-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
S7SrpUHAD2FpxdHn0s3F6jqF7Z5ZhuKQfl5coZyqwcNN/uv13+58rIp603Qt6UR8
eWD/erDrUp/+byM4d6Nq3A==
UNITED STATES FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3361
Fidelity Massachusetts Municipal Trust 82 Devonshire St., Boston, Massachusetts 02109 Eric D. Roiter, Secretary
82 Devonshire St.
Boston, Massachusetts 02109 Registrant's telephone number, including area code: 617-563-7000
Date of fiscal year end:
January 31
Date of reporting period:
January 31, 2008
Item 1. Reports to Stockholders
Fidelity® Institutional Class
Service Class
Annual Report
January 31, 2008
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message
Ned Johnson's message to shareholders.
Shareholder Expense Example
An example of shareholder expenses.
Investment Changes/Performance
A summary of major shifts in the fund's investments over the past year.
Investments
A complete list of the fund's investments with their market values.
Financial Statements
Statements of assets and liabilities, operations, and changes in net assets, Notes
Notes to the financial statements.
Report of Independent Registered Public
Accounting Firm
Trustees and Officers
Distributions
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit
the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
Annual Report
This report and the financial statements contained herein are submitted for the general
information of the shareholders of the funds. This report is not authorized for distribution to
prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third
quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at
http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public
Reference Room in Washington, DC. Information regarding the operation of the SEC's Public
Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's
portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on
Fidelity's web site at http://www.fidelity.com, or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
(Exact name of registrant as specified in charter)
(Address of principal executive offices) (Zip code)
(Name and address of agent for service)
Massachusetts AMT
Tax-Free Money Market Fund -
Massachusetts AMT Tax-Free
Money Market
Contents
as well as financial highlights.
Annual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Stocks got off to a poor start in 2008, while investment-grade bonds and money markets showed positive returns, once again underscoring the importance of a diversified portfolio. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
As a shareholder of the Fund, you incur two types of costs: (1) transaction costs, and (2) ongoing costs, including management fees, distribution and/or service (12b-1) fees and other Fund expenses. This Example is intended to help you understand your ongoing costs (in dollars) of investing in the Fund and to compare these costs with the ongoing costs of investing in other mutual funds.
The Example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period (August 1, 2007 to January 31, 2008).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Annual Report
Shareholder Expense Example - continued
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.
|
Beginning |
Ending |
Expenses Paid |
Massachusetts AMT Tax-Free Money Market |
|
|
|
Actual |
$ 1,000.00 |
$ 1,016.40 |
$ 1.52 |
Hypothetical A |
$ 1,000.00 |
$ 1,023.69 |
$ 1.53 |
Institutional Class |
|
|
|
Actual |
$ 1,000.00 |
$ 1,016.90 |
$ 1.02 |
Hypothetical A |
$ 1,000.00 |
$ 1,024.20 |
$ 1.02 |
Service Class |
|
|
|
Actual |
$ 1,000.00 |
$ 1,015.60 |
$ 2.29 |
Hypothetical A |
$ 1,000.00 |
$ 1,022.94 |
$ 2.29 |
A 5% return per year before expenses
* Expenses are equal to each Class' 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 |
Massachusetts AMT Tax-Free Money Market |
.30% |
Institutional Class |
.20% |
Service Class |
.45% |
Annual Report
Fidelity Massachusetts AMT Tax-Free Money Market Fund
Maturity Diversification |
|||
Days |
% of fund's investments 1/31/08 |
% of fund's investments 7/31/07 |
% of fund's |
0 - 30 |
88.8 |
88.6 |
92.7 |
31 - 90 |
6.4 |
7.3 |
3.8 |
91 - 180 |
1.3 |
0.7 |
0.5 |
181 - 397 |
3.5 |
3.4 |
3.0 |
Weighted Average Maturity |
|||
|
1/31/08 |
7/31/07 |
1/31/07 |
Fidelity Massachusetts AMT Tax-Free Money Market Fund |
19 Days |
21 Days |
17 Days |
Massachusetts Tax-Free Money Market Funds Average * |
24 Days |
23 Days |
18 Days |
Asset Allocation (% of fund's net assets) |
|||||||
As of January 31, 2008 |
As of July 31, 2007 |
||||||
![]() |
Variable Rate Demand Notes (VRDNs) 78.2% |
|
![]() |
Variable Rate Demand Notes (VRDNs) 84.8% |
|
||
![]() |
Commercial Paper (including CP Mode) 5.4% |
|
![]() |
Commercial Paper (including CP Mode) 7.4% |
|
||
![]() |
Tender Bonds 1.0% |
|
![]() |
Tender Bonds 1.2% |
|
||
![]() |
Municipal Notes 5.8% |
|
![]() |
Municipal Notes 4.0% |
|
||
![]() |
Fidelity Tax-Free Cash Central Fund 2.7% |
|
![]() |
Fidelity Tax-Free Cash Central Fund 0.0% |
|
||
![]() |
Other Investments 0.7% |
|
![]() |
Other Investments 0.7% |
|
||
![]() |
Net Other Assets 6.2% |
|
![]() |
Net Other Assets 1.9% |
|
Current and Historical Seven-Day Yields
|
1/28/08 |
10/29/07 |
7/30/07 |
4/30/07 |
1/29/07 |
Fidelity Massachusetts AMT Tax-Free Money Market |
2.78% |
3.20% |
3.36% |
3.61% |
3.23% |
If Fidelity had not reimbursed certain fund expenses |
- |
- |
- |
- |
3.21% |
Annual Report
Investment Changes - continued
Current and Historical Seven-Day Yields
|
1/28/08 |
10/29/07 |
7/30/07 |
4/30/07 |
1/29/07 |
Fidelity Massachusetts AMT Tax-Free Money Market Fund - Institutional Class |
2.87% |
3.30% |
3.44% |
3.71% |
- |
If Fidelity had not reimbursed certain fund expenses |
2.82% |
3.25% |
3.39% |
3.65% |
- |
Current and Historical Seven-Day Yields
|
1/28/08 |
10/29/07 |
7/30/07 |
4/30/07 |
1/29/07 |
Fidelity Massachusetts AMT Tax-Free Money Market Fund - Service Class |
2.61% |
3.05% |
3.19% |
3.46% |
- |
If Fidelity had not reimbursed certain fund expenses |
2.59% |
3.01% |
3.15% |
3.40% |
- |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money by investing in the fund.
*Source: iMoneyNet, Inc.
Annual Report
Fidelity Massachusetts AMT Tax-Free Money Market Fund
Showing Percentage of Net Assets
Municipal Securities - 93.8% |
|||
Principal Amount |
Value |
||
Arizona - 0.2% |
|||
Arizona Health Facilities Auth. Rev. Series 2005 A, 2.45% (MBIA Insured), VRDN (b) |
$ 8,899,943 |
$ 8,899,943 |
|
Colorado - 0.1% |
|||
Univ. of Colorado Hosp. Auth. Rev. Series A, 2.11% (FSA Insured), VRDN (b) |
2,825,000 |
2,825,000 |
|
Florida - 0.1% |
|||
Sunrise Util. Sys. Rev. Participating VRDN Series DBE 518, 2.26% (Liquidity Facility Deutsche Bank AG) (b)(c) |
4,130,000 |
4,130,000 |
|
Illinois - 0.0% |
|||
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series MS 08 2362, 2.27% (Liquidity Facility Morgan Stanley) (b)(c) |
1,700,000 |
1,700,000 |
|
Maryland - 0.1% |
|||
Maryland Health & Higher Edl. Facilities Auth. Rev. (Johns Hopkins Univ. Issue Proj.) Series A, 1.9%, VRDN (b) |
4,500,000 |
4,500,000 |
|
Massachusetts - 80.1% |
|||
Bedford Gen. Oblig. BAN 4.25% 7/24/08 |
15,400,000 |
15,438,828 |
|
Bourne Gen. Oblig. BAN 3% 1/30/09 |
9,080,536 |
9,126,323 |
|
Braintree Gen. Oblig. BAN 3.75% 11/13/08 |
27,100,000 |
27,181,953 |
|
Falmouth Gen. Oblig. BAN: |
|
|
|
Series A, 4% 10/10/08 |
5,000,000 |
5,019,973 |
|
4% 3/14/08 |
19,189,000 |
19,195,853 |
|
Haverhill Gen. Oblig. BAN: |
|
|
|
3.5% 12/12/08 |
3,500,000 |
3,514,599 |
|
3.75% 11/7/08 |
3,091,000 |
3,098,989 |
|
Massachusetts Participating VRDN: |
|
|
|
Series Clipper 06 11, 2.23% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c) |
19,605,000 |
19,605,000 |
|
Series Clipper 07 18, 2.4% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c) |
54,600,000 |
54,600,000 |
|
Series MACN 06 I, 2.55% (Liquidity Facility Bank of America NA) (b)(c) |
10,890,000 |
10,890,000 |
|
Massachusetts Bay Trans. Auth.: |
|
|
|
Participating VRDN: |
|
|
|
Series Merlots 00 H, 2.51% (Liquidity Facility Wachovia Bank NA) (b)(c) |
8,400,000 |
8,400,000 |
|
Series ROC II R 10181, 3.27% (Liquidity Facility Citibank NA) (b)(c) |
4,000,000 |
4,000,000 |
|
Series TOC 04 D, 2.24% (Liquidity Facility Goldman Sachs Group, Inc.) (b)(c) |
5,800,000 |
5,800,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Bay Trans. Auth.: - continued |
|
|
|
Gen.Trans. Sys. 2.24% (Liquidity Facility Dexia Cr. Local de France), VRDN (b) |
$ 59,600,000 |
$ 59,600,000 |
|
Series 1999, 2.04% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b) |
25,200,000 |
25,200,000 |
|
Massachusetts Bay Trans. Auth. Massachusetts Rev. Participating VRDN: |
|
|
|
Series PT 2250, 2.4% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
6,260,000 |
6,260,000 |
|
Series PT 3616, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
7,995,000 |
7,995,000 |
|
Series PT 3619, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
13,360,000 |
13,360,000 |
|
Series Putters 1062, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (b)(c) |
12,100,000 |
12,100,000 |
|
Series ROC II R 10112, 2.27% (Liquidity Facility Citigroup, Inc.) (b)(c) |
2,590,000 |
2,590,000 |
|
Series ROC II R 10160, 2.27% (Liquidity Facility Citigroup, Inc.) (b)(c) |
4,945,000 |
4,945,000 |
|
Series ROC II R 507, 2.27% (Liquidity Facility Citibank NA) (b)(c) |
3,955,000 |
3,955,000 |
|
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN: |
|
|
|
Series MACN 05 E, 2.24% (Liquidity Facility Bank of America NA) (b)(c) |
8,600,000 |
8,600,000 |
|
Series Merlots 06 B35, 2.24% (Liquidity Facility Wachovia Bank NA) (b)(c) |
19,675,000 |
19,675,000 |
|
Series PT 1580, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
9,430,000 |
9,430,000 |
|
Series PT 2459, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
2,000,000 |
2,000,000 |
|
Series PT 2581, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
91,540,000 |
91,540,000 |
|
Series PT 2625, 2.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
21,710,000 |
21,710,000 |
|
Series PT 3585, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
9,360,000 |
9,360,000 |
|
Series PT 3630, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
10,645,000 |
10,645,000 |
|
Series PT 3857, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
20,995,000 |
20,995,000 |
|
Series PT 4140, 2.22% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (b)(c) |
17,860,000 |
17,860,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN: - continued |
|
|
|
Series PT 4368, 2.22% (Liquidity Facility Wells Fargo & Co.) (b)(c) |
$ 5,050,000 |
$ 5,050,000 |
|
Series PT 4406, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
25,960,000 |
25,960,000 |
|
Series Putters 1824, 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
16,460,000 |
16,460,000 |
|
Series ROC II R 7026, 2.27% (Liquidity Facility Citigroup, Inc.) (b)(c) |
11,345,000 |
11,345,000 |
|
Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev. 2.19%, LOC KeyBank NA, VRDN (b) |
9,000,000 |
9,000,000 |
|
Massachusetts Dev. Fin. Agcy. Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series MACN 06 P, 2.55% (Liquidity Facility Bank of America NA) (b)(c) |
5,100,000 |
5,100,000 |
|
Series MS 974, 5.49% (Liquidity Facility Morgan Stanley) (b)(c) |
2,781,500 |
2,781,500 |
|
Series ROC II R 12115, 4.07% (Liquidity Facility Citigroup, Inc.) (b)(c) |
13,000,000 |
13,000,000 |
|
(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 2.32%, LOC PNC Bank NA, Pittsburgh, VRDN (b) |
3,700,000 |
3,700,000 |
|
(Boston Renaissance Charter School Proj.) 2.25%, LOC Bank of America NA, VRDN (b) |
8,400,000 |
8,400,000 |
|
(Brooksby Village, Inc. Proj.) 2.05%, LOC LaSalle Bank NA, VRDN (b) |
46,590,000 |
46,590,000 |
|
(Carleton-Willard Village Proj.) 2.05%, LOC Bank of America NA, VRDN (b) |
12,170,000 |
12,170,000 |
|
(Childrens Museum Proj.) 2.12%, LOC Citizens Bank of Massachusetts (OLD), VRDN (b) |
12,200,000 |
12,200,000 |
|
(City Year Proj.) 2.13%, LOC Bank of America NA, VRDN (b) |
8,100,000 |
8,100,000 |
|
(Dean College Issue Prog.) 2.12%, LOC Citizens Bank of Massachusetts (OLD), VRDN (b) |
5,905,000 |
5,905,000 |
|
(Draper Lab. Issue Proj.) Series 2000, 2.12% (MBIA Insured), VRDN (b) |
13,690,000 |
13,690,000 |
|
(Edgewood Retirement Proj.) Series A, 2.07%, LOC Lloyds TSB Bank PLC, VRDN (b) |
4,900,000 |
4,900,000 |
|
(Hockomock YMCA Issue Proj.) 2.12%, LOC Bank of America NA, VRDN (b) |
2,620,000 |
2,620,000 |
|
(Int'l. Fund For Animal Welfare, Inc. Proj.) 2.13%, LOC Bank of America NA, VRDN (b) |
13,600,000 |
13,600,000 |
|
(Lasell Village Proj.) 2.22%, LOC Bank of America NA, VRDN (b) |
20,115,000 |
20,115,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Dev. Fin. Agcy. Rev.: - continued |
|
|
|
(Mary Ann Morse Healthcare Proj.) 2.23%, LOC JPMorgan Chase Bank, VRDN (b) |
$ 8,700,000 |
$ 8,700,000 |
|
(Masonic Nursing Home, Inc. Proj.) 2.17%, LOC Citizens Bank of Massachusetts (OLD), VRDN (b) |
16,610,000 |
16,610,000 |
|
(Neighborhood House Charter Proj.) Series A, 2.2%, LOC Bank of America NA, VRDN (b) |
7,100,000 |
7,100,000 |
|
(New Jewish High School Proj.) 2.21%, LOC Allied Irish Banks PLC, VRDN (b) |
10,315,000 |
10,315,000 |
|
(Newton Country Day School Proj.): |
|
|
|
2.2%, LOC Bank of America NA, VRDN (b) |
7,290,000 |
7,290,000 |
|
2.2%, LOC Bank of America NA, VRDN (b) |
10,280,000 |
10,280,000 |
|
(Saint Mark's School Proj.) 2.2%, LOC Bank of America NA, VRDN (b) |
7,560,000 |
7,560,000 |
|
(Sherburne Commons, Inc. Proj.) 2.07%, LOC Comerica Bank, Detroit, VRDN (b) |
27,500,000 |
27,500,000 |
|
(Smith College Proj.) 2.05%, VRDN (b) |
7,000,000 |
7,000,000 |
|
(South Area Solomon Day School Proj.) 2.23%, LOC Fifth Third Bank, Cincinnati, VRDN (b) |
9,000,000 |
9,000,000 |
|
(Thayer Academy Proj.) 2.24%, VRDN (b) |
30,340,000 |
30,340,000 |
|
(The May Institute, Inc. Proj.) Series H, 2.2%, LOC Banco Santander SA, VRDN (b) |
6,400,000 |
6,400,000 |
|
(The Rivers School Proj.) 2.21%, LOC Citizens Bank of Massachusetts (OLD), VRDN (b) |
7,000,000 |
7,000,000 |
|
(Third Sector New England, Inc. Proj.) Series A, 2.2%, LOC Bank of America NA, VRDN (b) |
17,500,000 |
17,500,000 |
|
(WGBH Edl. Foundation Proj.): |
|
|
|
Series 2005 A, 5% (AMBAC Insured), VRDN (b) |
13,320,000 |
13,320,000 |
|
Series 2006 A, 5% (AMBAC Insured), VRDN (b) |
52,135,000 |
52,135,000 |
|
(YMCA of Greater Boston Proj.) Series A, 2.21%, LOC Citizens Bank of Massachusetts (OLD), VRDN (b) |
25,680,000 |
25,680,000 |
|
Series 2001: |
|
|
|
2.9% 4/3/08, LOC JPMorgan Chase Bank, CP |
3,075,000 |
3,075,000 |
|
3.1% 4/3/08, LOC JPMorgan Chase Bank, CP |
5,509,000 |
5,509,000 |
|
Series A, 2.12%, LOC Bank of America NA, VRDN (b) |
6,000,000 |
6,000,000 |
|
3.48% 3/6/08, LOC Bank of America NA, CP |
13,029,000 |
13,029,000 |
|
Massachusetts Dev. Fin. Agcy. Sr. Living Facility Rev. (New England Deaconess Assoc. Proj.) 2.05%, LOC Lloyds TSB Bank PLC, VRDN (b) |
19,810,000 |
19,810,000 |
|
Massachusetts Gen. Oblig.: |
|
|
|
Bonds: |
|
|
|
Series 2002 E, 5.5% 1/1/09 |
4,600,000 |
4,747,515 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Gen. Oblig.: - continued |
|
|
|
Bonds: |
|
|
|
Series C: |
|
|
|
4% 8/1/08 |
$ 1,000,000 |
$ 1,002,981 |
|
5% 8/1/08 |
3,905,000 |
3,936,864 |
|
Series MS 1015, 3.75%, tender 3/6/08 (Liquidity Facility Morgan Stanley) (b)(c)(f) |
3,000,000 |
3,000,000 |
|
Series Solar 07 77, 3.35%, tender 6/12/08 (Liquidity Facility U.S. Bank NA, Minnesota) (b)(c)(f) |
11,310,000 |
11,310,000 |
|
Participating VRDN: |
|
|
|
Series AAB 00 18, 2.55% (Liquidity Facility Bank of America NA) (b)(c) |
4,600,000 |
4,600,000 |
|
Series AAB 02 18, 2.55% (Liquidity Facility Bank of America NA) (b)(c) |
4,500,000 |
4,500,000 |
|
Series Clipper 07 06, 2.4% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c) |
17,900,000 |
17,900,000 |
|
Series Clipper 07 39, 2.25% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c) |
19,800,000 |
19,800,000 |
|
Series EGL 07 0149, 2.52% (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA) (b)(c) |
11,500,000 |
11,500,000 |
|
Series MACN 05 C, 2.55% (Liquidity Facility Bank of America NA) (b)(c) |
3,950,000 |
3,950,000 |
|
Series Merlots 04 B12, 2.61% (Liquidity Facility Wachovia Bank NA) (b)(c) |
16,895,000 |
16,895,000 |
|
Series Merlots 06 B30, 2.22% (Liquidity Facility Wachovia Bank NA) (b)(c) |
10,350,000 |
10,350,000 |
|
Series Merlots 06 B7, 2.51% (Liquidity Facility Wachovia Bank NA) (b)(c) |
9,955,000 |
9,955,000 |
|
Series Merlots 07 C75, 2.56% (Liquidity Facility Bank of New York, New York) (b)(c) |
10,640,000 |
10,640,000 |
|
Series MS 01 535, 2.24% (Liquidity Facility Morgan Stanley) (b)(c) |
5,400,000 |
5,400,000 |
|
Series MS 1186, 2.99% (Liquidity Facility Rabobank Nederland Coop. Central) (b)(c) |
5,500,000 |
5,500,000 |
|
Series MT 487, 2.7% (Liquidity Facility BNP Paribas SA) (b)(c) |
11,075,000 |
11,075,000 |
|
Series PT 1281, 2.4% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
5,000,000 |
5,000,000 |
|
Series PT 2299, 2.3% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
5,160,000 |
5,160,000 |
|
Series PT 2332, 2.7% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
5,415,000 |
5,415,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Gen. Oblig.: - continued |
|
|
|
Participating VRDN: |
|
|
|
Series PT 2426, 2.7% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
$ 4,800,000 |
$ 4,800,000 |
|
Series PT 2623, 2.22% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
10,250,000 |
10,250,000 |
|
Series PT 3202, 2.22% (Liquidity Facility Danske Bank AS) (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
6,240,000 |
6,240,000 |
|
Series PT 3222, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
17,860,000 |
17,860,000 |
|
Series PT 3625, 2.3% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
7,645,000 |
7,645,000 |
|
Series PT 3673, 2.7% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
7,560,000 |
7,560,000 |
|
Series PT 4301, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
15,265,000 |
15,265,000 |
|
Series PT 4302, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
50,000,000 |
50,000,000 |
|
Series PT 4351, 2.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
10,660,000 |
10,660,000 |
|
Series PT 921, 2.22% (Liquidity Facility BNP Paribas SA) (b)(c) |
5,430,000 |
5,430,000 |
|
Series PT 983, 2.7% (Liquidity Facility DEPFA BANK PLC) (b)(c) |
7,395,000 |
7,395,000 |
|
Series PT 987, 2.7% (Liquidity Facility DEPFA BANK PLC) (b)(c) |
8,140,000 |
8,140,000 |
|
Series Putters 1845, 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
18,495,000 |
18,495,000 |
|
Series Putters 2022, 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
13,600,000 |
13,600,000 |
|
Series Putters 301, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (b)(c) |
4,590,000 |
4,590,000 |
|
Series ROC II R 10127, 2.27% (Liquidity Facility Citibank NA) (b)(c) |
2,265,000 |
2,265,000 |
|
Series ROC II R 10164, 2.52% (Liquidity Facility Citibank NA) (b)(c) |
30,250,000 |
30,250,000 |
|
Series ROC II R 102, 2.27% (Liquidity Facility Citibank NA) (b)(c) |
4,865,000 |
4,865,000 |
|
Series ROC II R 11090, 2.27% (Liquidity Facility Citibank NA) (b)(c) |
15,500,000 |
15,500,000 |
|
Series SG 126, 2.7% (Liquidity Facility Societe Generale) (b)(c) |
3,255,000 |
3,255,000 |
|
Series SG 17, 2.7% (Liquidity Facility Societe Generale) (b)(c) |
18,555,000 |
18,555,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Gen. Oblig.: - continued |
|
|
|
(Central Artery Proj.): |
|
|
|
Series SGC 07 5, 2.7% (Liquidity Facility Societe Generale) (b)(c) |
$ 18,700,000 |
$ 18,700,000 |
|
Series 2000 A, 1.8% (Liquidity Facility Landesbank Baden-Wuert), VRDN (b) |
42,775,000 |
42,775,000 |
|
Series B, 1.8% (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) |
14,990,000 |
14,990,000 |
|
RAN Series 2007 A, 3.08% 3/21/08 (f) |
36,900,000 |
36,900,000 |
|
Series 1998 B, 2.29% (Liquidity Facility DEPFA BANK PLC), VRDN (b) |
34,500,000 |
34,500,000 |
|
Series 1999 D, 3.4% 2/6/08 (Liquidity Facility Bayerische Landesbank Girozentrale), CP |
20,200,000 |
20,200,000 |
|
Series 2001 B, 1.84% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (b) |
6,000,000 |
6,000,000 |
|
Series 2005 A, 2.12% (Liquidity Facility Citibank NA), VRDN (b) |
7,400,000 |
7,400,000 |
|
Series D, 3.32% 3/7/08 (Liquidity Facility Bayerische Landesbank Girozentrale), CP |
6,800,000 |
6,800,000 |
|
Series G, 3.32% 3/7/08 (Liquidity Facility BNP Paribas SA), CP |
7,300,000 |
7,300,000 |
|
Series H, 3.32% 3/7/08 (Liquidity Facility Bank of Nova Scotia, New York Agcy.), CP |
4,200,000 |
4,200,000 |
|
Massachusetts Health & Edl. Facilities Auth. Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series Clipper 07 08, 2.23% (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c) |
4,200,000 |
4,200,000 |
|
Series Merlots 00 T, 3.66% (Liquidity Facility Wachovia Bank NA) (b)(c) |
1,570,000 |
1,570,000 |
|
Series Merlots 00 WW, 2.24% (Liquidity Facility Wachovia Bank NA) (b)(c) |
12,995,000 |
12,995,000 |
|
Series Merlots 97 Y, 2.51% (Liquidity Facility Wachovia Bank NA) (b)(c) |
4,335,000 |
4,335,000 |
|
Series PA 595R, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
4,000,000 |
4,000,000 |
|
Series PA 973R, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
3,300,000 |
3,300,000 |
|
Series PT 904, 2.22% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c) |
10,080,000 |
10,080,000 |
|
Series ROC II R 10244, 2.28% (Liquidity Facility Citigroup, Inc.) (b)(c) |
20,600,000 |
20,600,000 |
|
Series SGB 42, 2.26% (Liquidity Facility Societe Generale) (b)(c) |
8,700,000 |
8,700,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
(Amherst College Proj.): |
|
|
|
Series I, 2%, VRDN (b) |
$ 4,310,000 |
$ 4,310,000 |
|
Series J1, 2%, VRDN (b) |
430,000 |
430,000 |
|
Series J2, 1.94%, VRDN (b) |
3,635,000 |
3,635,000 |
|
(Amherst College) Series F, 2%, VRDN (b) |
2,100,000 |
2,100,000 |
|
(Baystate Med. Ctr. Proj.) Series G, 2.12%, LOC Bank of America NA, VRDN (b) |
38,800,000 |
38,800,000 |
|
(Boston Univ. Proj.) Series H, 2.1%, LOC State Street Bank & Trust Co., Boston, VRDN (b) |
2,600,000 |
2,600,000 |
|
(Children's Hosp. Proj.) Series L-2, 4% (AMBAC Insured), VRDN (b) |
14,590,000 |
14,590,000 |
|
(CIL Realty of Massachusetts Proj.) Series 2007, 2.11%, LOC HSBC Bank USA, VRDN (b) |
8,330,000 |
8,330,000 |
|
(Harvard Univ. Proj.): |
|
|
|
Series BB 1.9%, VRDN (b) |
31,105,000 |
31,105,000 |
|
Series GG1, 1.9%, VRDN (b) |
49,850,000 |
49,850,000 |
|
Series Y, 1.8%, VRDN (b) |
8,900,000 |
8,900,000 |
|
(Harvard Vanguard Med. Associates Proj.) 2.1%, LOC Bank of America NA, VRDN (b) |
32,480,000 |
32,480,000 |
|
(Home for Little Wanderers Proj.) Series B, 2.2%, LOC Citizens Bank of Massachusetts (OLD), VRDN (b) |
4,185,000 |
4,185,000 |
|
(Massachusetts Institute of Technology Proj.) Series 2001 J2, 1.9%, VRDN (b) |
26,070,000 |
26,070,000 |
|
(Northeast Hosp. Corp. Proj.) Series H, 2.16%, LOC Bank of America NA, VRDN (b) |
22,650,000 |
22,650,000 |
|
(Partners HealthCare Sys., Inc. Proj.): |
|
|
|
Series P1, 2% (FSA Insured), VRDN (b) |
44,780,000 |
44,780,000 |
|
Series P2, 2.13% (FSA Insured), VRDN (b) |
46,900,000 |
46,900,000 |
|
(Pool Ln. Prog.) Series M3D, 2.12%, LOC Citizens Bank of Massachusetts (OLD), VRDN (b) |
10,900,000 |
10,900,000 |
|
(Pooled Ln. Prog.) Series M-3C, 2.12%, LOC Citizens Bank of Massachusetts (OLD), VRDN (b) |
1,440,000 |
1,440,000 |
|
(Williams College Proj.) Series I, 2%, VRDN (b) |
19,200,000 |
19,200,000 |
|
Series B, 2.2%, LOC Citizens Bank of Massachusetts (OLD), VRDN (b) |
7,730,000 |
7,730,000 |
|
2.75% 3/5/08, CP |
20,000,000 |
20,000,000 |
|
3.08% 4/3/08, CP |
3,000,000 |
3,000,000 |
|
3.35% 3/10/08, CP |
11,500,000 |
11,500,000 |
|
3.36% 2/12/08, CP |
13,500,000 |
13,500,000 |
|
3.36% 2/12/08, CP |
30,700,000 |
30,700,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): |
|
|
|
Massachusetts Hsg. Fin. Agcy. Hsg. Rev.: |
|
|
|
Participating VRDN Series Merlots H, 2.56% (Liquidity Facility Wachovia Bank NA) (b)(c) |
$ 8,375,000 |
$ 8,375,000 |
|
Series 2003 F, 2.39% (FSA Insured), VRDN (b) |
3,150,000 |
3,150,000 |
|
Series 1992, 2.97% tender 3/6/08, CP mode |
4,100,000 |
4,100,000 |
|
Series 1993 A, 2.97% tender 3/6/08, CP mode |
6,300,000 |
6,300,000 |
|
Series 1993 B, 3.5% tender 3/10/08, CP mode |
19,000,000 |
19,000,000 |
|
Massachusetts Indl. Fin. Agcy. Rev.: |
|
|
|
Bonds (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/08 |
19,800,000 |
19,429,184 |
|
(Goddard House Proj.) 2.14%, LOC Bank of America NA, VRDN (b) |
9,400,000 |
9,400,000 |
|
(Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 2.2%, LOC Bank of America NA, VRDN (b) |
6,085,000 |
6,085,000 |
|
(Youville Place Proj.) Series 1996, 4% (AMBAC Insured), VRDN (b) |
3,600,000 |
3,600,000 |
|
Massachusetts Port Auth. Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series Putters 893, 2.6% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
12,295,000 |
12,295,000 |
|
Series Solar 06 108, 3.5% (Liquidity Facility U.S. Bank NA, Minnesota) (b)(c) |
9,300,000 |
9,300,000 |
|
Series 2003 A, 3.4% 3/6/08, LOC Bank of New York, New York, CP |
15,000,000 |
15,000,000 |
|
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series EGL 07 0031, 2.51% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c) |
30,500,000 |
30,500,000 |
|
Series EGL 07 0033, 2.51% (Liquidity Facility Bayerische Landesbank (UNGTD)) (b)(c) |
19,800,000 |
19,800,000 |
|
Series EGL 07 0067, 2.51% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c) |
19,100,000 |
19,100,000 |
|
Series EGL 07 0092, 2.51% (Liquidity Facility DZ Bank Ag Deutsche Genosbank.) (b)(c) |
33,500,000 |
33,500,000 |
|
Series MS 06 1340, 2.19% (Liquidity Facility Morgan Stanley) (b)(c) |
8,225,000 |
8,225,000 |
|
Series PT 3105, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
20,730,000 |
20,730,000 |
|
Series PT 4164, 2.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
3,080,000 |
3,080,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: - continued |
|
|
|
