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As Of Filer Filing For·On·As Docs:Size Issuer Agent 9/23/13 Fidelity Mass Municipal Trust N-CSRS 7/31/13 3:895K Fidelity Adv Series VII → Fidelity Massachusetts Municipal Income Fund ⇒ FDMMX → Fidelity Massachusetts Municipal Money Market Fund ⇒ FDMXX → Fidelity Massachusetts Municipal Money Market Fund (Formerly known as Fidelity Massachusetts AMT Tax-Free Money Market Fund) ⇒ 3 Classes/Contracts |
Document/Exhibit Description Pages Size
1: N-CSRS Certified Semi-Annual Shareholder Report of a HTML 746K
Management Investment Company
3: EX-99.906 CERT Miscellaneous Exhibit HTML 7K
2: EX-99.CERT Miscellaneous Exhibit HTML 14K
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| 1 | 1st Page - Filing Submission | ||||
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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM N-CSR
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
Investment Company Act file number 811-3361
Fidelity Massachusetts Municipal Trust
(Exact name of registrant as specified in charter)
245 Summer St. Boston, Massachusetts 02210
(Address of principal executive offices) (Zip code)
Scott C. Goebel, Secretary
245 Summer St.
Boston, Massachusetts 02210
(Name and address of agent for service)
Registrant's telephone number, including area code: 617-563-7000
|
Date of fiscal year end: |
January 31 |
|
|
|
|
Date of reporting period: |
Item 1. Reports to Stockholders
Fidelity®
Massachusetts AMT
Tax-Free Money Market Fund -
Fidelity Massachusetts AMT Tax-Free
Money Market Fund
Institutional Class
Service Class
Semiannual Report
July 31, 2013
(Fidelity Cover Art)
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
|
Investment Changes/ Performance |
A summary of major shifts in the fund's investments over the past six months. |
|
|
Investments |
A complete list of the fund's investments. |
|
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
|
|
Notes |
Notes to the financial statements. |
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 for Fidelity Massachusetts AMT Tax-Free Money Market Fund, or 1-877-208-0098 for Institutional Class and Service Class of the fund, 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. © 2013 FMR LLC. All rights reserved.
This report and the financial statements contained herein are submitted for the general information of the shareholders of the fund. This report is not authorized for distribution to prospective investors in the fund 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, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the fund nor Fidelity Distributors Corporation is a bank.
Semiannual 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 (February 1, 2013 to July 31, 2013).
Actual Expenses
The first line of the accompanying table for each class of the Fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a class of the Fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each class of the Fund provides information about hypothetical account values and hypothetical expenses based on a Class' actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Class' actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, the Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds.
Semiannual Report
Shareholder Expense Example - continued
|
|
Annualized |
Beginning |
Ending |
Expenses Paid |
|
Massachusetts AMT Tax-Free Money Market |
.13% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,000.05 |
$ .64 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,024.15 |
$ .65 |
|
Institutional Class |
.13% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,000.05 |
$ .64 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,024.15 |
$ .65 |
|
Service Class |
.13% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,000.05 |
$ .64 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,024.15 |
$ .65 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Class' annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
|
Effective Maturity Diversification |
|||
|
Days |
% of fund's |
% of fund's |
% of fund's |
|
1 - 7 |
83.8 |
80.2 |
84.7 |
|
8 - 30 |
2.9 |
4.5 |
2.1 |
|
31 - 60 |
2.4 |
2.8 |
1.9 |
|
61 - 90 |
1.2 |
5.0 |
3.9 |
|
91 - 180 |
5.2 |
4.1 |
4.8 |
|
> 180 |
4.5 |
3.4 |
2.6 |
|
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
|
Weighted Average Maturity |
|||
|
|
7/31/13 |
1/31/13 |
7/31/12 |
|
Fidelity Massachusetts AMT Tax-Free Money Market Fund |
27 Days |
26 Days |
22 Days |
|
Massachusetts Tax-Free Money Market Funds Average* |
28 Days |
31 Days |
24 Days |
|
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
|
Weighted Average Life |
|||
|
|
7/31/13 |
1/31/13 |
7/31/12 |
|
Fidelity Massachusetts AMT Tax-Free Money Market Fund |
29 Days |
26 Days |
22 Days |
|
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
* Source: iMoneyNet, Inc.
Semiannual Report
Investment Changes/Performance (Unaudited) - continued
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of July 31, 2013 |
As of January 31, 2013 |
||||||
 |
Variable Rate |
|
|
Variable Rate |
|
||
 |
Other |
|
|
Other |
|
||
 |
Investment |
|
 |
Investment |
|
||
 |
Net Other Assets |
|
 |
Net Other Assets |
|
||
Current and Historical Seven-Day Yields
|
|
7/31/13 |
4/30/13 |
1/31/13 |
10/31/12 |
7/31/12 |
|
|
|
|
|
|
|
|
Massachusetts AMT Tax-Free Money Market |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
|
|
|
|
|
|
|
|
Institutional Class |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
|
|
|
|
|
|
|
|
Service Class |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
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's possible to lose money investing in the fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending July 31, 2013, the most recent period shown in the table, would have been -0.21% for Massachusetts AMT Tax-Free Money Market, -0.16% for Institutional Class and -0.40% for Service Class.
** Net Other Assets (Liabilities) is not included in the pie chart.
Semiannual Report
Showing Percentage of Net Assets
|
Variable Rate Demand Note - 62.9% |
|||
|
Principal |
Value |
||
|
Louisiana - 0.1% |
|||
|
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1, 0.34% 8/7/13, VRDN (a) |
$ 1,100,000 |
$ 1,100,000 |
|
|
Massachusetts - 61.8% |
|||
|
Massachusetts Bay Trans. Auth. Sales Tax Rev.: |
|
|
|
|
Participating VRDN Series Clipper 07 18, 0.09% 8/7/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) |
52,100,000 |
52,100,000 |
|
|
Series 2008 A1, 0.06% 8/7/13 (Liquidity Facility JPMorgan Chase Bank), VRDN (a) |
8,000,000 |
8,000,000 |
|
|
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.: |
|
|
|
|
Series 2010 A1, 0.11% 8/7/13, LOC Citibank NA, VRDN (a) |
17,150,000 |
17,150,000 |
|
|
Series 2010 A3, 0.06% 8/7/13, LOC Bank of America NA, VRDN (a) |
11,500,000 |
11,500,000 |
|
|
Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev. (Tammy Brook Apts. Proj.) Series 2009, 0.06% 8/7/13, LOC Freddie Mac, VRDN (a) |
3,560,000 |
3,560,000 |
|
|
Massachusetts Dev. Fin. Agcy. Rev.: |
|
|
|
|
(Babson College Proj.) Series 2008 A, 0.04% 8/7/13, LOC Fed. Home Ln. Bank of Boston, VRDN (a) |
29,775,000 |
29,775,000 |
|
|
(Boston Univ. Proj.): |
|
|
|
|
Series U-5B, 0.04% 8/7/13, LOC Fed. Home Ln. Bank of Boston, VRDN (a) |
3,000,000 |
3,000,000 |
|
|
Series U3, 0.04% 8/7/13, LOC Northern Trust Co., VRDN (a) |
4,000,000 |
4,000,000 |
|
|
(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 0.06% 8/7/13, LOC Manufacturers & Traders Trust Co., VRDN (a) |
3,700,000 |
3,700,000 |
|
|
(Governor Dummer Academy Issues Proj.) Series 2006, 0.05% 8/7/13, LOC TD Banknorth, NA, VRDN (a) |
4,900,000 |
4,900,000 |
|
|
(Judge Rotenburg Ctr. Proj.) Series 2003, 0.13% 8/7/13, LOC Bank of America NA, VRDN (a) |
1,300,000 |
1,300,000 |
|
|
(New England Deaconess Assoc. Proj.) Series 2011 B, 0.08% 8/7/13, LOC Manufacturers & Traders Trust Co., VRDN (a) |
4,400,000 |
4,400,000 |
|
|
(Olin College Proj.): |
|
|
|
|
Series 2008 C2, 0.07% 8/1/13, LOC RBS Citizens NA, VRDN (a) |
3,700,000 |
3,700,000 |
|
|
Series 2008 C3, 0.07% 8/1/13, LOC RBS Citizens NA, VRDN (a) |
1,935,000 |
1,935,000 |
|
|
(Simmons College Proj.) Series G, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (a) |
5,400,000 |
5,400,000 |
|
|
(Smith College Proj.) Series 2007, 0.04% 8/7/13 (Liquidity Facility TD Banknorth, NA), VRDN (a) |
11,760,000 |
11,760,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Dev. Fin. Agcy. Rev.: - continued |
|
|
|
|
(Williston Northampton School Proj.) Series 2010, 0.06% 8/7/13, LOC TD Banknorth, NA, VRDN (a) |
$ 1,560,000 |
$ 1,560,000 |
|
|
(Worcester Polytechnic Institute Proj.) Series 2008 A, 0.03% 8/7/13, LOC TD Banknorth, NA, VRDN (a) |
24,410,000 |
24,410,000 |
|
|
(YMCA of Greater Worcester Proj.) Series 2006, 0.05% 8/7/13, LOC TD Banknorth, NA, VRDN (a) |
1,940,000 |
1,940,000 |
|
|
Massachusetts Gen. Oblig. Participating VRDN: |
|
|
|
|
Series Clipper 07 06, 0.09% 8/7/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) |
17,900,000 |
17,900,000 |
|
|
Series Clipper 07 39, 0.06% 8/7/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (a)(d) |
28,900,000 |
28,900,000 |
|
|
Series Putters 3699, 0.08% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
4,800,000 |
4,800,000 |
|
|
Series Putters 3898, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
3,500,000 |
3,500,000 |
|
|
Massachusetts Health & Edl. Facilities Auth. Rev.: |
|
|
|
|
(Baystate Health Sys. Proj.): |
|
|
|
|
Series 2009 J1, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (a) |
5,900,000 |
5,900,000 |
|
|
Series 2009 J2, 0.06% 8/1/13, LOC JPMorgan Chase Bank, VRDN (a) |
660,000 |
660,000 |
|
|
(Baystate Med. Ctr. Proj.) Series 2005 G, 0.03% 8/1/13, LOC Wells Fargo Bank NA, VRDN (a) |
6,600,000 |
6,600,000 |
|
|
(Bentley College Proj.) Series K, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (a) |
2,200,000 |
2,200,000 |
|
|
(Children's Hosp. Proj.): |
|
|
|
|
Series 2010 N2, 0.04% 8/7/13, LOC TD Banknorth, NA, VRDN (a) |
1,300,000 |
1,300,000 |
|
|
Series 2010 N3, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (a) |
3,400,000 |
3,400,000 |
|
|
Series 2010 N4, 0.06% 8/1/13, LOC JPMorgan Chase Bank, VRDN (a) |
2,100,000 |
2,100,000 |
|
|
(Fairview Extended Care Proj.) Series B, 0.16% 8/7/13, LOC Bank of America NA, VRDN (a) |
2,400,000 |
2,400,000 |
|
|
(Harvard Vanguard Med. Associates Proj.) Series 2004, 0.05% 8/7/13, LOC TD Banknorth, NA, VRDN (a) |
27,080,000 |
27,080,000 |
|
|
(Henry Heywood Memorial Hosp. Proj.) Series 2008 C, 0.06% 8/1/13, LOC TD Banknorth, NA, VRDN (a) |
2,000,000 |
2,000,000 |
|
|
(Massachusetts Institute of Technology Proj.) Series 2001 J2, 0.04% 8/7/13, VRDN (a) |
3,925,000 |
3,925,000 |
|
|
(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.1% 8/7/13, LOC JPMorgan Chase Bank, VRDN (a) |
9,300,000 |
9,300,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
(Partners HealthCare Sys., Inc. Proj.) Series D6, 0.05% 8/1/13, VRDN (a) |
$ 485,000 |
$ 485,000 |
|
|
(Stonehill College Proj.) Series 2008 K, 0.05% 8/1/13, LOC JPMorgan Chase Bank, VRDN (a) |
1,700,000 |
1,700,000 |
|
|
(Wellesley College Proj.) Series I, 0.04% 8/1/13, VRDN (a) |
13,845,000 |
13,845,000 |
|
|
Participating VRDN: |
|
|
|
|
Series BA 08 1056, 0.09% 8/7/13 (Liquidity Facility Bank of America NA) (a)(d) |
3,310,000 |
3,310,000 |
|
|
Series BA 08 3503, 0.09% 8/7/13 (Liquidity Facility Bank of America NA) (a)(d) |
5,550,000 |
5,550,000 |
|
|
Series BBT 08 54, 0.06% 8/7/13 (Liquidity Facility Branch Banking & Trust Co.) (a)(d) |
6,300,000 |
6,300,000 |
|
|
Series BC 10 20W, 0.07% 8/7/13 (Liquidity Facility Barclays Bank PLC) (a)(d) |
2,550,000 |
2,550,000 |
|
|
Series Putters 3163, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
5,655,000 |
5,655,000 |
|
|
Series Putters 3529, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
10,000,000 |
10,000,000 |
|
|
Series Putters 3530, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
11,495,000 |
11,495,000 |
|
|
Series Putters 3650, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
3,200,000 |
3,200,000 |
|
|
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev. Series 2009 A, 0.05% 8/7/13, LOC Bank of New York, New York, VRDN (a) |
2,000,000 |
2,000,000 |
|
|
Massachusetts Indl. Fin. Agcy. Rev. (Society for the Prevention of Cruelty to Animals Proj.) Series 1997, 0.06% 8/7/13, LOC TD Banknorth, NA, VRDN (a) |
4,080,000 |
4,080,000 |
|
|
Massachusetts Port Auth. Rev.: |
|
|
|
|
Participating VRDN Series Solar 06 108, 0.06% 8/7/13 (Liquidity Facility U.S. Bank NA, Cincinnati) (a)(d) |
9,300,000 |
9,300,000 |
|
|
Series 2008 A, 0.05% 8/7/13, LOC Bank of America NA, VRDN (a) |
11,100,000 |
11,100,000 |
|
|
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN: |
|
|
|
|
ROC II R 12193, 0.08% 8/7/13 (Liquidity Facility Citibank NA) (a)(d) |
5,115,000 |
5,115,000 |
|
|
Series EGL 07 0033, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (a)(d) |
16,800,000 |
16,800,000 |
|
|
Series EGL 07 0067, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (a)(d) |
19,100,000 |
19,100,000 |
|
|
Series EGL 07 0092, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (a)(d) |
7,700,000 |
7,700,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN: - continued |
|
|
|
|
Series Putters 1920, 0.08% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
$ 7,985,000 |
$ 7,985,000 |
|
|
Series Putters 2479Z, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
3,500,000 |
3,500,000 |
|
|
Series Putters 2857, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
12,205,000 |
12,205,000 |
|
|
Series Putters 3691, 0.08% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
1,425,000 |
1,425,000 |
|
|
Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: |
|
|
|
|
Series BBT 08 58, 0.06% 8/7/13 (Liquidity Facility Branch Banking & Trust Co.) (a)(d) |
12,430,000 |
12,430,000 |
|
|
Series Putters 2847, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (a)(d) |
4,130,000 |
4,130,000 |
|
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Series 2008 F, 0.04% 8/7/13 (Liquidity Facility Bank of Nova Scotia), VRDN (a) |
4,900,000 |
4,900,000 |
|
|
RBC Muni. Products, Inc. Trust Participating VRDN: |
|
|
|
|
Series RBC E 32, 0.06% 8/7/13 (Liquidity Facility Royal Bank of Canada) (a)(d) |
23,300,000 |
23,300,000 |
|
|
Series RBC E 42, 0.06% 8/7/13 (Liquidity Facility Royal Bank of Canada) (a)(d) |
4,600,000 |
4,600,000 |
|
|
|
529,815,000 |
||
|
New Jersey - 0.2% |
|||
|
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.) Series 2003 B1, 0.24% 8/7/13, VRDN (a) |
1,400,000 |
1,400,000 |
|
|
New York - 0.0% |
|||
|
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 0.17% 8/7/13, LOC KeyBank NA, VRDN (a) |
100,000 |
100,000 |
|
|
Ohio - 0.1% |
|||
|
Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.) Series B, 0.13% 8/7/13, VRDN (a) |
400,000 |
400,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal |
Value |
||
|
Puerto Rico - 0.7% |
|||
|
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998 A, 0.04% 8/7/13, LOC Bank of Nova Scotia, VRDN (a) |
$ 500,000 |
$ 500,000 |
|
|
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2003 C5-2, 0.06% 8/7/13, LOC Barclays Bank PLC NY Branch, VRDN (a) |
5,270,000 |
5,270,000 |
|
|
|
5,770,000 |
||
|
TOTAL VARIABLE RATE DEMAND NOTE (Cost $538,585,000) |
|
||
|
Other Municipal Debt - 19.0% |
|||
|
|
|
|
|
|
Massachusetts - 18.8% |
|||
|
Belmont Gen. Oblig. BAN 1.25% 4/25/14 |
1,900,000 |
1,914,913 |
|
|
Boston Gen. Oblig. Bonds: |
|
|
|
|
Series 2012 A, 2% 8/1/13 |
4,180,000 |
4,180,000 |
|
|
Series 2012 B, 3% 2/1/14 |
1,410,000 |
1,430,047 |
|
|
Burlington Gen. Oblig. BAN 1.25% 7/25/14 |
1,200,000 |
1,212,687 |
|
|
Canton Gen. Oblig. BAN 1.25% 3/27/14 |
2,209,800 |
2,224,454 |
|
|
Framingham Gen. Oblig. BAN: |
|
|
|
|
1% 12/13/13 |
1,635,758 |
1,640,898 |
|
|
1.25% 12/13/13 |
4,009,365 |
4,024,774 |
|
|
Franklin Gen. Oblig. BAN 1.25% 8/16/13 |
4,700,000 |
4,702,042 |
|
|
Gloucester Gen. Oblig. BAN 1.25% 2/7/14 |
1,900,000 |
1,910,056 |
|
|
Hingham Gen. Oblig. BAN 1% 5/23/14 |
5,300,000 |
5,335,050 |
|
|
Marblehead Gen. Oblig. BAN 1.25% 8/8/14 |
2,910,150 |
2,941,725 |
|
|
Massachusetts Bay Trans. Auth. Sales Tax Rev. Bonds Series 2004 B, 5.25% 7/1/14 |
2,500,000 |
2,616,025 |
|
|
Massachusetts Commonwealth Trans. Fund Rev. Bonds Series WF 12 30 C, 0.19%, tender 10/24/13 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e) |
3,000,000 |
3,000,000 |
|
|
Massachusetts Dev. Fin. Agcy. Series 2001, 0.16% 10/1/13, LOC TD Banknorth, NA, CP |
2,069,000 |
2,069,000 |
|
|
Massachusetts Dev. Fin. Agcy. Rev. Series 2001, 0.18% 9/5/13, LOC JPMorgan Chase Bank, CP |
4,397,000 |
4,397,000 |
|
|
Massachusetts Gen. Oblig. Bonds: |
|
|
|
|
Series 2001 D, 6% 11/1/13 |
1,000,000 |
1,014,543 |
|
|
Series 2002 C, 5.5% 11/1/13 |
4,825,000 |
4,888,559 |
|
|
Series 2008 A, 4% 9/1/13 |
500,000 |
501,552 |
|
|
Series 2010 A, 0.59% 2/1/14 (a) |
2,000,000 |
2,000,000 |
|
|
Series 2012 D, 0.04% 1/1/14 (a) |
6,900,000 |
6,899,957 |
|
|
Other Municipal Debt - continued |
|||
|
Principal |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Gen. Oblig. Bonds: - continued |
|
|
|
|
Series Merlots 2008-C54, 0.18%, tender 1/15/14 (Liquidity Facility Wells Fargo Bank NA) (a)(d)(e) |
$ 1,900,000 |
$ 1,900,000 |
|
|
Massachusetts Health & Edl. Facilities Auth. Rev.: |
|
|
|
|
Bonds: |
|
|
|
|
(Northeastern Univ. Proj.) 0.14% tender 12/4/13, CP mode |
18,000,000 |
18,000,000 |
|
|
(Partners HealthCare Sys., Inc. Proj.) Series 2008 H2, 0.15% tender 9/4/13, CP mode |
7,020,000 |
7,020,000 |
|
|
(Partners HealthCare Sys., Inc. Proj.) Series 2008 H1: |
|
|
|
|
0.16% tender 8/7/13, CP mode |
2,400,000 |
2,400,000 |
|
|
0.16% tender 9/5/13, CP mode |
3,600,000 |
3,600,000 |
|
|
Series 2005 C, 5% 8/15/13 |
1,285,000 |
1,287,352 |
|
|
Series EE: |
|
|
|
|
0.05% 8/1/13, CP |
2,100,000 |
2,100,000 |
|
|
0.11% 9/10/13, CP |
2,000,000 |
2,000,000 |
|
|
0.13% 8/6/13, CP |
2,200,000 |
2,200,000 |
|
|
0.13% 9/16/13, CP |
3,200,000 |
3,200,000 |
|
|
0.14% 8/8/13, CP |
1,000,000 |
1,000,000 |
|
|
0.15% 8/7/13, CP |
4,500,000 |
4,500,000 |
|
|
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.) Series 1992: |
|
|
|
|
0.4% tender 8/8/13, CP mode |
3,600,000 |
3,600,000 |
|
|
0.43% tender 8/12/13, CP mode |
500,000 |
500,000 |
|
|
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Bonds: |
|
|
|
|
Series 2005 A, 5% 8/15/13 |
2,290,000 |
2,294,198 |
|
|
Series WF 11 124C, 0.2%, tender 8/15/13 (Liquidity Facility Wells Fargo Bank NA) (a)(d) |
4,800,000 |
4,800,000 |
|
|
Massachusetts Spl. Oblig. Rev. Bonds: |
|
|
|
|
(Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A, 5% 12/15/13 |
2,320,000 |
2,361,303 |
|
|
Series 2010 A, 5% 12/15/13 |
2,000,000 |
2,035,708 |
|
|
Massachusetts State Dev. Fing. Agcy. Poll. Cont. Rev. Bonds (Massachusetts Elec. Co. Proj.) Series 2004, 0.4% tender 8/19/13, CP mode |
200,000 |
200,000 |
|
|
Massachusetts Wtr. Poll. Abatement Trust Bonds: |
|
|
|
|
Series 2004 A, 5.25% 8/1/13 |
700,000 |
700,000 |
|
|
Series 2013 A, 5% 2/1/14 |
2,205,000 |
2,258,094 |
|
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Bonds Series WF 09 67C, 0.2%, tender 8/15/13 (Liquidity Facility Wells Fargo & Co.) (a)(d)(e) |
3,675,000 |
3,675,000 |
|
|
Nantucket Gen. Oblig. BAN 1.25% 6/6/14 |
1,000,000 |
1,009,041 |
|
|
Other Municipal Debt - continued |
|||
|
Principal |
Value |
||
|
Massachusetts - continued |
|||
|
Needham Gen. Oblig. BAN 0.5% 12/2/13 |
$ 2,210,000 |
$ 2,212,511 |
|
|
Quincy Gen. Oblig. BAN: |
|
|
|
|
1% 6/20/14 |
3,700,000 |
3,727,120 |
|
|
1.25% 1/24/14 |
4,300,000 |
4,321,498 |
|
|
Somerville Gen. Oblig. BAN Series 2013 A, 0.7% 10/25/13 |
1,779,404 |
1,781,705 |
|
|
Springfield Gen. Oblig. BAN 1.25% 2/14/14 |
3,200,000 |
3,215,137 |
|
|
West Springfield Gen. Oblig. BAN 1% 6/27/14 |
3,800,000 |
3,828,456 |
|
|
Westborough Gen. Oblig. BAN 1.25% 8/23/13 |
2,891,539 |
2,893,241 |
|
|
Westfield Gen. Oblig. BAN: |
|
|
|
|
1% 4/11/14 |
2,600,000 |
2,614,371 |
|
|
1.25% 10/25/13 |
3,200,000 |
3,207,590 |
|
|
Winchester Gen. Oblig. BAN 1.25% 7/2/14 |
2,000,000 |
2,019,788 |
|
|
|
161,365,395 |
||
|
Puerto Rico - 0.2% |
|||
|
Puerto Rico Hsg. Fin. Auth. Bonds Series 2003, 5% 12/1/13 (Pre-Refunded to 12/1/13 @ 100) |
1,445,000 |
1,468,230 |
|
|
TOTAL OTHER MUNICIPAL DEBT (Cost $162,833,625) |
|
||
|
Investment Company - 17.5% |
|||
|
Shares |
|
||
|
