, 0.51% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(f) | 19,944,000 | 19,944,000 | |
Series Putters 2848, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(f) | 7,835,000 | 7,835,000 | |
Series ROC II R 10377, 0.43% (Liquidity Facility Citibank NA) (a)(f) | 21,760,000 | 21,760,000 | |
Series Solar 06 86, 0.27% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(f) | 6,715,000 | 6,715,000 | |
Series 1995, 0.55% 8/12/09, LOC Bayerische Landesbank Girozentrale, CP | 1,400,000 | 1,400,000 | |
Series 2002 D, 0.33%, LOC Landesbank Baden-Wuert, VRDN (a) | 300,000 | 300,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued | |||
Series 2008 B, 0.33% (Liquidity Facility Bank of America NA), VRDN (a) | $ 103,595,000 | $ 103,595,000 | |
Series 2008 C, 0.8% (Liquidity Facility Bayerische Landesbank), VRDN (a) | 71,685,000 | 71,685,000 | |
Series 2008 D, 0.8% (Liquidity Facility Bayerische Landesbank), VRDN (a) | 27,000,000 | 27,000,000 | |
Series 2008 E, 0.35% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 69,870,000 | 69,870,000 | |
Series 2008 F, 0.18% (Liquidity Facility Bank of Nova Scotia, New York Agcy.), VRDN (a) | 61,300,000 | 61,300,000 | |
Nantucket Gen. Oblig. BAN 1.5% 2/26/10 | 26,170,000 | 26,322,838 | |
Newburyport Gen. Oblig. BAN 1.25% 2/26/10 | 4,380,000 | 4,396,162 | |
Plymouth Gen. Oblig.: | |||
Bonds Series 2009, 2% 5/15/10 | 3,944,000 | 3,987,199 | |
BAN: | |||
Series 2009 A, 1.5% 5/13/10 | 4,000,000 | 4,028,861 | |
Series 2009 B, 1% 11/13/09 | 2,150,000 | 2,153,022 | |
Shrewsbury Gen. Oblig. BAN 2.5% 11/20/09 | 6,100,000 | 6,121,597 | |
Somerville Gen. Oblig. BAN 1.5% 2/19/10 | 10,834,000 | 10,879,810 | |
Swampscott Gen. Oblig. BAN 4% 10/16/09 | 7,717,000 | 7,731,012 | |
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.25%, LOC Lloyds TSB Bank PLC, VRDN (a) | 83,165,000 | 83,165,000 | |
Univ. of Massachusetts Bldg. Auth. Rev. Series 2008 3, 0.25%, LOC Bank of America NA, VRDN (a) | 57,990,000 | 57,990,000 | |
| 4,096,750,921 | ||
Michigan - 0.1% | |||
Michigan Hosp. Fin. Auth. Rev. (Henry Ford Health Sys. Proj.) Series 2006 C, 1.72%, LOC RBS Citizens NA, VRDN (a) | 5,400,000 | 5,400,000 | |
Missouri - 0.1% | |||
Missouri Higher Ed. Ln. Auth. Student Ln. Rev. Series 2008 A2, 0.55%, LOC Bank of America NA, VRDN (a)(d) | 4,600,000 | 4,600,000 | |
Nebraska - 0.3% | |||
Nebraska Invt. Fin. Auth. Single Family Hsg. Rev.: | |||
Series 2007 B, 0.5% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(d) | 6,560,000 | 6,560,000 | |
Series 2007 J, 0.5% (Liquidity Facility Fed. Home Ln. Bank Topeka), VRDN (a)(d) | 6,050,000 | 6,050,000 | |
| 12,610,000 | ||
Municipal Securities - continued | |||
Principal Amount | Value | ||
Nevada - 0.2% | |||
Clark County Arpt. Rev.: | |||
Series 2008 C1, 1.05%, LOC Bayerische Landesbank, VRDN (a)(d) | $ 4,400,000 | $ 4,400,000 | |
Series 2008 D2, 1%, LOC Landesbank Baden-Wuert, VRDN (a) | 5,100,000 | 5,100,000 | |
| 9,500,000 | ||
New Hampshire - 0.1% | |||
Manchester Arpt. Rev. Series 2008, 1.2%, LOC RBS Citizens NA, VRDN (a)(d) | 3,300,000 | 3,300,000 | |
Ohio - 0.4% | |||
Dayton Montgomery County Port Auth. Spl. Arpt. Facilities Rev. (Wilmington Air Park, Inc. Proj.) Series 2007 B, 3.25%, VRDN (a)(d) | 17,400,000 | 17,400,000 | |
Pennsylvania - 0.9% | |||
Delaware County Auth. Rev. (White Horse Village Proj.) Series 2006 B, 2.15%, LOC Citizens Bank of Pennsylvania, VRDN (a) | 9,985,000 | 9,985,000 | |
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Indiana Univ. of Pennsylvania Student Hsg. Proj.) Series 2008, 0.75%, LOC Citizens Bank of Pennsylvania, VRDN (a) | 3,800,000 | 3,800,000 | |
(St. Joseph's Univ. Proj.) Series 2008 B, 1.25%, LOC Citizens Bank of Pennsylvania, VRDN (a) | 11,800,000 | 11,800,000 | |
(Student Assoc., Inc. Student Hsg. Proj.) Series 2006 A, 0.75%, LOC Citizens Bank of Pennsylvania, VRDN (a) | 4,265,000 | 4,265,000 | |
Southcentral Pennsylvania Gen. Auth. Rev. (WellSpan Health Obligated Group Proj.) Series 2008 B, 1.72%, LOC Citizens Bank of Pennsylvania, VRDN (a) | 16,625,000 | 16,625,000 | |
| 46,475,000 | ||
Puerto Rico - 0.6% | |||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: | |||
Series 2007 A6, 0.25%, LOC UBS AG, VRDN (a) | 21,400,000 | 21,400,000 | |
Series 2008 B, 0.25%, LOC Wachovia Bank NA, VRDN (a) | 6,200,000 | 6,200,000 | |
| 27,600,000 | ||
Municipal Securities - continued | |||
Principal Amount | Value | ||
South Carolina - 0.4% | |||
South Carolina Jobs-Econ. Dev. Auth. Econ. Dev. Rev.: | |||
(ACI Industries LLC Proj.) 0.64%, LOC Wachovia Bank NA, VRDN (a)(d) | $ 7,000,000 | $ 7,000,000 | |
(Bon Secours Health Sys. Proj.) Series 2008 D, 1%, LOC Landesbank Baden-Wuert, VRDN (a) | 14,100,000 | 14,100,000 | |
| 21,100,000 | ||
Utah - 0.3% | |||
Utah Transit Auth. Sales Tax Rev. Participating VRDN Series PT 4606, 0.61% (Liquidity Facility Deutsche Postbank AG) (a)(f) | 13,400,000 | 13,400,000 | |
Virginia - 0.0% | |||
Fairfax County Econ. Dev. Rev. Exempt Facilities Rev. (Hilltop Sand & Gravel, Inc. Proj.) Series 2000, 0.64%, LOC Wachovia Bank NA, VRDN (a)(d) | 2,000,000 | 2,000,000 | |
Washington - 0.3% | |||
Chelan County Pub. Util. District #1 Rev. Participating VRDN Series Putters 3362, 0.71% (Liquidity Facility JPMorgan Chase Bank) (a)(d)(f) | 9,970,000 | 9,970,000 | |
Port of Seattle Rev. Series 2005, 0.58%, LOC Fortis Banque SA, VRDN (a)(d) | 4,300,000 | 4,300,000 | |
| 14,270,000 | ||
West Virginia - 0.6% | |||
West Virginia Pub. Energy Auth. Energy Rev. Bonds (Morgantown Energy Assoc. Proj.) 2.5% tender 8/3/09, LOC Dexia Cr. Local de France, CP mode (d) | 24,100,000 | 24,100,000 | |
Wood County Commission Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) Series A, 0.55%, LOC Wachovia Bank NA, VRDN (a)(d) | 6,580,000 | 6,580,000 | |
| 30,680,000 | ||
Shares |
| ||
Other - 9.9% | |||
Fidelity Municipal Cash Central Fund, 0.39% (b)(c) | 487,853,000 | 487,853,000 | |
TOTAL INVESTMENT PORTFOLIO - 98.8% (Cost $4,858,603,921) | 4,858,603,921 | ||
NET OTHER ASSETS - 1.2% | 58,557,340 | ||
NET ASSETS - 100% | $ 4,917,161,261 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(d) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(e) Security collateralized by an amount sufficient to pay interest and principal. |
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund | Income earned |
Fidelity Municipal Cash Central Fund | $ 1,014,820 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Massachusetts Municipal Money Market Fund
Financial Statements
Statement of Assets and Liabilities
| July 31, 2009 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $4,370,750,921) | $ 4,370,750,921 |
|
Fidelity Central Funds (cost $487,853,000) | 487,853,000 |
|
Total Investments (cost $4,858,603,921) |
| $ 4,858,603,921 |
Cash | 38,183,961 | |
Receivable for investments sold | 44,607,450 | |
Receivable for fund shares sold | 41,951,648 | |
Interest receivable | 7,369,315 | |
Distributions receivable from Fidelity Central Funds | 139,907 | |
Prepaid expenses | 296,934 | |
Receivable from investment adviser for expense reductions | 304,232 | |
Other affiliated receivables | 338,550 | |
Other receivables | 13,482 | |
Total assets | 4,991,809,400 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 18,286,162 | |
Payable for fund shares redeemed | 52,986,140 | |
Distributions payable | 657 | |
Accrued management fee | 1,523,903 | |
Other affiliated payables | 1,091,522 | |
Other payables and accrued expenses | 759,755 | |
Total liabilities | 74,648,139 | |
|
|
|
Net Assets | $ 4,917,161,261 | |
Net Assets consist of: |
| |
Paid in capital | $ 4,917,150,457 | |