Series PT 4230, 2.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
$ 30,090,000 |
$ 30,090,000 |
|
Participating VRDN: |
|
|
|
Series Putters 1197, 2.5% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
7,695,000 |
7,695,000 |
|
Series Putters 1376, 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
9,605,000 |
9,605,000 |
|
Series Putters 1377 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
18,000,000 |
18,000,000 |
|
Series Putters 1430, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (b)(c) |
10,215,000 |
10,215,000 |
|
Series Putters 1744, 2.6% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
18,285,000 |
18,285,000 |
|
Series Putters 1819, 2.6% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
5,315,000 |
5,315,000 |
|
Series Putters 1920, 2.6% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
13,950,000 |
13,950,000 |
|
Series Putters 1984, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (b)(c) |
20,995,000 |
20,995,000 |
|
Series Putters 2038, 2.6% (Liquidity Facility JPMorgan Chase & Co.) (b)(c) |
655,000 |
655,000 |
|
Series Putters 2286, 2.6% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
15,520,000 |
15,520,000 |
|
Series Putters 2479Z, 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
3,100,000 |
3,100,000 |
|
Series ROC II R 12209, 2.73% (Liquidity Facility Bank of New York, New York) (b)(c) |
10,000,000 |
10,000,000 |
|
Series ROC II R 414, 2.52% (Liquidity Facility Citibank NA) (b)(c) |
2,590,000 |
2,590,000 |
|
Series ROC II R 613, 2.27% (Liquidity Facility Citibank NA) (b)(c) |
15,230,000 |
15,230,000 |
|
Series A: |
|
|
|
3.38% 2/6/08, LOC Bank of Nova Scotia, New York Agcy., CP |
11,200,000 |
11,200,000 |
|
3.39% 3/5/08, LOC Bank of Nova Scotia, New York Agcy., CP |
4,500,000 |
4,500,000 |
|
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. Participating VRDN Series SG 124, 3.5% (Liquidity Facility Societe Generale) (b)(c) |
16,985,000 |
16,985,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: |
|
|
|
Series PT 2365, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
$ 5,800,000 |
$ 5,800,000 |
|
Series PT 2368, 2.3% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
7,745,000 |
7,745,000 |
|
Series Putters 2246, 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
5,800,000 |
5,800,000 |
|
Series Putters 2290, 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
5,000,000 |
5,000,000 |
|
Series Putters 867T, 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
6,025,000 |
6,025,000 |
|
Series PZ 155, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
2,155,000 |
2,155,000 |
|
Massachusetts Wtr. Poll. Abatement Trust Wtr. & Swr. Rev. Participating VRDN: |
|
|
|
Series MSTC 7030, 2.25% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(c) |
7,500,000 |
7,500,000 |
|
Series MSTC 7034, 2.25% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(c) |
8,665,000 |
8,665,000 |
|
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. Participating VRDN Series Merlots 99 N, 2.22% (Liquidity Facility Wachovia Bank NA) (b)(c) |
9,170,000 |
9,170,000 |
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series AAB 05 10, 2.55% (Liquidity Facility Bank of America NA) (b)(c) |
5,500,000 |
5,500,000 |
|
Series AAB 07 22, 2.25% (Liquidity Facility Bank of America NA) (b)(c) |
17,330,000 |
17,330,000 |
|
Series DCL 08 003, 2.19% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
5,435,000 |
5,435,000 |
|
Series DCL 08 005, 2.25% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
21,300,000 |
21,300,000 |
|
Series EGL 02 2101, 2.51% (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA) (b)(c) |
4,600,000 |
4,600,000 |
|
Series EGL 06 0054, 2.53% (Liquidity Facility Citibank NA) (b)(c) |
7,300,000 |
7,300,000 |
|
Series EGL 06 0097, 2.27% (Liquidity Facility Landesbank Hessen-Thuringen) (b)(c) |
3,700,000 |
3,700,000 |
|
Series MS 04 1038, 2.24% (Liquidity Facility Morgan Stanley) (b)(c) |
8,870,000 |
8,870,000 |
|
Series MSTC 7039, 2.25% (Liquidity Facility Bear Stearns Companies, Inc.) (b)(c) |
23,065,000 |
23,065,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued |
|
|
|
Participating VRDN: |
|
|
|
Series PT 3855, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
$ 26,800,000 |
$ 26,800,000 |
|
Series PT 4348, 2.22% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
3,500,000 |
3,500,000 |
|
Series Putters 1789B, 2.3% (Liquidity Facility JPMorgan Chase & Co.) (b)(c) |
5,595,000 |
5,595,000 |
|
Series ROC II R 10280, 2.52% (Liquidity Facility Citigroup, Inc.) (b)(c) |
7,000,000 |
7,000,000 |
|
Series ROC II R 252, 2.52% (Liquidity Facility Citibank NA) (b)(c) |
6,585,000 |
6,585,000 |
|
Series 1997 B, 6.25% (AMBAC Insured), VRDN (b) |
9,155,000 |
9,155,000 |
|
Series 2002 C, 1.9%, LOC Landesbank Hessen-Thuringen, VRDN (b) |
22,090,000 |
22,090,000 |
|
Series 2002 D, 2%, LOC Landesbank Baden-Wuert, VRDN (b) |
1,030,000 |
1,030,000 |
|
3.2% 3/12/08, LOC Bayerische Landesbank Girozentrale, CP |
6,000,000 |
6,000,000 |
|
Nantucket Gen. Oblig. BAN 4% 2/28/08 |
14,400,000 |
14,402,884 |
|
New Bedford Gen. Oblig. BAN Series 2007 B, 4% 2/15/08 |
4,045,000 |
4,045,517 |
|
North Reading Gen. Oblig. BAN 4% 9/18/08 |
7,686,000 |
7,707,915 |
|
Northborough-Southboro Reg'l. School District BAN 4% 5/23/08 |
8,100,000 |
8,113,608 |
|
Quincy Gen. Oblig. BAN Series 2008 B, 3.5% 3/28/08 (a) |
4,285,000 |
4,293,784 |
|
Route 3 North Trans. Impt. Assoc. Lease Rev. Participating VRDN Series AAB 00 14, 2.55% (Liquidity Facility Bank of America NA) (b)(c) |
6,535,000 |
6,535,000 |
|
Route 3 North Transit Impt. Assoc. Massachusetts Lease Rev.: |
|
|
|
Participating VRDN Series ROC II R 10099, 3.77% (Liquidity Facility Citibank NA) (b)(c) |
1,850,000 |
1,850,000 |
|
Series B, 2.95% (AMBAC Insured), VRDN (b) |
17,000,000 |
17,000,000 |
|
Tewksbury Gen. Oblig. BAN 4.65% 3/28/08 |
11,075,000 |
11,094,117 |
|
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Participating VRDN: |
|
|
|
Series PT 2242, 2.4% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
6,710,000 |
6,710,000 |
|
Series ROC II R 2038, 3.77% (Liquidity Facility Citigroup, Inc.) (b)(c) |
5,070,000 |
5,070,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Winchester Gen. Oblig. BAN 4.25% 7/10/08 |
$ 13,710,000 |
$ 13,741,759 |
|
Woods Hole, Martha's Vineyard & Nantucket Steamship BAN 2.75% 10/30/08 (a) |
5,000,000 |
5,024,250 |
|
|
3,062,221,396 |
||
Pennsylvania - 0.0% |
|||
Delaware County Indl. Dev. Auth. Arpt. Facilities Rev. (United Parcel Svc. Proj.) Series 1985, 1.94%, VRDN (b) |
1,000,000 |
1,000,000 |
|
Puerto Rico - 9.9% |
|||
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Participating VRDN Series ROC II R 10001 CE, 2.28% (Liquidity Facility Citigroup, Inc.) (b)(c) |
32,400,000 |
32,400,000 |
|
Puerto Rico Commonwealth Gen. Oblig.: |
|
|
|
Bonds Series Merlots 01 A107, 3.55%, tender 3/5/08 (Liquidity Facility Bank of New York, New York) (b)(c)(f) |
24,360,000 |
24,360,000 |
|
Participating VRDN Series PA 620, 3.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
4,170,000 |
4,170,000 |
|
TRAN 4.25% 7/30/08, LOC Bank of Nova Scotia, New York Agcy., LOC BNP Paribas SA |
35,000,000 |
35,143,371 |
|
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Participating VRDN: |
|
|
|
Series MACN 05 N, 3.1% (Liquidity Facility Bank of America NA) (b)(c) |
26,970,000 |
26,970,000 |
|
Series MACN 06 H, 2.21% (Liquidity Facility Bank of America NA) (b)(c) |
15,175,000 |
15,175,000 |
|
Series PT 3189, 3.7% (Liquidity Facility Dexia Cr. Local de France) (b)(c) |
37,850,000 |
37,850,000 |
|
Series ROC II 99 2, 2.5% (Liquidity Facility Citibank NA) (b)(c) |
1,500,000 |
1,500,000 |
|
Series ROC II R 10247 CE, 2.25% (Liquidity Facility Citigroup, Inc.) (b)(c) |
66,900,000 |
66,900,000 |
|
Series ROC II R 790, 4% (Liquidity Facility Citibank NA) (b)(c) |
64,490,000 |
64,490,000 |
|
Puerto Rico Commonwealth Infrastructure Fing. Auth. Participating VRDN Series Merlots 00 A15, 2.2% (Liquidity Facility Bank of New York, New York) (b)(c) |
14,020,000 |
14,020,000 |
|
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Participating VRDN: |
|
|
|
Series Merlots B03, 2.54% (Liquidity Facility Wachovia Bank NA) (b)(c) |
10,520,000 |
10,520,000 |
|
Series ROC II R 11110 CE, 2.25% (Liquidity Facility Citibank NA) (b)(c) |
9,485,000 |
9,485,000 |
|
Series SG 19, 2.23% (Liquidity Facility Societe Generale) (b)(c) |
3,775,000 |
3,775,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Puerto Rico - continued |
|||
Puerto Rico Indl., Tourist, Edl., Med. & Envir. Cont. Facilities Fing. Auth. (Ana G. Mendez Univ. Sys. Proj.) Series 1998, 2.04%, LOC Banco Santander SA, VRDN (b) |
$ 2,350,000 |
$ 2,350,000 |
|
Puerto Rico Muni. Fin. Agcy. Participating VRDN Series MS 00 225, 2.23% (Liquidity Facility Morgan Stanley) (b)(c) |
9,790,000 |
9,790,000 |
|
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Participating VRDN Series PZ 269, 3.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
18,300,000 |
18,300,000 |
|
|
377,198,371 |
||
Tennessee - 0.3% |
|||
Metropolitan Govt. Nashville & Davidson County Health & Edl. Facilities Board Rev. (Vanderbilt Univ. Proj.) Series 2005 A1, 1.8%, VRDN (b) |
10,300,000 |
10,300,000 |
|
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev. (Tennessee County Ln. Pool Prog.) 1.9%, LOC Bank of America NA, VRDN (b) |
1,820,000 |
1,820,000 |
|
|
12,120,000 |
||
Texas - 0.1% |
|||
Texas Gen. Oblig. Participating VRDN Series Putters 2492, 2.25% (Liquidity Facility JPMorgan Chase Bank) (b)(c) |
3,555,000 |
3,555,000 |
|
Wisconsin - 0.2% |
|||
Wisconsin Health & Edl. Facilities Auth. Rev. Participating VRDN Series PT 545, 3.5% (Liquidity Facility Merrill Lynch & Co., Inc.) (b)(c) |
7,960,000 |
7,960,000 |
|
Other - 2.7% |
|||
Fidelity Tax-Free Cash Central Fund, 2.93% (d)(e) |
101,382,389 |
101,382,389 |
|
TOTAL INVESTMENT PORTFOLIO - 93.8% (Cost $3,587,492,099) |
3,587,492,099 |
||
NET OTHER ASSETS - 6.2% |
237,699,143 |
||
NET ASSETS - 100% |
$ 3,825,191,242 |
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 or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Provides evidence of ownership in one or more underlying municipal bonds. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund. |
(e) 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. |
(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 $75,570,000 or 2.0% of net assets. |
Additional information on each holding is as follows: |
Security |
Acquisition Date |
Cost |
Massachusetts Gen. Oblig. Bonds Series MS 1015, 3.75%, tender 3/6/08 (Liquidity Facility Morgan Stanley) |
6/20/06 |
$ 3,000,000 |
Massachusetts Gen. Oblig. Bonds Series Solar 07 77, 3.35%, tender 6/12/08 (Liquidity Facility U.S. Bank NA, Minnesota) |
12/7/07 |
$ 11,310,000 |
Massachusetts Gen. Oblig. RAN Series 2007 A, 3.08% 3/21/08 |
12/19/07 |
$ 36,900,000 |
Puerto Rico Commonwealth Gen. Oblig. Bonds Series Merlots 01 A107, 3.55%, tender 3/5/08 (Liquidity Facility Bank of New York, New York) |
10/29/01 - 5/22/03 |
$ 24,360,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Tax-Free Cash Central Fund |
$ 1,108,107 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities
|
January 31, 2008 |
|
Assets |
|
|
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $3,486,109,710) |
$ 3,486,109,710 |
|
Fidelity Central Funds (cost $101,382,389) |
101,382,389 |
|
Total Investments (cost $3,587,492,099) |
|
$ 3,587,492,099 |
Cash |
|
86,819,529 |
Receivable for investments sold |
|
151,599,124 |
Receivable for fund shares sold |
|
28,243,794 |
Interest receivable |
|
25,502,393 |
Distributions receivable from Fidelity Central Funds |
|
247,555 |
Receivable from investment adviser for expense reductions |
|
110,328 |
Other receivables |
|
470,665 |
Total assets |
|
3,880,485,487 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 29,344,366 |
|
Delayed delivery |
9,318,034 |
|
Payable for fund shares redeemed |
14,329,898 |
|
Distributions payable |
1,465,204 |
|
Accrued management fee |
630,014 |
|
Distribution fees payable |
12,863 |
|
Other affiliated payables |
193,866 |
|
Total liabilities |
|
55,294,245 |
|
|
|
Net Assets |
|
$ 3,825,191,242 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 3,825,010,187 |
Accumulated undistributed net realized gain (loss) on investments |
|
181,055 |
Net Assets |
|
$ 3,825,191,242 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities - continued
|
January 31, 2008 |
|
Massachusetts AMT Tax-Free Money Market: |
|
$ 1.00 |
|
|
|
Institutional Class: |
|
$ 1.00 |
|
|
|
Service Class: |
|
$ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
|
Year ended January 31, 2008 |
|
Investment Income |
|
|
Interest |
|
$ 99,289,615 |
Income from Fidelity Central Funds |
|
1,108,107 |
Total income |
|
100,397,722 |
|
|
|
Expenses |
|
|
Management fee |
$ 6,421,149 |
|
Transfer agent fees |
1,674,620 |
|
Distribution fees |
19,805 |
|
Independent trustees' compensation |
9,806 |
|
Total expenses before reductions |
8,125,380 |
|
Expense reductions |
(2,686,566) |
5,438,814 |
Net investment income |
|
94,958,908 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
235,551 |
|
Capital gain distributions from Fidelity Central Funds |
4,728 |
|
Total net realized gain (loss) |
|
240,279 |
Net increase in net assets resulting from operations |
|
$ 95,199,187 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
|
Year ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 94,958,908 |
$ 49,954,580 |
Net realized gain (loss) |
240,279 |
389,261 |
Net increase in net assets resulting |
95,199,187 |
50,343,841 |
Distributions to shareholders from net investment income |
(94,958,613) |
(49,955,001) |
Distributions to shareholders from net realized gain |
(219,307) |
(174,209) |
Total distributions |
(95,177,920) |
(50,129,210) |
Share transactions - net increase (decrease) |
1,993,305,540 |
443,132,956 |
Total increase (decrease) in net assets |
1,993,326,807 |
443,347,587 |
|
|
|
Net Assets |
|
|
Beginning of period |
1,831,864,435 |
1,388,516,848 |
End of period (including undistributed net investment income of $0 and distributions in excess of net investment income of $909, respectively) |
$ 3,825,191,242 |
$ 1,831,864,435 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Massachusetts AMT Tax-Free Money Market
Years ended January 31, |
2008 |
2007 |
2006 |
2005 |
2004 |
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 |
.033 |
.031 |
.022 |
.009 |
.007 |
Net realized and unrealized gain (loss) D |
- |
- |
- |
- |
- |
Total from investment operations |
.033 |
.031 |
.022 |
.009 |
.007 |
Distributions from net investment income |
(.033) |
(.031) |
(.022) |
(.009) |
(.007) |
Distributions from net realized gain |
- D |
- D |
- |
- D |
- D |
Total distributions |
(.033) |
(.031) |
(.022) |
(.009) |
(.007) |
Net asset value, end of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
Total Return A |
3.35% |
3.15% |
2.19% |
.95% |
.69% |
Ratios to Average Net Assets B,C |
|
|
|
|
|
Expenses before reductions |
.34% |
.43% |
.43% |
.43% |
.43% |
Expenses net of fee waivers, if any |
.33% |
.40% |
.40% |
.40% |
.40% |
Expenses net of all reductions |
.26% |
.32% |
.32% |
.38% |
.39% |
Net investment income |
3.30% |
3.11% |
2.20% |
.90% |
.68% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 855,065 |
$ 1,831,864 |
$ 1,388,517 |
$ 986,968 |
$ 999,019 |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
C Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
D Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Institutional Class
Years ended January 31, |
2008 E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 1.00 |
Income from Investment Operations |
|
Net investment income |
.027 |
Net realized and unrealized gain (loss) G |
- |
Total from investment operations |
.027 |
Distributions from net investment income |
(.027) |
Distributions from net realized gain |
- G |
Total distributions |
(.027) |
Net asset value, end of period |
$ 1.00 |
Total Return B,C |
2.72% |
Ratios to Average Net Assets D,F |
|
Expenses before reductions |
.25% A |
Expenses net of fee waivers, if any |
.20% A |
Expenses net of all reductions |
.15% A |
Net investment income |
3.34% A |
Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 2,920,504 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E For the period April 18, 2007 (commencement of sale of shares) to January 31, 2008.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights - Service Class
Years ended January 31, |
2008E |
Selected Per-Share Data |
|
Net asset value, beginning of period |
$ 1.00 |
Income from Investment Operations |
|
Net investment income |
.025 |
Net realized and unrealized gain (loss) G |
- |
Total from investment operations |
.025 |
Distributions from net investment income |
(.025) |
Distributions from net realized gain |
- G |
Total distributions |
(.025) |
Net asset value, end of period |
$ 1.00 |
Total Return B,C |
2.52% |
Ratios to Average Net Assets D,F |
|
Expenses before reductions |
.49% A |
Expenses net of fee waivers, if any |
.45% A |
Expenses net of all reductions |
.39% A |
Net investment income |
2.72% A |
Supplemental Data |
|
Net assets, end of period (000 omitted) |
$ 49,623 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower had certain expenses not been reduced during the periods shown.
D Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E For the period April 18, 2007 (commencement of sale of shares) to January 31, 2008.
F Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements or reductions occur. Expense ratios before reductions for start-up periods may not be representative of longer-term operating periods. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
G Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
For the period ended January 31, 2008
1. Organization.
Fidelity Massachusetts AMT Tax-Free Money Market Fund (the Fund) is a fund of Fidelity Massachusetts Municipal Trust (the trust) and is authorized to issue an unlimited number of shares. The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Massachusetts AMT Tax-Free Money Market, Institutional Class and Service Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund commenced sale of shares of Institutional Class, Service Class and the existing class was designated Massachusetts AMT Tax-Free Money Market on April 18, 2007. Investment income, realized and unrealized capital gains and losses, the common expenses of the Fund, and certain fund-level expense reductions, if any, are allocated on a pro rata basis to each class based on the relative net assets of each class to the total net assets of the Fund. Each class differs with respect to transfer agent and distribution and service plan fees incurred. Certain expense reductions also differ by class.
2. Investments in Fidelity Central Funds.
The Fund may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the Fund:
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Security Valuation. Net asset value per share is calculated as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Investments in open-end mutual funds, including the Fidelity Central Funds, are valued at their closing net asset value each business day.
Investment Transactions and Income. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and capital gain distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, the Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. The Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48), on June 29, 2007. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three fiscal years remains subject to examination by the Internal Revenue Service.
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income dividends and capital gain distributions are declared separately for each class. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Fund will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Annual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, deferred trustees compensation and excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the 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.
The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows:
Unrealized appreciation |
$ - |
Unrealized depreciation |
- |
Net unrealized appreciation (depreciation) |
- |
Undistributed ordinary income |
160,856 |
|
|
Cost for federal income tax purposes |
$ 3,587,492,099 |
The tax character of distributions paid was as follows:
|
January 31, 2008 |
January 31, 2007 |
Tax-exempt Income |
$ 94,958,613 |
$ 49,955,001 |
Long-term Capital Gains |
219,307 |
174,209 |
Total |
$ 95,177,920 |
$ 50,129,210 |
New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Fund's financial statement disclosures.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. The Fund may purchase or sell securities on a delayed delivery or when-issued basis. Payment and
Annual Report
Notes to Financial Statements - continued
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in the Fund's Schedule of Investments. The Fund may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, the Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. The Fund may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of the Fund's Schedule of Investments.
5. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee. The Board of Trustees approved an amendment to the management contract lowering the management fee from .43% to .20% of average net assets effective April 1, 2007. Under the amended management contract, FMR will pay all other fund-level expenses except the compensation of the independent Trustees and certain expenses such as interest expense, including commitment fees. 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. For the period the total management fee rate was .22% of the Fund's average net assets.
In addition, the Board of Trustees approved a new expense contract for Massachusetts AMT Tax-Free Money Market effective April 1, 2007. Under the expense contract, FMR pays class level expenses so that the total expenses do not exceed, expressed as a percentage of class average net assets, .35%, with certain exceptions such as interest expense, including commitment fees.
Annual Report
5. Fees and Other Transactions with Affiliates - continued
Distribution and Service Plan. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a Service Fee based on an annual percentage of Service Class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing share-holder support services. For the period, the Service Fee rate and the total amount paid to and retained by FDC were as follows:
|
Service |
Paid to |
Retained |
Service Class |
.25% |
$ 19,805 |
$ 382 |
Transfer Agent Fee. Citibank, N.A. (Citibank) is the custodian, transfer agent, and shareholder servicing agent for the Fund. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the Fund's transfer and shareholder servicing agent and accounting functions. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR, was the sub-transfer agent for the Fund. The Board of Trustees approved a new transfer agent contract with Citibank and a new sub-arrangement with FSC (now FIIOC) effective April 1, 2007. Under the new contract, transfer agent fees for each class are based on an annual rate, expressed as a percentage of each class' average net assets, of .10% for Massachusetts AMT Tax-Free Money Market and .05% each for Institutional Class shares and Service Class shares. Prior to April 1, 2007, FMR paid for the transfer agent fees on behalf of Massachusetts AMT Tax-Free Money Market under the terms of the management fee contract. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, each class paid the following transfer agent fees:
|
Amount |
% of |
Massachusetts AMT Tax-Free Money Market |
$ 816,885 |
.07 |
Institutional Class |
853,771 |
.05* |
Service Class |
3,964 |
.05* |
|
$ 1,674,620 |
|
* Annualized
6. Expense Reductions.
Prior to April 1, 2007, FMR voluntarily agreed to reimburse the Fund to the extent operating expenses exceeded .40% of average net assets. Some expenses, for example
Annual Report
Notes to Financial Statements - continued
6. Expense Reductions - continued
interest expense, including commitment fees, were excluded from this reimbursement. During the period, this reimbursement reduced the Fund's expenses by $133,063.
Effective April 1, 2007, under the new expense contract for Massachusetts AMT Tax-Free Money Market, the voluntary expense limitation was eliminated. Effective April 18, 2007, FMR has contractually agreed to reimburse Institutional Class and Service Class to the extent that annual operating expenses, expressed as a percentage of each class' average net assets, exceeds .20% and .45%, respectively. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $829,659 and $2,892, respectively.
In addition, through arrangements with the Fund's custodian and each class' transfer agent, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $304,160. During the period, credits reduced each class' transfer agent expense as noted in the table below.
|
Transfer Agent |
Massachusetts AMT Tax-Free Money Market |
$ 660,360 |
Institutional Class |
752,596 |
Service Class |
3,836 |
|
$ 1,416,792 |
7. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
8. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
Years ended January 31, |
2008 A |
2007 |
From net investment income |
|
|
Massachusetts AMT Tax-Free Money Market |
$ 37,296,493 |
$ 49,955,001 |
Institutional Class |
57,438,713 |
- |
Service Class |
223,407 |
- |
Total |
$ 94,958,613 |
$ 49,955,001 |
Annual Report
8. Distributions to Shareholders - continued
Years ended January 31, |
2008 A |
2007 |
From net realized gain |
|
|
Massachusetts AMT Tax-Free Money Market |
$ 50,772 |
$ 174,209 |
Institutional Class |
168,474 |
- |
Service Class |
61 |
- |
Total |
$ 219,307 |
$ 174,209 |
A Distributions for Institutional Class and Service Class are for the period April 18, 2007(commencement of sale of shares) to January 31, 2008.