Fidelity Tax-Free Cash Central Fund, 0.06% (b)(c) (Cost $150,067,389) |
150,067,389 |
|
|
|
TOTAL INVESTMENT PORTFOLIO - 99.4% (Cost $851,486,014) |
851,486,014 |
||
|
NET OTHER ASSETS (LIABILITIES) - 0.6% |
5,482,259 |
||
|
NET ASSETS - 100% |
$ 856,968,273 |
||
|
Security Type Abbreviations |
||
|
BAN |
- |
BOND ANTICIPATION NOTE |
|
CP |
- |
COMMERCIAL PAPER |
|
VRDN |
- |
VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
|
Legend |
|
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
|
(b) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Tax-Free Cash Central Fund. |
|
(c) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
|
(d) Provides evidence of ownership in one or more underlying municipal bonds. |
|
(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 $8,575,000 or 1.0% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition |
Cost |
|
Massachusetts Commonwealth Trans. Fund Rev. Bonds Series WF 12 30 C, 0.19%, tender 10/24/13 (Liquidity Facility Wells Fargo Bank NA) |
5/17/12 |
$ 3,000,000 |
|
Security |
Acquisition |
Cost |
|
Massachusetts Gen. Oblig. Bonds Series Merlots 2008-C54, 0.18%, tender 1/15/14 (Liquidity Facility Wells Fargo Bank NA) |
2/2/12 |
$ 1,900,000 |
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Bonds Series WF 09 67C, 0.2%, tender 8/15/13 (Liquidity Facility Wells Fargo & Co.) |
2/3/12 |
$ 3,675,000 |
|
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 |
$ 77,231 |
|
Other Information |
|
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
|
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Security Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
July 31, 2013 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $701,418,625) |
$ 701,418,625 |
|
|
Fidelity Central Funds (cost $150,067,389) |
150,067,389 |
|
|
Total Investments (cost $851,486,014) |
|
$ 851,486,014 |
|
Cash |
|
11,815,425 |
|
Receivable for investments sold |
|
750,003 |
|
Receivable for fund shares sold |
|
439,274 |
|
Interest receivable |
|
685,511 |
|
Distributions receivable from Fidelity Central Funds |
|
6,216 |
|
Receivable from investment adviser for expense reductions |
|
23,324 |
|
Other receivables |
|
1,371 |
|
Total assets |
|
865,207,138 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 6,801,293 |
|
|
Payable for fund shares redeemed |
1,204,612 |
|
|
Distributions payable |
814 |
|
|
Accrued management fee |
74,477 |
|
|
Other affiliated payables |
157,669 |
|
|
Total liabilities |
|
8,238,865 |
|
|
|
|
|
Net Assets |
|
$ 856,968,273 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 856,880,869 |
|
Undistributed net investment income |
|
18 |
|
Accumulated undistributed net realized gain (loss) on investments |
|
87,386 |
|
Net Assets |
|
$ 856,968,273 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
July 31, 2013 (Unaudited) |
|
|
|
|
|
|
Massachusetts AMT Tax-Free Money Market: |
|
$ 1.00 |
|
|
|
|
|
Institutional Class: |
|
$ 1.00 |
|
|
|
|
|
Service Class: |
|
$ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
|
|
Six months ended July 31, 2013 (Unaudited) |
|
|
|
|
|
|
Investment Income |
|
|
|
Interest |
|
$ 534,535 |
|
Income from Fidelity Central Funds |
|
77,231 |
|
Total income |
|
611,766 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 902,924 |
|
|
Transfer agent fees |
292,395 |
|
|
Distribution and service plan fees |
225 |
|
|
Independent trustees' compensation |
1,774 |
|
|
Total expenses before reductions |
1,197,318 |
|
|
Expense reductions |
(630,431) |
566,887 |
|
Net investment income (loss) |
|
44,879 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
|
74,223 |
|
Net increase in net assets resulting from operations |
|
$ 119,102 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months ended |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 44,879 |
$ 122,931 |
|
Net realized gain (loss) |
74,223 |
25,036 |
|
Net increase in net assets resulting |
119,102 |
147,967 |
|
Distributions to shareholders from net investment income |
(44,861) |
(122,928) |
|
Distributions to shareholders from net realized gain |
- |
(120,706) |
|
Total distributions |
(44,861) |
(243,634) |
|
Share transactions - net increase (decrease) |
(76,134,824) |
(339,994,428) |
|
Total increase (decrease) in net assets |
(76,060,583) |
(340,090,095) |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
933,028,856 |
1,273,118,951 |
|
End of period (including undistributed net investment income of $18 and undistributed net investment income of $0, respectively) |
$ 856,968,273 |
$ 933,028,856 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months ended |
Years ended January 31, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Income from Investment |
|
|
|
|
|
|
|
Net investment income (loss) |
- F |
- F |
- F |
- F |
.002 |
.016 |
|
Net realized and unrealized gain (loss) F |
- |
- |
- |
- |
- |
- |
|
Total from investment operations |
- F |
- F |
- F |
- F |
.002 |
.016 |
|
Distributions from net investment income |
- F |
- F |
- F |
- F |
(.002) |
(.016) |
|
Distributions from net realized gain |
- |
- F |
- |
- |
- F |
- F |
|
Total distributions |
- F |
- F |
- F |
- F |
(.002) |
(.016) |
|
Net asset value, end of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total Return B, C |
-% |
.02% |
.01% |
.01% |
.15% |
1.64% |
|
Ratios to Average Net Assets D, E |
|
|
|
|
|
|
|
Expenses before reductions |
.30% A |
.30% |
.30% |
.30% |
.34% |
.32% |
|
Expenses net of fee waivers, if any |
.13% A |
.17% |
.17% |
.28% |
.33% |
.32% |
|
Expenses net of all reductions |
.13% A |
.17% |
.17% |
.28% |
.33% |
.27% |
|
Net investment income (loss) |
.01% A |
.01% |
.01% |
.01% |
.16% |
1.66% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 259,218 |
$ 272,374 |
$ 290,104 |
$ 353,510 |
$ 441,771 |
$ 638,141 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months ended |
Years ended January 31, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Income from Investment |
|
|
|
|
|
|
|
Net investment income (loss) |
- F |
- F |
- F |
.001 |
.002 |
.017 |
|
Net realized and unrealized gain (loss) F |
- |
- |
- |
- |
- |
- |
|
Total from investment operations |
- F |
- F |
- F |
.001 |
.002 |
.017 |
|
Distributions from net investment income |
- F |
- F |
- F |
(.001) |
(.002) |
(.017) |
|
Distributions from net realized gain |
- |
- F |
- |
- |
- F |
- F |
|
Total distributions |
- F |
- F |
- F |
(.001) |
(.002) |
(.017) |
|
Net asset value, end of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total Return B, C |
-% |
.02% |
.02% |
.09% |
.25% |
1.74% |
|
Ratios to Average Net Assets D, E |
|
|
|
|
|
|
|
Expenses before reductions |
.25% A |
.25% |
.25% |
.25% |
.29% |
.27% |
|
Expenses net of fee waivers, if any |
.13% A |
.17% |
.15% |
.20% |
.24% |
.22% |
|
Expenses net of all reductions |
.13% A |
.17% |
.15% |
.20% |
.24% |
.17% |
|
Net investment income (loss) |
.01% A |
.01% |
.03% |
.09% |
.25% |
1.76% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 597,572 |
$ 660,561 |
$ 982,481 |
$ 1,263,867 |
$ 1,474,463 |
$ 2,049,073 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months ended |
Years ended January 31, |
||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Income from Investment |
|
|
|
|
|
|
|
Net investment income (loss) |
- F |
- F |
- F |
- F |
.001 |
.015 |
|
Net realized and unrealized gain (loss) F |
- |
- |
- |
- |
- |
- |
|
Total from investment operations |
- F |
- F |
- F |
- F |
.001 |
.015 |
|
Distributions from net investment income |
- F |
- F |
- F |
- F |
(.001) |
(.015) |
|
Distributions from net realized gain |
- |
- F |
- |
- |
- F |
- F |
|
Total distributions |
- F |
- F |
- F |
- F |
(.001) |
(.015) |
|
Net asset value, end of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total Return B, C |
-% |
.02% |
.01% |
.01% |
.07% |
1.49% |
|
Ratios to Average Net Assets D, E |
|
|
|
|
|
|
|
Expenses before reductions |
.50% A |
.50% |
.50% |
.50% |
.53% |
.52% |
|
Expenses net of fee waivers, if any |
.13% A |
.18% |
.17% |
.28% |
.41% |
.46% |
|
Expenses net of all reductions |
.13% A |
.18% |
.16% |
.28% |
.41% |
.42% |
|
Net investment income (loss) |
.01% A |
.01% |
.01% |
.01% |
.08% |
1.51% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 178 |
$ 94 |
$ 534 |
$ 1,036 |
$ 8,862 |
$ 6,805 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the class. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the class during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the class.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended July 31, 2013 (Unaudited)
1. Organization.
Fidelity® Massachusetts AMT Tax-Free Money Market Fund (the Fund) is a fund of Fidelity Massachusetts Municipal Trust (the Trust) and is authorized to issue an unlimited number of shares. The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Fund offers Massachusetts AMT Tax-Free Money Market, Institutional Class and Service Class shares, each of which has equal rights as to assets and voting privileges. Each class has exclusive voting rights with respect to matters that affect that class. The Fund may be affected by economic and political developments in the state of Massachusetts.
2. Investments in Fidelity Central Funds.
The Fund invests in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Fund's Schedule of Investments lists each of the Fidelity Central Funds held as of period end, if any, as an investment of the Fund, but does not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, the Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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 (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Fund:
Semiannual Report
3. Significant Accounting Policies - continued
Security Valuation. The Fund categorizes the inputs to valuation techniques used to value its investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
Investment Transactions and Income. The net asset value per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time. Security transactions, including the Fund's investment activity in the Fidelity Central Funds, are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Class Allocations and Expenses. Investment income, realized and unrealized capital gains and losses, 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 may also differ by class. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
realized gains. As a result, no provision for income taxes is required. The Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and 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 GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.
The Fund purchases municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows:
|
Gross unrealized appreciation |
$ - |
|
Gross unrealized depreciation |
- |
|
Net unrealized appreciation (depreciation) on securities and other investments |
$ - |
|
|
|
|
Tax cost |
$ 851,486,014 |
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.
Semiannual Report
4. Fees and Other Transactions with Affiliates.
Management Fee and Expense Contract. FMR and its affiliates provide the Fund with investment management related services for which the Fund pays a monthly management fee that is based on an annual rate of .20% of the Fund's average net assets. Under the management contract, FMR pays all other fund-level expenses, except the compensation of the independent Trustees and certain other expenses such as interest expense. The management fee paid to FMR by the Fund is reduced by an amount equal to the fees and expenses paid by the Fund to the independent Trustees.
In addition, under the expense contract, FMR pays class level expenses for Massachusetts AMT Tax-Free Money Market so that the total expenses do not exceed .35%, expressed as a percentage of class average net assets, with certain exceptions such as interest expense.
Distribution and Service Plan Fees. In accordance with Rule 12b-1 of the 1940 Act, the Fund has adopted separate Distribution and Service Plans for each class of shares. Service Class pays Fidelity Distributors Corporation (FDC), an affiliate of FMR, a Service Fee based on an annual percentage of Service Class' average net assets. In addition, FDC may pay financial intermediaries for selling shares of the Fund and providing shareholder support services. For the period, the Service Fee rate, total service fees and amounts retained by FDC were as follows:
|
|
Service |
Total Fees |
Retained |
|
Service Class |
.25% |
$ 225 |
$ - |
During the period, FMR or its affiliates waived a portion of these fees.
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent, and 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 agency, dividend disbursing and shareholder servicing functions. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. The transfer agent fee for each class is paid to Citibank. For the period, transfer agent fees for each class were as follows:
|
|
Amount |
% of |
|
Massachusetts AMT Tax-Free Money Market |
$ 132,785 |
.10 |
|
Institutional Class |
159,566 |
.05 |
|
Service Class |
44 |
.05 |
|
|
$ 292,395 |
|
* Annualized
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
4. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees - continued
During the period, FMR or its affiliates waived a portion of these fees.
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and is based on the level of average net assets for each month.
5. Expense Reductions.
FMR contractually agreed to reimburse Institutional Class and Service Class to the extent annual operating expenses, expressed as a percentage of each class' average net assets, exceed .20% and .45%, respectively. Some expenses, for example interest expense, are excluded from this reimbursement. During the period, this reimbursement reduced Institutional Class and Service Class expenses by $165,028 and $47, respectively.
Additionally, FMR or its affiliates voluntarily agreed to waive certain fees in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver for each class was as follows:
|
|
Amount |
|
Massachusetts AMT Tax-Free Money Market |
$ 232,209 |
|
Institutional Class |
230,281 |
|
Service Class |
288 |
In addition, through arrangements with the Fund's custodian, credits realized as a result of uninvested cash balances were used to reduce the Fund's expenses. During the period, these credits reduced the Fund's expenses by $2,578.
6. Distributions to Shareholders.
Distributions to shareholders of each class were as follows:
|
|
Year ended |
|
|
From net investment income |
|
|
|
Massachusetts AMT Tax-Free Money Market |
$ 13,157 |
$ 28,144 |
|
Institutional Class |
31,695 |
94,752 |
|
Service Class |
9 |
32 |
|
Total |
$ 44,861 |
$ 122,928 |
Semiannual Report
6. Distributions to Shareholders - continued
|
|
Year ended |
|
|
From net realized gain |
|
|
|
Massachusetts AMT Tax-Free Money Market |
$ - |
$ 30,176 |
|
Institutional Class |
- |
90,520 |
|
Service Class |
- |
10 |
|
Total |
$ - |
$ 120,706 |
7. Share Transactions.
Transactions for each class of shares at a $1.00 per share were as follows:
|
|
Year ended |
|
|
Massachusetts AMT Tax-Free Money Market Shares sold |
33,249,087 |
87,658,821 |
|
Reinvestment of distributions |
12,430 |
54,976 |
|
Shares redeemed |
(46,443,925) |
(105,469,292) |
|
Net increase (decrease) |
(13,182,408) |
(17,755,495) |
|
Institutional Class Shares sold |
60,595,614 |
149,803,073 |
|
Reinvestment of distributions |
27,421 |
144,060 |
|
Shares redeemed |
(123,658,605) |
(471,746,964) |
|
Net increase (decrease) |
(63,035,570) |
(321,799,831) |
|
Service Class Shares sold |
100,000 |
50,000 |
|
Reinvestment of distributions |
9 |
30 |
|
Shares redeemed |
(16,855) |
(489,132) |
|
Net increase (decrease) |
83,154 |
(439,102) |
8. Other.
The Fund's organizational documents provide former and current trustees and officers with a limited indemnification against liabilities arising in connection with the performance of their duties to the Fund. In the normal course of business, the Fund may also enter into contracts that provide general indemnifications. The Fund's maximum exposure under these arrangements is unknown as this would be dependent on future claims that may be made against the Fund. The risk of material loss from such claims is considered remote.
Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®) 
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
SMA-USAN-0913 1.854002.106
Fidelity® Massachusetts
Municipal Income Fund
and
Fidelity Massachusetts Municipal Money Market Fund
Semiannual Report
July 31, 2013
(Fidelity Cover Art)
|
Shareholder Expense Example |
An example of shareholder expenses. |
|
|
Fidelity® Massachusetts Municipal Income Fund |
||
|
Investment Changes |
A summary of major shifts in the fund's investments over the past six months. |
|
|
Investments |
A complete list of the fund's investments with their market values. |
|
|
Financial Statements |
Statements of assets and liabilities, operations, and changes in net assets, as well as financial highlights. |
|
|
Fidelity Massachusetts Municipal Money Market Fund |
||
|
Investment Changes/ |
A summary of major shifts in the fund's investments over the past six months 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. |
|
To view a fund's proxy voting guidelines and proxy voting record for the 12-month period ended June 30, visit http://www.fidelity.com/proxyvotingresults or visit the Securities and Exchange Commission's (SEC) web site at http://www.sec.gov. You may also call 1-800-544-8544 to request a free copy of the proxy voting guidelines.
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third-party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR LLC or an affiliated company. © 2013 FMR LLC. All rights reserved.
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, http://www.advisor.fidelity.com, or http://www.401k.com, as applicable.
NOT FDIC INSURED • MAY LOSE VALUE • NO BANK GUARANTEE
Neither the funds nor Fidelity Distributors Corporation is a bank.
Semiannual 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 (February 1, 2013 to July 31, 2013).
Actual Expenses
The first line of the accompanying table for each fund provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000.00 (for example, an $8,600 account value divided by $1,000.00 = 8.6), then multiply the result by the number in the first line for a fund under the heading entitled "Expenses Paid During Period" to estimate the expenses you paid on your account during this period. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Hypothetical Example for Comparison Purposes
The second line of the accompanying table for each fund provides information about hypothetical account values and hypothetical expenses based on a fund's actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not the Fund's actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in the Fund and other funds. To do so, compare this 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds. A small balance maintenance fee of $12.00 that is charged once a year may apply for certain accounts with a value of less than $2,000. This fee is not included in the table below. If it was, the estimate of expenses you paid during the period would be higher, and your ending account value lower, by this amount. In addition, each Fund, as a shareholder in the underlying Fidelity Central Funds, will indirectly bear its pro-rata share of the fees and expenses incurred by the underlying Fidelity Central Funds. These fees and expenses are not included in the Fund's annualized expense ratio used to calculate the expense estimate in the table below.
Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transaction costs. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. In addition, if these transactional costs were included, your costs would have been higher.
Semiannual Report
|
|
Annualized Expense RatioB |
Beginning |
Ending |
Expenses Paid |
|
Fidelity Massachusetts Municipal Income Fund |
.46% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 953.20 |
$ 2.23 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,022.51 |
$ 2.31 |
|
Fidelity Massachusetts Municipal Money Market Fund |
.12% |
|
|
|
|
Actual |
|
$ 1,000.00 |
$ 1,000.05 |
$ .60 |
|
HypotheticalA |
|
$ 1,000.00 |
$ 1,024.20 |
$ .60 |
A 5% return per year before expenses
B Annualized expense ratio reflects expenses net of applicable fee waivers.