Distributions in excess of net investment income | (256,927) | |
Accumulated undistributed net realized gain (loss) on investments | 267,731 | |
Net Assets, for 4,913,491,364 shares outstanding | $ 4,917,161,261 | |
Net Asset Value, offering price and redemption price per share ($4,917,161,261 ÷ 4,913,491,364 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Massachusetts Municipal Money Market Fund
Financial Statements - continued
Statement of Operations
Six months ended July 31, 2009 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 15,380,666 |
Income from Fidelity Central Funds |
| 1,014,820 |
Total income |
| 16,395,486 |
|
|
|
Expenses | ||
Management fee | $ 9,379,200 | |
Transfer agent fees | 3,122,872 | |
Accounting fees and expenses | 217,034 | |
Custodian fees and expenses | 36,628 | |
Independent trustees' compensation | 9,030 | |
Registration fees | 25,007 | |
Audit | 25,709 | |
Legal | 21,679 | |
Money Market Guarantee Program Fee | 1,064,861 | |
Miscellaneous | 769,756 | |
Total expenses before reductions | 14,671,776 | |
Expense reductions | (654,406) | 14,017,370 |
Net investment income | 2,378,116 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 44,003 |
Net increase in net assets resulting from operations | $ 2,422,119 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Statement of Changes in Net Assets
| Six months ended July 31, 2009 | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 2,378,116 | $ 77,915,246 |
Net realized gain (loss) | 44,003 | 1,338,813 |
Net increase in net assets resulting | 2,422,119 | 79,254,059 |
Distributions to shareholders from net investment income | (2,635,043) | (77,917,267) |
Distributions to shareholders from net realized gain | - | (1,084,429) |
Total distributions | (2,635,043) | (79,001,696) |
Share transactions at net asset value of $1.00 per share | 6,243,939,915 | 17,509,656,364 |
Reinvestment of distributions | 2,597,529 | 77,400,931 |
Cost of shares redeemed | (6,657,580,170) | (17,833,693,240) |
Net increase (decrease) in net assets and shares resulting from share transactions | (411,042,726) | (246,635,945) |
Total increase (decrease) in net assets | (411,255,650) | (246,383,582) |
|
|
|
Net Assets | ||
Beginning of period | 5,328,416,911 | 5,574,800,493 |
End of period (including distributions in excess of net investment income of $256,927 and undistributed net investment income of $0, respectively) | $ 4,917,161,261 | $ 5,328,416,911 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
| Six months ended | Years ended January 31, | ||||
(Unaudited) | 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 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income | .001 | .014 | .031 | .030 | .021 | .008 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | .001 | .014 | .031 | .030 | .021 | .008 |
Distributions from net investment income | (.001) | (.014) | (.031) | (.030) | (.021) | (.008) |
Distributions from net realized gain | - | - F | - | - | - | - F |
Total distributions | (.001) | (.014) | (.031) | (.030) | (.021) | (.008) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .05% | 1.46% | 3.16% | 3.03% | 2.07% | .84% |
Ratios to Average Net Assets D, E |
|
|
|
|
| |
Expenses before reductions | .58% A | .52% | .50% | .51% | .51% | .51% |
Expenses net of fee waivers, if any | .56% A | .52% | .50% | .51% | .51% | .51% |
Expenses net of all reductions | .56% A | .47% | .40% | .39% | .42% | .49% |
Net investment income | .09% A | 1.43% | 3.11% | 2.99% | 2.07% | .79% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 4,917,161 | $ 5,328,417 | $ 5,574,800 | $ 4,983,733 | $ 4,166,724 | $ 3,678,016 |
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 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.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2009 (Unaudited)
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 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. Events or transactions occurring after period end through the date that the financial statements were issued, September 28, 2009, have been evaluated in the preparation of the financial statements. 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. The Income Fund uses independent pricing services approved by the Board of Trustees to value their investments. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable. For the Income Fund, 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 July 31, 2009, for each Fund's investments, as well as a reconciliation of assets and liabilities for which significant unobservable inputs (Level 3) were used in determining value, if any, is included at the end of each Fund's Schedule of Investments. Valuation techniques of each Fund's major categories of assets and liabilities as presented in the Schedule of Investments are as follows.
For the Income Fund, debt securities, including restricted securities, are valued based on quotations received from dealers who make markets in such securities or by independent pricing services. For municipal securities pricing services generally utilize matrix pricing which considers 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 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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
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 September 18, 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 U.S. Treasury Department upon liquidation of the Money Market Fund. The Money Market Fund paid the U.S. Treasury Department fees equal to 0.04% based on the number of shares outstanding as of September 19, 2008 to participate in the Program. 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.
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
Semiannual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, certain Funds claimed 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, deferred trustees compensation, capital loss carryforwards 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 federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
| Cost for Federal | Unrealized | Unrealized | Net Unrealized |
Fidelity Massachusetts Municipal Income Fund | $ 2,114,376,138 | $ 55,319,331 | $ (57,413,396) | $ (2,094,065) |
Fidelity Massachusetts Municipal Money Market Fund | 4,858,603,921 | - | - | - |
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of 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 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 $243,974,156 and $24,278,310, 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 annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
| Individual Rate | Group Rate | Total |
Fidelity Massachusetts Municipal Income Fund | .25% | .12% | .37% |
Fidelity Massachusetts Municipal Money Market Fund | .25% | .12% | .37% |
Semiannual Report
6. Fees and Other Transactions with Affiliates - continued
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 Fund's 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 annualized rates expressed as a percentage of average net assets:
Fidelity Massachusetts Municipal Income Fund | .07% |
Fidelity Massachusetts Municipal Money Market Fund | .12% |
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 $3.5 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 | $ 6,808 |
During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
FMR voluntarily agreed to reimburse Funds to the extent annual operating expenses exceeded certain levels of average net assets as noted in the table below. 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.
