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)
Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end: | January 31 |
Date of reporting period: | January 31, 2006 |
Item 1. Reports to Stockholders
Fidelity® Massachusetts Municipal Income Fund (formerly Spartan® Massachusetts Municipal Income Fund) Fidelity Massachusetts AMT Tax Free Money Market Fund (formerly Spartan Massachusetts Municipal Money Market Fund) Fidelity Massachusetts Municipal Money Market Fund |
Annual Report January 31, 2006 |
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx1x2.jpg)
Contents | ||||
Chairman’s Message | 4 | Ned Johnson’s message to shareholders | ||
Shareholder Expense | 5 | An example of shareholder expenses. | ||
Example | ||||
Fidelity Massachusetts Municipal Income Fund | ||||
7 | Performance | |||
8 | Management’s Discussion | |||
9 | Investment Changes | |||
10 | Investments | |||
24 | Financial Statements | |||
Fidelity Massachusetts AMT Tax Free Money Market Fund | ||||
28 | Investment Changes/Performance | |||
29 | Investments | |||
40 | Financial Statements | |||
Fidelity Massachusetts Municipal Money Market Fund | ||||
44 | Investment Changes/Performance | |||
45 | Investments | |||
62 | Financial Statements | |||
Notes | 66 | Notes to the financial statements | ||
Report of Independent | 72 | |||
Registered Public | ||||
Accounting Firm | ||||
Trustees and Officers | 74 | |||
Distributions | 86 | |||
Proxy Voting Results | 87 | |||
Board Approval of | 89 | |||
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 www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commis sion’s (SEC) web site at 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 Corp. or an affiliated company. |
Annual Report 2
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 quar ters 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 Refer ence 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 hold ings, view the most recent quarterly holdings report, semiannual report, or annual report on Fidelity’s web site at http://www.fidelity.com/holdings. NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE Neither the funds nor Fidelity Distributors Corporation is a bank. |
3 Annual Report
Chairman’s Message
(photograph of Edward C. Johnson 3d)
Dear Shareholder:
During the past year or so, much has been reported about the mutual fund industry, and much of it has been more critical than I believe is warranted. Allegations that some companies have been less than forthright with their shareholders have cast a shadow on the entire industry. I continue to find these reports disturbing, and assert that they do not create an accurate picture of the industry overall. Therefore, I would like to remind every one where Fidelity stands on these issues. I will say two things specifically regarding allegations that some mutual fund companies were in violation of the Securities and Exchange Commission’s forward pricing rules or were involved in so called “market timing” activities.
First, Fidelity has no agreements that permit customers who buy fund shares after 4 p.m. to obtain the 4 p.m. price. This is not a new policy. This is not to say that some one could not deceive the company through fraudulent acts. However, we are extremely diligent in preventing fraud from occurring in this manner and in every other. But I underscore again that Fidelity has no so called “agreements” that sanction illegal practices.
Second, Fidelity continues to stand on record, as we have for years, in opposition to predatory short term trading that adversely affects shareholders in a mutual fund. Back in the 1980s, we initiated a fee which is returned to the fund and, therefore, to investors to discourage this activity. Further, we took the lead several years ago in developing a Fair Value Pricing Policy to prevent market timing on foreign securities in our funds. I am confident we will find other ways to make it more difficult for predatory traders to operate. However, this will only be achieved through close cooperation among regulators, legislators and the industry.
Yes, there have been unfortunate instances of unethical and illegal activity within the mutual fund industry from time to time. That is true of any industry. When this occurs, confessed or convicted offenders should be dealt with appropriately. But we are still concerned about the risk of over regulation and the quick application of simplistic solutions to intricate problems. Every system can be improved, and we support and applaud well thought out improvements by regulators, legislators and industry representatives that achieve the common goal of building and protecting the value of investors’ holdings.
For nearly 60 years, Fidelity has worked very hard to improve its products and service to justify your trust. When our family founded this company in 1946, we had only a few hundred customers. Today, we serve more than 18 million customers including individual investors and participants in retirement plans across America.
Let me close by saying that we do not take your trust in us for granted, and we realize that we must always work to improve all aspects of our service to you. In turn, we urge you to continue your active participation with your financial matters, so that your interests can be well served.
Best regards,
/s/ Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report 4
Shareholder Expense Example
As a shareholder of a Fund, you incur two types of costs: (1) transaction costs, including redemption fees, and (2) ongoing costs, including management fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2005 to January 31, 2006).
Actual Expenses |
The first line of the table below 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.
Hypothetical Example for Comparison Purposes
The second line of the table below 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. 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.
5 Annual Report
Shareholder Expense Example continued | ||||||||||||
Expenses Paid | ||||||||||||
Beginning | Ending | During Period* | ||||||||||
Account Value | Account Value | August 1, 2005 | ||||||||||
August 1, 2005 | January 31, 2006 | to January 31, 2006 | ||||||||||
Fidelity Massachusetts Municipal | ||||||||||||
Income Fund | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,012.30 | $ | 2.38 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,022.84 | $ | 2.40 | ||||||
Fidelity Massachusetts AMT | ||||||||||||
Tax Free Money Market Fund | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,012.20 | $ | 2.03 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,023.19 | $ | 2.04 | ||||||
Fidelity Massachusetts Municipal | ||||||||||||
Money Market Fund | ||||||||||||
Actual | $ | 1,000.00 | $ | 1,011.60 | $ | 2.59 | ||||||
HypotheticalA | $ | 1,000.00 | $ | 1,022.63 | $ | 2.60 | ||||||
A 5% return per year before expenses |
* Expenses are equal to each Fund’s annualized expense ratio (shown in the table below); multiplied by the average account value over the period, multiplied by 184/365 (to reflect the one half year period).
Annualized | ||
Expense Ratio | ||
Fidelity Massachusetts Municipal Income Fund | 47% | |
Fidelity Massachusetts AMT Tax Free Money Market Fund | 40% | |
Fidelity Massachusetts Municipal Money Market Fund | 51% |
Annual Report |
6 |
Fidelity Massachusetts Municipal Income Fund
Performance: The Bottom Line
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund’s dividend income and capital gains (the profits earned upon the sale of securities that have grown in value) and assuming a constant rate of perfor mance each year. The $10,000 table and the fund’s returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund’s total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns | ||||||
Periods ended January 31, 2006 | Past 1 | Past 5 | Past 10 | |||
year | years | years | ||||
Fidelity® MA Municipal Income Fund | 2.76% | 5.39% | 5.46% | |||
$10,000 Over 10 Years |
Let’s say hypothetically that $10,000 was invested in Fidelity® Massachusetts Municipal Income Fund on January 31, 1996. The chart shows how the value of your investment would have changed, and also shows how the Lehman Brothers® Municipal Bond Index performed over the same period.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx7x1.jpg)
7 Annual Report
7
Fidelity Massachusetts Municipal Income Fund
Management’s Discussion of Fund Performance
Comments from Christine Thompson, Portfolio Manager of Fidelity® Massachusetts Municipal Income Fund
2005 marked the third consecutive year that municipal bonds outperformed the investment grade taxable bond market, a trend that continued through the first month of 2006. While both markets were pressured by the steadily rising federal funds rate and fears of inflation, short term Treasury yields rose and long term yields fell to a greater extent than in municipal bonds, and many investors were attracted to the yield differential between longer dated municipals and taxable investment grade debt. As rates fell in the long end of the municipal market, many issuers looked to refinance existing debt costs or finance new projects at better relative rates. This demand contributed to record high issuance for calendar year 2005. For the year ending January 31, 2006, the Lehman Brothers® Municipal Bond Index a performance measure of approximately 34,000 investment grade, fixed rate, tax exempt bonds rose 2.83% . In comparison, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, gained a more modest 1.80% .
For the 12 months ending January 31, 2006, the fund returned 2.76% . During the same period, the LipperSM Massachusetts Municipal Debt Funds Average was up 1.95% and the Lehman Brothers Massachusetts 3 Plus Year Enhanced Municipal Bond Index gained 2.60% . Against a backdrop of strong economic conditions and improving creditworthiness of many Massachusetts issuers, the state’s muni market performed in line with the national muni market. Turning to the fund’s outperformance, it had more of its assets than the index and, I suspect, the Lipper peer group average in bonds that were prerefunded during the period. This process involves issuers refinancing outstanding debt by issuing new debt and using the proceeds to purchase U.S. government securities to back the refinanced bonds to a date prior to their maturity, typically the bonds’ first call date. As a result of that government backing, the bonds generally enjoyed price increases. We also had generally favorable sector selection relative to the index, particularly the fund’s overweighting of lower rated hospital bonds. Security selection within the hospital sector benefited returns as well. Detracting from performance was the fund’s likely underweight ing relative to its competitors in below investment grade bonds, which were among the muni market’s best performers during the period.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report |
8 8 |
Fidelity Massachusetts Municipal Income Fund | ||||
Investment Changes | ||||
Top Five Sectors as of January 31, 2006 | ||||
% of fund’s | % of fund’s net assets | |||
net assets | 6 months ago | |||
General Obligations | 22.3 | 20.8 | ||
Transportation | 15.8 | 16.1 | ||
Special Tax | 14.9 | 13.4 | ||
Education | 10.9 | 11.5 | ||
Escrowed/Pre Refunded | 10.5 | 11.1 | ||
Average Years to Maturity as of January 31, 2006 | ||||
6 months ago | ||||
Years | 15.2 | 15.1 |
Average years to maturity is based on the average time remaining to the stated maturity date of each bond, weighted by the market value of each bond.
Duration as of January 31, 2006 | ||||||
6 months ago | ||||||
Years | 6.8 | 6.9 |
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.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx9x1.jpg)
We have used ratings from Moody’s® Investors Services, Inc. Where Moody’s ratings are not available, we have used S&P® ratings.
9 Annual Report
Fidelity Massachusetts Municipal Income Fund | ||||||||||
Investments January 31, 2006 | ||||||||||
Showing Percentage of Net Assets | ||||||||||
Municipal Bonds 98.2% | ||||||||||
Principal | Value | |||||||||
Amount | (Note 1) | |||||||||
Guam 0.1% | ||||||||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. 5.875% | ||||||||||
7/1/35 | $ | 1,825,000 | $ | 1,920,831 | ||||||
Massachusetts – 94.4% | ||||||||||
Ashland Gen. Oblig. 5.25% 5/15/19 (AMBAC Insured) | 1,300,000 | 1,429,129 | ||||||||
Auburn Gen. Oblig. 5.125% 6/1/23 (AMBAC Insured) | 1,305,000 | 1,410,927 | ||||||||
Boston Gen. Oblig. Series A, 5% 1/1/17 | 1,005,000 | 1,085,943 | ||||||||
Boston Hsg. Dev. Corp. Mtg. Rev. Series A, 5.15% 7/1/08 | ||||||||||
(MBIA Insured) | 5,000 | 5,007 | ||||||||
Boston Spl. Oblig. (Boston City Hosp. Issue Proj.): | ||||||||||
5% 8/1/16 (MBIA Insured) | 9,705,000 | 10,317,968 | ||||||||
5% 8/1/17 (MBIA Insured) | 7,990,000 | 8,466,444 | ||||||||
5% 8/1/18 (MBIA Insured) | 6,200,000 | 6,562,452 | ||||||||
Boston Wtr. & Swr. Commission Rev.: | ||||||||||
Sr. Series A: | ||||||||||
5.25% 11/1/19 | 10,325,000 | 11,491,209 | ||||||||
5.75% 11/1/13 | 1,975,000 | 2,150,992 | ||||||||
Sr. Series C, 5.2% 11/1/21 (FGIC Insured) | 2,045,000 | 2,146,555 | ||||||||
Bridgewater-Raynham Reg’l. School District: | ||||||||||
5% 6/15/18 (FSA Insured) | 1,475,000 | 1,586,672 | ||||||||
5% 6/15/19 (FSA Insured) | 1,535,000 | 1,645,812 | ||||||||
Brockton Gen. Oblig. 5.1% 4/1/12 (MBIA Insured) | 1,550,000 | 1,618,789 | ||||||||
Brookline Gen. Oblig. 5.75% 4/1/15 | 1,045,000 | 1,140,053 | ||||||||
Dracut Gen. Oblig.: | ||||||||||
5% 5/15/16 (AMBAC Insured) | 1,400,000 | 1,517,502 | ||||||||
5% 5/15/19 (AMBAC Insured) | 1,000,000 | 1,077,970 | ||||||||
Foxborough Stadium Infrastructure Impt.: | ||||||||||
5.75% 6/1/25 | 11,695,000 | 12,656,914 | ||||||||
6% 6/1/15 | 2,545,000 | 2,810,494 | ||||||||
6% 6/1/16 | 3,015,000 | 3,328,259 | ||||||||
6% 6/1/17 | 3,195,000 | 3,525,587 | ||||||||
6% 6/1/18 | 3,390,000 | 3,739,340 | ||||||||
6% 6/1/19 | 3,590,000 | 3,958,442 | ||||||||
6% 6/1/20 | 3,785,000 | 4,171,865 | ||||||||
Freetown Lakeville Reg’l. School District 5% 1/1/21 (MBIA | ||||||||||
Insured) | 2,265,000 | 2,427,672 | ||||||||
Hopedale Gen. Oblig. 5% 11/15/19 (AMBAC Insured) | 1,000,000 | 1,085,100 | ||||||||
Ipswich Gen. Oblig.: | ||||||||||
5.5% 11/15/18 (FGIC Insured) | 2,460,000 | 2,642,581 | ||||||||
5.75% 11/15/14 (FGIC Insured) | 1,100,000 | 1,196,976 | ||||||||
Lawrence Gen. Oblig. 5.5% 2/1/15 (AMBAC Insured) | 1,000,000 | 1,077,140 | ||||||||
Littleton Gen. Oblig. 5% 1/15/19 (FGIC Insured) | 1,380,000 | 1,478,670 | ||||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||||
Annual Report | 10 |
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Lowell Gen. Oblig.: | ||||||||
5% 12/15/17 (MBIA Insured) | $ | 1,410,000 | $ | 1,532,346 | ||||
5% 12/15/19 (MBIA Insured) | 1,310,000 | 1,411,446 | ||||||
Lowell Hsg. Dev. Corp. Multi-family Rev. Series A, 7.875% | ||||||||
11/1/24 | 4,665,000 | 4,669,665 | ||||||
Lynn Gen. Oblig.: | ||||||||
5.375% 8/15/14 (FGIC Insured) | 2,120,000 | 2,307,938 | ||||||
5.375% 8/15/15 (FGIC Insured) | 2,235,000 | 2,428,462 | ||||||
5.375% 8/15/16 (FGIC Insured) | 2,345,000 | 2,545,544 | ||||||
Lynn Wtr. & Swr. Commission Gen. Rev. Series A: | ||||||||
5% 6/1/18 (MBIA Insured) | 2,055,000 | 2,200,350 | ||||||
5% 6/1/19 (MBIA Insured) | 1,560,000 | 1,664,099 | ||||||
Marblehead Gen. Oblig.: | ||||||||
5% 8/15/19 | 1,510,000 | 1,620,487 | ||||||
5% 8/15/20 | 1,465,000 | 1,573,293 | ||||||
Massachusetts Bay Trans. Auth.: | ||||||||
Series 1991 A, 7% 3/1/21 (FGIC Insured) | 3,000,000 | 3,742,290 | ||||||
Series 2000 A, 5.25% 7/1/30 | 17,665,000 | 18,512,743 | ||||||
Series A: | ||||||||
5% 3/1/23 (Pre-Refunded to 3/1/07 @ 101) (c) | 660,000 | 678,704 | ||||||
5% 7/1/31 | 18,000,000 | 18,824,220 | ||||||
5.5% 3/1/12 | 4,350,000 | 4,670,421 | ||||||
5.75% 7/1/15 | 85,000 | 92,462 | ||||||
5.75% 7/1/18 | 330,000 | 358,268 | ||||||
5.75% 3/1/26 (Pre-Refunded to 3/1/09 @ 101) (c) | 5,500,000 | 5,930,815 | ||||||
7% 3/1/21 | 1,500,000 | 1,863,855 | ||||||
Series B, 6.2% 3/1/16 | 27,525,000 | 31,837,617 | ||||||
Series C, 5% 3/1/24 | 17,950,000 | 18,341,490 | ||||||
Massachusetts Bay Trans. Auth. Sales Tax Rev.: | ||||||||
Series 2002 A, 5% 7/1/32 | 3,355,000 | 3,432,400 | ||||||
Series C, 5.25% 7/1/19 | 4,430,000 | 4,980,649 | ||||||
Sr. Series B, 5.5% 7/1/29 (MBIA Insured) | 4,000,000 | 4,658,200 | ||||||
Sr. Series C: | ||||||||
5.25% 7/1/21 | 4,000,000 | 4,511,760 | ||||||
5.25% 7/1/23 | 3,950,000 | 4,474,205 | ||||||
Massachusetts College Bldg. Auth. Proj. Rev.: | ||||||||
Series A: | ||||||||
0% 5/1/22 (Escrowed to Maturity) (c) | 2,250,000 | 1,088,550 | ||||||
0% 5/1/28 (XL Cap. Assurance, Inc. Insured) | 6,080,000 | 2,121,373 | ||||||
5% 5/1/18 (MBIA Insured) | 2,270,000 | 2,424,655 | ||||||
5% 5/1/43 (MBIA Insured) | 11,410,000 | 11,743,058 |
See accompanying notes which are an integral part of the financial statements.
11 Annual Report
Fidelity Massachusetts Municipal Income Fund | ||||||||
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts College Bldg. Auth. Proj. Rev.: continued | ||||||||
Series A: | ||||||||
5.25% 5/1/14 (XL Cap. Assurance, Inc. Insured) | $ | 2,075,000 | $ | 2,259,737 | ||||
5.25% 5/1/15 (XL Cap. Assurance, Inc. Insured) | 2,030,000 | 2,204,052 | ||||||
5.25% 5/1/16 (XL Cap. Assurance, Inc. Insured) | 1,295,000 | 1,411,149 | ||||||
5.25% 5/1/19 (XL Cap. Assurance, Inc. Insured) | 2,680,000 | 2,897,482 | ||||||
5.25% 5/1/21 (XL Cap. Assurance, Inc. Insured) | 1,965,000 | 2,132,182 | ||||||
5.25% 5/1/23 (XL Cap. Assurance, Inc. Insured) | 2,665,000 | 2,850,058 | ||||||
Series B: | ||||||||
5.375% 5/1/18 (XL Cap. Assurance, Inc. Insured) | 1,100,000 | 1,233,881 | ||||||
5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured) | 1,825,000 | 2,069,824 | ||||||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||||||
(Boston Univ. Proj.) Series T1, 5% 10/1/39 (AMBAC | ||||||||
Insured) | 10,000,000 | 10,292,800 | ||||||
(Mount Holyoke College Proj.): | ||||||||
5.125% 7/1/21 | 5,715,000 | 6,056,243 | ||||||
5.25% 7/1/31 | 11,785,000 | 12,430,464 | ||||||
5.5% 7/1/14 | 750,000 | 809,520 | ||||||
5.5% 7/1/15 | 910,000 | 980,379 | ||||||
5.5% 7/1/16 | 590,000 | 634,439 | ||||||
(Regis College Proj.): | ||||||||
5.25% 10/1/18 | 2,240,000 | 2,126,723 | ||||||
5.5% 10/1/28 | 5,660,000 | 5,237,821 | ||||||
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Waste | ||||||||
Mgmt., Inc. Proj.) 5.5%, tender 5/1/14 (a)(b) | 10,250,000 | 10,883,450 | ||||||
Massachusetts Ed. Ln. Auth. Ed. Ln. Rev.: | ||||||||
Series A: | ||||||||
Issue E: | ||||||||
4.3% 7/1/06 (AMBAC Insured) (b) | 1,830,000 | 1,830,183 | ||||||
4.4% 7/1/07 (AMBAC Insured) (b) | 2,870,000 | 2,878,467 | ||||||
4.55% 7/1/09 (AMBAC Insured) (b) | 915,000 | 922,439 | ||||||
4.65% 7/1/10 (AMBAC Insured) (b) | 2,170,000 | 2,194,065 | ||||||
4.75% 7/1/11 (AMBAC Insured) (b) | 3,745,000 | 3,793,947 | ||||||
4.8% 7/1/12 (AMBAC Insured) (b) | 970,000 | 985,646 | ||||||
4.95% 7/1/14 (AMBAC Insured) (b) | 1,830,000 | 1,869,089 | ||||||
5% 7/1/15 (AMBAC Insured) (b) | 865,000 | 886,513 | ||||||
Issue G: | ||||||||
5% 12/1/11 (MBIA Insured) (b) | 1,750,000 | 1,780,993 | ||||||
5.45% 12/1/06 (MBIA Insured) (b) | 3,930,000 | 3,940,375 | ||||||
Series B Issue E, 5.75% 7/1/07 (AMBAC Insured) (b) | 1,395,000 | 1,403,733 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
12 |
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts Ed. Ln. Auth. Ed. Ln. Rev.: – continued | ||||||||
Series C Issue G: | ||||||||
4.7% 12/1/09 (MBIA Insured) (b) | $ | 1,530,000 | $ | 1,545,377 | ||||
4.9% 12/1/11 (AMBAC Insured) (b) | 2,200,000 | 2,240,568 | ||||||
Massachusetts Fed. Hwy.: | ||||||||
Series 1998 A: | ||||||||
0% 6/15/15 | 1,455,000 | 975,883 | ||||||
5.25% 12/15/11 (Pre-Refunded to 12/15/08 | ||||||||
@ 101) (c) | 3,025,000 | 3,197,153 | ||||||
5.25% 6/15/12 (Pre-Refunded to 12/15/08 | ||||||||
@ 101) (c) | 7,320,000 | 7,736,581 | ||||||
5.5% 6/15/14 (Pre-Refunded to 12/15/08 | ||||||||
@ 101) (c) | 8,300,000 | 8,828,461 | ||||||
Series 1998 B, 5.125% 6/15/15 (MBIA Insured) | ||||||||
(Pre-Refunded to 12/15/08 @ 101) (c) | 5,820,000 | 6,131,545 | ||||||
Series 2000 A: | ||||||||
5.75% 6/15/11 | 13,660,000 | 14,883,390 | ||||||
5.75% 12/15/11 | 9,510,000 | 10,361,716 | ||||||
5.75% 6/15/12 | 5,000,000 | 5,424,600 | ||||||
5.75% 6/15/13 | 8,000,000 | 8,705,280 | ||||||
5.75% 12/15/14 (Pre-Refunded to 12/15/10 @ | ||||||||
100) (c) | 5,035,000 | 5,505,420 | ||||||
Massachusetts Gen. Oblig.: | ||||||||
Series 1992 D: | ||||||||
6% 5/1/08 | 1,835,000 | 1,892,986 | ||||||
6% 5/1/08 (Escrowed to Maturity) (c) | 685,000 | 712,249 | ||||||
Series 2000 C, 5.5% 10/1/22 (Pre-Refunded to 10/1/10 | ||||||||
@ 100) (c) | 1,720,000 | 1,858,219 | ||||||
Series 2001 A, 5% 1/1/21 (Pre-Refunded to 1/1/11 @ | ||||||||
100) (c) | 21,955,000 | 23,255,614 | ||||||
Series 2001 D: | ||||||||
5.5% 11/1/18 | 2,000,000 | 2,277,780 | ||||||
5.5% 11/1/20 | 1,000,000 | 1,147,700 | ||||||
Series 2002 B, 5.5% 3/1/19 (Pre-Refunded to 3/1/12 @ | ||||||||
100) (c) | 2,650,000 | 2,905,911 | ||||||
Series 2002 D, 5.375% 8/1/21 (Pre-Refunded to 8/1/12 | ||||||||
@ 100) (c) | 10,000,000 | 10,929,000 | ||||||
Series 2003 D, 5.5% 10/1/19 (AMBAC Insured) | 7,000,000 | 8,056,580 | ||||||
Series 2004 A, 5.25% 8/1/20 (FSA Insured) | 5,000,000 | 5,623,650 | ||||||
Series 2004 D, 6% 5/1/08 (Pre-Refunded to 5/1/07 @ | ||||||||
100) (c) | 250,000 | 258,118 |
See accompanying notes which are an integral part of the financial statements.