* Expenses are equal to each Fund's annualized expense ratio, multiplied by the average account value over the period, multiplied by 181/365 (to reflect the one-half year period).
Semiannual Report
Fidelity Massachusetts Municipal Income Fund
|
Top Five Sectors as of July 31, 2013 |
||
|
|
% of fund's |
% of fund's net assets |
|
Special Tax |
17.8 |
21.9 |
|
Education |
17.3 |
15.2 |
|
General Obligations |
16.8 |
17.3 |
|
Water & Sewer |
15.8 |
15.1 |
|
Health Care |
14.0 |
11.8 |
|
Weighted Average Maturity as of July 31, 2013 |
||
|
|
|
6 months ago |
|
Years |
7.6 |
6.9 |
|
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
|
Duration as of July 31, 2013 |
||
|
|
|
6 months ago |
|
Years |
8.3 |
7.4 |
|
Duration is a measure of a security's price sensitivity to changes in interest rates. Duration differs from maturity in that it considers a security's interest payments in addition to the amount of time until the security reaches maturity, and also takes into account certain maturity shortening features (e.g., demand features, interest rate resets, and call options) when applicable. Securities with longer durations generally tend to be more sensitive to interest rate changes than securities with shorter durations. A fund with a longer average duration generally can be expected to be more sensitive to interest rate changes than a fund with a shorter average duration. |
|
Quality Diversification (% of fund's net assets) |
|||||||
|
As of July 31, 2013 |
As of January 31, 2013 |
||||||
|
AAA 13.6% |
|
|
AAA 13.7% |
|
||
 |
AA,A 74.0% |
|
|
AA,A 76.7% |
|
||
 |
BBB 6.9% |
|
|
BBB 5.2% |
|
||
 |
BB and Below 0.6% |
|
|
BB and Below 0.5% |
|
||
 |
Not Rated 2.8% |
|
|
Not Rated 1.9% |
|
||
|
Short-Term |
|
|
Short-Term |
|
||
|
We have used ratings from Moody's Investors Service, Inc. Where Moody's® ratings are not available, we have used S&P® ratings. All ratings are as of the date indicated and do not reflect subsequent changes. |
Semiannual Report
Fidelity Massachusetts Municipal Income Fund
Showing Percentage of Net Assets
|
Municipal Bonds - 97.9% |
||||
|
|
Principal Amount |
Value |
||
|
Guam - 0.2% |
||||
|
Guam Ed. Fing. Foundation Ctfs. of Prtn.: |
|
|
|
|
|
Series 2006 A, 5% 10/1/23 |
|
$ 2,740,000 |
$ 2,762,084 |
|
|
Series 2008: |
|
|
|
|
|
5.375% 10/1/14 |
|
785,000 |
805,983 |
|
|
5.875% 10/1/18 |
|
1,900,000 |
2,055,173 |
|
|
|
5,623,240 |
|||
|
Massachusetts - 95.2% |
||||
|
Ashland Gen. Oblig. 5.25% 5/15/19 (AMBAC Insured) |
|
1,300,000 |
1,395,173 |
|
|
Auburn Gen. Oblig. 5.125% 6/1/23 (AMBAC Insured) |
|
1,305,000 |
1,340,770 |
|
|
Berkshire Wind Pwr. Coop. Corp. (Wind Proj.) Series 1, 5.25% 7/1/30 |
|
5,000,000 |
5,212,100 |
|
|
Boston Gen. Oblig.: |
|
|
|
|
|
Series 2007 B, 5% 3/1/21 |
|
7,335,000 |
8,140,750 |
|
|
Series 2012 A: |
|
|
|
|
|
5% 4/1/21 |
|
8,130,000 |
9,700,310 |
|
|
5% 4/1/22 |
|
2,050,000 |
2,443,088 |
|
|
Series A, 5% 1/1/17 |
|
480,000 |
507,840 |
|
|
Boston Wtr. & Swr. Commission Rev.: |
|
|
|
|
|
Series 2009 A: |
|
|
|
|
|
5% 11/1/25 |
|
1,725,000 |
1,914,215 |
|
|
5% 11/1/26 |
|
1,500,000 |
1,648,710 |
|
|
5% 11/1/28 |
|
2,195,000 |
2,370,644 |
|
|
Sr. Series A: |
|
|
|
|
|
5.25% 11/1/19 |
|
9,395,000 |
10,468,097 |
|
|
5.75% 11/1/13 |
|
375,000 |
380,003 |
|
|
Braintree Gen. Oblig. Series 2009: |
|
|
|
|
|
5% 5/15/23 |
|
5,000,000 |
5,749,650 |
|
|
5% 5/15/24 |
|
5,050,000 |
5,765,989 |
|
|
Brockton Gen. Oblig.: |
|
|
|
|
|
5% 4/1/15 (FSA Insured) |
|
1,000,000 |
1,069,440 |
|
|
5% 4/1/16 (FSA Insured) |
|
1,000,000 |
1,103,440 |
|
|
Cambridge Gen. Oblig. Series 12: |
|
|
|
|
|
5% 1/1/23 |
|
865,000 |
1,022,257 |
|
|
5% 1/1/24 |
|
340,000 |
395,117 |
|
|
Framingham Gen. Oblig. Series 2012 A: |
|
|
|
|
|
4% 12/1/20 |
|
1,260,000 |
1,410,772 |
|
|
4% 12/1/24 |
|
1,360,000 |
1,451,569 |
|
|
Hopedale Gen. Oblig. 5% 11/15/19 (AMBAC Insured) |
|
1,000,000 |
1,065,570 |
|
|
Lowell Gen. Oblig.: |
|
|
|
|
|
5% 12/15/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,410,000 |
1,523,688 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Lowell Gen. Oblig.: - continued |
|
|
|
|
|
5% 12/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,310,000 |
$ 1,400,796 |
|
|
Lynn Gen. Oblig. 5% 12/1/14 |
|
3,560,000 |
3,773,280 |
|
|
Lynn Wtr. & Swr. Commission Gen. Rev.: |
|
|
|
|
|
Series 2003 A, 5% 12/1/32 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000,000 |
2,001,320 |
|
|
Series 2005 A: |
|
|
|
|
|
5% 6/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,055,000 |
2,156,784 |
|
|
5% 6/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,560,000 |
1,623,601 |
|
|
Marshfield Gen. Oblig.: |
|
|
|
|
|
5% 11/1/20 |
|
1,780,000 |
2,105,242 |
|
|
5% 11/1/21 |
|
1,730,000 |
2,040,293 |
|
|
Martha's Vineyard Land Bank Rev. Series 2006, 5% 5/1/18 (AMBAC Insured) |
|
1,195,000 |
1,316,233 |
|
|
Massachusetts Bay Trans. Auth.: |
|
|
|
|
|
Series 1991 A: |
|
|
|
|
|
7% 3/1/21 (Escrowed to Maturity) |
|
670,000 |
755,197 |
|
|
7% 3/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,570,000 |
3,079,066 |
|
|
Series 1992 B, 6.2% 3/1/16 |
|
19,430,000 |
20,736,862 |
|
|
7% 3/1/21 |
|
610,000 |
773,297 |
|
|
Massachusetts Bay Trans. Auth. Assessment Rev.: |
|
|
|
|
|
Series 2008 A, 5.25% 7/1/34 |
|
24,750,000 |
26,930,228 |
|
|
Series 2012 A, 5% 7/1/22 |
|
6,110,000 |
7,199,780 |
|
|
Massachusetts Bay Trans. Auth. Sales Tax Rev.: |
|
|
|
|
|
Series 2003 C: |
|
|
|
|
|
5.25% 7/1/19 |
|
4,430,000 |
5,310,020 |
|
|
5.25% 7/1/23 |
|
3,950,000 |
4,732,851 |
|
|
Series 2004 B, 5.25% 7/1/17 |
|
2,680,000 |
3,107,353 |
|
|
Series 2005 A, 5% 7/1/24 |
|
11,545,000 |
13,491,487 |
|
|
Series 2005 B, 5.5% 7/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,000,000 |
4,573,640 |
|
|
Series 2006 A: |
|
|
|
|
|
5.25% 7/1/29 |
|
3,005,000 |
3,368,274 |
|
|
5.25% 7/1/32 |
|
6,745,000 |
7,366,147 |
|
|
Series 2010 B: |
|
|
|
|
|
5% 7/1/26 |
|
1,000,000 |
1,095,130 |
|
|
5% 7/1/27 |
|
865,000 |
938,430 |
|
|
5% 7/1/28 |
|
1,000,000 |
1,078,550 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Bay Trans. Auth. Sales Tax Rev.: - continued |
|
|
|
|
|
Series 2010 B: - continued |
|
|
|
|
|
5% 7/1/30 |
|
$ 1,000,000 |
$ 1,062,880 |
|
|
Massachusetts Clean Energy Coop. Corp. Series 2013, 5% 7/1/30 |
|
3,725,000 |
3,911,921 |
|
|
Massachusetts Commonwealth Trans. Fund Rev. (Accelerated Bridge Prog.) Series 2012 A: |
|
|
|
|
|
5% 6/1/24 |
|
6,880,000 |
7,910,349 |
|
|
5% 6/1/25 |
|
12,940,000 |
14,683,665 |
|
|
Massachusetts Dept. of Agricultural Resources Higher Ed. Rev. (Emerson College Proj.) Series 2006 A: |
|
|
|
|
|
5% 1/1/14 |
|
1,500,000 |
1,521,615 |
|
|
5% 1/1/17 |
|
1,250,000 |
1,333,675 |
|
|
5% 1/1/18 |
|
1,920,000 |
2,034,432 |
|
|
5% 1/1/19 |
|
2,225,000 |
2,348,043 |
|
|
5% 1/1/20 |
|
3,000,000 |
3,122,640 |
|
|
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev. Series 2010 B: |
|
|
|
|
|
5% 1/1/15 |
|
100,000 |
106,207 |
|
|
5% 1/1/22 |
|
11,000,000 |
12,334,410 |
|
|
5% 1/1/25 |
|
13,340,000 |
14,534,864 |
|
|
5% 1/1/26 |
|
4,210,000 |
4,541,874 |
|
|
5% 1/1/27 |
|
7,000,000 |
7,465,150 |
|
|
5% 1/1/30 |
|
5,000,000 |
5,271,250 |
|
|
5% 1/1/35 |
|
4,230,000 |
4,382,111 |
|
|
Massachusetts Dev. Fin. Agcy. Hosp. Rev. Series 2013: |
|
|
|
|
|
5.25% 11/15/36 |
|
3,000,000 |
2,987,760 |
|
|
5.25% 11/15/41 |
|
4,620,000 |
4,513,186 |
|
|
Massachusetts Dev. Fin. Agcy. Rev.: |
|
|
|
|
|
(Babson College Proj.) Series 2007 A, 5% 10/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,165,000 |
1,248,286 |
|
|
(Boston College Proj.) Series P: |
|
|
|
|
|
5% 7/1/20 |
|
2,500,000 |
2,804,400 |
|
|
5% 7/1/21 |
|
3,090,000 |
3,447,637 |
|
|
(Boston Univ. Proj.): |
|
|
|
|
|
Series T1, 5% 10/1/39 (AMBAC Insured) |
|
10,000,000 |
10,168,900 |
|
|
Series U4, 5.7% 10/1/40 |
|
3,100,000 |
3,406,125 |
|
|
(Brandeis Univ. Proj.) Series N: |
|
|
|
|
|
5% 10/1/23 |
|
1,040,000 |
1,126,226 |
|
|
5% 10/1/24 |
|
1,210,000 |
1,299,613 |
|
|
(Carleton-Willard Village Proj.) Series 2010: |
|
|
|
|
|
4.75% 12/1/20 |
|
3,355,000 |
3,484,671 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Dev. Fin. Agcy. Rev.: - continued |
|
|
|
|
|
(Carleton-Willard Village Proj.) Series 2010: - continued |
|
|
|
|
|
5.25% 12/1/25 |
|
$ 820,000 |
$ 849,807 |
|
|
5.625% 12/1/30 |
|
1,000,000 |
1,032,350 |
|
|
(College of the Holy Cross Proj.): |
|
|
|
|
|
Series 2008 A, 5% 9/1/26 |
|
1,500,000 |
1,647,555 |
|
|
Series 2008 B, 5% 9/1/22 |
|
1,100,000 |
1,239,161 |
|
|
(Deerfield Academy Proj.) 5% 10/1/40 |
|
10,500,000 |
11,187,645 |
|
|
(Partners HealthCare Sys. Proj.) Series 2011 K6, 5.375% 7/1/41 |
|
7,000,000 |
7,057,820 |
|
|
(Tufts Med. Ctr. Proj.) Series I, 6.25% 1/1/27 |
|
8,505,000 |
9,627,575 |
|
|
Bonds (Dominion Energy Brayton Point Proj.) Series 2010 A, 2.25%, tender 9/1/16 (a) |
|
12,650,000 |
13,162,325 |
|
|
Series 2008, 5.75% 9/1/25 |
|
9,500,000 |
10,806,725 |
|
|
Series 2010 B1, 5% 10/15/40 |
|
22,510,000 |
23,831,787 |
|
|
Series 2010 B2, 5.25% 2/1/34 |
|
5,000,000 |
5,465,250 |
|
|
Series 2011 B, 5% 7/1/41 |
|
6,520,000 |
6,638,990 |
|
|
Series 2011 H: |
|
|
|
|
|
5.125% 7/1/26 |
|
5,500,000 |
5,774,835 |
|
|
5.5% 7/1/31 |
|
7,750,000 |
8,144,630 |
|
|
Series 2011: |
|
|
|
|
|
5% 10/1/20 |
|
1,215,000 |
1,388,891 |
|
|
5% 7/1/41 |
|
5,000,000 |
5,091,250 |
|
|
5.25% 10/1/41 |
|
5,485,000 |
5,616,146 |
|
|
Series 2012 C: |
|
|
|
|
|
5.25% 7/1/25 |
|
2,000,000 |
2,125,580 |
|
|
5.25% 7/1/26 |
|
2,000,000 |
2,110,480 |
|
|
Series 2012 G: |
|
|
|
|
|
5% 10/1/23 |
|
2,245,000 |
2,398,199 |
|
|
5% 10/1/24 |
|
1,625,000 |
1,712,750 |
|
|
5% 10/1/25 |
|
1,600,000 |
1,669,552 |
|
|
5% 10/1/26 |
|
1,170,000 |
1,208,692 |
|
|
5% 10/1/27 |
|
1,235,000 |
1,254,760 |
|
|
5% 10/1/28 |
|
1,240,000 |
1,251,495 |
|
|
Series 2012 J, 5% 7/1/42 |
|
7,000,000 |
7,243,810 |
|
|
Series 2013 A: |
|
|
|
|
|
6.25% 11/15/33 |
|
2,245,000 |
2,189,369 |
|
|
6.5% 11/15/43 |
|
4,000,000 |
3,911,520 |
|
|
Series 2013 E, 5% 11/1/43 |
|
15,000,000 |
14,883,150 |
|
|
Series 2013 F: |
|
|
|
|
|
4% 7/1/32 |
|
2,050,000 |
1,746,416 |
|
|
4% 7/1/43 |
|
18,000,000 |
14,533,200 |
|
|
5% 7/1/27 |
|
1,300,000 |
1,367,366 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Dev. Fin. Agcy. Rev.: - continued |
|
|
|
|
|
Series 2013 F: - continued |
|
|
|
|
|
5% 7/1/37 |
|
$ 1,700,000 |
$ 1,688,202 |
|
|
Series 2013 G, 5% 7/1/44 |
|
12,415,000 |
11,566,311 |
|
|
Series 2013 X, 5% 10/1/48 |
|
12,735,000 |
12,609,178 |
|
|
Series 2013, 5% 7/1/21 |
|
1,085,000 |
1,213,193 |
|
|
Series I, 6.875% 1/1/41 |
|
9,540,000 |
10,691,573 |
|
|
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev.: |
|
|
|
|
|
Bonds: |
|
|
|
|
|
(Waste Mgmt., Inc. Proj.) Series 2002, 5.5%, tender 5/1/14 (a)(b) |
|
10,250,000 |
10,580,050 |
|
|
Series 2009, 5.75%, tender 5/1/19 (a) |
|
2,000,000 |
2,459,500 |
|
|
Series 2006, 5% 2/1/36 (Pre-Refunded to 8/1/16 @ 100) (b) |
|
7,520,000 |
8,389,387 |
|
|
Massachusetts Edl. Fing. Auth. Rev.: |
|
|
|
|
|
Series 2010 A: |
|
|
|
|
|
5.5% 1/1/17 |
|
3,000,000 |
3,379,860 |
|
|
5.5% 1/1/22 |
|
3,500,000 |
3,841,600 |
|
|
5.5% 1/1/23 (b) |
|
1,815,000 |
1,921,159 |
|
|
Series 2010 B: |
|
|
|
|
|
4.5% 1/1/16 (b) |
|
720,000 |
754,265 |
|
|
4.8% 1/1/17 (b) |
|
2,180,000 |
2,317,711 |
|
|
Massachusetts Gen. Oblig.: |
|
|
|
|
|
Series 2001 D: |
|
|
|
|
|
5.5% 11/1/20 |
|
1,000,000 |
1,221,930 |
|
|
5.5% 11/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000,000 |
2,443,860 |
|
|
Series 2004 A, 5.5% 8/1/30 |
|
2,000,000 |
2,322,900 |
|
|
Series 2006 B: |
|
|
|
|
|
5.25% 9/1/22 |
|
5,360,000 |
6,443,631 |
|
|
5.25% 9/1/23 |
|
9,400,000 |
11,271,822 |
|
|
Series 2007 A, 0.754% 5/1/37 (a) |
|
20,250,000 |
18,066,240 |
|
|
Series 2007 C: |
|
|
|
|
|
5% 8/1/37 |
|
36,375,000 |
38,850,667 |
|
|
5.25% 8/1/21 (Pre-Refunded to 8/1/17 @ 100) |
|
980,000 |
1,142,464 |
|
|
5.25% 8/1/22 (Pre-Refunded to 8/1/17 @ 100) |
|
4,085,000 |
4,762,211 |
|
|
5.25% 8/1/23 (Pre-Refunded to 8/1/17 @ 100) |
|
12,960,000 |
15,108,509 |
|
|
5.25% 8/1/24 |
|
6,960,000 |
7,791,859 |
|
|
5.25% 8/1/25 (FSA Insured) |
|
10,000,000 |
11,114,200 |
|
|
Series 2008 A: |
|
|
|
|
|
5% 8/1/20 |
|
1,615,000 |
1,852,227 |
|
|
5% 8/1/22 |
|
3,685,000 |
4,155,132 |
|
|
5% 8/1/24 |
|
7,380,000 |
8,236,597 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Gen. Oblig.: - continued |
|
|
|
|
|
Series 2009 A, 5% 3/1/39 |
|
$ 17,000,000 |
$ 17,962,880 |
|
|
Series 2011 A: |
|
|
|
|
|
5% 4/1/26 |
|
5,425,000 |
6,032,546 |
|
|
5% 4/1/28 |
|
5,880,000 |
6,389,384 |
|
|
Series 2011 B: |
|
|
|
|
|
5% 8/1/23 |
|
5,770,000 |
6,665,735 |
|
|
5% 8/1/24 |
|
1,750,000 |
2,000,005 |
|
|
5% 8/1/25 |
|
1,930,000 |
2,179,530 |
|
|
Series 2011 D, 5% 10/1/24 |
|
7,860,000 |
8,952,854 |
|
|
Series 2012 B, 5% 6/1/25 |
|
12,855,000 |
14,489,128 |
|
|
Series C, 5.5% 12/1/22 |
|
7,800,000 |
9,531,444 |
|
|
Massachusetts Health & Edl. Facilities Auth. Rev.: |
|
|
|
|
|
(Baystate Health Sys. Proj.) Series 2009 I, 5.75% 7/1/36 |
|
7,500,000 |
7,961,175 |
|
|
(Berklee College of Music Proj.) Series 2007 A: |
|
|
|
|
|
5% 10/1/16 |
|
1,000,000 |
1,113,030 |
|
|
5% 10/1/19 |
|
3,290,000 |
3,677,430 |
|
|
5% 10/1/21 |
|
3,270,000 |
3,600,172 |
|
|
5% 10/1/23 |
|
2,000,000 |
2,183,720 |
|
|
5% 10/1/25 |
|
5,950,000 |
6,396,964 |
|
|
(Blood Research Institute Proj.) Series A, 6.5% 2/1/22 (c) |
|
8,385,000 |
8,416,528 |
|
|
(Cape Cod Healthcare Proj.) Series 2004 D: |
|
|
|
|
|
5% 11/15/31 (Assured Guaranty Corp. Insured) |
|
2,000,000 |
1,992,720 |
|
|
5.125% 11/15/35 (Assured Guaranty Corp. Insured) |
|
1,000,000 |
994,010 |
|
|
6% 11/15/28 (Assured Guaranty Corp. Insured) |
|
2,735,000 |
2,929,185 |
|
|
(CareGroup, Inc. Proj.): |
|
|
|
|
|
Series 2008 B1, 5.375% 2/1/27 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000,000 |
1,080,870 |
|
|
Series 2008 B2: |
|
|
|
|
|
5% 2/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
800,000 |
839,544 |
|
|
5.375% 2/1/26 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,750,000 |
1,915,778 |
|
|
5.375% 2/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,000,000 |
2,142,860 |
|
|
Series 2008 D: |
|
|
|
|
|
5.25% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,500,000 |
1,676,070 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
|
Series 2008 D: - continued |
|
|
|
|
|
5.25% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,450,000 |
$ 1,586,677 |
|
|
5.25% 7/1/22 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,000,000 |
1,091,410 |
|
|
5.25% 7/1/24 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,900,000 |
2,058,422 |
|
|
Series 2008 E1: |
|
|
|
|
|