The following Funds were in reimbursement during the period:
| Expense | Reimbursement |
Fidelity Massachusetts Municipal Money Market Fund | .53% | $ 304,232 |
FMR or its affiliates voluntarily agreed to waive certain fees during the period for the Money Market fund. The amount of the waiver is $338,550.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
8. Expense Reductions - continued
Through arrangements with 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 | $ 12,396 | $ 12,062 | $ 3 |
Fidelity Massachusetts Municipal Money Market Fund | 9,084 | 2,421 | 119 |
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 fluctuated significantly due to market volatility. As a result, the Money Market Fund's cash position may be significant during the period.
Semiannual Report
Proxy Voting Results
A special meeting of each fund's shareholders was held on August 14, 2009. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To elect a Board of Trustees.A | ||
| # of | % of |
James C. Curvey | ||
Affirmative | 4,648,389,032.15 | 94.719 |
Withheld | 259,163,654.19 | 5.281 |
TOTAL | 4,907,552,686.34 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 4,677,208,938.31 | 95.306 |
Withheld | 230,343,748.03 | 4.694 |
TOTAL | 4,907,552,686.34 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 4,668,111,507.17 | 95.121 |
Withheld | 239,441,179.17 | 4.879 |
TOTAL | 4,907,552,686.34 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 4,675,370,528.52 | 95.269 |
Withheld | 232,182,157.82 | 4.731 |
TOTAL | 4,907,552,686.34 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 4,683,454,150.28 | 95.434 |
Withheld | 224,098,536.06 | 4.566 |
TOTAL | 4,907,552,686.34 | 100.000 |
James H. Keyes | ||
Affirmative | 4,681,676,716.90 | 95.397 |
Withheld | 225,875,969.44 | 4.603 |
TOTAL | 4,907,552,686.34 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,673,624,930.52 | 95.233 |
Withheld | 233,927,755.82 | 4.767 |
TOTAL | 4,907,552,686.34 | 100.000 |
| # of | % of |
Kenneth L. Wolfe | ||
Affirmative | 4,678,330,980.10 | 95.329 |
Withheld | 229,221,706.24 | 4.671 |
TOTAL | 4,907,552,686.34 | 100.000 |
PROPOSAL 2 | ||
To amend the Declaration of Trust to reduce the required quorum for future shareholder meetings.A | ||
| # of | % of |
Affirmative | 3,957,138,917.49 | 80.633 |
Against | 654,406,742.96 | 13.335 |
Abstain | 229,994,032.00 | 4.687 |
Broker | 66,012,993.89 | 1.345 |
TOTAL | 4,907,552,686.34 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Massachusetts Municipal Income Fund / Fidelity Massachusetts Municipal Money Market Fund
On May 21, 2009, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract and subadvisory agreements (together, the Advisory Contracts) for each fund for four months, through September 30, 2009, in connection with the reorganization of the Board's new meeting schedule. The Board considered that the contractual terms of and fees payable under each fund's Advisory Contracts involve no changes in (i) the investment process or strategies employed in the management of each fund's assets; (ii) the nature or level of services provided under each fund's Advisory Contracts; or (iii) the day-to-day management of each fund or the persons primarily responsible for such management. The Board concluded that each fund's Advisory Contracts are fair and reasonable, and that each fund's Advisory Contracts should be renewed, without modification, through September 30, 2009, with the understanding that the Board will consider their renewal in September 2009.
Semiannual 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.
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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.
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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.
Semiannual Report
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For directions and hours,
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Semiannual Report
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Semiannual Report
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Semiannual 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.
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Custodian
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New York, NY
The Fidelity Telephone Connection
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MAS-USAN-0909 1.789293.106
Fidelity®
Massachusetts AMT
Tax-Free Money Market Fund -
Massachusetts AMT Tax-Free
Money Market
Institutional Class
Service Class
Semiannual Report
July 31, 2009
(2_fidelity_logos) (Registered_Trademark)
Contents
Chairman's Message | The Chairman'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, as well as financial highlights. | |
Notes | Notes to the financial statements. | |
Proxy Voting Results |
| |
Board Approval of Investment Advisory Contracts and Management Fees |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
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.
Semiannual Report
Chairman's Message
(photo_of_Abigail_P_Johnson)
Dear Shareholder:
We've seen a welcome uptick in the global equity markets this spring and summer, as signs of stabilization in some economic indicators have brought many investors back into the marketplace. But there remain other key measures - notably high unemployment and slack consumer spending - that suggest the road back to economic health could still be a bumpy ride. Financial markets are always unpredictable, of course, but there also are several time-tested investment principles that can help 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 can be tax advantages and cost benefits to consider as well. 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 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 "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 by phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Abigail P. Johnson
Abigail P. Johnson
Semiannual 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 (February 1, 2009 to July 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.
Semiannual Report
Shareholder Expense Example - continued
| Annualized Expense Ratio | Beginning | Ending | Expenses Paid |
Massachusetts AMT Tax-Free Money Market | .36% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,001.40 | $ 1.79 |
HypotheticalA |
| $ 1,000.00 | $ 1,023.01 | $ 1.81 |
Institutional Class | .25% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,001.90 | $ 1.24 |
HypotheticalA |
| $ 1,000.00 | $ 1,023.55 | $ 1.25 |
Service Class | .50% |
|
|
|
Actual |
| $ 1,000.00 | $ 1,000.70 | $ 2.48 |
HypotheticalA |
| $ 1,000.00 | $ 1,022.32 | $ 2.51 |
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 181/365 (to reflect the one-half year period).
Semiannual Report
Investment Changes (Unaudited)
Maturity Diversification | |||
Days | % of fund's | % of fund's | % of fund's |
0 - 30 | 89.9 | 86.3 | 87.5 |
31 - 90 | 2.8 | 5.5 | 5.4 |
91 - 180 | 2.1 | 3.8 | 3.2 |
181 - 397 | 5.2 | 4.4 | 3.9 |
Weighted Average Maturity | |||
| 7/31/09 | 1/31/09 | 7/31/08 |
Fidelity Massachusetts AMT Tax-Free Money Market Fund | 23 Days | 25 Days | 22 Days |
Massachusetts Tax-Free Money Market Funds Average* | 25 Days | 24 Days | 25 Days |
Asset Allocation (% of fund's net assets) | |||||||
As of July 31, 2009 | As of January 31, 2009 | ||||||
Variable Rate |
| Variable Rate |
| ||||
Commercial Paper (including CP Mode) 6.1% |
| Commercial Paper (including CP Mode) 7.9% |
| ||||
Tender Bonds 1.7% |
| Tender Bonds 1.4% |
| ||||
Municipal Notes 5.5% |
| Municipal Notes 6.3% |
| ||||
Fidelity Tax-Free |
| Fidelity Tax-Free |
| ||||
Other Investments 2.6% |
| Other Investments 2.4% |
| ||||
Net Other Assets 0.3% |
| Net Other Assets 2.0% |
|
*Source: iMoneyNet, Inc.