13 Annual Report
Fidelity Massachusetts Municipal Income Fund | ||||||||
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts Gen. Oblig.: – continued | ||||||||
Series 2005 A: | ||||||||
5% 3/1/19 | $ | 1,295,000 | $ | 1,382,568 | ||||
5% 3/1/21 (FSA Insured) | 7,500,000 | 7,983,675 | ||||||
5% 3/1/23 (FSA Insured) | 20,420,000 | 21,610,078 | ||||||
5% 3/1/24 (FSA Insured) | 9,000,000 | 9,496,800 | ||||||
5% 3/1/25 | 22,395,000 | 23,544,983 | ||||||
Series 2005 C: | ||||||||
5% 9/1/25 | 25,635,000 | 27,010,061 | ||||||
5.25% 9/1/23 | 21,300,000 | 23,100,489 | ||||||
Series A: | ||||||||
5% 8/1/16 (Pre-Refunded to 8/1/14 @ 100) (c) | 5,000,000 | 5,383,200 | ||||||
5% 3/1/18 (FSA Insured) | 15,000,000 | 16,132,050 | ||||||
Series C, 5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ | �� | |||||||
100) (c) | 1,795,000 | 1,954,037 | ||||||
Series D: | ||||||||
5.25% 10/1/22 (Pre Refunded to 10/1/13 @ 100) (c) | 3,800,000 | 4,144,584 | ||||||
5.375% 8/1/22 (Pre Refunded to 8/1/12 @ 100) (c) | 4,800,000 | 5,245,920 | ||||||
5.375% 8/1/22 (Pre Refunded to 8/1/12 @ 100) (c) | 240,000 | 262,296 | ||||||
5.5% 10/1/18 | 6,000,000 | 6,835,620 | ||||||
5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (c) | 4,315,000 | 4,694,763 | ||||||
5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (c) | 695,000 | 756,167 | ||||||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||||||
(Baystate Med. Ctr. Proj.): | ||||||||
Series E, 6% 7/1/06 (FSA Insured) | 1,425,000 | 1,440,561 | ||||||
Series F: | ||||||||
5.75% 7/1/17 | 1,305,000 | 1,403,945 | ||||||
5.75% 7/1/18 | 1,300,000 | 1,388,075 | ||||||
5.75% 7/1/19 | 1,455,000 | 1,546,098 | ||||||
5.75% 7/1/20 | 500,000 | 528,750 | ||||||
5.75% 7/1/33 | 3,000,000 | 3,165,690 | ||||||
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 | 12,725,000 | 12,747,396 | ||||||
(Brandeis Univ. Proj.) Series I: | ||||||||
5.25% 10/1/14 (MBIA Insured) | 2,780,000 | 2,932,900 | ||||||
5.25% 10/1/16 (MBIA Insured) | 1,400,000 | 1,477,000 | ||||||
(Emerson Hosp. Proj.) Series E, 5% 8/15/35 (Radian Asset | ||||||||
Assurance Ltd. Insured) | 2,500,000 | 2,513,125 | ||||||
(Harvard Univ. Proj.) Series FF, 5.125% 7/15/37 | 34,135,000 | 35,530,097 | ||||||
(Massachusetts Eye & Ear Infirmary Proj.) Series B: | ||||||||
5.25% 7/1/08 | 2,000,000 | 2,052,220 | ||||||
5.25% 7/1/09 | 2,540,000 | 2,607,589 | ||||||
5.25% 7/1/10 | 2,000,000 | 2,061,980 | ||||||
5.25% 7/1/11 | 3,025,000 | 3,109,640 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
14 |
Municipal Bonds continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | ||||||
(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 | ||||||
(AMBAC Insured) | $14,600,000 | $15,779,534 | ||||
(Massachusetts Institute of Technology Proj.): | ||||||
Series I1, 5.2% 1/1/28 | 6,500,000 | 7,496,125 | ||||
Series K, 5.375% 7/1/17 | 6,805,000 | 7,708,704 | ||||
Series L: | ||||||
5% 7/1/18 | 4,315,000 | 4,755,993 | ||||
5% 7/1/23 | 3,985,000 | 4,417,572 | ||||
5.25% 7/1/33 | 14,000,000 | 15,859,480 | ||||
(Med. Academic & Scientific Proj.) Series A, 6.625% | ||||||
1/1/15 | 5,650,000 | 5,716,501 | ||||
(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% | ||||||
7/1/24 (MBIA Insured) | 1,000,000 | 1,009,590 | ||||
(Newton-Wellesley Hosp. Proj.) Series G: | ||||||
6% 7/1/12 (MBIA Insured) | 4,070,000 | 4,284,530 | ||||
6.125% 7/1/15 (MBIA Insured) | 4,500,000 | 4,744,845 | ||||
(Northeastern Univ. Proj.) Series 1998 G, 5% 10/1/28 | ||||||
(MBIA Insured) | 6,500,000 | 6,705,725 | ||||
(Partners HealthCare Sys., Inc. Proj.): | ||||||
Series 1997 A: | ||||||
5.1% 7/1/10 (MBIA Insured) | 2,510,000 | 2,584,798 | ||||
5.125% 7/1/11 (MBIA Insured) | 3,885,000 | 4,014,060 | ||||
5.375% 7/1/24 (MBIA Insured) | 7,600,000 | 7,852,776 | ||||
Series 2001 C, 5.75% 7/1/32 | 5,000,000 | 5,418,950 | ||||
Series C, 5.75% 7/1/21 | 2,500,000 | 2,742,575 | ||||
Series E: | ||||||
5% 7/1/17 | 1,255,000 | 1,341,407 | ||||
5% 7/1/19 | 1,390,000 | 1,473,761 | ||||
Series F: | ||||||
5% 7/1/17 | 1,410,000 | 1,517,343 | ||||
5% 7/1/19 | 1,760,000 | 1,875,509 | ||||
5% 7/1/20 | 2,350,000 | 2,491,071 | ||||
5% 7/1/21 | 1,150,000 | 1,215,378 | ||||
5% 7/1/22 | 1,855,000 | 1,947,231 | ||||
(South Shore Hosp. Proj.) Series F: | ||||||
5% 7/1/07 | 1,915,000 | 1,936,754 | ||||
5.125% 7/1/08 | 2,000,000 | 2,081,980 | ||||
5.25% 7/1/09 | 2,120,000 | 2,243,151 | ||||
5.5% 7/1/12 | 2,165,000 | 2,316,463 | ||||
5.625% 7/1/19 | 1,000,000 | 1,061,350 | ||||
5.75% 7/1/29 | 4,350,000 | 4,596,950 |
See accompanying notes which are an integral part of the financial statements.
15 Annual Report
Fidelity Massachusetts Municipal Income Fund | ||||||||
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued | ||||||||
(Tufts Univ. Proj.): | ||||||||
Series I, 5.5% 2/15/36 | $ | 5,000,000 | $ | 5,320,050 | ||||
Series J, 5.5% 8/15/17 | 500,000 | 572,730 | ||||||
(Univ. of Massachusetts Proj.) Series A, 6% 10/1/15 | ||||||||
(Pre-Refunded to 10/1/10 @ 101) (c) | 1,000,000 | 1,114,660 | ||||||
(Univ. of Massachusetts-Worcester Campus Proj.) Series B, | ||||||||
5.25% 10/1/15 (FGIC Insured) | 1,000,000 | 1,077,400 | ||||||
(Wellesley College Proj.): | ||||||||
5% 7/1/19 | 1,975,000 | 2,100,531 | ||||||
5% 7/1/20 | 2,075,000 | 2,201,409 | ||||||
(Williams College Issue Proj.): | ||||||||
Series 2003 H, 5% 7/1/20 | 1,005,000 | 1,066,225 | ||||||
Series F, 5.75% 7/1/19 | 3,075,000 | 3,135,947 | ||||||
Series G, 5.5% 7/1/14 | 3,665,000 | 3,925,068 | ||||||
6.55% 6/23/22 (AMBAC Insured) | 17,450,000 | 18,530,853 | ||||||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. (Boston Edison | ||||||||
Co. Proj.) Series A, 5.75% 2/1/14 | 9,900,000 | 9,913,761 | ||||||
Massachusetts Indl. Fin. Agcy. Resource Recovery Rev. | ||||||||
(Ogden Haverhill Proj.): | ||||||||
Series 1992 A, 4.95% 12/1/06 | 1,950,000 | 1,967,082 | ||||||
Series 1998 A, 5.2% 12/1/08 (b) | 1,300,000 | 1,320,033 | ||||||
Massachusetts Indl. Fin. Agcy. Rev.: | ||||||||
(Massachusetts Biomedical Research Corp. Proj.) Series A2: | ||||||||
0% 8/1/07 | 25,000,000 | 23,729,750 | ||||||
0% 8/1/08 | 15,000,000 | 13,655,550 | ||||||
(Whitehead Institute Biomedical Research Proj.) 5.125% | ||||||||
7/1/26 | 14,600,000 | 14,616,644 | ||||||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. | ||||||||
Rev.: | ||||||||
(Nuclear Mix #1 Proj.) Series A: | ||||||||
5% 7/1/08 (MBIA Insured) | 8,330,000 | 8,629,880 | ||||||
5.25% 7/1/12 (MBIA Insured) | 8,000,000 | 8,644,800 | ||||||
(Nuclear Mix #4 Proj.) Series A: | ||||||||
5% 7/1/08 (MBIA Insured) | 8,415,000 | 8,717,940 | ||||||
5.25% 7/1/12 (MBIA Insured) | 8,510,000 | 9,195,906 | ||||||
(Nuclear Mix #5 Proj.) Series A, 5% 7/1/08 (MBIA | ||||||||
Insured) | 4,175,000 | 4,325,300 | ||||||
(Stony Brook Intermediate Proj.) Series A, 5% 7/1/08 | ||||||||
(MBIA Insured) | 4,225,000 | 4,377,100 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
16 |
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts Port Auth. Rev.: | ||||||||
(Spl. Facilities-US Air Proj.) Series A, 5.5% 9/1/10 | ||||||||
(MBIA Insured) (b) | $ | 2,030,000 | $ | 2,090,981 | ||||
Series 1998 A: | ||||||||
5% 7/1/23 (FSA Insured) | 8,750,000 | 9,008,038 | ||||||
5.5% 7/1/17 (FSA Insured) | 2,105,000 | 2,226,837 | ||||||
Series 1998 B: | ||||||||
5% 7/1/10 (FSA Insured) (b) | 2,275,000 | 2,360,699 | ||||||
5% 7/1/15 (FSA Insured) (b) | 3,310,000 | 3,408,406 | ||||||
Series A: | ||||||||
5% 7/1/18 (AMBAC Insured) | 5,205,000 | 5,580,124 | ||||||
5% 7/1/18 (MBIA Insured) | 2,000,000 | 2,119,220 | ||||||
5% 7/1/19 (MBIA Insured) | 6,915,000 | 7,309,017 | ||||||
5% 7/1/20 (MBIA Insured) | 2,505,000 | 2,637,915 | ||||||
5% 7/1/21 (AMBAC Insured) | 5,010,000 | 5,330,790 | ||||||
5% 7/1/21 (MBIA Insured) | 3,000,000 | 3,151,380 | ||||||
5% 7/1/22 (MBIA Insured) | 2,000,000 | 2,094,440 | ||||||
5% 7/1/35 (AMBAC Insured) | 10,000,000 | 10,341,000 | ||||||
5.125% 7/1/16 (FSA Insured) | 3,000,000 | 3,174,060 | ||||||
5.125% 7/1/17 (FSA Insured) | 3,000,000 | 3,169,110 | ||||||
Series B: | ||||||||
5.5% 7/1/10 (FSA Insured) (b) | 11,470,000 | 12,226,791 | ||||||
5.5% 7/1/11 (FSA Insured) (b) | 5,500,000 | 5,855,575 | ||||||
5.5% 7/1/12 (FSA Insured) (b) | 4,000,000 | 4,254,640 | ||||||
5.625% 7/1/12 (Escrowed to Maturity) (c) | 1,320,000 | 1,410,842 | ||||||
Massachusetts Port Auth. Spl. Facilities Rev. (Delta Air Lines, | ||||||||
Inc. Proj.) Series A: | ||||||||
5.5% 1/1/12 (AMBAC Insured) (b) | 10,395,000 | 11,040,114 | ||||||
5.5% 1/1/13 (AMBAC Insured) (b) | 7,015,000 | 7,431,200 | ||||||
5.5% 1/1/14 (AMBAC Insured) (b) | 6,040,000 | 6,387,360 | ||||||
5.5% 1/1/15 (AMBAC Insured) (b) | 5,000,000 | 5,283,000 | ||||||
5.5% 1/1/16 (AMBAC Insured) (b) | 5,000,000 | 5,276,200 | ||||||
5.5% 1/1/17 (AMBAC Insured) (b) | 6,470,000 | 6,809,093 | ||||||
5.5% 1/1/18 (AMBAC Insured) (b) | 6,000,000 | 6,301,800 | ||||||
5.5% 1/1/19 (AMBAC Insured) (b) | 5,000,000 | 5,243,550 | ||||||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. | ||||||||
Series A: | ||||||||
5% 8/15/23 (FSA Insured) | 6,000,000 | 6,344,820 | ||||||
5% 8/15/27 (MBIA Insured) | 10,000,000 | 10,486,800 | ||||||
5% 8/15/30 (FSA Insured) | 90,900,000 | 95,035,933 | ||||||
Massachusetts Spl. Oblig. Dedicated Tax Rev.: | ||||||||
5.25% 1/1/19 (FGIC Insured) | 3,500,000 | 3,922,660 |
See accompanying notes which are an integral part of the financial statements.
17 Annual Report
Fidelity Massachusetts Municipal Income Fund | ||||||||
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts Spl. Oblig. Dedicated Tax Rev.: - continued | ||||||||
5.5% 1/1/28 (FGIC Insured) | $ | 1,000,000 | $ | 1,161,360 | ||||
Massachusetts Spl. Oblig. Rev.: | ||||||||
(Consolidated Ln. Prog.) Series A: | ||||||||
5% 6/1/23 (FSA Insured) | 2,000,000 | 2,128,680 | ||||||
5.5% 6/1/16 (FSA Insured) | 3,000,000 | 3,393,780 | ||||||
5.5% 6/1/18 (FSA Insured) | 9,740,000 | 11,150,352 | ||||||
5.5% 6/1/19 (FSA Insured) | 10,000,000 | 11,492,600 | ||||||
Series A: | ||||||||
5.5% 6/1/15 (FGIC Insured) | 11,070,000 | 12,480,207 | ||||||
5.5% 6/1/16 (FGIC Insured) | 2,520,000 | 2,857,630 | ||||||
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.: | ||||||||
Series 1997 A, 5.125% 1/1/17 (MBIA Insured) | 3,575,000 | 3,700,411 | ||||||
Series 1999 A: | ||||||||
5% 1/1/39 (AMBAC Insured) | 6,925,000 | 7,067,517 | ||||||
5.25% 1/1/29 (AMBAC Insured) | 45,615,000 | 47,726,062 | ||||||
Sr. Series A: | ||||||||
0% 1/1/25 (MBIA Insured) | 5,110,000 | 2,118,708 | ||||||
0% 1/1/28 (MBIA Insured) | 5,130,000 | 1,795,141 | ||||||
0% 1/1/29 (MBIA Insured) | 33,195,000 | 10,998,499 | ||||||
5% 1/1/37 (MBIA Insured) | 34,480,000 | 35,009,958 | ||||||
5.125% 1/1/23 (MBIA Insured) | 3,460,000 | 3,578,194 | ||||||
Sr. Series C: | ||||||||
0% 1/1/16 (MBIA Insured) | 3,000,000 | 1,969,770 | ||||||
0% 1/1/17 (MBIA Insured) | 7,705,000 | 4,822,945 | ||||||
0% 1/1/18 (MBIA Insured) | 2,025,000 | 1,205,827 | ||||||
0% 1/1/19 (MBIA Insured) | 13,815,000 | 7,826,474 | ||||||
Massachusetts Tpk. Auth. Western Tpk. Rev. Series A, 5.55% | ||||||||
1/1/17 (MBIA Insured) | 22,610,000 | 23,672,444 | ||||||
Massachusetts Wtr. Poll. Abatement Trust: | ||||||||
(MWRA Prog.) Series A, 5.25% 8/1/20 | 1,700,000 | 1,826,514 | ||||||
(Pool Prog.): | ||||||||
Series 10: | ||||||||
5% 8/1/22 | 6,000,000 | 6,357,540 | ||||||
5% 8/1/34 | 1,055,000 | 1,094,162 | ||||||
5.25% 8/1/15 | 2,435,000 | 2,676,284 | ||||||
Series 2004 A: | ||||||||
5.25% 2/1/16 | 6,110,000 | 6,781,978 | ||||||
5.25% 2/1/17 | 6,435,000 | 7,163,056 | ||||||
5.25% 2/1/18 | 6,300,000 | 7,031,682 | ||||||
5.25% 2/1/22 | 1,170,000 | 1,320,813 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
18 |
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts Wtr. Poll. Abatement Trust: – continued | ||||||||
(Pool Prog.): | ||||||||
Series 2004 A: | ||||||||
5.25% 8/1/22 | $ | 6,525,000 | $ | 7,351,065 | ||||
5.25% 2/1/23 | 1,390,000 | 1,569,658 | ||||||
5.25% 2/1/24 | 1,170,000 | 1,320,872 | ||||||
5.25% 8/1/24 | 3,780,000 | 4,281,644 | ||||||
Series 3: | ||||||||
5.4% 2/1/10 | 300,000 | 308,928 | ||||||
5.5% 2/1/13 | 815,000 | 840,045 | ||||||
Series 4, 5.125% 8/1/14 | 70,000 | 74,026 | ||||||
Series 5, 5.25% 8/1/15 | 75,000 | 80,408 | ||||||
Series 6: | ||||||||
5.25% 8/1/19 | 30,000 | 32,514 | ||||||
5.5% 8/1/30 | 17,580,000 | 18,982,708 | ||||||
5.625% 8/1/14 | 115,000 | 125,413 | ||||||
5.625% 8/1/15 | 25,000 | 27,384 | ||||||
5.625% 8/1/15 (Pre-Refunded to 8/1/10 @ 101) (c) . | 975,000 | 1,070,521 | ||||||
5.625% 8/1/16 | 485,000 | 530,396 | ||||||
Series 7: | ||||||||
5.25% 2/1/16 | 4,495,000 | 4,861,747 | ||||||
5.25% 2/1/17 | 2,795,000 | 3,017,258 | ||||||
5.25% 2/1/17 (Pre-Refunded to 8/1/11 @ 100) (c) | 2,205,000 | 2,372,382 | ||||||
Series 8: | ||||||||
5% 8/1/17 | 110,000 | 117,142 | ||||||
5% 8/1/17 (Pre-Refunded to 8/1/12 @ 100) (c) | 5,540,000 | 5,919,435 | ||||||
5% 8/1/20 | 105,000 | 111,014 | ||||||
5% 8/1/20 (Pre-Refunded to 8/1/12 @ 100) (c) | 5,395,000 | 5,764,504 | ||||||
Series 9, 5.25% 8/1/33 | 3,100,000 | 3,297,191 | ||||||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. | ||||||||
Abatement Rev. (MWRA Ln. Prog.) Series A: | ||||||||
5% 8/1/15 | 50,000 | 50,051 | ||||||
5% 8/1/15 (Escrowed to Maturity) (c) | 950,000 | 1,036,982 | ||||||
5.25% 8/1/12 | 565,000 | 595,408 | ||||||
5.25% 8/1/13 | 330,000 | 346,949 | ||||||
5.45% 2/1/13 | 140,000 | 140,174 | ||||||
5.45% 2/1/13 (Escrowed to Maturity) (c) | 1,960,000 | 2,102,237 | ||||||
Massachusetts Wtr. Resources Auth.: | ||||||||
Series A: | ||||||||
5.25% 8/1/21 (MBIA Insured) | 12,645,000 | 13,894,200 | ||||||
5.25% 8/1/24 (MBIA Insured) | 9,000,000 | 9,889,110 | ||||||
5.25% 8/1/25 (MBIA Insured) | 1,200,000 | 1,315,092 |
See accompanying notes which are an integral part of the financial statements.
19 Annual Report
Fidelity Massachusetts Municipal Income Fund | ||||||||
Investments continued | ||||||||
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts Wtr. Resources Auth.: – continued | ||||||||
Series A: | ||||||||
5.25% 8/1/26 (MBIA Insured) | $ | 1,000,000 | $ | 1,093,050 | ||||
6.5% 7/15/19 | 21,960,000 | 26,382,305 | ||||||
Series B: | ||||||||
5.125% 8/1/27 (MBIA Insured) | 6,960,000 | 7,303,894 | ||||||
5.5% 8/1/15 (FSA Insured) | 1,500,000 | 1,681,335 | ||||||
5.5% 8/1/16 (FSA Insured) | 1,425,000 | 1,618,501 | ||||||
Series D, 5% 8/1/24 (MBIA Insured) | 1,510,000 | 1,567,576 | ||||||
Series J: | ||||||||
5% 8/1/42 | 8,160,000 | 8,369,059 | ||||||
5.5% 8/1/20 (FSA Insured) | 1,000,000 | 1,154,220 | ||||||
Maynard Gen. Oblig.: | ||||||||
5.5% 2/1/17 (MBIA Insured) | 1,030,000 | 1,141,230 | ||||||
5.5% 2/1/20 (MBIA Insured) | 1,025,000 | 1,131,713 | ||||||
5.5% 2/1/23 (MBIA Insured) | 1,000,000 | 1,098,950 | ||||||
Methuen Gen. Oblig. 5% 11/1/16 (FGIC Insured) | 1,000,000 | 1,035,740 | ||||||
Monson Gen. Oblig.: | ||||||||
5.25% 5/15/17 (AMBAC Insured) | 2,120,000 | 2,304,525 | ||||||
5.25% 5/15/19 (AMBAC Insured) | 2,335,000 | 2,534,152 | ||||||
5.25% 11/1/21 (AMBAC Insured) | 1,000,000 | 1,100,370 | ||||||
5.25% 5/15/22 (AMBAC Insured) | 2,985,000 | 3,210,129 | ||||||
Nantucket Gen. Oblig. 5% 7/15/17 (Pre-Refunded to | ||||||||
7/15/07 @ 101) (c) | 5,000,000 | 5,172,750 | ||||||
North Attleborough Gen. Oblig. 5% 7/15/16 (FGIC Insured) | 1,615,000 | 1,757,120 | ||||||
Pioneer Valley Reg’l. School District: | ||||||||
5.375% 6/15/15 (AMBAC Insured) | 1,235,000 | 1,349,349 | ||||||
5.375% 6/15/16 (AMBAC Insured) | 1,000,000 | 1,097,930 | ||||||
Pittsfield Gen. Oblig.: | ||||||||
5% 4/15/19 (MBIA Insured) | 1,140,000 | 1,219,982 | ||||||
5.5% 4/15/17 (MBIA Insured) | 1,930,000 | 2,123,772 | ||||||
Randolph Gen. Oblig.: | ||||||||
5% 9/1/16 (AMBAC Insured) | 1,170,000 | 1,274,107 | ||||||
5% 9/1/18 (AMBAC Insured) | 1,090,000 | 1,179,522 | ||||||
5% 9/1/19 (AMBAC Insured) | 1,085,000 | 1,169,695 | ||||||
Reading Gen. Oblig.: | ||||||||
5% 3/15/20 (MBIA Insured) | 2,100,000 | 2,229,276 | ||||||
5% 3/15/21 (MBIA Insured) | 2,190,000 | 2,315,531 | ||||||
Route 3 North Trans. Impt. Assoc. Lease Rev.: | ||||||||
5.75% 6/15/11 (MBIA Insured) | 4,365,000 | 4,742,703 | ||||||
5.75% 6/15/12 (MBIA Insured) | 1,000,000 | 1,083,170 | ||||||
5.75% 6/15/14 (MBIA Insured) | 2,515,000 | 2,731,567 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
20 |
Municipal Bonds continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Route 3 North Trans. Impt. Assoc. Lease Rev.: - continued | ||||||||
5.75% 6/15/15 (MBIA Insured) | $ | 4,105,000 | $ | 4,455,033 | ||||
Salem Gen. Oblig.: | ||||||||
5% 1/15/19 (FGIC Insured) | 1,525,000 | 1,632,116 | ||||||
5% 1/15/20 (FGIC Insured) | 1,350,000 | 1,436,400 | ||||||
South Essex Swr. District Series A, 5.25% 6/15/24 | ||||||||
(MBIA Insured) | 2,810,000 | 2,884,606 | ||||||
Springfield Gen. Oblig.: | ||||||||
5% 8/1/22 (MBIA Insured) | 3,610,000 | 3,813,929 | ||||||
5% 8/1/23 (MBIA Insured) | 2,050,000 | 2,162,525 | ||||||
5.25% 8/1/13 (MBIA Insured) | 5,965,000 | 6,528,573 | ||||||
5.25% 1/15/16 (MBIA Insured) | 2,195,000 | 2,389,148 | ||||||
5.25% 1/15/17 (MBIA Insured) | 1,510,000 | 1,639,724 | ||||||
5.25% 1/15/18 (MBIA Insured) | 1,000,000 | 1,085,270 | ||||||
5.25% 1/15/21 (MBIA Insured) | 4,600,000 | 4,963,170 | ||||||
5.375% 8/1/17 (FGIC Insured) | 1,875,000 | 2,031,563 | ||||||
5.5% 8/1/16 (FGIC Insured) | 1,000,000 | 1,084,470 | ||||||
Tantasqua Reg’l. School District 5.75% 8/15/11 | ||||||||
(Pre-Refunded to 8/15/10 @ 101) (c) | 2,530,000 | 2,792,791 | ||||||
Univ. of Massachusetts Bldg. Auth. Facilities Rev.: | ||||||||
Series 2000 A: | ||||||||
5% 11/1/15 (Pre-Refunded to 11/1/10 | ||||||||
@ 100) (c) | 1,595,000 | 1,701,546 | ||||||
5.125% 11/1/16 (Pre-Refunded to 11/1/10 | ||||||||
@ 100) (c) | 2,025,000 | 2,171,246 | ||||||
Series 2004 A: | ||||||||
5.375% 11/1/16 (Pre-Refunded to 11/1/14 | ||||||||
@ 100) (c) | 2,080,000 | 2,324,962 | ||||||
5.375% 11/1/17 (Pre-Refunded to 11/1/14 | ||||||||
@ 100) (c) | 1,000,000 | 1,117,770 | ||||||
Univ. of Massachusetts Bldg. Auth. Proj. Rev.: | ||||||||
Series 2004 1: | ||||||||
5.375% 11/1/16 (AMBAC Insured) | 1,305,000 | 1,450,468 | ||||||
5.375% 11/1/16 (Pre-Refunded to 11/1/14 | ||||||||
@ 100) (c) | 4,860,000 | 5,432,362 | ||||||
Series B: | ||||||||
5.5% 11/1/11 (Pre-Refunded to 11/1/10 @ 100) (c) | 1,175,000 | 1,276,309 | ||||||
5.5% 11/1/12 (Pre-Refunded to 11/1/10 @ 100) (c) | 2,465,000 | 2,677,532 | ||||||
5.5% 11/1/13 (Pre-Refunded to 11/1/10 @ 100) (c) | 1,620,000 | 1,759,676 |
See accompanying notes which are an integral part of the financial statements.