9. Share Transactions.
Transactions for each class of shares at a $1.00 per share were as follows:
Years ended January 31, |
2008 A |
2007 |
Massachusetts AMT Tax-Free Money Market |
|
|
Shares sold |
1,244,217,940 |
1,479,862,698 |
Reinvestment of distributions |
33,987,466 |
44,263,825 |
Shares redeemed |
(2,254,780,594) |
(1,080,993,567) |
Net increase (decrease) |
(976,575,188) |
443,132,956 |
Institutional Class |
|
|
Shares sold |
4,176,255,151 |
- |
Reinvestment of distributions |
48,882,718 |
- |
Shares redeemed |
(1,304,876,901) |
- |
Net increase (decrease) |
2,920,260,968 |
- |
Service Class |
|
|
Shares sold |
69,501,980 |
- |
Reinvestment of distributions |
13,369 |
- |
Shares redeemed |
(19,895,589) |
- |
Net increase (decrease) |
49,619,760 |
- |
A Share transactions for Institutional Class and Service Class are for the period April 18, 2007 (commencement of sale of shares) to January 31, 2008.
Annual Report
To the Trustees of Fidelity Massachusetts Municipal Trust and Shareholders of Fidelity Massachusetts AMT Tax-Free Money Market Fund:
We have audited the accompanying statement of assets and liabilities of Fidelity Massachusetts AMT Tax-Free Money Market Fund (the Fund), a fund of Fidelity Massachusetts Municipal Trust, including the schedule of investments, as of January 31, 2008, and the related statement of operations for the year then ended, the statement of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Fund's management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Fund is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Fund's internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2008, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of Fidelity Massachusetts AMT Tax-Free Money Market Fund as of January 31, 2008, the results of its operations for the year then ended, the changes in its net assets for each of the two years in the period then ended, and its financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.
/s/ Deloitte & Touche LLP
DELOITTE & TOUCHE LLP
Boston, Massachusetts
March 18, 2008
Annual Report
The Trustees, Members of the Advisory Board, and executive officers of the trust and fund, as applicable, are listed below. The Board of Trustees governs the fund and is responsible for protecting the interests of shareholders. The Trustees are experienced executives who meet periodically throughout the year to oversee the fund's activities, review contractual arrangements with companies that provide services to the fund, and review the fund's performance. Except for James C. Curvey, each of the Trustees oversees 374 funds advised by FMR or an affiliate. Mr. Curvey oversees 369 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board 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 fund's Statement of Additional Information (SAI) includes more information about the Trustees. To request a free copy, call Fidelity at 1-800-544-8544.
Interested Trustees*:
Correspondence intended for each Trustee who is an interested person may be sent to Fidelity Investments, 82 Devonshire Street, Boston, Massachusetts 02109.
Name, Age; Principal Occupation |
|
Edward C. Johnson 3d (77) |
|
|
Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (72) |
|
|
Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies
advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007- |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation |
|
Dennis J. Dirks (59) |
|
|
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 Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, 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 a member of the Finance Committee of AHRC of Nassau County (2006-present). |
Albert R. Gamper, Jr. (65) |
|
|
Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. |
George H. Heilmeier (71) |
|
|
Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication 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 engineering 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), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame. |
James H. Keyes (67) |
|
|
Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). |
Marie L. Knowles (61) |
|
|
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 service, 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 (63) |
|
|
Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). 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 Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-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. |
Cornelia M. Small (63) |
|
|
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 (68) |
|
|
Year of Election or Appointment: 2002 Mr. Stavropoulos is Chairman Emeritus 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 Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. 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 (68) |
|
|
Year of Election or Appointment: 2005 Mr. Wolfe is Chairman and a Director of Hershey Foods Corporation (2007-present), where prior to his retirement in 2001, he was Chairman and Chief Executive Officer. Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Advisory Board Members and Executive Officers**:
Correspondence intended for Mr. Mauriello, Mr. Thomas, Mr. Wiley, Mr. Lacy, and Mr. Arthur Johnson 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 |
|
Arthur E. Johnson (61) |
|
|
Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company, 2002-present), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
Alan J. Lacy (54) |
|
|
Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (a private equity firm). Mr. Lacy also served as Vice Chairman and Chief Executive Officer of Sears Holdings Corporation and Sears, Roebuck and Co. (retail, 2005-2006; 2000-2005). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb (global pharmaceuticals, 2007-present). Mr. Lacy is a Trustee of the National Parks Conservation Association and The Field Museum of Natural History. |
Peter S. Lynch (64) |
|
|
Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. |
Joseph Mauriello (63) |
|
|
Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007). |
David M. Thomas (58) |
|
|
Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Previously, Mr. Thomas served as Executive Chairman (2005- |
Michael E. Wiley (57) |
|
|
Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Mr. Wiley also serves as a member of the Board of Trustees of
the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer,
2005- |
Kimberley H. Monasterio (44) |
|
|
Year of Election or Appointment: 2007 President and Treasurer of the fund. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). 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). |
Boyce I. Greer (51) |
|
|
Year of Election or Appointment: 2006 Vice President of the fund. Mr. Greer also serves as Vice President of certain Asset Allocation Funds (2005-present), Fixed-Income Funds
(2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR
(2003- |
Charles S. Morrison (47) |
|
|
Year of Election or Appointment: 2005 Vice President of the fund. Mr. Morrison also serves as Vice President of Fidelity's Money Market Funds (2005-present). Previously, Mr.
Morrison served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset
Allocation Funds (2002-2007). Mr. Morrison served as Vice President (2002-2005) and Bond Group Leader (2002-2005) of Fidelity
Investments Fixed Income Division. Mr. Morrison is also Senior Vice President of FIMM (2003- |
Eric D. Roiter (59) |
|
|
Year of Election or Appointment: 1998 Secretary of the fund. 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). |
John B. McGinty, Jr. (45) |
|
|
Year of Election or Appointment: 2008 Assistant Secretary of the fund. Mr. McGinty also serves as Assistant Secretary of other Fidelity funds (2008-present) and is an employee of FMR LLC (2004-present). Mr. McGinty also serves as Senior Vice President, Secretary, and Chief Legal Officer of FDC (2007-present). Before joining Fidelity Investments, Mr. McGinty practiced law at Ropes & Gray, LLP. |
R. Stephen Ganis (41) |
|
|
Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of the fund. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002). |
Joseph B. Hollis (59) |
|
|
Year of Election or Appointment: 2006 Chief Financial Officer of the fund. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005). |
Kenneth A. Rathgeber (60) |
|
|
Year of Election or Appointment: 2004 Chief Compliance Officer of the fund. 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 Compliance Officer of FMR (2005-present),
FMR Co., Inc. (2005-present), Fidelity Management & Research (U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005- |
Bryan A. Mehrmann (46) |
|
|
Year of Election or Appointment: 2005 Deputy Treasurer of the fund. 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 Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004). |
Kenneth B. Robins (38) |
|
|
Year of Election or Appointment: 2005 Deputy Treasurer of the fund. 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 practice (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 (41) |
|
|
Year of Election or Appointment: 2005 Assistant Treasurer of the fund. 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). |
Peter L. Lydecker (54) |
|
|
Year of Election or Appointment: 2004 Assistant Treasurer of the fund. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR. |
Paul M. Murphy (60) |
|
|
Year of Election or Appointment: 2007 Assistant Treasurer of the fund. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007). |
Gary W. Ryan (49) |
|
|
Year of Election or Appointment: 2005 Assistant Treasurer of the fund. 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). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
The fund hereby designates as a capital gain dividend with respect to the taxable year ended January 31, 2008, $218,174, or, if subsequently determined to be different, the net capital gain of such year.
During fiscal year ended 2008, 100% of the fund's income dividends was free from federal income tax, and 0.00% of the fund's income dividends was subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2009 of amounts for use in preparing 2008 income tax returns.
Annual Report
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Annual Report
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Annual Report
For directions and hours,
please call 1-800-544-9797.
Arizona
7001 West Ray Road
Chandler, AZ
15445 N. Scottsdale Road
Scottsdale, AZ
California
815 East Birch Street
Brea, CA
1411 Chapin Avenue
Burlingame, CA
851 East Hamilton Avenue
Campbell, CA
19200 Von Karman Avenue
Irvine, CA
601 Larkspur Landing Circle
Larkspur, CA
2000 Avenue of the Stars
Los Angeles, CA
27101 Puerta Real
Mission Viejo, CA
73-575 El Paseo
Palm Desert, CA
251 University Avenue
Palo Alto, CA
123 South Lake Avenue
Pasadena, CA
16656 Bernardo Ctr. Drive
Rancho Bernardo, CA
1220 Roseville Parkway
Roseville, CA
1740 Arden Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
11943 El Camino Real
San Diego, CA
8 Montgomery Street
San Francisco, CA
3793 State Street
Santa Barbara, CA
1200 Wilshire Boulevard
Santa Monica, CA
398 West El Camino Real
Sunnyvale, CA
111 South Westlake Blvd
Thousand Oaks, CA
21701 Hawthorne Boulevard
Torrance, CA
2001 North Main Street
Walnut Creek, CA
6326 Canoga Avenue
Woodland Hills, CA
Colorado
281 East Flatiron Circle
Broomfield, CO
1625 Broadway
Denver, CO
9185 Westview Road
Lone Tree, CO
Connecticut
48 West Putnam Avenue
Greenwich, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
29 South Main Street
West Hartford, CT
Delaware
400 Delaware Avenue
Wilmington, DE
Florida
175 East Altamonte Drive
Altamonte Springs, FL
4400 N. Federal Highway
Boca Raton, FL
121 Alhambra Plaza
Coral Gables, FL
2948 N. Federal Highway
Ft. Lauderdale, FL
4671 Town Center Parkway
Jacksonville, FL
8880 Tamiami Trail, North
Naples, FL
230 Royal Palm Way
Palm Beach, FL
3501 PGA Boulevard
Palm Beach Gardens, FL
3550 Tamiami Trail, South
Sarasota, FL
1502 N. Westshore Blvd.
Tampa, FL
2465 State Road 7
Wellington, FL
Georgia
3445 Peachtree Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
Illinois
One North LaSalle Street
Chicago, IL
401 North Michigan Avenue
Chicago, IL
One Skokie Valley Road
Highland Park, IL
1415 West 22nd Street
Oak Brook, IL
15105 S LaGrange Road
Orland Park, IL
1572 East Golf Road
Schaumburg, IL
Indiana
4729 East 82nd Street
Indianapolis, IN
8480 Keystone Crossing
Indianapolis, IN
Kansas
5400 College Boulevard
Overland Park, KS
Maine
Three Canal Plaza
Portland, ME
Maryland
7315 Wisconsin Avenue
Bethesda, MD
610 York Road
Towson, MD
Massachusetts
801 Boylston Street
Boston, MA
155 Congress Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
238 Main Street
Cambridge, MA
200 Endicott Street
Danvers, MA
Annual Report
405 Cochituate Road
Framingham, MA
551 Boston Turnpike
Shrewsbury, MA
Michigan
500 E. Eisenhower Pkwy.
Ann Arbor, MI
280 Old N. Woodward Ave.
Birmingham, MI
30200 Northwestern Hwy.
Farmington Hills, MI
43420 Grand River Avenue
Novi, MI
Minnesota
7740 France Avenue South
Edina, MN
8342 3rd Street North
Oakdale, MN
Missouri
1524 South Lindbergh Blvd.
St. Louis, MO
Nevada
2225 Village Walk Drive
Henderson, NV
New Jersey
501 Route 73 South
Marlton, NJ
150 Essex Street
Millburn, NJ
35 Morris Street
Morristown, NJ
396 Route 17, North
Paramus, NJ
3518 Route 1 North
Princeton, NJ
530 Broad Street
Shrewsbury, NJ
New Mexico
2261 Q Street NE
Albuquerque, NM
New York
1130 Franklin Avenue
Garden City, NY
37 West Jericho Turnpike
Huntington Station, NY
1271 Avenue of the Americas
New York, NY
980 Madison Avenue
New York, NY
61 Broadway
New York, NY
350 Park Avenue
New York, NY
200 Fifth Avenue
New York, NY
733 Third Avenue
New York, NY
11 Penn Plaza
New York, NY
2070 Broadway
New York, NY
1075 Northern Blvd.
Roslyn, NY
799 Central Park Avenue
Scarsdale, NY
North Carolina
4611 Sharon Road
Charlotte, NC
7011 Fayetteville Road
Durham, NC
Ohio
3805 Edwards Road
Cincinnati, OH
1324 Polaris Parkway
Columbus, OH
1800 Crocker Road
Westlake, OH
28699 Chagrin Boulevard
Woodmere Village, OH
Oregon
7493 SW Bridgeport Road
Tigard, OR
Pennsylvania
600 West DeKalb Pike
King of Prussia, PA
1735 Market Street
Philadelphia, PA
12001 Perry Highway
Wexford, PA
Rhode Island
10 Memorial Boulevard
Providence, RI
Tennessee
3018 Peoples Street
Johnson City, TN
7628 West Farmington Blvd.
Germantown, TN
2035 Mallory Lane
Franklin, TN
Texas
10000 Research Boulevard
Austin, TX
4001 Northwest Parkway
Dallas, TX
12532 Memorial Drive
Houston, TX
2701 Drexel Drive
Houston, TX
6560 Fannin Street
Houston, TX
1701 Lake Robbins Drive
The Woodlands, TX
6500 N. MacArthur Blvd.
Irving, TX
6005 West Park Boulevard
Plano, TX
14100 San Pedro
San Antonio, TX
1576 East Southlake Blvd.
Southlake, TX
Utah
279 West South Temple
Salt Lake City, UT
Virginia
1861 International Drive
McLean, VA
Washington
10500 NE 8th Street
Bellevue, WA
1518 6th Avenue
Seattle, WA
Washington, DC
1900 K Street, N.W.
Washington, DC
Wisconsin
16020 West Bluemound Road
Brookfield, WI
Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Annual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity International Investment Advisors
Fidelity Research & Analysis Company
Fidelity International Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic)   1-800-544-5555
(automated graphic)   Automated line for quickest service
SMA-UANN-0308
1.853999.100
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
Fidelity® Massachusetts
Municipal Income Fund
and
Fidelity Massachusetts Municipal
Money Market Fund
Annual Report
January 31, 2008
(2_fidelity_logos) (Registered_Trademark)
Chairman's Message |
Ned Johnson's message to shareholders |
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
Fidelity Massachusetts Municipal Income Fund |
||
Performance |
How the fund has done over time. |
|
Management's Discussion |
The manager's review of fund performance, strategy and outlook. |
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
Investments |
A complete list of the fund's investments with their market values. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
|
Fidelity Massachusetts Municipal Money Market Fund |
||
Investment Changes/ |
A summary of major shifts in the fund's investments over the past six months and one year. |
|
Investments |
A complete list of the fund's investments. |
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
|
Notes |
Notes to the financial statements |
|
Report of Independent Registered Public Accounting Firm |
|
|
Trustees and Officers |
|
|
Distributions |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com (search for "proxy voting guidelines") or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company.
Annual Report
This report and the financial statements contained herein are submitted for the general information of the shareholders of the funds. This report is not authorized for distribution to prospective investors in the funds unless preceded or accompanied by an effective prospectus.
A fund files its complete schedule of portfolio holdings with the SEC for the first and third quarters of each fiscal year on Form N-Q. Forms N-Q are available on the SEC's web site at http://www.sec.gov. A fund's Forms N-Q may be reviewed and copied at the SEC's Public Reference Room in Washington, DC. Information regarding the operation of the SEC's Public Reference Room may be obtained by calling 1-800-SEC-0330. For a complete list of a fund's portfolio holdings, view the most recent holdings listing, semiannual report, or annual report on Fidelity's web site at http://www.fidelity.com or http://www.advisor.fidelity.com, as applicable.
NOT FDIC INSURED · MAY LOSE VALUE · NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Annual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
Stocks got off to a poor start in 2008, while investment-grade bonds and money markets showed positive returns, once again underscoring the importance of a diversified portfolio. Financial markets are always unpredictable, but there are a number of time-tested principles that can put the historical odds in your favor.
One of the basic tenets is to invest for the long term. Over time, riding out the markets' inevitable ups and downs has proven much more effective than selling into panic or chasing the hottest trend. Even missing only a few of the markets' best days can significantly diminish investor returns. Patience also affords the benefits of compounding - of earning interest on additional income or reinvested dividends and capital gains. There are tax advantages and cost benefits to consider as well. The more you sell, the more taxes you pay, and the more you trade, the higher the costs. While staying the course doesn't eliminate risk, it can considerably lessen the effect of short-term declines.
You can further manage your investing risk through diversification. And today, more than ever, geographic diversification should be taken into account. Studies indicate that asset allocation is the single most important determinant of a portfolio's long-term success. The right mix of stocks, bonds and cash - aligned to your particular risk tolerance and investment objective - is very important. Age-appropriate rebalancing is also an essential aspect of asset allocation. For younger investors, an emphasis on equities - which historically have been the best-performing asset class over time - is encouraged. As investors near their specific goal, such as retirement or sending a child to college, consideration may be given to replacing volatile assets (e.g. common stocks) with more-stable fixed investments (bonds or savings plans).
A third investment principle - investing regularly - can help lower the average cost of your purchases. Investing a certain amount of money each month or quarter helps ensure you won't pay for all your shares at market highs. This strategy - known as dollar cost averaging - also reduces unconstructive "emotion" from investing, helping shareholders avoid selling weak performers just prior to an upswing, or chasing a hot performer just before a correction.
We invite you to contact us via the Internet, through our Investor Centers or over the phone. It is our privilege to provide you the information you need to make the investments that are right for you.
Sincerely,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
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, 2007 to January 31, 2008).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Annual Report
Shareholder Expense Example - continued
|
Beginning |
Ending |
Expenses Paid |
Fidelity® Massachusetts Municipal Income Fund |
|
|
|
Actual |
$ 1,000.00 |
$ 1,036.30 |
$ 2.31 |
HypotheticalA |
$ 1,000.00 |
$ 1,022.94 |
$ 2.29 |
Fidelity® Massachusetts Municipal Money Market Fund |
|
|
|
Actual |
$ 1,000.00 |
$ 1,015.40 |
$ 2.49 |
HypotheticalA |
$ 1,000.00 |
$ 1,022.74 |
$ 2.50 |
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 |
Fidelity Massachusetts Municipal Income Fund |
.45% |
Fidelity Massachusetts Municipal Money Market Fund |
.49% |
Annual Report
Fidelity Massachusetts Municipal Income Fund
Average annual total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income and capital gains (the profits earned upon the sale of securities that have grown in value, if any) and assuming a constant rate of performance each year. The $10,000 table and the fund's returns do not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares. During periods of reimbursement by Fidelity, a fund's total return will be greater than it would be had the reimbursement not occurred. How a fund did yesterday is no guarantee of how it will do tomorrow.
Average Annual Total Returns
Periods ended January 31, 2008 |
Past 1 |
Past 5 |
Past 10 |
Fidelity MA Municipal Income Fund |
4.77% |
4.58% |
5.04% |
$10,000 Over 10 Years
Let's say hypothetically that $10,000 was invested in Fidelity Massachusetts Municipal Income Fund on January 31, 1998. 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.
Annual Report
Fidelity Massachusetts Municipal Income Fund
Comments from Christine Thompson, Portfolio Manager of Fidelity® Massachusetts Municipal Income Fund
Municipal bonds posted lackluster returns during the 12-month period ending January 31, 2008, hamstrung by market volatility stemming from the subprime mortgage market crisis and concerns over bond insurers. While the subprime crisis initially was centered in the taxable bond market, it spilled into the muni market as participants pulled back the reins on risk-taking. Market liquidity suffered as broker/dealers reduced their municipal inventories and trading activity when the costs of hedging those positions rose. Lower-quality municipals came under pressure as muni funds that invest in the lower-quality securities experienced outflows for the first time in years. Insured muni bonds suffered as investors questioned the financial strength and capital adequacy of muni bond insurers. Subprime mortgages again played a central role, as the market anticipated losses among insurers from their guarantees of securities backed by such mortgages. Munis rallied strongly in the final weeks of the period, bolstered by falling interest rates and strong demand from investors seeking value among fixed-income investments. During the 12-month period, the Lehman Brothers® Municipal Bond Index returned 4.93% while the overall taxable market, as measured by the Lehman Brothers U.S. Aggregate Index, gained 8.81%.
During the past year, Fidelity Massachusetts Municipal Income Fund gained 4.77% and the Lehman Brothers Massachusetts 3 Plus Year Enhanced Municipal Bond Index rose 6.09%. The fund's relative performance was helped by its larger-than-index stake in bonds that were prerefunded during the period, a process that shortened the bonds' maturities and improved their credit quality. These securities significantly outpaced the benchmark during the first half of the year. That said, the primary reason why the fund lagged its benchmark was its overweighting in long-maturity premium callable bonds, which trade above their face value and can be redeemed by their issuers prior to maturity. They lagged the index in the wake of slack demand, a response to a lull in prerefunding activity as issuers' refunding costs increased. Although I emphasized bonds of various maturities, I kept the fund's interest rate sensitivity in line with the index, which had no meaningful impact on its relative performance. My slightly larger stake relative to the index in lower-quality investment-grade securities proved modestly detrimental overall. They detracted from performance as the subprime mortgage market meltdown and credit contagion prompted investors to seek out higher-quality bonds.