Semiannual Report
Investments July 31, 2009 (Unaudited)
Showing Percentage of Net Assets
Municipal Securities - 99.7% | |||
Principal Amount | Value | ||
Arizona - 0.1% | |||
Arizona Health Facilities Auth. Rev. (Banner Health Sys. Proj.) Series 2008 E, 1.29%, LOC Landesbank Baden-Wuert, VRDN (a) | $ 2,300,000 | $ 2,300,000 | |
California - 0.1% | |||
East Bay Muni. Util. District Wtr. Sys. Rev.: | |||
Series 2008 B2, 0.92% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a) | 1,100,000 | 1,100,000 | |
Series 2008 B3, 0.8% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a) | 1,700,000 | 1,700,000 | |
| 2,800,000 | ||
Colorado - 0.7% | |||
Colorado Springs Utils. Rev. Participating VRDN Series SGA 88, 0.35% (Liquidity Facility Societe Generale) (a)(d) | 17,000,000 | 17,000,000 | |
Florida - 0.7% | |||
Florida Hsg. Fin. Corp. Multi-family Mtg. Rev. (Mariner's Cay Apts. Proj.) Series 2008 M, 0.33%, LOC Fannie Mae, VRDN (a) | 2,000,000 | 2,000,000 | |
Palm Beach County Rev. (The Norton Gallery and School of Arts, Inc. Proj.) Series 2000, 0.53%, LOC Bank of America NA, VRDN (a) | 1,300,000 | 1,300,000 | |
Putnam County Dev. Auth. Poll. Cont. Rev. (Florida Pwr. & Lt. Co. Proj.) Series 1994, 0.4%, VRDN (a) | 2,200,000 | 2,200,000 | |
Sunshine State Govt. Fing. Commission Rev. Series L, 1.05% 8/3/09, LOC Dexia Cr. Local de France, CP | 11,000,000 | 11,000,000 | |
| 16,500,000 | ||
Georgia - 1.0% | |||
Gainesville & Hall County Hosp. Auth. Rev. (Northeast Georgia Health Sys., Inc. Proj.): | |||
Series 2008 E, 1%, LOC Landesbank Baden-Wuert, VRDN (a) | 16,600,000 | 16,600,000 | |
Series 2008 H, 1%, LOC Landesbank Baden-Wuert, VRDN (a) | 6,855,000 | 6,855,000 | |
| 23,455,000 | ||
Maryland - 0.9% | |||
Chestertown Econ. Dev. Rev. (Washington College Proj.) | 6,600,000 | 6,600,000 | |
Maryland Health & Higher Edl. Facilities Auth. Rev. (Mercy Med. Ctr. Proj.) Series 2007 B, 0.41%, LOC Bank of America NA, VRDN (a) | 14,500,000 | 14,500,000 | |
| 21,100,000 | ||
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - 84.6% | |||
Boston Gen. Oblig. Bonds: | |||
Series 2005 A, 5% 1/1/10 | $ 6,800,000 | $ 6,912,031 | |
Series 2009 A, 2% 4/1/10 | 5,755,000 | 5,806,732 | |
Boston Wtr. & Swr. Commission Rev. Bonds Series 2009 B, 3% 11/1/09 | 3,990,000 | 4,013,526 | |
Braintree Gen. Oblig. BAN 2.5% 8/14/09 | 22,200,000 | 22,207,042 | |
Chatham Gen. Oblig. BAN 1.5% 6/30/10 | 4,700,000 | 4,737,048 | |
Eclipse Fdg. Trust Various States Participating VRDN Series Solar 06 108, 0.3% (Liquidity Facility U.S. Bank NA, Minnesota) (a)(d) | 9,300,000 | 9,300,000 | |
Falmouth Gen. Oblig. BAN 1.5% 7/16/10 | 19,792,000 | 19,984,083 | |
Framingham Gen. Oblig. BAN Series 2009 B, 1.5% 6/18/10 | 7,476,000 | 7,538,764 | |
Hingham Gen. Oblig. BAN Series 2008 B, 2.5% 11/25/09 | 8,237,467 | 8,273,961 | |
Lexington Gen. Oblig. BAN 1.25% 2/25/10 | 2,081,490 | 2,088,512 | |
Lincoln Gen. Oblig. BAN 1.5% 5/14/10 | 4,000,000 | 4,030,549 | |
Malden Gen. Oblig. BAN 3.75% 10/23/09 | 6,100,000 | 6,108,735 | |
Marion Gen. Oblig. BAN 2.75% 12/11/09 | 6,995,000 | 7,031,705 | |
Marlborough Gen. Oblig. BAN 1.5% 6/25/10 | 7,874,958 | 7,946,786 | |
Massachusetts Participating VRDN Series Clipper 07 18, 0.44% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) | 54,600,000 | 54,600,000 | |
Massachusetts Bay Trans. Auth. Series 1999, 0.35% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a) | 22,895,000 | 22,895,000 | |
Massachusetts Bay Trans. Auth. Assessment Rev. Participating VRDN Series DC 8031, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(d) | 9,300,000 | 9,300,000 | |
Massachusetts Bay Trans. Auth. Sales Tax Rev.: | |||
Participating VRDN: | |||
Series BA 08 3050X, 0.36% (Liquidity Facility Bank of America NA) (a)(d) | 5,940,000 | 5,940,000 | |
Series DC 8030, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(d) | 5,885,000 | 5,885,000 | |
Series DCL 08 26, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(d) | 13,100,000 | 13,100,000 | |
Series DCL 08 28, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(d) | 9,020,000 | 9,020,000 | |
Series DCL 08 29, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(d) | 11,500,000 | 11,500,000 | |
Series MACN 05 E, 0.36% (Liquidity Facility Bank of America NA) (a)(d) | 8,900,000 | 8,900,000 | |
Series PT 4140, 0.42% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(d) | 17,770,000 | 17,770,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Bay Trans. Auth. Sales Tax Rev.: - continued | |||
Participating VRDN: | |||
Series PT 4368, 0.36% (Liquidity Facility Wells Fargo & Co.) (a)(d) | $ 5,020,000 | $ 5,020,000 | |
Series 2008 A2, 0.3% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 2,805,000 | 2,805,000 | |
Series A, 0.45% 8/6/09 (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA), CP | 6,000,000 | 6,000,000 | |
Massachusetts Dev. Fin. Agcy. Rev.: | |||
(Abby Kelley Foster Charter Pub. School Proj.) Series 2008, 0.32%, LOC TD Banknorth, NA, VRDN (a) | 5,000,000 | 5,000,000 | |
(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 0.32%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 3,700,000 | 3,700,000 | |
(Babson College Proj.) Series 2008 A, 0.4%, LOC Fed. Home Ln. Bank of Boston, VRDN (a) | 3,300,000 | 3,300,000 | |
(Boston Univ. Proj.): | |||
Series U2, 0.25%, LOC BNP Paribas SA, VRDN (a) | 10,700,000 | 10,700,000 | |
Series U3, 0.25%, LOC BNP Paribas SA, VRDN (a) | 5,555,000 | 5,555,000 | |
Series U6E, 0.27%, LOC Bank of Nova Scotia, New York Agcy., VRDN (a) | 22,830,000 | 22,830,000 | |
(Brandeis Univ. Proj.) Series M, 0.33%, LOC Bank of America NA, VRDN (a) | 5,395,000 | 5,395,000 | |
(Brooksby Village, Inc. Proj.) Series 2004, 0.35%, LOC Bank of America NA, VRDN (a) | 45,800,000 | 45,800,000 | |
(Charles River School Proj.) Series 2007, 2.41%, LOC RBS Citizens NA, VRDN (a) | 5,000,000 | 5,000,000 | |
(Childrens Museum Proj.) Series 2006, 0.9%, LOC RBS Citizens NA, VRDN (a) | 14,100,000 | 14,100,000 | |
(City Year Proj.) Series 2006, 0.38%, LOC Bank of America NA, VRDN (a) | 8,500,000 | 8,500,000 | |
(Ed. Lawrence Academy Proj.) Series 2003 A, 0.38%, LOC Bank of America NA, VRDN (a) | 2,475,000 | 2,475,000 | |
(Edgewood Retirement Cmnty. Proj.): | |||
Series 2000 A, 0.75%, LOC Bank of America NA, VRDN (a) | 4,700,000 | 4,700,000 | |
Series 2008, 0.75%, LOC Bank of America NA, VRDN (a) | 7,340,000 | 7,340,000 | |
(Institute of Contemporary Art Proj.) Series 2004 A, 0.33%, LOC Bank of America NA, VRDN (a) | 4,200,000 | 4,200,000 | |
(Int'l. Fund For Animal Welfare, Inc. Proj.) Series 2006, 0.38%, LOC Bank of America NA, VRDN (a) | 13,335,000 | 13,335,000 | |
(Judge Rotenburg Ctr. Proj.) 0.33%, LOC Bank of America NA, VRDN (a) | 1,700,000 | 1,700,000 | |
(Lasell College Proj.) Series 2008, 2.25%, LOC RBS Citizens NA, VRDN (a) | 12,665,000 | 12,665,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Dev. Fin. Agcy. Rev.: - continued | |||