21 Annual Report
Fidelity Massachusetts Municipal Income Fund | ||||||
Investments continued | ||||||
Municipal Bonds continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Univ. of Massachusetts Bldg. Auth. Proj. Rev.: - continued | ||||||
Series B: | ||||||
5.5% 11/1/14 (Pre-Refunded to 11/1/10 @ 100) (c) | $ 1,500,000 | $ 1,629,330 | ||||
5.5% 11/1/15 (Pre-Refunded to 11/1/10 @ 100) (c) | 1,200,000 | 1,303,464 | ||||
5.5% 11/1/16 (Pre-Refunded to 11/1/10 @ 100) (c) | 1,250,000 | 1,357,775 | ||||
5.5% 11/1/17 (Pre-Refunded to 11/1/10 @ 100) (c) | 1,250,000 | 1,357,775 | ||||
5.5% 11/1/18 (Pre-Refunded to 11/1/10 @ 100) (c) | 1,400,000 | 1,520,708 | ||||
Sr. Series 2, 5.125% 11/1/19 (Pre-Refunded to 11/1/10 | ||||||
@ 100) (c) | 3,830,000 | 4,097,947 | ||||
Woods Hole, Martha’s Vineyard & Nantucket Steamship | ||||||
Series 2004 B, 5% 3/1/17 | 3,300,000 | 3,556,839 | ||||
Worcester Gen. Oblig.: | ||||||
Series 2001 A: | ||||||
5.25% 8/15/21 (FGIC Insured) | 1,465,000 | 1,567,828 | ||||
5.5% 8/15/13 (FGIC Insured) | 1,285,000 | 1,398,414 | ||||
5.5% 8/15/18 (FGIC Insured) | 1,000,000 | 1,080,480 | ||||
Series 2001 B, 5.5% 10/1/14 (FGIC Insured) | 1,070,000 | 1,163,518 | ||||
1,746,980,277 | ||||||
Puerto Rico 3.6% | ||||||
Puerto Rico Commonwealth Gen. Oblig. Series A: | ||||||
5.25% 7/1/18 | 3,500,000 | 3,718,085 | ||||
5.25% 7/1/18 (CIFG North America Insured) | ||||||
(FSA Insured) | 2,500,000 | 2,713,650 | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. | ||||||
Hwy. Rev.: | ||||||
Series 1996 Y, 5% 7/1/36 (FSA Insured) | 1,800,000 | 1,883,232 | ||||
Series Y, 5.5% 7/1/36 (MBIA Insured) | 2,425,000 | 2,682,099 | ||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. | ||||||
Trans. Rev.: | ||||||
Series 1998, 5.75% 7/1/22 (CIFG North America | ||||||
Insured) | 3,000,000 | 3,331,710 | ||||
Series 2002 E, 5.5% 7/1/21 (FSA Insured) | 1,700,000 | 1,963,517 | ||||
Puerto Rico Commonwealth Infrastructure Fing. Auth.: | ||||||
Series 2000 A: | ||||||
5.5% 10/1/32 (Escrowed to Maturity) (c) | 12,985,000 | 14,069,767 | ||||
5.5% 10/1/40 (Escrowed to Maturity) (c) | 17,870,000 | 19,283,160 | ||||
Series C, 5.5% 7/1/25 (AMBAC Insured) | 7,500,000 | 8,741,325 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
22 |
Municipal Bonds continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Puerto Rico continued | ||||||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev.: | ||||||
Series HH, 5.25% 7/1/29 (FSA Insured) | $ 3,230,000 | $ 3,449,898 | ||||
Series QQ, 5.5% 7/1/16 (XL Cap. Assurance, Inc. | ||||||
Insured) | 3,195,000 | 3,611,340 | ||||
65,447,783 | ||||||
Virgin Islands – 0.1% | ||||||
Virgin Islands Pub. Fin. Auth. Rev. Series A: | ||||||
5% 10/1/11 | 805,000 | 845,797 | ||||
5% 10/1/13 | 700,000 | 740,551 | ||||
5.25% 10/1/16 | 750,000 | 799,350 | ||||
2,385,698 | ||||||
TOTAL INVESTMENT PORTFOLIO 98.2% | ||||||
(Cost $1,763,053,182) | 1,816,734,589 | |||||
NET OTHER ASSETS – 1.8% | 33,350,333 | |||||
NET ASSETS 100% | $ 1,850,084,922 |
Legend (a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. (b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. (c) Security collateralized by an amount sufficient to pay interest and principal. |
Other Information
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows:
General Obligations | 22.3% | |
Transportation | 15.8% | |
Special Tax | 14.9% | |
Education | 10.9% | |
Escrowed/Pre Refunded | 10.5% | |
Water & Sewer | 9.6% | |
Health Care | 8.3% | |
Others* (individually less than 5%) | 7.7% | |
100.0% | ||
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
23 Annual Report
Fidelity Massachusetts Municipal Income Fund | ||||||||
Financial Statements | ||||||||
Statement of Assets and Liabilities | ||||||||
January 31, 2006 | ||||||||
Assets | ||||||||
Investment in securities, at value | ||||||||
See accompanying schedule: | ||||||||
Unaffiliated issuers (cost $1,763,053,182) | $1,816,734,589 | |||||||
Cash | 13,831,709 | |||||||
Receivable for investments sold | 889,164 | |||||||
Receivable for fund shares sold | 1,489,546 | |||||||
Interest receivable | 20,639,324 | |||||||
Prepaid expenses | 8,037 | |||||||
Other receivables | 27,491 | |||||||
Total assets | 1,853,619,860 | |||||||
Liabilities | ||||||||
Payable for fund shares redeemed | $ | 951,870 | ||||||
Distributions payable | 1,816,441 | |||||||
Accrued management fee | 570,889 | |||||||
Other affiliated payables | 138,232 | |||||||
Other payables and accrued expenses | 57,506 | |||||||
Total liabilities | 3,534,938 | |||||||
Net Assets | $ 1,850,084,922 | |||||||
Net Assets consist of: | ||||||||
Paid in capital | $1,794,191,944 | |||||||
Distributions in excess of net investment income | (327,502) | |||||||
Accumulated undistributed net realized gain (loss) on | ||||||||
investments | 2,539,073 | |||||||
Net unrealized appreciation (depreciation) on | ||||||||
investments | 53,681,407 | |||||||
Net Assets, for 155,869,634 shares outstanding | $ 1,850,084,922 | |||||||
Net Asset Value, offering price and redemption price per | ||||||||
share ($1,850,084,922 ÷ 155,869,634 shares) | $ 11.87 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
24 |
Statement of Operations | ||||||
Year ended January 31, 2006 | ||||||
Investment Income | ||||||
Interest | $ 82,936,132 | |||||
Expenses | ||||||
Management fee | $ | 6,800,418 | ||||
Transfer agent fees | 1,256,103 | |||||
Accounting fees and expenses | 323,350 | |||||
Independent trustees’ compensation | 8,204 | |||||
Custodian fees and expenses | 27,910 | |||||
Registration fees | 21,494 | |||||
Audit | 56,099 | |||||
Legal | 9,425 | |||||
Miscellaneous | 53,183 | |||||
Total expenses before reductions | 8,556,186 | |||||
Expense reductions | (607,202) | 7,948,984 | ||||
Net investment income | 74,987,148 | |||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss) on: | ||||||
Investment securities: | ||||||
Unaffiliated issuers | 26,339,293 | |||||
Futures contracts | 24,409 | |||||
Total net realized gain (loss) | 26,363,702 | |||||
Change in net unrealized appreciation (depreciation) on | ||||||
investment securities | (52,158,641) | |||||
Net gain (loss) | (25,794,939) | |||||
Net increase (decrease) in net assets resulting from | ||||||
operations | $ 49,192,209 |
See accompanying notes which are an integral part of the financial statements.
25 Annual Report
Fidelity Massachusetts Municipal Income Fund | ||||
Financial Statements continued | ||||
Statement of Changes in Net Assets | ||||
Year ended | Year ended | |||
January 31, | January 31, | |||
2006 | 2005 | |||
Increase (Decrease) in Net Assets | ||||
Operations | ||||
Net investment income | $ 74,987,148 | $ 75,032,974 | ||
Net realized gain (loss) | 26,363,702 | 25,305,615 | ||
Change in net unrealized appreciation (depreciation) . | (52,158,641) | (21,251,539) | ||
Net increase (decrease) in net assets resulting | ||||
from operations | 49,192,209 | 79,087,050 | ||
Distributions to shareholders from net investment income . | (75,076,272) | (75,321,159) | ||
Distributions to shareholders from net realized gain | (24,660,494) | (21,403,072) | ||
Total distributions | (99,736,766) | (96,724,231) | ||
Share transactions | ||||
Proceeds from sales of shares | 344,150,228 | 251,806,709 | ||
Reinvestment of distributions | 71,978,038 | 69,843,524 | ||
Cost of shares redeemed | (291,286,184) | (380,252,488) | ||
Net increase (decrease) in net assets resulting from | ||||
share transactions | 124,842,082 | (58,602,255) | ||
Redemption fees | 13,266 | 19,891 | ||
Total increase (decrease) in net assets | 74,310,791 | (76,219,545) | ||
Net Assets | ||||
Beginning of period | 1,775,774,131 | 1,851,993,676 | ||
End of period (including distributions in excess of net | ||||
investment income of $327,502 and undistributed | ||||
net investment income of $68,701, respectively) | $ 1,850,084,922 | $ 1,775,774,131 | ||
Other Information | ||||
Shares | ||||
Sold | 28,505,409 | 20,670,242 | ||
Issued in reinvestment of distributions | 5,996,208 | 5,751,297 | ||
Redeemed | (24,209,445) | (31,390,626) | ||
Net increase (decrease) | 10,292,172 | (4,969,087) |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
26 |
Financial Highlights | ||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||
Selected Per Share Data | ||||||||||
Net asset value, | ||||||||||
beginning of period | $ 12.20 | $ 12.30 | $ 12.22 | $ 11.94 | $ 11.86 | |||||
Income from Investment | ||||||||||
Operations | ||||||||||
Net investment incomeB | 497 | .519 | .523 | .535 | .552 | |||||
Net realized and unreal- | ||||||||||
ized gain (loss) | (.169) | .051 | .244 | .343 | .091 | |||||
Total from investment | ||||||||||
operations | 328 | .570 | .767 | .878 | .643 | |||||
Distributions from net | ||||||||||
investment income | (.498) | (.521) | (.526) | (.531) | (.548) | |||||
Distributions from net | ||||||||||
realized gain | (.160) | (.149) | (.161) | (.067) | (.015) | |||||
Total distributions | (.658) | (.670) | (.687) | (.598) | (.563) | |||||
Redemption fees added to | ||||||||||
paid in capitalB,D | — | — | — | — | — | |||||
Net asset value, | ||||||||||
end of period | $ 11.87 | $ 12.20 | $ 12.30 | $ 12.22 | $ 11.94 | |||||
Total ReturnA | 2.76% | 4.80% | 6.43% | 7.51% | 5.54% | |||||
Ratios to Average Net AssetsC | ||||||||||
Expenses before | ||||||||||
reductions | 47% | .47% | .47% | .48% | .47% | |||||
Expenses net of fee | ||||||||||
waivers, if any | 47% | .47% | .47% | .48% | .47% | |||||
Expenses net of all | ||||||||||
reductions | 44% | .46% | .47% | .46% | .42% | |||||
Net investment income | 4.11% | 4.27% | 4.25% | 4.41% | 4.63% | |||||
Supplemental Data | ||||||||||
Net assets, end of period | ||||||||||
(000 omitted) | $1,850,085 | $1,775,774 | $1,851,994 | $1,988,509 | $1,888,575 | |||||
Portfolio turnover rate | 21% | 22% | 14% | 15% | 18% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown. B Calculated based on average shares outstanding during the period. C Expense ratios reflect operating expenses of the fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrange ments. Expenses net of all reductions represent the net expenses paid by the fund. D Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
27 Annual Report
Fidelity Massachusetts AMT Tax Free Money Market Fund Investment Changes/Performance |
Maturity Diversification | ||||||
Days | % of fund’s | % of fund’s | % of fund’s | |||
investments | investments | investments | ||||
1/31/06 | 7/31/05 | 1/31/05 | ||||
0 – 30 | 85.9 | 92.7 | 90.3 | |||
31 – 90 | 5.8 | 0.0 | 2.8 | |||
91 – 180 | 5.7 | 0.4 | 1.1 | |||
181 – 397 | 2.6 | 6.9 | 5.8 | |||
Weighted Average Maturity | ||||||
1/31/06 | 7/31/05 | 1/31/05 | ||||
Fidelity Massachusetts AMT Tax Free | ||||||
Money Market Fund | 24 Days | 27 Days | 23 Days | |||
Massachusetts Tax Free Money Market | ||||||
Funds Average* | 24 Days | 25 Days | 27 Days |
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx28x1.jpg)
Current and Historical Seven Day Yields | ||||||||||
1/30/06 | 10/31/05 | 8/1/05 | 5/2/05 | 1/31/05 | ||||||
Fidelity Massachusetts | ||||||||||
AMT Tax Free Money | ||||||||||
Market Fund | 2.69% | 2.34% | 2.00% | 2.55% | 1.47% | |||||
If Fidelity had not reimbursed | ||||||||||
certain fund expenses | 2.67% | 2.32% | 1.98% | 2.51% | 1.44% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money by investing in the fund.
*Source: iMoneyNet, Inc.
Annual Report 28
Fidelity Massachusetts AMT Tax Free Money Market Fund | ||||
Investments January 31, 2006 | ||||
Showing Percentage of Net Assets | ||||
Municipal Securities 97.0% | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts – 87.3% | ||||
ABN AMRO Muni. Tops Ctfs. Trust Participating VRDN | ||||
Series AAB 05 34, 3.05% (Liquidity Facility ABN AMRO | ||||
Bank NV) (b)(e) | $13,395,000 | $ 13,395,000 | ||
Boston Gen. Oblig. Bonds Series C, 5% 2/1/06 | 1,625,000 | 1,625,000 | ||
Cohasset Gen. Oblig. BAN 4% 8/11/06 | 11,657,187 | 11,722,943 | ||
Dighton-Rehoboth Reg’l. School District BAN 4% 6/2/06 | 6,000,000 | 6,021,261 | ||
Fall River Gen. Oblig. BAN 4% 7/26/06 | 5,700,000 | 5,726,518 | ||
Franklin Gen. Oblig. BAN 3.75% 3/28/06 | 18,000,000 | 18,016,173 | ||
Groton-Dunstable Reg’l. School District BAN 3.25% 4/13/06 | 5,000,000 | 5,002,789 | ||
Macon Trust Pooled Variable Ctfs. Participating VRDN Series | ||||
MACN 06 I, 3.05% (Liquidity Facility Bank of America | ||||
NA) (b)(e) | 10,890,000 | 10,890,000 | ||
Massachusetts Bay Trans. Auth.: | ||||
Participating VRDN: | ||||
Series EGL 04 24, Class A, 3.06% (Liquidity Facility | ||||
Citibank NA) (b)(e) | 2,800,000 | 2,800,000 | ||
Series EGL 04 31 Class A, 3.06% (Liquidity Facility | ||||
Citibank NA) (b)(e) | 5,000,000 | 5,000,000 | ||
Series EGL 99 2101, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(e) | 4,645,000 | 4,645,000 | ||
Series Merlots 00 H, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(e) | 8,400,000 | 8,400,000 | ||
Series PT 2250, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e) | 6,315,000 | 6,315,000 | ||
Series Putters 1062, 3.05% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(e) | 12,235,000 | 12,235,000 | ||
Series TOC 04 D, 3.05% (Liquidity Facility Goldman | ||||
Sachs Group, Inc.) (b)(e) | 2,200,000 | 2,200,000 | ||
Series 1999, 3.05%, VRDN (b) | 2,000,000 | 2,000,000 | ||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating | ||||
VRDN: | ||||
Series EGL 04 4, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(e) | 9,285,000 | 9,285,000 | ||
Series EGL 720050007, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(e) | 18,700,000 | 18,700,000 | ||
Series MS 1195, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(e) | 9,925,000 | 9,925,000 | ||
Series PT 1580, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e) | 9,430,000 | 9,430,000 | ||
Series PT 2459, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||
France) (b)(e) | 8,720,000 | 8,720,000 | ||
Series PT 2581, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||
France) (b)(e) | 46,880,000 | 46,880,000 | ||
See accompanying notes which are an integral part of the financial statements. | ||||
29 | Annual Report |
Fidelity Massachusetts AMT Tax Free Money Market Fund | ||||||
Investments continued | ||||||
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating | ||||||
VRDN: – continued | ||||||
Series PT 2875, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||||
France) (b)(e) | $ 2,790,000 | $ 2,790,000 | ||||
Series Putters 732, 3.05% (Liquidity Facility JPMorgan | ||||||
Chase Bank) (b)(e) | 7,710,000 | 7,710,000 | ||||
Series ROC II R358, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(e) | 5,655,000 | 5,655,000 | ||||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||||
Participating VRDN: | ||||||
Series EGL 7053024, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(e) | 13,000,000 | 13,000,000 | ||||
Series MS 974, 3.05% (Liquidity Facility Morgan | ||||||
Stanley) (b)(e) | 2,781,500 | 2,781,500 | ||||
(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, | ||||||
3.07%, LOC PNC Bank NA, Pittsburgh, VRDN (b) | 3,800,000 | 3,800,000 | ||||
(Boston Renaissance Charter School Proj.) 3.02%, LOC | ||||||
Fleet Nat’l. Bank, VRDN (b) | 9,000,000 | 9,000,000 | ||||
(Boston Univ. Proj.) Series R1, 3.05% (XL Cap. Assurance, | ||||||
Inc. Insured), VRDN (b) | 14,000,000 | 14,000,000 | ||||
(Draper Lab. Issue Proj.) Series 2000, 2.99% (MBIA | ||||||
Insured), VRDN (b) | 12,000,000 | 12,000,000 | ||||
(Ed. Lawrence Academy Proj.) Series A, 2.99%, LOC Fleet | ||||||
Nat’l. Bank, VRDN (b) | 3,600,000 | 3,600,000 | ||||
(Judge Rotenburg Ctr. Proj.) 2.99%, LOC Fleet Nat’l. Bank, | ||||||
VRDN (b) | 1,970,000 | 1,970,000 | ||||
(Lasell Village, Inc. Proj.) 2.99%, LOC Fleet Nat’l. Bank, | ||||||
VRDN (b) | 6,870,000 | 6,870,000 | ||||
(Saint Mark’s School Proj.) 3.03%, LOC Fleet Nat’l. Bank, | ||||||
VRDN (b) | 7,860,000 | 7,860,000 | ||||
(Simmons College Proj.) Series G, 3.05% (XL Cap. | ||||||
Assurance, Inc. Insured), VRDN (b) | 6,000,000 | 6,000,000 | ||||
(Thayer Academy Proj.) 3.02%, LOC Allied Irish Banks PLC, | ||||||
VRDN (b) | 14,670,000 | 14,670,000 | ||||
Massachusetts Gen. Oblig.: | ||||||
Bonds: | ||||||
Series 2002 B, 5% 2/1/06 | 9,000,000 | 9,000,000 | ||||
Series PT 391, 2.95%, tender 7/20/06 (Liquidity Facility | ||||||
Merrill Lynch & Co., Inc.) (b)(e)(f) | 12,130,000 | 12,130,000 | ||||
Series PT 983, 2.95%, tender 7/20/06 (Liquidity Facility | ||||||
DEPFA BANK PLC) (b)(e)(f) | 7,395,000 | 7,395,000 | ||||
Series PT 987, 2.95%, tender 7/20/06 (Liquidity Facility | ||||||
DEPFA BANK PLC) (b)(e)(f) | 8,140,000 | 8,140,000 | ||||
See accompanying notes which are an integral part of the financial statements. | ||||||
Annual Report | 30 |
Municipal Securities continued | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts continued | ||||
Massachusetts Gen. Oblig.: – continued | ||||
Participating VRDN: | ||||
Series AAB 00 18, 3.04% (Liquidity Facility ABN AMRO | ||||
Bank NV) (b)(e) | $ 4,600,000 | $ 4,600,000 | ||
Series AAB 02 18, 3.04% (Liquidity Facility ABN AMRO | ||||
Bank NV) (b)(e) | 4,500,000 | 4,500,000 | ||
Series EGL 00 2102, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(e) | 2,500,000 | 2,500,000 | ||
Series EGL 01 2102, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(e) | 4,300,000 | 4,300,000 | ||
Series EGL 01 2103, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(e) | 11,685,000 | 11,685,000 | ||
Series EGL 01 2104, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(e) | 4,690,000 | 4,690,000 | ||
Series EGL 01 2105, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(e) | 11,700,000 | 11,700,000 | ||
Series EGL 03 7777, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(e) | 8,100,000 | 8,100,000 | ||
Series EGL 04 0003, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(e) | 7,200,000 | 7,200,000 | ||
Series EGL 04 0007, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(e) | 9,900,000 | 9,900,000 | ||
Series Merlot 05 B1, 3.06% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(e) | 5,500,000 | 5,500,000 | ||
Series Merlots 04 B12, 3.05% (Liquidity Facility | ||||
Wachovia Bank NA) (b)(e) | 2,190,000 | 2,190,000 | ||
Series Merlots 04 C42, 3.05% (Liquidity Facility | ||||
Wachovia Bank NA) (b)(e) | 3,985,000 | 3,985,000 | ||
Series Merlots A51, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(e) | 7,170,000 | 7,170,000 | ||
Series MS 01 535, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(e) | 5,400,000 | 5,400,000 | ||
Series MS 1186, 3.05% (Liquidity Facility Rabobank | ||||
Nederland Coop. Central) (b)(e) | 5,500,000 | 5,500,000 | ||
Series MS 903, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(e) | 6,500,000 | 6,500,000 | ||
Series PT 1945, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e) | 4,140,000 | 4,140,000 | ||
Series PT 2279, 3.04% (Liquidity Facility Dexia Cr. Local | ||||
de France) (b)(e) | 5,310,000 | 5,310,000 | ||
Series PT 2299, 3.04% (Liquidity Facility Dexia Cr. Local | ||||
de France) (b)(e) | 5,170,000 | 5,170,000 | ||
Series PT 2332, 3.04% (Liquidity Facility Dexia Cr. Local | ||||
de France) (b)(e) | 5,440,000 | 5,440,000 | ||
See accompanying notes which are an integral part of the financial statements. | ||||
31 | Annual Report |
Fidelity Massachusetts AMT Tax Free Money Market Fund | ||||||
Investments continued | ||||||
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Gen. Oblig.: – continued | ||||||
Participating VRDN: | ||||||
Series PT 2367, 3.04% (Liquidity Facility Dexia Cr. Local | ||||||
de France) (b)(e) | $ 5,515,000 | $ 5,515,000 | ||||
Series PT 2426, 3.04% (Liquidity Facility Dexia Cr. Local | ||||||
de France) (b)(e) | 4,820,000 | 4,820,000 | ||||
Series PT 2623, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(e) | 4,825,000 | 4,825,000 | ||||
Series PT 3125, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(e) | 8,790,000 | 8,790,000 | ||||
Series PT 3222, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(e) | 18,000,000 | 18,000,000 | ||||
Series PT 921, 3.04% (Liquidity Facility BNP Paribas | ||||||
SA) (b)(e) | 5,430,000 | 5,430,000 | ||||
Series Putters 301, 3.04% (Liquidity Facility JPMorgan | ||||||
Chase & Co.) (b)(e) | 4,645,000 | 4,645,000 | ||||
Series ROC II R102, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(e) | 4,865,000 | 4,865,000 | ||||
Series SG 126, 3.04% (Liquidity Facility Societe | ||||||
Generale) (b)(e) | 3,255,000 | 3,255,000 | ||||
Series Stars 100, 3.04% (Liquidity Facility BNP Paribas | ||||||
SA) (b)(e) | 7,740,000 | 7,740,000 | ||||
Series Stars 105, 3.04% (Liquidity Facility BNP Paribas | ||||||
SA) (b)(e) | 5,430,000 | 5,430,000 | ||||
Series Stars 80, 3.04% (Liquidity Facility BNP Paribas | ||||||
SA) (b)(e) | 5,700,000 | 5,700,000 | ||||
Series TOC 05 BB, 3.05% (Liquidity Facility Goldman | ||||||
Sachs Group, Inc.) (b)(e) | 8,000,000 | 8,000,000 | ||||
(Central Artery Proj.) Series 2000 A, 3.08% (Liquidity | ||||||
Facility Landesbank Baden-Wuert), VRDN (b) | 27,890,000 | 27,890,000 | ||||
Series 1997 B, 3.05% (Liquidity Facility Landesbank | ||||||
Hessen-Thuringen), VRDN (b) | 10,000,000 | 10,000,000 | ||||
Series 1998 B, 3% (Liquidity Facility DEPFA BANK PLC), | ||||||
VRDN (b) | 15,000,000 | 15,000,000 | ||||
Series 2001 B, 3.05% (Liquidity Facility Landesbank | ||||||
Hessen-Thuringen), VRDN (b) | 30,210,000 | 30,210,000 | ||||
Series 2001 C, 3.05% (Liquidity Facility State Street Bank & | ||||||
Trust Co., Boston), VRDN (b) | 3,200,000 | 3,200,000 | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||||
Bonds (Amherst College Proj.) Series H, 2.7%, tender | ||||||
4/3/06 (b) | 9,100,000 | 9,100,000 | ||||
See accompanying notes which are an integral part of the financial statements. | ||||||
Annual Report | 32 |
Municipal Securities continued | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: – continued | ||||
Participating VRDN: | ||||
Series 01 834, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(e) | $12,200,000 | $ 12,200,000 | ||
Series EGL 03 18, 3.06% (Liquidity Facility Citibank NA, | ||||
New York) (b)(e) | 9,995,000 | 9,995,000 | ||
Series EGL 03 50, 3.06% (Liquidity Facility Citibank NA, | ||||
New York) (b)(e) | 4,700,000 | 4,700,000 | ||
Series EGL 04 39, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(e) | 6,180,000 | 6,180,000 | ||
Series EGL 97 2104, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(e) | 5,000,000 | 5,000,000 | ||
Series Merlots 00 T, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(e) | 1,575,000 | 1,575,000 | ||
Series Merlots 00 WW, 3.05% (Liquidity Facility | ||||
Wachovia Bank NA) (b)(e) | 4,800,000 | 4,800,000 | ||
Series Merlots 97 Y, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(e) | 4,435,000 | 4,435,000 | ||
Series PA 595R, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e) | 4,000,000 | 4,000,000 | ||
Series PT 2664, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e) | 7,060,000 | 7,060,000 | ||
Series PT 2665, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e) | 9,650,000 | 9,650,000 | ||
Series PT 2872, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e) | 6,980,000 | 6,980,000 | ||
Series PT 904, 3.04% (Liquidity Facility Landesbank | ||||
Hessen-Thuringen) (b)(e) | 9,090,000 | 9,090,000 | ||
Series SGB 42, 3.06% (Liquidity Facility Societe | ||||
Generale) (b)(e) | 8,700,000 | 8,700,000 | ||
(Fairview Extended Care Proj.) Series B, 2.99%, LOC Fleet | ||||
Bank NA, VRDN (b) | 4,860,000 | 4,860,000 | ||
(Home for Little Wanderers Proj.) Series B, 3.02%, LOC | ||||
Fleet Bank NA, VRDN (b) | 6,835,000 | 6,835,000 | ||
(Partners HealthCare Sys., Inc. Proj.) Series P2, 3% (FSA | ||||
Insured), VRDN (b) | 20,000,000 | 20,000,000 | ||
(Simmons College Proj.) Series E, 3.05% (AMBAC Insured), | ||||
VRDN (b) | 2,120,000 | 2,120,000 | ||
Series B, 3.03%, LOC Citizens Bank of Massachusetts, | ||||
VRDN (b) | 6,015,000 | 6,015,000 | ||
3.1% 3/10/06, CP | 15,000,000 | 15,000,000 | ||
3.12% 4/12/06, CP | 4,700,000 | 4,700,000 | ||
3.17% 4/13/06, CP | 6,000,000 | 6,000,000 | ||
See accompanying notes which are an integral part of the financial statements. | ||||
33 | Annual Report |
Fidelity Massachusetts AMT Tax Free Money Market Fund | ||||
Investments continued | ||||
Municipal Securities continued | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts continued | ||||
Massachusetts Hsg. Fin. Agcy. Hsg. Rev.: | ||||
Participating VRDN Series Merlots H, 3.05% (Liquidity | ||||
Facility Wachovia Bank NA) (b)(e) | $ 8,375,000 | $ 8,375,000 | ||
Series 2003 F, 3% (FSA Insured), VRDN (b) | 10,000,000 | 10,000,000 | ||
Massachusetts Indl. Fin. Agcy. Rev.: | ||||
Participating VRDN Series SG 56, 3.04% (Liquidity Facility | ||||
Societe Generale) (b)(e) | 7,025,000 | 7,025,000 | ||
(JHC Assisted Living Corp. Proj.) Series 1998 A, 3.03%, | ||||
LOC SunTrust Banks, Inc., VRDN (b) | 2,000,000 | 2,000,000 | ||
(Mary Ann Morse Nursing Home Proj.): | ||||
Series 1994 A, 3.05%, LOC Bank of America NA, | ||||
VRDN (b) | 2,600,000 | 2,600,000 | ||
Series 1994 B, 3.05%, LOC Bank of America NA, | ||||
VRDN (b) | 3,900,000 | 3,900,000 | ||
(Society for the Prevention of Cruelty to Animals Proj.) | ||||
Series 1997, 3.03%, LOC Bank of America NA, | ||||
VRDN (b) | 3,680,000 | 3,680,000 | ||
(Youville Place Proj.) Series 1996, 3.09% (AMBAC Insured), | ||||
VRDN (b) | 3,800,000 | 3,800,000 | ||
Massachusetts Port Auth. Rev. Participating VRDN: | ||||
Series PA 599R, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e) | 4,850,000 | 4,850,000 | ||
Series Putters 893, 3.04% (Liquidity Facility JPMorgan | ||||
Chase Bank) (b)(e) | 12,430,000 | 12,430,000 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. | ||||
Participating VRDN: | ||||
Series 720050069, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(e) | 9,600,000 | 9,600,000 | ||
Series EGL 7050070, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(e) | 10,000,000 | 10,000,000 | ||
Series PT 3105, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e) | 6,350,000 | 6,350,000 | ||
Series Putters 1007, 3.05% (Liquidity Facility JPMorgan | ||||
Chase Bank) (b)(e) | 18,810,000 | 18,810,000 | ||
Series ROC II R414, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(e) | 5,200,000 | 5,200,000 | ||
Massachusetts Spl. Oblig. Dedicated Tax Rev. Participating | ||||
VRDN: | ||||
Series Clipper 05 32, 3.05% (Liquidity Facility State Street | ||||
Bank & Trust Co., Boston) (b)(e) | 20,250,000 | 20,250,000 | ||
Series EGL 7050071, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(e) | 3,000,000 | 3,000,000 | ||
Series Macon 05 K, 3.05% (Liquidity Facility Bank of | ||||
America NA) (b)(e) | 7,000,000 | 7,000,000 | ||
See accompanying notes which are an integral part of the financial statements. | ||||
Annual Report | 34 |
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Spl. Oblig. Dedicated Tax Rev. Participating | ||||||
VRDN: – continued | ||||||
Series PT 3058, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||||
France) (b)(e) | $19,060,000 | $ 19,060,000 | ||||
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. | ||||||
Participating VRDN Series SG 124, 3.04% (Liquidity | ||||||
Facility Societe Generale) (b)(e) | 16,985,000 | 16,985,000 | ||||
Massachusetts Tpk. Auth. Tpk. Rev. Participating VRDN Series PA | ||||||
581R, 3.04% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(e) . | 19,885,000 | 19,885,000 | ||||
Massachusetts Tpk. Auth. Western Tpk. Rev. Participating | ||||||
VRDN Series BA 97 N, 3.05% (Liquidity Facility Bank of | ||||||
America NA) (b)(e) | 13,250,000 | 13,250,000 | ||||
Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: | ||||||
Series CDC 04 3, 3.04% (Liquidity Facility CDC Fin.-CDC | ||||||
IXIS) (b)(e) | 5,280,000 | 5,280,000 | ||||
Series PT 2365, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||||
France) (b)(e) | 5,880,000 | 5,880,000 | ||||
Series Putters 578, 3.04% (Liquidity Facility JPMorgan | ||||||
Chase & Co.) (b)(e) | 4,985,000 | 4,985,000 | ||||
Series Putters 867T, 3.05% (Liquidity Facility JPMorgan | ||||||
Chase Bank) (b)(e) | 3,835,000 | 3,835,000 | ||||
Series ROC II R6512, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(e) | 2,650,000 | 2,650,000 | ||||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. | ||||||
Abatement Rev. Participating VRDN: | ||||||
Series Merlots 99 N, 3.05% (Liquidity Facility Wachovia | ||||||
Bank NA) (b)(e) | 5,070,000 | 5,070,000 | ||||
Series SGA 87, 3.05% (Liquidity Facility Societe | ||||||
Generale) (b)(e) | 15,000,000 | 15,000,000 | ||||
Massachusetts Wtr. Resources Auth.: | ||||||
Participating VRDN: | ||||||
Series AAB 05 10, 3.05% (Liquidity Facility ABN AMRO | ||||||
Bank NV) (b)(e) | 5,500,000 | 5,500,000 | ||||
Series EGL 02 2101, 3.06% (Liquidity Facility Citibank | ||||||
NA, New York) (b)(e) | 4,600,000 | 4,600,000 | ||||
Series EGL 7050015, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(e) | 7,000,000 | 7,000,000 | ||||
Series MS 04 1038, 3.05% (Liquidity Facility Morgan | ||||||
Stanley) (b)(e) | 8,870,000 | 8,870,000 | ||||
Series Putters 826, 3.05% (Liquidity Facility Dresdner | ||||||
Bank AG) (b)(e) | 3,345,000 | 3,345,000 | ||||
Series ROC II R252, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(e) | 6,585,000 | 6,585,000 |
See accompanying notes which are an integral part of the financial statements.