The views expressed above reflect those of the portfolio manager(s) only through the end of the period as stated on the cover of this report and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Annual Report
Fidelity Massachusetts Municipal Income Fund
Top Five Sectors as of January 31, 2008 |
||
|
% of fund's |
% of fund's net assets |
General Obligations |
19.6 |
16.7 |
Special Tax |
18.2 |
18.3 |
Transportation |
15.6 |
15.4 |
Education |
13.5 |
13.8 |
Water & Sewer |
11.7 |
10.4 |
Weighted Average Maturity as of January 31, 2008 |
||
|
|
6 months ago |
Years |
7.5 |
7.8 |
The weighted average maturity is based on the dollar-weighted average length of time until principal payments are expected or until securities reach maturity, taking into account any maturity shortening feature such as a call, refunding or redemption provision. |
Duration as of January 31, 2008 |
||
|
|
6 months ago |
Years |
7.2 |
6.8 |
Duration shows how much a bond fund's price fluctuates with changes in comparable interest rates. If rates rise 1%, for example, a fund with a five-year duration is likely to lose about 5% of its value. Other factors also can influence a bond fund's performance and share price. Accordingly, a bond fund's actual performance may differ from this example. |
Quality Diversification (% of fund's net assets) |
|||||||
As of January 31, 2008 |
As of July 31, 2007 |
||||||
![]() |
AAA 73.7% |
|
![]() |
AAA 71.2% |
|
||
![]() |
AA,A 21.7% |
|
![]() |
AA,A 22.9% |
|
||
![]() |
BBB 1.9% |
|
![]() |
BBB 2.4% |
|
||
![]() |
BB and Below 1.0% |
|
![]() |
BB and Below 1.1% |
|
||
![]() |
Not Rated 0.7% |
|
![]() |
Not Rated 1.4% |
|
||
![]() |
Short-Term |
|
![]() |
Short-Term |
|
We have used ratings from Moody's® Investors Services, Inc. Where Moody's ratings are not available, we have used S&P® ratings. |
Annual Report
Fidelity Massachusetts Municipal Income Fund
Showing Percentage of Net Assets
Municipal Bonds - 99.0% |
||||
|
Principal Amount |
Value |
||
Guam - 0.1% |
||||
Guam Wtrwks. Auth. Wtr. and Wastewtr. Sys. Rev. 5.875% 7/1/35 |
|
$ 2,115,000 |
$ 2,174,876 |
|
Massachusetts - 95.0% |
||||
Ashland Gen. Oblig. 5.25% 5/15/19 (AMBAC Insured) |
|
1,300,000 |
1,425,723 |
|
Auburn Gen. Oblig. 5.125% 6/1/23 (AMBAC Insured) |
|
1,305,000 |
1,374,296 |
|
Boston Gen. Oblig. Series A, 5% 1/1/17 |
|
1,005,000 |
1,107,751 |
|
Boston Spl. Oblig. (Boston City Hosp. Issue Proj.): |
|
|
|
|
5% 8/1/16 (MBIA Insured) |
|
9,705,000 |
10,308,942 |
|
5% 8/1/17 (MBIA Insured) |
|
7,990,000 |
8,449,825 |
|
5% 8/1/18 (MBIA Insured) |
|
6,200,000 |
6,556,810 |
|
Boston Wtr. & Swr. Commission Rev.: |
|
|
|
|
Sr. Series A: |
|
|
|
|
5.25% 11/1/19 |
|
10,325,000 |
11,645,155 |
|
5.75% 11/1/13 |
|
1,975,000 |
2,144,593 |
|
Sr. Series C, 5.2% 11/1/21 (FGIC Insured) |
|
2,045,000 |
2,099,663 |
|
Bridgewater-Raynham Reg'l. School District: |
|
|
|
|
5% 6/15/18 (FSA Insured) |
|
1,475,000 |
1,586,938 |
|
5% 6/15/19 (FSA Insured) |
|
1,535,000 |
1,645,013 |
|
Brockton Gen. Oblig.: |
|
|
|
|
5% 4/1/15 (FSA Insured) |
|
1,000,000 |
1,123,100 |
|
5% 4/1/16 (FSA Insured) |
|
1,000,000 |
1,127,500 |
|
5.1% 4/1/12 (Pre-Refunded to 4/1/08 @ 101) (d) |
|
1,550,000 |
1,573,049 |
|
Brookline Gen. Oblig. 5.75% 4/1/15 |
|
1,045,000 |
1,126,625 |
|
Dracut Gen. Oblig.: |
|
|
|
|
5% 5/15/16 (AMBAC Insured) |
|
1,400,000 |
1,514,100 |
|
5% 5/15/19 (AMBAC Insured) |
|
1,000,000 |
1,071,990 |
|
Freetown Lakeville Reg'l. School District 5% 1/1/21 (MBIA Insured) |
|
2,265,000 |
2,412,723 |
|
Hopedale Gen. Oblig. 5% 11/15/19 (AMBAC Insured) |
|
1,000,000 |
1,083,800 |
|
Littleton Gen. Oblig. 5% 1/15/19 (FGIC Insured) |
|
1,380,000 |
1,471,867 |
|
Lowell Gen. Oblig.: |
|
|
|
|
5% 12/15/17 (MBIA Insured) |
|
1,410,000 |
1,554,201 |
|
5% 12/15/19 (MBIA Insured) |
|
1,310,000 |
1,418,678 |
|
Lynn Gen. Oblig.: |
|
|
|
|
5.375% 8/15/14 (FGIC Insured) |
|
2,120,000 |
2,318,368 |
|
5.375% 8/15/15 (FGIC Insured) |
|
2,235,000 |
2,444,129 |
|
5.375% 8/15/16 (FGIC Insured) |
|
2,345,000 |
2,564,422 |
|
Lynn Wtr. & Swr. Commission Gen. Rev. Series A: |
|
|
|
|
5% 6/1/18 (MBIA Insured) |
|
2,055,000 |
2,230,374 |
|
5% 6/1/19 (MBIA Insured) |
|
1,560,000 |
1,677,562 |
|
5% 12/1/32 (MBIA Insured) |
|
2,000,000 |
2,051,620 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Marblehead Gen. Oblig.: |
|
|
|
|
5% 8/15/19 |
|
$ 1,510,000 |
$ 1,638,395 |
|
5% 8/15/20 |
|
1,465,000 |
1,584,236 |
|
Martha's Vineyard Land Bank Rev.: |
|
|
|
|
5% 5/1/18 (AMBAC Insured) |
|
2,070,000 |
2,278,842 |
|
5% 5/1/34 (AMBAC Insured) |
|
1,000,000 |
1,020,320 |
|
Massachusetts Bay Trans. Auth.: |
|
|
|
|
Series 1991 A, 7% 3/1/21 (FGIC Insured) |
|
3,025,000 |
3,804,210 |
|
Series A: |
|
|
|
|
5.5% 3/1/12 |
|
4,350,000 |
4,655,544 |
|
7% 3/1/21 |
|
1,500,000 |
1,890,375 |
|
Series B, 6.2% 3/1/16 |
|
27,525,000 |
32,151,953 |
|
Massachusetts Bay Trans. Auth. Massachusetts Rev. |
|
|
|
|
5.25% 7/1/30 |
|
7,085,000 |
7,274,453 |
|
5.75% 7/1/15 |
|
85,000 |
90,997 |
|
5.75% 7/1/18 |
|
330,000 |
353,041 |
|
Massachusetts Bay Trans. Auth. Sales Tax Rev.: |
|
|
|
|
Sr. Series A, 5.25% 7/1/32 |
|
7,745,000 |
8,624,367 |
|
Sr. Series B, 5.5% 7/1/29 (MBIA Insured) |
|
4,000,000 |
4,516,160 |
|
Sr. Series C: |
|
|
|
|
5.25% 7/1/19 |
|
4,430,000 |
5,108,632 |
|
5.25% 7/1/21 |
|
4,000,000 |
4,591,040 |
|
5.25% 7/1/23 |
|
3,950,000 |
4,494,034 |
|
Massachusetts Dept. of Agricultural Resources Higher Ed. Rev.: |
|
|
|
|
5% 1/1/14 |
|
1,500,000 |
1,578,960 |
|
5% 1/1/17 |
|
1,250,000 |
1,316,963 |
|
5% 1/1/19 |
|
2,225,000 |
2,322,388 |
|
5% 1/1/20 |
|
3,000,000 |
3,113,400 |
|
Massachusetts Dev. Fin. Agcy. Rev.: |
|
|
|
|
(Babson College Proj.) Series A, 5% 10/1/21 (MBIA Insured) |
|
1,165,000 |
1,260,402 |
|
(Boston College Proj.) Series P: |
|
|
|
|
5% 7/1/20 |
|
2,500,000 |
2,700,375 |
|
5% 7/1/21 |
|
3,090,000 |
3,310,101 |
|
(Boston Univ. Proj.) Series T1, 5% 10/1/39 (AMBAC Insured) |
|
10,000,000 |
10,216,200 |
|
(Mount Holyoke College Proj.): |
|
|
|
|
5.125% 7/1/21 |
|
5,715,000 |
5,982,462 |
|
5.25% 7/1/31 |
|
11,785,000 |
12,203,603 |
|
5.5% 7/1/14 |
|
750,000 |
817,868 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts Dev. Fin. Agcy. Rev.: - continued |
|
|
|
|
(Mount Holyoke College Proj.): |
|
|
|
|
5.5% 7/1/15 |
|
$ 910,000 |
$ 992,346 |
|
5.5% 7/1/16 |
|
590,000 |
643,389 |
|
(Regis College Proj.): |
|
|
|
|
5.25% 10/1/18 |
|
2,240,000 |
2,202,211 |
|
5.5% 10/1/28 |
|
5,660,000 |
5,346,096 |
|
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Waste Mgmt., Inc. Proj.) 5.5%, tender 5/1/14 (b)(c) |
|
10,250,000 |
10,767,318 |
|
Massachusetts Edl. Fing. Auth. Rev.: |
|
|
|
|
Series A: |
|
|
|
|
Issue E: |
|
|
|
|
4.55% 7/1/09 (AMBAC Insured) (c) |
|
625,000 |
635,369 |
|
4.65% 7/1/10 (AMBAC Insured) (c) |
|
1,495,000 |
1,531,164 |
|
4.75% 7/1/11 (AMBAC Insured) (c) |
|
2,580,000 |
2,640,320 |
|
4.8% 7/1/12 (AMBAC Insured) (c) |
|
670,000 |
686,020 |
|
4.95% 7/1/14 (AMBAC Insured) (c) |
|
1,260,000 |
1,290,744 |
|
5% 7/1/15 (AMBAC Insured) (c) |
|
595,000 |
609,833 |
|
Issue G, 5% 12/1/11 (MBIA Insured) (c) |
|
1,060,000 |
1,074,204 |
|
Series C Issue G: |
|
|
|
|
4.7% 12/1/09 (MBIA Insured) (c) |
|
935,000 |
952,774 |
|
4.9% 12/1/11 (AMBAC Insured) (c) |
|
1,335,000 |
1,360,312 |
|
Massachusetts Fed. Hwy.: |
|
|
|
|
Series 1998 A: |
|
|
|
|
0% 6/15/15 |
|
1,455,000 |
1,114,879 |
|
5.25% 12/15/11 (Pre-Refunded to 12/15/08 @ 101) (d) |
|
5,070,000 |
5,234,876 |
|
5.25% 6/15/12 (Pre-Refunded to 12/15/08 @ 101) (d) |
|
7,320,000 |
7,558,046 |
|
5.5% 6/15/14 (Pre-Refunded to 12/15/08 @ 101) (d) |
|
8,310,000 |
8,597,775 |
|
Series 1998 B, 5.125% 6/15/15 (MBIA Insured) (Pre-Refunded to 12/15/08 @ 101) (d) |
|
5,820,000 |
6,028,531 |
|
Series 2000 A: |
|
|
|
|
5.75% 6/15/11 |
|
8,660,000 |
9,427,189 |
|
5.75% 12/15/11 |
|
9,510,000 |
10,352,491 |
|
5.75% 6/15/12 |
|
5,000,000 |
5,415,550 |
|
5.75% 6/15/13 |
|
8,000,000 |
8,674,080 |
|
5.75% 12/15/14 (Pre-Refunded to 12/15/10 @ 100) (d) |
|
5,035,000 |
5,481,051 |
|
Series B, 5.125% 12/15/14 (Pre-Refunded to 12/15/08 @ 101) (d) |
|
660,000 |
680,764 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts Gen. Oblig.: |
|
|
|
|
Series 1992 D, 6% 5/1/08 (Escrowed to Maturity) (d) |
|
$ 350,000 |
$ 353,336 |
|
Series 2001 D: |
|
|
|
|
5.5% 11/1/18 |
|
2,000,000 |
2,349,500 |
|
5.5% 11/1/20 |
|
1,000,000 |
1,171,460 |
|
Series 2003 D, 5.5% 10/1/19 (AMBAC Insured) |
|
7,000,000 |
8,212,820 |
|
Series 2004 A, 5.25% 8/1/20 (FSA Insured) |
|
5,000,000 |
5,753,250 |
|
Series 2004 D, 5% 12/1/23 (Pre-Refunded to 12/1/14 @ 100) (d) |
|
4,850,000 |
5,463,331 |
|
Series 2005 C, 5% 9/1/25 (Pre-Refunded to 9/1/15 @ 100) (d) |
|
26,840,000 |
30,451,322 |
|
Series 2006 D: |
|
|
|
|
5% 8/1/19 |
|
8,990,000 |
9,862,210 |
|
5% 8/1/20 (Pre-Refunded to 8/1/16 @ 100) (d) |
|
4,000,000 |
4,550,640 |
|
5% 8/1/22 (Pre-Refunded to 8/1/16 @ 100) (d) |
|
8,700,000 |
9,897,642 |
|
Series A: |
|
|
|
|
3.861% 5/1/37 (FGIC Insured) (b) |
|
20,000,000 |
18,126,200 |
|
5% 8/1/16 (Pre-Refunded to 8/1/14 @ 100) (d) |
|
5,000,000 |
5,588,750 |
|
5% 3/1/18 (FSA Insured) |
|
25,000,000 |
27,380,000 |
|
5% 3/1/19 (Pre-Refunded to 3/1/15 @ 100) (d) |
|
60,000 |
67,594 |
|
5% 3/1/19 (Pre-Refunded to 3/1/15 @ 100) (d) |
|
1,230,000 |
1,385,681 |
|
Series B: |
|
|
|
|
5% 11/1/15 |
|
7,000,000 |
7,888,020 |
|
5.25% 9/1/20 (FSA Insured) |
|
4,255,000 |
4,899,250 |
|
5.25% 9/1/22 (FSA Insured) |
|
15,000,000 |
17,144,400 |
|
Series C: |
|
|
|
|
5% 8/1/32 (AMBAC Insured) |
|
18,500,000 |
19,222,425 |
|
5% 8/1/37 (AMBAC Insured) |
|
15,500,000 |
16,068,850 |
|
5.25% 8/1/21 (AMBAC Insured) |
|
980,000 |
1,089,838 |
|
5.25% 8/1/23 (FSA Insured) |
|
2,800,000 |
3,069,472 |
|
5.25% 8/1/24 (FSA Insured) |
|
6,500,000 |
7,082,660 |
|
5.25% 11/1/30 (Pre-Refunded to 11/1/12 @ 100) (d) |
|
1,795,000 |
1,990,511 |
|
Series D: |
|
|
|
|
5% 8/1/21 (Pre-Refunded to 8/1/16 @ 100) (d) |
|
5,750,000 |
6,541,545 |
|
5.25% 10/1/22 (Pre-Refunded to 10/1/13 @ 100) (d) |
|
3,800,000 |
4,260,446 |
|
5.375% 8/1/22 (Pre-Refunded to 8/1/12 @ 100) (d) |
|
240,000 |
266,647 |
|
5.5% 10/1/18 |
|
6,000,000 |
7,041,840 |
|
Series E: |
|
|
|
|
5% 11/1/24 (Pre-Refunded to 11/1/16 @ 100) (d) |
|
20,300,000 |
23,165,142 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts Gen. Oblig.: - continued |
|
|
|
|
Series E: |
|
|
|
|
5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (d) |
|
$ 4,315,000 |
$ 4,783,782 |
|
5.25% 1/1/21 (Pre-Refunded to 1/1/13 @ 100) (d) |
|
695,000 |
770,505 |
|
Massachusetts Health & Edl. Facilities Auth. Rev.: |
|
|
|
|
(Baystate Med. Ctr. Proj.) Series F: |
|
|
|
|
5.75% 7/1/17 |
|
1,305,000 |
1,386,602 |
|
5.75% 7/1/18 |
|
1,300,000 |
1,379,677 |
|
5.75% 7/1/19 |
|
1,455,000 |
1,538,197 |
|
5.75% 7/1/20 |
|
500,000 |
527,560 |
|
5.75% 7/1/33 |
|
3,000,000 |
3,073,530 |
|
(Berklee College of Music Proj.) Series A: |
|
|
|
|
5% 10/1/16 |
|
1,000,000 |
1,105,630 |
|
5% 10/1/19 |
|
3,290,000 |
3,515,826 |
|
5% 10/1/21 |
|
3,270,000 |
3,438,569 |
|
5% 10/1/23 |
|
2,000,000 |
2,069,580 |
|
5% 10/1/25 |
|
5,950,000 |
6,091,551 |
|
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (e) |
|
11,815,000 |
11,852,217 |
|
(Brandeis Univ. Proj.) Series I: |
|
|
|
|
5.25% 10/1/14 (MBIA Insured) |
|
2,780,000 |
2,859,063 |
|
5.25% 10/1/16 (MBIA Insured) |
|
1,400,000 |
1,439,816 |
|
(Emerson Hosp. Proj.) Series E, 5% 8/15/35 (Radian Asset Assurance, Inc. Insured) |
|
2,500,000 |
2,388,500 |
|
(Harvard Univ. Proj.) Series FF, 5.125% 7/15/37 |
|
39,135,000 |
40,619,782 |
|
(Lahey Clinic Med. Ctr. Proj.) Series C, 5% 8/15/30 (FGIC Insured) |
|
5,190,000 |
5,284,406 |
|
(Massachusetts Eye & Ear Infirmary Proj.) Series B: |
|
|
|
|
5.25% 7/1/08 |
|
2,000,000 |
2,011,020 |
|
5.25% 7/1/09 |
|
2,540,000 |
2,577,668 |
|
5.25% 7/1/10 |
|
2,000,000 |
2,025,600 |
|
5.25% 7/1/11 |
|
3,025,000 |
3,062,480 |
|
(Massachusetts Gen. Hosp. Proj.) Series F, 6.25% 7/1/12 (AMBAC Insured) |
|
11,110,000 |
12,002,244 |
|
(Massachusetts Institute of Technology Proj.): |
|
|
|
|
Series I1, 5.2% 1/1/28 |
|
6,500,000 |
7,332,975 |
|
Series K, 5.375% 7/1/17 |
|
6,805,000 |
7,902,715 |
|
Series L: |
|
|
|
|
5% 7/1/18 |
|
4,315,000 |
4,903,523 |
|
5% 7/1/23 |
|
3,990,000 |
4,450,326 |
|
5.25% 7/1/33 |
|
14,000,000 |
15,878,520 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
(Med. Ctr. of Central Massachusetts Proj.) 6.55% 6/23/22 (AMBAC Insured) |
|
$ 17,000,000 |
$ 17,393,040 |
|
(New England Med. Ctr. Hosp. Proj.) Series G, 5.375% 7/1/24 (MBIA Insured) |
|
500,000 |
500,685 |
|
(Northeastern Univ. Proj.) Series 1998 G, 5% 10/1/28 (MBIA Insured) |
|
6,500,000 |
6,597,045 |
|
(Partners HealthCare Sys. Proj.): |
|
|
|
|
Series 1997 A: |
|
|
|
|
5.125% 7/1/11 (MBIA Insured) |
|
3,885,000 |
3,931,737 |
|
5.375% 7/1/24 (MBIA Insured) |
|
7,430,000 |
7,520,869 |
|
Series C: |
|
|
|
|
5.75% 7/1/21 |
|
2,500,000 |
2,655,625 |
|
5.75% 7/1/32 |
|
190,000 |
201,330 |
|
5.75% 7/1/32 (Pre-Refunded to 7/1/11 @ 101) (d) |
|
4,810,000 |
5,363,054 |
|
Series E: |
|
|
|
|
5% 7/1/17 |
|
1,255,000 |
1,328,556 |
|
5% 7/1/19 |
|
1,390,000 |
1,454,162 |
|
Series F: |
|
|
|
|
5% 7/1/17 |
|
1,410,000 |
1,519,219 |
|
5% 7/1/19 |
|
1,760,000 |
1,867,149 |
|
5% 7/1/20 |
|
2,350,000 |
2,476,148 |
|
5% 7/1/21 |
|
1,150,000 |
1,202,774 |
|
5% 7/1/22 |
|
1,855,000 |
1,926,993 |
|
Series G: |
|
|
|
|
5% 7/1/18 |
|
1,500,000 |
1,628,820 |
|
5% 7/1/20 |
|
1,300,000 |
1,385,280 |
|
5% 7/1/22 |
|
1,350,000 |
1,413,909 |
|
5% 7/1/27 |
|
7,750,000 |
7,907,015 |
|
5% 7/1/28 |
|
5,515,000 |
5,614,160 |
|
(South Shore Hosp. Proj.) Series F: |
|
|
|
|
5.125% 7/1/08 |
|
2,000,000 |
2,023,020 |
|
5.25% 7/1/09 |
|
2,120,000 |
2,202,065 |
|
5.5% 7/1/12 |
|
2,165,000 |
2,241,100 |
|
5.625% 7/1/19 |
|
1,000,000 |
1,027,540 |
|
5.75% 7/1/29 |
|
17,350,000 |
17,616,323 |
|
(Tufts Univ. Proj.): |
|
|
|
|
Series I, 5.5% 2/15/36 |
|
5,000,000 |
5,301,100 |
|
Series J, 5.5% 8/15/17 |
|
500,000 |
586,620 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
(UMass Worcester Proj.): |
|
|
|
|
Series 2005 D: |
|
|
|
|
5% 10/1/16 (FGIC Insured) (a) |
|
$ 3,040,000 |
$ 3,263,683 |
|
5% 10/1/17 (FGIC Insured) (a) |
|
3,735,000 |
3,982,631 |
|
Series B: |
|
|
|
|
5.25% 10/1/15 (FGIC Insured) |
|
565,000 |
603,426 |
|
5.25% 10/1/15 (Pre-Refunded to 10/1/11 @ 100) (d) |
|
435,000 |
476,686 |
|
(Wellesley College Proj.): |
|
|
|
|
5% 7/1/19 |
|
1,975,000 |
2,111,650 |
|
5% 7/1/20 |
|
2,075,000 |
2,210,186 |
|
(Williams College Proj.): |
|
|
|
|
Series 2003 H, 5% 7/1/20 |
|
1,005,000 |
1,070,476 |
|
Series 2006 L: |
|
|
|
|
5% 7/1/17 |
|
1,000,000 |
1,116,870 |
|
5% 7/1/18 |
|
1,000,000 |
1,108,380 |
|
5% 7/1/19 |
|
1,695,000 |
1,858,008 |
|
5% 7/1/20 |
|
2,410,000 |
2,625,382 |
|
5% 7/1/21 |
|
2,535,000 |
2,748,244 |
|
5% 7/1/36 |
|
9,205,000 |
9,549,911 |
|
(Worcester City Campus Proj.) Series E: |
|
|
|
|
5% 10/1/17 (FGIC Insured) |
|
2,130,000 |
2,348,325 |
|
5% 10/1/18 (FGIC Insured) |
|
1,985,000 |
2,171,471 |
|
5% 10/1/19 (FGIC Insured) |
|
1,350,000 |
1,461,227 |
|
5% 10/1/20 (FGIC Insured) |
|
2,465,000 |
2,651,181 |
|
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. (Boston Edison Co. Proj.) Series A, 5.75% 2/1/14 |
|
9,900,000 |
9,925,245 |
|
Massachusetts Indl. Fin. Agcy. Resource Recovery Rev. (Ogden Haverhill Proj.) Series 1998 A, 5.2% 12/1/08 (c) |
|
1,300,000 |
1,306,032 |
|
Massachusetts Indl. Fin. Agcy. Rev. (Whitehead Institute Biomedical Research Proj.) 5.125% 7/1/26 |
|
14,600,000 |
14,630,076 |
|
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.: |
|
|
|
|
(Nuclear Mix #1 Proj.) Series A, 5.25% 7/1/12 (MBIA Insured) |
|
8,000,000 |
8,704,960 |
|
(Nuclear Mix #4 Proj.) Series A, 5.25% 7/1/12 (MBIA Insured) |
|
8,510,000 |
9,259,901 |
|
Massachusetts Port Auth. Rev.: |
|
|
|
|
(US Airways, Inc. Proj.) Series A, 5.5% 9/1/10 (MBIA Insured) (c) |
|
2,030,000 |
2,053,223 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts Port Auth. Rev.: - continued |
|
|
|
|
Series 1998 A: |
|
|
|
|
5% 7/1/23 (FSA Insured) |
|
$ 8,750,000 |
$ 8,868,913 |
|
5.5% 7/1/17 (FSA Insured) |
|
2,105,000 |
2,143,985 |
|
Series 1998 B: |
|
|
|
|
5% 7/1/10 (FSA Insured) (c) |
|
2,275,000 |
2,318,475 |
|
5% 7/1/15 (FSA Insured) (c) |
|
3,310,000 |
3,363,490 |
|
Series 2007 C: |
|
|
|
|
5% 7/1/17 (FSA Insured) (c) |
|
1,660,000 |
1,841,189 |
|
5% 7/1/22 (FSA Insured) (c) |
|
6,140,000 |
6,488,875 |
|
5% 7/1/27 (FSA Insured) (c) |
|
5,000,000 |
5,143,400 |
|
Series A: |
|
|
|
|
5% 7/1/18 (AMBAC Insured) |
|
5,205,000 |
5,657,210 |
|
5% 7/1/18 (MBIA Insured) |
|
2,000,000 |
2,136,360 |
|
5% 7/1/19 (MBIA Insured) |
|
6,915,000 |
7,341,102 |
|
5% 7/1/20 (MBIA Insured) |
|
2,505,000 |
2,640,546 |
|
5% 7/1/21 (AMBAC Insured) |
|
5,010,000 |
5,348,075 |
|
5% 7/1/21 (MBIA Insured) |
|
3,000,000 |
3,142,950 |
|
5% 7/1/22 (MBIA Insured) |
|
2,000,000 |
2,082,460 |
|
5% 7/1/35 (AMBAC Insured) |
|
10,000,000 |
10,273,500 |
|
Series B: |
|
|
|
|
5.5% 7/1/10 (FSA Insured) (c) |
|
11,470,000 |
12,015,284 |
|
5.5% 7/1/11 (FSA Insured) (c) |
|
5,500,000 |
5,751,350 |
|
5.5% 7/1/12 (FSA Insured) (c) |
|
4,000,000 |
4,174,320 |
|
5.625% 7/1/12 (Escrowed to Maturity) (d) |
|
1,095,000 |
1,179,315 |
|
Massachusetts Port Auth. Spl. Facilities Rev.: |
|
|
|
|
(BosFuel Corp. Proj.): |
|
|
|
|
5% 7/1/18 (FGIC Insured) (c) |
|
1,500,000 |
1,611,690 |
|
5% 7/1/19 (FGIC Insured) (c) |
|
1,000,000 |
1,065,600 |
|
5% 7/1/20 (FGIC Insured) (c) |
|
1,360,000 |
1,435,113 |
|
5% 7/1/21 (FGIC Insured) (c) |
|
1,000,000 |
1,046,550 |
|
(Delta Air Lines, Inc. Proj.) Series A: |
|
|
|
|
5.5% 1/1/12 (AMBAC Insured) (c) |
|
10,395,000 |
11,016,725 |
|
5.5% 1/1/13 (AMBAC Insured) (c) |
|
7,015,000 |
7,398,791 |
|
5.5% 1/1/14 (AMBAC Insured) (c) |
|
6,040,000 |
6,346,590 |
|
5.5% 1/1/15 (AMBAC Insured) (c) |
|
5,000,000 |
5,239,750 |
|
5.5% 1/1/16 (AMBAC Insured) (c) |
|
5,000,000 |
5,220,150 |
|
5.5% 1/1/17 (AMBAC Insured) (c) |
|
6,470,000 |
6,742,258 |
|
5.5% 1/1/18 (AMBAC Insured) (c) |
|
6,000,000 |
6,240,780 |
|
5.5% 1/1/19 (AMBAC Insured) (c) |
|
5,000,000 |
5,185,400 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: |
|
|
|
|
Series 2005 A, 5% 8/15/19 (MBIA Insured) |
|
$ 17,000,000 |
$ 18,382,270 |
|
Series A: |
|
|
|
|
4.5% 8/15/35 (AMBAC Insured) |
|
20,000,000 |
18,942,200 |
|
5% 8/15/17 (AMBAC Insured) |
|
5,000,000 |
5,620,400 |
|
5% 8/15/22 (FSA Insured) |
|
5,540,000 |
5,949,129 |
|
5% 8/15/23 (FSA Insured) |
|
6,000,000 |
6,402,720 |
|
5% 8/15/24 (FSA Insured) |
|
7,100,000 |
7,543,253 |
|
5% 8/15/25 (FSA Insured) |
|
2,350,000 |
2,492,011 |
|
5% 8/15/27 (MBIA Insured) |