5% 7/1/28 |
|
2,525,000 |
2,626,101 |
|
|
5.125% 7/1/33 |
|
2,000,000 |
2,059,720 |
|
|
5.125% 7/1/38 |
|
4,040,000 |
4,042,384 |
|
|
5.375% 7/1/21 |
|
10,850,000 |
11,990,986 |
|
|
Series 2008 E2: |
|
|
|
|
|
5.375% 7/1/23 |
|
3,500,000 |
3,849,615 |
|
|
5.375% 7/1/24 |
|
5,015,000 |
5,484,956 |
|
|
5.375% 7/1/25 |
|
3,500,000 |
3,849,615 |
|
|
(Catholic Health East Proj.) Series 2010, 5% 11/15/18 |
|
1,005,000 |
1,155,820 |
|
|
(Children's Hosp. Proj.) Series 2009 M, 5.5% 12/1/39 |
|
20,000,000 |
21,349,200 |
|
|
(Emerson Hosp. Proj.) Series 2005 E, 5% 8/15/35 (Radian Asset Assurance, Inc. Insured) |
|
2,500,000 |
2,110,400 |
|
|
(Harvard Univ. Proj.) Series 2009 A, 5.5% 11/15/36 |
|
1,025,000 |
1,144,925 |
|
|
(Lahey Clinic Med. Ctr. Proj.) Series 2005 C: |
|
|
|
|
|
5% 8/15/30 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,190,000 |
5,282,953 |
|
|
5% 8/15/33 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,000,000 |
5,070,100 |
|
|
(Massachusetts Institute of Technology Proj.): |
|
|
|
|
|
Series 2008 O, 6% 7/1/36 |
|
20,500,000 |
23,506,940 |
|
|
Series L, 5% 7/1/23 |
|
3,990,000 |
4,790,554 |
|
|
(Northeastern Univ. Proj.): |
|
|
|
|
|
Series 2008 R: |
|
|
|
|
|
5% 10/1/16 |
|
600,000 |
668,208 |
|
|
5% 10/1/17 |
|
750,000 |
852,758 |
|
|
5% 10/1/18 |
|
500,000 |
577,360 |
|
|
5% 10/1/20 |
|
2,000,000 |
2,265,220 |
|
|
5% 10/1/22 |
|
1,160,000 |
1,296,451 |
|
|
5% 10/1/27 |
|
3,030,000 |
3,251,432 |
|
|
5% 10/1/28 |
|
1,000,000 |
1,063,360 |
|
|
5% 10/1/33 |
|
5,000,000 |
5,206,950 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
|
(Northeastern Univ. Proj.): - continued |
|
|
|
|
|
Series 2009 Y1: |
|
|
|
|
|
5% 10/1/15 |
|
$ 1,425,000 |
$ 1,549,745 |
|
|
5% 10/1/16 |
|
1,495,000 |
1,667,418 |
|
|
5% 10/1/17 |
|
1,570,000 |
1,785,106 |
|
|
5% 10/1/19 |
|
1,730,000 |
2,016,056 |
|
|
Series 2009 Y2: |
|
|
|
|
|
5% 10/1/16 |
|
1,090,000 |
1,215,710 |
|
|
5% 10/1/17 |
|
1,145,000 |
1,301,876 |
|
|
5% 10/1/18 |
|
1,215,000 |
1,404,285 |
|
|
(Partners HealthCare Sys., Inc. Proj.): |
|
|
|
|
|
Series 2005 F: |
|
|
|
|
|
5% 7/1/19 |
|
1,760,000 |
1,874,576 |
|
|
5% 7/1/20 |
|
2,350,000 |
2,491,564 |
|
|
5% 7/1/21 |
|
1,150,000 |
1,213,503 |
|
|
5% 7/1/22 |
|
1,855,000 |
1,951,367 |
|
|
Series 2009 I3: |
|
|
|
|
|
5% 7/1/21 |
|
2,300,000 |
2,580,255 |
|
|
5% 7/1/22 |
|
5,000,000 |
5,497,600 |
|
|
Series 2010 J1, 5% 7/1/39 |
|
23,500,000 |
23,163,010 |
|
|
(South Shore Hosp. Proj.) Series F: |
|
|
|
|
|
5.625% 7/1/19 |
|
260,000 |
260,473 |
|
|
5.75% 7/1/29 |
|
6,370,000 |
6,374,332 |
|
|
(Tufts Univ. Proj.): |
|
|
|
|
|
Series 2008 O, 5.375% 8/15/38 |
|
4,500,000 |
4,900,995 |
|
|
Series J, 5.5% 8/15/17 |
|
500,000 |
584,720 |
|
|
(UMass Memorial Proj.) Series 2010 G, 5% 7/1/17 |
|
2,215,000 |
2,396,608 |
|
|
(UMass Worcester Proj.) Series 2005 D: |
|
|
|
|
|
5% 10/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,040,000 |
3,168,166 |
|
|
5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,735,000 |
3,890,301 |
|
|
(Williams College Proj.) Series 2006 L: |
|
|
|
|
|
5% 7/1/17 |
|
1,000,000 |
1,111,520 |
|
|
5% 7/1/18 |
|
1,000,000 |
1,111,210 |
|
|
(Winchester Hosp. Proj.) Series 2010 H, 5.25% 7/1/38 |
|
18,995,000 |
19,694,776 |
|
|
(Woods Hole Oceanographic Institution Proj.) Series 2008 B: |
|
|
|
|
|
5.25% 6/1/25 |
|
1,760,000 |
1,913,402 |
|
|
5.375% 6/1/30 |
|
8,000,000 |
8,557,280 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
|
(Worcester City Campus Proj.) Series 2007 E: |
|
|
|
|
|
5% 10/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 2,130,000 |
$ 2,340,891 |
|
|
5% 10/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,985,000 |
2,182,805 |
|
|
5% 10/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
1,350,000 |
1,472,351 |
|
|
5% 10/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,465,000 |
2,674,229 |
|
|
Bonds (Baystate Health Sys. Proj.) Series 2009 K, 5%, tender 7/1/15 (a) |
|
3,000,000 |
3,166,830 |
|
|
Series 2005 D: |
|
|
|
|
|
5.25% 7/1/30 |
|
7,000,000 |
7,067,830 |
|
|
5.375% 7/1/35 |
|
1,165,000 |
1,168,379 |
|
|
5.5% 7/1/40 |
|
4,000,000 |
4,010,520 |
|
|
Series 2008 E2. 5.375% 7/1/21 |
|
2,075,000 |
2,293,207 |
|
|
Series 2010 H, 5% 7/1/16 |
|
1,000,000 |
1,086,620 |
|
|
Series E, 5% 7/15/27 |
|
7,195,000 |
7,046,351 |
|
|
5% 7/1/17 |
|
115,000 |
115,339 |
|
|
5% 7/1/19 |
|
130,000 |
130,360 |
|
|
5% 7/1/19 |
|
215,000 |
237,283 |
|
|
5% 7/1/19 (Pre-Refunded to 7/1/16 @ 100) |
|
1,480,000 |
1,657,704 |
|
|
5% 7/1/20 |
|
310,000 |
340,916 |
|
|
5% 7/1/20 (Pre-Refunded to 7/1/16 @ 100) |
|
2,100,000 |
2,352,147 |
|
|
5% 7/1/21 |
|
325,000 |
356,632 |
|
|
5% 7/1/21 (Pre-Refunded to 7/1/16 @ 100) |
|
2,210,000 |
2,475,355 |
|
|
Massachusetts Port Auth. Rev.: |
|
|
|
|
|
Series 2005 A: |
|
|
|
|
|
5% 7/1/18 (AMBAC Insured) |
|
5,205,000 |
5,608,283 |
|
|
5% 7/1/21 (AMBAC Insured) |
|
5,010,000 |
5,344,969 |
|
|
Series 2007 C: |
|
|
|
|
|
5% 7/1/17 (FSA Insured) (b) |
|
1,660,000 |
1,858,104 |
|
|
5% 7/1/22 (FSA Insured) (b) |
|
6,140,000 |
6,633,963 |
|
|
5% 7/1/27 (FSA Insured) (b) |
|
5,000,000 |
5,236,050 |
|
|
Series 2010 A: |
|
|
|
|
|
5% 7/1/34 |
|
2,000,000 |
2,040,860 |
|
|
5% 7/1/40 |
|
12,000,000 |
12,048,120 |
|
|
Series 2012 A, 5% 7/1/42 (b) |
|
9,600,000 |
9,426,720 |
|
|
Series 2012 B: |
|
|
|
|
|
5% 7/1/25 |
|
4,150,000 |
4,666,551 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Port Auth. Rev.: - continued |
|
|
|
|
|
Series 2012 B: - continued |
|
|
|
|
|
5% 7/1/27 |
|
$ 6,570,000 |
$ 7,171,089 |
|
|
5% 7/1/28 |
|
5,030,000 |
5,430,941 |
|
|
Massachusetts Port Auth. Spl. Facilities Rev.: |
|
|
|
|
|
(BosFuel Corp. Proj.) Series 2007: |
|
|
|
|
|
5% 7/1/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) |
|
1,500,000 |
1,662,855 |
|
|
5% 7/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) |
|
1,000,000 |
1,090,890 |
|
|
5% 7/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) |
|
1,560,000 |
1,677,109 |
|
|
5% 7/1/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) (b) |
|
1,000,000 |
1,063,290 |
|
|
(ConRAC Proj.) Series 2011 A, 5.125% 7/1/41 |
|
10,000,000 |
10,270,800 |
|
|
(Delta Air Lines, Inc. Proj.) Series 2001 A: |
|
|
|
|
|
5.5% 1/1/14 (AMBAC Insured) (b) |
|
6,040,000 |
6,056,972 |
|
|
5.5% 1/1/15 (AMBAC Insured) (b) |
|
5,000,000 |
5,012,650 |
|
|
5.5% 1/1/16 (AMBAC Insured) (b) |
|
5,000,000 |
5,012,300 |
|
|
5.5% 1/1/17 (AMBAC Insured) (b) |
|
5,555,000 |
5,568,110 |
|
|
5.5% 1/1/18 (AMBAC Insured) (b) |
|
6,000,000 |
6,013,980 |
|
|
5.5% 1/1/19 (AMBAC Insured) (b) |
|
5,000,000 |
5,005,650 |
|
|
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev.: |
|
|
|
|
|
Series 2007 A, 5% 8/15/37 |
|
6,605,000 |
6,813,652 |
|
|
Series 2011 B: |
|
|
|
|
|
5% 10/15/41 |
|
25,000,000 |
25,881,750 |
|
|
5.25% 10/15/35 |
|
12,500,000 |
13,473,125 |
|
|
Series 2012 A: |
|
|
|
|
|
5% 8/15/23 |
|
25,000,000 |
29,186,750 |
|
|
5% 8/15/24 |
|
27,500,000 |
31,470,450 |
|
|
5% 8/15/25 |
|
28,475,000 |
32,156,248 |
|
|
Series 2012 B: |
|
|
|
|
|
5% 8/15/27 |
|
10,000,000 |
11,022,200 |
|
|
5% 8/15/28 |
|
12,000,000 |
13,091,640 |
|
|
5% 8/15/30 |
|
25,000,000 |
26,800,250 |
|
|
Massachusetts Spl. Oblig. Dedicated Tax Rev.: |
|
|
|
|
|
Series 2004, 5.25% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,935,000 |
6,662,750 |
|
|
Series 2005: |
|
|
|
|
|
5% 1/1/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,500,000 |
2,812,600 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Spl. Oblig. Dedicated Tax Rev.: - continued |
|
|
|
|
|
Series 2005: - continued |
|
|
|
|
|
5.5% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,000,000 |
$ 1,095,100 |
|
|
5.5% 1/1/34 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
4,000,000 |
4,196,040 |
|
|
Massachusetts Spl. Oblig. Rev. Series 2005 A: |
|
|
|
|
|
5% 6/1/23 (FSA Insured) |
|
2,000,000 |
2,128,300 |
|
|
5.5% 6/1/16 (FSA Insured) |
|
3,000,000 |
3,388,170 |
|
|
5.5% 6/1/18 (FSA Insured) |
|
9,740,000 |
11,650,988 |
|
|
5.5% 6/1/19 |
|
10,000,000 |
12,060,800 |
|
|
Massachusetts State College Bldg. Auth. Rev.: |
|
|
|
|
|
Series 2002 A, 0% 5/1/22 (Escrowed to Maturity) |
|
2,250,000 |
1,744,965 |
|
|
Series 2003 B: |
|
|
|
|
|
0% 5/1/28 (XL Cap. Assurance, Inc. Insured) |
|
6,080,000 |
3,391,485 |
|
|
5.375% 5/1/18 (XL Cap. Assurance, Inc. Insured) |
|
1,100,000 |
1,305,898 |
|
|
5.375% 5/1/20 (XL Cap. Assurance, Inc. Insured) |
|
1,825,000 |
2,198,687 |
|
|
Series 2006 A, 5% 5/1/36 (AMBAC Insured) |
|
9,220,000 |
9,581,885 |
|
|
Series 2008 A: |
|
|
|
|
|
5% 5/1/19 (Assured Guaranty Corp. Insured) |
|
1,730,000 |
1,983,739 |
|
|
5% 5/1/20 (Assured Guaranty Corp. Insured) |
|
2,130,000 |
2,415,420 |
|
|
5% 5/1/21 (Assured Guaranty Corp. Insured) |
|
2,440,000 |
2,738,754 |
|
|
5% 5/1/22 (Assured Guaranty Corp. Insured) |
|
2,430,000 |
2,710,179 |
|
|
5% 5/1/23 (Assured Guaranty Corp. Insured) |
|
2,490,000 |
2,772,366 |
|
|
Series 2009 A: |
|
|
|
|
|
5.375% 5/1/34 |
|
2,305,000 |
2,509,062 |
|
|
5.5% 5/1/39 |
|
7,000,000 |
7,649,460 |
|
|
5.5% 5/1/49 |
|
3,440,000 |
3,595,385 |
|
|
5.75% 5/1/49 |
|
10,000,000 |
10,648,100 |
|
|
Series 2009 B: |
|
|
|
|
|
5% 5/1/35 |
|
5,500,000 |
5,998,080 |
|
|
5% 5/1/40 |
|
4,625,000 |
4,954,809 |
|
|
Series 2012 A: |
|
|
|
|
|
5% 5/1/36 |
|
5,000,000 |
5,196,950 |
|
|
5% 5/1/41 |
|
10,000,000 |
10,306,300 |
|
|
Series 2012 B: |
|
|
|
|
|
5% 5/1/29 |
|
2,000,000 |
2,149,220 |
|
|
5% 5/1/30 |
|
1,870,000 |
2,000,956 |
|
|
5% 5/1/37 |
|
3,075,000 |
3,216,542 |
|
|
5% 5/1/43 |
|
11,125,000 |
11,538,739 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Tpk. Auth. Metropolitan Hwy. Sys. Rev.: |
|
|
|
|
|
Series 1997 C, 0% 1/1/23 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 1,800,000 |
$ 1,285,668 |
|
|
Sr. Series A: |
|
|
|
|
|
0% 1/1/25 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
5,110,000 |
3,281,898 |
|
|
0% 1/1/28 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,700,000 |
4,101,790 |
|
|
0% 1/1/29 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
33,195,000 |
16,598,164 |
|
|
Sr. Series C: |
|
|
|
|
|
0% 1/1/16 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
3,000,000 |
2,901,690 |
|
|
0% 1/1/17 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
7,705,000 |
7,268,435 |
|
|
0% 1/1/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
13,815,000 |
12,175,988 |
|
|
Massachusetts Wtr. Poll. Abatement Trust: |
|
|
|
|
|
(Pool Prog.): |
|
|
|
|
|
Series 10: |
|
|
|
|
|
5% 8/1/22 |
|
305,000 |
316,023 |
|
|
5% 8/1/29 |
|
1,765,000 |
1,826,298 |
|
|
5% 8/1/34 |
|
150,000 |
154,998 |
|
|
Series 12: |
|
|
|
|
|
5% 8/1/19 |
|
13,995,000 |
15,464,755 |
|
|
5% 8/1/20 |
|
9,570,000 |
10,536,570 |
|
|
Series 13: |
|
|
|
|
|
5% 8/1/19 |
|
3,740,000 |
4,282,487 |
|
|
5% 8/1/20 |
|
5,145,000 |
5,829,028 |
|
|
5% 8/1/21 |
|
5,350,000 |
6,030,306 |
|
|
5% 8/1/22 |
|
8,355,000 |
9,369,381 |
|
|
5% 8/1/23 |
|
6,385,000 |
7,128,853 |
|
|
5% 8/1/24 |
|
1,000,000 |
1,110,810 |
|
|
Series 2004 A: |
|
|
|
|
|
5.25% 8/1/22 |
|
6,525,000 |
7,897,273 |
|
|
5.25% 2/1/24 |
|
1,170,000 |
1,405,392 |
|
|
5.25% 8/1/24 |
|
3,780,000 |
4,551,498 |
|
|
Series 4, 5.125% 8/1/14 |
|
70,000 |
70,245 |
|
|
Series 6: |
|
|
|
|
|
5.25% 8/1/19 |
|
30,000 |
30,095 |
|
|
5.625% 8/1/14 |
|
115,000 |
115,444 |
|
|
5.625% 8/1/15 |
|
25,000 |
25,095 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Wtr. Poll. Abatement Trust: - continued |
|
|
|
|
|
(Pool Proj.): - continued |
|
|
|
|
|
Series 6: - continued |
|
|
|
|
|
5.625% 8/1/16 |
|
$ 485,000 |
$ 486,814 |
|
|
Series 8: |
|
|
|
|
|
5% 8/1/17 |
|
110,000 |
110,359 |
|
|
5% 8/1/20 |
|
105,000 |
105,292 |
|
|
Series 9, 5.25% 8/1/33 |
|
595,000 |
596,422 |
|
|
Series 14: |
|
|
|
|
|
5% 8/1/25 |
|
4,950,000 |
5,643,198 |
|
|
5% 8/1/32 |
|
5,685,000 |
6,228,941 |
|
|
5% 8/1/38 |
|
8,390,000 |
9,064,640 |
|
|
Series 2, 5.25% 2/1/17 |
|
95,000 |
95,327 |
|
|
Series 2002 A, 5.25% 8/1/20 |
|
680,000 |
681,911 |
|
|
Series 2010 A, 5% 8/1/21 |
|
9,000,000 |
10,541,520 |
|
|
Series 2012 A: |
|
|
|
|
|
5% 8/1/26 |
|
5,940,000 |
6,739,702 |
|
|
5% 8/1/27 |
|
5,900,000 |
6,606,466 |
|
|
5% 8/1/28 |
|
6,570,000 |
7,276,341 |
|
|
Series 6, 5.5% 8/1/30 |
|
6,745,000 |
6,762,470 |
|
|
5% 8/1/21 |
|
7,520,000 |
8,796,595 |
|
|
5% 8/1/22 |
|
4,290,000 |
4,981,462 |
|
|
5% 8/1/23 |
|
5,000,000 |
5,778,500 |
|
|
5% 8/1/24 |
|
4,215,000 |
4,833,045 |
|
|
5% 8/1/25 |
|
4,965,000 |
5,660,299 |
|
|
5% 8/1/26 |
|
3,205,000 |
3,632,835 |
|
|
5% 8/1/27 |
|
2,460,000 |
2,763,712 |
|
|
5% 8/1/28 |
|
3,480,000 |
3,879,121 |
|
|
Massachusetts Wtr. Poll. Abatement Trust Wtr. Poll. Abatement Rev. (MWRA Ln. Prog.) Series 1998 A, 5.25% 8/1/13 |
|
330,000 |
330,000 |
|
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: |
|
|
|
|
|
Series 1992 A, 6.5% 7/15/19 (Escrowed to Maturity) |
|
19,060,000 |
22,253,884 |
|
|
Series 1998 B: |
|
|
|
|
|
5.5% 8/1/15 (Escrowed to Maturity) |
|
1,500,000 |
1,628,850 |
|
|
5.5% 8/1/16 (Escrowed to Maturity) |
|
1,425,000 |
1,624,229 |
|
|
Series 2002 J, 5.5% 8/1/20 |
|
1,000,000 |
1,209,090 |
|
|
Series 2005 A, 5.25% 8/1/21 (Pre-Refunded to 8/1/17 @ 100) |
|
795,000 |
926,795 |
|
|
Series 2005: |
|
|
|
|
|
5.25% 8/1/24 |
|
8,435,000 |
9,508,607 |
|
|
5.25% 8/1/24 (Pre-Refunded to 8/1/17 @ 100) |
|
565,000 |
656,259 |
|
|
Series 2006 A, 5% 8/1/41 |
|
9,000,000 |
9,458,280 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: - continued |
|
|
|
|
|
Series 2007 A: |
|
|
|
|
|
5% 8/1/23 (FSA Insured) |
|
$ 2,000,000 |
$ 2,203,360 |
|
|
5% 8/1/25 (FSA Insured) |
|
2,000,000 |
2,181,440 |
|
|
5% 8/1/26 (FSA Insured) |
|
2,000,000 |
2,170,940 |
|
|
5% 8/1/27 (FSA Insured) |
|
2,000,000 |
2,161,180 |
|
|
5% 8/1/28 (FSA Insured) |
|
2,000,000 |
2,153,560 |
|
|
Series 2009 A: |
|
|
|
|
|
5% 8/1/34 |
|
6,350,000 |
6,889,179 |
|
|
5% 8/1/39 |
|
8,360,000 |
9,027,546 |
|
|
Series 2009 B, 5% 8/1/22 |
|
2,540,000 |
2,929,306 |
|
|
Series 2011 B: |
|
|
|
|
|
5% 8/1/36 |
|
5,000,000 |
5,220,750 |
|
|
5% 8/1/41 |
|
16,000,000 |
16,520,960 |
|
|
Series 2011 C: |
|
|
|
|
|
5% 8/1/23 |
|
6,070,000 |
6,917,433 |
|
|
5% 8/1/24 |
|
22,090,000 |
24,873,340 |
|
|
5% 8/1/25 |
|
14,235,000 |
15,901,064 |
|
|
5.25% 8/1/42 |
|
8,425,000 |
8,868,155 |
|
|
Series 2012 A, 5% 8/1/37 |
|
8,000,000 |
8,299,040 |
|
|
Series J, 5% 8/1/42 |
|
100,000 |
100,197 |
|
|
Monson Gen. Oblig. 5.25% 11/1/21 (AMBAC Insured) |
|
1,000,000 |
1,017,880 |
|
|
Newton Gen. Oblig. Series 2009 A: |
|
|
|
|
|
4% 4/1/23 |
|
1,490,000 |
1,591,722 |
|
|
5% 4/1/20 |
|
1,840,000 |
2,142,312 |
|
|
5% 4/1/21 |
|
1,915,000 |
2,188,768 |
|
|
Pittsfield Gen. Oblig.: |
|