35 Annual Report
Fidelity Massachusetts AMT Tax Free Money Market Fund | ||||||
Investments continued | ||||||
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Wtr. Resources Auth.: – continued | ||||||
Series 1995: | ||||||
3.1% 3/3/06, LOC Bayerische Landesbank Girozentrale, | ||||||
CP | $ 6,400,000 | $ 6,400,000 | ||||
3.1% 3/6/06, LOC Bayerische Landesbank Girozentrale, | ||||||
CP | 3,400,000 | 3,400,000 | ||||
3.1% 3/10/06, LOC Bayerische Landesbank | ||||||
Girozentrale, CP | 5,500,000 | 5,500,000 | ||||
Series 1997 B, 3.02% (AMBAC Insured), VRDN (b) | 13,855,000 | 13,855,000 | ||||
Series 1998 D, 3.02% (FGIC Insured), VRDN (b) | 7,700,000 | 7,700,000 | ||||
Series 2000 C, 3.02% (FGIC Insured), VRDN (b) | 3,400,000 | 3,400,000 | ||||
Melrose Gen. Oblig. BAN 4% 8/10/06 | 8,200,000 | 8,245,199 | ||||
Northborough-Southboro Reg’l. School District BAN 4.5% | ||||||
10/26/06 | 8,962,784 | 9,053,065 | ||||
Route 3 North Trans. Impt. Assoc. Lease Rev. Participating | ||||||
VRDN: | ||||||
Series AAB 00 14, 3.04% (Liquidity Facility ABN AMRO | ||||||
Bank NV) (b)(e) | 6,535,000 | 6,535,000 | ||||
Series EGL 01 2101, 3.06% (Liquidity Facility Citibank NA, | ||||||
New York) (b)(e) | 2,200,000 | 2,200,000 | ||||
Tewksbury Gen. Oblig. BAN 3.3% 2/17/06 | 6,400,000 | 6,400,134 | ||||
Univ. of Massachusetts Bldg. Auth. Proj. Rev. Participating | ||||||
VRDN Series ROC II 2038, 3.06% (Liquidity Facility | ||||||
Citigroup Global Markets Hldgs., Inc.) (b)(e) | 5,105,000 | 5,105,000 | ||||
Univ. of Massachusetts Bldg. Auth. Rev. Participating VRDN Series | ||||||
ROC II R381. 3.06% (Liquidity Facility Citibank NA) (b)(e) | 1,500,000 | 1,500,000 | ||||
Wachusett Reg’l. School District BAN 4.25% 7/14/06 | 5,000,000 | 5,027,346 | ||||
Waltham Gen. Oblig. BAN 4.5% 11/15/06 | 6,400,000 | 6,460,388 | ||||
1,212,527,316 | ||||||
Puerto Rico 9.3% | ||||||
JPMorgan Chase Bank NA as Enhancement Custodian Bonds | ||||||
3.25% 7/24/06, LOC Societe Generale (a) | 22,500,000 | 22,500,000 | ||||
Puerto Rico Commonwealth Gen. Oblig.: | ||||||
Participating VRDN: | ||||||
Series LB 05 F2, 3.13% (Lehman Brothers Hldgs., Inc. | ||||||
Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., | ||||||
Inc.) (b)(e) | 10,000,000 | 10,000,000 | ||||
Series Merlots 01 A107, 3.03% (Liquidity Facility | ||||||
Wachovia Bank NA) (b)(e) | 24,550,000 | 24,550,000 | ||||
Series MT 218, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(e) | 5,300,000 | 5,300,000 | ||||
Series PA 1225, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(e) | 11,055,000 | 11,055,000 | ||||
See accompanying notes which are an integral part of the financial statements. | ||||||
Annual Report | 36 |
Municipal Securities continued | ||||||||||
Principal | Value | |||||||||
Amount | (Note 1) | |||||||||
Puerto Rico continued | ||||||||||
Puerto Rico Commonwealth Gen. Oblig.: – continued | ||||||||||
TRAN 4.5% 7/28/06, LOC Bank of Nova Scotia, New | ||||||||||
York Agcy., LOC BNP Paribas SA | $ 9,500,000 | $ 9,557,617 | ||||||||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. | ||||||||||
Participating VRDN Series MACN 05 N, 3.05% (Liquidity | ||||||||||
Facility Bank of America NA) (b)(e) | 3,700,000 | 3,700,000 | ||||||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. | ||||||||||
Participating VRDN Series Merlots 00 A15, 3.03% | ||||||||||
(Liquidity Facility Wachovia Bank NA) (b)(e) | 14,290,000 | 14,290,000 | ||||||||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Participating VRDN | ||||||||||
Series Merlots B03, 3.03% (Liquidity Facility Wachovia | ||||||||||
Bank NA) (b)(e) | 9,955,000 | 9,955,000 | ||||||||
Puerto Rico Indl., Tourist, Edl., Med. & Envir. Cont. Facilities | ||||||||||
Fing. Auth. (Ana G. Mendez Univ. Sys. Proj.) Series 1998, | ||||||||||
3.13%, LOC Banco Santander Central Hispano SA, | ||||||||||
VRDN (b) | 1,100,000 | 1,100,000 | ||||||||
Puerto Rico Muni. Fin. Agcy. Bonds Series MT 212, 3.17%, | ||||||||||
tender 4/13/06 (Liquidity Facility Merrill Lynch & Co., | ||||||||||
Inc.) (b)(e)(f) | 4,935,000 | 4,935,000 | ||||||||
Puerto Rico Pub. Bldgs Auth. Rev. Participating VRDN Series | ||||||||||
Stars 97, 3.01% (Liquidity Facility BNP Paribas SA) (b)(e) | 11,940,000 | 11,940,000 | ||||||||
128,882,617 | ||||||||||
Shares | ||||||||||
Other – 0.4% | ||||||||||
Fidelity Tax Free Cash Central Fund, 3.07% (c)(d) | 5,844,100 | 5,844,100 | ||||||||
TOTAL INVESTMENT PORTFOLIO 97.0% | ||||||||||
(Cost $1,347,254,033) | 1,347,254,033 | |||||||||
NET OTHER ASSETS – 3.0% | 41,262,815 | |||||||||
NET ASSETS 100% | $ 1,388,516,848 | |||||||||
Security Type Abbreviations | ||||||||||
BAN | — | BOND ANTICIPATION NOTE | ||||||||
CP | — | COMMERCIAL PAPER | ||||||||
TRAN | — | TAX AND REVENUE | ||||||||
ANTICIPATION NOTE | ||||||||||
VRDN | — | VARIABLE RATE DEMAND NOTE |
See accompanying notes which are an integral part of the financial statements.
37 Annual Report
Fidelity Massachusetts AMT Tax Free Money Market Fund Investments continued |
Legend (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $22,500,000 or 1.6% of net assets. (b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. (c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund. (d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. (e) Provides evidence of ownership in one or more underlying municipal bonds. |
(f) 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 $32,600,000 or 2.3% of net assets. |
Additional information on each holding is as follows:
Acquisition | ||||||
Security | Date | Cost | ||||
Massachusetts Gen. | ||||||
Oblig. Bonds: | ||||||
Series PT 391, | ||||||
2.95%, tender | ||||||
7/20/06 (Liquidity | ||||||
Facility Merrill | 1/6/03 | |||||
Lynch & Co., Inc.) | 5/18/05 | $ | 12,130,000 | |||
Series PT 983, | ||||||
2.95%, tender | ||||||
7/20/06 (Liquidity | ||||||
Facility DEPFA | ||||||
BANK PLC) | 6/24/04 | $ | 7,395,000 | |||
Series PT 987, | ||||||
2.95%, tender | ||||||
7/20/06 (Liquidity | ||||||
Facility DEPFA | ||||||
BANK PLC) | 6/24/04 | $ | 8,140,000 | |||
Puerto Rico Muni. | ||||||
Fin. Agcy. Bonds | ||||||
Series MT 212, | ||||||
3.17%, tender | ||||||
4/13/06 (Liquidity | ||||||
Facility Merrill | ||||||
Lynch & Co., Inc.) | 1/12/06 | $ | 4,935,000 |
Affiliated Central Funds
Information regarding fiscal year to date income received by the fund from the affiliated Central funds is as follows:
Fund | Income received | |||
Fidelity Tax Free Cash Central Fund | $ | 244,871 |
See accompanying notes which are an integral part of the financial statements.
Annual Report 38
Income Tax Information
At January 31, 2006, the fund had a capital loss carryforward of approximately $64,300 all of which will expire on January 31, 2014.
See accompanying notes which are an integral part of the financial statements.
39 Annual Report
Fidelity Massachusetts AMT Tax Free Money Market Fund
Financial Statements
Statement of Assets and Liabilities | ||||||||||
January 31, 2006 | ||||||||||
Assets | ||||||||||
Investment in securities, at value | ||||||||||
See accompanying schedule: | ||||||||||
Unaffiliated issuers (cost $1,341,409,933) | $ | 1,341,409,933 | ||||||||
Affiliated Central Funds (cost $5,844,100) | 5,844,100 | |||||||||
Total Investments (cost $1,347,254,033) | $1,347,254,033 | |||||||||
Cash | 12,486,719 | |||||||||
Receivable for investments sold | 18,491,287 | |||||||||
Receivable for fund shares sold | 2,769,376 | |||||||||
Interest receivable | 9,574,979 | |||||||||
Receivable from investment adviser for expense | ||||||||||
reductions | 25,803 | |||||||||
Other receivables | 98,443 | |||||||||
Total assets | 1,390,700,640 | |||||||||
Liabilities | ||||||||||
Payable for fund shares redeemed | $ | 1,355,194 | ||||||||
Distributions payable | 332,159 | |||||||||
Accrued management fee | 495,278 | |||||||||
Other affiliated payables | 1,161 | |||||||||
Total liabilities | 2,183,792 | |||||||||
Net Assets | $ 1,388,516,848 | |||||||||
Net Assets consist of: | ||||||||||
Paid in capital | $1,388,461,633 | |||||||||
Distributions in excess of net investment income | (1,159) | |||||||||
Accumulated undistributed net realized gain (loss) on | ||||||||||
investments | 56,374 | |||||||||
Net Assets, for 1,388,135,087 shares outstanding | $ 1,388,516,848 | |||||||||
Net Asset Value, offering price and redemption price per | ||||||||||
share ($1,388,516,848 ÷ 1,388,135,087 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
40 |
Statement of Operations | ||||||
Year ended January 31, 2006 | ||||||
Investment Income | ||||||
Interest | $ 30,278,925 | |||||
Income from affiliated Central Funds | 244,871 | |||||
Total income | 30,523,796 | |||||
Expenses | ||||||
Management fee | $ 5,209,969 | |||||
Independent trustees’ compensation | 5,222 | |||||
Total expenses before reductions | 5,215,191 | |||||
Expense reductions | (1,367,148) | 3,848,043 | ||||
Net investment income | 26,675,753 | |||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss) on: | ||||||
Investment securities: | ||||||
Unaffiliated issuers | (64,707) | |||||
Net increase in net assets resulting from operations | $ 26,611,046 |
See accompanying notes which are an integral part of the financial statements.
41 Annual Report
Fidelity Massachusetts AMT Tax Free Money Market Fund | ||||||||
Financial Statements continued | ||||||||
Statement of Changes in Net Assets | ||||||||
Year ended | Year ended | |||||||
January 31, | January 31, | |||||||
2006 | 2005 | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income | $ 26,675,753 | $ 8,795,416 | ||||||
Net realized gain (loss) | (64,707) | 87,659 | ||||||
Net increase in net assets resulting from operations | . | 26,611,046 | 8,883,075 | |||||
Distributions to shareholders from net investment income | . | (26,675,309) | (8,795,488) | |||||
Distributions to shareholders from net realized gain | — | (392,290) | ||||||
Total distributions | (26,675,309) | (9,187,778) | ||||||
Share transactions at net asset value of $1.00 per share | ||||||||
Proceeds from sales of shares | 1,199,435,944 | 682,918,704 | ||||||
Reinvestment of distributions | 23,862,563 | 8,499,901 | ||||||
Cost of shares redeemed | (821,685,519) | (703,164,431) | ||||||
Net increase (decrease) in net assets and shares | ||||||||
resulting from share transactions | 401,612,988 | (11,745,826) | ||||||
Total increase (decrease) in net assets | 401,548,725 | (12,050,529) | ||||||
Net Assets | ||||||||
Beginning of period | 986,968,123 | 999,018,652 | ||||||
End of period (including distributions in excess of net | ||||||||
investment income of $1,159 and undistributed net | ||||||||
investment income of $97,190, respectively) | $ 1,388,516,848 | $ 986,968,123 |
See accompanying notes which are an integral part of the financial statements.
Annual Report 42
Financial Highlights | ||||||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Selected Per Share Data | ||||||||||||||||||||
Net asset value, | ||||||||||||||||||||
beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income from Investment | ||||||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income | 022 | .009 | .007 | .011 | .023 | |||||||||||||||
Net realized and unrealized | ||||||||||||||||||||
gain (loss)C | — | — | — | — | — | |||||||||||||||
Total from investment | ||||||||||||||||||||
operations | 022 | .009 | .007 | .011 | .023 | |||||||||||||||
Distributions from net | ||||||||||||||||||||
investment income | (.022) | (.009) | (.007) | (.011) | (.023) | |||||||||||||||
Distributions from net realized | ||||||||||||||||||||
gain | — | —C | —C | — | — | |||||||||||||||
Total distributions | (.022) | (.009) | (.007) | (.011) | (.023) | |||||||||||||||
Net asset value, | ||||||||||||||||||||
end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total ReturnA,D | 2.19% | .95% | .69% | 1.11% | 2.28% | |||||||||||||||
Ratios to Average Net AssetsB | ||||||||||||||||||||
Expenses before reductions | 43% | .43% | .43% | .43% | .48% | |||||||||||||||
Expenses net of fee waivers, | ||||||||||||||||||||
if any | 40% | .40% | .40% | .40% | .47% | |||||||||||||||
Expenses net of all | ||||||||||||||||||||
reductions | 32% | .38% | .39% | .37% | .43% | |||||||||||||||
Net investment income | 2.20% | .90% | .68% | 1.11% | 2.23% | |||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||
(000 omitted) | $ | 1,388,517 | $ | 986,968 | $ | 999,019 | $ | 1,031,989 | $ | 1,049,434 |
A Total returns would have been lower had certain expenses not been reduced during the periods shown. B 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 arrange ments. Expenses net of all reductions represent the net expenses paid by the fund. C Amount represents less than $.001 per share. D Total returns do not include the effect of the former account closeout fee. |
See accompanying notes which are an integral part of the financial statements.
43 Annual Report
Fidelity Massachusetts Municipal Money Market Fund Investment Changes/Performance |
Maturity Diversification | ||||||||
Days | % of fund’s | % of fund’s | % of fund’s | |||||
investments | investments | investments | ||||||
1/31/06 | 7/31/05 | 1/31/05 | ||||||
0 – 30 | 88.2 | 92.8 | 90.7 | |||||
31 – 90 | 4.6 | 1.4 | 2.4 | |||||
91 – 180 | 3.7 | 0.4 | 1.2 | |||||
181 – 397 | 3.5 | 5.4 | 5.7 | |||||
Weighted Average Maturity | ||||||||
1/31/06 | 7/31/05 | 1/31/05 | ||||||
Fidelity Massachusetts Municipal | ||||||||
Money Market | 23 Days | 23 Days | 22 Days | |||||
Massachusetts Tax-Free Money Market | ||||||||
Funds Average* | 24 Days | 25 Days | 27 Days |
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx44x1.jpg)
Current and Historical Seven Day Yields | ||||||||||||
1/30/06 | 10/31/05 | 8/1/05 | 5/2/05 | 1/31/05 | ||||||||
Fidelity Massachusetts | ||||||||||||
Municipal Money | ||||||||||||
Market Fund | 2.53% | 2.22% | 1.90% | 2.34% | 1.32% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money by investing in the fund.
*Source: iMoneyNet, Inc.