|
10,000,000 |
10,491,900 |
|
5% 8/15/30 (FSA Insured) |
|
106,600,000 |
111,423,629 |
|
5% 8/15/37 (AMBAC Insured) |
|
26,000,000 |
26,997,880 |
|
Massachusetts Spl. Oblig. Dedicated Tax Rev.: |
|
|
|
|
5.25% 1/1/19 (FGIC Insured) |
|
3,500,000 |
3,834,810 |
|
5.5% 1/1/28 (FGIC Insured) |
|
1,000,000 |
1,075,680 |
|
Massachusetts Spl. Oblig. Rev.: |
|
|
|
|
(Fed. Hwy. Grant Anticipation Note Prog.) Series A, 5% 12/15/12 (FSA Insured) |
|
3,700,000 |
4,078,029 |
|
Series A: |
|
|
|
|
5% 6/1/23 (FSA Insured) |
|
2,000,000 |
2,127,060 |
|
5.5% 6/1/15 (FGIC Insured) |
|
11,070,000 |
12,642,161 |
|
5.5% 6/1/16 (FGIC Insured) |
|
2,520,000 |
2,892,784 |
|
5.5% 6/1/16 (FSA Insured) |
|
3,000,000 |
3,490,980 |
|
5.5% 6/1/18 (FSA Insured) |
|
9,740,000 |
11,433,396 |
|
5.5% 6/1/19 (FSA Insured) |
|
10,000,000 |
11,753,500 |
|
Massachusetts State College Bldg. Auth. Rev.: |
|
|
|
|
Series A: |
|
|
|
|
0% 5/1/22 (Escrowed to Maturity) (d) |
|
2,250,000 |
1,236,285 |
|
0% 5/1/28 (XL Cap. Assurance, Inc. Insured) |
|
6,080,000 |
2,224,611 |
|
5% 5/1/18 (MBIA Insured) |
|
2,270,000 |
2,443,428 |
|
5% 5/1/31 (AMBAC Insured) |
|
5,000,000 |
5,138,950 |
|
5% 5/1/36 (AMBAC Insured) |
|
8,000,000 |
8,183,760 |
|
5% 5/1/43 (MBIA Insured) |
|
11,410,000 |
11,598,607 |
|
5.25% 5/1/14 (XL Cap. Assurance, Inc. Insured) |
|
2,075,000 |
2,273,329 |
|
5.25% 5/1/15 (XL Cap. Assurance, Inc. Insured) |
|
2,030,000 |
2,217,897 |
|
5.25% 5/1/16 (XL Cap. Assurance, Inc. Insured) |
|
1,295,000 |
1,409,012 |
|
5.25% 5/1/19 (XL Cap. Assurance, Inc. Insured) |
|
2,680,000 |
2,876,042 |
|
5.25% 5/1/21 (XL Cap. Assurance, Inc. Insured) |
|
1,965,000 |
2,092,352 |
|
5.25% 5/1/23 (XL Cap. Assurance, Inc. Insured) |
|
2,665,000 |
2,805,419 |
|
Series B: |
|
|
|
|
5.375% 5/1/18 (XL Cap. Assurance, Inc. Insured) |
|
1,100,000 |
1,257,806 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts State College Bldg. Auth. Rev.: - continued |
|
|
|
|
Series B: |
|
|
|
|
5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured) |
|
$ 1,825,000 |
$ 2,081,066 |
|
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.: |
|
|
|
|
Series 1997 A, 5.125% 1/1/17 (MBIA Insured) |
|
3,575,000 |
3,618,007 |
|
Series 1999 A: |
|
|
|
|
5% 1/1/39 (AMBAC Insured) |
|
6,925,000 |
6,924,654 |
|
5.25% 1/1/29 (AMBAC Insured) |
|
45,615,000 |
45,883,216 |
|
Sr. Series A: |
|
|
|
|
0% 1/1/25 (MBIA Insured) |
|
5,110,000 |
2,272,928 |
|
0% 1/1/29 (MBIA Insured) |
|
33,195,000 |
11,630,864 |
|
5% 1/1/37 (MBIA Insured) |
|
42,240,000 |
42,245,069 |
|
5.125% 1/1/23 (MBIA Insured) |
|
3,460,000 |
3,501,624 |
|
Sr. Series C: |
|
|
|
|
0% 1/1/16 (MBIA Insured) |
|
3,000,000 |
2,226,090 |
|
0% 1/1/17 (MBIA Insured) |
|
7,705,000 |
5,443,428 |
|
0% 1/1/18 (MBIA Insured) |
|
2,025,000 |
1,357,297 |
|
0% 1/1/19 (MBIA Insured) |
|
13,815,000 |
8,770,591 |
|
Massachusetts Tpk. Auth. Western Tpk. Rev. Series A, 5.55% 1/1/17 (MBIA Insured) |
|
14,065,000 |
14,100,163 |
|
Massachusetts Wtr. Poll. Abatement Trust: |
|
|
|
|
(MWRA Prog.) Series A, 5.25% 8/1/20 |
|
1,700,000 |
1,829,166 |
|
(Pool Prog.): |
|
|
|
|
Series 10: |
|
|
|
|
5% 8/1/22 |
|
305,000 |
324,429 |
|
5% 8/1/34 |
|
150,000 |
155,031 |
|
5% 8/1/34 (Pre-Refunded to 8/1/14 @ 100) (d) |
|
905,000 |
1,017,247 |
|
5.25% 8/1/15 |
|
2,435,000 |
2,734,505 |
|
Series 12: |
|
|
|
|
5% 8/1/19 |
|
13,995,000 |
15,417,172 |
|
5% 8/1/20 |
|
7,000,000 |
7,647,080 |
|
Series 13: |
|
|
|
|
5% 8/1/19 |
|
3,565,000 |
3,972,266 |
|
5% 8/1/20 |
|
4,895,000 |
5,383,864 |
|
5% 8/1/21 |
|
5,350,000 |
5,857,448 |
|
5% 8/1/22 |
|
8,355,000 |
9,071,191 |
|
5% 8/1/23 |
|
4,385,000 |
4,724,794 |
|
Series 2004 A: |
|
|
|
|
5.25% 2/1/16 |
|
6,110,000 |
6,991,429 |
|
5.25% 2/1/17 |
|
6,435,000 |
7,398,770 |
|
5.25% 2/1/18 |
|
6,300,000 |
7,285,887 |
|
5.25% 2/1/22 |
|
1,170,000 |
1,343,148 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts Wtr. Poll. Abatement Trust: - continued |
|
|
|
|
(Pool Prog.): |
|
|
|
|
Series 2004 A: |
|
|
|
|
5.25% 8/1/22 |
|
$ 6,525,000 |
$ 7,516,474 |
|
5.25% 2/1/23 |
|
1,390,000 |
1,589,535 |
|
5.25% 2/1/24 |
|
1,170,000 |
1,335,555 |
|
5.25% 8/1/24 |
|
3,780,000 |
4,326,664 |
|
Series 3, 5.4% 2/1/10 |
|
300,000 |
302,178 |
|
Series 4, 5.125% 8/1/14 |
|
70,000 |
71,427 |
|
Series 5, 5.25% 8/1/15 |
|
75,000 |
78,078 |
|
Series 6: |
|
|
|
|
5.25% 8/1/19 |
|
30,000 |
31,516 |
|
5.5% 8/1/30 |
|
17,580,000 |
18,737,116 |
|
5.625% 8/1/14 |
|
115,000 |
124,904 |
|
5.625% 8/1/15 |
|
25,000 |
27,153 |
|
5.625% 8/1/15 (Pre-Refunded to 8/1/10 @ 101) (d) |
|
975,000 |
1,062,692 |
|
5.625% 8/1/16 |
|
485,000 |
526,647 |
|
Series 7: |
|
|
|
|
5.25% 2/1/16 |
|
4,495,000 |
4,801,514 |
|
5.25% 2/1/17 |
|
2,795,000 |
2,976,060 |
|
Series 8: |
|
|
|
|
5% 8/1/17 |
|
110,000 |
117,553 |
|
5% 8/1/20 |
|
105,000 |
110,864 |
|
Series 9, 5.25% 8/1/33 |
|
595,000 |
628,623 |
|
Series A, 5.25% 8/1/16 |
|
21,700,000 |
25,001,438 |
|
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series A: |
|
|
|
|
5% 8/1/15 |
|
50,000 |
50,098 |
|
5% 8/1/15 (Escrowed to Maturity) (d) |
|
950,000 |
1,076,588 |
|
5.25% 8/1/12 |
|
565,000 |
577,690 |
|
5.25% 8/1/13 |
|
330,000 |
337,168 |
|
5.45% 2/1/13 (Escrowed to Maturity) (d) |
|
1,960,000 |
2,103,335 |
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: |
|
|
|
|
Series A: |
|
|
|
|
5% 8/1/23 (FSA Insured) |
|
2,000,000 |
2,145,080 |
|
5% 8/1/25 (FSA Insured) |
|
2,000,000 |
2,123,380 |
|
5% 8/1/26 (FSA Insured) |
|
2,000,000 |
2,112,620 |
|
5% 8/1/27 (FSA Insured) |
|
2,000,000 |
2,104,980 |
|
5% 8/1/28 (FSA Insured) |
|
2,000,000 |
2,097,380 |
|
5.25% 8/1/21 (MBIA Insured) |
|
12,645,000 |
13,998,647 |
|
5.25% 8/1/24 (MBIA Insured) |
|
9,000,000 |
9,718,650 |
|
6.5% 7/15/19 (Escrowed to Maturity) (d) |
|
21,960,000 |
26,914,176 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued |
|
|
|
|
Series B: |
|
|
|
|
5.125% 8/1/27 (MBIA Insured) |
|
$ 6,960,000 |
$ 7,197,266 |
|
5.5% 8/1/15 (FSA Insured) |
|
1,500,000 |
1,721,670 |
|
5.5% 8/1/16 (FSA Insured) |
|
1,425,000 |
1,665,797 |
|
Series D, 5% 8/1/24 (MBIA Insured) |
|
1,510,000 |
1,531,820 |
|
Series J: |
|
|
|
|
5% 8/1/42 |
|
8,160,000 |
8,304,187 |
|
5.5% 8/1/20 (FSA Insured) |
|
1,000,000 |
1,175,420 |
|
Maynard Gen. Oblig.: |
|
|
|
|
5.5% 2/1/17 (Pre-Refunded to 2/1/13 @ 101) (d) |
|
1,030,000 |
1,169,678 |
|
5.5% 2/1/20 (Pre-Refunded to 2/1/13 @ 101) (d) |
|
1,025,000 |
1,164,000 |
|
5.5% 2/1/23 (Pre-Refunded to 2/1/13 @ 101) (d) |
|
1,000,000 |
1,135,610 |
|
Monson Gen. Oblig.: |
|
|
|
|
5.25% 5/15/17 (AMBAC Insured) |
|
2,120,000 |
2,294,052 |
|
5.25% 5/15/19 (AMBAC Insured) |
|
2,335,000 |
2,505,432 |
|
5.25% 11/1/21 (AMBAC Insured) |
|
1,000,000 |
1,074,100 |
|
5.25% 5/15/22 (AMBAC Insured) |
|
2,985,000 |
3,169,921 |
|
Pioneer Valley Reg'l. School District: |
|
|
|
|
5.375% 6/15/15 (AMBAC Insured) |
|
1,235,000 |
1,345,792 |
|
5.375% 6/15/16 (AMBAC Insured) |
|
1,000,000 |
1,089,710 |
|
Pittsfield Gen. Oblig.: |
|
|
|
|
5% 4/15/19 (MBIA Insured) |
|
1,140,000 |
1,211,831 |
|
5.5% 4/15/17 (MBIA Insured) |
|
1,930,000 |
2,137,398 |
|
Randolph Gen. Oblig.: |
|
|
|
|
5% 9/1/16 (AMBAC Insured) |
|
1,170,000 |
1,284,414 |
|
5% 9/1/18 (AMBAC Insured) |
|
1,090,000 |
1,184,525 |
|
5% 9/1/19 (AMBAC Insured) |
|
1,085,000 |
1,169,196 |
|
Reading Gen. Oblig.: |
|
|
|
|
5% 3/15/20 (MBIA Insured) |
|
2,100,000 |
2,230,305 |
|
5% 3/15/21 (MBIA Insured) |
|
2,190,000 |
2,313,691 |
|
Salem Gen. Oblig.: |
|
|
|
|
5% 1/15/19 (FGIC Insured) |
|
1,525,000 |
1,625,101 |
|
5% 1/15/20 (FGIC Insured) |
|
1,350,000 |
1,430,447 |
|
Springfield Gen. Oblig.: |
|
|
|
|
5% 8/1/15 (FSA Insured) |
|
1,000,000 |
1,126,820 |
|
5% 8/1/16 (FSA Insured) |
|
8,000,000 |
9,044,000 |
|
5% 8/1/17 (FSA Insured) |
|
5,000,000 |
5,619,250 |
|
5% 8/1/18 (FSA Insured) |
|
7,210,000 |
8,061,501 |
|
5% 8/1/22 (MBIA Insured) |
|
3,610,000 |
3,817,683 |
|
5% 8/1/23 (MBIA Insured) |
|
2,050,000 |
2,154,427 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Massachusetts - continued |
||||
Springfield Gen. Oblig.: - continued |
|
|
|
|
5.75% 8/1/14 (FSA Insured) |
|
$ 4,000,000 |
$ 4,651,880 |
|
Univ. of Massachusetts Bldg. Auth. Facilities Rev.: |
|
|
|
|
Series 2004 1: |
|
|
|
|
5.375% 11/1/16 (AMBAC Insured) |
|
1,305,000 |
1,454,005 |
|
5.375% 11/1/16 (Pre-Refunded to 11/1/14 @ 100) (d) |
|
4,860,000 |
5,594,492 |
|
Series 2004 A, 5.375% 11/1/17 (Pre-Refunded to 11/1/14 @ 100) (d) |
|
1,000,000 |
1,151,130 |
|
Woods Hole, Martha's Vineyard & Nantucket Steamship Series 2004 B, 5% 3/1/17 |
|
3,300,000 |
3,635,907 |
|
Worcester Gen. Oblig.: |
|
|
|
|
Series 2001 A: |
|
|
|
|
5.25% 8/15/21 (FGIC Insured) |
|
1,465,000 |
1,554,365 |
|
5.5% 8/15/13 (FGIC Insured) |
|
1,285,000 |
1,398,954 |
|
5.5% 8/15/18 (FGIC Insured) |
|
1,000,000 |
1,088,680 |
|
Series 2001 B, 5.5% 10/1/14 (FGIC Insured) |
|
1,070,000 |
1,167,734 |
|
|
1,836,422,512 |
|||
Puerto Rico - 3.8% |
||||
Puerto Rico Commonwealth Gen. Oblig.: |
|
|
|
|
(Pub. Impt. Proj.) Series 2006 A, 5.25% 7/1/26 |
|
3,000,000 |
3,069,420 |
|
Series 2006A, 3.474% 7/1/21 (FGIC Insured) (b) |
|
5,400,000 |
5,056,884 |
|
Series A: |
|
|
|
|
5.25% 7/1/18 |
|
3,500,000 |
3,672,480 |
|
5.25% 7/1/18 (CIFG North America Insured) (FSA Insured) |
|
2,500,000 |
2,669,250 |
|
5.25% 7/1/30 |
|
2,085,000 |
2,108,894 |
|
5.5% 7/1/21 (FGIC Insured) |
|
9,000,000 |
9,850,590 |
|
Series B: |
|
|
|
|
5% 7/1/35 |
|
995,000 |
956,225 |
|
5% 7/1/35 (Pre-Refunded to 7/1/16 @ 100) (d) |
|
1,630,000 |
1,858,868 |
|
5.25% 7/1/32 |
|
4,405,000 |
4,449,491 |
|
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev.: |
|
|
|
|
Series 1998, 5.75% 7/1/22 (CIFG North America Insured) |
|
3,000,000 |
3,269,550 |
|
Series 2002 E, 5.5% 7/1/21 (FSA Insured) |
|
1,700,000 |
1,943,508 |
|
Series L, 5.25% 7/1/41 (CIFG North America Insured) |
|
3,010,000 |
3,067,280 |
|
Series N, 5.25% 7/1/39 (FGIC Insured) |
|
7,500,000 |
7,580,625 |
|
Municipal Bonds - continued |
||||
|
Principal Amount |
Value |
||
Puerto Rico - continued |
||||
Puerto Rico Commonwealth Infrastructure Fing. Auth. Series 2000 A, 5.5% 10/1/40 (Escrowed to Maturity) (d) |
|
$ 10,745,000 |
$ 11,397,007 |
|
Puerto Rico Govt. Dev. Bank Series B, 5% 12/1/12 |
|
3,790,000 |
4,040,064 |
|
Puerto Rico Pub. Bldg. Auth. Rev. Series M2, 5.75%, tender 7/1/17 (b) |
|
3,100,000 |
3,419,362 |
|
Puerto Rico Pub. Fin. Corp. Commonwealth Appropriation Series 2004 A, 5.25%, tender 2/1/12 (AMBAC Insured) (b) |
|
1,015,000 |
1,062,106 |
|
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev. Series A: |
|
|
|
|
0% 8/1/41 (FGIC Insured) |
|
15,600,000 |
2,535,156 |
|
0% 8/1/54 (AMBAC Insured) |
|
15,600,000 |
1,229,748 |
|
|
73,236,508 |
|||
Virgin Islands - 0.1% |
||||
Virgin Islands Pub. Fin. Auth. Rev. Series A: |
|
|
|
|
5% 10/1/11 |
|
805,000 |
847,190 |
|
5% 10/1/13 |
|
700,000 |
740,530 |
|
5.25% 10/1/16 |
|
750,000 |
793,928 |
|
|
2,381,648 |
TOTAL INVESTMENT PORTFOLIO - 99.0% (Cost $1,865,871,466) |
1,914,215,544 |
||
NET OTHER ASSETS - 1.0% |
19,690,762 |
||
NET ASSETS - 100% |
$ 1,933,906,306 |
Legend |
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(c) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(d) Security collateralized by an amount sufficient to pay interest and principal. |
(e) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $11,852,217 or 0.6% of net assets. |
Security |
Acquisition Date |
Acquisition Cost |
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 |
9/3/92 |
$ 11,081,643 |
Other Information |
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows: |
General Obligations |
19.6% |
Special Tax |
18.2% |
Transportation |
15.6% |
Education |
13.5% |
Water & Sewer |
11.7% |
Escrowed/Pre-Refunded |
10.3% |
Health Care |
6.5% |
Others* (individually less than 5%) |
4.6% |
|
100.0% |
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Income Fund
Statement of Assets and Liabilities
|
January 31, 2008 |
|
|
|
|
Assets |
|
|
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $1,865,871,466) |
|
$ 1,914,215,544 |
Cash |
|
18,947,965 |
Receivable for fund shares sold |
|
2,305,159 |
Interest receivable |
|
23,915,585 |
Prepaid expenses |
|
5,224 |
Other receivables |
|
167,953 |
Total assets |
|
1,959,557,430 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 13,286,528 |
|
Delayed delivery |
7,380,963 |
|
Payable for fund shares redeemed |
1,933,910 |
|
Distributions payable |
2,011,711 |
|
Accrued management fee |
583,942 |
|
Other affiliated payables |
405,777 |
|
Other payables and accrued expenses |
48,293 |
|
Total liabilities |
|
25,651,124 |
|
|
|
Net Assets |
|
$ 1,933,906,306 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 1,881,531,404 |
Undistributed net investment income |
|
976,393 |
Accumulated undistributed net realized gain (loss) on investments |
|
3,054,431 |
Net unrealized appreciation (depreciation) on investments |
|
48,344,078 |
Net Assets, for 162,941,696 shares outstanding |
|
$ 1,933,906,306 |
Net Asset Value, offering price and redemption price per share ($1,933,906,306 ÷ 162,941,696 shares) |
|
$ 11.87 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Income Fund
Financial Statements - continued
Statement of Operations
|
Year ended January 31, 2008 |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 82,620,347 |
|
|
|
Expenses |
|
|
Management fee |
$ 6,821,827 |
|
Transfer agent fees |
1,258,185 |
|
Accounting fees and expenses |
342,388 |
|
Custodian fees and expenses |
26,085 |
|
Independent trustees' compensation |
6,831 |
|
Registration fees |
24,227 |
|
Audit |
59,028 |
|
Legal |
12,741 |
|
Miscellaneous |
15,450 |
|
Total expenses before reductions |
8,566,762 |
|
Expense reductions |
(740,161) |
7,826,601 |
Net investment income |
|
74,793,746 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
|
9,318,837 |
Change in net unrealized appreciation (depreciation) on investment securities |
|
2,627,942 |
Net gain (loss) |
|
11,946,779 |
Net increase (decrease) in net assets resulting from operations |
|
$ 86,740,525 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Changes in Net Assets
|
Year ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 74,793,746 |
$ 74,795,006 |
Net realized gain (loss) |
9,318,837 |
6,824,149 |
Change in net unrealized appreciation (depreciation) |
2,627,942 |
(7,965,271) |
Net increase (decrease) in net assets resulting |
86,740,525 |
73,653,884 |
Distributions to shareholders from net investment income |
(74,676,954) |
(73,900,905) |
Distributions to shareholders from net realized gain |
(7,619,691) |
(5,580,754) |
Total distributions |
(82,296,645) |
(79,481,659) |
Share transactions |
406,252,934 |
337,892,247 |
Reinvestment of distributions |
57,559,220 |
57,327,195 |
Cost of shares redeemed |
(379,428,447) |
(394,435,017) |
Net increase (decrease) in net assets resulting from share transactions |
84,383,707 |
784,425 |
Redemption fees |
17,941 |
19,206 |
Total increase (decrease) in net assets |
88,845,528 |
(5,024,144) |
|
|
|
Net Assets |
|
|
Beginning of period |
1,845,060,778 |
1,850,084,922 |
End of period (including undistributed net investment income of $976,393 and undistributed net investment income of $365,005, respectively) |
$ 1,933,906,306 |
$ 1,845,060,778 |
Other Information Shares |
|
|
Sold |
34,468,582 |
28,561,187 |
Issued in reinvestment of distributions |
4,882,617 |
4,839,639 |
Redeemed |
(32,279,919) |
(33,400,044) |
Net increase (decrease) |
7,071,280 |
782 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
Years ended January 31, |
2008 |
2007 |
2006 |
2005 |
2004 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning of period |
$ 11.84 |
$ 11.87 |
$ 12.20 |
$ 12.30 |
$ 12.22 |
Income from Investment Operations |
|
|
|
|
|
Net investment income B |
.473 |
.484 |
.497 |
.519 |
.523 |
Net realized and unrealized gain (loss) |
.077 |
- D |
(.169) |
.051 |
.244 |
Total from investment |
.550 |
.484 |
.328 |
.570 |
.767 |
Distributions from net investment income |
(.472) |
(.478) |
(.498) |
(.521) |
(.526) |
Distributions from net realized gain |
(.048) |
(.036) |
(.160) |
(.149) |
(.161) |
Total distributions |
(.520) |
(.514) |
(.658) |
(.670) |
(.687) |
Redemption fees added to paid in capital B, D |
- |
- |
- |
- |
- |
Net asset value, end |
$ 11.87 |
$ 11.84 |
$ 11.87 |
$ 12.20 |
$ 12.30 |
Total Return A |
4.77% |
4.17% |
2.76% |
4.80% |
6.43% |
Ratios to Average Net Assets C |
|
|
|
|
|
Expenses before |
.46% |
.47% |
.47% |
.47% |
.47% |
Expenses net of fee |
.46% |
.47% |
.47% |
.47% |
.47% |
Expenses net of |
.42% |
.44% |
.44% |
.46% |
.47% |
Net investment income |
4.01% |
4.09% |
4.11% |
4.27% |
4.25% |
Supplemental Data |
|
|
|
|
|
Net assets, end of |
$ 1,933,906 |
$ 1,845,061 |
$ 1,850,085 |
$ 1,775,774 |
$ 1,851,994 |
Portfolio turnover rate |
18% |
14% |
21% |
22% |
14% |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Calculated based on average shares outstanding during the period.
C Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
D Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Money Market Fund
Maturity Diversification |
|||
Days |
% of fund's investments 1/31/08 |
% of fund's investments 7/31/07 |
% of fund's |
0 - 30 |
86.9 |
88.0 |
95.1 |
31 - 90 |
6.2 |
7.3 |
1.9 |
91 - 180 |
3.5 |
0.2 |
0.6 |
181 - 397 |
3.4 |
4.5 |
2.4 |
Weighted Average Maturity |
|||
|
1/31/08 |
7/31/07 |
1/31/07 |
Fidelity Massachusetts Municipal Money Market Fund |
22 Days |
24 Days |
15 Days |
Massachusetts Tax-Free Money Market Funds Average * |
24 Days |
23 Days |
18 Days |
Asset Allocation (% of fund's net assets) |
|||||||
As of January 31, 2008 |
As of July 31, 2007 |
||||||
![]() |
Variable Rate |
|
![]() |
Variable Rate |
|
||
![]() |
Commercial Paper (including |
|
![]() |
Commercial Paper (including |
|
||
![]() |
Tender Bonds 2.8% |
|
![]() |
Tender Bonds 3.0% |
|
||
![]() |
Municipal Notes 6.4% |
|
![]() |
Municipal Notes 3.0% |
|
||
![]() |
Fidelity Municipal |
|
![]() |
Fidelity Municipal |
|
||
![]() |
Other Investments 0.3% |
|
![]() |
Other Investments 0.8% |
|
||
![]() |
Net Other Assets 8.5% |
|
![]() |
Net Other Assets 4.1% |
|
Current and Historical Seven-Day Yields
|
1/28/08 |
10/29/07 |
7/30/07 |
4/30/07 |
1/29/07 |
Fidelity Massachusetts Municipal Money Market Fund |
2.63% |
3.02% |
3.15% |
3.36% |
3.10% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, as they are here, though they are expressed as annual percentage rates. Past performance is no guarantee of future results. Yield will vary and it is possible to lose money by investing in the fund.
*Source: iMoneyNet, Inc.
