EXHIBIT 24(A)(2)
(2_FIDELITY_LOGOS)
FIDELITY(Registered trademark)
LIMITED TERM MUNICIPALS
ANNUAL REPORT
DECEMBER 31, 1993
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on minimizing taxes.
PERFORMANCE 4 How the fund has done over time.
FUND TALK 7 The manager's review of fund
performance, strategy, and outlook.
INVESTMENT CHANGES 10 A summary of major shifts in the
fund's investments over the last six
months.
INVESTMENTS 11 A complete list of the fund's
investments with their market value.
FINANCIAL STATEMENTS 25 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.
NOTES 29 Footnotes to the financial
statements.
REPORT OF INDEPENDENT 32 The auditor's opinion.
ACCOUNTANTS
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. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS
CORPORATION IS A
BANK, AND FUND SHARES ARE NOT BACKED OR GUARANTEED BY ANY BANK OR INSURED
BY THE
FDIC.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
Once the new year begins, many people start reviewing their finances and
calculating their tax bills. No one wants to pay more taxes than they have
to. But a recent survey of 500 U.S. households, conducted by Fidelity and
Yankelovich Partners, showed that few people have taken steps to reduce
their taxes under the new legislation. Many were not even aware that the
new tax laws were retroactive to January 1993.
Whether or not you're someone whose tax bill will increase as a result of
these changes, it may make sense to consider ways to keep more of what you
earn.
First, if your employer offers a 401(k) or 403(b) retirement savings plan,
consider enrolling. These plans are set up so you can make regular
contributions -
before taxes - to a retirement savings plan. They offer a disciplined
savings strategy, the ability to accumulate earnings tax-deferred, and
immediate tax savings. For example, if you earn $40,000 a year and
contribute 7% of your salary to your 401(k) plan, your annual contribution
is $2,800. That reduces your taxable income to $37,200 and, if you're in
the
28% tax bracket, saves you $784 in federal taxes. In addition, you pay no
taxes on any earnings until withdrawal.
It may be a good idea to contact your benefits office as soon as possible
to find out when you can enroll or increase your contribution. Most
employers allow employees to make changes only a few times each year.
Second, consider an IRA. Many people are eligible to make an IRA
contribution (up to $2,000) that is fully tax deductible. That includes
people who are not covered by company pension plans, or those within
certain income brackets. Even if you don't qualify for a fully deductible
contribution, any IRA earnings will grow tax-deferred until withdrawal.
Third, consider adding to your tax-free investments, either municipal bonds
or municipal bond funds. Often these can provide higher after-tax yields
than comparable taxable investments. For example, if you're in the new 36%
federal income tax bracket and invest $10,000 in a taxable investment
yielding 7%, you'll pay $252 in federal taxes and receive $448 in income.
That same $10,000 invested in a tax-free bond fund yielding 5.5% would
allow you to keep $550 in income.
These are three investment strategies that could help lower your tax bill
in 1994. If you're interested in learning more, please call us at
1-800-544-8888 or visit a Fidelity Investor Center.
Wishing you a prosperous new year,
Edward C. Johnson 3d, Chairman
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, plus reinvestment of any
dividends (or income) and capital gains (the profits the fund earns when it
sells bonds that have grown in value). You can also look at the fund's
income.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1993 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
Limited Term Municipals 12.24% 55.69% 153.02%
Lehman Brothers Municipal Bond Index 12.29% 62.86% 188.33%
Average Intermediate Municipal Bond 10.36% 51.74% 133.35%
Fund
Consumer Price Index 2.75% 21.00% 43.93%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a set period - in this case, one, five, or 10 years. For example, if
you had invested $1,000 in a fund that had a 5% return over the past year,
you would have $1,050. You can compare these figures to the performance of
the Lehman Brothers Municipal Bond Index - a broad gauge of the municipal
bond market that includes short-, intermediate-, and long-term bonds. To
measure how the fund stacked up against its peers, you can look at the
average intermediate municipal bond fund, which reflects the performance of
77 intermediate municipal bond funds tracked by Lipper Analytical Services.