Annual Report 44
Fidelity Massachusetts Municipal Money Market Fund | ||||
Investments January 31, 2006 | ||||
Showing Percentage of Net Assets | ||||
Municipal Securities 95.6% | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts – 89.4% | ||||
ABN AMRO Muni. Tops Ctfs. Trust Participating VRDN | ||||
Series AAB 00 2, 3.04% (Liquidity Facility ABN-AMRO Bank | ||||
NV) (b)(f) | $15,360,000 | $ 15,360,000 | ||
Boston Indl. Dev. Rev. (New Boston Seafood Ctr., Inc. Proj.) | ||||
Series 1997, 3.07%, LOC Fleet Bank NA, VRDN (b)(e) | 3,490,000 | 3,490,000 | ||
Boston Wtr. & Swr. Commission Rev. Participating VRDN: | ||||
Series MS 00 434, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 5,530,000 | 5,530,000 | ||
Series SG 75, 3.04% (Liquidity Facility Societe | ||||
Generale) (b)(f) | 13,480,000 | 13,480,000 | ||
Chicopee Gen. Oblig. BAN 4.4% 8/15/06 | 15,110,000 | 15,202,148 | ||
Clipper Tax-Exempt Trust Participating VRDN Series Clipper 05 | ||||
36, 3.05% (Liquidity Facility State Street Bank & Trust Co., | ||||
Boston) (b)(f) | 11,835,000 | 11,835,000 | ||
Dennis-Yarmouth Reg’l. School District BAN 4.5% 11/15/06 . | 12,000,000 | 12,128,041 | ||
Dighton-Rehoboth Reg’l. School District BAN 4% 6/2/06 | 20,000,000 | 20,070,871 | ||
Dudley Charlton Reg’l. School District Participating VRDN | ||||
Series PA 521, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||
Inc.) (b)(f) | 5,675,000 | 5,675,000 | ||
Fall River Gen. Oblig. BAN 4% 7/26/06 | 18,100,000 | 18,184,205 | ||
Lincoln-Sudbury Reg’l. School District BAN 4.5% 10/6/06 | 8,769,315 | 8,859,229 | ||
Lynnfield Gen. Oblig. BAN 3.5% 3/1/06 | 62,138 | 62,187 | ||
Massachusetts Bay Trans. Auth. Participating VRDN: | ||||
Series EGL 04 24, Class A, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 10,070,000 | 10,070,000 | ||
Series EGL 99 2101, 3.06% (Liquidity Facility Citibank NA, | ||||
New York) (b)(f) | 12,600,000 | 12,600,000 | ||
Series Merlots 00 H, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(f) | 24,930,000 | 24,930,000 | ||
Series MS 00 431, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 1,895,000 | 1,895,000 | ||
Series MS 1174, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 5,430,000 | 5,430,000 | ||
Series MS 98 107, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 5,565,000 | 5,565,000 | ||
Series PA 675, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||
Inc.) (b)(f) | 4,670,000 | 4,670,000 | ||
Series PT 3149, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||
Inc.) (b)(f) | 10,680,000 | 10,680,000 | ||
Series ROC II R427, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 5,395,000 | 5,395,000 | ||
Series ROC II R6522, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 10,470,000 | 10,470,000 | ||
See accompanying notes which are an integral part of the financial statements. | ||||
45 | Annual Report |
Fidelity Massachusetts Municipal Money Market Fund | ||||||||
Investments continued | ||||||||
Municipal Securities continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts Bay Trans. Auth. Participating VRDN: - | ||||||||
continued | ||||||||
Series TOC 04 D, 3.05% (Liquidity Facility Goldman Sachs | ||||||||
Group, Inc.) (b)(f) | $ 7,800,000 | $ 7,800,000 | ||||||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating | ||||||||
VRDN: | ||||||||
Series DB 163, 3.04% (Liquidity Facility Deutsche Bank | ||||||||
AG) (b)(f) | 5,540,000 | 5,540,000 | ||||||
Series DB 183, 3.04% (Liquidity Facility Deutsche Bank | ||||||||
AG) (b)(f) | 8,490,000 | 8,490,000 | ||||||
Series EGL 04 4, 3.06% (Liquidity Facility Citibank NA) (b)(f) | 9,000,000 | 9,000,000 | ||||||
Series EGL 720050007, 3.06% (Liquidity Facility Citibank | ||||||||
NA) (b)(f) | 25,300,000 | 25,300,000 | ||||||
Series IXIS 05 12, 3.06% (Liquidity Facility CDC Fin.-CDC | ||||||||
IXIS) (b)(f) | 6,875,000 | 6,875,000 | ||||||
Series Macon 05 E, 3.05% (Liquidity Facility Bank of | ||||||||
America NA) (b)(f) | 7,600,000 | 7,600,000 | ||||||
Series Merlots 04 B4, 3.05% (Liquidity Facility Wachovia | ||||||||
Bank NA) (b)(f) | 13,890,000 | 13,890,000 | ||||||
Series MS 01 723, 3.05% (Liquidity Facility Morgan | ||||||||
Stanley) (b)(f) | 34,310,000 | 34,310,000 | ||||||
Series PT 1580, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||||||
Inc.) (b)(f) | 10,000,000 | 10,000,000 | ||||||
Series PT 2459, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||||||
France) (b)(f) | 37,835,000 | 37,835,000 | ||||||
Series PT 2581, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||||||
France) (b)(f) | 136,990,000 | 136,989,999 | ||||||
Series Putters 733T, 3.05% (Liquidity Facility JPMorgan | ||||||||
Chase Bank) (b)(f) | 10,150,000 | 10,150,000 | ||||||
Series ROC II R1034, 3.06% (Liquidity Facility Citigroup | ||||||||
Global Markets Hldgs., Inc.) (b)(f) | 8,020,000 | 8,020,000 | ||||||
Series ROC II R369, 3.06% (Liquidity Facility Citibank | ||||||||
NA) (b)(f) | 16,435,000 | 16,435,000 | ||||||
Massachusetts College Bldg. Auth. Proj. Rev. Participating | ||||||||
VRDN: | ||||||||
Series Merlots 00 B11, 3.05% (Liquidity Facility Wachovia | ||||||||
Bank NA) (b)(f) | 8,135,000 | 8,135,000 | ||||||
Series PT 2077, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||||||
Inc.) (b)(f) | 5,220,000 | 5,220,000 | ||||||
Massachusetts Dev. Fin. Agcy. Assisted Living Facility Rev. | ||||||||
(Whalers Cove Proj.) Series 2001 A, 3.07%, LOC Wachovia | ||||||||
Bank NA, VRDN (b)(e) | 3,250,000 | 3,250,000 | ||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||
Annual Report | 46 |
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds | ||||||
(Nantucket Elec. Co. Proj.) 3.22% tender 3/8/06, CP | ||||||
mode (e) | $ 8,800,000 | $ 8,800,000 | ||||
Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.: | ||||||
(Charm Sciences, Inc. Proj.) Series 1999 A, 3.04%, LOC | ||||||
Bank of America NA, VRDN (b)(e) | 3,500,000 | 3,500,000 | ||||
(Monkiewicz Realty Trust Proj.) 3.05%, LOC Fleet Bank NA, | ||||||
VRDN (b)(e) | 5,425,000 | 5,425,000 | ||||
Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.: | ||||||
(Archstone Reading Apartments Proj.) Series A, 3.07%, LOC | ||||||
PNC Bank NA, Pittsburgh, VRDN (b)(e) | 8,000,000 | 8,000,000 | ||||
(Casco Crossing Proj.) 3.1%, LOC Fannie Mae, VRDN (b)(e) | 5,500,000 | 5,500,000 | ||||
(Georgetown Village Apts. Proj.) 3.1%, LOC Fannie Mae, | ||||||
VRDN (b)(e) | 9,850,000 | 9,850,000 | ||||
(Salem Heights Apts. Proj.) Series A, 3.02%, LOC Fed. | ||||||
Home Ln. Bank of Boston, VRDN (b)(e) | 17,400,000 | 17,400,000 | ||||
Massachusetts Dev. Fin. Agcy. Resource Recovery Rev. (Waste | ||||||
Mgmt., Inc. Proj.) Series 1999, 3.08%, LOC SunTrust Banks, | ||||||
Inc., VRDN (b)(e) | 4,500,000 | 4,500,000 | ||||
Massachusetts Dev. Fin. Agcy. Rev.: | ||||||
Participating VRDN: | ||||||
Series EGL 7053024, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(f) | 20,835,000 | 20,835,000 | ||||
Series LB 05 K10, 3.08% (Liquidity Facility Lehman | ||||||
Brothers Hldgs., Inc.) (b)(f) | 21,930,000 | 21,930,000 | ||||
Series Macon 05 J, 3.05% (Liquidity Facility Bank of | ||||||
America NA) (b)(f) | 17,195,000 | 17,195,000 | ||||
Series PA 1316, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 10,315,000 | 10,315,000 | ||||
(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 3.07%, | ||||||
LOC PNC Bank NA, Pittsburgh, VRDN (b) | 6,990,000 | 6,990,000 | ||||
(Boston Renaissance Charter School Proj.) 3.02%, LOC Fleet | ||||||
Nat’l. Bank, VRDN (b) | 13,485,000 | 13,485,000 | ||||
(Boston Univ. Proj.) Series R3, 3.05% (XL Cap. Assurance, | ||||||
Inc. Insured), VRDN (b) | 20,810,000 | 20,810,000 | ||||
(Neighborhood House Charter Proj.) Series A, 3.02%, LOC | ||||||
Bank of America NA, VRDN (b) | 7,100,000 | 7,100,000 | ||||
(Newton Country Day School of the Sacred Heart Proj.) | ||||||
3.02%, LOC Bank of America NA, VRDN (b) | 10,280,000 | 10,280,000 | ||||
(Newton Country Day School Proj.) 3.03%, LOC Fleet Nat’l. | ||||||
Bank, VRDN (b) | 7,770,000 | 7,770,000 | ||||
(Sherburne Commons, Inc. Proj.) 3.02%, LOC Comerica | ||||||
Bank, Detroit, VRDN (b) | 13,750,000 | 13,750,000 |
See accompanying notes which are an integral part of the financial statements.
47 Annual Report
Fidelity Massachusetts Municipal Money Market Fund | ||||||
Investments continued | ||||||
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Dev. Fin. Agcy. Rev.: – continued | ||||||
(Simmons College Proj.) Series G, 3.05% (XL Cap. | ||||||
Assurance, Inc. Insured), VRDN (b) | $18,430,000 | $ 18,430,000 | ||||
(Third Sector New England, Inc. Proj.) Series A, 3.02%, LOC | ||||||
Fleet Nat’l. Bank, VRDN (b) | 17,700,000 | 17,700,000 | ||||
(WGBH Edl. Foundation Proj.): | ||||||
Series 2005 A, 3.03% (AMBAC Insured), VRDN (b) | 20,000,000 | 20,000,000 | ||||
Series B, 3.03% (AMBAC Insured), VRDN (b) | 28,300,000 | 28,300,000 | ||||
(YMCA of Greater Boston Proj.): | ||||||
Series A, 3.02%, LOC Citizens Bank of Massachusetts, | ||||||
VRDN (b) | 26,400,000 | 26,400,000 | ||||
Series B, 3.02%, LOC Citizens Bank of Massachusetts, | ||||||
VRDN (b) | 5,000,000 | 5,000,000 | ||||
Series 2, 3% 4/3/06, LOC Fleet Nat’l. Bank, CP | 7,745,000 | 7,745,000 | ||||
Series A, 3.03%, LOC Fleet Nat’l. Bank, VRDN (b) | 13,000,000 | 13,000,000 | ||||
3.05%, LOC Key Bank NA, VRDN (b) | 9,000,000 | 9,000,000 | ||||
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. | ||||||
(Wheelabrator Millbury Proj.) 3.12%, LOC JPMorgan Chase | ||||||
Bank, VRDN (b)(e) | 10,000,000 | 10,000,000 | ||||
Massachusetts Fed. Hwy. Participating VRDN Series PT 393, | ||||||
3.04% (Liquidity Facility BNP Paribas SA) (b)(f) | 8,010,000 | 8,010,000 | ||||
Massachusetts Gen. Oblig.: | ||||||
Bonds Series PT 983, 2.95%, tender 7/20/06 (Liquidity | ||||||
Facility DEPFA BANK PLC) (b)(f)(g) | 25,800,000 | 25,800,000 | ||||
Participating VRDN: | ||||||
Series AAB 00 18, 3.04% (Liquidity Facility ABN AMRO | ||||||
Bank NV) (b)(f) | 14,740,000 | 14,740,000 | ||||
Series AAB 02 18, 3.04% (Liquidity Facility ABN AMRO | ||||||
Bank NV) (b)(f) | 14,375,000 | 14,375,000 | ||||
Series BA 01 O, 3.05% (Liquidity Facility Bank of America | ||||||
NA) (b)(f) | 2,785,000 | 2,785,000 | ||||
Series BA 02 C, 3.05% (Liquidity Facility Bank of America | ||||||
NA) (b)(f) | 3,490,000 | 3,490,000 | ||||
Series EGL 00 2102, 3.06% (Liquidity Facility Citibank | ||||||
NA, New York) (b)(f) | 7,400,000 | 7,400,000 | ||||
Series EGL 01 2102, 3.06% (Liquidity Facility Citibank | ||||||
NA, New York) (b)(f) | 14,835,000 | 14,835,000 | ||||
Series EGL 01 2103, 3.06% (Liquidity Facility Citibank | ||||||
NA, New York) (b)(f) | 38,500,000 | 38,500,000 | ||||
Series EGL 01 2104, 3.06% (Liquidity Facility Citibank | ||||||
NA, New York) (b)(f) | 16,100,000 | 16,100,000 | ||||
Series EGL 01 2105, 3.06% (Liquidity Facility Citibank | ||||||
NA, New York) (b)(f) | 14,585,000 | 14,585,000 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
48 |
Municipal Securities continued | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts continued | ||||
Massachusetts Gen. Oblig.: – continued | ||||
Participating VRDN: | ||||
Series EGL 02 6008, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(f) | $ 7,860,000 | $ 7,860,000 | ||
Series EGL 03 13, 3.06% (Liquidity Facility Citibank NA, | ||||
New York) (b)(f) | 16,830,000 | 16,830,000 | ||
Series EGL 03 7777, 3.06% (Liquidity Facility Citibank | ||||
NA, New York) (b)(f) | 26,565,000 | 26,565,000 | ||
Series EGL 04 0003, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 23,635,000 | 23,635,000 | ||
Series EGL 04 0005, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 1,650,000 | 1,650,000 | ||
Series EGL 04 0006, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 6,750,000 | 6,750,000 | ||
Series EGL 04 0008, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 14,850,000 | 14,850,000 | ||
Series IXIS 04 9, 3.06% (Liquidity Facility CDC Fin.-CDC | ||||
IXIS) (b)(f) | 34,120,000 | 34,120,000 | ||
Series Macon 05 C, 3.05% (Liquidity Facility Bank of | ||||
America NA) (b)(f) | 3,950,000 | 3,950,000 | ||
Series Merlot 05 B1, 3.06% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(f) | 17,095,000 | 17,095,000 | ||
Series Merlots 04 B12, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(f) | 10,675,000 | 10,675,000 | ||
Series Merlots 04 C42, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(f) | 5,375,000 | 5,375,000 | ||
Series Merlots 04 C44, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(f) | 7,500,000 | 7,500,000 | ||
Series Merlots A51, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(f) | 7,355,000 | 7,355,000 | ||
Series MS 01 535, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 19,997,000 | 19,997,000 | ||
Series MS 01 574, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 6,395,000 | 6,395,000 | ||
Series MS 01 785 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 8,795,000 | 8,795,000 | ||
Series MS 1015, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 7,195,000 | 7,195,000 | ||
Series MS 1186, 3.05% (Liquidity Facility Rabobank | ||||
Nederland Coop. Central) (b)(f) | 16,315,000 | 16,315,000 | ||
Series MS 872, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 7,495,000 | 7,495,000 | ||
Series MS 902, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 9,995,000 | 9,995,000 | ||
See accompanying notes which are an integral part of the financial statements. | ||||
49 | Annual Report |
Fidelity Massachusetts Municipal Money Market Fund | ||||||
Investments continued | ||||||
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Gen. Oblig.: – continued | ||||||
Participating VRDN: | ||||||
Series MS 903, 3.05% (Liquidity Facility Morgan | ||||||
Stanley) (b)(f) | $ 1,495,000 | $ 1,495,000 | ||||
Series MT 127, 3.04% (Liquidity Facility BNP Paribas | ||||||
SA) (b)(f) | 5,495,000 | 5,495,000 | ||||
Series PA 1059, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 4,900,000 | 4,900,000 | ||||
Series PA 993R, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 3,505,000 | 3,505,000 | ||||
Series PT 1390, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 10,145,000 | 10,145,000 | ||||
Series PT 1609, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 10,045,000 | 10,045,000 | ||||
Series PT 1611, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 15,720,000 | 15,720,000 | ||||
Series PT 1618, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 8,050,000 | 8,050,000 | ||||
Series PT 1802, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 4,945,000 | 4,945,000 | ||||
Series PT 1945, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 12,170,000 | 12,170,000 | ||||
Series PT 2008, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 11,070,000 | 11,070,000 | ||||
Series PT 2015, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 11,160,000 | 11,160,000 | ||||
Series PT 2073, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 2,635,000 | 2,635,000 | ||||
Series PT 2118, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 10,485,000 | 10,485,000 | ||||
Series PT 2146, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 5,390,000 | 5,390,000 | ||||
Series PT 2226, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 19,860,000 | 19,860,000 | ||||
Series PT 2252, 3.04% (Liquidity Facility Dexia Cr. Local | ||||||
de France) (b)(f) | 11,345,000 | 11,345,000 | ||||
Series PT 2289, 3.04% (Liquidity Facility Dexia Cr. Local | ||||||
de France) (b)(f) | 11,340,000 | 11,340,000 | ||||
Series PT 2389, 3.04% (Liquidity Facility Dexia Cr. Local | ||||||
de France) (b)(f) | 11,845,000 | 11,845,000 | ||||
Series PT 2421, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 26,440,000 | 26,440,000 | ||||
Series PT 2426, 3.04% (Liquidity Facility Dexia Cr. Local | ||||||
de France) (b)(f) | 21,795,000 | 21,795,000 | ||||
See accompanying notes which are an integral part of the financial statements. | ||||||
Annual Report | 50 |
Municipal Securities continued | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts continued | ||||
Massachusetts Gen. Oblig.: – continued | ||||
Participating VRDN: | ||||
Series PT 2427, 3.04% (Liquidity Facility Dexia Cr. Local | ||||
de France) (b)(f) | $ 6,800,000 | $ 6,800,000 | ||
Series PT 3222, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(f) | 10,000,000 | 10,000,000 | ||
Series PT 3312, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(f) | 17,170,000 | 17,170,000 | ||
Series PT 921, 3.04% (Liquidity Facility BNP Paribas | ||||
SA) (b)(f) | 18,700,000 | 18,700,000 | ||
Series Putters 1115, 3.04% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(f) | 13,270,000 | 13,270,000 | ||
Series Putters 300, 3.04% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(f) | 24,205,000 | 24,205,000 | ||
Series Putters 301, 3.04% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(f) | 19,435,000 | 19,435,000 | ||
Series Putters 317, 3.04% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(f) | 13,160,000 | 13,160,000 | ||
Series Putters 343, 3.04% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(f) | 7,840,000 | 7,840,000 | ||
Series Putters 402, 3.04% (Liquidity Facility JPMorgan | ||||
Chase Bank) (b)(f) | 30,020,000 | 30,020,000 | ||
Series Putters 571, 3.04% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(f) | 10,415,000 | 10,415,000 | ||
Series Putters 627, 3.04% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(f) | 5,085,000 | 5,085,000 | ||
Series Putters 794, 3.05% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(f) | 5,440,000 | 5,440,000 | ||
Series Putters 808, 3.05% (Liquidity Facility Dresdner Bank | ||||
AG) (b)(f) | 14,970,000 | 14,970,000 | ||
Series ROC II 4526, 3.06% (Liquidity Facility Citigroup | ||||
Global Markets Hldgs., Inc.) (b)(f) | 5,135,000 | 5,135,000 | ||
Series ROC II R191, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 5,995,000 | 5,995,000 | ||
Series ROC II R2042, 3.06% (Liquidity Facility Citigroup | ||||
Global Markets Hldgs., Inc.) (b)(f) | 5,135,000 | 5,135,000 | ||
Series ROC II R467, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 10,480,000 | 10,480,000 | ||
Series ROC II R6050, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 5,800,000 | 5,800,000 | ||
Series Stars 04 94, 3.04% (Liquidity Facility BNP Paribas | ||||
SA) (b)(f) | 10,910,000 | 10,910,000 | ||
Series Stars 80, 3.04% (Liquidity Facility BNP Paribas | ||||
SA) (b)(f) | 19,700,000 | 19,700,000 | ||
See accompanying notes which are an integral part of the financial statements. | ||||
51 | Annual Report |
Fidelity Massachusetts Municipal Money Market Fund | ||||||
Investments continued | ||||||
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Gen. Oblig.: – continued | ||||||
Participating VRDN: | ||||||
Series TOC 05 B, 3.05% (Liquidity Facility Goldman Sachs | ||||||
Group, Inc.) (b)(f) | $ 20,000,000 | $ 20,000,000 | ||||
Series TOC 05 C, 3.05% (Liquidity Facility Goldman Sachs | ||||||
Group, Inc.) (b)(f) | 9,900,000 | 9,900,000 | ||||
Series 1997 B, 3.05% (Liquidity Facility Landesbank | ||||||
Hessen-Thuringen), VRDN (b) | 8,535,000 | 8,535,000 | ||||
Series 1998 B, 3% (Liquidity Facility DEPFA BANK PLC), | ||||||
VRDN (b) | 27,900,000 | 27,900,000 | ||||
Series 2001 B, 3.05% (Liquidity Facility Landesbank | ||||||
Hessen-Thuringen), VRDN (b) | 88,475,000 | 88,475,000 | ||||
Series 2001 C, 3.05% (Liquidity Facility State Street Bank & | ||||||
Trust Co., Boston), VRDN (b) | 37,490,000 | 37,490,000 | ||||
Series H, 3.1% 3/8/06 (Liquidity Facility Bank of Nova | ||||||
Scotia, New York Agcy.), CP | 15,200,000 | 15,200,000 | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: | ||||||
Bonds (Amherst College Proj.) Series H, 2.7%, tender | ||||||
4/3/06 (b) | 28,500,000 | 28,500,000 | ||||
Participating VRDN: | ||||||
Series 01 834, 3.05% (Liquidity Facility Morgan | ||||||
Stanley) (b)(f) | 28,300,000 | 28,300,000 | ||||
Series BA 02 D, 3.05% (Liquidity Facility Bank of America | ||||||
NA) (b)(f) | 10,505,000 | 10,505,000 | ||||
Series EGL 03 50, 3.06% (Liquidity Facility Citibank NA, | ||||||
New York) (b)(f) | 15,310,000 | 15,310,000 | ||||
Series EGL 03 9, 3.06% (Liquidity Facility Citibank NA, | ||||||
New York) (b)(f) | 9,900,000 | 9,900,000 | ||||
Series EGL 04 0013, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(f) | 9,100,000 | 9,100,000 | ||||
Series EGL 04 39, 3.06% (Liquidity Facility Citibank NA) (b)(f) | 23,000,000 | 23,000,000 | ||||
Series EGL 04 44 Class A, 3.06% (Liquidity Facility | ||||||
Citibank NA) (b)(f) | 26,975,000 | 26,975,000 | ||||
Series EGL 7050044 Class A, 3.06% (Liquidity Facility | ||||||
Citibank NA) (b)(f) | 11,325,000 | 11,325,000 | ||||
Series EGL 97 2104, 3.06% (Liquidity Facility Citibank | ||||||
NA, New York) (b)(f) | 17,500,000 | 17,500,000 | ||||
Series LB 05 F5, 3.13% (Lehman Brothers Hldgs., Inc. | ||||||
Guaranteed) (Liquidity Facility Lehman Brothers Hldgs., | ||||||
Inc.) (b)(f) | 6,620,000 | 6,620,000 | ||||
Series Merlots 00 T, 3.05% (Liquidity Facility Wachovia | ||||||
Bank NA) (b)(f) | 3,970,000 | 3,970,000 | ||||
Series Merlots 00 WW, 3.05% (Liquidity Facility Wachovia | ||||||
Bank NA) (b)(f) | 14,645,000 | 14,645,000 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
52 |
Municipal Securities continued | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts continued | ||||
Massachusetts Health & Edl. Facilities Auth. Rev.: – continued | ||||
Participating VRDN: | ||||
Series Merlots 04 A14, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(f) | $ 6,295,000 | $ 6,295,000 | ||
Series Merlots 97 Y, 3.05% (Liquidity Facility Wachovia | ||||
Bank NA) (b)(f) | 6,500,000 | 6,500,000 | ||
Series MS 01 587, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 11,640,000 | 11,640,000 | ||
Series MS 1123, 3.05% (Liquidity Facility Morgan | ||||
Stanley) (b)(f) | 15,790,000 | 15,790,000 | ||
Series PA 595R, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(f) | 4,155,000 | 4,155,000 | ||
Series PT 2256, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(f) | 9,340,000 | 9,340,000 | ||
Series PT 904, 3.04% (Liquidity Facility Landesbank | ||||
Hessen-Thuringen) (b)(f) | 30,495,000 | 30,495,000 | ||
Series ROC II R294, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 4,995,000 | 4,995,000 | ||
Series ROC II R382, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 3,995,000 | 3,995,000 | ||
Series SGA 65, 3.05% (Liquidity Facility Societe | ||||
Generale) (b)(f) | 6,860,000 | 6,860,000 | ||
Series SGB 42, 3.06% (Liquidity Facility Societe | ||||
Generale) (b)(f) | 27,080,000 | 27,080,000 | ||
(Simmons College Proj.) Series E, 3.05% (AMBAC Insured), | ||||
VRDN (b) | 8,395,000 | 8,395,000 | ||
(Williams College Proj.) Series E, 3.03%, VRDN (b) | 6,700,000 | 6,700,000 | ||
(Winchester Hosp. Proj.): | ||||
Series F, 3.05%, LOC Fleet Nat’l. Bank, VRDN (b) | 15,170,000 | 15,170,000 | ||
Series G, 3.05%, LOC Fleet Nat’l. Bank, VRDN (b) | 5,260,000 | 5,260,000 | ||
3.1% 3/10/06, CP | 13,500,000 | 13,500,000 | ||
3.12% 4/12/06, CP | 13,978,000 | 13,978,000 | ||
3.17% 4/13/06, CP | 17,800,000 | 17,800,000 | ||
Massachusetts Hsg. Fin. Agcy. (Princeton Crossing LP Proj.) | ||||
Series 1996, 3.1%, LOC Fannie Mae, VRDN (b)(e) | 18,900,000 | 18,900,000 | ||
Massachusetts Hsg. Fin. Agcy. Hsg. Rev.: | ||||
Bonds: | ||||
Series 2005 V, 3.05% 4/1/06 (e) | 18,115,000 | 18,115,000 | ||
Series 2005 X, 3.3% 8/1/06 (e) | 25,000,000 | 25,000,000 | ||
Participating VRDN: | ||||
Series LB 05 L27, 3.16% (Liquidity Facility Lehman | ||||
Brothers Hldgs., Inc.) (b)(e)(f) | 14,430,000 | 14,430,000 | ||
See accompanying notes which are an integral part of the financial statements. | ||||
53 | Annual Report |
Fidelity Massachusetts Municipal Money Market Fund | ||||||||
Investments continued | ||||||||
Municipal Securities continued | ||||||||
Principal | Value | |||||||
Amount | (Note 1) | |||||||
Massachusetts continued | ||||||||
Massachusetts Hsg. Fin. Agcy. Hsg. Rev.: – continued | ||||||||