(Lasell Village Proj.) Series 2007, 0.32%, LOC Bank of America NA, VRDN (a) | $ 19,755,000 | $ 19,755,000 | |
(Mary Ann Morse Healthcare Proj.) Series 2007, 0.39%, LOC JPMorgan Chase Bank, VRDN (a) | 17,000,000 | 17,000,000 | |
(Masonic Nursing Home, Inc. Proj.) Series 2002, 2.35%, LOC RBS Citizens NA, VRDN (a) | 17,700,000 | 17,700,000 | |
(Neighborhood House Charter Proj.) Series 2003 A, 0.32%, LOC Bank of America NA, VRDN (a) | 7,100,000 | 7,100,000 | |
(Newton Country Day School Proj.): | |||
Series 2000, 0.36%, LOC Bank of America NA, VRDN (a) | 7,040,000 | 7,040,000 | |
Series 2005, 0.36%, LOC Bank of America NA, VRDN (a) | 10,280,000 | 10,280,000 | |
(Olin College Proj.) Series 2008 C2, 0.9%, LOC RBS Citizens NA, VRDN (a) | 10,000,000 | 10,000,000 | |
(Saint Mark's School Proj.) Series 2004, 0.36%, LOC Bank of America NA, VRDN (a) | 7,490,000 | 7,490,000 | |
(Simmons College Proj.) Series G, 0.25%, LOC TD Banknorth, N.A., VRDN (a) | 9,775,000 | 9,775,000 | |
(The May Institute, Inc. Proj.) Series 2006, 0.66%, LOC Banco Santander SA, VRDN (a) | 5,195,000 | 5,195,000 | |
(The Rivers School Proj.) Series 2002, 2.41%, LOC RBS Citizens NA, VRDN (a) | 6,800,000 | 6,800,000 | |
(Third Sector New England, Inc. Proj.) Series 2004 A, 0.32%, LOC Bank of America NA, VRDN (a) | 17,350,000 | 17,350,000 | |
(Worcester Polytechnic Institute Proj.) Series A, 0.32%, LOC TD Banknorth, N.A., VRDN (a) | 21,475,000 | 21,475,000 | |
Series 2001, 0.5% 9/3/09, LOC JPMorgan Chase Bank, CP | 5,684,000 | 5,684,000 | |
Massachusetts Gen. Oblig.: | |||
Bonds: | |||
Series 2001 A, 5.5% 1/1/10 | 4,380,000 | 4,461,829 | |
Series 2001 C: | |||
5.5% 12/1/09 | 3,645,000 | 3,699,998 | |
5.5% 12/1/09 | 1,000,000 | 1,016,143 | |
Series 2002 A, 5.5% 2/1/10 | 2,740,000 | 2,806,504 | |
Series 2004 A, 5% 8/1/09 | 2,500,000 | 2,500,000 | |
Series 2008 A: | |||
3% 8/1/09 | 14,385,000 | 14,385,000 | |
3% 9/1/09 | 5,555,000 | 5,563,979 | |
Participating VRDN: | |||
Series Clipper 07 06, 0.44% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) | 17,900,000 | 17,900,000 | |
Series Clipper 07 39, 0.44% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) | 26,900,000 | 26,900,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Gen. Oblig.: - continued | |||
Participating VRDN: | |||
Series EGL 07 0149, 0.45% (Liquidity Facility Citibank NA) (a)(d) | $ 10,500,000 | $ 10,500,000 | |
Series MS 1186, 0.41% (Liquidity Facility Rabobank Nederland) (a)(d) | 5,487,000 | 5,487,000 | |
Series Putters 2022, 0.51% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 13,955,000 | 13,955,000 | |
Series Putters 2648, 0.51% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 3,700,000 | 3,700,000 | |
Series Putters 301, 0.32% (Liquidity Facility JPMorgan Chase & Co.) (a)(d) | 1,180,000 | 1,180,000 | |
Series SG 126, 0.41% (Liquidity Facility Societe Generale) (a)(d) | 3,255,000 | 3,255,000 | |
(Central Artery Proj.) Series 2000 A, 0.36% (Liquidity Facility Landesbank Baden-Wuert), VRDN (a) | 33,400,000 | 33,400,000 | |
Series 1997 B, 0.3% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 37,145,000 | 37,145,000 | |
Series 1998 A, 0.35% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 80,465,000 | 80,465,000 | |
Series 2001 B, 0.37% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (a) | 60,100,000 | 60,100,000 | |
Series 2001 C, 0.37% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (a) | 31,700,000 | 31,700,000 | |
Massachusetts Health & Edl. Facilities Auth. Rev.: | |||
Bonds: | |||
(Northeastern Univ. Proj.) Series 2008 T3, 1%, tender 2/18/10 (a) | 23,300,000 | 23,300,000 | |
(Univ. of Massachusetts Proj.) Series 2000 A, 0.85%, tender 4/1/10 (a) | 6,600,000 | 6,600,000 | |
(Williams College Proj.) Series 2006 M, 0.53%, tender 4/7/10 (a) | 9,000,000 | 9,000,000 | |
Series 2008 H2, 0.23% tender 8/17/09, CP mode | 7,020,000 | 7,020,000 | |
Participating VRDN: | |||
Series BA 08 3320, 0.36% (Liquidity Facility Bank of America NA) (a)(d) | 7,190,000 | 7,190,000 | |
Series BA 08 3503, 0.36% (Liquidity Facility Bank of America NA) (a)(d) | 5,550,000 | 5,550,000 | |
Series BBT 08 56, 0.3% (Liquidity Facility Branch Banking & Trust Co.) (a)(d) | 5,000,000 | 5,000,000 | |
Series Clipper 07 08, 0.41% (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) | 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, 0.38% (Liquidity Facility Deutsche Postbank AG) (a)(d) | $ 15,765,000 | $ 15,765,000 | |
Series Putters 3163, 0.32% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 9,550,000 | 9,550,000 | |
Series Putters 3530, 0.32% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 12,495,000 | 12,495,000 | |
Series ROC II R 10414, 0.38% (Liquidity Facility Citibank NA) (a)(d) | 3,775,000 | 3,775,000 | |
Series ROC II R 10416, 0.38% (Liquidity Facility Citibank NA) (a)(d) | 24,050,000 | 24,050,000 | |
Series SGB 42, 0.39% (Liquidity Facility Societe Generale) (a)(d) | 8,700,000 | 8,700,000 | |
(Baystate Med. Ctr. Proj.) Series 2005 G, 0.25%, LOC Bank of America NA, VRDN (a) | 38,635,000 | 38,635,000 | |
(Boston Univ. Proj.) Series H, 0.28%, LOC State Street Bank & Trust Co., Boston, VRDN (a) | 2,300,000 | 2,300,000 | |
(CIL Realty of Massachusetts Proj.) Series 2007, 0.28%, LOC HSBC Bank USA, NA, VRDN (a) | 7,000,000 | 7,000,000 | |
(Dana-Farber Cancer Institute Proj.) Series 2008 L2, 0.3%, LOC Bank of America NA, VRDN (a) | 12,200,000 | 12,200,000 | |
(Endicott College Proj.) Series 2004 D, 0.33%, LOC Bank of America NA, VRDN (a) | 6,700,000 | 6,700,000 | |
(Harvard Univ. Proj.): | |||
Series R, 0.25%, VRDN (a) | 10,100,000 | 10,100,000 | |
Series Y, 0.15%, VRDN (a) | 5,900,000 | 5,900,000 | |
(Harvard Vanguard Med. Associates Proj.) Series 2004, 0.23%, LOC TD Banknorth, NA, VRDN (a) | 30,480,000 | 30,480,000 | |
(Home for Little Wanderers Proj.) Series B, 2.25%, LOC RBS Citizens NA, VRDN (a) | 3,835,000 | 3,835,000 | |
(Massachusetts Institute of Technology Proj.) Series 2001 J2, 0.15%, VRDN (a) | 17,950,000 | 17,950,000 | |
(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.33%, LOC JPMorgan Chase Bank, VRDN (a) | 9,800,000 | 9,800,000 | |
(Northeastern Univ. Proj.): | |||
Series 2008 Q, 0.33%, LOC Bank of America NA, VRDN (a) | 22,300,000 | 22,300,000 | |
Series 2008 W, 0.25%, LOC TD Banknorth, NA, VRDN (a) | 9,800,000 | 9,800,000 | |
(Partners HealthCare Sys., Inc. Proj.): | |||
Series 2008 D1, 0.25%, VRDN (a) | 19,870,000 | 19,870,000 | |
Series D5, 0.25%, VRDN (a) | 1,000,000 | 1,000,000 | |
Series D6, 0.25%, VRDN (a) | 3,855,000 | 3,855,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | |||
(Suffolk Univ. Proj.) Series 2008 A, 0.3%, LOC TD Banknorth, NA, VRDN (a) | $ 5,000,000 | $ 5,000,000 | |
(Williams College Proj.): | |||
Series E, 0.25%, VRDN (a) | 1,050,000 | 1,050,000 | |
Series I, 0.15%, VRDN (a) | 15,600,000 | 15,600,000 | |