|
|
|
|
4% 3/1/15 |
|
1,555,000 |
1,633,077 |
|
|
4% 3/1/16 |
|
3,355,000 |
3,610,819 |
|
|
Plymouth Gen. Oblig.: |
|
|
|
|
|
Series 2009: |
|
|
|
|
|
5% 5/15/23 |
|
1,255,000 |
1,407,696 |
|
|
5% 5/15/25 |
|
1,150,000 |
1,260,895 |
|
|
5% 10/15/15 |
|
500,000 |
547,540 |
|
|
5% 10/15/16 |
|
1,675,000 |
1,893,018 |
|
|
5% 10/15/17 |
|
1,665,000 |
1,925,256 |
|
|
5% 10/15/19 |
|
500,000 |
595,635 |
|
|
Randolph Gen. Oblig.: |
|
|
|
|
|
5% 9/1/16 (AMBAC Insured) |
|
1,170,000 |
1,232,525 |
|
|
5% 9/1/18 (AMBAC Insured) |
|
1,090,000 |
1,145,950 |
|
|
5% 9/1/19 (AMBAC Insured) |
|
1,085,000 |
1,137,340 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Reading Gen. Oblig. Series 2012: |
|
|
|
|
|
5% 2/1/20 |
|
$ 1,165,000 |
$ 1,371,263 |
|
|
5% 2/1/22 |
|
1,245,000 |
1,455,791 |
|
|
5% 2/1/23 |
|
1,185,000 |
1,389,057 |
|
|
Revere Gen. Oblig. Series 2009: |
|
|
|
|
|
5% 4/1/28 |
|
515,000 |
537,892 |
|
|
5% 4/1/39 |
|
2,000,000 |
2,011,600 |
|
|
5.5% 4/1/27 |
|
2,510,000 |
2,705,328 |
|
|
Salem Gen. Oblig.: |
|
|
|
|
|
5% 1/15/19 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
140,000 |
141,712 |
|
|
5% 1/15/20 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
120,000 |
121,439 |
|
|
Springfield Gen. Oblig. Series 2007: |
|
|
|
|
|
5% 8/1/15 (FSA Insured) |
|
1,000,000 |
1,084,990 |
|
|
5% 8/1/16 (FSA Insured) |
|
8,000,000 |
8,944,960 |
|
|
5% 8/1/17 (FSA Insured) |
|
5,000,000 |
5,641,800 |
|
|
5% 8/1/18 (FSA Insured) |
|
7,210,000 |
8,082,915 |
|
|
5.75% 8/1/14 (FSA Insured) |
|
4,000,000 |
4,215,520 |
|
|
Springfield Wtr. & Swr. Commission Rev. Series 2008 A: |
|
|
|
|
|
5.75% 10/15/26 (Assured Guaranty Corp. Insured) |
|
1,000,000 |
1,119,570 |
|
|
5.75% 10/15/27 (Assured Guaranty Corp. Insured) |
|
1,000,000 |
1,110,980 |
|
|
5.75% 10/15/28 (Assured Guaranty Corp. Insured) |
|
1,000,000 |
1,103,470 |
|
|
Taunton Gen. Oblig.: |
|
|
|
|
|
5% 12/1/15 |
|
2,350,000 |
2,564,062 |
|
|
5% 12/1/16 |
|
2,340,000 |
2,614,903 |
|
|
5% 12/1/17 |
|
1,965,000 |
2,238,489 |
|
|
Univ. of Massachusetts Bldg. Auth. Facilities Rev.: |
|
|
|
|
|
Series 2004 1, 5.375% 11/1/16 (AMBAC Insured) |
|
1,305,000 |
1,368,462 |
|
|
Series 2008 2, 5% 5/1/38 (FSA Insured) |
|
20,605,000 |
21,557,775 |
|
|
Woods Hole, Martha's Vineyard & Nantucket Steamship Auth. Series 2004 B, 5% 3/1/17 |
|
3,300,000 |
3,507,504 |
|
|
Worcester Gen. Oblig.: |
|
|
|
|
|
Series 2001 A: |
|
|
|
|
|
5.25% 8/15/21 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
310,000 |
310,713 |
|
|
5.5% 8/15/13 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
245,000 |
245,458 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
||||
|
Worcester Gen. Oblig.: - continued |
|
|
|
|
|
Series 2001 A: - continued |
|
|
|
|
|
5.5% 8/15/18 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
$ 220,000 |
$ 220,733 |
|
|
Series 2001 B, 5.5% 10/1/14 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
225,000 |
225,828 |
|
|
|
2,014,315,241 |
|||
|
Puerto Rico - 2.0% |
||||
|
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 2002 E, 5.5% 7/1/21 (FSA Insured) |
|
1,700,000 |
1,827,177 |
|
|
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig.: |
|
|
|
|
|
Series 2006 A, 1.963% 7/1/21 (FGIC Insured) (a) |
|
5,400,000 |
4,728,834 |
|
|
Series 2007 A, 5.5% 7/1/21 (FGIC Insured) |
|
8,000,000 |
7,938,960 |
|
|
Puerto Rico Sales Tax Fing. Corp. Sales Tax Rev.: |
|
|
|
|
|
Series 2007 A: |
|
|
|
|
|
0% 8/1/42 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
6,220,000 |
944,196 |
|
|
0% 8/1/44 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
13,590,000 |
1,763,167 |
|
|
0% 8/1/45 (Nat'l. Pub. Fin. Guarantee Corp. Insured) |
|
2,100,000 |
255,066 |
|
|
0% 8/1/47 (AMBAC Insured) |
|
41,100,000 |
4,318,377 |
|
|
Series 2009 A, 6.5% 8/1/44 |
|
5,345,000 |
5,448,212 |
|
|
Series 2011 C: |
|
|
|
|
|
0% 8/1/38 |
|
4,960,000 |
1,025,083 |
|
|
0% 8/1/39 |
|
43,460,000 |
8,369,092 |
|
|
0% 8/1/41 |
|
6,775,000 |
1,130,748 |
|
|
Series A, 0% 8/1/54 (AMBAC Insured) |
|
61,115,000 |
3,850,245 |
|
|
|
41,599,157 |
|||
|
Virgin Islands - 0.5% |
||||
|
Virgin Islands Pub. Fin. Auth.: |
|
|
|
|
|
Series 2004 A: |
|
|
|
|
|
5% 10/1/13 |
|
700,000 |
704,802 |
|
|
5.25% 10/1/16 |
|
750,000 |
784,568 |
|
|
Series 2009 A, 6.75% 10/1/37 |
|
4,000,000 |
4,305,240 |
|
|
Municipal Bonds - continued |
||||
|
|
Principal Amount |
Value |
||
|
Virgin Islands - continued |
||||
|
Virgin Islands Pub. Fin. Auth.: - continued |
|
|
|
|
|
Series 2009 A1, 5% 10/1/39 |
|
$ 1,500,000 |
$ 1,459,365 |
|
|
Series 2009 B, 5% 10/1/25 |
|
2,800,000 |
2,962,260 |
|
|
|
10,216,235 |
|||
|
TOTAL INVESTMENT PORTFOLIO - 97.9% (Cost $2,044,196,051) |
2,071,753,873 |
||
|
NET OTHER ASSETS (LIABILITIES) - 2.1% |
44,125,653 |
||
|
NET ASSETS - 100% |
$ 2,115,879,526 |
||
|
Legend |
|
(a) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
|
(b) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
|
(c) 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 $8,416,528 or 0.4% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition Date |
Acquisition Cost |
|
Massachusetts Health & Edl. Facilities Auth. Rev. (Blood Research Institute Proj.) Series A, 6.5% 2/1/22 |
9/3/92 |
$ 7,864,543 |
|
Other Information |
|
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
|
The distribution of municipal securities by revenue source, as a percentage of total net assets, is as follows (Unaudited): |
|
Special Tax |
17.8% |
|
Education |
17.3% |
|
General Obligations |
16.8% |
|
Water & Sewer |
15.8% |
|
Health Care |
14.0% |
|
Transportation |
9.9% |
|
Others* (Individually Less Than 5%) |
8.4% |
|
|
100.0% |
|
* Includes net other assets |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Massachusetts Municipal Income Fund
|
|
July 31, 2013 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $2,044,196,051) |
|
$ 2,071,753,873 |
|
Cash |
|
22,112,814 |
|
Receivable for fund shares sold |
|
316,419 |
|
Interest receivable |
|
26,880,705 |
|
Other receivables |
|
3,441 |
|
Total assets |
|
2,121,067,252 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for fund shares redeemed |
$ 1,924,613 |
|
|
Distributions payable |
2,034,754 |
|
|
Accrued management fee |
657,831 |
|
|
Transfer agent fee payable |
429,306 |
|
|
Other affiliated payables |
106,020 |
|
|
Other payables and accrued expenses |
35,202 |
|
|
Total liabilities |
|
5,187,726 |
|
|
|
|
|
Net Assets |
|
$ 2,115,879,526 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 2,081,448,519 |
|
Undistributed net investment income |
|
403,883 |
|
Accumulated undistributed net realized gain (loss) on investments |
|
6,469,302 |
|
Net unrealized appreciation (depreciation) on investments |
|
27,557,822 |
|
Net Assets, for 178,614,549 shares outstanding |
|
$ 2,115,879,526 |
|
Net Asset Value, offering price and redemption price per share ($2,115,879,526 ÷ 178,614,549 shares) |
|
$ 11.85 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Massachusetts Municipal Income Fund
Financial Statements - continued
|
Six months ended July 31, 2013 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Interest |
|
$ 43,712,859 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 4,436,456 |
|
|
Transfer agent fees |
869,682 |
|
|
Accounting fees and expenses |
216,159 |
|
|
Custodian fees and expenses |
14,883 |
|
|
Independent trustees' compensation |
4,688 |
|
|
Registration fees |
12,168 |
|
|
Audit |
26,411 |
|
|
Legal |
6,486 |
|
|
Miscellaneous |
13,080 |
|
|
Total expenses before reductions |
5,600,013 |
|
|
Expense reductions |
(11,852) |
5,588,161 |
|
Net investment income (loss) |
|
38,124,698 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
|
6,845,148 |
|
Change in net unrealized appreciation (depreciation) on investment securities |
|
(159,634,811) |
|
Net gain (loss) |
|
(152,789,663) |
|
Net increase (decrease) in net assets resulting from operations |
|
$ (114,664,965) |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months ended July 31, 2013
|
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 38,124,698 |
$ 82,764,836 |
|
Net realized gain (loss) |
6,845,148 |
28,659,075 |
|
Change in net unrealized appreciation (depreciation) |
(159,634,811) |
862,713 |
|
Net increase (decrease) in net assets resulting |
(114,664,965) |
112,286,624 |
|
Distributions to shareholders from net investment income |
(38,158,081) |
(82,472,423) |
|
Distributions to shareholders from net realized gain |
(12,110,674) |
(16,730,453) |
|
Total distributions |
(50,268,755) |
(99,202,876) |
|
Share transactions |
168,576,111 |
458,087,423 |
|
Reinvestment of distributions |
33,419,162 |
66,448,833 |
|
Cost of shares redeemed |
(480,320,044) |
(348,460,582) |
|
Net increase (decrease) in net assets resulting from share transactions |
(278,324,771) |
176,075,674 |
|
Redemption fees |
8,088 |
10,742 |
|
Total increase (decrease) in net assets |
(443,250,403) |
189,170,164 |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
2,559,129,929 |
2,369,959,765 |
|
End of period (including undistributed net investment income of $403,883 and undistributed net investment income of $437,266, respectively) |
$ 2,115,879,526 |
$ 2,559,129,929 |
|
Other Information Shares |
|
|
|
Sold |
13,610,144 |
36,173,787 |
|
Issued in reinvestment of distributions |
2,696,029 |
5,224,496 |
|
Redeemed |
(39,313,037) |
(27,488,680) |
|
Net increase (decrease) |
(23,006,864) |
13,909,603 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Years ended January 31, |
|||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 12.69 |
$ 12.63 |
$ 11.53 |
$ 11.83 |
$ 11.25 |
$ 11.87 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) D |
.194 |
.420 |
.448 |
.453 |
.453 |
.464 |
|
Net realized and unrealized gain (loss) |
(.779) |
.141 |
1.142 |
(.300) |
.581 |
(.606) |
|
Total from investment operations |
(.585) |
.561 |
1.590 |
.153 |
1.034 |
(.142) |
|
Distributions from net investment income |
(.195) |
(.418) |
(.449) |
(.453) |
(.453) |
(.463) |
|
Distributions from net realized gain |
(.060) |
(.083) |
(.041) |
- |
- F |
(.015) |
|
Total distributions |
(.255) |
(.501) |
(.490) |
(.453) |
(.454) G |
(.478) |
|
Redemption fees added to paid in capital D, F |
- |
- |
- |
- |
- |
- |
|
Net asset value, end of period |
$ 11.85 |
$ 12.69 |
$ 12.63 |
$ 11.53 |
$ 11.83 |
$ 11.25 |
|
Total Return B,C |
(4.68)% |
4.51% |
14.09% |
1.22% |
9.34% |
(1.13)% |
|
Ratios to Average Net Assets E |
|
|
|
|
|
|
|
Expenses before reductions |
.46% A |
.46% |
.46% |
.46% |
.47% |
.46% |
|
Expenses net of fee waivers, if any |
.46% A |
.46% |
.46% |
.46% |
.47% |
.46% |
|
Expenses net of all reductions |
.46% A |
.46% |
.46% |
.46% |
.46% |
.44% |
|
Net investment income (loss) |
3.15% A |
3.31% |
3.74% |
3.79% |
3.91% |
4.09% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 2,115,880 |
$ 2,559,130 |
$ 2,369,960 |
$ 2,095,212 |
$ 2,371,417 |
$ 1,932,144 |
|
Portfolio turnover rate |
11% A |
19% |
11% |
11% |
3% |
14% |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Calculated based on average shares outstanding during the period.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed by the investment adviser or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement by the investment adviser but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
G Total distributions of $.454 per share is comprised of distributions from net investment income of $.4534 and distributions from net realized gain of $.0003 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Massachusetts Municipal Money Market Fund
|
Effective Maturity Diversification |
|||
|
Days |
% of fund's investments 7/31/13 |
% of fund's investments 1/31/13 |
% of fund's |
|
1 - 7 |
84.3 |
75.0 |
85.6 |
|
8 - 30 |
3.0 |
3.0 |
3.3 |
|
31 - 60 |
2.5 |
4.4 |
2.2 |
|
61 - 90 |
1.4 |
5.4 |
1.4 |
|
91 - 180 |
4.3 |
8.8 |
3.6 |
|
> 180 |
4.5 |
3.4 |
3.9 |
|
Effective maturity is determined in accordance with the requirements of Rule 2a-7 under the Investment Company Act of 1940. |
|
Weighted Average Maturity |
|||
|
|
7/31/13 |
1/31/13 |
7/31/12 |
|
Fidelity Massachusetts Municipal Money Market Fund |
25 Days |
31 Days |
22 Days |
|
Massachusetts Tax-Free Money Market Funds Average* |
28 Days |
31 Days |
24 Days |
|
This is a weighted average of all the maturities of the securities held in a fund. Weighted Average Maturity (WAM) can be used as a measure of sensitivity to interest rate changes and market changes. Generally, the longer the maturity, the greater the sensitivity to such changes. WAM is based on the dollar-weighted average length of time until principal payments must be paid. Depending on the types of securities held in a fund, certain maturity shortening devices (e.g., demand features, interest rate resets, and call options) may be taken into account when calculating the WAM. |
|
Weighted Average Life |
|||
|
|
7/31/13 |
1/31/13 |
7/31/12 |
|
Fidelity Massachusetts Municipal Money Market Fund |
26 Days |
31 Days |
23 Days |
|
Weighted Average Life (WAL) is the weighted average of the life of the securities held in a fund or portfolio and can be used as a measure of sensitivity to changes in liquidity and/or credit risk. Generally, the higher the value, the greater the sensitivity. WAL is based on the dollar-weighted average length of time until principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. The difference between WAM and WAL is that WAM takes into account interest rate resets and WAL does not. WAL for money market funds is not the same as WAL of a mortgage- or asset-backed security. |
* Source: iMoneyNet, Inc.
Semiannual Report
Fidelity Massachusetts Municipal Money Market Fund
Investment Changes/Performance (Unaudited) - continued
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of July 31, 2013 |
As of January 31, 2013 |
||||||
|
Variable Rate |
|
|
Variable Rate |
|
||
|
Other Municipal |
|
|
Other Municipal |
|
||
|
Investment |
|
|
Investment |
|
||
|
Net Other Assets (Liabilities) 3.1% |
|
 |
Net Other Assets (Liabilities) 0.3% |
|
||
Current and Historical Seven-Day Yields
|
|
7/31/13 |
4/30/13 |
1/31/13 |
10/31/12 |
7/31/12 |
|
Fidelity Massachusetts Municipal Money Market Fund |
0.01% |
0.01% |
0.01% |
0.01% |
0.01% |
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's possible to lose money investing in the Fund. A portion of the Fund's expenses was reimbursed and/or waived. Absent such reimbursements and/or waivers the yield for the period ending July 31, 2013, the most recent period shown in the table, would have been -0.41%.