Participating VRDN: | ||||||||
Series Merlots H, 3.05% (Liquidity Facility Wachovia Bank | ||||||||
NA) (b)(f) | $19,000,000 | $ 19,000,000 | ||||||
Series ROC II R421, 3.09% (Liquidity Facility Citibank | ||||||||
NA) (b)(e)(f) | 4,600,000 | 4,600,000 | ||||||
Series 88, 3.03% (FSA Insured), VRDN (b)(e) | 2,500,000 | 2,500,000 | ||||||
Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev.: | ||||||||
(346 Univ. LLC Proj.) Series 1996, 3.04%, LOC Fleet Bank | ||||||||
NA, VRDN (b)(e) | 2,200,000 | 2,200,000 | ||||||
(Abbott Box Co. Proj.) Series 1997, 3.05%, LOC Fleet Nat’l. | ||||||||
Bank, VRDN (b)(e) | 2,290,000 | 2,290,000 | ||||||
(Barbour Corp. Proj.) Series 1998, 3.05%, LOC Fleet Nat’l. | ||||||||
Bank, VRDN (b)(e) | 4,325,000 | 4,325,000 | ||||||
(BBB Esq. LLC Proj.) Series 1996, 3.04%, LOC Fleet Bank | ||||||||
NA, VRDN (b)(e) | 1,400,000 | 1,400,000 | ||||||
(Boutwell Owens & Co., Inc. Proj.) Series 1998, 3.05%, LOC | ||||||||
Fleet Nat’l. Bank, VRDN (b)(e) | 2,220,000 | 2,220,000 | ||||||
(Brady Enterprises Proj.) Series 1996, 3.05%, LOC Bank of | ||||||||
America NA, VRDN (b)(e) | 2,250,000 | 2,250,000 | ||||||
(Decas Cranberry Proj.) Series 1997, 3.05%, LOC Fleet | ||||||||
Nat’l. Bank, VRDN (b)(e) | 4,500,000 | 4,500,000 | ||||||
(Heat Fab, Inc. Proj.) Series 1996, 3.07%, LOC Fleet Bank | ||||||||
NA, VRDN (b)(e) | 3,035,000 | 3,035,000 | ||||||
(Interpolymer Corp. Proj.) Series 1992, 3.04%, LOC Fleet | ||||||||
Bank NA, VRDN (b)(e) | 1,600,000 | 1,600,000 | ||||||
(Riverdale Mills Corp. Proj.) Series 1995, 3.04%, LOC Fleet | ||||||||
Bank NA, VRDN (b)(e) | 2,800,000 | 2,800,000 | ||||||
(United Plastics Proj.) Series 1997, 3.05%, LOC Wells Fargo | ||||||||
Bank NA, San Francisco, VRDN (b)(e) | 2,790,000 | 2,790,000 | ||||||
Massachusetts Indl. Fin. Agcy. Rev.: | ||||||||
Bonds (Massachusetts Biomedical Research Corp. Proj.) | ||||||||
Series A2, 0% 8/1/06 | 6,000,000 | 5,909,400 | ||||||
Participating VRDN Series SG 56, 3.04% (Liquidity Facility | ||||||||
Societe Generale) (b)(f) | 11,100,000 | 11,100,000 | ||||||
(Goddard House Proj.) 3.04%, LOC Fleet Bank NA, VRDN (b) | 10,000,000 | 10,000,000 | ||||||
(Heritage at Darmouth Proj.) Series 1996, 3.05%, LOC Fleet | ||||||||
Bank NA, VRDN (b)(e) | 4,550,000 | 4,550,000 | ||||||
(JHC Assisted Living Corp. Proj.) Series 1998 A, 3.03%, | ||||||||
LOC SunTrust Banks, Inc., VRDN (b) | 3,295,000 | 3,295,000 | ||||||
(Mary Ann Morse Nursing Home Proj.): | ||||||||
Series 1994 A, 3.05%, LOC Bank of America NA, VRDN (b) | 4,600,000 | 4,600,000 | ||||||
Series 1994 B, 3.05%, LOC Bank of America NA, VRDN (b) . | 5,600,000 | 5,600,000 | ||||||
See accompanying notes which are an integral part of the financial statements. | ||||||||
Annual Report | 54 |
Municipal Securities continued | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts continued | ||||
Massachusetts Indl. Fin. Agcy. Rev.: – continued | ||||
(Society for the Prevention of Cruelty to Animals Proj.) Series | ||||
1997, 3.03%, LOC Bank of America NA, VRDN (b) | $ 2,865,000 | $ 2,865,000 | ||
(Youville Place Proj.) Series 1996, 3.09% (AMBAC Insured), | ||||
VRDN (b) | 4,600,000 | 4,600,000 | ||
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. | ||||
Rev. Participating VRDN Series MS 01 674, 3.05% (Liquidity | ||||
Facility Morgan Stanley) (b)(f) | 23,960,000 | 23,960,000 | ||
Massachusetts Port Auth. Rev. Participating VRDN: | ||||
Series Merlots 00 Q, 3.2% (Liquidity Facility Wachovia Bank | ||||
NA) (b)(e)(f) | 21,345,000 | 21,345,000 | ||
Series PA 592, 3.05% (Liquidity Facility Merrill Lynch & Co., | ||||
Inc.) (b)(e)(f) | 4,850,000 | 4,850,000 | ||
Series PA 600R, 3.05% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(e)(f) | 4,850,000 | 4,850,000 | ||
Series PT 895, 3.05% (Liquidity Facility Merrill Lynch & Co., | ||||
Inc.) (b)(e)(f) | 5,930,000 | 5,930,000 | ||
Series Putters 891, 3.04% (Liquidity Facility JPMorgan Chase | ||||
Bank) (b)(f) | 8,825,000 | 8,825,000 | ||
Series Putters 892, 3.04% (Liquidity Facility JPMorgan Chase | ||||
Bank) (b)(f) | 10,295,000 | 10,295,000 | ||
Series Putters 952, 3.05% (Liquidity Facility JPMorgan Chase | ||||
& Co.) (b)(f) | 3,535,000 | 3,535,000 | ||
Series ROC II R2031, 3.06% (Liquidity Facility Citigroup | ||||
Global Markets Hldgs., Inc.) (b)(f) | 7,335,000 | 7,335,000 | ||
Series SGA 64, 3.08% (Liquidity Facility Societe | ||||
Generale) (b)(e)(f) | 8,705,000 | 8,705,000 | ||
Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt | ||||
Proj.) Series 2001 A, 3.1%, LOC Gen. Elec. Cap. Corp., | ||||
VRDN (b)(e) | 37,100,000 | 37,100,000 | ||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. | ||||
Participating VRDN: | ||||
Series 720050069, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 49,565,000 | 49,565,000 | ||
Series PT 3105, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||
Inc.) (b)(f) | 14,610,000 | 14,610,000 | ||
Series Putters 1008, 3.05% (Liquidity Facility JPMorgan | ||||
Chase Bank) (b)(f) | 19,290,000 | 19,290,000 | ||
Series Putters 1052Z, 3.05% (Liquidity Facility JPMorgan | ||||
Chase Bank) (b)(f) | 14,850,000 | 14,850,000 | ||
Series Putters 1147, 3.05% (Liquidity Facility JPMorgan | ||||
Chase & Co.) (b)(f) | 15,475,000 | 15,475,000 | ||
Series ROC II R414, 3.06% (Liquidity Facility Citibank | ||||
NA) (b)(f) | 16,475,000 | 16,475,000 | ||
See accompanying notes which are an integral part of the financial statements. | ||||
55 | Annual Report |
Fidelity Massachusetts Municipal Money Market Fund | ||||||
Investments continued | ||||||
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. | ||||||
Participating VRDN: – continued | ||||||
Series TOC 05 L, 3.05% (Liquidity Facility Goldman Sachs | ||||||
Group, Inc.) (b)(f) | $ 7,200,000 | $ 7,200,000 | ||||
Series TOC 05 R, 3.05% (Liquidity Facility Goldman Sachs | ||||||
Group, Inc.) (b)(f) | 13,900,000 | 13,900,000 | ||||
Massachusetts Spl. Oblig. Dedicated Tax Rev. Participating | ||||||
VRDN: | ||||||
Series Clipper 05 32, 3.05% (Liquidity Facility State Street | ||||||
Bank & Trust Co., Boston) (b)(f) | 8,750,000 | 8,750,000 | ||||
Series EGL 04 25 Class A, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(f) | 6,015,000 | 6,015,000 | ||||
Series Macon 05 K, 3.05% (Liquidity Facility Bank of | ||||||
America NA) (b)(f) | 22,700,000 | 22,700,000 | ||||
Series Merlots 05 A14, 3.05% (Liquidity Facility Wachovia | ||||||
Bank NA) (b)(f) | 17,590,000 | 17,590,000 | ||||
Series Merlots B19, 3.05% (Liquidity Facility Wachovia Bank | ||||||
NA) (b)(f) | 4,970,000 | 4,970,000 | ||||
Series PT 3058, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||||
France) (b)(f) | 59,870,000 | 59,870,000 | ||||
Massachusetts Spl. Oblig. Rev. Participating VRDN: | ||||||
Series MSTC 7002, 3.04% (Liquidity Facility Bear Stearns | ||||||
Companies, Inc.) (b)(f) | 4,995,000 | 4,995,000 | ||||
Series PT 1427, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||||
Inc.) (b)(f) | 10,045,000 | 10,045,000 | ||||
Series PT 2484, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||||
France) (b)(f) | 12,610,000 | 12,610,000 | ||||
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. | ||||||
Participating VRDN: | ||||||
Series MS 00 489, 3.05% (Liquidity Facility Morgan | ||||||
Stanley) (b)(f) | 11,860,000 | 11,860,000 | ||||
Series MS 827, 3.05% (Liquidity Facility Morgan | ||||||
Stanley) (b)(f) | 8,495,000 | 8,495,000 | ||||
Series PA 672, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||||
Inc.) (b)(f) | 6,840,000 | 6,840,000 | ||||
Series PT 135, 3.04% (Liquidity Facility Lloyds TSB Bank | ||||||
PLC) (b)(f) | 24,275,000 | 24,275,000 | ||||
Series SG 124, 3.04% (Liquidity Facility Societe | ||||||
Generale) (b)(f) | 21,505,000 | 21,505,000 | ||||
Massachusetts Tpk. Auth. Tpk. Rev. Participating VRDN | ||||||
Series Putters 140, 3.04% (Liquidity Facility JPMorgan Chase | ||||||
Bank) (b)(f) | 9,405,000 | 9,405,000 | ||||
See accompanying notes which are an integral part of the financial statements. | ||||||
Annual Report | 56 |
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Tpk. Auth. Western Tpk. Rev. Participating | ||||||
VRDN Series BA 97 N, 3.05% (Liquidity Facility Bank of | ||||||
America NA) (b)(f) | $ 17,204,000 | $ 17,204,000 | ||||
Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: | ||||||
Series CDC 04 3, 3.04% (Liquidity Facility CDC Fin.-CDC | ||||||
IXIS) (b)(f) | 19,045,000 | 19,045,000 | ||||
Series PT 1990, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||||
Inc.) (b)(f) | 5,245,000 | 5,245,000 | ||||
Series PT 2365, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||||
France) (b)(f) | 21,470,000 | 21,470,000 | ||||
Series PT 2368, 3.04% (Liquidity Facility Dexia Cr. Local de | ||||||
France) (b)(f) | 7,835,000 | 7,835,000 | ||||
Series Putters 577, 3.04% (Liquidity Facility JPMorgan Chase | ||||||
& Co.) (b)(f) | 10,430,000 | 10,430,000 | ||||
Series Putters 578, 3.04% (Liquidity Facility JPMorgan Chase | ||||||
& Co.) (b)(f) | 17,965,000 | 17,965,000 | ||||
Series ROC II R1027, 3.06% (Liquidity Facility Citigroup | ||||||
Global Markets Hldgs., Inc.) (b)(f) | 7,920,000 | 7,920,000 | ||||
Series ROC II R1036, 3.06% (Liquidity Facility Citigroup | ||||||
Global Markets Hldgs., Inc.) (b)(f) | 10,130,000 | 10,130,000 | ||||
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement | ||||||
Rev. Participating VRDN: | ||||||
Series Merlots 99 N, 3.05% (Liquidity Facility Wachovia | ||||||
Bank NA) (b)(f) | 13,300,000 | 13,300,000 | ||||
Series SGA 87, 3.05% (Liquidity Facility Societe | ||||||
Generale) (b)(f) | 22,775,000 | 22,775,000 | ||||
Massachusetts Wtr. Resources Auth.: | ||||||
Participating VRDN: | ||||||
Series AAB 05 10, 3.05% (Liquidity Facility ABN AMRO | ||||||
Bank NV) (b)(f) | 16,995,000 | 16,995,000 | ||||
Series EGL 00 2103, 3.06% (Liquidity Facility Citibank | ||||||
NA, New York) (b)(f) | 5,600,000 | 5,600,000 | ||||
Series EGL 02 2101, 3.06% (Liquidity Facility Citibank | ||||||
NA, New York) (b)(f) | 14,660,000 | 14,660,000 | ||||
Series EGL 7050011, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(f) | 10,990,000 | 10,990,000 | ||||
Series EGL 7050015, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(f) | 26,660,000 | 26,660,000 | ||||
Series Merlots 06 A1, 3.05% (Liquidity Facility Wachovia | ||||||
Bank NA) (b)(f) | 10,110,000 | 10,110,000 | ||||
Series MS 04 1057, 3.05% (Liquidity Facility Morgan | ||||||
Stanley) (b)(f) | 18,060,000 | 18,060,000 | ||||
Series MS 1080, 3.05% (Liquidity Facility Morgan | ||||||
Stanley) (b)(f) | 5,770,000 | 5,770,000 |
See accompanying notes which are an integral part of the financial statements.
57 Annual Report
Fidelity Massachusetts Municipal Money Market Fund | ||||||
Investments continued | ||||||
Municipal Securities continued | ||||||
Principal | Value | |||||
Amount | (Note 1) | |||||
Massachusetts continued | ||||||
Massachusetts Wtr. Resources Auth.: – continued | ||||||
Participating VRDN: | ||||||
Series PA 637, 3.05% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | $ 4,625,000 | $ 4,625,000 | ||||
Series PA 999R, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 5,210,000 | 5,210,000 | ||||
Series PT 1382, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 6,565,000 | 6,565,000 | ||||
Series PT 2175, 3.04% (Liquidity Facility Merrill Lynch & | ||||||
Co., Inc.) (b)(f) | 8,600,000 | 8,600,000 | ||||
Series Putters 799, 3.05% (Liquidity Facility JPMorgan | ||||||
Chase Bank) (b)(f) | 4,700,000 | 4,700,000 | ||||
Series Putters 826, 3.05% (Liquidity Facility Dresdner Bank | ||||||
AG) (b)(f) | 12,645,000 | 12,645,000 | ||||
Series 1995: | ||||||
3.1% 3/3/06, LOC Bayerische Landesbank Girozentrale, | ||||||
CP | 19,600,000 | 19,600,000 | ||||
3.1% 3/6/06, LOC Bayerische Landesbank Girozentrale, | ||||||
CP | 10,600,000 | 10,600,000 | ||||
3.1% 3/10/06, LOC Bayerische Landesbank | ||||||
Girozentrale, CP | 16,500,000 | 16,500,000 | ||||
3.14% 4/7/06, LOC Bayerische Landesbank | ||||||
Girozentrale, CP | 4,000,000 | 4,000,000 | ||||
Melrose Gen. Oblig. BAN 4% 8/10/06 | 26,600,000 | 26,746,622 | ||||
Milford Gen. Oblig. BAN 3.5% 4/17/06 | 5,000,000 | 5,007,294 | ||||
Natick Gen. Oblig. BAN 3.75% 4/28/06 | 3,500,000 | 3,507,160 | ||||
New Bedford Gen. Oblig.: | ||||||
BAN: | ||||||
3.25% 2/24/06 | 8,000,000 | 7,999,604 | ||||
3.5% 2/24/06 | 8,500,000 | 8,504,180 | ||||
RAN 4% 6/30/06 | 12,000,000 | 12,043,457 | ||||
Northborough-Southboro Reg’l. School District BAN 4.5% | ||||||
10/26/06 | 26,900,000 | 27,170,960 | ||||
Route 3 North Trans. Impt. Assoc. Lease Rev. Participating | ||||||
VRDN: | ||||||
Series AAB 00 14, 3.04% (Liquidity Facility ABN AMRO | ||||||
Bank NV) (b)(f) | 19,900,000 | 19,900,000 | ||||
Series EGL 01 2101, 3.06% (Liquidity Facility Citibank NA, | ||||||
New York) (b)(f) | 7,600,000 | 7,600,000 | ||||
Series ROC II R26, 3.06% (Liquidity Facility Citibank | ||||||
NA) (b)(f) | 11,285,000 | 11,285,000 | ||||
Tewksbury Gen. Oblig. BAN 3.3% 2/17/06 | 19,250,000 | 19,250,402 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
58 |
Municipal Securities continued | ||||
Principal | Value | |||
Amount | (Note 1) | |||
Massachusetts continued | ||||
Univ. of Massachusetts Bldg. Auth. Proj. Rev. Participating | ||||
VRDN: | ||||
Series ROC II 4044, 3.06% (Liquidity Facility Citigroup | ||||
Global Markets Hldgs., Inc.) (b)(f) | $ 9,500,000 | $ 9,500,000 | ||
Series ROC II R4555, 3.06% (Liquidity Facility Citigroup | ||||
Global Markets Hldgs., Inc.) (b)(f) | 5,960,000 | 5,960,000 | ||
Wachusett Reg’l. School District BAN 4.25% 7/14/06 | 15,000,000 | 15,082,037 | ||
Waltham Gen. Oblig. BAN 4.5% 11/15/06 | 19,190,000 | 19,371,069 | ||
3,723,677,865 | ||||
Puerto Rico 3.5% | ||||
JPMorgan Chase Bank NA as Enhancement Custodian Bonds | ||||
3.25% 7/24/06, LOC Societe Generale (a) | 26,600,000 | 26,600,000 | ||
Puerto Rico Commonwealth Gen. Oblig.: | ||||
Participating VRDN: | ||||
Series Merlots 01 A107, 3.03% (Liquidity Facility | ||||
Wachovia Bank NA) (b)(f) | 18,935,000 | 18,935,000 | ||
Series MT 218, 3.04% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(f) | 17,440,000 | 17,440,000 | ||
TRAN 4.5% 7/28/06, LOC Bank of Nova Scotia, New York | ||||
Agcy., LOC BNP Paribas SA | 28,500,000 | 28,672,852 | ||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy. Rev. | ||||
Participating VRDN Series PA 114, 3.01% (Liquidity Facility | ||||
Merrill Lynch & Co., Inc.) (b)(f) | 7,935,000 | 7,935,000 | ||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. | ||||
Participating VRDN Series MACN 05 N, 3.05% (Liquidity | ||||
Facility Bank of America NA) (b)(f) | 11,000,000 | 11,000,000 | ||
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Participating VRDN | ||||
Series PA 1044, 3.01% (Liquidity Facility Merrill Lynch & | ||||
Co., Inc.) (b)(f) | 8,745,000 | 8,745,000 | ||
Puerto Rico Muni. Fin. Agcy. Participating VRDN Series PA | ||||
645, 3.01% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(f) | 6,860,000 | 6,860,000 | ||
Puerto Rico Pub. Fin. Corp. Commonwealth Appropriation | ||||
Participating VRDN: | ||||
Series MT 195, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||
Inc.) (b)(f) | 9,165,000 | 9,165,000 | ||
Series MT 206, 3.04% (Liquidity Facility Merrill Lynch & Co., | ||||
Inc.) (b)(f) | 9,895,000 | 9,895,000 | ||
145,247,852 |
See accompanying notes which are an integral part of the financial statements.
59 Annual Report
Fidelity Massachusetts Municipal Money Market Fund | ||||
Investments continued | ||||
Municipal Securities continued | ||||
Shares | Value | |||
(Note 1) | ||||
Other – 2.7% | ||||
Fidelity Municipal Cash Central Fund, 3.1% (c)(d) | 114,543,413 | $ 114,543,413 | ||
TOTAL INVESTMENT PORTFOLIO 95.6% | ||||
(Cost $3,983,469,130) | 3,983,469,130 | |||
NET OTHER ASSETS – 4.4% | 183,254,699 | |||
NET ASSETS 100% | $ 4,166,723,829 |
Security Type Abbreviations | ||||||
BAN | — | BOND ANTICIPATION NOTE | ||||
CP | — | COMMERCIAL PAPER | ||||
RAN | — | REVENUE ANTICIPATION NOTE | ||||
TRAN | — | TAX AND REVENUE | ||||
ANTICIPATION NOTE | ||||||
VRDN | — | VARIABLE RATE DEMAND NOTE |
Legend (a) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $26,600,000 or 0.6% of net assets. (b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. (c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund’s holdings as of its most recent quarter end is available upon request. (e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. (f) Provides evidence of ownership in one or more underlying municipal bonds. (g) Restricted securities – Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $25,800,000 or 0.6% of net assets. |
Additional information on each holding is as follows:
Acquisition | ||||||
Security | Date | Cost | ||||
Massachusetts Gen. | ||||||
Oblig. Bonds Series | ||||||
PT 983, 2.95%, | ||||||
tender 7/20/06 | ||||||
(Liquidity Facility | ||||||
DEPFA BANK PLC) | 6/24/04 | $ | 25,800,000 |
See accompanying notes which are an integral part of the financial statements.
Annual Report 60
Affiliated Central Funds |
Information regarding fiscal year to date income received by the fund from the affiliated Central funds is as follows:
Fund | Income received | |||
Fidelity Municipal Cash Central Fund | $ | 950,986 |
Income Tax Information
At January 31, 2006, the fund had a capital loss carryforward of approximately $93,971 all of which will expire on January 31, 2014.
See accompanying notes which are an integral part of the financial statements.
61 Annual Report
Fidelity Massachusetts Municipal Money Market Fund Financial Statements |
Statement of Assets and Liabilities | ||||||
January 31, 2006 | ||||||
Assets | ||||||
Investment in securities, at value | ||||||
See accompanying schedule: | ||||||
Unaffiliated issuers (cost $3,868,925,717) | $3,868,925,717 | |||||
Affiliated Central Funds (cost $114,543,413) | 114,543,413 | |||||
Total Investments (cost $3,983,469,130) | $3,983,469,130 | |||||
Cash | 107,304,982 | |||||
Receivable for investments sold | 27,836,055 | |||||
Receivable for fund shares sold | 59,053,572 | |||||
Interest receivable | 27,131,441 | |||||
Prepaid expenses | 17,018 | |||||
Other receivables | 234,633 | |||||
Total assets | 4,205,046,831 | |||||
Liabilities | ||||||
Payable for fund shares redeemed | $ 36,260,522 | |||||
Distributions payable | 142,922 | |||||
Accrued management fee | 1,301,635 | |||||
Other affiliated payables | 456,779 | |||||
Other payables and accrued expenses | 161,144 | |||||
Total liabilities | 38,323,002 | |||||
Net Assets | $ 4,166,723,829 | |||||
Net Assets consist of: | ||||||
Paid in capital | $4,166,348,864 | |||||
Distributions in excess of net investment income | (3,787) | |||||
Accumulated undistributed net realized gain (loss) on | ||||||
investments | 378,752 | |||||
Net Assets, for 4,165,209,780 shares outstanding | $ 4,166,723,829 | |||||
Net Asset Value, offering price and redemption price per | ||||||
share ($4,166,723,829 ÷ 4,165,209,780 shares) | $ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report |
62 |
Statement of Operations | ||||||
Year ended January 31, 2006 | ||||||
Investment Income | �� | |||||
Interest | $ | 95,739,596 | ||||
Income from affiliated Central Funds | 950,986 | |||||
Total income | 96,690,582 | |||||
Expenses | ||||||
Management fee | $ | 14,515,679 | ||||
Transfer agent fees | 4,793,350 | |||||
Accounting fees and expenses | 329,251 | |||||
Independent trustees’ compensation | 17,069 | |||||
Custodian fees and expenses | 59,150 | |||||
Registration fees | 103,869 | |||||
Audit | 53,198 | |||||
Legal | 15,735 | |||||
Miscellaneous | 144,555 | |||||
Total expenses before reductions | 20,031,856 | |||||
Expense reductions | (3,725,910) | 16,305,946 | ||||
Net investment income | 80,384,636 | |||||
Realized and Unrealized Gain (Loss) | ||||||
Net realized gain (loss) on: | ||||||
Investment securities: | ||||||
Unaffiliated issuers | (93,956) | |||||
Net increase in net assets resulting from operations | $ | 80,290,680 |
See accompanying notes which are an integral part of the financial statements.
63 Annual Report
Fidelity Massachusetts Municipal Money Market Fund | ||||||||
Financial Statements continued | ||||||||
Statement of Changes in Net Assets | ||||||||
Year ended | Year ended | |||||||
January 31, | January 31, | |||||||
2006 | 2005 | |||||||
Increase (Decrease) in Net Assets | ||||||||
Operations | ||||||||
Net investment income | $ 80,384,636 | $ 27,560,216 | ||||||
Net realized gain (loss) | (93,956) | 146,634 | ||||||
Net increase in net assets resulting from operations | . | 80,290,680 | 27,706,850 | |||||
Distributions to shareholders from net investment income | . | (80,200,937) | (27,742,225) | |||||
Distributions to shareholders from net realized gain | — | (1,346,305) | ||||||
Total distributions | (80,200,937) | (29,088,530) | ||||||
Share transactions at net asset value of $1.00 per share | ||||||||
Proceeds from sales of shares | 10,777,996,713 | 8,462,447,114 | ||||||
Reinvestment of distributions | 79,319,419 | 28,845,837 | ||||||
Cost of shares redeemed | (10,368,698,446) | (8,074,608,520) | ||||||
Net increase (decrease) in net assets and shares | ||||||||
resulting from share transactions | 488,617,686 | 416,684,431 | ||||||
Total increase (decrease) in net assets | 488,707,429 | 415,302,751 | ||||||
Net Assets | ||||||||
Beginning of period | 3,678,016,400 | 3,262,713,649 | ||||||
End of period (including distributions in excess of net | ||||||||
investment income of $3,787 and distributions in | ||||||||
excess of net investment income of $2,352, | ||||||||
respectively) | $ 4,166,723,829 | $ 3,678,016,400 |
See accompanying notes which are an integral part of the financial statements.
Annual Report 64
Financial Highlights | ||||||||||||||||||||
Years ended January 31, | 2006 | 2005 | 2004 | 2003 | 2002 | |||||||||||||||
Selected Per Share Data | ||||||||||||||||||||
Net asset value, | ||||||||||||||||||||
beginning of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Income from Investment | ||||||||||||||||||||
Operations | ||||||||||||||||||||
Net investment income | 021 | .008 | .006 | .010 | .022 | |||||||||||||||
Net realized and unreal- | ||||||||||||||||||||
ized gain (loss)C | — | — | — | — | — | |||||||||||||||
Total from investment | ||||||||||||||||||||
operations | 021 | .008 | .006 | .010 | .022 | |||||||||||||||
Distributions from net | ||||||||||||||||||||
investment income | (.021) | (.008) | (.006) | (.010) | (.022) | |||||||||||||||
Distributions from net | ||||||||||||||||||||
realized gain | — | —C | — | — | — | |||||||||||||||
Total distributions | (.021) | (.008) | (.006) | (.010) | (.022) | |||||||||||||||
Net asset value, | ||||||||||||||||||||
end of period | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | $ | 1.00 | ||||||||||
Total ReturnA | 2.07% | .84% | .58% | 1.02% | 2.22% | |||||||||||||||
Ratios to Average Net AssetsB | ||||||||||||||||||||
Expenses before | ||||||||||||||||||||
reductions | 51% | .51% | .50% | .51% | .50% | |||||||||||||||
Expenses net of fee | ||||||||||||||||||||
waivers, if any | 51% | .51% | .50% | .51% | .50% | |||||||||||||||
Expenses net of all | ||||||||||||||||||||
reductions | 42% | .49% | .49% | .48% | .46% | |||||||||||||||
Net investment income | 2.07% | .79% | .58% | 1.01% | 2.20% | |||||||||||||||
Supplemental Data | ||||||||||||||||||||
Net assets, end of period | ||||||||||||||||||||
(000 omitted) | $ | 4,166,724 | $ | 3,678,016 | $ | 3,262,714 | $ | 3,262,761 | $ | 3,189,696 |
A Total returns would have been lower had certain expenses not been reduced during the periods shown. B 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 arrange ments. Expenses net of all reductions represent the net expenses paid by the fund. C Amount represents less than $.001 per share. |
See accompanying notes which are an integral part of the financial statements.