Both benchmarks include reinvested dividends and capital gains, if any.
Comparing the fund's performance to the consumer price index helps show how
your fund did compared to inflation.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED DECEMBER 31, 1993 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
Limited Term Municipals 12.24% 9.26% 9.73%
Lehman Brothers Municipal Bond Index 12.29% 10.25% 11.17%
Average Intermediate Municipal Bond 10.36% 8.69% 8.79%
Fund
Consumer Price Index 2.75% 3.89% 3.71%
AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER 10 YEARS
Ltd. Term LB Muni Bond
12/31/83 10000.00 10000.00
01/31/84 10427.09 10364.50
02/29/84 10337.36 10260.13
03/31/84 10365.97 10273.16
04/30/84 10357.62 10288.98
05/31/84 9864.86 9678.02
06/30/84 10037.37 9888.13
07/31/84 10457.61 10400.24
08/31/84 10606.96 10633.51
09/30/84 10613.61 10562.06
10/31/84 10711.75 10694.61
11/30/84 10848.65 10852.04
12/31/84 10987.47 11055.40
01/31/85 11476.96 11693.63
02/28/85 11277.20 11401.99
03/31/85 11390.10 11500.39
04/30/85 11708.21 11921.31
05/31/85 11988.54 12335.09
06/30/85 12118.23 12464.49
07/31/85 12136.29 12488.92
08/31/85 12097.94 12401.75
09/30/85 12003.59 12277.36
10/31/85 12421.14 12697.98
11/30/85 12724.55 13153.46
12/31/85 12889.94 13269.07
01/31/86 13405.38 14050.62
02/28/86 13701.42 14607.73
03/31/86 13807.34 14612.41
04/30/86 13809.63 14623.51
05/31/86 13635.04 14385.44
06/30/86 13802.87 14522.68
07/31/86 13850.12 14610.83
08/31/86 14411.45 15264.96
09/30/86 14427.83 15303.27
10/31/86 14777.62 15567.56
11/30/86 14927.42 15875.95
12/31/86 14847.86 15832.13
01/31/87 15202.63 16308.84
02/28/87 15386.37 16389.08
03/31/87 15304.00 16215.36
04/30/87 14469.57 15401.67
05/31/87 14435.98 15325.28
06/30/87 14750.26 15775.23
07/31/87 14922.93 15936.13
08/31/87 14968.51 15971.99
09/30/87 14386.14 15383.10
10/31/87 14466.79 15437.56
11/30/87 14806.68 15840.63
12/31/87 15017.63 16070.48
01/31/88 15609.77 16642.91
02/29/88 15674.89 16818.83
03/31/88 15406.43 16622.89
04/30/88 15506.00 16749.22
05/31/88 15556.13 16700.82
06/30/88 15691.10 16945.15
07/31/88 15759.45 17055.63
08/31/88 15777.31 17070.64
09/30/88 15967.67 17379.62
10/31/88 16178.16 17686.37
11/30/88 16092.17 17524.36
12/31/88 16251.53 17703.64
01/31/89 16429.69 18069.75
02/28/89 16308.80 17863.57
03/31/89 16241.42 17820.88
04/30/89 16530.88 18243.95
05/31/89 16804.81 18622.87
06/30/89 16969.85 18875.77
07/31/89 17135.92 19132.67
08/31/89 17047.25 18945.36
09/30/89 17035.99 18888.53
10/31/89 17184.29 19118.97
11/30/89 17390.96 19453.55
12/31/89 17523.27 19613.07
01/31/90 17464.57 19520.89
02/28/90 17595.79 19694.62
03/31/90 17657.68 19700.53
04/30/90 17504.91 19558.69
05/31/90 17775.12 19985.07
06/30/90 17911.18 20160.93
07/31/90 18126.17 20457.30
08/31/90 18091.03 20160.67
09/30/90 18213.54 20172.77
10/31/90 18398.31 20537.89
11/30/90 18642.93 20950.70
12/31/90 18743.90 21042.89
01/31/91 18946.99 21324.86
02/28/91 19130.80 21510.39
03/31/91 19216.05 21518.99
04/30/91 19422.60 21805.20
05/31/91 19569.51 21999.26
06/30/91 19574.61 21977.26
07/31/91 19786.84 22245.38
08/31/91 19977.17 22539.02
09/30/91 20228.92 22832.03
10/31/91 20417.87 23037.52