Semiannual Report
Fidelity Massachusetts Municipal Money Market Fund
Showing Percentage of Net Assets
|
Variable Rate Demand Note - 60.4% |
|||
|
Principal Amount |
Value |
||
|
Alabama - 0.1% |
|||
|
Decatur Indl. Dev. Board Exempt Facilities Rev. (Nucor Steel Decatur LLC Proj.) Series 2003 A, 0.39% 8/7/13, VRDN (b)(e) |
$ 3,500,000 |
$ 3,500,000 |
|
|
Delaware - 0.1% |
|||
|
Delaware Econ. Dev. Auth. Rev. (Delmarva Pwr. & Lt. Co. Proj.) Series 1999 A, 0.21% 8/7/13, VRDN (b) |
4,400,000 |
4,400,000 |
|
|
Indiana - 0.1% |
|||
|
Michigan City Ltd. Oblig. Rev. (Palatek Proj.) 0.16% 8/7/13, LOC Comerica Bank, VRDN (b)(e) |
4,110,000 |
4,110,000 |
|
|
Louisiana - 0.1% |
|||
|
Saint James Parish Gen. Oblig. (Nucor Steel Louisiana LLC Proj.) Series 2010 B1: |
|
|
|
|
0.34% 8/7/13, VRDN (b) |
1,400,000 |
1,400,000 |
|
|
0.37% 8/7/13, VRDN (b) |
2,000,000 |
2,000,000 |
|
|
|
3,400,000 |
||
|
Maine - 0.1% |
|||
|
Maine Pub. Util. Fin. Pub. Util. Rev. (Maine Pub. Svc. Co. Proj.) Series 2000, 0.27% 8/7/13, LOC Bank of America NA, VRDN (b)(e) |
9,000,000 |
9,000,000 |
|
|
Massachusetts - 58.0% |
|||
|
Boston Indl. Dev. Rev. (New Boston Seafood Ctr., Inc. Proj.) Series 1997, 0.1% 8/7/13, LOC Bank of America NA, VRDN (b)(e) |
2,360,000 |
2,360,000 |
|
|
Boston Wtr. & Swr. Commission Rev. Series 1994 A, 0.05% 8/7/13, LOC State Street Bank & Trust Co., Boston, VRDN (b) |
18,200,000 |
18,200,000 |
|
|
Massachusetts Bay Trans. Auth. Sales Tax Rev.: |
|
|
|
|
Participating VRDN: |
|
|
|
|
Series Clipper 07 18, 0.09% 8/7/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) |
101,175,000 |
101,175,000 |
|
|
Series PT 4368, 0.07% 8/7/13 (Liquidity Facility Wells Fargo & Co.) (b)(f) |
15,005,000 |
15,005,000 |
|
|
Series ROC II R 11933, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
6,000,000 |
6,000,000 |
|
|
Series 2008 A1, 0.06% 8/7/13 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) |
108,375,000 |
108,375,000 |
|
|
Series 2008 A2, 0.05% 8/7/13 (Liquidity Facility JPMorgan Chase Bank), VRDN (b) |
90,755,000 |
90,755,000 |
|
|
Massachusetts Dept. of Trans. Metropolitan Hwy. Sys. Rev.: |
|
|
|
|
Series 2010 A1, 0.11% 8/7/13, LOC Citibank NA, VRDN (b) |
56,400,000 |
56,400,000 |
|
|
Series 2010 A3, 0.06% 8/7/13, LOC Bank of America NA, VRDN (b) |
79,345,000 |
79,345,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Dev. Fin. Agcy. Indl. Dev. Rev.: |
|
|
|
|
(Charm Sciences, Inc. Proj.) Series 1999 A, 0.4% 8/7/13, LOC Bank of America NA, VRDN (b)(e) |
$ 1,700,000 |
$ 1,700,000 |
|
|
(Monkiewicz Realty Trust Proj.) 0.35% 8/7/13, LOC Bank of America NA, VRDN (b)(e) |
2,520,000 |
2,520,000 |
|
|
Massachusetts Dev. Fin. Agcy. Multi-family Hsg. Rev.: |
|
|
|
|
(Archstone Reading Apts. Proj.) Series 2004 A, 0.08% 8/7/13, LOC Freddie Mac, VRDN (b)(e) |
24,840,000 |
24,840,000 |
|
|
(Avalon Acton Apts. Proj.) Series 2006, 0.09% 8/7/13, LOC Fannie Mae, VRDN (b)(e) |
38,500,000 |
38,500,000 |
|
|
(Casco Crossing Proj.) 0.08% 8/7/13, LOC Fannie Mae, VRDN (b)(e) |
10,535,000 |
10,535,000 |
|
|
(Georgetown Village Apts. Proj.) Series 2003 A, 0.06% 8/7/13, LOC Fannie Mae, VRDN (b)(e) |
18,150,000 |
18,150,000 |
|
|
(Salem Heights Apts. Proj.) Series 2003 A, 0.06% 8/7/13, LOC Fed. Home Ln. Bank of Boston, VRDN (b)(e) |
14,200,000 |
14,200,000 |
|
|
(Tammy Brook Apts. Proj.) Series 2009, 0.06% 8/7/13, LOC Freddie Mac, VRDN (b) |
6,400,000 |
6,400,000 |
|
|
Massachusetts Dev. Fin. Agcy. Rev.: |
|
|
|
|
(Babson College Proj.) Series 2008 A, 0.04% 8/7/13, LOC Fed. Home Ln. Bank of Boston, VRDN (b) |
1,680,000 |
1,680,000 |
|
|
(Berkshire School Proj.) Series 2001, 0.06% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
9,575,000 |
9,575,000 |
|
|
(Boston Univ. Proj.): |
|
|
|
|
Series U-5A, 0.04% 8/7/13, LOC Fed. Home Ln. Bank of Boston, VRDN (b) |
37,600,000 |
37,600,000 |
|
|
Series U-5B, 0.04% 8/7/13, LOC Fed. Home Ln. Bank of Boston, VRDN (b) |
31,200,000 |
31,200,000 |
|
|
Series U-6C, 0.05% 8/1/13, LOC TD Banknorth, NA, VRDN (b) |
38,345,000 |
38,345,000 |
|
|
Series U3, 0.04% 8/7/13, LOC Northern Trust Co., VRDN (b) |
43,500,000 |
43,500,000 |
|
|
(Briarwood Retirement Cmnty. Proj.) Series 2004 A, 0.06% 8/7/13, LOC Manufacturers & Traders Trust Co., VRDN (b) |
14,255,000 |
14,255,000 |
|
|
(Clark Univ. Proj.) 0.03% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
31,470,000 |
31,470,000 |
|
|
(College of the Holy Cross Proj.) Series 2008 A, 0.05% 8/1/13, LOC JPMorgan Chase Bank, VRDN (b) |
36,415,000 |
36,415,000 |
|
|
(Edgewood Retirement Cmnty. Proj.): |
|
|
|
|
Series 2000 A, 0.05% 8/7/13, LOC Bank of America NA, VRDN (b) |
13,040,000 |
13,040,000 |
|
|
Series 2008, 0.05% 8/7/13, LOC Bank of America NA, VRDN (b) |
25,815,000 |
25,815,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Dev. Fin. Agcy. Rev.: - continued |
|
|
|
|
(Fay School Proj.) Series 2008, 0.05% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
$ 20,995,000 |
$ 20,995,000 |
|
|
(Fessenden School Proj.) Series 2001, 0.07% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
11,355,000 |
11,355,000 |
|
|
(Fifteen-O-Five West Housatonic LLC Proj.) Series 2007, 0.09% 8/7/13, LOC HSBC Bank USA, NA, VRDN (b)(e) |
2,420,000 |
2,420,000 |
|
|
(Governor Dummer Academy Issues Proj.) Series 2006, 0.05% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
4,505,000 |
4,505,000 |
|
|
(ISO New England, Inc. Proj.) Series 2005, 0.04% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
30,725,000 |
30,725,000 |
|
|
(Judge Rotenburg Ctr. Proj.) Series 2003, 0.13% 8/7/13, LOC Bank of America NA, VRDN (b) |
8,770,000 |
8,770,000 |
|
|
(Lasell Village Proj.) Series 2007, 0.08% 8/7/13, LOC Bank of America NA, VRDN (b) |
18,150,000 |
18,150,000 |
|
|
(Masonic Nursing Home Proj.) Series 2002 B, 0.04% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
16,630,000 |
16,630,000 |
|
|
(Meadowbrook School Proj.) Series 2000, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
3,075,000 |
3,075,000 |
|
|
(New England Deaconess Assoc. Proj.) Series 2011 B, 0.08% 8/7/13, LOC Manufacturers & Traders Trust Co., VRDN (b) |
4,265,000 |
4,265,000 |
|
|
(Olin College Proj.): |
|
|
|
|
Series 2008 C2, 0.07% 8/1/13, LOC RBS Citizens NA, VRDN (b) |
19,300,000 |
19,300,000 |
|
|
Series 2008 C3, 0.07% 8/1/13, LOC RBS Citizens NA, VRDN (b) |
21,065,000 |
21,065,000 |
|
|
(Seven Hills Foundation and Affiliates Proj.) Series 2008 B, 0.06% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
5,140,000 |
5,140,000 |
|
|
(Seven Hills Foundation Proj.) Series 2008 A, 0.06% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
8,445,000 |
8,445,000 |
|
|
(Simmons College Proj.) Series G, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
44,210,000 |
44,210,000 |
|
|
(Smith College Proj.): |
|
|
|
|
Series 2001, 0.04% 8/7/13, VRDN (b) |
3,549,000 |
3,549,000 |
|
|
Series 2002, 0.04% 8/7/13, VRDN (b) |
7,702,000 |
7,702,000 |
|
|
Series 2007, 0.04% 8/7/13 (Liquidity Facility TD Banknorth, NA), VRDN (b) |
56,200,000 |
56,200,000 |
|
|
(Wilber School Apts. Proj.) Series 2008 A, 0.06% 8/7/13, LOC Bank of America NA, VRDN (b) |
6,900,000 |
6,900,000 |
|
|
(Williston Northampton School Proj.) Series 2010, 0.06% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
7,200,000 |
7,200,000 |
|
|
(Worcester Polytechnic Institute Proj.) Series 2008 A, 0.03% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
22,835,000 |
22,835,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Dev. Fin. Agcy. Rev.: - continued |
|
|
|
|
(YMCA of Greater Worcester Proj.) Series 2006, 0.05% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
$ 9,300,000 |
$ 9,300,000 |
|
|
Participating VRDN: |
|
|
|
|
Series Putters 3840, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
5,000,000 |
5,000,000 |
|
|
Series Putters 4691, 0.06% 8/7/13 (Liquidity Facility Bank of America NA) (b)(f) . |
6,250,000 |
6,250,000 |
|
|
Series ROC II R 11999X, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
5,285,000 |
5,285,000 |
|
|
Series WF 10 56C, 0.06% 8/7/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f) |
19,885,000 |
19,885,000 |
|
|
Series 2006: |
|
|
|
|
0.05% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
4,300,000 |
4,300,000 |
|
|
0.07% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
15,720,000 |
15,720,000 |
|
|
Series 2007 A, 0.07% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
13,400,000 |
13,400,000 |
|
|
Series 2007 B, 0.07% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
12,975,000 |
12,975,000 |
|
|
Series 2011 A, 0.06% 8/7/13, LOC RBS Citizens NA, VRDN (b) |
12,710,000 |
12,710,000 |
|
|
Massachusetts Dev. Fin. Agcy. Solid Waste Disp. Rev. (Wheelabrator Millbury Proj.) 0.08% 8/1/13, LOC JPMorgan Chase Bank, VRDN (b)(e) |
10,000,000 |
10,000,000 |
|
|
Massachusetts Gen. Oblig.: |
|
|
|
|
Participating VRDN: |
|
|
|
|
Series Clipper 07 06, 0.09% 8/7/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) |
53,850,000 |
53,850,000 |
|
|
Series Clipper 07 39, 0.06% 8/7/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) |
14,325,000 |
14,325,000 |
|
|
Series EGL 07 0124, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
12,235,000 |
12,235,000 |
|
|
Series EGL 07 0149, 0.07% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
45,000,000 |
45,000,000 |
|
|
Series Putters 2022, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
35,995,000 |
35,995,000 |
|
|
Series Putters 2648, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
9,250,000 |
9,250,000 |
|
|
Series Putters 3699, 0.08% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
10,800,000 |
10,800,000 |
|
|
Series Putters 3896, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
7,500,000 |
7,500,000 |
|
|
Series Putters 3898, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
4,000,000 |
4,000,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Gen. Oblig.: - continued |
|
|
|
|
Participating VRDN: - continued |
|
|
|
|
Series Putters 4320, 0.06% 8/1/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
$ 17,600,000 |
$ 17,600,000 |
|
|
Series 1997 B, 0.04% 8/7/13 (Liquidity Facility TD Banknorth, NA), VRDN (b) |
6,215,000 |
6,215,000 |
|
|
Series 2001 C, 0.04% 8/7/13 (Liquidity Facility State Street Bank & Trust Co., Boston), VRDN (b) |
205,125,000 |
205,125,000 |
|
|
Massachusetts Health & Edl. Facilities Auth. Rev.: |
|
|
|
|
(Baystate Health Sys. Proj.): |
|
|
|
|
Series 2009 J1, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
21,100,000 |
21,100,000 |
|
|
Series 2009 J2, 0.06% 8/1/13, LOC JPMorgan Chase Bank, VRDN (b) |
35,400,000 |
35,400,000 |
|
|
(Baystate Med. Ctr. Proj.) Series 2005 G, 0.03% 8/1/13, LOC Wells Fargo Bank NA, VRDN (b) |
36,155,000 |
36,155,000 |
|
|
(Bentley College Proj.) Series K, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
15,300,000 |
15,300,000 |
|
|
(Boston Univ. Proj.) Series H, 0.04% 8/7/13, LOC State Street Bank & Trust Co., Boston, VRDN (b) |
20,020,000 |
20,020,000 |
|
|
(Children's Hosp. Proj.): |
|
|
|
|
Series 2010 N1, 0.03% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
35,600,000 |
35,600,000 |
|
|
Series 2010 N2, 0.04% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
63,700,000 |
63,700,000 |
|
|
Series 2010 N3, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
29,000,000 |
29,000,000 |
|
|
Series 2010 N4, 0.06% 8/1/13, LOC JPMorgan Chase Bank, VRDN (b) |
112,240,000 |
112,240,000 |
|
|
(CIL Realty of Massachusetts Proj.) Series 2007, 0.06% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
12,030,000 |
12,030,000 |
|
|
(Dana-Farber Cancer Institute Proj.) Series 2008 L1, 0.05% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
31,000,000 |
31,000,000 |
|
|
(Fairview Extended Care Proj.) Series B, 0.16% 8/7/13, LOC Bank of America NA, VRDN (b) |
25,310,000 |
25,310,000 |
|
|
(Harvard Univ. Proj.): |
|
|
|
|
Series R, 0.03% 8/1/13, VRDN (b) |
29,140,000 |
29,140,000 |
|
|
Series Y, 0.03% 8/7/13, VRDN (b) |
11,800,000 |
11,800,000 |
|
|
(Harvard Vanguard Med. Associates Proj.) Series 2004, 0.05% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
2,500,000 |
2,500,000 |
|
|
(Henry Heywood Memorial Hosp. Proj.): |
|
|
|
|
Series 2008 C, 0.06% 8/1/13, LOC TD Banknorth, NA, VRDN (b) |
1,700,000 |
1,700,000 |
|
|
Series 2009 C, 0.06% 8/1/13, LOC TD Banknorth, NA, VRDN (b) |
11,180,000 |
11,180,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
(Massachusetts Institute of Technology Proj.) Series 2001 J1, 0.04% 8/7/13, VRDN (b) |
$ 5,575,000 |
$ 5,575,000 |
|
|
(Northeast Hosp. Corp. Proj.) Series 2004 G, 0.1% 8/7/13, LOC JPMorgan Chase Bank, VRDN (b) |
36,500,000 |
36,500,000 |
|
|
(Partners HealthCare Sys., Inc. Proj.): |
|
|
|
|
Series 2005 F, 0.04% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
40,185,000 |
40,185,000 |
|
|
Series D5, 0.05% 8/1/13, VRDN (b) |
4,920,000 |
4,920,000 |
|
|
(Southcoast Health Sys. Obligated Group Proj.) Series 2008 C, 0.04% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
47,365,000 |
47,365,000 |
|
|
(Stonehill College Proj.) Series 2008 K, 0.05% 8/1/13, LOC JPMorgan Chase Bank, VRDN (b) |
22,730,000 |
22,730,000 |
|
|
(Wellesley College Proj.): |
|
|
|
|
Series B, 0.05% 8/7/13, VRDN (b) |
6,500,000 |
6,500,000 |
|
|
Series I, 0.04% 8/1/13, VRDN (b) |
22,270,000 |
22,270,000 |
|
|
(Williams College Proj.): |
|
|
|
|
Series I, 0.04% 8/7/13, VRDN (b) |
23,685,000 |
23,685,000 |
|
|
Series J, 0.03% 8/7/13, VRDN (b) |
31,090,000 |
31,090,000 |
|
|
Participating VRDN: |
|
|
|
|
Series BA 08 1056, 0.09% 8/7/13 (Liquidity Facility Bank of America NA) (b)(f) |
3,290,000 |
3,290,000 |
|
|
Series BA 08 3320, 0.06% 8/7/13 (Liquidity Facility Bank of America NA) (b)(f) |
10,000,000 |
10,000,000 |
|
|
Series BBT 08 54, 0.06% 8/7/13 (Liquidity Facility Branch Banking & Trust Co.) (b)(f) |
12,445,000 |
12,445,000 |
|
|
Series BBT 08 56, 0.06% 8/7/13 (Liquidity Facility Branch Banking & Trust Co.) (b)(f) |
18,895,000 |
18,895,000 |
|
|
Series BC 10 15W, 0.07% 8/7/13 (Liquidity Facility Barclays Bank PLC) (b)(f) |
7,185,000 |
7,185,000 |
|
|
Series BC 10 20W, 0.07% 8/7/13 (Liquidity Facility Barclays Bank PLC) (b)(f) |
9,785,000 |
9,785,000 |
|
|
Series Clipper 07 08, 0.06% 8/7/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) |
15,450,000 |
15,450,000 |
|
|
Series Putters 3104, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
3,620,000 |
3,620,000 |
|
|
Series Putters 3529, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
26,660,000 |
26,660,000 |
|
|
Series Putters 3530, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
1,000,000 |
1,000,000 |
|
|
Series Putters 3531, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
12,495,000 |
12,495,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
Participating VRDN: - continued |
|
|
|
|
Series Putters 3548, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
$ 9,925,000 |
$ 9,925,000 |
|
|
Series Putters 3650, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
11,800,000 |
11,800,000 |
|
|
Series Putters 4244, 0.08% 8/7/13 (Liquidity Facility Deutsche Bank AG New York Branch) (b)(f) |
9,885,000 |
9,885,000 |
|
|
Series ROC II R 11824, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
4,665,000 |
4,665,000 |
|
|
Series ROC II R 11913, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
5,230,000 |
5,230,000 |
|
|
Series 2009 O-1, 0.06% 8/7/13, LOC Fed. Home Ln. Bank of Boston, VRDN (b) |
42,830,000 |
42,830,000 |
|
|
Massachusetts Hsg. Fin. Agcy. Hsg. Rev. Series 2004 A, 0.11% 8/7/13, LOC Lloyds TSB Bank PLC, VRDN (b)(e) |
27,510,000 |
27,510,000 |
|
|
Massachusetts Hsg. Fin. Agcy. Multi-Family Rev.: |
|
|
|
|
(Princeton Crossing LP Proj.) Series 1996 A, 0.06% 8/7/13, LOC Fannie Mae, VRDN (b)(e) |
20,300,000 |
20,300,000 |
|
|
Series 2009 A, 0.05% 8/7/13, LOC Bank of New York, New York, VRDN (b) |
12,730,000 |
12,730,000 |
|
|
Massachusetts Indl. Fin. Agcy. Indl. Dev. Rev.: |
|
|
|
|
(346 Univ. LLC Proj.) Series 1996, 0.75% 8/7/13, LOC Bank of America NA, VRDN (b)(e) |
600,000 |
600,000 |
|
|
(BBB Esq. LLC Proj.) Series 1996, 0.75% 8/7/13, LOC Bank of America NA, VRDN (b)(e) |
1,500,000 |
1,500,000 |
|
|
(Boutwell Owens & Co., Inc. Proj.) Series 1998, 0.71% 8/7/13, LOC Wells Fargo Bank NA, VRDN (b)(e) |
400,000 |
400,000 |
|
|
(Decas Cranberry Proj.) Series 1997, 0.15% 8/7/13, LOC TD Banknorth, NA, VRDN (b)(e) |
1,500,000 |
1,500,000 |
|
|
Massachusetts Indl. Fin. Agcy. Rev. (Governor Dummer Academy Proj.) Series 1996, 0.06% 8/7/13, LOC TD Banknorth, NA, VRDN (b) |
4,600,000 |
4,600,000 |
|
|
Massachusetts Port Auth. Rev.: |
|
|
|
|
Participating VRDN Series Solar 06 108, 0.06% 8/7/13 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) |
14,000,000 |
14,000,000 |
|
|
Series 2008 A, 0.05% 8/7/13, LOC Bank of America NA, VRDN (b) |
11,270,000 |
11,270,000 |
|
|
Series 2010 D, 0.07% 8/7/13, LOC Bank of America NA, VRDN (b)(e) |
94,250,000 |
94,250,000 |
|
|
Massachusetts Port Auth. Spl. Proj. Rev. (Harborside Hyatt Proj.) Series 2001 A, 0.09% 8/7/13, LOC Royal Bank of Scotland PLC, VRDN (b)(e) |
37,100,000 |
37,100,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Participating VRDN: |
|
|
|
|
ROC II R 12193, 0.08% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
$ 4,000,000 |
$ 4,000,000 |
|
|
Series BA 08 1082, 0.06% 8/7/13 (Liquidity Facility Bank of America NA) (b)(f) |
7,620,000 |
7,620,000 |
|
|
Series BA 08 3307, 0.09% 8/7/13 (Liquidity Facility Bank of America NA) (b)(f) |
5,000,000 |
5,000,000 |
|
|
Series EGL 07 0031, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
52,600,000 |
52,600,000 |
|
|
Series EGL 07 0032, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
69,300,000 |
69,300,000 |
|
|
Series EGL 07 0033, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
3,000,000 |
3,000,000 |
|
|
Series EGL 07 0067, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
41,660,000 |
41,660,000 |
|
|
Series EGL 07 0092, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
53,095,000 |
53,095,000 |
|
|
Series MS 30911, 0.09% 8/7/13 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) |
2,700,000 |
2,700,000 |
|
|
Series MS 3228X, 0.09% 8/7/13 (Liquidity Facility Morgan Stanley Bank, West Valley City Utah) (b)(f) |
2,500,000 |
2,500,000 |
|
|
Series Putters 2479Z, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
2,340,000 |
2,340,000 |
|
|
Series Putters 2857, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
840,000 |
840,000 |
|
|
Series Putters 3691, 0.08% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
2,885,000 |
2,885,000 |
|
|
Series Putters 3990, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
3,000,000 |
3,000,000 |
|
|
Series Putters 4030, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
3,070,000 |
3,070,000 |
|
|
Series Putters 4357, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
3,335,000 |
3,335,000 |
|
|
Series Putters 4366, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
3,750,000 |
3,750,000 |
|
|
Series ROC II R 14021, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
3,000,000 |
3,000,000 |
|
|
Series ROC II R 12254, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
18,900,000 |
18,900,000 |
|
|