65 Annual Report
Notes to Financial Statements
For the period ended January 31, 2006 |
1. Significant Accounting Policies.
Fidelity Massachusetts Municipal Income Fund (the income fund), Fidelity Massachu setts AMT Tax Free Money Market Fund and Fidelity Massachusetts Municipal Money Market Fund (the money market funds) are funds of Fidelity Massachusetts Municipal Trust (the trust). On July 21, 2005, the Board of Trustees approved a change in the names of Spartan Massachusetts Municipal Income Fund and Spartan Massachusetts Municipal Money Market Fund to Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts AMT Tax Free Money Market Fund effective August 15, 2005. 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. Certain funds may invest in affiliated money market central funds (Money Market Central Funds), which are open end investment companies available to investment companies and other accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. 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. The following summarizes the significant accounting policies of the income fund and the money market funds:
Security Valuation. Investments are valued and net asset value per share is calculated (NAV calculation) as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Wherever possible, each fund uses independent pricing services approved by the Board of Trustees to value their investments. For the income fund, debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Investments in open end mutual 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.
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66 |
1. Significant Accounting Policies continued | ||
Security Valuation continued |
As permitted by compliance with certain conditions under Rule 2a 7 of the 1940 Act, securities owned by the money market funds are valued at amortized cost which approximates value.
Investment Transactions and Income. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income is 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.
Income Tax Information and Distributions to Shareholders. Each year, each fund intends to qualify as a regulated investment company by distributing all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code. As a result, no provision for income taxes is required in the accompanying financial statements.
Dividends are declared daily and paid monthly from net investment income. Distribu tions from realized gains, if any, are recorded on the ex dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, certain funds will claim a portion of the payment made to redeeming shareholders as a distribu tion 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 futures transactions, market discount, deferred trustees compensation, capital loss carryforwards and losses deferred due to futures transactions.
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 Internal Revenue Service (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.
67 Annual Report
Notes to Financial Statements continued |
1. Significant Accounting Policies continued |
Income Tax Information and Distributions to Shareholders continued
The tax basis components of distributable earnings and the federal tax cost as of period end were as follows for each fund:
Cost for Federal | Net Unrealized | |||||||||||
Income Tax | Unrealized | Unrealized | Appreciation/ | |||||||||
Purposes | Appreciation | Depreciation | (Depreciation) | |||||||||
Fidelity Massachusetts | ||||||||||||
Municipal Income Fund | $ 1,763,336,309 | $ 58,742,044 | $ (5,343,764) | $ 53,398,280 | ||||||||
Fidelity Massachusetts AMT | ||||||||||||
Tax Free Money Market | ||||||||||||
Fund | 1,347,254,033 | — | — | — | ||||||||
Fidelity Massachusetts | ||||||||||||
Municipal Money Market | ||||||||||||
Fund | 3,983,469,130 | — | — | — | ||||||||
Undistributed | ||||||||||||
Undistributed | Long-term Capital | Capital Loss | ||||||||||
Ordinary Income | Gain | Carryforward | ||||||||||
Fidelity Massachusetts Municipal | ||||||||||||
Income Fund | $ — | $ 1,275,131 | $ — | |||||||||
Fidelity Massachusetts AMT Tax Free | ||||||||||||
Money Market Fund | 120,674 | — | (64,300) | |||||||||
Fidelity Massachusetts Municipal Money | ||||||||||||
Market Fund | 472,722 | — | (93,971) | |||||||||
The tax character of distributions paid was as follows: | ||||||||||||
January 31, 2006 | ||||||||||||
Tax-exempt | Ordinary | Long-term | ||||||||||
Income | Income | Capital Gains | Total | |||||||||
Fidelity Massachusetts Municipal | ||||||||||||
Income Fund | $ 75,076,272 | $ — | $ 24,660,494 | $ 99,736,766 | ||||||||
Fidelity Massachusetts AMT | ||||||||||||
Tax Free Money Market Fund | 26,675,309 | — | — | 26,675,309 | ||||||||
Fidelity Massachusetts Municipal | ||||||||||||
Money Market Fund | 80,200,937 | — | — | 80,200,937 | ||||||||
January 31, 2005 | ||||||||||||
Tax-exempt | Ordinary | Long-term | ||||||||||
Income | Income | Capital Gains | Total | |||||||||
Fidelity Massachusetts Municipal | ||||||||||||
Income Fund | $ 75,321,159 | $ — | $ 21,403,072 | $ 96,724,231 | ||||||||
Fidelity Massachusetts AMT | ||||||||||||
Tax Free Money Market Fund | 8,747,174 | 23,536 | 417,068 | 9,187,778 | ||||||||
Fidelity Massachusetts Municipal | ||||||||||||
Money Market Fund | 27,716,172 | — | 1,372,358 | 29,088,530 | ||||||||
Annual Report | 68 |
1. Significant Accounting Policies continued
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.
2. Operating Policies. |
Futures Contracts. The income fund may use futures contracts to manage its exposure to the bond market and to fluctuations in interest rates. Buying futures tends to increase a fund’s exposure to the underlying instrument, while selling futures tends to decrease a fund’s exposure to the underlying instrument or hedge other fund investments. Losses may arise from changes in the value of the underlying instruments or if the counter parties do not perform under the contract’s terms. Gain (losses) are realized upon the expiration or closing of the futures contracts. Futures contracts are valued at the settle ment price established each day by the board of trade or exchange on which they are traded.
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 transac tions 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.
3. Purchases and Sales of Investments.
Purchases and sales of securities, other than short term securities and U.S. government securities, for the income fund aggregated $458,217,326 and $380,579,870, respectively.
4. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund with invest ment 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
69 Annual Report
Notes to Financial Statements continued | ||
4. Fees and Other Transactions with Affiliates continued | ||
Management Fee continued |
management decrease. For the period, each fund’s annual management fee rate ex pressed as a percentage of each fund’s average net assets was as follows:
Individual | Group | |||||
Rate | Rate | Total | ||||
Fidelity Massachusetts Municipal Income Fund | 25% | .12% | .37% | |||
Fidelity Massachusetts Municipal Money Market Fund | 25% | .12% | .37% |
FMR and its affiliates provide Fidelity Massachusetts AMT Tax Free Money Market Fund with investment management related services for which the fund pays a monthly man agement fee that is based on an annual rate of .43% of the fund’s average net assets. FMR pays all other expenses, except the compensation of the independent Trustees and certain exceptions such as interest expense. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the independent Trustees.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the income fund and Fidelity Massa chusetts Municipal Money Market Fund. Citibank has entered into a sub arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC per forms the activities associated with the funds’ transfer and shareholder servicing agent and accounting functions. The funds pay account fees and asset based fees that vary according to account size and type of account. FSC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. The accounting fee is based on the level of average net assets for the month. For the period, the transfer agent fees were equivalent to the following annual rates expressed as a percentage of average net assets:
Fidelity Massachusetts Municipal Income Fund | 07% | |||
Fidelity Massachusetts Municipal Money Market Fund | 12% |
Affiliated Central Funds. Certain funds may invest in Money Market Central Funds which seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM) an affiliate of FMR. The Money Market Central Funds do not pay a management fee.
5. Committed Line of Credit. |
The income fund participates with other funds managed by FMR in a $4.2 billion credit facility (the “line of credit”) to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro rata portion of the line of credit. During the period, there were no borrowings on this line of credit.
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6. 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, are excluded from this reimbursement.
The following funds were in reimbursement during the period: | ||||||
Reimbursement | ||||||
Expense Limitations | from adviser | |||||
Fidelity Massachusetts AMT Tax Free | ||||||
Money Market Fund | 40% | $ | 358,376 |
In addition, through an arrangement with Fidelity Massachusetts AMT Tax Free Money Market Fund’s custodian and transfer agent, $1,008,772 of credits realized as a result of uninvested cash balances were used to reduce the fund’s management fee.
Through arrangements with the income fund’s and Fidelity Massachusetts Municipal Money Market Fund’s custodian and transfer agent, credits realized as a result of unin vested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.
Transfer | ||||||||||||
Custody | Agent | Accounting | ||||||||||
expense | expense | expense | ||||||||||
reduction | reduction | reduction | ||||||||||
Fidelity Massachusetts Municipal Income | ||||||||||||
Fund | $ | 27,900 | $ | 537,026 | $ | 42,276 | ||||||
Fidelity Massachusetts Municipal Money | ||||||||||||
Market Fund | 59,032 | 3,602,711 | 64,167 | |||||||||
7. Other. |
The funds’ organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the perfor mance 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.
71 Annual Report
Report of Independent Registered Public Accounting Firm
To the Trustees of Fidelity Massachusetts Municipal Trust and Shareholders of Fidelity Massachusetts Municipal Income Fund (formerly Spartan Massachusetts Municipal Income Fund), Fidelity Massachusetts AMT Tax Free Money Market Fund (formerly Spartan Massachusetts Municipal Money Market Fund) and Fidelity Massachusetts Municipal Money Market Fund:
We have audited the accompanying statements of assets and liabilities of Fidelity Massachu setts Municipal Income Fund (formerly Spartan Massachusetts Municipal Income Fund), Fidelity Massachusetts AMT Tax Free Municipal Money Market Fund (formerly Spartan Massachusetts Municipal Money Market Fund) and Fidelity Massachusetts Municipal Money Market Fund (the Funds), funds of Fidelity Massachusetts Municipal Trust, including the schedules of investments, as of January 31, 2006, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2006, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Fidelity Massachusetts Municipal Income Fund, Fidelity Massachusetts AMT Tax Free Money Market Fund and Fidelity Massachusetts Municipal Money Market Fund as of January 31, 2006, the results of their operations for the year then ended, the changes in their net assets for each of the two years in the period then ended, and their financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP DELOITTE & TOUCHE LLP Boston, Massachusetts March 14, 2006 |
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72 |
Trustees and Officers
The Trustees, Members of the Advisory Board, and executive officers of the trust and funds, as applicable, are listed below. The Board of Trustees governs each fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee each fund’s activities, review contractual arrangements with companies that provide services to each fund, and review each fund’s performance. Except for William O. McCoy and Albert R. Gamper, Jr., each of the Trustees oversees 326 funds advised by FMR or an affiliate. Mr. McCoy oversees 328 funds advised by FMR or an affiliate. Mr. Gamper oversees 251 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instru ment signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board Members hold office without limit in time, except that any officer and Advisory Board Member may resign or may be removed by a vote of a majority of the Trustees at any regular meeting or any special meeting of the Trustees. Except as indicated, each individual has held the office shown or other offices in the same company for the past five years.
The funds’ Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Interested Trustees*: |
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation Edward C. Johnson 3d (75) |
Year of Election or Appointment: 1981
Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as Chief Executive Officer, Chairman, and a Director of FMR Corp.; a Director and Chairman of the Board and of the Executive Committee of FMR; Chairman and a Director of Fidelity Research & Analysis Com pany; Chairman and a Director of Fidelity Investments Money Manage ment, Inc.; and Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc.
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Name, Age; Principal Occupation Stephen P. Jonas (53) |
Year of Election or Appointment: 2005
Mr. Jonas is Senior Vice President of Massachusetts Municipal Money Market (2005 present), Massachusetts AMT Tax Free Money Market (2005 present), and Massachusetts Municipal Income (2005 present). He also serves as Senior Vice President of other Fidelity funds (2005 present). Mr. Jonas is Executive Director of FMR (2005 present). Previously, Mr. Jonas served as President of Fidelity Enterprise Opera tions and Risk Services (2004 2005), Chief Administrative Officer (2002 2004), and Chief Financial Officer of FMR Co. (1998 2000). Mr. Jonas has been with Fidelity Investments since 1987 and has held various financial and management positions including Chief Financial Officer of FMR. In addition, he serves on the Boards of Boston Ballet (2003 present) and Simmons College (2003 present).
Robert L. Reynolds (53) |
Year of Election or Appointment: 2003
Mr. Reynolds is a Director (2003 present) and Chief Operating Officer (2002 present) of FMR Corp. He also serves on the Board at Fidelity Investments Canada, Ltd. (2000 present). Previously, Mr. Reynolds served as President of Fidelity Investments Institutional Retirement Group (1996 2000).
* Trustees have been determined to be “Interested Trustees” by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR.
75 Annual Report
Trustees and Officers - continued
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation Dennis J. Dirks (57) |
Year of Election or Appointment: 2005
Prior to his retirement in May 2003, Mr. Dirks was Chief Operating Officer and a member of the Board of The Depository Trust & Clearing Corporation (DTCC) (1999 2003). He also served as President, Chief Operating Officer, and Board member of The Depository Trust Com pany (DTC) (1999 2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999 2003). In addi tion, Mr. Dirks served as Chief Executive Officer and Board member of the Government Securities Clearing Corporation (2001 2003) and Chief Executive Officer and Board member of the Mortgage Backed Securities Clearing Corporation (2001 2003). Mr. Dirks also serves as a Trustee and a member of the Finance Committee of Manhattan College (2005 present) and a Trustee and member of the Finance Committee of AHRC of Nassau County (2006 present).
Albert R. Gamper, Jr. (63) |
Year of Election or Appointment: 2006
Mr. Gamper also serves as a Trustee (2006 present) or Member of the Advisory Board (2005 present) of other investment companies advised by FMR. Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987 1989; 1999 2001; 2002 2004), Chief Executive Officer (1987 2004), and President (1989 2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001 present), Chairman of the Board of Governors, Rutgers University (2004 present), and Chairman of the Board of Saint Barnabas Health Care System.
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Name, Age; Principal Occupation Robert M. Gates (62) |
Year of Election or Appointment: 1997
Dr. Gates is Chairman of the Independent Trustees (2006 present). Dr. Gates is President of Texas A&M University (2002 present). He was Director of the Central Intelligence Agency (CIA) from 1991 to 1993. From 1989 to 1991, Dr. Gates served as Assistant to the President of the United States and Deputy National Security Advisor. Dr. Gates is a Director of NACCO Industries, Inc. (mining and manufacturing), Parker Drilling Co., Inc. (drilling and rental tools for the energy industry, 2001 present), and Brinker International (restaurant management, 2003 present). Previously, Dr. Gates served as a Director of LucasVarity PLC (automotive components and diesel engines), a Director of TRW Inc. (automotive, space, defense, and information technology), and Dean of the George Bush School of Government and Public Service at Texas A&M University (1999 2001).
George H. Heilmeier (69) |
Year of Election or Appointment: 2004
Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (commu nication software and systems), where prior to his retirement, he served as company Chairman and Chief Executive Officer. He currently serves on the Boards of Directors of The Mitre Corporation (systems engineer ing and information technology support for the government), and HRL Laboratories (private research and development, 2004 present). He is Chairman of the General Motors Science & Technology Advisory Board and a Life Fellow of the Institute of Electrical and Electronics Engineers (IEEE). Dr. Heilmeier is a member of the Defense Science Board and the National Security Agency Advisory Board. He is also a member of the National Academy of Engineering, the American Academy of Arts and Sciences, and the Board of Overseers of the School of Engineering and Applied Science of the University of Pennsylvania. Previously, Dr. Heilmeier served as a Director of TRW Inc. (automotive, space, defense, and information technology, 1992 2002), Compaq (1994 2002), Auto matic Data Processing, Inc. (ADP) (technology based business outsourc ing, 1995 2002), INET Technologies Inc. (telecommunications network surveillance, 2001 2004), and Teletech Holdings (customer manage ment services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display.
77 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Marie L. Knowles (59) |
Year of Election or Appointment: 2001
Prior to Ms. Knowles’ retirement in June 2000, she served as Executive Vice President and Chief Financial Officer of Atlantic Richfield Company (ARCO) (diversified energy, 1996 2000). From 1993 to 1996, she was a Senior Vice President of ARCO and President of ARCO Transportation Company. She served as a Director of ARCO from 1996 to 1998. She currently serves as a Director of Phelps Dodge Corporation (copper mining and manufacturing) and McKesson Corporation (healthcare ser vice, 2002 present). Ms. Knowles is a Trustee of the Brookings Institution and the Catalina Island Conservancy and also serves as a member of the Advisory Board for the School of Engineering of the University of Southern California.
Ned C. Lautenbach (61) |
Year of Election or Appointment: 2000
Mr. Lautenbach has been a partner of Clayton, Dubilier & Rice, Inc. (private equity investment firm) since September 1998. Previously, Mr. Lautenbach was with the International Business Machines Corpora tion (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Italtel Holding S.p.A. (telecommunications (Milan, Italy), 2004 present) and Eaton Corporation (diversified industrial) as well as the Philharmonic Center for the Arts in Naples, Florida. He also is a member of the Board of Trustees of Fairfield University (2005 present), as well as a member of the Council on Foreign Relations.
William O. McCoy (72) |
Year of Election or Appointment: 1997
Prior to his retirement in December 1994, Mr. McCoy was Vice Chair man of the Board of BellSouth Corporation (telecommunications) and President of BellSouth Enterprises. He is currently a Director of Duke Realty Corporation (real estate), and Progress Energy, Inc. (electric util ity). He is also a partner of Franklin Street Partners (private investment management firm) and a member of the Research Triangle Foundation Board. In addition, Mr. McCoy served as the Interim Chancellor (1999 2000) and a member of the Board of Visitors for the University of North Carolina at Chapel Hill and currently serves as Chairman of the Board of Directors of the University of North Carolina Health Care Sys tem and the Board of Visitors of the Kenan Flagler Business School (Uni versity of North Carolina at Chapel Hill). He also served as Vice Presi dent of Finance for the University of North Carolina (16 school system).
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78 |
Name, Age; Principal Occupation Cornelia M. Small (61) |
Year of Election or Appointment: 2005
Ms. Small is a member (2000 present) and Chairperson (2002 present) of the Investment Committee, and a member (2002 present) of the Board of Trustees of Smith College. Previously, she served as Chief Investment Officer (1999 2000), Director of Global Equity Investments (1996 1999), and a member of the Board of Directors of Scudder, Stevens & Clark (1990 1997) and Scudder Kemper Investments (1997 1999). In addition, Ms. Small served as Co Chair (2000 2003) of the Annual Fund for the Fletcher School of Law and Diplomacy.
William S. Stavropoulos (66) |
Year of Election or Appointment: 2002
Mr. Stavropoulos is Chairman of the Board (2000 present) and a Member of the Board of Directors of The Dow Chemical Company. Since joining The Dow Chemical Company in 1967, Mr. Stavropoulos served in numerous senior management positions, including President (1993 2000; 2002 2003), CEO (1995 2000; 2002 2004), and Chair man of the Executive Committee (2000 2004). Currently, he is a Direc tor of NCR Corporation (data warehousing and technology solutions), BellSouth Corporation (telecommunications), Chemical Financial Corpo ration, Maersk Inc. (industrial conglomerate, 2002 present), and Metal mark Capital (private equity investment firm, 2005 present). He also serves as a member of the Board of Trustees of the American Enterprise Institute for Public Policy Research. In addition, Mr. Stavropoulos is a member of The Business Council, J.P. Morgan International Council and the University of Notre Dame Advisory Council for the College of Science.
Kenneth L. Wolfe (66) |
Year of Election or Appointment: 2005
Prior to his retirement in 2001, Mr. Wolfe was Chairman and Chief Executive Officer of Hershey Foods Corporation (1993 2001). He cur rently serves as a member of the boards of Adelphia Communications Corporation (2003 present), Bausch & Lomb, Inc., and Revlon Inc. (2004 present).
79 Annual Report
Trustees and Officers - continued
Advisory Board Members and Executive Officers:
Correspondence intended for Mr. Keyes may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235. Correspondence intended for each executive officer and Mr. Lynch may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation James H. Keyes (65) |
Year of Election or Appointment: 2006
Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Prior to his retirement in 2003, Mr. Keyes was Chairman, Presi dent, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993 2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies, 1984 present), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002 present), and Pitney Bowes, Inc. (inte grated mail, messaging, and document management solutions, 1998 present).
Peter S. Lynch (62) |
Year of Election or Appointment: 2003
Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Vice Chairman and a Director of FMR, and Vice Chairman (2001 present) and a Director (2000 present) of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990 2003). In addi tion, he serves as a Trustee of Boston College, Massachusetts Eye & Ear Infirmary, Historic Deerfield, John F. Kennedy Library, and the Museum of Fine Arts of Boston.
Walter C. Donovan (43) |
Year of Election or Appointment: 2005
Vice President of Massachusetts Municipal Money Market, Massa chusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Donovan also serves as Vice President of Fidelity’s High Income Funds (2005 present), Fidelity’s Fixed Income Funds (2005 present), certain Asset Allocation Funds (2005 present), and certain Balanced Funds (2005 present). Mr. Donovan also serves as Executive Vice President of FMR (2005 present) and FMRC (2005 present). Previously, Mr. Donovan served as Vice President and Director of Fidelity’s International Equity Trading group (1998 2005).
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Name, Age; Principal Occupation Charles S. Morrison (45) |
Year of Election or Appointment: 2005
Vice President of Massachusetts Municipal Money Market and Massa chusetts AMT Tax Free Money Market. Mr. Morrison also serves as Vice President of Fidelity’s Money Market Funds (2005 present) and certain Asset Allocation Funds (2002 present). Previously, he served as Vice President of Fidelity’s Bond Funds (2002 2005) and certain Balanced Funds (2002 2005). He served as Vice President (2002 2005) and Bond Group Leader (2002 2005) of Fidelity Investments Fixed Income Division. Mr. Morrison is also Vice President of FIMM (2002 present) and FMR (2002 present). Mr. Morrison joined Fidelity Investments in 1987 as a Corporate Bond Analyst in the Fixed Income Research Division.
David L. Murphy (58) |
Year of Election or Appointment: 2002
Vice President of Massachusetts Municipal Money Market, Massachusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Murphy also serves as Vice President of Fidelity’s Money Market Funds (2002 present), certain Asset Allocation Funds (2003 present), Fidelity’s Investment Grade Bond Funds (2005 present), and Fidelity’s Balanced Funds (2005 present). He serves as Senior Vice President (2000 present) and Head (2004 present) of the Fidelity Investments Fixed Income Division. Mr. Murphy is also a Senior Vice President of Fidelity Investments Money Management, Inc. (2003 present) and an Executive Vice President of FMR (2005 present). Previously, Mr. Murphy served as Money Market Group Leader (2002 2004), Bond Group Leader (2000 2002), and Vice President of Fidelity’s Taxable Bond Funds (2000 2002) and Fidelity’s Municipal Bond Funds (2001 2002).
Thomas J. Silvia (44) |
Year of Election or Appointment: 2005
Vice President of Massachusetts Municipal Income. Mr. Silvia also serves as Vice President of Fidelity’s Bond Funds (2005 present), certain Balanced Funds (2005 present), certain Asset Allocation Funds (2005 present), and Senior Vice President and Bond Group Leader of the Fidelity Investments Fixed Income Division (2005 present). Previously, Mr. Silvia served as Director of Fidelity’s Taxable Bond portfolio man agers (2002 2004) and a portfolio manager in the Bond Group (1997 2004).
81 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Norman U. Lind (49) |
Year of Election or Appointment: 2000
Vice President of Massachusetts Municipal Money Market and Massa chusetts AMT Tax Free Money Market. Mr. Lind also serves as Vice President of other funds advised by FMR. Prior to assuming his current responsibilities, Mr. Lind worked as a research analyst and portfolio manager.
Christine J. Thompson (47) |
Year of Election or Appointment: 1998
Vice President of Massachusetts Municipal Income. Ms. Thompson also serves as Vice President of other funds advised by FMR. Prior to assum ing her current responsibilities, Ms. Thompson worked as an analyst and manager.
Eric D. Roiter (57) |
Year of Election or Appointment: 1998
Secretary of Massachusetts Municipal Money Market, Massachusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. He also serves as Secretary of other Fidelity funds; Vice President, General Counsel, and Secretary of FMR Co., Inc. (2001 present) and FMR; Assistant Secretary of Fidelity Management & Research (U.K.) Inc. (2001 present), Fidelity Research & Analysis Company (2001 present), and Fidelity Investments Money Management, Inc. (2001 present). Mr. Roiter is an Adjunct Member, Faculty of Law, at Boston College Law School (2003 present). Previously, Mr. Roiter served as Vice President and Secretary of Fidelity Distributors Corporation (FDC) (1998 2005).
Stuart Fross (46) |
Year of Election or Appointment: 2003
Assistant Secretary of Massachusetts Municipal Money Market, Massachusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Fross also serves as Assistant Secretary of other Fidelity funds (2003 present), Vice President and Secretary of FDC (2005 present), and is an employee of FMR.
Christine Reynolds (47) |
Year of Election or Appointment: 2004
President and Treasurer of Massachusetts Municipal Money Market, Massachusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Ms. Reynolds also serves as President and Treasurer of other Fidelity funds (2004 present) and is a Vice President (2003 present) and an employee (2002 present) of FMR. Before joining Fidelity Investments, Ms. Reynolds worked at PricewaterhouseCoopers LLP (PwC) (1980 2002), where she was most recently an audit partner with PwC’s investment management practice.
Annual Report |
82 |
Name, Age; Principal Occupation R. Stephen Ganis (39) |
Year of Election or Appointment: 2006
Anti Money Laundering (AML) officer of Massachusetts Municipal Money Market, Massachusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Ganis also serves as AML officer of other Fidelity funds (2006 present) and FMR Corp. (2003 present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000 2002).
Paul Murphy (58) |
Year of Election or Appointment: 2005
Chief Financial Officer of Massachusetts Municipal Money Market, Massachusetts AMT Tax Free Money Market, and Massachusetts Munici pal Income. Mr. Murphy also serves as Chief Financial Officer of other Fidelity funds (2005 present). He also serves as Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS).