11/30/91 20432.19 23102.02
12/31/91 20840.76 23598.72
01/31/92 20955.43 23652.99
02/29/92 21032.05 23660.09
03/31/92 20988.60 23669.55
04/30/92 21165.16 23880.21
05/31/92 21345.04 24162.00
06/30/92 21586.61 24567.92
07/31/92 22214.25 25304.96
08/31/92 22049.33 25056.97
09/30/92 22154.12 25219.84
10/31/92 21849.19 24972.69
11/30/92 22296.37 25419.70
12/31/92 22542.93 25678.98
01/31/93 22811.81 25976.86
02/28/93 23635.88 26917.22
03/31/93 23406.02 26631.89
04/30/93 23628.09 26900.88
05/31/93 23779.74 27051.52
06/30/93 24097.73 27503.28
07/31/93 24156.25 27539.04
08/31/93 24649.83 28111.85
09/30/93 24923.79 28432.32
10/31/93 24958.93 28486.34
11/30/93 24793.92 28235.67
12/31/93 25302.23 28831.44
$10,000 OVER 10 YEARS: Let's say you invested $10,000 in Fidelity Limited
Term Municipals on December 31, 1983. As the chart shows, by December 31,
1993, the value of your investment would have grown to $25,302 - a 153.02%
increase on your initial investment. For comparison, look at how the Lehman
Brothers Municipal Bond Index did over the same period. With dividends
reinvested, the same $10,000 would have grown to $28,833 - a 188.33%
increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. Bond prices, for
example, move in the
opposite direction of interest
rates. In turn, the share price,
return, and yield of a fund
that invests in bonds will vary.
That means if you sell your
shares during a market
downturn, you might lose
money. But if you can ride out
the market's ups and downs,
you may have a gain.
(checkmark)
INCOME
YEARS ENDED DECEMBER 31, 1993 1992 1991 1990 1989
Income return 5.54% 6.21% 6.77% 6.83% 6.96%
Capital gain returns 2.64% 1.12% 1.72% 0.57% 0%
Change in share price 4.06% 0.84% 2.70% (0.43)% 0.87%
Total return 12.24% 8.17% 11.19% 6.97% 7.83%
Income returns, capital gain returns, and changes in share price are all
part of a bond fund's total return. An income return reflects the dividends
paid by the fund. A capital gain return reflects the amount paid by the
fund to shareholders based on the profits it has from selling bonds that
have grown in value. Both returns assume the dividends or gains are
reinvested. Changes in the fund's share price include changes in the prices
of the bonds owned by the fund.
DIVIDENDS AND YIELD
PERIODS ENDED DECEMBER 31, 1993 PAST 30 PAST 6 PAST 1
DAYS MONTHS YEAR
Dividends per share n/a 26.14(cents) 51.65(cents)
Annualized dividend rate n/a 5.13% 5.18%
Annualized yield 4.70% n/a n/a
Tax-equivalent yield 7.34% n/a n/a
Dividends per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $10.10 over
the past six months and $9.97 over the past year, you can compare the
fund's income over these two periods. The 30-day annualized yield is a
standard formula for all funds based on the yields of the bonds in the
fund, averaged over the past 30 days. This figure shows you the yield
characteristics of the fund's investments at the end of the period. It also
helps you compare funds from different companies on an equal basis. The
tax-equivalent yield shows what you would have to earn on a taxable
investment to equal the fund's tax-free yield, if you're in the 36% federal
tax bracket.