Series 2008 H1, 0.67% 9/2/09, CP | 8,000,000 | 8,000,000 | |
Series 2008 H2, 0.4% 12/4/09, CP | 7,020,000 | 7,020,000 | |
Series B, 2.41%, LOC RBS Citizens NA, VRDN (a) | 7,530,000 | 7,530,000 | |
0.3% 10/1/09, CP | 8,180,000 | 8,180,000 | |
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. Participating VRDN Series Putters 3145, 0.32% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 15,550,000 | 15,550,000 | |
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. Series 2009 A, 0.4%, LOC Bank of America NA, VRDN (a) | 9,900,000 | 9,900,000 | |
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): | |||
Series 1993 A, 1.25% tender 8/5/09, CP mode | 9,700,000 | 9,700,000 | |
Series 1993 B, 1.98% tender 8/20/09, 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 | 8,500,000 | |
(Goddard House Proj.) 0.35%, LOC Bank of America NA, VRDN (a) | 9,100,000 | 9,100,000 | |
(Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 0.36%, LOC Bank of America NA, VRDN (a) | 5,835,000 | 5,835,000 | |
Massachusetts Port Auth. Rev.: | |||
Series 2003 A, 0.62% 8/4/09, LOC Bank of New York, New York, CP | 10,000,000 | 10,000,000 | |
Series 2008 A, 0.25%, LOC Bank of America NA, VRDN (a) | 11,900,000 | 11,900,000 | |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: | |||
Participating VRDN: | |||
Series EGL 07 0031, 0.45% (Liquidity Facility Citibank NA) (a)(d) | 23,500,000 | 23,500,000 | |
Series EGL 07 0033, 0.45% (Liquidity Facility Citibank NA) (a)(d) | 19,800,000 | 19,800,000 | |
Series EGL 07 0067, 0.45% (Liquidity Facility Citibank NA) (a)(d) | 19,100,000 | 19,100,000 | |
Series EGL 07 0092, 0.45% (Liquidity Facility Citibank NA) (a)(d) | 17,700,000 | 17,700,000 | |
Series Putters 1197, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 6,305,000 | 6,305,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: - continued | |||
Participating VRDN: | |||
Series Putters 1920, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | $ 7,985,000 | $ 7,985,000 | |
Series Putters 2286, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 14,510,000 | 14,510,000 | |
Series Putters 2857, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 8,545,000 | 8,545,000 | |
Series A: | |||
0.25% 8/7/09, LOC Bank of Nova Scotia, New York Agcy., CP | 11,200,000 | 11,200,000 | |
0.32% 9/9/09, LOC Bank of Nova Scotia, New York Agcy., CP | 18,100,000 | 18,100,000 | |
0.37% 9/8/09, LOC Bank of Nova Scotia, New York Agcy., CP | 11,200,000 | 11,200,000 | |
0.4% 12/10/09, LOC Bank of Nova Scotia, New York Agcy., CP | 6,500,000 | 6,500,000 | |
Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: | |||
Series BBT 08 58, 0.3% (Liquidity Facility Branch Banking & Trust Co.) (a)(d) | 12,430,000 | 12,430,000 | |
Series PT 4644, 0.41% (Liquidity Facility Deutsche Postbank AG) (a)(d) | 5,500,000 | 5,500,000 | |
Series Putters 2847, 0.32% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 890,000 | 890,000 | |
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. Bonds (MWRA Ln. Prog.) Series 1999 A, 5.625% 8/1/09 | 2,000,000 | 2,000,000 | |
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: | |||
Participating VRDN: | |||
Series DCL 07 001, 0.65% (Liquidity Facility Dexia Cr. Local de France) (a)(d) | 13,785,000 | 13,785,000 | |
Series EGL 06 0097, 0.45% (Liquidity Facility Citibank NA) (a)(d) | 3,700,000 | 3,700,000 | |
Series MS 2935, 0.51% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (a)(d) | 11,491,000 | 11,491,000 | |
Series Putters 2848, 0.56% (Liquidity Facility JPMorgan Chase Bank) (a)(d) | 5,895,000 | 5,895,000 | |
Series ROC II R 10377, 0.43% (Liquidity Facility Citibank NA) (a)(d) | 11,900,000 | 11,900,000 | |
Series 1995, 0.55% 8/12/09, LOC Bayerische Landesbank Girozentrale, CP | 7,500,000 | 7,500,000 | |
Series 1999, 0.45% 8/4/09, LOC State Street Bank & Trust Co., Boston, CP | 1,500,000 | 1,500,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Massachusetts - continued | |||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued | |||
Series 2002 D, 0.33%, LOC Landesbank Baden-Wuert, VRDN (a) | $ 14,500,000 | $ 14,500,000 | |
Series 2008 C, 0.8% (Liquidity Facility Bayerische Landesbank), VRDN (a) | 49,300,000 | 49,300,000 | |
Series 2008 D, 0.8% (Liquidity Facility Bayerische Landesbank), VRDN (a) | 31,300,000 | 31,300,000 | |
Series 2008 E, 0.35% (Liquidity Facility JPMorgan Chase Bank), VRDN (a) | 12,000,000 | 12,000,000 | |
Series 2008 F, 0.18% (Liquidity Facility Bank of Nova Scotia, New York Agcy.), VRDN (a) | 47,400,000 | 47,400,000 | |
Nantucket Gen. Oblig. BAN 1.75% 2/26/10 | 9,602,235 | 9,659,519 | |
Scituate Gen. Oblig. BAN Series A, 1% 3/19/10 | 4,182,000 | 4,193,838 | |
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Series 2008 1, 0.25%, LOC Lloyds TSB Bank PLC, VRDN (a) | 87,200,000 | 87,200,000 | |
Univ. of Massachusetts Bldg. Auth. Rev. Series 2008 3, 0.25%, LOC Bank of America NA, VRDN (a) | 22,400,000 | 22,400,000 | |
Westborough Gen. Oblig. BAN: | |||
0.6% 8/28/09 | 4,774,220 | 4,774,560 | |
2.5% 8/28/09 | 6,060,553 | 6,063,968 | |
Weston Gen. Oblig. BAN 1.5% 2/5/10 | 17,328,166 | 17,408,893 | |
| 2,025,295,705 | ||
Nevada - 0.1% | |||
Clark County Arpt. Rev. Series 2008 D2, 1%, LOC Landesbank Baden-Wuert, VRDN (a) | 2,500,000 | 2,500,000 | |
North Carolina - 0.1% | |||
North Carolina Ports Auth. Port Facilities Rev. Series 2008, 0.37%, LOC Branch Banking & Trust Co., VRDN (a) | 3,500,000 | 3,500,000 | |
Pennsylvania - 0.3% | |||
Pennsylvania Higher Edl. Facilities Auth. Rev.: | |||
(Marywood Univ. Proj.) Series 2005 A, 0.35%, LOC PNC Bank NA, Pittsburgh, VRDN (a) | 1,900,000 | 1,900,000 | |
(Student Assoc., Inc. Student Hsg. Proj.) Series 2006 A, 0.75%, LOC Citizens Bank of Pennsylvania, VRDN (a) | 3,075,000 | 3,075,000 | |
Philadelphia Auth. for Indl. Dev. Rev. (Spl. People Northeast, Inc. Proj.) Series 2006, 2.12%, LOC Citizens Bank of Pennsylvania, VRDN (a) | 1,075,000 | 1,075,000 | |
| 6,050,000 | ||
Puerto Rico - 0.2% | |||
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. | 5,000,000 | 5,000,000 | |
Municipal Securities - continued | |||
Principal Amount | Value | ||
Rhode Island - 0.5% | |||
Rhode Island Health and Edl. Bldg. Corp. Higher Ed. Facility Rev. (Rhode Island School of Design Proj.) Series 2008 A, 0.41%, LOC Bank of America NA, VRDN (a) | $ 11,985,000 | $ 11,985,000 | |
Shares |
| ||
Other - 10.4% | |||
Fidelity Tax-Free Cash Central Fund, 0.31% (b)(c) | 247,977,389 | 247,977,389 | |
TOTAL INVESTMENT PORTFOLIO - 99.7% (Cost $2,385,463,094) | 2,385,463,094 | ||
NET OTHER ASSETS - 0.3% | 7,075,310 | ||
NET ASSETS - 100% | $ 2,392,538,404 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund. |
(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. |
(d) Provides evidence of ownership in one or more underlying municipal bonds. |
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 | $ 310,015 |
Other Information |