Series Solar 05 03, 0.06% 8/7/13 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) |
20,075,000 |
20,075,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts St Wtr. Resources Auth. Participating VRDN: |
|
|
|
|
Series Putters 3690, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
$ 1,300,000 |
$ 1,300,000 |
|
|
Series Putters 4344, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase & Co.) (b)(f) |
4,575,000 |
4,575,000 |
|
|
Massachusetts Wtr. Poll. Abatement Trust Participating VRDN: |
|
|
|
|
Series BBT 08 40, 0.06% 8/7/13 (Liquidity Facility Branch Banking & Trust Co.) (b)(f) |
15,305,000 |
15,305,000 |
|
|
Series Clipper 06 11, 0.09% 8/7/13 (Liquidity Facility State Street Bank & Trust Co., Boston) (b)(f) |
23,900,000 |
23,900,000 |
|
|
Series Putters 3159, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
15,490,000 |
15,490,000 |
|
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: |
|
|
|
|
Participating VRDN: |
|
|
|
|
Series EGL 06 0054, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
8,800,000 |
8,800,000 |
|
|
Series Putters 2848, 0.07% 8/7/13 (Liquidity Facility JPMorgan Chase Bank) (b)(f) |
19,075,000 |
19,075,000 |
|
|
Series ROC II R 11914, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
7,720,000 |
7,720,000 |
|
|
Series ROC II R 11968, 0.06% 8/7/13 (Liquidity Facility Citibank NA) (b)(f) |
5,185,000 |
5,185,000 |
|
|
Series Solar 06 86, 0.06% 8/7/13 (Liquidity Facility U.S. Bank NA, Cincinnati) (b)(f) |
21,820,000 |
21,820,000 |
|
|
Series 2002 C, 0.05% 8/1/13, LOC Landesbank Hessen-Thuringen, VRDN (b) |
13,815,000 |
13,815,000 |
|
|
Series 2008 F, 0.04% 8/7/13 (Liquidity Facility Bank of Nova Scotia), VRDN (b) |
33,460,000 |
33,460,000 |
|
|
RBC Muni. Products, Inc. Trust Participating VRDN: |
|
|
|
|
Series RBC E 32, 0.06% 8/7/13 (Liquidity Facility Royal Bank of Canada) (b)(f) |
103,670,000 |
103,670,000 |
|
|
Series RBC E 42, 0.06% 8/7/13 (Liquidity Facility Royal Bank of Canada) (b)(f) |
23,695,000 |
23,695,000 |
|
|
|
3,502,906,000 |
||
|
Nebraska - 0.1% |
|||
|
Stanton County Indl. Dev. Rev. (Nucor Corp. Proj.) Series 1996, 0.39% 8/7/13, VRDN (b)(e) |
3,400,000 |
3,400,000 |
|
|
Nevada - 0.0% |
|||
|
Clark County Arpt. Rev. Series 2008 C3, 0.27% 8/7/13, LOC Landesbank Baden-Wuert, VRDN (b)(e) |
1,600,000 |
1,600,000 |
|
|
Variable Rate Demand Note - continued |
|||
|
Principal Amount |
Value |
||
|
New Jersey - 0.1% |
|||
|
Salem County Poll. Cont. Fin. Auth. Rev. (Pub. Svc. Elec. and Gas Co. Proj.): |
|
|
|
|
Series 2003 B1, 0.24% 8/7/13, VRDN (b) |
$ 5,800,000 |
$ 5,800,000 |
|
|
Series 2012 A, 0.26% 8/7/13, VRDN (b)(e) |
3,400,000 |
3,400,000 |
|
|
|
9,200,000 |
||
|
New York - 0.0% |
|||
|
Dutchess County Indl. Dev. Agcy. Civic Facility Rev. (Lutheran Ctr. at Poughkeepsie, Inc. Proj.) 0.17% 8/7/13, LOC KeyBank NA, VRDN (b) |
500,000 |
500,000 |
|
|
Ohio - 0.2% |
|||
|
Ohio Air Quality Dev. Auth. Rev. (Cincinnati Gas & Elec. Co. Proj.): |
|
|
|
|
Series A, 0.24% 8/7/13, VRDN (b) |
1,200,000 |
1,200,000 |
|
|
Series B, 0.13% 8/7/13, VRDN (b) |
13,500,000 |
13,500,000 |
|
|
|
14,700,000 |
||
|
Puerto Rico - 1.4% |
|||
|
Puerto Rico Commonwealth Hwy. & Trans. Auth. Trans. Rev. Series 1998 A, 0.04% 8/7/13, LOC Bank of Nova Scotia, VRDN (b) |
11,800,000 |
11,800,000 |
|
|
Puerto Rico Commonwealth Pub. Impt. Gen. Oblig. Series 2003 C5-2, 0.06% 8/7/13, LOC Barclays Bank PLC NY Branch, VRDN (b) |
73,270,000 |
73,270,000 |
|
|
|
85,070,000 |
||
|
Tennessee - 0.1% |
|||
|
Clarksville Pub. Bldg. Auth. Rev. (Tennessee Muni. Bond Fund Proj.) Series 2003, 0.13% 8/1/13, LOC Bank of America NA, VRDN (b) |
5,100,000 |
5,100,000 |
|
|
TOTAL VARIABLE RATE DEMAND NOTE (Cost $3,646,886,000) |
|
||
|
Other Municipal Debt - 20.1% |
|||
|
|
|
|
|
|
Florida - 0.1% |
|||
|
Florida Gen. Oblig. Bonds Series PZ 130, 0.19%, tender 11/21/13 (Liquidity Facility Wells Fargo & Co.) (b)(f)(g) |
3,600,000 |
3,600,000 |
|
|
Other Municipal Debt - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - 19.7% |
|||
|
Attleboro Gen. Oblig. BAN 1.25% 3/20/14 |
$ 6,109,800 |
$ 6,150,426 |
|
|
Belmont Gen. Oblig. BAN 1.25% 4/25/14 |
12,100,000 |
12,194,974 |
|
|
Boston Gen. Oblig. Bonds: |
|
|
|
|
Series 2004 A, 5% 1/1/14 |
1,070,000 |
1,091,406 |
|
|
Series 2009 A, 5% 4/1/14 |
1,500,000 |
1,547,948 |
|
|
Series 2011 A, 5% 4/1/14 |
6,455,000 |
6,661,879 |
|
|
Series 2012 A, 5% 4/1/14 |
8,220,000 |
8,483,862 |
|
|
Series 2012 B, 3% 2/1/14 |
8,800,000 |
8,925,116 |
|
|
Series 2013 A, 4% 3/1/14 |
7,440,000 |
7,604,763 |
|
|
Burlington Gen. Oblig. BAN 1.25% 7/25/14 |
8,230,000 |
8,317,014 |
|
|
Danvers Gen. Oblig. BAN 1% 7/3/14 |
5,026,000 |
5,064,309 |
|
|
Everett Gen. Oblig. BAN 1% 3/13/14 |
5,500,000 |
5,527,709 |
|
|
Fairhaven Gen. Oblig. BAN 1.5% 11/1/13 |
4,214,000 |
4,227,697 |
|
|
Framingham Gen. Oblig. BAN: |
|
|
|
|
1% 12/13/13 |
11,500,000 |
11,536,137 |
|
|
1.25% 12/13/13 |
20,800,000 |
20,879,941 |
|
|
Franklin Gen. Oblig. BAN 1.25% 8/16/13 |
22,300,000 |
22,309,687 |
|
|
Gloucester Gen. Oblig. BAN: |
|
|
|
|
1% 2/7/14 |
2,213,000 |
2,222,123 |
|
|
1.25% 2/7/14 |
12,562,000 |
12,628,489 |
|
|
Hamilton Gen. Oblig. BAN 1.25% 5/23/14 |
3,000,000 |
3,024,897 |
|
|
Hingham Gen. Oblig. BAN 1% 5/23/14 |
34,714,200 |
34,943,772 |
|
|
Lexington Gen. Oblig. BAN 1.25% 2/21/14 |
2,950,000 |
2,967,263 |
|
|
Littleton Gen. Oblig. BAN 1.25% 4/11/14 |
5,348,907 |
5,387,349 |
|
|
Marblehead Gen. Oblig. BAN: |
|
|
|
|
1.25% 8/9/13 |
14,911,000 |
14,914,421 |
|
|
1.25% 8/8/14 (a) |
20,800,000 |
21,025,680 |
|
|
Massachusetts Bay Trans. Auth. Bonds Series 1998 A, 5.5% 3/1/14 |
2,000,000 |
2,061,644 |
|
|
Massachusetts Commonwealth Trans. Fund Rev. Bonds Series WF 12 30 C, 0.19%, tender 10/24/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) |
13,305,000 |
13,305,000 |
|
|
Massachusetts Dev. Fin. Agcy. Series 2001, 0.16% 10/1/13, LOC TD Banknorth, NA, CP |
8,326,000 |
8,326,000 |
|
|
Massachusetts Dev. Fin. Agcy. Electrical Utils. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2005, 0.45% tender 8/8/13, CP mode (e) |
3,600,000 |
3,600,000 |
|
|
Massachusetts Dev. Fin. Agcy. Rev.: |
|
|
|
|
Bonds Series 2013 P, 2% 7/1/14 |
1,690,000 |
1,717,427 |
|
|
Series 2001, 0.18% 9/5/13, LOC JPMorgan Chase Bank, CP |
9,950,000 |
9,950,000 |
|
|
Other Municipal Debt - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Gen. Oblig. Bonds: |
|
|
|
|
Series 2001 D, 6% 11/1/13 |
$ 1,460,000 |
$ 1,480,915 |
|
|
Series 2002 C, 5.5% 11/1/13 |
25,685,000 |
26,021,812 |
|
|
Series 2004 A, 5.25% 8/1/13 |
4,500,000 |
4,500,000 |
|
|
Series 2006 C, 5% 5/1/14 |
2,210,000 |
2,288,941 |
|
|
Series 2007 A, 5% 5/1/14 |
1,000,000 |
1,035,892 |
|
|
Series 2010 A, 0.59% 2/1/14 (b) |
3,170,000 |
3,170,000 |
|
|
Series 2010 B, 3% 1/1/14 |
675,000 |
682,441 |
|
|
Series 2010 C: |
|
|
|
|
3% 1/1/14 |
8,255,000 |
8,351,512 |
|
|
4% 1/1/14 |
7,900,000 |
8,025,983 |
|
|
Series 2011 B, 4% 8/1/13 |
30,705,000 |
30,705,000 |
|
|
Series 2011 D, 4% 10/1/13 |
4,500,000 |
4,528,643 |
|
|
Series 2012 D, 0.04% 1/1/14 (b) |
43,100,000 |
43,099,731 |
|
|
Series 2013 B, 3% 8/1/13 |
6,595,000 |
6,595,000 |
|
|
Series Merlots 2008-C54, 0.18%, tender 1/15/14 (Liquidity Facility Wells Fargo Bank NA) (b)(f)(g) |
13,100,000 |
13,100,000 |
|
|
Massachusetts Health & Edl. Facilities Auth. Rev.: |
|
|
|
|
Bonds: |
|
|
|
|
(Northeastern Univ. Proj.) 0.13% tender 11/7/13, CP mode |
20,000,000 |
20,000,000 |
|
|
(Partners HealthCare Sys., Inc. Proj.): |
|
|
|
|
Series 2008 H1: |
|
|
|
|
0.15% tender 10/8/13, CP mode |
15,660,000 |
15,660,000 |
|
|
0.16% tender 8/6/13, CP mode |
12,500,000 |
12,500,000 |
|
|
0.16% tender 8/7/13, CP mode |
15,100,000 |
15,100,000 |
|
|
0.16% tender 9/5/13, CP mode |
16,400,000 |
16,400,000 |
|
|
Series 2008 H2: |
|
|
|
|
0.14% tender 11/5/13, CP mode |
19,790,000 |
19,790,000 |
|
|
0.15% tender 9/4/13, CP mode |
7,020,000 |
7,020,000 |
|
|
0.16% tender 8/1/13, CP mode |
19,790,000 |
19,790,000 |
|
|
0.16% tender 8/2/13, CP mode |
14,040,000 |
14,040,000 |
|
|
Series 2008 A, 3.5% 7/1/14 |
3,500,000 |
3,606,449 |
|
|
Series 2010 A: |
|
|
|
|
3% 12/15/13 |
1,000,000 |
1,010,503 |
|
|
5% 10/1/13 |
1,040,000 |
1,047,791 |
|
|
Series EE: |
|
|
|
|
0.05% 8/1/13, CP |
14,281,000 |
14,281,000 |
|
|
0.11% 9/5/13, CP |
42,803,000 |
42,803,000 |
|
|
0.11% 9/10/13, CP |
18,800,000 |
18,800,000 |
|
|
Other Municipal Debt - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Health & Edl. Facilities Auth. Rev.: - continued |
|
|
|
|
Series EE: - continued |
|
|
|
|
0.13% 8/6/13, CP |
$ 61,036,000 |
$ 61,036,000 |
|
|
0.13% 9/16/13, CP |
29,800,000 |
29,800,000 |
|
|
0.14% 8/5/13, CP |
11,295,000 |
11,295,000 |
|
|
0.14% 8/5/13, CP |
8,155,000 |
8,155,000 |
|
|
0.14% 8/8/13, CP |
8,500,000 |
8,500,000 |
|
|
0.15% 8/7/13, CP |
43,304,000 |
43,304,000 |
|
|
Massachusetts Indl. Fin. Agcy. Poll. Cont. Rev. Bonds (New England Pwr. Co. Proj.): |
|
|
|
|
Series 1992: |
|
|
|
|
0.4% tender 8/8/13, CP mode |
300,000 |
300,000 |
|
|
0.4% tender 8/8/13, CP mode |
9,060,000 |
9,060,000 |
|
|
0.43% tender 8/12/13, CP mode |
2,550,000 |
2,550,000 |
|
|
Series 1993 B, 0.45% tender 8/22/13, CP mode |
1,400,000 |
1,400,000 |
|
|
Massachusetts Port Auth. Rev.: |
|
|
|
|
Series 2012 A: |
|
|
|
|
0.17% 9/12/13, LOC TD Banknorth, NA, CP |
15,000,000 |
15,000,000 |
|
|
0.18% 9/12/13, LOC TD Banknorth, NA, CP |
5,000,000 |
5,000,000 |
|
|
Series 2012 B: |
|
|
|
|
0.14% 11/7/13, LOC TD Banknorth, NA, CP (e) |
40,000,000 |
40,000,000 |
|
|
0.17% 8/8/13, LOC TD Banknorth, NA, CP (e) |
40,000,000 |
40,000,000 |
|
|
Massachusetts School Bldg. Auth. Dedicated Sales Tax Rev. Bonds: |
|
|
|
|
Series 2005 A, 5% 8/15/13 |
4,125,000 |
4,132,559 |
|
|
Series 2007 A: |
|
|
|
|
5% 8/15/13 |
2,500,000 |
2,504,605 |
|
|
5% 8/15/13 (Escrowed to Maturity) |
1,450,000 |
1,452,671 |
|
|
Series 2011 B, 4% 10/15/13 |
3,250,000 |
3,274,440 |
|
|
Series WF 11 124C, 0.2%, tender 8/15/13 (Liquidity Facility Wells Fargo Bank NA) (b)(f) |
14,800,000 |
14,800,000 |
|
|
Massachusetts Spl. Oblig. Rev. Bonds: |
|
|
|
|
(Fed. Hwy. Grant Anticipation Note Prog.) Series 2003 A, 5% 12/15/13 |
3,375,000 |
3,434,300 |
|
|
Series 2010 A, 5% 12/15/13 |
2,000,000 |
2,035,817 |
|
|
Massachusetts State Dev. Fin. Agcy. Elec. Util. Rev. Bonds (Nantucket Elec. Co. Proj.) Series 2007, 0.3% tender 8/21/13, CP mode (e) |
11,900,000 |
11,900,000 |
|
|
Massachusetts State Dev. Fing. Agcy. Poll. Cont. Rev. Bonds (Massachusetts Elec. Co. Proj.) Series 2004, 0.4% tender 8/19/13, CP mode |
300,000 |
300,000 |
|
|
Massachusetts Wtr. Poll. Abatement Trust Bonds: |
|
|
|
|
Series 14, 3% 8/1/13 |
500,000 |
500,000 |
|
|
Series 15A, 5% 8/1/13 |
275,000 |
275,000 |
|
|
Other Municipal Debt - continued |
|||
|
Principal Amount |
Value |
||
|
Massachusetts - continued |
|||
|
Massachusetts Wtr. Poll. Abatement Trust Bonds: - continued |
|
|
|
|
Series 2009 A, 3% 8/1/13 |
$ 655,000 |
$ 655,000 |
|
|
Series 2010 A, 4% 8/1/13 |
1,900,000 |
1,900,000 |
|
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev.: |
|
|
|
|
Bonds Series WF 09 67C, 0.2%, tender 8/15/13 (Liquidity Facility Wells Fargo & Co.) (b)(f)(g) |
15,400,000 |
15,400,000 |
|
|
Series 1999, 0.17% 8/8/13, LOC State Street Bank & Trust Co., Boston, CP |
23,000,000 |
23,000,000 |
|
|
Nantucket Gen. Oblig. BAN 1.25% 6/6/14 |
6,160,895 |
6,216,594 |
|
|
Needham Gen. Oblig. BAN 0.5% 12/2/13 |
4,300,000 |
4,304,874 |
|
|
Norwood Gen. Oblig. BAN: |
|
|
|
|
1.25% 1/17/14 |
3,800,000 |
3,817,184 |
|
|
1.25% 1/17/14 |
4,000,000 |
4,019,056 |
|
|
Quincy Gen. Oblig. BAN: |
|
|
|
|
1% 6/20/14 |
25,785,000 |
25,973,994 |
|
|
1% 7/25/14 |
1,610,000 |
1,622,763 |
|
|
1.25% 1/24/14 |
25,700,000 |
25,828,489 |
|
|
Somerville Gen. Oblig. BAN: |
|
|
|
|
Series 2013 A, 0.7% 10/25/13 |
12,300,000 |
12,315,902 |
|
|
1% 6/27/14 |
8,887,449 |
8,953,197 |
|
|
Stow Gen. Oblig. BAN 1% 5/1/14 |
8,400,000 |
8,451,360 |
|
|
Univ. of Massachusetts Bldg. Auth. Facilities Rev. Bonds Series 2004 1, 5.25% 11/1/13 |
1,250,000 |
1,265,551 |
|
|
West Springfield Gen. Oblig. BAN 1% 6/27/14 |
26,200,000 |
26,396,198 |
|
|
Westfield Gen. Oblig. BAN: |
|
|
|
|
1.25% 10/25/13 |
5,000,000 |
5,011,372 |
|
|
1.25% 10/25/13 |
16,500,000 |
16,539,136 |
|
|
1.5% 4/11/14 |
7,667,000 |
7,734,838 |
|
|
Winchester Gen. Oblig. BAN 1.25% 7/2/14 |
13,628,000 |
13,762,835 |
|
|
Worcester Gen. Oblig.: |
|
|
|
|
BAN 1.75% 11/7/13 |
4,510,000 |
4,528,963 |
|
|
Bonds: |
|
|
|
|
Series 2004 A, 5.25% 8/15/13 |
2,810,000 |
2,815,385 |
|
|
Series 2012, 3% 11/1/13 |
4,448,000 |
4,478,316 |
|
|
|
1,187,031,945 |
||
|
Puerto Rico - 0.3% |
|||
|
JPMorgan Chase Bonds Series Putters 4362, 0.21%, tender 11/15/13 (Liquidity Facility JPMorgan Chase Bank) (b)(e)(f) |
12,300,000 |
12,300,000 |
|
|
Other Municipal Debt - continued |
|||
|
Principal Amount |
Value |
||
|
Puerto Rico - continued |
|||
|
Puerto Rico Hsg. Fin. Auth. Bonds: |
|
|
|
|
Series 2003, 5% 12/1/13 (Pre-Refunded to 12/1/13 @ 100) |
$ 5,670,000 |
$ 5,761,405 |
|
|
4.65% 12/1/13 (Pre-Refunded to 12/1/13 @ 100) |
2,000,000 |
2,029,829 |
|
|
|
20,091,234 |
||
|
TOTAL OTHER MUNICIPAL DEBT (Cost $1,210,723,179) |
|
||
|
Investment Company - 16.4% |
|||
|
Shares |
|
||
|
Fidelity Municipal Cash Central Fund, 0.07% (c)(d) |
991,205,000 |
|
|
|
TOTAL INVESTMENT PORTFOLIO - 96.9% (Cost $5,848,814,179) |
5,848,814,179 |
||
|
NET OTHER ASSETS (LIABILITIES) - 3.1% |
186,209,547 |
||
|
NET ASSETS - 100% |
$ 6,035,023,726 |
||
|
Security Type Abbreviations |
||
|
BAN |
- |
BOND ANTICIPATION NOTE |
|
CP |
- |
COMMERCIAL PAPER |
|
VRDN |
- |
VARIABLE RATE DEMAND NOTE (A debt instrument that is payable upon demand, either daily, weekly or monthly) |
|
Legend |
|
(a) Security or a portion of the security purchased on a delayed delivery or when-issued basis. |
|
(b) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. |
|
(c) Information in this report regarding holdings by state and security types does not reflect the holdings of the Fidelity Municipal Cash Central Fund. |
|
(d) Affiliated fund that is available only to investment companies and other accounts managed by Fidelity Investments. The rate quoted is the annualized seven-day yield of the fund at period end. A complete unaudited listing of the fund's holdings as of its most recent quarter end is available upon request. In addition, each Fidelity Central Fund's financial statements are available on the SEC's website or upon request. |
|
(e) Private activity obligations whose interest is subject to the federal alternative minimum tax for individuals. |
|
(f) Provides evidence of ownership in one or more underlying municipal bonds. |
|
(g) Restricted securities - Investment in securities not registered under the Securities Act of 1933 (excluding 144A issues). At the end of the period, the value of restricted securities (excluding 144A issues) amounted to $45,405,000 or 0.8% of net assets. |
|
Additional information on each restricted holding is as follows: |
|
Security |
Acquisition Date |
Cost |
|
Florida Gen. Oblig. Bonds Series PZ 130, 0.19%, tender 11/21/13 (Liquidity Facility Wells Fargo & Co.) |
11/28/12 |
$ 3,600,000 |
|
Massachusetts Commonwealth Trans. Fund Rev. Bonds Series WF 12 30 C, 0.19%, tender 10/24/13 (Liquidity Facility Wells Fargo Bank NA) |
5/17/12 |
$ 13,305,000 |
|
Massachusetts Gen. Oblig. Bonds Series Merlots 2008-C54, 0.18%, tender 1/15/14 (Liquidity Facility Wells Fargo Bank NA) |
2/2/12 - 3/5/12 |
$ 13,100,000 |
|
Security |
Acquisition Date |
Cost |
|
Massachusetts Wtr. Resources Auth. Wtr. & Swr. Rev. Bonds Series WF 09 67C, 0.2%, tender 8/15/13 (Liquidity Facility Wells Fargo & Co.) |
2/3/12 |
$ 15,400,000 |
|
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 |
$ 563,467 |
|
Other Information |
|
The date shown for securities represents the date when principal payments must be paid, taking into account any call options exercised by the issuer and any permissible maturity shortening features other than interest rate resets. |
|
All investments are categorized as Level 2 under the Fair Value Hierarchy. The inputs or methodology used for valuing securities may not be an indication of the risk associated with investing in those securities. For more information on valuation inputs, please refer to the Investment Valuation section in the accompanying Notes to Financial Statements. |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Massachusetts Municipal Money Market Fund
|
|
July 31, 2013 (Unaudited) |
|
|
|
|
|
|
Assets |
|
|
|
Investment in securities, at value - See accompanying schedule: Unaffiliated issuers (cost $4,857,609,179) |
$ 4,857,609,179 |
|
|
Fidelity Central Funds (cost $991,205,000) |
991,205,000 |
|
|
Total Investments (cost $5,848,814,179) |
|
$ 5,848,814,179 |
|
Cash |
|
240,805,574 |
|
Receivable for investments sold |
|
26,244,039 |
|
Receivable for fund shares sold |
|
53,109,401 |
|
Interest receivable |
|
4,561,830 |
|
Distributions receivable from Fidelity Central Funds |
|
52,751 |
|
Other receivables |
|
22,882 |
|
Total assets |
|
6,173,610,656 |
|
|
|
|
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 44,128,904 |
|
|
Delayed delivery |
21,025,680 |
|
|
Payable for fund shares redeemed |
71,758,190 |
|
|
Distributions payable |
1,675 |
|
|
Accrued management fee |
285,831 |
|
|
Other affiliated payables |
1,350,676 |
|
|
Other payables and accrued expenses |
35,974 |
|
|
Total liabilities |
|
138,586,930 |
|
|
|
|
|
Net Assets |
|
$ 6,035,023,726 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 6,034,677,924 |
|
Undistributed net investment income |
|
9,349 |
|
Accumulated undistributed net realized gain (loss) on investments |
|
336,453 |
|
Net Assets, for 6,029,825,283 shares outstanding |
|
$ 6,035,023,726 |
|
Net Asset Value, offering price and redemption price per share ($6,035,023,726 ÷ 6,029,825,283 shares) |
|
$ 1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Fidelity Massachusetts Municipal Money Market Fund
Financial Statements - continued
|
Six months ended July 31, 2013 (Unaudited) |
||
|
|
|
|
|
Investment Income |
|
|
|
Interest |
|
$ 3,388,897 |
|
Income from Fidelity Central Funds |
|
563,467 |
|
Total income |
|
3,952,364 |
|
|
|
|
|
Expenses |
|
|
|
Management fee |
$ 10,841,073 |
|
|
Transfer agent fees |
3,592,160 |
|
|
Accounting fees and expenses |
251,761 |
|
|
Custodian fees and expenses |
32,476 |
|
|
Independent trustees' compensation |
11,248 |
|
|
Registration fees |
29,215 |
|
|
Audit |
21,607 |
|
|
Legal |
7,028 |
|
|
Miscellaneous |
41,854 |
|
|
Total expenses before reductions |
14,828,422 |
|
|
Expense reductions |
(11,180,679) |
3,647,743 |
|
Net investment income (loss) |
|
304,621 |
|
Realized and Unrealized Gain (Loss) Net realized gain (loss) on: |
|
|
|
Investment securities: |
|
|
|
Unaffiliated issuers |
|
278,908 |
|
Net increase in net assets resulting from operations |
|
$ 583,529 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Six months ended July 31, 2013
|
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
|
|
|
Net investment income (loss) |
$ 304,621 |
$ 519,529 |
|
Net realized gain (loss) |
278,908 |
391,827 |
|
Net increase in net assets resulting |