FUND TALK: THE MANAGER'S OVERVIEW
MARKET RECAP
Generally, interest rates fell
during the 12 months ended
December 31, 1993. As a result,
bond prices rose and most
fixed-income investors -
including those in tax-free bonds
- - enjoyed attractive returns. The
period began with worries of
rising interest rates. The
economic recovery was finally
taking hold, and the spending
plans of the president-elect were
still unclear. But the bond market
signaled its approval as
President Clinton promised to
reduce the deficit and fight
inflation. The yield on the
benchmark 30-year Treasury
bond declined steadily and
reached an historic low of 5.79%
in mid-October. By year-end, mild
inflation fears, fueled by a
strengthening economy, had
pushed up the yield on the
30-year bond to 6.35%. Two
factors affected tax-free bonds
specifically: on the positive side,
higher federal taxes - discussed
all year and approved in August
- - boosted demand. At the same
time, record new issuance kept
supplies high, which somewhat
dampened prices. Overall during
the period, tax-free bonds
performed well compared to other
fixed-income investments. The
Lehman Brothers Municipal Bond
Index - a broad measure of the
tax-free bond market - rose
12.29%. By comparison, the
Lehman Brothers Aggregate
Bond Index - which tracks
investment-grade taxable bonds
- - rose only 9.75%, due in part to
relatively poor performance by
mortgage- backed securities.
An interview with David Murphy, Portfolio Manager of Fidelity
Limited Term Municipals
Q. DAVID, HOW DID THE FUND PERFORM?
A. Quite well. Total return for the 12 months ended December 31, 1993 was
12.24%. That beat the average intermediate municipal bond fund tracked by
Lipper Analytical Services, which returned 10.36%.
Q. WHAT BOOSTED PERFORMANCE OVER THE PAST YEAR?
A. 1993 provided a near ideal environment for investing in municipal bonds.
I think the year could represent a high water mark for munis when we look
back on it. Interest rates fell during most of the year, which helped push
bond prices up. The price run-up was somewhat held
in check, however, by the record level of volume in the muni market, which
forced issuers to sell bonds at lower prices. A lot of this issuance was
due to a process known as prerefunding, which is popular when rates fall.
Issuers sell new lower-interest bonds, invest the proceeds in short-term
government securities, and pay off the old bonds at the earliest call date.
Essentially this wipes old, higher interest debt off the balance sheet.
Q. WHICH SPECIFIC STRATEGIES HELPED THE FUND?
A. The fund aggressively reached for high income, which helped total
return. I did this in four ways. First, over the last six months I kept at
least 35% of the fund's investments in bonds with 10- to 15-year
maturities. I felt these bonds had the most attractive yields when weighed
against their risk, and indeed they were among the best performers. The
yield curve flattened this year, meaning the difference in yields between
long and short-term bonds narrowed. So bonds with the longest maturities -
20 years or more - didn't have high enough yields to offset their increased
risk.
Q. WHAT ELSE?
A. Second, I inched up the fund's stake in student loans from 5.5% of the
fund at the end of June, to 8.5% at the end of December. These bonds offer
higher yields because there is a slight risk that they will be repaid
early. But, by using our internal research, I selected those I felt were
safe from prepayments. Third, I kept up to 18.5% of the fund in BBB-rated
bonds over the last six months. Those are the lowest quality bonds in which
the fund can invest, but their reward is higher yields. Finally, I had
about 30% of the fund invested in zero-coupon bonds through most of the
year. I buy these bonds at a discount and they're non-callable, which makes
their prices particularly sensitive to changes in interest rates. When
rates fell this year, these bonds performed very well.
Q. HOW DID YOU REDUCE THE RISKS ASSOCIATED WITH ZEROS AND BBBS?
A. To offset the volatility of the zero-
coupons, I bought some premium coupon bonds. You pay more for these issues,
but they offer higher yields. That helps steady the fund's income stream
since zero-
coupon bonds don't pay interest until they mature. Plus, premium coupon
bonds are much less volatile than the zero-coupons.