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements
Statement of Assets and Liabilities
| July 31, 2009 (Unaudited) | |
|
|
|
Assets | ||
Investment in securities, at value - Unaffiliated issuers (cost $2,137,485,705) | $ 2,137,485,705 |
|
Fidelity Central Funds (cost $247,977,389) | 247,977,389 |
|
Total Investments (cost $2,385,463,094) |
| $ 2,385,463,094 |
Cash | 2,856,614 | |
Receivable for investments sold | 10,700,029 | |
Receivable for fund shares sold | 2,373,346 | |
Interest receivable | 3,421,245 | |
Distributions receivable from Fidelity Central Funds | 45,660 | |
Prepaid expenses | 176,205 | |
Receivable from investment adviser for expense reductions | 72,876 | |
Other affiliated receivables | 376 | |
Other receivables | 6,366 | |
Total assets | 2,405,115,811 | |
|
|
|
Liabilities | ||
Payable for investments purchased | $ 8,500,000 | |
Payable for fund shares redeemed | 3,476,097 | |
Distributions payable | 68,090 | |
Accrued management fee | 406,355 | |
Distribution fees payable | 2,451 | |
Other affiliated payables | 124,414 | |
Total liabilities | 12,577,407 | |
|
|
|
Net Assets | $ 2,392,538,404 | |
Net Assets consist of: |
| |
Paid in capital | $ 2,392,289,006 | |
Distributions in excess of net investment income | (3,743) | |
Accumulated undistributed net realized gain (loss) on investments | 253,141 | |
Net Assets | $ 2,392,538,404 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Assets and Liabilities - continued
| July 31, 2009 (Unaudited) | |
|
|
|
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.
Semiannual Report
Statement of Operations
Six months ended July 31, 2009 (Unaudited) | ||
|
|
|
Investment Income |
|
|
Interest |
| $ 7,527,870 |
Income from Fidelity Central Funds |
| 310,015 |
Total income |
| 7,837,885 |
|
|
|
Expenses | ||
Management fee | $ 2,508,392 | |
Transfer agent fees | 773,082 | |
Distribution fees | 11,573 | |
Independent trustees' compensation | 4,538 | |
Money Market Guarantee Program fee | 670,129 | |
Total expenses before reductions | 3,967,714 | |
Expense reductions | (507,615) | 3,460,099 |
Net investment income | 4,377,786 | |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: | ||
Investment securities: |
|
|
Unaffiliated issuers |
| 110,701 |
Net increase in net assets resulting from operations | $ 4,488,487 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
| Six months ended | Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income | $ 4,377,786 | $ 57,791,549 |
Net realized gain (loss) | 110,701 | 430,269 |
Net increase in net assets resulting from operations | 4,488,487 | 58,221,818 |
Distributions to shareholders from net investment income | (4,381,529) | (57,789,747) |
Distributions to shareholders from net realized gain | (50,686) | (147,614) |
Total distributions | (4,432,215) | (57,937,361) |
Share transactions - net increase (decrease) | (301,537,280) | (1,131,456,287) |
Total increase (decrease) in net assets | (301,481,008) | (1,131,171,830) |
|
|
|
Net Assets | ||
Beginning of period | 2,694,019,412 | 3,825,191,242 |
End of period (including distributions in excess of net investment income of $3,743 and undistributed net investment income of $0, respectively) | $ 2,392,538,404 | $ 2,694,019,412 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Massachusetts AMT Tax-Free Money Market
| Six months ended July 31, 2009 | Years ended January 31, | ||||
(Unaudited) | 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 | $ 1.00 |
Income from Investment Operations |
|
|
|
|
|
|
Net investment income | .001 | .016 | .033 | .031 | .022 | .009 |
Net realized and unrealized gain (loss) F | - | - | - | - | - | - |
Total from investment operations | .001 | .016 | .033 | .031 | .022 | .009 |
Distributions from net investment income | (.001) | (.016) | (.033) | (.031) | (.022) | (.009) |
Distributions from net realized gain | - F | - F | - F | - F | - | - F |
Total distributions | (.001) | (.016) | (.033) | (.031) | (.022) | (.009) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .14% | 1.64% | 3.35% | 3.15% | 2.19% | .95% |
Ratios to Average Net Assets D, E |
|
|
|
|
| |
Expenses before reductions | .36% A | .32% | .34% | .43% | .43% | .43% |
Expenses net of fee waivers, if any | .36% A | .32% | .33% | .40% | .40% | .40% |
Expenses net of all reductions | .36% A | .27% | .26% | .32% | .32% | .38% |
Net investment income | .27% A | 1.66% | 3.30% | 3.11% | 2.20% | .90% |
Supplemental Data |
|
|
|
|
| |
Net assets, end of period (000 omitted) | $ 534,839 | $ 638,141 | $ 855,065 | $ 1,831,864 | $ 1,388,517 | $ 986,968 |
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 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.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights - Institutional Class
| Six months ended July 31, 2009 | Years ended January 31, | |
(Unaudited) | 2009 | 2008 E | |
Selected Per-Share Data |
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
Net investment income | .002 | .017 | .027 |
Net realized and unrealized gain (loss) G | - | - | - |
Total from investment operations | .002 | .017 | .027 |
Distributions from net investment income | (.002) | (.017) | (.027) |
Distributions from net realized gainG | - | - | - |
Total distributions | (.002) | (.017) | (.027) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .19% | 1.74% | 2.72% |
Ratios to Average Net Assets D, F |
|
|
|
Expenses before reductions | .31% A | .27% | .25% A |
Expenses net of fee waivers, if any | .25% A | .22% | .20% A |
Expenses net of all reductions | .25% A | .17% | .15% A |
Net investment income | .38% A | 1.76% | 3.34% A |
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) | $ 1,846,005 | $ 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.
Semiannual Report
Financial Highlights - Service Class
| Six months ended July 31, 2009 | Years ended January 31, | |
(Unaudited) | 2009 | 2008 E | |
Selected Per-Share Data |
|
| |
Net asset value, beginning of period | $ 1.00 | $ 1.00 | $ 1.00 |
Income from Investment Operations |
|
|
|
Net investment income | .001 | .015 | .025 |
Net realized and unrealized gain (loss) G | - | - | - |
Total from investment operations | .001 | .015 | .025 |
Distributions from net investment income | (.001) | (.015) | (.025) |
Distributions from net realized gain G | - | - | - |
Total distributions | (.001) | (.015) | (.025) |
Net asset value, end of period | $ 1.00 | $ 1.00 | $ 1.00 |
Total Return B, C | .07% | 1.49% | 2.52% |
Ratios to Average Net Assets D, F |
|
|
|
Expenses before reductions | .56% A | .52% | .49% A |
Expenses net of fee waivers, if any | .50% A | .46% | .45% A |
Expenses net of all reductions | .50% A | .42% | .39% A |
Net investment income | .13% A | 1.51% | 2.72% A |
Supplemental Data |
|
|
|
Net assets, end of period (000 omitted) | $ 11,695 | $ 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.