Annual Report
Fidelity Massachusetts Municipal Money Market Fund
Showing Percentage of Net Assets
Municipal Securities - 91.5% |
|||
Principal Amount |
Value |
||
Arizona - 0.2% |
|||
Arizona Health Facilities Auth. Rev. Series 2005 A, 2.45% (MBIA Insured), VRDN (c) |
$ 13,000,000 |
$ 13,000,000 |
|
Illinois - 0.4% |
|||
Chicago Gen. Oblig. Participating VRDN Series ROC R II 10260, 3.27% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
4,415,000 |
4,415,000 |
|
Chicago O'Hare Int'l. Arpt. Rev. Participating VRDN Series PT 1993, 3.6% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(e)(g) |
3,110,000 |
3,110,000 |
|
Illinois Gen. Oblig. Participating VRDN Series ROC II R 12128, 2.34% (Liquidity Facility Citigroup, Inc.) (c)(g) |
5,050,000 |
5,050,000 |
|
Northern Illinois Muni. Pwr. Agcy. Rev. Participating VRDN Series DBE 517, 2.26% (Liquidity Facility Deutsche Bank AG) (c)(g) |
10,385,000 |
10,385,000 |
|
Romeoville Gen. Oblig. Rev. (Lewis Univ. Proj.) 1.9%, LOC JPMorgan Chase Bank, VRDN (c) |
1,500,000 |
1,500,000 |
|
|
24,460,000 |
||
Kentucky - 0.1% |
|||
Mason County Poll. Cont. Rev. (East Kentucky Pwr. Coop. Proj.) Series 1984 B1, 2.1% (Nat'l. Rural Utils. Coop. Fin. Corp. Guaranteed), VRDN (c) |
3,900,000 |
3,900,000 |
|
Maryland - 0.1% |
|||
Maryland Cmnty. Dev. Administration Dept. of Hsg. & Cmnty. Dev. (Barrington Apts. Proj.) Series A, 2.09%, LOC Fannie Mae, VRDN (c)(e) |
3,500,000 |
3,500,000 |
|
Montgomery County Hsg. Opportunity Commission Hsg. Rev. (The Grand Proj.) Series 1997 1, 2.28%, LOC Fannie Mae, VRDN (c)(e) |
2,700,000 |
2,700,000 |
|
|
6,200,000 |
||
Massachusetts - 79.6% |
|||
Bedford Gen. Oblig. BAN 4.25% 7/24/08 |
27,010,000 |
27,078,101 |
|
Boston Gen. Oblig. Participating VRDN Series PZ 226, 2.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
6,070,000 |
6,070,000 |
|
Boston Indl. Dev. Rev. (New Boston Seafood Ctr., Inc. Proj.) Series 1997, 2.32%, LOC Bank of America NA, VRDN (c)(e) |
3,220,000 |
3,220,000 |
|
Boston Wtr. & Swr. Commission Rev. Participating VRDN: |
|
|
|
Series MS 00 434, 2.39% (Liquidity Facility Morgan Stanley) (c)(g) |
5,530,000 |
5,530,000 |
|
Series SG 75, 2.7% (Liquidity Facility Societe Generale) (c)(g) |
13,480,000 |
13,480,000 |
|
Braintree Gen. Oblig. BAN 3.75% 11/13/08 |
38,400,000 |
38,516,125 |
|
Brockton Gen. Oblig. BAN 4% 5/16/08 |
9,000,000 |
9,008,463 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Chelmsford Gen. Oblig. BAN 4% 6/20/08 |
$ 18,003,000 |
$ 18,024,199 |
|
Danvers Gen. Oblig. BAN 4.25% 7/11/08 |
10,392,085 |
10,416,309 |
|
Fall River Gen. Oblig. BAN: |
|
|
|
Series B, 4.25% 7/24/08 |
12,966,000 |
12,994,511 |
|
2.75% 7/24/08 |
11,934,000 |
11,962,670 |
|
Haverhill Gen. Oblig. BAN 4.25% 3/28/08 |
3,860,000 |
3,863,706 |
|
Manchester Essex Reg'l. School District BAN 4.25% 8/15/08 |
10,000,000 |
10,030,962 |
|
Massachusetts Participating VRDN: |
|
|
|
Series Clipper 06 11, 2.23% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(g) |
53,900,000 |
53,900,000 |
|
Series Clipper 07 18, 2.4% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(g) |
84,675,000 |
84,675,000 |
|
Massachusetts Bay Trans. Auth.: |
|
|
|
Participating VRDN: |
|
|
|
Series Merlots 00 H, 2.51% (Liquidity Facility Wachovia Bank NA) (c)(g) |
24,930,000 |
24,930,000 |
|
Series PA 675, 2.4% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
4,670,000 |
4,670,000 |
|
Series ROC II R 10181, 3.27% (Liquidity Facility Citibank NA) (c)(g) |
10,595,000 |
10,595,000 |
|
Series TOC 04 D, 2.24% (Liquidity Facility Goldman Sachs Group, Inc.) (c)(g) |
26,670,000 |
26,670,000 |
|
Gen.Trans. Sys. 2.24% (Liquidity Facility Dexia Cr. Local de France), VRDN (c) |
83,300,000 |
83,300,000 |
|
Massachusetts Bay Trans. Auth. Massachusetts Rev. Participating VRDN: |
|
|
|
Series PT 3619, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
9,935,000 |
9,935,000 |
|
Series PT 3827, 2.3% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
5,755,000 |
5,755,000 |
|
Series Putters 1062, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (c)(g) |
12,245,000 |
12,245,000 |
|
Series ROC II R 10112, 2.27% (Liquidity Facility Citigroup, Inc.) (c)(g) |
10,000,000 |
10,000,000 |
|
Series ROC II R 6522, 2.27% (Liquidity Facility Citigroup, Inc.) (c)(g) |
10,345,000 |
10,345,000 |
|
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN: |
|
|
|
Series LB 08 K20W, 2.11% (Liquidity Facility Lehman Brothers Hldgs., Inc.) (c)(g) |
2,200,000 |
2,200,000 |
|
Series Merlots 06 B35, 2.24% (Liquidity Facility Wachovia Bank NA) (c)(g) |
36,160,000 |
36,160,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Bay Trans. Auth. Sales Tax Rev. Participating VRDN: - continued |
|
|
|
Series MS 01 723, 2.24% (Liquidity Facility Morgan Stanley) (c)(g) |
$ 34,110,000 |
$ 34,110,000 |
|
Series MS 1195, 2.19% (Liquidity Facility Morgan Stanley) (c)(g) |
10,435,500 |
10,435,500 |
|
Series PT 1580, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
10,000,000 |
10,000,000 |
|
Series PT 2459, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
39,740,000 |
39,740,000 |
|
Series PT 2581, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
8,980,000 |
8,980,000 |
|
Series PT 3585, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
25,020,000 |
25,020,000 |
|
Series PT 3603, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
16,350,000 |
16,350,000 |
|
Series PT 4140, 2.22% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (c)(g) |
28,110,000 |
28,110,000 |
|
Series Putters 733T, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
10,040,000 |
10,040,000 |
|
Series ROC II R 1034, 2.27% (Liquidity Facility Citigroup, Inc.) (c)(g) |
7,970,000 |
7,970,000 |
|
Massachusetts Dev. Fin. Agcy. Assisted Living Facility Rev. (Whalers Cove Proj.) Series 2001 A, 2.21%, LOC Wachovia Bank NA, VRDN (c)(e) |
3,250,000 |
3,250,000 |
|
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) 3.5% tender 2/14/08, CP mode (e) |
13,300,000 |
13,300,000 |
|
Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.: |
|
|
|
(Charm Sciences, Inc. Proj.) Series 1999 A, 2.17%, LOC Bank of America NA, VRDN (c)(e) |
3,000,000 |
3,000,000 |
|
(Monkiewicz Realty Trust Proj.) 2.2%, LOC Bank of America NA, VRDN (c)(e) |
4,695,000 |
4,695,000 |
|
Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.: |
|
|
|
(Archstone Reading Apts. Proj.) Series A, 2.18%, LOC Bank of America NA, VRDN (c)(e) |
24,840,000 |
24,840,000 |
|
(Avalon Acton Apts. Proj.) 2.32%, LOC Fannie Mae, VRDN (c)(e) |
20,000,000 |
20,000,000 |
|
(Casco Crossing Proj.) 2.24%, LOC Fannie Mae, VRDN (c)(e) |
13,000,000 |
13,000,000 |
|
(Georgetown Village Apts. Proj.) 2.27%, LOC Fannie Mae, VRDN (c)(e) |
15,600,000 |
15,600,000 |
|
(Salem Heights Apts. Proj.) Series A, 2.32%, LOC Fed. Home Ln. Bank of Boston, VRDN (c)(e) |
16,600,000 |
16,600,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.: - continued |
|
|
|
Series A, 2.15%, LOC Bayerische Landesbank (UNGTD), VRDN (c)(e) |
$ 23,000,000 |
$ 23,000,000 |
|
Massachusetts Dev. Fin. Agcy. Resource Recovery Rev. (Waste Mgmt., Inc. Proj.) Series 1999, 2.19%, LOC SunTrust Banks, Inc., VRDN (c)(e) |
4,500,000 |
4,500,000 |
|
Massachusetts Dev. Fin. Agcy. Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series MACN 05 J, 3.2% (Liquidity Facility Bank of America NA) (c)(g) |
17,195,000 |
17,195,000 |
|
Series MACN 06 P, 2.55% (Liquidity Facility Bank of America NA) (c)(g) |
8,760,000 |
8,760,000 |
|
Series MS 974, 5.49% (Liquidity Facility Morgan Stanley) (c)(g) |
3,000,000 |
3,000,000 |
|
Series ROC II R 12115, 4.07% (Liquidity Facility Citigroup, Inc.) (c)(g) |
20,835,000 |
20,835,000 |
|
(Alliance of Massachusetts, Inc. Proj.) Series 2001 A, 2.32%, LOC PNC Bank NA, Pittsburgh, VRDN (c) |
6,485,000 |
6,485,000 |
|
(Beaver Country Day School Proj.) 2.23%, LOC Allied Irish Banks PLC, VRDN (c) |
7,700,000 |
7,700,000 |
|
(Boston Renaissance Charter School Proj.) 2.25%, LOC Bank of America NA, VRDN (c) |
12,655,000 |
12,655,000 |
|
(Draper Lab. Issue Proj.) Series 2000, 2.12% (MBIA Insured), VRDN (c) |
7,420,000 |
7,420,000 |
|
(Edgewood Retirement Proj.) Series A, 2.07%, LOC Lloyds TSB Bank PLC, VRDN (c) |
10,520,000 |
10,520,000 |
|
(Fifteen-O-Five West Housatonic LLC Proj.) 2.24%, LOC HSBC Bank USA, VRDN (c)(e) |
3,075,000 |
3,075,000 |
|
(Harvard Univ. Proj.) Series HH, 1.8%, VRDN (c) |
25,385,000 |
25,385,000 |
|
(ISO New England, Inc. Proj.) 2.19%, LOC KeyBank NA, VRDN (c) |
18,400,000 |
18,400,000 |
|
(Judge Rotenburg Ctr. Proj.) 2.12%, LOC Bank of America NA, VRDN (c) |
2,155,000 |
2,155,000 |
|
(Mary Ann Morse Healthcare Proj.) 2.23%, LOC JPMorgan Chase Bank, VRDN (c) |
14,160,000 |
14,160,000 |
|
(WGBH Edl. Foundation Proj.): |
|
|
|
Series A, 5% (AMBAC Insured), VRDN (c) |
20,830,000 |
20,830,000 |
|
Series B, 5% (AMBAC Insured), VRDN (c) |
28,300,000 |
28,300,000 |
|
Series A, 2.12%, LOC Bank of America NA, VRDN (c) |
11,570,000 |
11,570,000 |
|
2.95% 8/6/08, LOC Bank of America NA, CP |
8,600,000 |
8,600,000 |
|
Massachusetts Edl. Fing. Auth. Rev. Participating VRDN |
7,755,000 |
7,755,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Gen. Oblig.: |
|
|
|
Bonds: |
|
|
|
Series 2006 C, 5% 5/1/08 (CIFG North America Insured) |
$ 5,750,000 |
$ 5,768,552 |
|
Series A, 5.375% 8/1/08 (MBIA Insured) |
6,330,000 |
6,381,089 |
|
Series B, 6.5% 8/1/08 (Escrowed to Maturity) (f) |
2,935,000 |
2,980,679 |
|
Series MS 1015, 3.75%, tender 3/6/08 (Liquidity Facility Morgan Stanley) (c)(g)(h) |
7,006,000 |
7,006,000 |
|
Series PT 3650, 3.73%, tender 3/6/08 (Liquidity Facility Dexia Cr. Local de France) (c)(g)(h) |
45,410,000 |
45,410,000 |
|
Series PT 3742, 3.78%, tender 3/6/08 (Liquidity Facility Dexia Cr. Local de France) (c)(g)(h) |
6,370,000 |
6,370,000 |
|
Series Putters 2184, 3.55%, tender 2/15/08 (Liquidity Facility JPMorgan Chase Bank) (c)(g)(h) |
12,160,000 |
12,160,000 |
|
Series Solar 07 77, 3.35%, tender 6/12/08 (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g)(h) |
15,900,000 |
15,900,000 |
|
Participating VRDN: |
|
|
|
Series AAB 00 18, 2.55% (Liquidity Facility Bank of America NA) (c)(g) |
14,740,000 |
14,740,000 |
|
Series AAB 02 18, 2.55% (Liquidity Facility Bank of America NA) (c)(g) |
14,375,000 |
14,375,000 |
|
Series BA 01 O, 2.24% (Liquidity Facility Bank of America NA) (c)(g) |
2,785,000 |
2,785,000 |
|
Series BA 02 C, 2.24% (Liquidity Facility Bank of America NA) (c)(g) |
3,490,000 |
3,490,000 |
|
Series Clipper 07 06, 2.4% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(g) |
47,850,000 |
47,850,000 |
|
Series Clipper 07 39, 2.25% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(g) |
32,700,000 |
32,700,000 |
|
Series EGL 07 0124, 2.27% (Liquidity Facility Citibank NA) (c)(g) |
12,235,000 |
12,235,000 |
|
Series EGL 07 0149, 2.52% (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA) (c)(g) |
18,000,000 |
18,000,000 |
|
Series MACN 05 C, 2.55% (Liquidity Facility Bank of America NA) (c)(g) |
3,950,000 |
3,950,000 |
|
Series Merlots 04 B12, 2.61% (Liquidity Facility Wachovia Bank NA) (c)(g) |
10,565,000 |
10,565,000 |
|
Series Merlots 06 B30, 2.22% (Liquidity Facility Wachovia Bank NA) (c)(g) |
25,490,000 |
25,490,000 |
|
Series Merlots 06 B8, 2.22% (Liquidity Facility Wachovia Bank NA) (c)(g) |
29,860,000 |
29,860,000 |
|
Series Merlots 07 C76, 2.61% (Liquidity Facility Bank of New York, New York) (c)(g) |
12,350,000 |
12,350,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Gen. Oblig.: - continued |
|
|
|
Participating VRDN: |
|
|
|
Series MS 01 535, 2.24% (Liquidity Facility Morgan Stanley) (c)(g) |
$ 19,797,000 |
$ 19,797,000 |
|
Series MS 06 1496, 2.19% (Liquidity Facility Rabobank Nederland Coop. Central) (c)(g) |
5,675,000 |
5,675,000 |
|
Series MS 1186, 2.99% (Liquidity Facility Rabobank Nederland Coop. Central) (c)(g) |
16,195,000 |
16,195,000 |
|
Series MT 127, 2.3% (Liquidity Facility BNP Paribas SA) (c)(g) |
5,495,000 |
5,495,000 |
|
Series MT 487, 2.7% (Liquidity Facility BNP Paribas SA) (c)(g) |
18,620,000 |
18,620,000 |
|
Series PA 1059, 2.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
4,900,000 |
4,900,000 |
|
Series PA 945R, 2.4% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
4,995,000 |
4,995,000 |
|
Series PT 1390, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
10,065,000 |
10,065,000 |
|
Series PT 1611, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
16,125,000 |
16,125,000 |
|
Series PT 1802, 2.4% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
4,945,000 |
4,945,000 |
|
Series PT 2008, 2.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
10,930,000 |
10,930,000 |
|
Series PT 2015, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
11,030,000 |
11,030,000 |
|
Series PT 2118, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
10,370,000 |
10,370,000 |
|
Series PT 2252, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
11,310,000 |
11,310,000 |
|
Series PT 2289, 2.7% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
11,015,000 |
11,015,000 |
|
Series PT 2421, 2.23% (Liquidity Facility Danske Bank AS) (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
26,165,000 |
26,165,000 |
|
Series PT 2426, 2.7% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
21,565,000 |
21,565,000 |
|
Series PT 2427, 2.3% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
6,725,000 |
6,725,000 |
|
Series PT 3202, 2.22% (Liquidity Facility Danske Bank AS) (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
19,820,000 |
19,820,000 |
|
Series PT 3222, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
2,845,000 |
2,845,000 |
|
Series PT 3651, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
117,885,000 |
117,884,999 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Gen. Oblig.: - continued |
|
|
|
Participating VRDN: |
|
|
|
Series PT 3673, 2.7% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
$ 20,350,000 |
$ 20,350,000 |
|
Series PT 3841, 2.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
11,295,000 |
11,295,000 |
|
Series PT 3989, 2.7% (Liquidity Facility Bayerische Hypo-und Vereinsbank AG) (c)(g) |
21,995,000 |
21,995,000 |
|
Series PT 4303, 2.7% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
20,000,000 |
20,000,000 |
|
Series PT 921, 2.22% (Liquidity Facility BNP Paribas SA) (c)(g) |
18,700,000 |
18,700,000 |
|
Series PT 983, 2.7% (Liquidity Facility DEPFA BANK PLC) (c)(g) |
25,800,000 |
25,800,000 |
|
Series Putters 1845, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
31,495,000 |
31,495,000 |
|
Series Putters 2022, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
22,040,000 |
22,040,000 |
|
Series Putters 2395, 2.6% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
11,390,000 |
11,390,000 |
|
Series Putters 300, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (c)(g) |
24,000,000 |
24,000,000 |
|
Series Putters 301, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (c)(g) |
19,180,000 |
19,180,000 |
|
Series Putters 317, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (c)(g) |
13,015,000 |
13,015,000 |
|
Series Putters 340, 2.3% (Liquidity Facility JPMorgan Chase & Co.) (c)(g) |
6,315,000 |
6,315,000 |
|
Series Putters 402, 2.3% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
29,695,000 |
29,695,000 |
|
Series Putters 571, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (c)(g) |
5,100,000 |
5,100,000 |
|
Series Putters 794, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (c)(g) |
5,395,000 |
5,395,000 |
|
Series ROC II R 10127, 2.27% (Liquidity Facility Citibank NA) (c)(g) |
6,700,000 |
6,700,000 |
|
Series ROC II R 10149, 2.52% (Liquidity Facility Citigroup, Inc.) (c)(g) |
7,545,000 |
7,545,000 |
|
Series ROC II R 10164, 2.52% (Liquidity Facility Citibank NA) (c)(g) |
13,500,000 |
13,500,000 |
|
Series ROC II R 11130, 2.27% (Liquidity Facility Citibank NA) (c)(g) |
7,885,000 |
7,885,000 |
|
Series ROC II R 11142, 2.27% (Liquidity Facility Citibank NA) (c)(g) |
4,270,000 |
4,270,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Gen. Oblig.: - continued |
|
|
|
Participating VRDN: |
|
|
|
Series ROC II R 11163, 2.52% (Liquidity Facility Citibank NA) (c)(g) |
$ 15,320,000 |
$ 15,320,000 |
|
Series ROC II R 2042, 2.52% (Liquidity Facility Citigroup, Inc.) (c)(g) |
5,095,000 |
5,095,000 |
|
Series ROC II R 4526, 2.52% (Liquidity Facility Citigroup, Inc.) (c)(g) |
5,095,000 |
5,095,000 |
|
Series ROC II R 6050, 2.27% (Liquidity Facility Citigroup, Inc.) (c)(g) |
14,465,000 |
14,465,000 |
|
Series SGC 07 5, 2.7% (Liquidity Facility Societe Generale) (c)(g) |
27,050,000 |
27,050,000 |
|
RAN Series 2007 A, 3.08% 3/21/08 (h) |
52,400,000 |
52,400,000 |
|
Series 1997 B, 1.95% (Liquidity Facility Landesbank Hessen-Thuringen), VRDN (c) |
36,835,000 |
36,835,000 |
|
Series 1998 A, 2.29% (Liquidity Facility WestLB AG), VRDN (c) |
34,345,000 |
34,345,000 |
|
Series 1998 B, 2.29% (Liquidity Facility DEPFA BANK PLC), VRDN (c) |
23,600,000 |
23,600,000 |
|
Series 1999 D: |
|
|
|
3.36% 3/10/08 (Liquidity Facility Bayerische Landesbank Girozentrale), CP |
50,000,000 |
50,000,000 |
|
3.4% 2/6/08 (Liquidity Facility Bayerische Landesbank Girozentrale), CP |
28,750,000 |
28,750,000 |
|
Series D, 3.32% 3/7/08 (Liquidity Facility Bayerische Landesbank Girozentrale), CP |
9,300,000 |
9,300,000 |
|
Series G, 3.32% 3/7/08 (Liquidity Facility BNP Paribas SA), CP |
10,200,000 |
10,200,000 |
|
Series H, 3.32% 3/7/08 (Liquidity Facility Bank of Nova Scotia, New York Agcy.), CP |
5,800,000 |
5,800,000 |
|
Massachusetts Health & Edl. Facilities Auth. Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series BA 02 D, 2.26% (Liquidity Facility Bank of America NA) (c)(g) |
10,505,000 |
10,505,000 |
|
Series Clipper 07 08, 2.23% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(g) |
11,250,000 |
11,250,000 |
|
Series Merlots 00 T, 3.66% (Liquidity Facility Wachovia Bank NA) (c)(g) |
3,955,000 |
3,955,000 |
|
Series Merlots 00 WW, 2.24% (Liquidity Facility Wachovia Bank NA) (c)(g) |
28,885,000 |
28,885,000 |
|
Series Merlots 97 Y, 2.51% (Liquidity Facility Wachovia Bank NA) (c)(g) |
6,355,000 |
6,355,000 |
|
Series MS 01 587, 2.19% (Liquidity Facility Morgan Stanley) (c)(g) |
11,575,500 |
11,575,500 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
Participating VRDN: |
|
|
|
Series MS 1123, 2.19% (Liquidity Facility Morgan Stanley) (c)(g) |
$ 15,616,000 |
$ 15,616,000 |
|
Series PA 595R, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
4,155,000 |
4,155,000 |
|
Series PA 973R, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
9,195,000 |
9,195,000 |
|
Series PT 2256, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
9,340,000 |
9,340,000 |
|
Series PT 904, 2.22% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(g) |
25,410,000 |
25,410,000 |
|
Series ROC II R 10244, 2.28% (Liquidity Facility Citigroup, Inc.) (c)(g) |
31,400,000 |
31,400,000 |
|
Series ROC II R 12206, 2.33% (Liquidity Facility Citigroup, Inc.) (c)(g) |
11,325,000 |
11,325,000 |
|
Series ROC II R 294, 2.27% (Liquidity Facility Citibank NA) (c)(g) |
4,995,000 |
4,995,000 |
|
Series SGB 42, 2.26% (Liquidity Facility Societe Generale) (c)(g) |
27,080,000 |
27,080,000 |
|
(Amherst College) Series F, 2%, VRDN (c) |
7,900,000 |
7,900,000 |
|
(Children's Hosp. Proj.) Series L-2, 4% (AMBAC Insured), VRDN (c) |
22,075,000 |
22,075,000 |
|
(Endicott College Proj.): |
|
|
|
Series B, 2.12%, LOC Bank of America NA, VRDN (c) |
17,870,000 |
17,870,000 |
|
Series E, 2.12%, LOC Bank of America NA, VRDN (c) |
12,550,000 |
12,550,000 |
|
(Harvard Univ. Proj.): |
|
|
|
Series BB 1.9%, VRDN (c) |
18,510,000 |
18,510,000 |
|
Series GG1, 1.9%, VRDN (c) |
48,500,000 |
48,500,000 |
|
Series L, 1.7%, VRDN (c) |
3,450,000 |
3,450,000 |
|
(Massachusetts Institute of Technology Proj.) Series 2001 J1, 1.75%, VRDN (c) |
4,000,000 |
4,000,000 |
|
(New England Aquarium Corp. Proj.) Series A, 2.12%, LOC JPMorgan Chase Bank, VRDN (c) |
4,630,000 |
4,630,000 |
|
(Partners HealthCare Sys., Inc. Proj.) Series P2, 2.13% |
4,500,000 |
4,500,000 |
|
(Pool Ln. Prog.) Series M3D, 2.12%, LOC Citizens Bank of Massachusetts (OLD), VRDN (c) |
3,500,000 |
3,500,000 |
|
(Wellesley College Proj.) Series 2008 I, 1.95%, VRDN (c) |
3,000,000 |
3,000,000 |
|
(Winchester Hosp. Proj.): |
|
|
|
Series F, 2.25%, LOC Bank of America NA, VRDN (c) |
15,170,000 |
15,170,000 |
|
Series G, 2.25%, LOC Bank of America NA, VRDN (c) |
4,490,000 |
4,490,000 |
|
2.75% 3/5/08, CP |
29,169,000 |
29,169,000 |
|
3.36% 2/12/08, CP |
47,749,000 |
47,749,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Hsg. Fin. Agcy. Hsg. Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series Floaters 06 0101, 2.28% (Liquidity Facility Bank of New York, New York) (c)(e)(g) |
$ 3,375,000 |
$ 3,375,000 |
|
Series Merlots H, 2.56% (Liquidity Facility Wachovia Bank NA) (c)(g) |
19,000,000 |
19,000,000 |
|
Series Putters 2477Z, 2.3% (Liquidity Facility JPMorgan Chase Bank) (c)(e)(g) |
4,755,000 |
4,755,000 |
|
Series Stars 07 32, 2.33% (Liquidity Facility BNP Paribas SA) (c)(e)(g) |
2,525,000 |
2,525,000 |
|
Series 2003 F, 2.39% (FSA Insured), VRDN (c) |
37,120,000 |
37,120,000 |
|
Series 88, 2.39% (FSA Insured), VRDN (c)(e) |
11,285,000 |
11,285,000 |
|
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. (Princeton Crossing LP Proj.) Series 1996 A, 1.99%, LOC Fannie Mae, VRDN (c)(e) |
18,900,000 |
18,900,000 |
|
Massachusetts Hsg. Fin. Agcy. Rental Hsg. Mtg. Rev. Series A, 2.18% (FSA Insured), VRDN (c)(e) |
15,830,000 |
15,830,000 |
|
Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev.: |
|
|
|
(346 Univ. LLC Proj.) Series 1996, 2.17%, LOC Bank of America NA, VRDN (c)(e) |
1,800,000 |
1,800,000 |
|
(Barbour Corp. Proj.) Series 1998, 2.2%, LOC Bank of America NA, VRDN (c)(e) |
3,510,000 |
3,510,000 |
|
(BBB Esq. LLC Proj.) Series 1996, 2.17%, LOC Bank of America NA, VRDN (c)(e) |
1,200,000 |
1,200,000 |
|
(Boutwell Owens & Co., Inc. Proj.) Series 1998, 2.2%, LOC Wells Fargo Bank NA, VRDN (c)(e) |
1,280,000 |
1,280,000 |
|
(Brady Enterprises Proj.) Series 1996, 2.2%, LOC Bank of America NA, VRDN (c)(e) |
1,850,000 |
1,850,000 |
|
(Decas Cranberry Proj.) Series 1997, 2.2%, LOC Bank of America NA, VRDN (c)(e) |
3,750,000 |
3,750,000 |
|
(Interpolymer Corp. Proj.) Series 1992, 2.17%, LOC Bank of America NA, VRDN (c)(e) |
1,200,000 |
1,200,000 |
|
(Riverdale Mills Corp. Proj.) Series 1995, 2.17%, LOC Bank of America NA, VRDN (c)(e) |
1,700,000 |
1,700,000 |
|
(United Plastics Proj.) Series 1997, 2.2%, LOC Wells Fargo Bank NA, VRDN (c)(e) |
2,320,000 |
2,320,000 |
|
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): |
|
|
|
Series 1993 A, 2.97% tender 3/6/08, CP mode |
13,700,000 |
13,700,000 |
|
Series 1993 B, 3.5% tender 3/10/08, CP mode |
8,500,000 |
8,500,000 |
|
Massachusetts Indl. Fin. Agcy. Rev.: |
|
|
|
Bonds (Massachusetts Biomedical Research Corp. Proj.) Series A2, 0% 8/1/08 |
5,000,000 |
4,905,721 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Indl. Fin. Agcy. Rev.: - continued |
|
|
|
(Heritage at Dartmouth Proj.) Series 1996, 2.15%, LOC Bank of America NA, VRDN (c)(e) |
$ 4,315,000 |
$ 4,315,000 |
|
(Youville Place Proj.) Series 1996, 4% (AMBAC Insured), VRDN (c) |
4,400,000 |
4,400,000 |
|
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev. Participating VRDN Series MS 01 674, 2.69% (Liquidity Facility Morgan Stanley) (c)(g) |
23,960,000 |
23,960,000 |
|
Massachusetts Port Auth. Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series Merlots 00 Q, 2.29% (Liquidity Facility Wachovia Bank NA) (c)(e)(g) |
21,345,000 |
21,345,000 |
|
Series PA 592, 2.42% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(e)(g) |
4,850,000 |
4,850,000 |
|
Series PT 895, 2.42% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(e)(g) |
5,930,000 |
5,930,000 |
|
Series Putters 892, 2.6% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
5,130,000 |
5,130,000 |
|
Series ROC II R 2031, 2.52% (Liquidity Facility Citigroup, Inc.) (c)(g) |
7,235,000 |
7,235,000 |
|
Series Solar 06 108, 3.5% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) |
14,645,000 |
14,645,000 |
|
Series 2003 B: |
|
|
|
3.44% 3/6/08, LOC Bank of New York, New York, CP (e) |
49,000,000 |
49,000,000 |
|
3.45% 2/6/08, LOC Bank of New York, New York, CP (e) |
10,000,000 |
10,000,000 |
|
Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt Proj.) Series 2001 A, 2.17%, LOC Royal Bank of Scotland PLC, VRDN (c)(e) |
37,100,000 |
37,100,000 |
|
Massachusetts School Bldg. Auth. Participating VRDN Series BS 313, 3.91% (Liquidity Facility Bear Stearns Companies, Inc.) (c)(g) |
10,700,000 |
10,700,000 |
|
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series EGL 07 0031, 2.51% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(g) |
58,600,000 |
58,600,000 |
|
Series EGL 07 0032, 2.51% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(g) |
69,300,000 |
69,300,000 |
|
Series EGL 07 0067, 2.51% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(g) |
41,660,000 |
41,660,000 |
|
Series EGL 07 0092, 2.51% (Liquidity Facility DZ Bank Ag Deutsche Genosbank.) (c)(g) |
27,295,000 |
27,295,000 |
|
Series MS 06 1340, 2.19% (Liquidity Facility Morgan Stanley) (c)(g) |
3,500,000 |
3,500,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: - continued |
|
|
|
Participating VRDN: |
|
|
|
Series PT 3399, 2.23% (Liquidity Facility Danske Bank AS) (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
$ 32,095,000 |
$ 32,095,000 |
|
Series PT 4230, 2.7% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
30,085,000 |
30,085,000 |
|
Series Putters 1052Z, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
8,850,000 |
8,850,000 |
|
Series Putters 1185, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
10,145,000 |
10,145,000 |
|
Series Putters 1376, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
9,775,000 |
9,775,000 |
|
Series Putters 1377 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
49,950,000 |
49,950,000 |
|
Series Putters 1712 T, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
10,400,000 |
10,400,000 |
|
Series Putters 1744, 2.6% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
36,215,000 |
36,215,000 |
|
Series Putters 1822, 2.6% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
16,700,000 |
16,700,000 |
|
Series Putters 1984, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (c)(g) |
18,595,000 |
18,595,000 |
|
Series ROC II R 12006, 2.52% (Liquidity Facility Citigroup, Inc.) (c)(g) |
29,700,000 |
29,700,000 |
|
Series ROC II R 12181, 2.33% (Liquidity Facility Bank of New York, New York) (c)(g) |
6,800,000 |
6,800,000 |
|
Series ROC II R 12187, 2.33% (Liquidity Facility Bank of New York, New York) (c)(g) |
13,305,000 |
13,305,000 |
|
Series ROC II R 414, 2.52% (Liquidity Facility Citibank NA) (c)(g) |
23,800,000 |
23,800,000 |
|
Series ROC II R 613, 2.27% (Liquidity Facility Citibank NA) (c)(g) |
7,610,000 |
7,610,000 |
|
Series Solar 05 03, 3.8% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g)(h) |
39,440,000 |
39,440,000 |
|
Series A: |
|
|
|
3.38% 2/6/08, LOC Bank of Nova Scotia, New York Agcy., CP |
15,800,000 |
15,800,000 |
|
3.4% 2/7/08, LOC Bank of Nova Scotia, New York Agcy., CP |
9,900,000 |
9,900,000 |
|
Massachusetts Spl. Oblig. Rev. Participating VRDN: |
|
|
|
Series MSTC 7002, 4% (Liquidity Facility Bear Stearns Companies, Inc.) (c)(g) |
4,995,000 |
4,995,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Spl. Oblig. Rev. Participating VRDN: - continued |
|
|
|
Series PT 1427, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
$ 9,975,000 |
$ 9,975,000 |
|
Series PT 2484, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
15,890,000 |
15,890,000 |
|
Massachusetts State College Bldg. Auth. Rev. Participating VRDN: |
|
|
|
Series DBE 528, 2.25% (Liquidity Facility Deutsche Bank AG) (c)(g) |
5,350,000 |
5,350,000 |
|
Series Merlots 00 B11, 2.61% (Liquidity Facility Wachovia Bank NA) (c)(g) |
13,125,000 |
13,125,000 |
|
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev. Participating VRDN: |
|
|
|
Series MS 00 489, 2.69% (Liquidity Facility Morgan Stanley) (c)(g) |
11,860,000 |
11,860,000 |
|
Series PA 672, 3% (Liquidity Facility Bank of New York, New York) (c)(g) |
6,840,000 |
6,840,000 |
|
Series PT 135, 2.7% (Liquidity Facility Lloyds TSB Bank PLC) (c)(g) |
13,105,000 |
13,105,000 |
|
Series SG 124, 3.5% (Liquidity Facility Societe Generale) (c)(g) |
21,505,000 |
21,505,000 |
|
Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: |
|
|
|
Series Clipper 05 36, 2.23% (Liquidity Facility State Street Bank & Trust Co., Boston) (c)(g) |