Q. WHAT ABOUT BBBS?
A. I helped offset their increased risk by investing more heavily in bonds
with the highest quality rating: AAA. During most of 1993, AA-rated bonds
weren't offering enough of an increase in yield - compared to AAA-rated
bonds - to compensate for their higher risk. So, I increased the fund's
stake in the higher rated AAA bonds from 36% a year ago to 39% on December
31. And I decreased its stake in AA-rated issues from 24% a year ago to 12%
by year's end. That helped lessen the amount of overall risk assumed by the
fund.
Q. YOU MUST HAVE REGRETS. WHAT WERE THEY?
A. Two come to mind. I had a 21% stake in general obligation bonds at the
end of the year, and I probably should have owned more. These bonds
performed well in '93. Investors bid up their prices, anticipating
improvements in the budgets of municipalities, based on a strengthening
economy. Also, housing bonds performed poorly. I decreased the fund's stake
in housing during the year, from 5.0% to 1.9%, but I wish I'd cut back
faster. Many housing bonds were hurt by prepayments, which happened when
homeowners refinanced their mortgages.
Q. WHAT'S YOUR OUTLOOK FOR THE NEW YEAR?
A. I think interest rates will stabilize and move within a narrow range
over the next six months. If that happens, the supply of muni bonds should
shrink because prerefundings would slow dramatically. Demand should remain
constant or increase, as investors try to beat higher taxes. These dynamics
should push up prices of muni bonds, which would help the fund. But as the
supply goes down, issuers will be offering lower yields on new bonds. I
believe investors may try to buy medium quality bonds, like BBBs, to
compensate. I expect to add up to 5% more in BBB-rated bonds to the fund in
the coming months. An improving economy should boost the credit ratings of
some of these issuers, which would make their bonds more valuable.
FUND FACTS
GOAL: high current income
free from federal taxes while
preserving principal
START DATE: April 15, 1977
SIZE: as of December 31,
1993, over $1.1 billion
MANAGER: David L. Murphy,
since December 1989;
manager, Spartan
Intermediate Municipal Fund,
since April 1993; Fidelity
New York
Insured Portfolio, since
October 1992; Spartan New
Jersey Municipal High Yield
Portfolio, since April 1991;
Spartan Short-Intermediate
Municipal Fund, since
December 1989
(checkmark)
DAVID MURPHY ON RISK VS.
REWARD:
"When I buy municipal bonds,
my goal is always to find the
highest yields possible, while
keeping risk in check. Over
the past six months, I've
found the best values in
municipal bonds with 10- to
12-year maturities. As interest
rates have fallen, yields on
bonds with longer maturities
- - 20 years or more - have
dropped more than yields on
shorter bonds. So it hasn't
made sense to go after too
many of the longer bonds
because their yields weren't
high enough to offset their
additional risk. But as rates
have stabilized and even
inched up a bit, bonds with
slightly longer maturities are
becoming more attractive. So
I've started to move some of
the fund's investments out of
10-year bonds and into those
with 13- to 15-year maturities.
"
(bullet) $290 billion dollars in
municipal bonds were issued in
the United States last year.
That broke the old volume
record, $235 billion, set in 1992.
DISTRIBUTION
The Board of Trustees of
Fidelity School Street Trust
voted to pay on February 7,
1994, to the shareholders of
record at the opening of
business on February 4,
1994 a distribution of $.02
derived from captial gains
realized from sales of portfolio
securities.
INVESTMENT CHANGES
TOP FIVE STATES AS OF DECEMBER 31, 1993
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
6 MONTHS AGO
New York 11.1 6.8
Texas 10.3 10.3
Massachusetts 6.2 6.8
California 6.1 8.5
Washington 5.4 4.6
TOP FIVE SECTORS AS OF DECEMBER 31, 1993
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
6 MONTHS AGO
General Obligation 21.4 22.9
Electric Revenue 17.0 16.9
Health Care 16.7 15.5
Escrowed/Pre-Refunded 10.1 9.5
Education 8.8 5.6
AVERAGE YEARS TO MATURITY AS OF DECEMBER 31, 1993
6 MONTHS AGO
Years 10.3 9.4
AVERAGE YEARS TO MATURITY SHOWS THE AVERAGE TIME UNTIL THE PRINCIPAL OF THE
BONDS IN THE FUND IS EXPECTED TO BE REPAID, WEIGHTED BY DOLLAR AMOUNT.
