U.Fund College Investing Plan NEW! PDF ReportPRO


Massachusetts' U.Fund College Investing Plan, a Fidelity-managed 529 plan follows the same approach as other Fidelity plans in Arizona, Delaware and New Hampshire. It features three age-based options; one using Fidelity mutual funds; one using Fidelity index mutual funds; and a third multi-firm option with portfolios that invest in funds offered by several different companies. The plans also offer 11 static options, and one option that invests in an interest-bearing deposit account.

5-Cap Rating


Savingforcollege.com's 5-Cap Ratings provides an evaluation and comparison of 529 plans, utilizing a formula that examines dozens of factors grouped into the following categories. (Scale 0 to 5; 5 is highest)

Performance Costs Features Reliability Resident Upgrade
3.61 4.03 4.49 4.06 0.30

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Program type:


How to enroll:

Enroll directly with the program.
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Initial year of operation:


State agency(ies):

Massachusetts Educational Financing Authority (MEFA)

Program manager:

Fidelity Investments

Program distributor:

Fidelity Brokerage Services, LLC

Manager contract term:

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State residency requirements:


Who can be a participant/owner in the program?

U.S. citizens and resident aliens at least 18 years old, UGMA/UTMA custodians, and trusts.

Significant time or age restrictions imposed by the program:



Maximum contributions:

Accepts contributions until all account balances in Massachusetts' 529 plan for the same beneficiary reach $375,000.

Minimum contributions:

With lump-sum contributions, the minimum initial contribution is $50, and the minimum subsequent contribution is $25. With the automatic investment plan, the minimum contribution level is $15 per month or $45 per quarter.

Investment Options

Age-based investment options:

Choose between 3 age-based options, one invested in Fidelity mutual funds, another invested in Fidelity index mutual funds, and a third multi-firm option with portfolios that invest in funds offered by several different companies. Contributions are placed into the portfolio corresponding to the beneficiary's age. The portfolios automatically shift to a more conservative investment allocation over time.

Static investment options:

Select among 6 multi-fund portfolios, 5 individual-fund portfolios and a Bank Deposit Portfolio.

Underlying investments:

Fidelity Investments, AllianceBernstein, BBH, BrandywineGLOBAL, JPMorgan, Loomis Sayles, LSV, T. Rowe Price, Credit Suisse, Acadian, Causeway, MainStay, MFS, William Blair, BlackRock, Hotchkiss and Wiley, PIMCO, MetWest, Prudential, and Western Asset mutual funds. For the Bank Deposit Portfolio only, a deposit in a FDIC-insured interest-bearing account.

Underlying fund allocations:

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Portfolio Fees & Performance Lookup

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See Investment Options

Fees & Expenses

Enrollment or application fee:


Account maintenance fee:


Program management fees:

0.09% for the index fund options (includes 0.045% state fee); 0.20% for the Fidelity fund options (includes 0.10% state fee); 0.35% for the multi-firm fund options (includes 0.10% state fee). For the Bank Deposit Portfolio, there is a 0.10% Program Management Fee (includes 0.05% state fee) and is based on the Federal Funds Target Rate.

Expenses of the underlying investments:

Ranges from 0.02% to 0.11% annualized in the Fidelity index fund portfolios, from 0.33% to 0.79% annualized in the Fidelity funds portfolios, and 0.54 to 0.81% in the multi-firm portfolios. For the Bank Deposit Portfolio, there is no underlying fund expense. There is, however, a Bank Administration Fee, which ranges from 0.00%-0.40% and is based on the Federal Funds Target Rate.

Total asset-based expense ratio:

0.11% - 1.16%

Taxes and other Benefits

Program match on contributions:


State tax deduction or credit for contributions:

Effective January 1, 2017 through the 2021 tax year, contributions to Massachusetts 529 plans of up to $1,000 per year by an individual, and up to $2,000 per year by a married couple filing jointly, are deductible in computing Massachusetts taxable income.

State tax recapture provisions:

The principal portion of nonqualified withdrawals from this plan are included in Massachusetts taxable income to the extent of prior Massachusetts tax deductions.

State definition of qualified expenses

The state conforms with the federal definition of qualified education expenses, which includes expenses for higher education, as well as up to $10,000 per year in tuition in connection with enrollment or attendance at an elementary or secondary public, private, or religious school.

State tax treatment of qualified distributions:

Qualified distributions from Massachusetts and non-Massachusetts 529 plans are exempt.

State tax treatment of rollovers:

Massachusetts follows federal tax-free treatment.

Does the sponsoring state exclude the value of an account for state financial aid purposes?


Does participation in the program provide beneficiaries with any advantages in qualifying for resident tuition status at state institutions?


Does the program have a formal agreement with a rewards program or outside scholarship program?

Yes, Fidelity Rewards Visa Signature Card rebates 2% of purchases.

Statutory protection of an account from creditors:

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Distributions & Terminations

To whom are distributions made payable:

To whomever the account owner specifies - the account owner, the beneficiary, a school, or anyone else.

Account Changes

Policy regarding participant/owner changes:

Account ownership may not be transferred prior to the owner's death or incapacity.

Documents, Access & Reporting

Does participant have online password-protected access to account?


Can the complete enrollment process including funding be done online?


Documents and other services accessible or downloadable on the program's public Web site:

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