11,835,000 |
11,835,000 |
|
Series EC 1058, 2.28% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
2,360,000 |
2,360,000 |
|
Series PT 2365, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
21,060,000 |
21,060,000 |
|
Series Putters 2246, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
8,675,000 |
8,675,000 |
|
Series Putters 2290, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
4,015,000 |
4,015,000 |
|
Series Putters 577, 2.25% (Liquidity Facility JPMorgan Chase & Co.) (c)(g) |
9,940,000 |
9,940,000 |
|
Series PZ 155, 2.23% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
10,020,000 |
10,020,000 |
|
Series ROC II R 1027, 2.27% (Liquidity Facility Citigroup, Inc.) (c)(g) |
7,835,000 |
7,835,000 |
|
Series ROC II R 1036, 2.27% (Liquidity Facility Citigroup, Inc.) (c)(g) |
10,090,000 |
10,090,000 |
|
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. Participating VRDN Series Merlots 99 N, 2.22% (Liquidity Facility Wachovia Bank NA) (c)(g) |
24,200,000 |
24,200,000 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: |
|
|
|
Participating VRDN: |
|
|
|
Series AAB 05 10, 2.55% (Liquidity Facility Bank of America NA) (c)(g) |
$ 16,995,000 |
$ 16,995,000 |
|
Series DCL 08 004, 2.25% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
6,450,000 |
6,450,000 |
|
Series DCL 08 006, 2.25% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
7,200,000 |
7,200,000 |
|
Series EGL 02 2101, 2.51% (Liquidity Facility Banco Bilbao Vizcaya Argentaria SA) (c)(g) |
14,660,000 |
14,660,000 |
|
Series EGL 06 0097, 2.27% (Liquidity Facility Landesbank Hessen-Thuringen) (c)(g) |
11,645,000 |
11,645,000 |
|
Series EGL 7050011 Class A, 2.53% (Liquidity Facility Citibank NA) (c)(g) |
10,990,000 |
10,990,000 |
|
Series Merlots 06 A1, 2.51% (Liquidity Facility Wachovia Bank NA) (c)(g) |
9,915,000 |
9,915,000 |
|
Series MS 1080, 2.19% (Liquidity Facility Morgan Stanley) (c)(g) |
5,770,000 |
5,770,000 |
|
Series PA 637, 2.4% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
4,625,000 |
4,625,000 |
|
Series PT 3855, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
62,610,000 |
62,610,000 |
|
Series PT 4348, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
7,205,000 |
7,205,000 |
|
Series PT 4370, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
12,625,000 |
12,625,000 |
|
Series ROC II R 10280, 2.52% (Liquidity Facility Citigroup, Inc.) (c)(g) |
26,660,000 |
26,660,000 |
|
Series ROC II R 762, 2.27% (Liquidity Facility Citibank NA) (c)(g) |
10,700,000 |
10,700,000 |
|
Series Solar 06 86, 4% (Liquidity Facility U.S. Bank NA, Minnesota) (c)(g) |
6,745,000 |
6,745,000 |
|
Series 1997 B, 6.25% (AMBAC Insured), VRDN (c) |
2,660,000 |
2,660,000 |
|
Massachussetts Bay Trans. Auth. Sales Tax Rev. Bonds Series BA 07 184, 3.55%, tender 2/14/08 (Liquidity Facility Bank of America NA) (c)(g)(h) |
16,161,000 |
16,161,000 |
|
Nantucket Gen. Oblig. BAN 4% 2/28/08 |
25,481,575 |
25,486,679 |
|
Needham Gen. Oblig. BAN 4% 6/13/08 |
13,000,000 |
13,015,010 |
|
New Bedford Gen. Oblig. BAN Series 2007 B, 4.25% 2/15/08 |
9,258,000 |
9,260,055 |
|
Northborough-Southboro Reg'l. School District BAN 4% 5/23/08 |
11,900,000 |
11,919,992 |
|
Peabody Gen. Oblig. BAN 4% 9/26/08 |
5,900,000 |
5,917,764 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Massachusetts - continued |
|||
Pittsfield Gen. Oblig. BAN 4% 3/14/08 |
$ 7,606,000 |
$ 7,608,783 |
|
Quincy Gen. Oblig. BAN Series 2008 A, 2.75% 1/30/09 (b) |
19,500,000 |
19,625,580 |
|
Route 3 North Trans. Impt. Assoc. Lease Rev. Participating VRDN Series AAB 00 14, 2.55% (Liquidity Facility Bank of America NA) (c)(g) |
19,900,000 |
19,900,000 |
|
Route 3 North Transit Impt. Assoc. Massachusetts Lease Rev. Participating VRDN Series ROC II R 10099, 3.77% (Liquidity Facility Citibank NA) (c)(g) |
6,400,000 |
6,400,000 |
|
Springfield Gen. Oblig. Participating VRDN Series Putters 2341, 2.25% (Liquidity Facility JPMorgan Chase Bank) (c)(g) |
2,475,000 |
2,475,000 |
|
Univ. of Massachusetts Bldg. Auth. Facilities Rev.: |
|
|
|
Participating VRDN Series ROC II 4044, 3.77% (Liquidity Facility Citigroup, Inc.) (c)(g) |
9,445,000 |
9,445,000 |
|
Series 1, 2.9% (AMBAC Insured), VRDN (c) |
4,240,000 |
4,240,000 |
|
Worcester Gen. Oblig. BAN: |
|
|
|
Series A, 3.75% 9/26/08 |
13,715,000 |
13,775,900 |
|
4% 9/26/08 |
13,763,000 |
13,807,095 |
|
|
4,437,581,944 |
||
Michigan - 0.1% |
|||
Detroit Swr. Disp. Rev. Series 2001 C1, 2.43% (FSA Insured), VRDN (c) |
3,500,000 |
3,500,000 |
|
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 2006 A, 2.09% (FSA Insured), VRDN (c)(e) |
1,000,000 |
1,000,000 |
|
|
4,500,000 |
||
Nevada - 0.1% |
|||
Clark County School District Series 2001 A2, 1.7% |
2,475,000 |
2,475,000 |
|
Las Vegas Gen. Oblig. 1.99%, LOC Lloyds TSB Bank PLC, VRDN (c) |
2,100,000 |
2,100,000 |
|
|
4,575,000 |
||
North Dakota - 0.0% |
|||
Grand Forks Health Care Facilities (The United Hosp. Proj.) Series 1996 A, 2.01%, LOC LaSalle Bank NA, VRDN (c) |
1,160,000 |
1,160,000 |
|
Puerto Rico - 5.1% |
|||
Puerto Rico Commonwealth Aqueduct & Swr. Auth. Participating VRDN Series ROC II R 10001 CE, 2.28% (Liquidity Facility Citigroup, Inc.) (c)(g) |
66,700,000 |
66,700,000 |
|
Puerto Rico Commonwealth Gen. Oblig.: |
|
|
|
Bonds Series Merlots 01 A107, 3.55%, tender 3/5/08 (Liquidity Facility Bank of New York, New York) (c)(g)(h) |
18,780,000 |
18,780,000 |
|
TRAN 4.25% 7/30/08, LOC Bank of Nova Scotia, New York Agcy., LOC BNP Paribas SA |
50,000,000 |
50,204,816 |
|
Municipal Securities - continued |
|||
Principal Amount |
Value |
||
Puerto Rico - continued |
|||
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Participating VRDN: |
|
|
|
Series PT 3189, 3.7% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
$ 52,560,000 |
$ 52,560,000 |
|
Series PT 3623, 3.7% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
8,890,000 |
8,890,000 |
|
Series ROC II R 10247 CE, 2.25% (Liquidity Facility Citigroup, Inc.) (c)(g) |
33,000,000 |
33,000,000 |
|
Series ROC II R 790, 4% (Liquidity Facility Citibank NA) (c)(g) |
24,885,000 |
24,885,000 |
|
Puerto Rico Commonwealth Infrastructure Fing. Auth. Participating VRDN Series ROC II R 12028, 2.31% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
10,050,000 |
10,050,000 |
|
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Participating VRDN: |
|
|
|
Series PA 1044, 2.24% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(g) |
7,000,000 |
7,000,000 |
|
Series PT 4146, 2.22% (Liquidity Facility Dexia Cr. Local de France) (c)(g) |
10,000,000 |
10,000,000 |
|
|
282,069,816 |
||
Texas - 0.2% |
|||
Houston Arpt. Sys. Rev. Participating VRDN: |
|
|
|
Series GS 07 112TPX, 2.29% (Liquidity Facility Goldman Sachs Group, Inc.) (c)(e)(g) |
7,500,000 |
7,500,000 |
|
Series ROC II R40, 2.36% (Liquidity Facility Citibank NA) (c)(e)(g) |
3,910,000 |
3,910,000 |
|
|
11,410,000 |
||
Wisconsin - 0.1% |
|||
Milwaukee County Arpt. Rev. Participating VRDN Series PT 3726, 3.6% (Liquidity Facility Merrill Lynch & Co., Inc.) (c)(e)(g) |
2,625,000 |
2,625,000 |
|
Shares |
|
||
Other - 5.5% |
|||
Fidelity Municipal Cash Central Fund, 3.12% (a)(d) |
309,106,000 |
309,106,000 |
|
TOTAL INVESTMENT PORTFOLIO - 91.5% |
5,100,587,760 |
||
NET OTHER ASSETS - 8.5% |
474,212,733 |
||
NET ASSETS - 100% |
$ 5,574,800,493 |
Security Type Abbreviations |
BAN - BOND ANTICIPATION NOTE |
CP - COMMERCIAL PAPER |
RAN - REVENUE ANTICIPATION NOTE |
TRAN - TAX AND REVENUE |
VRDN - VARIABLE RATE DEMAND NOTE |
Legend |
(a) 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. |
(b) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. |
(d) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
(f) Security collateralized by an amount sufficient to pay interest and principal. |
(g) Provides evidence of ownership in one or more underlying municipal bonds. |
(h) 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 $213,627,000 or 3.8% of net assets. |
Additional information on each holding is as follows: |
Security |
Acquisition Date |
Cost |
Massachusetts Bay Trans. Auth. Sales Tax Rev. Bonds Series BA 07 184, 3.55%, tender 2/14/08 (Liquidity Facility Bank of America NA) |
11/28/07 - 12/5/07 |
$ 16,161,000 |
Massachusetts Gen. Oblig. Bonds Series MS 1015, 3.75%, tender 3/6/08 (Liquidity Facility Morgan Stanley) |
3/3/06 |
$ 7,006,000 |
Massachusetts Gen. Oblig. Bonds Series PT: |
10/23/06 - 5/16/07 |
$ 45,410,000 |
3742, 3.78%, tender 3/6/08 (Liquidity Facility Dexia Cr. Local de France) |
12/4/06 |
$ 6,370,000 |
Security |
Acquisition Date |
Cost |
Massachusetts Gen. Oblig. Bonds Series: |
9/26/07 |
$ 12,160,000 |
Solar 07 77, 3.35%, tender 6/12/08 (Liquidity Facility U.S. Bank NA, Minnesota) |
12/7/07 |
$ 15,900,000 |
Massachusetts Gen. Oblig. RAN Series 2007 A, 3.08% 3/21/08 |
12/19/07 |
$ 52,400,000 |
Security |
Acquisition Date |
Cost |
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN Series Solar 05 03, 3.8% (Liquidity Facility U.S. Bank NA, Minnesota) |
7/12/07 |
$ 39,440,000 |
Puerto Rico Commonwealth Gen. Oblig. Bonds Series Merlots 01 A107, 3.55%, tender 3/5/08 (Liquidity Facility Bank of New York, New York) |
10/29/01 - 8/19/03 |
$ 18,780,000 |
Affiliated Central Funds |
Information regarding fiscal year to date income earned by the Fund from investments in Fidelity Central Funds is as follows: |
Fund |
Income earned |
Fidelity Municipal Cash Central Fund |
$ 1,692,537 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Money Market Fund
Statement of Assets and Liabilities
|
January 31, 2008 |
|
|
|
|
Assets |
|
|
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $4,791,481,760) |
$ 4,791,481,760 |
|
Fidelity Central Funds (cost $309,106,000) |
309,106,000 |
|
Total Investments (cost $5,100,587,760) |
|
$ 5,100,587,760 |
Cash |
|
274,310,422 |
Receivable for investments sold |
|
208,863,954 |
Receivable for fund shares sold |
|
98,267,962 |
Interest receivable |
|
42,446,148 |
Distributions receivable from Fidelity Central Funds |
|
916,067 |
Prepaid expenses |
|
13,575 |
Other receivables |
|
1,131,907 |
Total assets |
|
5,726,537,795 |
|
|
|
Liabilities |
|
|
Payable for investments purchased |
$ 58,028,578 |
|
Delayed delivery |
19,625,580 |
|
Payable for fund shares redeemed |
70,426,392 |
|
Distributions payable |
233,929 |
|
Accrued management fee |
1,684,051 |
|
Other affiliated payables |
1,670,762 |
|
Other payables and accrued expenses |
68,010 |
|
Total liabilities |
|
151,737,302 |
|
|
|
Net Assets |
|
$ 5,574,800,493 |
Net Assets consist of: |
|
|
Paid in capital |
|
$ 5,573,211,888 |
Accumulated undistributed net realized gain (loss) on investments |
|
1,588,605 |
Net Assets, for 5,571,170,035 shares outstanding |
|
$ 5,574,800,493 |
Net Asset Value, offering price and redemption price per share ($5,574,800,493 ÷ 5,571,170,035 shares) |
|
$ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Operations
|
Year ended January 31, 2008 |
|
|
|
|
Investment Income |
|
|
Interest |
|
$ 175,490,809 |
Income from Fidelity Central Funds |
|
1,692,537 |
Total income |
|
177,183,346 |
|
|
|
Expenses |
|
|
Management fee |
$ 18,455,827 |
|
Transfer agent fees |
6,182,076 |
|
Accounting fees and expenses |
432,681 |
|
Custodian fees and expenses |
72,032 |
|
Independent trustees' compensation |
18,054 |
|
Registration fees |
18,585 |
|
Audit |
52,765 |
|
Legal |
36,522 |
|
Miscellaneous |
29,095 |
|
Total expenses before reductions |
25,297,637 |
|
Expense reductions |
(4,936,313) |
20,361,324 |
Net investment income |
|
156,822,022 |
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
Investment securities: |
|
|
Unaffiliated issuers |
1,048,217 |
|
Capital gain distributions from Fidelity Central Funds |
1,078 |
|
Total net realized gain (loss) |
|
1,049,295 |
Net increase in net assets resulting from operations |
|
$ 157,871,317 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Fidelity Massachusetts Municipal Money Market Fund
Financial Statements - continued
Statement of Changes in Net Assets
|
Year ended |
Year ended |
Increase (Decrease) in Net Assets |
|
|
Operations |
|
|
Net investment income |
$ 156,822,022 |
$ 132,923,555 |
Net realized gain (loss) |
1,049,295 |
1,066,676 |
Net increase in net assets resulting |
157,871,317 |
133,990,231 |
Distributions to shareholders from net investment income |
(156,822,915) |
(132,922,224) |
Share transactions at net asset value of $1.00 per share |
16,146,695,107 |
13,561,686,424 |
Reinvestment of distributions |
154,129,518 |
130,909,063 |
Cost of shares redeemed |
(15,710,805,336) |
(12,876,654,521) |
Net increase (decrease) in net assets and shares resulting from share transactions |
590,019,289 |
815,940,966 |
Total increase (decrease) in net assets |
591,067,691 |
817,008,973 |
|
|
|
Net Assets |
|
|
Beginning of period |
4,983,732,802 |
4,166,723,829 |
End of period (including undistributed net investment income of $0 and undistributed net investment income of $181,475, respectively) |
$ 5,574,800,493 |
$ 4,983,732,802 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
Years ended January 31, |
2008 |
2007 |
2006 |
2005 |
2004 |
Selected Per-Share Data |
|
|
|
|
|
Net asset value, beginning |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
Income from Investment Operations |
|
|
|
|
|
Net investment income |
.031 |
.030 |
.021 |
.008 |
.006 |
Net realized and unrealized gain (loss) D |
- |
- |
- |
- |
- |
Total from investment operations |
.031 |
.030 |
.021 |
.008 |
.006 |
Distributions from net investment income |
(.031) |
(.030) |
(.021) |
(.008) |
(.006) |
Distributions from net realized gain |
- |
- |
- |
- D |
- |
Total distributions |
(.031) |
(.030) |
(.021) |
(.008) |
(.006) |
Net asset value, end |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
Total Return A |
3.16% |
3.03% |
2.07% |
.84% |
.58% |
Ratios to Average Net Assets B, C |
|
|
|
|
|
Expenses before |
.50% |
.51% |
.51% |
.51% |
.50% |
Expenses net of fee |
.50% |
.51% |
.51% |
.51% |
.50% |
Expenses net of all |
.40% |
.39% |
.42% |
.49% |
.49% |
Net investment income |
3.11% |
2.99% |
2.07% |
.79% |
.58% |
Supplemental Data |
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 5,574,800 |
$ 4,983,733 |
$ 4,166,724 |
$ 3,678,016 |
$ 3,262,714 |
A Total returns would have been lower had certain expenses not been reduced during the periods shown.
B Fees and expenses of the underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
C Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
D Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Annual Report
For the period ended January 31, 2008
1. Organization.
Fidelity Massachusetts Municipal Income Fund (the Income Fund) and Fidelity Massachusetts Municipal Money Market Fund (the Money Market Fund) are funds of Fidelity Massachusetts Municipal Trust (the trust). The trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Each Fund may be affected by economic and political developments in the state of Massachusetts.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds as an investment of each Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Funds indirectly bear their proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete list of holdings for each Fidelity Central Fund is available upon request or at the SEC's web site at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC's web site or upon request.
3. Significant Accounting Policies.
The financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America, which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. The following summarizes the significant accounting policies of the 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 available dealer supplied prices.
Annual Report
3. Significant Accounting Policies - continued
Security Valuation - continued
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, including the Fidelity Central Funds, are valued at their closing net asset value each business day. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities owned by the Money Market Fund are valued at amortized cost which approximates value.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV for processing shareholder transactions includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and capital gain distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned among each Fund in the trust. Expense estimates are accrued in the period to which they relate and adjustments are made when actual amounts are known.
Income Tax Information and Distributions to Shareholders. Each year, each Fund intends to qualify as a regulated investment company by distributing substantially all of its taxable income and realized gains under Subchapter M of the Internal Revenue Code and filing its U.S. federal tax return. As a result, no provision for income taxes is required. Each Fund adopted the provisions of FASB Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48), on June 29, 2007. FIN 48 sets forth a minimum threshold for financial statement recognition of the benefit of a tax position taken or expected to be taken in a tax return. The implementation of FIN 48 did not result in any unrecognized tax benefits in the accompanying financial statements. Each of the Fund's federal tax returns for the prior three years remains subject to examination of the Internal Revenue Service.
Annual Report
Notes to Financial Statements - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Dividends are declared daily and paid monthly from net investment income. Distributions from realized gains, if any, are recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from generally accepted accounting principles. In addition, the Funds will claim a portion of the payment made to redeeming shareholders as a distribution for income tax purposes.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. For the Income Fund, certain adjustments have been made to the accounts relating to prior periods. Collectively, these adjustments have no impact on the funds' net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to the short-term gain distributions from the Fidelity Central Funds, market discount, deferred trustees compensation, losses due to wash sales and losses 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.
The tax-basis components of distributable earnings and the federal tax cost as of period end were as follows for each Fund:
|
Cost for Federal |
Unrealized |
Unrealized |
Net Unrealized |
Fidelity Massachusetts Municipal Income Fund |
$ 1,864,996,365 |
$ 60,382,942 |
$(11,163,763) |
$ 49,219,179 |
Fidelity Massachusetts Municipal Money |
5,100,587,760 |
- |
- |
- |
|
Undistributed |
Undistributed |
Capital Loss |
Fidelity Massachusetts Municipal Income Fund |
$ 70,180 |
$ 2,326,775 |
$ - |
Fidelity Massachusetts Municipal |
649,931 |
941,211 |
- |
Annual Report
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
The tax character of distributions paid was as follows:
January 31, 2008 |
Tax-exempt |
Ordinary |
Long-term |
Total |
Fidelity Massachusetts Municipal Income Fund |
$ 74,676,954 |
$ - |
$ 7,619,691 |
$82,296,645 |
Fidelity Massachusetts Municipal Money |
156,822,915 |
- |
- |
156,822,915 |
January 31, 2007 |
Tax-exempt |
Ordinary |
Long-term |
Total |
Fidelity Massachusetts Municipal Income Fund |
$ 73,900,905 |
$ - |
$ 5,580,754 |
$ 79,481,659 |
Fidelity Massachusetts Municipal Money |
132,922,224 |
- |
- |
132,922,224 |
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.
New Accounting Pronouncement. In September 2006, Statement of Financial Accounting Standards No. 157, Fair Value Measurements (SFAS 157), was issued and is effective for fiscal years beginning after November 15, 2007. SFAS 157 defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Management is currently evaluating the impact the adoption of SFAS 157 will have on the Funds' financial statement disclosures.
4. Operating Policies.
Delayed Delivery Transactions and When-Issued Securities. Certain Funds may purchase or sell securities on a delayed delivery or when-issued basis. Payment and delivery may take place after the customary settlement period for that security. The price of the underlying securities and the date when the securities will be delivered and paid for are fixed at the time the transaction is negotiated. During the time a delayed delivery sell is outstanding, the contract is marked-to-market daily and equivalent deliverable securities are held for the transaction. The value of the securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's
Annual Report
Notes to Financial Statements - continued
4. Operating Policies - continued
Delayed Delivery Transactions and When-Issued Securities - continued
Schedule of Investments. Certain Funds may receive compensation for interest forgone in the purchase of a delayed delivery or when-issued security. With respect to purchase commitments, each applicable Fund identifies securities as segregated in its records with a value at least equal to the amount of the commitment. Losses may arise due to changes in the value of the underlying securities or if the counterparty does not perform under the contract's terms, or if the issuer does not issue the securities due to political, economic, or other factors.
Restricted Securities. Certain Funds may invest in securities that are subject to legal or contractual restrictions on resale. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time-consuming negotiations and expense, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities is included at the end of each applicable Fund's Schedule of Investments.
5. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $377,506,375 and $327,752,472, respectively.
6. Fees and Other Transactions with Affiliates.
Management Fee. FMR and its affiliates provide the Funds with investment management related services for which the Funds pay a monthly management fee. The management fee is the sum of an individual fund fee rate and a group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, each Fund's annual management fee rate expressed as a percentage of each Fund's average net assets was as follows:
|
Individual Rate |
Group Rate |
Total |
Fidelity Massachusetts Municipal |
.25% |
.12% |
.37% |
Fidelity Massachusetts Municipal Money Market Fund |
.25% |
.12% |
.37% |
Annual Report
6. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and shareholder servicing agent for the Funds. Citibank has entered into a sub-arrangement with Fidelity Investments Institutional Operations Company, Inc. (FIIOC), an affiliate of FMR, under which FIIOC performs the activities associated with the 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. FIIOC 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. Prior to January 1, 2008, Fidelity Service Company, Inc. (FSC), also an affiliate of FMR, was the sub-transfer agent for the Funds. 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% |
|
7. Committed Line of Credit.
The Income Fund participates with other funds managed by FMR in a $4.2 billion credit facility (the "line of credit") to be utilized for temporary or emergency purposes to fund shareholder redemptions or for other short-term liquidity purposes. The participating funds have agreed to pay commitment fees on their pro rata portion of the line of credit, which is reflected in Miscellaneous Expense on the Statement of Operations, and is as follows:
Fidelity Massachusetts Municipal Income Fund |
$3,587 |
During the period, there were no borrowings on this line of credit.
8. Expense Reductions.
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 uninvested cash balances were used to reduce fund expenses. These expense reductions are noted in the table below.
|
Custody |
Transfer |
Accounting |
Fidelity Massachusetts Municipal |
$ 26,085 |
$ 701,288 |
$ 12,788 |
Fidelity Massachusetts Municipal |
72,033 |
4,864,138 |
142 |
Annual Report
Notes to Financial Statements - continued
9. Other.
The Funds' organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Funds. In the normal course of business, the Funds may also enter into contracts that provide general indemnifications. The Funds' maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Funds. The risk of material loss from such claims is considered remote.
Annual Report
To the Trustees of Fidelity Massachusetts Municipal Trust and Shareholders of Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund:
We have audited the accompanying statements of assets and liabilities of Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund, funds of Fidelity Massachusetts Municipal Trust ("the Funds"), including the schedules of investments, as of January 31, 2008, and the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended. These financial statements and financial highlights are the responsibility of the Funds' management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.
We conducted our audits in accordance with standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. The Funds are not required to have, nor were we engaged to perform, an audit of their internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds' internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of January 31, 2008, by correspondence with the custodians and brokers; where replies were not received from brokers, we performed other auditing procedures. We believe that our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial positions of Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund as of January 31, 2008, 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 17, 2008
Annual Report
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 James C. Curvey, each of the Trustees oversees 374 funds advised by FMR or an affiliate. Mr. Curvey oversees 369 funds advised by FMR or an affiliate.
The Trustees hold office without limit in time except that (a) any Trustee may resign; (b) any Trustee may be removed by written instrument, signed by at least two-thirds of the number of Trustees prior to such removal; (c) any Trustee who requests to be retired or who has become incapacitated by illness or injury may be retired by written instrument signed by a majority of the other Trustees; and (d) any Trustee may be removed at any special meeting of shareholders by a two-thirds vote of the outstanding voting securities of the trust. Each Trustee who is not an interested person (as defined in the 1940 Act) (Independent Trustee), shall retire not later than the last day of the calendar year in which his or her 72nd birthday occurs. The Independent Trustees may waive this mandatory retirement age policy with respect to individual Trustees. The executive officers and Advisory Board 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 (77) |
|
|
Year of Election or Appointment: 1981 Mr. Johnson is Chairman of the Board of Trustees. Mr. Johnson serves as President (2006-present), Chief Executive Officer, Chairman, and a Director of FMR LLC; Chairman and a Director of FMR; Chairman and a Director of Fidelity Research & Analysis Company (FRAC); Chairman and a Director of Fidelity Investments Money Management, Inc.; and Chairman (2001-present) and a Director of FMR Co., Inc. In addition, Mr. Johnson serves as Chairman and Director of FIL Limited. Mr. Edward C. Johnson 3d and Mr. Arthur E. Johnson are not related. |
James C. Curvey (72) |
|
|
Year of Election or Appointment: 2007 Mr. Curvey also serves as Trustee (2007-present) or Member of the Advisory Board (2007-present) of other investment companies advised by FMR. Mr. Curvey is a Director of FMR and FMR Co., Inc. (2007-present). Mr. Curvey is also Vice Chairman (2006-present) and Director of FMR LLC. Mr. Curvey joined Fidelity in 1982 and served in numerous senior management positions, including President and Chief Operating Officer of FMR LLC (1997-2000) and President of Fidelity Strategic Investments (2000-2002). In addition, he serves as a member of the Board of Directors of Geerlings & Wade, Inc. (wine distribution). |
* Trustees have been determined to be "Interested Trustees" by virtue of, among other things, their affiliation with the trust or various entities under common control with FMR. FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Independent Trustees:
Correspondence intended for each Independent Trustee (that is, the Trustees other than the Interested Trustees) may be sent to Fidelity Investments, P.O. Box 55235, Boston, Massachusetts 02205-5235.