Semiannual Report
Notes to Financial Statements
For the period ended July 31, 2009 (Unaudited)
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 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. Events or transactions occurring after period end through the date that the financial statements were issued, September 28, 2009, have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
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. Generally Accepted Accounting Principles (GAAP) establishes a disclosure hierarchy that categorizes the inputs to valuation techniques used to value assets and liabilities at measurement date. These inputs are classified into three levels. Level 1 includes readily available unadjusted quoted prices in active markets for identical assets or liabilities. Level 2 includes observable inputs other than quoted prices included in Level 1 that are observable either directly or indirectly. Level 3 includes unobservable inputs when market prices are not readily available or reliable.
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.
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 September 18, 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 U.S. Treasury Department upon liquidation of the Fund. The Fund paid the U.S. Treasury Department fees equal to 0.04% based on the number of shares outstanding as of September 19, 2008 to participate in the Program. 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 for the Fund.
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
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
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 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 claimed 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 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 federal tax cost of investments and unrealized appreciation (depreciation) as of period end were as follows:
Unrealized appreciation | $ - |
Unrealized depreciation | - |
Net unrealized appreciation (depreciation) | $ - |
|
|
Cost for federal income tax purposes | $ 2,385,463,094 |
Semiannual Report
4. 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% | $ 11,573 | $ 2,067 |
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:
| Amount | % of |
Massachusetts AMT Tax-Free Money Market | $ 289,621 | .10 |
Institutional Class | 481,144 | .05 |
Service Class | 2,317 | .05 |
| $ 773,082 |
|
*Annualized
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.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. 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, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $497,431 and $2,386, respectively.
FMR or its affiliates voluntarily agreed to waive certain fees during the period. The amount of the waiver for each class is as follows:
Service Class | $ 376 |
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, credits reduced the Fund's expenses by $7,422.
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
| Six months ended | Year ended |
From net investment income |
|
|
Massachusetts AMT Tax-Free Money Market | $ 789,472 | $ 12,920,983 |
Institutional Class | 3,586,540 | 44,509,611 |
Service Class | 5,517 | 359,153 |
Total | $ 4,381,529 | $ 57,789,747 |
From net realized gain |
|
|
Massachusetts AMT Tax-Free Money Market | $ 12,024 | $ 35,203 |
Institutional Class | 38,499 | 112,067 |
Service Class | 163 | 344 |
Total | $ 50,686 | $ 147,614 |
Semiannual Report
7. Share Transactions.
Transactions for each class of shares at a $1.00 per share were as follows:
| Six months ended | Year ended |
Massachusetts AMT Tax-Free Money Market |
98,900,704 |
659,862,417 |
Reinvestment of distributions | 741,425 | 12,133,153 |
Shares redeemed | (202,913,915) | (888,948,627) |
Net increase (decrease) | (103,271,786) | (216,953,057) |
Institutional Class |
310,534,140 |
2,004,213,721 |
Reinvestment of distributions | 2,995,405 | 37,385,503 |
Shares redeemed | (516,682,877) | (2,913,285,902) |
Net increase (decrease) | (203,153,332) | (871,686,678) |
Service Class |
8,926,721 |
33,384,645 |
Reinvestment of distributions | 1,432 | 25,971 |
Shares redeemed | (4,040,315) | (76,227,168) |
Net increase (decrease) | 4,887,838 | (42,816,552) |
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
The supply of municipal money market securities has fluctuated significantly due to market volatility. As a result, the Fund's cash position may be significant during the period.
Semiannual Report
Proxy Voting Results
A special meeting of the fund's shareholders was held on August 14, 2009. The results of votes taken among shareholders on the proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1 | ||
To elect a Board of Trustees.A | ||
| # of | % of |
James C. Curvey | ||
Affirmative | 4,648,389,032.15 | 94.719 |
Withheld | 259,163,654.19 | 5.281 |
TOTAL | 4,907,552,686.34 | 100.000 |
Albert R. Gamper, Jr. | ||
Affirmative | 4,677,208,938.31 | 95.306 |
Withheld | 230,343,748.03 | 4.694 |
TOTAL | 4,907,552,686.34 | 100.000 |
Abigail P. Johnson | ||
Affirmative | 4,668,111,507.17 | 95.121 |
Withheld | 239,441,179.17 | 4.879 |
TOTAL | 4,907,552,686.34 | 100.000 |
Arthur E. Johnson | ||
Affirmative | 4,675,370,528.52 | 95.269 |
Withheld | 232,182,157.82 | 4.731 |
TOTAL | 4,907,552,686.34 | 100.000 |
Michael E. Kenneally | ||
Affirmative | 4,683,454,150.28 | 95.434 |
Withheld | 224,098,536.06 | 4.566 |
TOTAL | 4,907,552,686.34 | 100.000 |
James H. Keyes | ||
Affirmative | 4,681,676,716.90 | 95.397 |
Withheld | 225,875,969.44 | 4.603 |
TOTAL | 4,907,552,686.34 | 100.000 |
Marie L. Knowles | ||
Affirmative | 4,673,624,930.52 | 95.233 |
Withheld | 233,927,755.82 | 4.767 |
TOTAL | 4,907,552,686.34 | 100.000 |
| # of | % of |
Kenneth L. Wolfe | ||
Affirmative | 4,678,330,980.10 | 95.329 |
Withheld | 229,221,706.24 | 4.671 |
TOTAL | 4,907,552,686.34 | 100.000 |
PROPOSAL 2 | ||
To amend the Declaration of Trust to reduce the required quorum for future shareholder meetings.A | ||
| # of | % of |
Affirmative | 3,957,138,917.49 | 80.633 |
Against | 654,406,742.96 | 13.335 |
Abstain | 229,994,032.00 | 4.687 |
Broker | 66,012,993.89 | 1.345 |
TOTAL | 4,907,552,686.34 | 100.000 |
A Denotes trust-wide proposal and voting results.
Semiannual Report
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Massachusetts AMT Tax-Free Money Market Fund
On May 21, 2009, the Board of Trustees, including the Independent Trustees (together, the Board), voted to continue the management contract and subadvisory agreements (together, the Advisory Contracts) for the fund for four months, through September 30, 2009, in connection with the reorganization of the Board's new meeting schedule. The Board considered that the contractual terms of and fees payable under the fund's Advisory Contracts involve no changes in (i) the investment process or strategies employed in the management of the fund's assets; (ii) the nature or level of services provided under the fund's Advisory Contracts; or (iii) the day-to-day management of the fund or the persons primarily responsible for such management. The Board concluded that the fund's Advisory Contracts are fair and reasonable, and that the fund's Advisory Contracts should be renewed, without modification, through September 30, 2009, with the understanding that the Board will consider their renewal in September 2009.
Semiannual 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.
Semiannual 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
Semiannual Report
To Visit Fidelity
For directions and hours,
please call 1-800-544-9797.
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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Semiannual Report
405 Cochituate Road
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Pennsylvania
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10000 Research Boulevard
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Semiannual 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-USAN-0909 1.854002.102
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Massachusetts Municipal 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 Fidelity Massachusetts Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the 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) | Not applicable. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) |
| Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Massachusetts Municipal Trust
By: | /s/ John R. Hebble |
| John R. Hebble |
| President and Treasurer |
|
|
Date: | October 9, 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: | October 9, 2009 |
By: | /s/Christine Reynolds |
| Christine Reynolds |
| Chief Financial Officer |
|
|
Date: | October 9, 2009 |