Kenneth A. Rathgeber (58) |
Year of Election or Appointment: 2004
Chief Compliance Officer of Massachusetts Municipal Money Market, Massachusetts AMT Tax Free Money Market, and Massachusetts Munici pal Income. Mr. Rathgeber also serves as Chief Compliance Officer of other Fidelity funds (2004 present) and Executive Vice President of Risk Oversight for Fidelity Investments (2002 present). He is Chief Com pliance Officer of FMR (2005 present), FMR Co., Inc. (2005 present), Fidelity Management & Research (U.K.) Inc. (2005 present), Fidelity Research & Analysis Company (2005 present), Fidelity Investments Money Management, Inc. (2005 present), and Strategic Advisers, Inc. (2005 present). Previously, Mr. Rathgeber served as Executive Vice Pres ident and Chief Operating Officer for Fidelity Investments Institutional Services Company, Inc. (1998 2002).
Bryan A. Mehrmann (44) |
Year of Election or Appointment: 2005
Deputy Treasurer of Massachusetts Municipal Money Market, Massa chusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Mehrmann also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR. Previously, Mr. Mehrmann served as Vice President of Fidelity Investments Institu tional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998 2004).
83 Annual Report
Trustees and Officers - continued
Name, Age; Principal Occupation Kimberley H. Monasterio (42) |
Year of Election or Appointment: 2004
Deputy Treasurer of Massachusetts Municipal Money Market, Massa chusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Ms. Monasterio also serves as Deputy Treasurer of other Fidelity funds (2004) and is an employee of FMR (2004). Before joining Fidelity Investments, Ms. Monasterio served as Treasurer (2000 2004) and Chief Financial Officer (2002 2004) of the Franklin Templeton Funds and Senior Vice President of Franklin Templeton Services, LLC
(2000 2004).
Kenneth B. Robins (36) |
Year of Election or Appointment: 2005
Deputy Treasurer of Massachusetts Municipal Money Market, Massa chusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Robins also serves as Deputy Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2004 present). Before joining Fidelity Investments, Mr. Robins worked at KPMG LLP, where he was a partner in KPMG’s department of professional prac tice (2002 2004) and a Senior Manager (1999 2000). In addition, Mr. Robins served as Assistant Chief Accountant, United States Securities and Exchange Commission (2000 2002).
Robert G. Byrnes (39) |
Year of Election or Appointment: 2005
Assistant Treasurer of Massachusetts Municipal Money Market, Massa chusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Byrnes also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Byrnes served as Vice President of FPCMS (2003 2005). Before joining Fidelity Investments, Mr. Byrnes worked at Deutsche Asset Management where he served as Vice President of the Investment Operations Group (2000 2003).
John H. Costello (59) |
Year of Election or Appointment: 1986 or 1991
Assistant Treasurer of Massachusetts Municipal Money Market (1986), Massachusetts AMT Tax Free Money Market (1991), and Massachusetts Municipal Income (1986). Mr. Costello also serves as Assistant Treasurer of other Fidelity funds and is an employee of FMR.
Annual Report |
84 |
Name, Age; Principal Occupation Peter L. Lydecker (52) |
Year of Election or Appointment: 2004
Assistant Treasurer of Massachusetts Municipal Money Market, Massa chusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR.
Mark Osterheld (50) |
Year of Election or Appointment: 2002
Assistant Treasurer of Massachusetts Municipal Money Market, Massa chusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Osterheld also serves as Assistant Treasurer of other Fidelity funds (2002) and is an employee of FMR.
Gary W. Ryan (47) |
Year of Election or Appointment: 2005
Assistant Treasurer of Massachusetts Municipal Money Market, Massa chusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Ryan also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Previously, Mr. Ryan served as Vice President of Fund Reporting in FPCMS (1999 2005).
Salvatore Schiavone (40) |
Year of Election or Appointment: 2005
Assistant Treasurer of Massachusetts Municipal Money Market, Massachusetts AMT Tax Free Money Market, and Massachusetts Municipal Income. Mr. Schiavone also serves as Assistant Treasurer of other Fidelity funds (2005 present) and is an employee of FMR (2005 present). Before joining Fidelity Investments, Mr. Schiavone worked at Deutsche Asset Management, where he most recently served as Assistant Treasurer (2003 2005) of the Scudder Funds and Vice President and Head of Fund Reporting (1996 2003).
85 Annual Report
Distributions |
The Board of Trustees of Fidelity Massachusetts Municipal Income Fund voted to pay on March 6, 2006, to shareholders of record at the opening of business on March 3, 2006 a distribution of $.01 per share derived from capital gains realized from sales of portfolio securities.
The income fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2006, $25,923,382, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2006, 100% and 100% of Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund’s income dividends were free from federal income tax, and 7.18% and 16.83% of Fidelity Massa chusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund’s income dividends were subject to the federal alternative minimum tax.
During fiscal year ended 2006, 100% of Fidelity Massachusetts AMT Tax-Free Money Market Fund’s income dividends was free from federal income tax, and 0.00% of the fund’s income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2007 of amounts for use in preparing 2006 income tax returns.
Annual Report |
86 |
Proxy Voting Results
A special meeting of the fund’s shareholders was held on March 16, 2005. The results of votes taken among shareholders on 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 amend the Declaration of Trust to | ||||
allow the Board of Trustees, if permitted | ||||
by applicable law, to authorize fund | ||||
mergers without shareholder approval.A | ||||
# of | % of | |||
Votes | Votes | |||
Affirmative | 2,528,641,310.15 | 78.206 | ||
Against | 564,203,456.22 | 17.450 | ||
Abstain | 110,645,729.35 | 3.422 | ||
Broker | ||||
Non Votes | 29,820,088.56 | .922 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
PROPOSAL 2 | ||||
To elect a Board of Trustees.A | ||||
# of | % of | |||
Votes | Votes | |||
Laura B. Cronin | ||||
Affirmative | 3,098,360,264.82 | 95.826 | ||
Withheld | 134,950,319.46 | 4.174 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
Dennis J. Dirks | ||||
Affirmative | 3,107,298,775.80 | 96.103 | ||
Withheld | 126,011,808.48 | 3.897 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
Robert M. Gates | ||||
Affirmative | 3,099,540,344.54 | 95.863 | ||
Withheld | 133,770,239.74 | 4.137 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
George H. Heilmeier | ||||
Affirmative | 3,099,895,859.45 | 95.874 | ||
Withheld | 133,414,724.83 | 4.126 | ||
TOTAL | 3,233,310,584.28 | 100.000 |
# of | % of | |||
Votes | Votes | |||
Abigail P. Johnson | ||||
Affirmative | 3,088,523,692.94 | 95.522 | ||
Withheld | 144,786,891.34 | 4.478 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
Edward C. Johnson 3d | ||||
Affirmative | 3,086,649,248.72 | 95.464 | ||
Withheld | 146,661,335.56 | 4.536 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
Marie L. Knowles | ||||
Affirmative | 3,103,737,298.31 | 95.993 | ||
Withheld | 129,573,285.97 | 4.007 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
Ned C. Lautenbach | ||||
Affirmative | 3,103,040,821.30 | 95.971 | ||
Withheld | 130,269,762.98 | 4.029 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
Marvin L. Mann | ||||
Affirmative | 3,098,207,571.16 | 95.822 | ||
Withheld | 135,103,013.12 | 4.178 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
William O. McCoy | ||||
Affirmative | 3,098,777,234.57 | 95.839 | ||
Withheld | 134,533,349.71 | 4.161 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
Robert L. Reynolds | ||||
Affirmative | 3,096,316,342.67 | 95.763 | ||
Withheld | 136,994,241.61 | 4.237 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
Cornelia M. Small | ||||
Affirmative | 3,104,283,335.71 | 96.009 | ||
Withheld | 129,027,248.57 | 3.991 | ||
TOTAL | 3,233,310,584.28 | 100.000 |
87 Annual Report
Proxy Voting Results - continued
# of | % of | |||
Votes | Votes | |||
William S. Stavropoulos | ||||
Affirmative | 3,102,321,792.70 | 95.949 | ||
Withheld | 130,988,791.58 | 4.051 | ||
TOTAL | 3,233,310,584.28 | 100.000 | ||
Kenneth L. Wolfe | ||||
Affirmative | 3,103,742,611.69 | 95.993 | ||
Withheld | 129,567,972.59 | 4.007 | ||
TOTAL | 3,233,310,584.28 | 100.000 |
A Denotes trust-wide proposals and voting results.
Annual Report |
88 |
Board Approval of Investment Advisory Contracts and Management Fees
Fidelity Massachusetts Municipal Money Market Fund
Fidelity Massachusetts Municipal Income Fund (formerly Spartan Massachu setts Municipal Income Fund) Fidelity Massachusetts AMT Tax Free Money Market Fund (formerly Spartan Massachusetts Municipal Money Market Fund)
On January 19, 2006, the Board of Trustees, including the Independent Trustees (together, the Board), voted to approve a general research services agreement (the Agreement) between FMR, FMR Co., Inc. (FMRC), Fidelity Investments Money Manage ment, Inc. (FIMM), and Fidelity Research & Analysis Company (FRAC) (together, the Investment Advisers) for each fund, effective January 20, 2006, pursuant to which FRAC may provide general research and investment advisory support services to FMRC and FIMM. The Board considered that it has approved previously various sub advisory agreements for each fund with affiliates of FMR that allow FMR to obtain research, non discretionary advice, or discretionary portfolio management at no additional expense to each fund. The Board, assisted by the advice of fund counsel and independent Trustees’ counsel, considered a broad range of information and determined that it would be beneficial for each fund to access the research and investment advisory support services supplied by FRAC at no additional expense to each fund.
The Board reached this determination in part because the new arrangement will involve no changes in (i) the contractual terms of and fees payable under each fund’s manage ment contract or sub advisory agreements; (ii) the investment process or strategies employed in the management of each fund’s assets; (iii) the nature or level of services provided under each fund’s management contract or sub advisory agreements; (iv) the day to day management of each fund or the persons primarily responsible for such management; or (v) the ultimate control or beneficial ownership of FMR, FMRC, or FIMM. The Board also considered that the establishment of each Agreement would not necessitate prior shareholder approval of the Agreement or result in an assignment and termination of each fund’s management contract or sub advisory agreements under the Investment Company Act of 1940.
Because the Board was approving an arrangement with FRAC under which each fund will not bear any additional management fees or expenses and under which each fund’s portfolio manager would not change, it did not consider each fund’s investment perfor mance, competitiveness of management fee and total expenses, costs of services and profitability, or economies of scale to be significant factors in its decision.
In connection with its future renewal of each fund’s management contract and sub advisory agreements, the Board will consider: (i) the nature, extent, and quality of services provided to each fund, including shareholder and administrative services and investment performance; (ii) the competitiveness of each fund’s management fee and total expenses; (iii) the costs of the services and profitability, including the revenues
89 Annual Report
Board Approval of Investment Advisory Contracts and Management Fees continued
earned and the expenses incurred by Fidelity in conducting the business of developing, marketing, distributing, managing, administering, and servicing each fund and its shareholders; and (iv) whether there have been economies of scale in respect of the management of the Fidelity funds, whether the Fidelity funds (including each fund) have appropriately benefited from any such economies of scale, and whether there is potential for realization of any further economies.
Based on its evaluation of all of the conclusions noted above, and after considering all material factors, the Board ultimately concluded that each fund’s Agreement is fair and reasonable, and that each fund’s Agreement should be approved.
Annual Report |
90 |
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.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx91x1.jpg)
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx91x2.jpg)
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.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx91x3.jpg)
* 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 guar anteed 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.
91 Annual Report
To Write Fidelity
We’ll give your correspondence immediate attention and send you written confirmation upon completion of your request.
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx92x1.jpg)
(such as changing name, address, bank, etc.)
Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0002
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx92x2.jpg)
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 |
![](https://capedge.com/proxy/N-CSR/0000035341-06-000004/massannx92x3.jpg)
Buying shares Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0003 Selling shares Fidelity Investments P.O. Box 770001 Cincinnati, OH 45277-0035 Overnight Express Fidelity Investments Attn: Distribution Services 100 Crosby Parkway KC1H Covington, KY 41015 General Correspondence Fidelity Investments P.O. Box 500 Merrimack, NH 03054-0500 |
Annual Report 92
To Visit Fidelity
For directions and hours, please call 1-800-544-9797. Arizona 7001 West Ray Road Chandler, AZ 7373 N. Scottsdale Road Scottsdale, AZ California 815 East Birch Street Brea, CA 1411 Chapin Avenue Burlingame, CA 851 East Hamilton Avenue Campbell, CA 19200 Von Karman Avenue Irvine, CA 601 Larkspur Landing Circle Larkspur, CA 10100 Santa Monica Blvd. Los Angeles, CA 27101 Puerta Real Mission Viejo, CA 73 575 El Paseo Palm Desert, CA 251 University Avenue Palo Alto, CA 123 South Lake Avenue Pasadena, CA 16995 Bernardo Ctr. Drive Rancho Bernardo, CA 1740 Arden Way Sacramento, CA 7676 Hazard Center Drive San Diego, CA 8 Montgomery Street San Francisco, CA 3793 State Street Santa Barbara, CA 21701 Hawthorne Boulevard Torrance, CA 2001 North Main Street Walnut Creek, CA 6300 Canoga Avenue Woodland Hills, CA |
Colorado 1625 Broadway Denver, CO 9185 East Westview Road Littleton, CO Connecticut 48 West Putnam Avenue Greenwich, CT 265 Church Street New Haven, CT 300 Atlantic Street Stamford, CT 29 South Main Street West Hartford, CT Delaware 222 Delaware Avenue Wilmington, DE Florida 4400 N. Federal Highway Boca Raton, FL 121 Alhambra Plaza Coral Gables, FL 2948 N. Federal Highway Ft. Lauderdale, FL 1907 West State Road 434 Longwood, FL 8880 Tamiami Trail, North Naples, FL 3550 Tamiami Trail, South Sarasota, FL 1502 N. Westshore Blvd. Tampa, FL 2465 State Road 7 Wellington, FL 3501 PGA Boulevard West Palm Beach, FL Georgia 3445 Peachtree Road, N.E. Atlanta, GA 1000 Abernathy Road Atlanta, GA Illinois One North LaSalle Street Chicago, IL 875 North Michigan Ave. Chicago, IL 1415 West 22nd Street Oak Brook, IL |
1700 East Golf Road Schaumburg, IL 3232 Lake Avenue Wilmette, IL Indiana 4729 East 82nd Street Indianapolis, IN Kansas 5400 College Boulevard Overland Park, KS Maine Three Canal Plaza Portland, ME Maryland 7315 Wisconsin Avenue Bethesda, MD One W. Pennsylvania Ave. Towson, MD Massachusetts 801 Boylston Street Boston, MA 155 Congress Street Boston, MA 300 Granite Street Braintree, MA 44 Mall Road Burlington, MA 405 Cochituate Road Framingham, MA 416 Belmont Street Worcester, MA Michigan 500 E. Eisenhower Pkwy. Ann Arbor, MI 280 Old N. Woodward Ave. Birmingham, MI 43420 Grand River Avenue Novi, MI 29155 Northwestern Hwy. Southfield, MI Minnesota 7600 France Avenue South Edina, MN Missouri 8885 Ladue Road Ladue, MO |
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
93 Annual Report
93
Nevada 2225 Village Walk Drive Henderson, NV New Jersey 150 Essex Street Millburn, NJ 56 South Street Morristown, NJ 396 Route 17, North Paramus, NJ 3518 Route 1 North Princeton, NJ 530 Highway 35 Shrewsbury, NJ New York 1055 Franklin Avenue Garden City, NY 37 West Jericho Turnpike Huntington Station, NY 1271 Avenue of the Americas New York, NY 61 Broadway New York, NY 350 Park Avenue New York, NY 200 Fifth Avenue New York, NY 733 Third Avenue New York, NY 11 Penn Plaza New York, NY 2070 Broadway New York, NY 1075 Northern Blvd. Roslyn, NY North Carolina 4611 Sharon Road Charlotte, NC Ohio 3805 Edwards Road Cincinnati, OH 1324 Polaris Parkway Columbus, OH 28699 Chagrin Boulevard Woodmere Village, OH Oregon 16850 SW 72nd Avenue Tigard, OR |
Pennsylvania 600 West DeKalb Pike King of Prussia, PA 1735 Market Street Philadelphia, PA 12001 Perry Highway Wexford, PA Rhode Island 47 Providence Place Providence, RI Tennessee 6150 Poplar Avenue Memphis, TN Texas 10000 Research Boulevard Austin, TX 4001 Northwest Parkway Dallas, TX 12532 Memorial Drive Houston, TX 2701 Drexel Drive Houston, TX 6500 N. MacArthur Blvd. Irving, TX 6005 West Park Boulevard Plano, TX 14100 San Pedro San Antonio, TX 1576 East Southlake Blvd. Southlake, TX 19740 IH 45 North Spring, TX Utah 215 South State Street Salt Lake City, UT Virginia 1861 International Drive McLean, VA Washington 411 108th Avenue, N.E. Bellevue, WA 1518 6th Avenue Seattle, WA Washington, DC 1900 K Street, N.W. Washington, DC Wisconsin 595 North Barker Road Brookfield, WI |
Annual Report 94
Investment Adviser Fidelity Management & Research Company Boston, MA Sub Advisers Fidelity Investments Money Management, Inc. Fidelity International Investment Advisors Fidelity Research & Analysis Company (formerly Fidelity Management & Research (Far East) Inc.) Fidelity International Investment Advisors (U.K.) Limited General Distributor Fidelity Distributors Corporation Boston, MA Transfer and Shareholder Servicing Agents Citibank, N.A. New York, NY and 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 (FASTR ) (automated phone logo) | 1-800-544-5555 | |
(automated phone logo) Automated line for quickest service |
MAS-UANN-0306 1.789255.103 |
Item 2. Code of Ethics
As of the end of the period, January 31, 2006, Fidelity Massachusetts Municipal Trust (the trust) has adopted a code of ethics, as defined in Item 2 of Form N-CSR, that applies to its President and Treasurer and its Chief Financial Officer. A copy of the code of ethics is filed as an exhibit to this Form N-CSR.
Item 3. Audit Committee Financial Expert
The Board of Trustees of the trust has determined that Marie L. Knowles is an audit committee financial expert, as defined in Item 3 of Form N-CSR. Ms. Knowles is independent for purposes of Item 3 of Form N-CSR.
Item 4. Principal Accountant Fees and Services
(a) Audit Fees.
For the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Audit Fees billed by Deloitte & Touche LLP, the member firms of Deloitte Touche Tohmatsu, and their respective affiliates (collectively, "Deloitte Entities") for professional services rendered for the audits of the financial statements, or services that are normally provided in connection with statutory and regulatory filings or engagements for those fiscal years, for Fidelity Massachusetts AMT Tax-Free Money Market Fund, Fidelity Massachusetts Municipal Income Fund, and Fidelity Massachusetts Municipal Money Market Fund, (the funds) and for all funds in the Fidelity Group of Funds are shown in the table below.
Fund | 2006A | 2005A |
Fidelity Massachusetts AMT Tax-Free Money Market Fund | $26,000 | $27,000 |
Fidelity Massachusetts Municipal Income Fund | $39,000 | $37,000 |
Fidelity Massachusetts Municipal Money Market Fund | $29,000 | $29,000 |
All funds in the Fidelity Group of Funds audited by Deloitte Entities | $5,700,000 | $4,500,000 |
A | Aggregate amounts may reflect rounding. |
(b) Audit-Related Fees.
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Audit-Related Fees billed by Deloitte Entities for services rendered for assurance and related services to each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Fund | 2006A | 2005A |
Fidelity Massachusetts AMT Tax-Free Money Market Fund | $0 | $0 |
Fidelity Massachusetts Municipal Income Fund | $0 | $0 |
Fidelity Massachusetts Municipal Money Market Fund | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Audit-Related Fees that were billed by Deloitte Entities that were required to be approved by the Audit Committee for services rendered on behalf of Fidelity Management & Research Company (FMR) and entities controlling, controlled by, or under common control with FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) that provide ongoing services to the funds ("Fund Service Providers") for assurance and related services that relate directly to the operations and financial reporting of each fund that are reasonably related to the performance of the audit or review of the fund's financial statements, but not reported as Audit Fees, are shown in the table below.
Billed By | 2006A | 2005A |
Deloitte Entities | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
Fees included in the audit-related category comprise assurance and related services (e.g., due diligence services) that are traditionally performed by the independent registered public accounting firm. These audit-related services include due diligence related to mergers and acquisitions, accounting consultations and audits in connection with acquisitions, internal control reviews, attest services that are not required by statute or regulation and consultation concerning financial accounting and reporting standards.
(c) Tax Fees.
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Tax Fees billed by Deloitte Entities for professional services rendered for tax compliance, tax advice, and tax planning for each fund is shown in the table below.
Fund | 2006A | 2005A |
Fidelity Massachusetts AMT Tax-Free Money Market Fund | $3,500 | $3,400 |
Fidelity Massachusetts Municipal Income Fund | $3,700 | $3,600 |
Fidelity Massachusetts Municipal Money Market Fund | $3,500 | $3,400 |
A | Aggregate amounts may reflect rounding. |
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Tax Fees billed by Deloitte Entities that were required to be approved by the Audit Committee for professional services rendered on behalf of the Fund Service Providers for tax compliance, tax advice, and tax planning that relate directly to the operations and financial reporting of each fund is shown in the table below.
Billed By | 2006A | 2005A |
Deloitte Entities | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
Fees included in the Tax Fees category comprise all services performed by professional staff in the independent registered public accounting firm's tax division except those services related to the audit. Typically, this category would include fees for tax compliance, tax planning, and tax advice. Tax compliance, tax advice, and tax planning services include preparation of original and amended tax returns, claims for refund and tax payment-planning services, assistance with tax audits and appeals, tax advice related to mergers and acquisitions and requests for rulings or technical advice from taxing authorities.
(d) All Other Fees.
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Other Fees billed by Deloitte Entities for all other non-audit services rendered to the funds is shown in the table below.
Fund | 2006A | 2005A |
Fidelity Massachusetts AMT Tax-Free Money Market Fund | $0 | $0 |
Fidelity Massachusetts Municipal Income Fund | $0 | $0 |
Fidelity Massachusetts Municipal Money Market Fund | $0 | $0 |
A | Aggregate amounts may reflect rounding. |
In each of the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate Other Fees billed by Deloitte Entities that were required to be approved by the Audit Committee for all other non-audit services rendered on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund is shown in the table below.
Billed By | 2006A | 2005A |
Deloitte Entities | $160,000 | $760,000 |
A | Aggregate amounts may reflect rounding. |
Fees included in the All Other Fees category include services related to internal control reviews, strategy and other consulting, financial information systems design and implementation, consulting on other information systems, and other tax services unrelated to the fund.
(e) (1) | Audit Committee Pre-Approval Policies and Procedures: |
The trust's Audit Committee must pre-approve all audit and non-audit services provided by the independent registered public accounting firm relating to the operations or financial reporting of the funds. Prior to the commencement of any audit or non-audit services to a fund, the Audit Committee reviews the services to determine whether they are appropriate and permissible under applicable law.
The trust's Audit Committee has adopted policies and procedures to, among other purposes, provide a framework for the Committee's consideration of non-audit services by the audit firms that audit the Fidelity funds. The policies and procedures require that any non-audit service provided by a fund audit firm to a Fidelity Fund and any non-audit service provided by a fund auditor to a Fund Service Provider that relates directly to the operations and financial reporting of a Fidelity fund (Covered Service) are subject to approval by the Audit Committee before such service is provided. Non-audit services provided by a fund audit firm for a Fund Service Provider that do not relate directly to the operations and financial reporting of a Fidelity fund (Non-Covered Service) but that are expected to exceed $50,000 are also subject to pre-approval by the Audit Committee.
All Covered Services, as well as Non-Covered Services that are expected to exceed $50,000, must be approved in advance of provision of the service either: (i) by formal resolution of the Audit Committee, or (ii) by oral or written approval of the service by the Chair of the Audit Committee (or if the Chair is unavailable, such other member of the Audit Committee as may be designated by the Chair to act in the Chair's absence). The approval contemplated by (ii) above is permitted where the Treasurer determines that action on such an engagement is necessary before the next meeting of the Audit Committee. Neither pre-approval nor advance notice of Non-Covered Service engagements for which fees are not expected to exceed $50,000 is required; such engagements are to be reported to the Audit Committee monthly.
(e) (2) | Services approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X: |
Audit-Related Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of each fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005, on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
Tax Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of each fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
All Other Fees:
There were no amounts that were approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of each fund.
There were no amounts that were required to be approved by the Audit Committee pursuant to the de minimis exception for the fiscal years ended January 31, 2006 and January 31, 2005 on behalf of the Fund Service Providers that relate directly to the operations and financial reporting of each fund.
(f) Not Applicable.
(g) For the fiscal years ended January 31, 2006 and January 31, 2005, the aggregate fees billed by Deloitte Entities of $425,000A and $1,100,000A,B for non-audit services rendered on behalf of the funds, FMR (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser) and Fund Service Providers relating to Covered Services and Non-Covered Services are shown in the table below.
2006A | 2005A | |
Covered Services | $175,000 | $750,000 |
Non-Covered Services | $250,000 | $350,000B |
A | Aggregate amounts may reflect rounding. |
B | Reflects current period presentation. |
(h) The trust's Audit Committee has considered Non-Covered Services that were not pre-approved that were provided by Deloitte Entities to Fund Service Providers to be compatible with maintaining the independence of Deloitte Entities in its audit of the funds, taking into account representations from Deloitte Entities, in accordance with Independence Standards Board Standard No.1, regarding its independence from the funds and their related entities.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Schedule of Investments
Not applicable.
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the trust's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the trust's internal control over financial reporting.
Item 12. Exhibits
(a) | (1) | Code of Ethics pursuant to Item 2 of Form N-CSR is filed and attached hereto as EX-99.CODE ETH. |
(a) | (2) | Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
(a) | (3) | Not applicable. |
(b) | Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Massachusetts Municipal Trust
By: | /s/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | March 27, 2006 |
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/Christine Reynolds |
Christine Reynolds | |
President and Treasurer | |
Date: | March 27, 2006 |
By: | /s/Paul M. Murphy |
Paul M. Murphy | |
Chief Financial Officer | |
Date: | March 27, 2006 |