Name, Age; Principal Occupation |
|
Dennis J. Dirks (59) |
|
|
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 Company (DTC) (1999-2003) and President and Board member of the National Securities Clearing Corporation (NSCC) (1999-2003). In addition, 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 a member of the Finance Committee of AHRC of Nassau County (2006-present). |
Albert R. Gamper, Jr. (65) |
|
|
Year of Election or Appointment: 2006 Prior to his retirement in December 2004, Mr. Gamper served as Chairman of the Board of CIT Group Inc. (commercial finance). During his tenure with CIT Group Inc. Mr. Gamper served in numerous senior management positions, including Chairman (1987-1989; 1999-2001; 2002-2004), Chief Executive Officer (1987-2004), and President (1989-2002). He currently serves as a member of the Board of Directors of Public Service Enterprise Group (utilities, 2001-present), Chairman of the Board of Governors, Rutgers University (2004-present), and Chairman of the Board of Saint Barnabas Health Care System. |
George H. Heilmeier (71) |
|
|
Year of Election or Appointment: 2004 Dr. Heilmeier is Chairman Emeritus of Telcordia Technologies (communication 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 engineering 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), Automatic Data Processing, Inc. (ADP) (technology-based business outsourcing, 1995-2002), INET Technologies Inc. (telecommunications network surveillance, 2001-2004), and Teletech Holdings (customer management services). He is the recipient of the 2005 Kyoto Prize in Advanced Technology for his invention of the liquid crystal display, and a member of the Consumer Electronics Hall of Fame. |
James H. Keyes (67) |
|
|
Year of Election or Appointment: 2007 Prior to his retirement in 2003, Mr. Keyes was Chairman, President, and Chief Executive Officer of Johnson Controls, Inc. (automotive supplier, 1993-2003). He currently serves as a member of the boards of LSI Logic Corporation (semiconductor technologies), Navistar International Corporation (manufacture and sale of trucks, buses, and diesel engines, 2002-present), and Pitney Bowes, Inc. (integrated mail, messaging, and document management solutions). |
Marie L. Knowles (61) |
|
|
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 service, 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 (63) |
|
|
Year of Election or Appointment: 2000 Mr. Lautenbach is Chairman of the Independent Trustees (2006-present). 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 Corporation (IBM) from 1968 until his retirement in 1998. Mr. Lautenbach serves as a Director of Sony Corporation (2006-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. |
Cornelia M. Small (63) |
|
|
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 (68) |
|
|
Year of Election or Appointment: 2002 Mr. Stavropoulos is Chairman Emeritus 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 Chairman of the Executive Committee (2000-2004). Currently, he is a Director of NCR Corporation (data warehousing and technology solutions), Chemical Financial Corporation, Maersk Inc. (industrial conglomerate, 2002-present), Tyco International, Inc. (multinational manufacturing and services, 2007-present), and a member of the Advisory Board for Metalmark Capital (private equity investment firm, 2005-present). He is a special advisor to Clayton, Dubilier & Rice, Inc., a private equity investment firm. 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 (68) |
|
|
Year of Election or Appointment: 2005 Mr. Wolfe is Chairman and a Director of Hershey Foods Corporation (2007-present), where prior to his retirement in 2001, he was Chairman and Chief Executive Officer. Mr. Wolfe currently serves as a member of the board of Revlon Inc. (2004-present). Previously, Mr. Wolfe served as a member of the boards of Adelphia Communications Corporation (2003-2006) and Bausch & Lomb, Inc. (1993-2007). |
Advisory Board Members and Executive Officers**:
Correspondence intended for Mr. Mauriello, Mr. Thomas, Mr. Wiley, Mr. Lacy, and Mr. Arthur Johnson 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 |
|
Arthur E. Johnson (61) |
|
|
Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Mr. Johnson serves as Senior Vice President of Corporate Strategic Development of Lockheed Martin Corporation (defense contractor). In addition, Mr. Johnson serves as a member of the Board of Directors of AGL Resources, Inc. (holding company, 2002-present), and IKON Office Solutions, Inc. (document management systems and services). Mr. Arthur E. Johnson and Mr. Edward C. Johnson 3d are not related. |
Alan J. Lacy (54) |
|
|
Year of Election or Appointment: 2008 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Mr. Lacy serves as Senior Adviser (2007-present) of Oak Hill Capital Partners, L.P. (a private equity firm). Mr. Lacy also served as Vice Chairman and Chief Executive Officer of Sears Holdings Corporation and Sears, Roebuck and Co. (retail, 2005-2006; 2000-2005). In addition, Mr. Lacy serves as a member of the Board of Directors of The Western Union Company (global money transfer, 2006-present) and Bristol-Myers Squibb (global pharmaceuticals, 2007-present). Mr. Lacy is a Trustee of the National Parks Conservation Association and The Field Museum of Natural History. |
Peter S. Lynch (64) |
|
|
Year of Election or Appointment: 2003 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Mr. Lynch is Vice Chairman and a Director of FMR, and Vice Chairman (2001-present) and a Director of FMR Co., Inc. Previously, Mr. Lynch served as a Trustee of the Fidelity funds (1990-2003). In addition, he serves as a Trustee of Boston College and as the Chairman of the Inner-City Scholarship Fund. |
Joseph Mauriello (63) |
|
|
Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Prior to his retirement in January 2006, Mr. Mauriello served in numerous senior management positions including Deputy Chairman and Chief Operating Officer (2004-2005), and Vice Chairman of Financial Services (2002-2004) of KPMG LLP US (professional services firm, 1965-2005). Mr. Mauriello currently serves as a member of the Board of Directors of XL Capital Ltd. (global insurance and re-insurance company, 2006-present) and of Arcadia Resources Inc. (health care services and products, 2007-present). He also served as a Director of the Hamilton Funds of the Bank of New York (2006-2007). |
David M. Thomas (58) |
|
|
Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Previously, Mr. Thomas served as Executive Chairman (2005-2006) and Chairman and Chief Executive Officer (2000-2005) of IMS Health, Inc. (pharmaceutical and healthcare information solutions). In addition, Mr. Thomas serves as a member of the Board of Directors of Fortune Brands, Inc. (consumer products holding company), and Interpublic Group of Companies, Inc. (marketing communication, 2004-present). |
Michael E. Wiley (57) |
|
|
Year of Election or Appointment: 2007 Member of the Advisory Board of Fidelity Massachusetts Municipal Trust. Mr. Wiley also serves as a member of the Board of Trustees of
the University of Tulsa (2000-2006; 2007-present). He serves as a Director of Tesoro Corporation (independent oil refiner and marketer,
2005- |
Kimberley H. Monasterio (44) |
|
|
Year of Election or Appointment: 2007 President and Treasurer of Massachusetts Municipal Money Market and Massachusetts Municipal Income. Ms. Monasterio also serves as President and Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2004-present). Previously, Ms. Monasterio served as Deputy Treasurer of the Fidelity funds (2004-2006). 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). |
Boyce I. Greer (51) |
|
|
Year of Election or Appointment: 2006 Vice President of Massachusetts Municipal Money Market and Massachusetts Municipal Income. Mr. Greer also serves as Vice President of certain Asset Allocation Funds (2005-present), Fixed-Income Funds (2006-present), and Money Market Funds (2006-present). Mr. Greer is also a Trustee of other investment companies advised by FMR (2003-present). Mr. Greer is an Executive Vice President of FMR (2005-present) and FMR Co., Inc. (2005-present), and Senior Vice President of Fidelity Investments Money Management, Inc. (2006-present). Previously, Mr. Greer served as Vice President of certain Fidelity Equity Funds (2005-2007), a Director and Managing Director of Strategic Advisers, Inc. (2002-2005), and Executive Vice President (2000-2002) and Money Market Group Leader (1997-2002) of the Fidelity Investments Fixed Income Division. Mr. Greer also served as Vice President of Fidelity's Money Market Funds (1997-2002), Senior Vice President of FMR (1997-2002), and Vice President of FIMM (1998-2002). |
Charles S. Morrison (47) |
|
|
Year of Election or Appointment: 2005 Vice President of Massachusetts Municipal Money Market. Mr. Morrison also serves as Vice President of Fidelity's Money Market Funds (2005-present). Previously, Mr. Morrison served as Vice President of Fidelity's Bond Funds (2002-2005), certain Balanced Funds (2002-2005), and certain Asset Allocation Funds (2002-2007). Mr. Morrison served as Vice President (2002-2005) and Bond Group Leader (2002-2005) of Fidelity Investments Fixed Income Division. Mr. Morrison is also Senior Vice President of FIMM (2003-present) and Vice President of FMR (2002-present). Mr. Morrison joined Fidelity Investments in 1987 as a Corporate Bond Analyst in the Fixed Income Research Division. |
Thomas J. Silvia (46) |
|
|
Year of Election or Appointment: 2005 Vice President of Massachusetts Municipal Income. Mr. Silvia also serves as Vice President of Fidelity's Fixed-Income 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 Vice President of certain Balanced Funds (2005-2007), certain Asset Allocation Funds (2005-2007), a Director of Fidelity's Taxable Bond portfolio managers (2002-2004) and a portfolio manager in the Bond Group (1997-2004). |
Eric D. Roiter (59) |
|
|
Year of Election or Appointment: 1998 Secretary of Massachusetts Municipal 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). |
John B. McGinty, Jr. (45) |
|
|
Year of Election or Appointment: 2008 Assistant Secretary of Massachusetts Municipal Money Market and Massachusetts Municipal Income. Mr. McGinty also serves as Assistant Secretary of other Fidelity funds (2008-present) and is an employee of FMR LLC (2004-present). Mr. McGinty also serves as Senior Vice President, Secretary, and Chief Legal Officer of FDC (2007-present). Before joining Fidelity Investments, Mr. McGinty practiced law at Ropes & Gray, LLP. |
R. Stephen Ganis (41) |
|
|
Year of Election or Appointment: 2006 Anti-Money Laundering (AML) officer of Massachusetts Municipal Money Market and Massachusetts Municipal Income. Mr. Ganis also serves as AML officer of other Fidelity funds (2006-present) and FMR LLC (2003-present). Before joining Fidelity Investments, Mr. Ganis practiced law at Goodwin Procter, LLP (2000-2002). |
Joseph B. Hollis (59) |
|
|
Year of Election or Appointment: 2006 Chief Financial Officer of Massachusetts Municipal Money Market and Massachusetts Municipal Income. Mr. Hollis also serves as Chief Financial Officer of other Fidelity funds. Mr. Hollis is President of Fidelity Pricing and Cash Management Services (FPCMS) (2005-present). Mr. Hollis also serves as President and Director of Fidelity Service Company, Inc. (2006-present). Previously, Mr. Hollis served as Senior Vice President of Cash Management Services (1999-2002) and Investment Management Operations (2002-2005). |
Kenneth A. Rathgeber (60) |
|
|
Year of Election or Appointment: 2004 Chief Compliance Officer of Massachusetts Municipal Money Market and Massachusetts Municipal 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 Compliance Officer of FMR (2005-present), FMR Co., Inc. (2005-present), Fidelity Management & Research
(U.K.) Inc. (2005-present), Fidelity Research & Analysis Company (2005- |
Bryan A. Mehrmann (46) |
|
|
Year of Election or Appointment: 2005 Deputy Treasurer of Massachusetts Municipal 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 Institutional Services Group (FIIS)/Fidelity Investments Institutional Operations Corporation, Inc. (FIIOC) Client Services (1998-2004). |
Kenneth B. Robins (38) |
|
|
Year of Election or Appointment: 2005 Deputy Treasurer of Massachusetts Municipal 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 practice (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 (41) |
|
|
Year of Election or Appointment: 2005 Assistant Treasurer of Massachusetts Municipal 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). |
Peter L. Lydecker (54) |
|
|
Year of Election or Appointment: 2004 Assistant Treasurer of Massachusetts Municipal Money Market and Massachusetts Municipal Income. Mr. Lydecker also serves as Assistant Treasurer of other Fidelity funds (2004) and is an employee of FMR. |
Paul M. Murphy (60) |
|
|
Year of Election or Appointment: 2007 Assistant Treasurer of Massachusetts Municipal Money Market and Massachusetts Municipal Income. Mr. Murphy also serves as Assistant Treasurer of other Fidelity funds (2007-present) and is an employee of FMR (2007-present). Previously, Mr. Murphy served as Chief Financial Officer of the Fidelity Funds (2005-2006), Vice President and Associate General Counsel of FMR (2007), and Senior Vice President of Fidelity Pricing and Cash Management Services Group (FPCMS) (1994-2007). |
Gary W. Ryan (49) |
|
|
Year of Election or Appointment: 2005 Assistant Treasurer of Massachusetts Municipal 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). |
** FMR Corp. merged with and into FMR LLC on October 1, 2007. Any references to FMR LLC for prior periods are deemed to be references to the prior entity.
Annual Report
The Board of Trustees of each fund voted to pay to shareholders of record at the opening of business on record date, the following distributions per share derived from capital gains realized from sales of portfolio securities:
Fund |
Pay Date |
Record Date |
Capital Gains |
Fidelity Massachusetts Municipal |
03/10/08 |
03/07/08 |
$0.015 |
Fidelity Massachusetts Municipal Money Market Fund |
03/10/08 |
03/07/08 |
$0.0002 |
The funds hereby designate as capital gain dividend the amounts noted below for the taxable year ended January 31, 2008, or, if subsequently determined to be different, the net capital gain of such year.
Fund |
|
Fidelity Massachusetts Municipal Income Fund |
$ 8,076,887 |
Fidelity Massachusetts Municipal Money Market Fund |
$ 941,211 |
During fiscal year ended 2008, 100% of each fund's income dividends were free from federal income tax, and 7.01% and 9.31% of Fidelity Massachusetts Municipal Income Fund and Fidelity Massachusetts Municipal Money Market Fund's income dividends, respectively, were subject to the federal alternative minimum tax.
The fund will notify shareholders in January 2009 of amounts for use in preparing 2008 income tax returns.
Annual Report
Fidelity offers several ways to conveniently manage your personal investments via your telephone or PC. You can access your account information, conduct trades and research your investments 24 hours a day.
By Phone
Fidelity Automated Service Telephone provides a single toll-free number to access account balances, positions, quotes and trading. It's easy to navigate the service, and on your first call, the system will help you create a personal identification number (PIN) for security.
(phone_graphic)
Fidelity Automated
Service Telephone (FAST®)
1-800-544-5555
Press
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
By PC
Fidelity's web site on the Internet provides a wide range of information, including daily financial news, fund performance, interactive planning tools and news about Fidelity products and services.
(computer_graphic)
Fidelity's Web Site
www.fidelity.com
* When you call the quotes line, please remember that a fund's yield and return will vary and, except for money market funds, share price will also vary. This means that you may have a gain or loss when you sell your shares. There is no assurance that money market funds will be able to maintain a stable $1 share price; an investment in a money market fund is not insured or guaranteed by the U.S. government. Total returns are historical and include changes in share price, reinvestment of dividends and capital gains, and the effects of any sales charges.
Annual Report
We'll give your correspondence immediate attention and send you written confirmation upon completion of your request.
(letter_graphic)
Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(letter_graphic)
For Non-Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(letter_graphic)
For Retirement
Accounts
Buying shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
Selling shares
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0035
Overnight Express
Fidelity Investments
Attn: Distribution Services
100 Crosby Parkway - KC1H
Covington, KY 41015
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
Annual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity International Investment Advisors
Fidelity Research & Analysis Company
Fidelity International Investment Advisors
(U.K.) Limited
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) (automated graphic)   1-800-544-5555
(automated graphic)   Automated line for quickest service
MAS-UANN-0308
1.789255.106
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
Item 2. Code of Ethics
As of the end of the period, January 31, 2008, 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, 2008 and January 31, 2007, 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 |
2008A |
2007A |
Fidelity Massachusetts AMT Tax-Free Money Market Fund |
$32,000 |
$26,000 |
Fidelity Massachusetts Municipal Income Fund |
$45,000 |
$44,000 |
Fidelity Massachusetts Municipal Money Market Fund |
$32,000 |
$29,000 |
All funds in the Fidelity Group of Funds audited by Deloitte Entities |
$7,300,000 |
$6,700,000 |
A |
Aggregate amounts may reflect rounding. |
(b) Audit-Related Fees.
In each of the fiscal years ended January 31, 2008 and January 31, 2007, 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 |
2008A |
2007A |
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, 2008 and January 31, 2007, 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 |
2008A |
2007A |
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, 2008 and January 31, 2007, 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 |
2008A |
2007A |
Fidelity Massachusetts AMT Tax-Free Money Market Fund |
$4,500 |
$4,200 |
Fidelity Massachusetts Municipal Income Fund |
$4,500 |
$4,200 |
Fidelity Massachusetts Municipal Money Market Fund |
$4,500 |
$4,200 |
A |
Aggregate amounts may reflect rounding. |
In each of the fiscal years ended January 31, 2008 and January 31, 2007, 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 |
2008A |
2007A |
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, 2008 and January 31, 2007, 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 |
2008A |
2007A |
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, 2008 and January 31, 2007, 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 |
2008A |
2007A,B |
Deloitte Entities |
$0 |
$0 |
A |
Aggregate amounts may reflect rounding. |
B |
Reflects current period presentation. |
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, 2008 and January 31, 2007 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, 2008 and January 31, 2007, 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, 2008 and January 31, 2007 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, 2008 and January 31, 2007 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, 2008 and January 31, 2007 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, 2008 and January 31, 2007 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, 2008 and January 31, 2007, the aggregate fees billed by Deloitte Entities of $685,000A and $730,000A 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.
|
2008A |
2007A,B |
Covered Services |
$15,000 |
$15,000 |
Non-Covered Services |
$670,000 |
$715,000 |
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/Kimberley Monasterio |
|
Kimberley Monasterio |
|
President and Treasurer |
|
|
Date: |
March 28, 2008 |
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/Kimberley Monasterio |
|
Kimberley Monasterio |
|
President and Treasurer |
|
|
Date: |
March 28, 2008 |
By: |
/s/Joseph B. Hollis |
|
Joseph B. Hollis |
|
Chief Financial Officer |
|
|
Date: |
March 28, 2008 |
Exhibit EX-99.CERT
I, Kimberley Monasterio, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Massachusetts Municipal Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: March 28, 2008
/s/Kimberley Monasterio |
Kimberley Monasterio |
President and Treasurer |
I, Joseph B. Hollis, certify that:
1. I have reviewed this report on Form N-CSR of Fidelity Massachusetts Municipal Trust;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:
a. Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b. Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c. Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based upon such evaluation; and
d. Disclosed in this report any change in the registrant's internal control over financial reporting 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 registrant's internal control over financial reporting; and
5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):
a. All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and
b. Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
Date: March 28, 2008
/s/Joseph B. Hollis |
Joseph B. Hollis |
Chief Financial Officer |
Exhibit EX-99.906CERT
Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of section 1350, chapter 63 of title 18, United States Code)
In connection with the attached Report of Fidelity Massachusetts Municipal Trust (the "Trust") on Form N-CSR to be filed with the Securities and Exchange Commission (the "Report"), each of the undersigned officers of the Trust does hereby certify that, to the best of such officer's knowledge:
1. The Report fully complies with the requirements of 13(a) or 15(d) of the Securities Exchange Act of 1934; and
2. The information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Trust as of, and for, the periods presented in the Report.
Dated: March 28, 2008
/s/Kimberley Monasterio |
Kimberley Monasterio |
President and Treasurer |
Dated: March 28, 2008
/s/Joseph B. Hollis |
Joseph B. Hollis |
Chief Financial Officer |
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging, or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to the Trust and will be retained by the Trust and furnished to the Securities and Exchange Commission or its staff upon request.
EXHIBIT EX-99.CODE ETH
FIDELITY FUNDS' CODE OF ETHICS FOR
PRESIDENT, TREASURER AND PRINCIPAL ACCOUNTING OFFICER
I. Purposes of the Code/Covered Officers
This document constitutes the Code of Ethics ("the Code") adopted by the Fidelity Funds (the "Funds") pursuant to the provisions of Rule 30b2-1(a) under the Investment Company Act of 1940), which Rule implements Sections 406 of the Sarbanes-Oxley Act of 2002 with respect to registered investment companies. The Code applies to the Fidelity Funds' President and Treasurer, and Chief Financial Officer (the "Covered Officers"). Fidelity's Ethics Office, a part of Fidelity Enterprise Compliance within Risk Oversight, administers the Code.
The purposes of the Code are to deter wrongdoing and to promote, on the part of the Covered Officers:
II. Covered Officers Should Handle Ethically
Actual and Apparent Conflicts of Interest
Overview. A "conflict of interest" occurs when a Covered Officer's private interest interferes with the interests of, or his service to, the Fidelity Funds. For example, a conflict of interest would arise if a Covered Officer, or a member of his family, receives improper personal benefits as a result of his position with the Fidelity Funds.
Certain conflicts of interest arise out of the relationships between Covered Officers and the Fidelity Funds and already are subject to conflict of interest provisions in the Investment Company Act of 1940 ("Investment Company Act") and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with a Fidelity Fund because of their status as "affiliated persons" of the Fund. Separate compliance programs and procedures of the Fidelity Funds, Fidelity Management & Research Company ("FMR") and the other Fidelity companies are designed to prevent, or identify and correct, violations of these provisions. This Code does not, and is not intended to, repeat or replace these programs and procedures, and such conflicts fall outside of the parameters of this Code.
Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company) of which the Covered Officers are also officers or employees. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties (whether formally for the Fidelity Funds, FMR or another Fidelity company), be involved in establishing policies and implementing decisions that have different effects on the Fidelity Funds, FMR and other Fidelity companies. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Fidelity Funds and FMR (or another Fidelity company), and is consistent with the performance by the Covered Officers of their duties as officers of the Fidelity Funds. Thus, if performed in conformity with the provisions of the Investment Company Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Funds' Board of Trustees ("Board") that the Covered Officers also may be officers or employees of one or more other Fidelity Funds covered by this Code.
Other conflicts of interest are covered by the Code, even if such conflicts of interest are not subject to provisions in the Investment Company Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under the Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of a Fidelity Fund.
* * *
Each Covered Officer must:
With respect to other fact patterns, if a Covered Officer is in doubt, other potential conflict of interest situations should be described immediately to the Fidelity Ethics Office for resolution. Similarly, any questions a Covered Officer has generally regarding the application or interpretation of the Code should be directed to the Fidelity Ethics Office immediately.
III. Disclosure and Compliance
IV. Reporting and Accountability
Each Covered Officer must:
The Fidelity Ethics Office shall take all action it considers appropriate to investigate any actual or potential violations reported to it. Upon completion of the investigation, if necessary, the matter will be reviewed with senior management or other appropriate parties, and a determination will be made as to whether any action should be taken as detailed below. The Covered Officer will be informed of any action determined to be appropriate. The Fidelity Ethics Office will inform the Ethics Oversight Committee of all Code violations and actions taken in response. Without implied limitation, appropriate remedial, disciplinary or preventive action may include a written warning, a letter of censure, suspension, dismissal or, in the event of criminal or other serious violations of law, notification of the SEC or other appropriate law enforcement authorities. Additionally, other legal remedies may be pursued.
The policies and procedures described in the Code do not create any obligations to any person or entity other than the Fidelity Funds. The Code is intended solely for the internal use by the Fidelity Funds and does not constitute a promise, contract or an admission by or on behalf of any Fidelity Fund as to any fact, circumstance, or legal conclusion. The Fidelity Funds, the Fidelity companies and the Fidelity Ethics Officer retain the discretion to decide whether the Code applies to a specific situation, and how it should be interpreted.
V. Oversight
Material violations of this Code will be reported promptly by FMR to the Board's Compliance Committee. In addition, at least once each year, FMR will provide a written report to the Board, which describes any issues arising under the Code since the last report to the Board, including, but not limited to, information about material violations of the Code and action taken in response to the material violations.
VI. Other Policies and Procedures
This Code shall be the sole code of ethics adopted by the Fidelity Funds for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Other Fidelity policies or procedures that cover the behavior or activities of Covered Officers are separate requirements applying to the Covered Officers (and others), and are not part of this Code.
VII. Amendments
Any material amendments or changes to this Code must be approved or ratified by a majority vote of the Board, including a majority of the Trustees who are not interested persons of the Fidelity Funds.
VIII. Records and Confidentiality
Records of any violation of the Code and of the actions taken as a result of such violations will be kept by the Fidelity Ethics Office. All reports and records prepared or maintained pursuant to this Code will be considered confidential and shall be maintained and protected accordingly. Except as otherwise required by law or this Code, such matters shall not be disclosed to anyone other than the Fidelity Ethics Office, the Ethics Oversight Committee, the Board, appropriate personnel at the relevant Fidelity company or companies and the legal counsel of any or all of the foregoing.
34=+CO=:6Z%PT<3+*L\K0MN2,`!FB=./<+@'Y5`!ZI15
M/28[Z'1K&+5)HY]02WC6ZEC&%>4*-[#@<%LGH/H*\K\*AXO#.@>!U@G-CK6G
MVUWYHA8I';/$6NXRV/XG7!;<"OVU=H&Q00#V"BO&_#&M:@FF^'-9BL+M]+TR
MRLK!KM##]G$+Q1_:G9RX+PSH'@=8)S8
MZUI]M=^:(6*1VSQ%KN,MC^)UP6W`K]M7:!L4&QX3\52VW@BRL_[3@2ZAN]$L
MK>$E-XAFALRRA3R=P:X(/7AL'Y>`#UBBN#TS5-?.LZ9=7&K1SV-[K&HZ:;(V
MJKL2)KAHG#@YWC[/M/8JPXW`LV/IVNZA-8:+#_PE6F^'H+3PYI^H,);6$1SM
M*^UMX)4+$`@0"/9@S#YN%!`/5**\S;5]0,EM80^(;308[A]==KAK:'[T%Y\A
M`;"Y"EV8G.Y0Y.&^=:?B'QYJT7A>PU:TNYX;Y=$M]6GAM[2(VBER/EGDF<';
M(041(F$@PY^?Y0`#UBBN?\/?\ASQ9_V%8_\`TBM:Y^6XU%/$M_9Z=??8FOO$
MJV\THB60^6-*1SM#@45YFVNZY RU!KO5KOP_HMBDB7M]&%2:1BD13R696!0B
M1U)4!_,50O0YR_$'B`67CY+2;3YY83%;BV2R2:&\OKL.[!%?
B:;8SLA1I+6U2)BN0<$J`<9`
M./851*T$WDR!_+D7[R-CHPR,@\BJ_\`;NC_`-C_`-K_`-JV/]F?\_OV
MA/)^]M^_G;][CKUXK0HH`R]1TJX#-
M]H=6CC$`12CAR6+9.X%<8``VX.3G)X&.2
1TK0J
M.!QG0J,&;[0ZM'&(`BE'#DL6R=P*XP`!MP`#GG`)C,J`P1QN^]00[E1MW#<<@'D+D@=R`,C.0
M`25GZ<]N]]JP@O)YY$NU$\`#GG``)**P]4UV$:DWAZRED;6I+=+CRH\*T5NTHB
M:<,ZE"4R6VG).W&.:RS8S"*:+PEJ\`FEE>UO[B.*V=+>Y"EGN9415+W!*HA7
M<`-X8H0N"`&KW]K/K"W&LW=C8>'K3?#'/=R3V-R+XJZ$QNVQ6C,+OAE)YR0>
M,B2[EUC1K*_LVENY('1C;:L%@\K3(M@53+YT^^4IM,C.0=VX_08^B^'M-\5:
MI->26VFW'@ZP1TJX#-]H=6CC$`12
MCAR6+9.X%<8``VX.3G)X&.2
1TK0J.!QG0J,&;[0ZM'&(`BE'#DL6R=P*XP`!MP>-GO;V4ZG>9,3013&62:2#!)5P[8C!WXRN
=J,=JY8]@<'$>@7UOJ*7MU!)?"266-Y[6]4J]F[6\3"+:?N_*58@$
M_,[1TJPDUPVHS0M:[;5(HWCN/,!\QR7#)MZC:%0Y[[_`&-%_-<6^G7,
MUG:_:[J.)WAM_,$?FN`2J;CPN3@9/3-`%BBBB@#/UU[>/P]J
5??9_[GV"?SOO;?\`4[/,Z_[/3GIS4=G<
MVFG:-I2)=7>H02)#!#=JKW+397Y9'=`1@@9,APO.21FM2J]A-<7&G6TUY:_9
M+J2)'FM_,$GE.0"R;APV#D9'7%`!]MB_M'[#LG\[RO.W>0_E[