583,529 |
911,356 |
|
Distributions to shareholders from net investment income |
(295,272) |
(554,753) |
|
Share transactions at net asset value of $1.00 per share |
6,788,307,816 |
13,776,762,619 |
|
Reinvestment of distributions |
286,257 |
543,910 |
|
Cost of shares redeemed |
(6,756,676,239) |
(13,128,360,703) |
|
Net increase (decrease) in net assets and shares resulting from share transactions |
31,917,834 |
648,945,826 |
|
Total increase (decrease) in net assets |
32,206,091 |
649,302,429 |
|
|
|
|
|
Net Assets |
|
|
|
Beginning of period |
6,002,817,635 |
5,353,515,206 |
|
End of period (including undistributed net investment income of $9,349 and $0, respectively) |
$ 6,035,023,726 |
$ 6,002,817,635 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
|
|
Years ended January 31, |
|||||
|
|
(Unaudited) |
2013 |
2012 |
2011 |
2010 |
2009 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Income from Investment Operations |
|
|
|
|
|
|
|
Net investment income (loss) |
- F |
- F |
- F |
- F |
.001 |
.014 |
|
Net realized and unrealized gain (loss) F |
- |
- |
- |
- |
- |
- |
|
Total from investment operations |
- F |
- F |
- F |
- F |
.001 |
.014 |
|
Distributions from net investment income |
- F |
- F |
- F |
- F |
(.001) |
(.014) |
|
Distributions from net realized gain |
- |
- |
- |
- F |
- |
- F |
|
Total distributions |
- F |
- F |
- F |
- F |
(.001) |
(.014) |
|
Net asset value, end of period |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
$ 1.00 |
|
Total Return B, C |
-% |
.01% |
.01% |
.02% |
.06% |
1.46% |
|
Ratios to Average Net Assets D, E |
|
|
|
|
|
|
|
Expenses before reductions |
.50% A |
.50% |
.50% |
.50% |
.55% |
.52% |
|
Expenses net of fee waivers, if any |
.12% A |
.17% |
.17% |
.29% |
.45% |
.52% |
|
Expenses net of all reductions |
.12% A |
.17% |
.17% |
.29% |
.45% |
.47% |
|
Net investment income (loss) |
.01% A |
.01% |
.01% |
.01% |
.06% |
1.43% |
|
Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (000 omitted) |
$ 6,035,024 |
$ 6,002,818 |
$ 5,353,515 |
$ 5,223,001 |
$ 4,885,554 |
$ 5,328,417 |
A Annualized
B Total returns for periods of less than one year are not annualized.
C Total returns would have been lower if certain expenses had not been reduced during the applicable periods shown.
D Fees and expenses of any underlying Fidelity Central Funds are not included in the Fund's expense ratio. The Fund indirectly bears its proportionate share of the expenses of any underlying Fidelity Central Funds.
E Expense ratios reflect operating expenses of the Fund. Expenses before reductions do not reflect amounts reimbursed or waived or reductions from expense offset arrangements and do not represent the amount paid by the Fund during periods when reimbursements, waivers or reductions occur. Expenses net of fee waivers reflect expenses after reimbursement and waivers but prior to reductions from expense offset arrangements. Expenses net of all reductions represent the net expenses paid by the Fund.
F Amount represents less than $.001 per share.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended July 31, 2013 (Unaudited)
1. Organization.
Fidelity Massachusetts Municipal Income Fund (the Income Fund) and Fidelity Massachusetts Municipal Money Market Fund (the Money Market Fund) are funds of Fidelity Massachusetts Municipal Trust (the Trust). The Trust is registered under the Investment Company Act of 1940, as amended (the 1940 Act), as an open-end management investment company organized as a Massachusetts business trust. The Income Fund is a non-diversified fund. Each Fund is authorized to issue an unlimited number of shares. Each Fund may be affected by economic and political developments in the state of Massachusetts.
2. Investments in Fidelity Central Funds.
The Funds may invest in Fidelity Central Funds, which are open-end investment companies generally available only to other investment companies and accounts managed by Fidelity Management & Research Company (FMR) and its affiliates. The Funds' Schedules of Investments list each of the Fidelity Central Funds held as of period end, if any, as an investment of each Fund, but do not include the underlying holdings of each Fidelity Central Fund. As an Investing Fund, each Fund indirectly bears its proportionate share of the expenses of the underlying Fidelity Central Funds.
The Money Market Central Funds seek preservation of capital and current income and are managed by Fidelity Investments Money Management, Inc. (FIMM), an affiliate of FMR.
A complete unaudited list of holdings for each Fidelity Central Fund is available upon request or at the Securities and Exchange Commission (the SEC) website at www.sec.gov. In addition, the financial statements of the Fidelity Central Funds are available on the SEC website 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 (GAAP), which require management to make certain estimates and assumptions at the date of the financial statements. Actual results could differ from those estimates. Subsequent events, if any, through the date that the financial statements were issued have been evaluated in the preparation of the financial statements. The following summarizes the significant accounting policies of the Funds:
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Investment Valuation. Investments are valued as of 4:00 p.m. Eastern time on the last calendar day of the period. In accordance with valuation policies and procedures approved by the Board of Trustees (the Board), the Income Fund attempts to obtain prices from one or more third party pricing vendors or brokers to value its investments. When current market prices, quotations or currency exchange rates are not readily available or reliable, investments will be fair valued in good faith by the FMR Fair Value Committee (the Committee), in accordance with procedures adopted by the Board. Factors used in determining fair value vary by investment type and may include market or investment specific events, changes in interest rates and credit quality. The frequency with which these procedures are used cannot be predicted and they may be utilized to a significant extent. The Committee oversees the Income Fund's valuation policies and procedures and is responsible for approving and reporting to the Board all fair value determinations.
Each Fund categorizes the inputs to valuation techniques used to value their investments into a disclosure hierarchy consisting of three levels as shown below:
Level 1 - quoted prices in active markets for identical investments
Level 2 - other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, etc.)
Level 3 - unobservable inputs (including the Fund's own assumptions based on the best information available)
Valuation techniques used to value each Fund's investments by major category are as follows:
For the Income Fund, debt securities, including restricted securities, are valued based on evaluated prices received from third party pricing vendors or from brokers who make markets in such securities. For municipal securities, pricing vendors utilize matrix pricing which considers yield or price of bonds of comparable quality, coupon, maturity and type as well as broker-supplied prices. When independent prices are unavailable or unreliable, debt securities may be valued utilizing pricing methodologies which consider similar factors that would be used by third party pricing vendors. Debt securities are generally categorized as Level 2 in the hierarchy but may be Level 3 depending on the circumstances.
Semiannual Report
3. Significant Accounting Policies - continued
Investment Valuation - continued
For the Money Market Fund, as permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates fair value. The amortized cost of an instrument is determined by valuing it at its original cost and thereafter amortizing any discount or premium from its face value at a constant rate until maturity. Securities held by a money market fund are generally high quality and liquid; however, they are reflected as Level 2 because the inputs used to determine fair value are not quoted prices in an active market.
For the Income Fund, changes in valuation techniques may result in transfers in or out of an assigned level within the disclosure hierarchy.
Investment Transactions and Income. For financial reporting purposes, the Funds' investment holdings and NAV include trades executed through the end of the last business day of the period. The NAV per share for processing shareholder transactions is calculated as of the close of business of the New York Stock Exchange (NYSE), normally 4:00 p.m. Eastern time and includes trades executed through the end of the prior business day for the Income Fund and trades executed through the end of the current business day for the Money Market Fund. Gains and losses on securities sold are determined on the basis of identified cost. Interest income and distributions from the Fidelity Central Funds are accrued as earned. Interest income includes coupon interest and amortization of premium and accretion of discount on debt securities.
Expenses. Expenses directly attributable to a fund are charged to that fund. Expenses attributable to more than one fund are allocated among the respective funds on the basis of relative net assets or other appropriate methods. 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 under Subchapter M of the Internal Revenue Code, including distributing substantially all of its taxable income and realized gains. As a result, no provision for income taxes is required. During the period, the Money Market Fund incurred a corporate tax liability on undistributed short-term capital gain and undistributed long-term capital gain which is included in Miscellaneous expense on the Statement of Operations. Each Fund files a U.S. federal tax return, in addition to state and local tax returns as required. A fund's federal income tax returns are subject to examination by the Internal Revenue Service (IRS) for a period of three fiscal years after they are filed. State and local tax returns may be subject to examination for an additional fiscal year depending on the jurisdiction.
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
3. Significant Accounting Policies - continued
Income Tax Information and Distributions to Shareholders - continued
Dividends are declared and recorded daily and paid monthly from net investment income. Distributions from realized gains, if any, are declared and recorded on the ex-dividend date. Income and capital gain distributions are determined in accordance with income tax regulations, which may differ from GAAP.
Capital accounts within the financial statements are adjusted for permanent book-tax differences. These adjustments have no impact on net assets or the results of operations. Temporary book-tax differences will reverse in a subsequent period.
Book-tax differences are primarily due to market discount, deferred trustees compensation and losses deferred due to wash sales and excise tax regulations.
The Funds purchase municipal securities whose interest, in the opinion of the issuer, is free from federal income tax. There is no assurance that the IRS will agree with this opinion. In the event the IRS determines that the issuer does not comply with relevant tax requirements, interest payments from a security could become federally taxable, possibly retroactively to the date the security was issued.
The federal tax cost of investment securities and unrealized appreciation (depreciation) as of period end were as follows for each Fund:
|
|
Tax cost |
Gross unrealized appreciation |
Gross unrealized depreciation |
Net unrealized appreciation (depreciation) on securities and other investments |
|
Fidelity Massachusetts Municipal Income Fund |
$ 2,044,067,746 |
$ 80,196,314 |
$ (52,510,187) |
$ 27,686,127 |
|
Fidelity Massachusetts Municipal Money Market Fund |
5,848,814,179 |
- |
- |
- |
Short-Term Trading (Redemption) Fees. Shares held by investors in the Income Fund less than 30 days may be subject to a redemption fee equal to .50% of the net asset value of shares redeemed. All redemption fees, which reduce the proceeds of the shareholder redemption, are retained by the Fund and accounted for as an addition to paid in capital.
Semiannual Report
3. Significant Accounting Policies - continued
Delayed Delivery Transactions and When-Issued Securities. During the period, the Funds transacted in 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. The securities purchased on a delayed delivery or when-issued basis are identified as such in each applicable Fund's Schedule of Investments. The 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. The 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.
4. Purchases and Sales of Investments.
Purchases and sales of securities, other than short-term securities, for the Income Fund aggregated $128,576,496 and $404,953,828, respectively.
5. 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 an annualized group fee rate. The individual fund fee rate is applied to each Fund's average net assets. The group fee rate is based upon the average net assets of all the mutual funds advised by FMR. The group fee rate decreases as assets under management increase and increases as assets under management decrease. For the period, each Fund's annualized management fee rate expressed as a percentage of each Fund's average net assets was as follows:
|
|
Individual Rate |
Group Rate |
Total |
|
Fidelity Massachusetts Municipal Income Fund |
.25% |
.11% |
.36% |
|
Fidelity Massachusetts Municipal Money Market Fund |
.25% |
.11% |
.36% |
Semiannual Report
Notes to Financial Statements (Unaudited) - continued
5. Fees and Other Transactions with Affiliates - continued
Transfer Agent and Accounting Fees. Citibank, N.A. (Citibank) is the custodian, transfer agent and 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 agency, dividend disbursing and shareholder servicing functions. The Funds pay Citibank account fees and asset-based fees that vary according to account size and type of account. FIIOC pays for typesetting, printing and mailing of shareholder reports, except proxy statements. For the period, the transfer agent fees were equivalent to the following annualized rates expressed as a percentage of average net assets:
|
Fidelity Massachusetts Municipal Income Fund |
.07% |
|
Fidelity Massachusetts Municipal Money Market Fund |
.12% |
Citibank also has a sub-arrangement with Fidelity Service Company, Inc. (FSC), an affiliate of FMR, under which FSC maintains the Fund's accounting records. The fee is paid to Citibank and is based on the level of average net assets for each month.
6. Committed Line of Credit.
The Income Fund participates with other funds managed by FMR or an affiliate in a $4.25 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 are reflected in Miscellaneous expenses on the Statement of Operations, and are as follows:
|
Fidelity Massachusetts Municipal Income Fund |
$ 2,879 |
During the period, there were no borrowings on this line of credit.
7. Expense Reductions.
FMR or its affiliates voluntarily agreed to waive certain fees for the Money Market Fund in order to maintain a minimum annualized yield of .01%. Such arrangements may be discontinued by FMR at any time. For the period, the amount of the waiver was $11,158,135.
In addition, through arrangements with the Income Fund's and 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.
Semiannual Report
7. Expense Reductions - continued
|
|
Custody |
Transfer |
|
Fidelity Massachusetts Municipal Income Fund |
$ 10,837 |
$ 1,015 |
|
Fidelity Massachusetts Municipal Money Market Fund |
17,420 |
5,124 |
8. 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.
Semiannual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Sub-Advisers
Fidelity Investments Money
Management, Inc.
Fidelity Management & Research
(U.K.) Inc.
Fidelity Management & Research
(Hong Kong) Limited
Fidelity Management & Research
(Japan) Inc.
General Distributor
Fidelity Distributors Corporation
Smithfield, RI
Transfer and Service Agents
Citibank, N.A.
New York, NY
Fidelity Investments Institutional Operations Company, Inc.
Boston, MA
Fidelity Service Company, Inc.
Boston, MA
Custodian
Citibank, N.A.
New York, NY
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
Fidelity Automated Service
Telephone (FAST®)
1-800-544-5555
Automated line for quickest service
(Fidelity Investment logo)(registered trademark)
Corporate Headquarters
245 Summer St., Boston, MA 02210
www.fidelity.com
MAS-USAN-0913 1.789293.110
Item 2. Code of Ethics
Not applicable.
Item 3. Audit Committee Financial Expert
Not applicable.
Item 4. Principal Accountant Fees and Services
Not applicable.
Item 5. Audit Committee of Listed Registrants
Not applicable.
Item 6. Investments
(a) Not applicable.
(b) Not applicable
Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies
Not applicable.
Item 8. Portfolio Managers of Closed-End Management Investment Companies
Not applicable.
Item 9. Purchase of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers
Not applicable.
Item 10. Submission of Matters to a Vote of Security Holders
There were no material changes to the procedures by which shareholders may recommend nominees to the Fidelity Massachusetts Municipal Trust's Board of Trustees.
Item 11. Controls and Procedures
(a)(i) The President and Treasurer and the Chief Financial Officer have concluded that the Fidelity Massachusetts Municipal Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.
(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the second fiscal quarter of the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.
Item 12. Exhibits
|
(a) |
(1) |
Not applicable. |
|
(a) |
(2) |
Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT. |
|
(a) |
(3) |
Not applicable. |
|
(b) |
|
Certification pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 (17 CFR 270.30a-2(b)) is furnished and attached hereto as Exhibit 99.906CERT. |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Fidelity Massachusetts Municipal Trust
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By: |
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President and Treasurer |
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Date: |
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.
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By: |
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President and Treasurer |
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Date: |
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By: |
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Chief Financial Officer |
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Date: |
| This ‘N-CSRS’ Filing | Date | Other Filings | ||
|---|---|---|---|---|
 | ||||
| Filed on / Effective on: | 9/23/13 | |||
| For Period End: | 7/31/13 | 497, N-MFP, NSAR-A | ||
| 2/1/13 | ||||
| 1/31/13 | 24F-2NT, N-CSR, N-MFP, NSAR-B | |||
| List all Filings | ||||