DURATION AS OF DECEMBER 31, 1993
6 MONTHS AGO
Years 8.0 7.2
DURATION SHOWS HOW MUCH A BOND'S PRICE FLUCTUATES WITH CHANGES IN INTEREST
RATES. IF RATES RISE 1%, FOR EXAMPLE, THE SHARE PRICE OF A FUND WITH A
FIVE-YEAR DURATION WILL FALL 5%.
QUALITY DIVERSIFICATION AS OF DECEMBER 31, 1993
(MOODY'S RATINGS)
Aaa 43.9%
Aa, A 31.7%
Baa 21.3%
Non-rated 2.6%
Row: 1, Col: 1, Value: 2.6
Row: 1, Col: 2, Value: 21.3
Row: 1, Col: 3, Value: 31.7
Row: 1, Col: 4, Value: 43.9
THIS CHART EXCLUDES SHORT-TERM INVESTMENTS. WHERE MOODY'S RATINGS ARE NOT
AVAILABLE, WE HAVE USED S&P RATINGS.
INVESTMENTS DECEMBER 31, 1993
Showing Percentage of Total Value of Investment in Securities
MUNICIPAL BONDS - 99.5%
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
ALABAMA - 2.2%
Alabama Docks Dept. Coal Rev. Rfdg. 10% 10/1/05,
(Pre-Refunded to 10/1/95 @ 103) (e) $ 7,355 $ 8,302 010515AM
Alabama Gen. Oblig. Rfdg. (Cap. Appreciation):
0% 3/1/01 11,000 7,961 010410ZP
0% 9/1/01 7,500 5,306 010410ZQ
Alabama Hsg. Fin. Auth. Single Family Mtg. Rev. Series B,
0% 10/1/14 37,650 4,407 010308HH
25,976
ALASKA - 3.7%
Anchorage Elec. Util. Rev. Rfdg. (Sr. Lien):
8% 12/1/06, (MBIA Insured) 1,775 2,252 033177SF
8% 12/1/07, (MBIA Insured) 1,310 1,665 033177SG
Anchorage Hosp. Rev. Rfdg. (Sisters of Providence Proj.)
Series 1991, 6.75% 10/1/02 2,575 2,907 033204CF
Hot Springs Ind. Dev. Rev. Rfdg. (Willamette Industries, Inc.)
6.65% 12/1/02 7,000 8,015 441089AA
North Slope Borough (Cap. Appreciation):
Series A:
0% 6/30/02, (MBIA Insured) 20,000 13,450 662523RD
0% 6/30/03, (MBIA Insured) 10,000 6,363 662523RF
Series B, 0% 1/1/02, (MBIA Insured) 13,500 9,298 662523RQ
43,950
ARIZONA - 0.6%
Gila County Ind. Dev. Auth. Poll. Cont. Rev.
(Inspiration Consolidated Copper Corp.) 11.25% 4/1/01,
(Pre-Refunded to 2/15/01 @ 100) (e) 2,230 2,612 375249AB
Phoenix Str. & Hwy. Rev. Rfdg. (Jr. Lien) 6.30% 7/1/03 3,720 4,185
718867LN
6,797
CALIFORNIA - 6.1%
ABAG Fin. Auth. for Nonprofit Corp. Cfts. of Prtn.
(Stanford Univ. Hosp.):
5% 11/1/04 3,400 3,447 00037EBA
5.125% 11/1/05 2,000 2,035 00037EBB
California Hsg. Fin. Agcy. Rev. (Home Mtg.) Series 1983 A,
0% 2/1/15 39,133 4,892 130329QE
California Pub. Wks. Board Lease Rev. (California Univ. Proj.)
Series A, 5.50% 6/1/14 4,000 4,040 13068GRB
California Statewide Commtys. Dev. Auth. Rev. Ctfs. of Prtn.
Rfdg. (Hosp. Triad Healthcare):
5.90% 8/1/01 3,300 3,498 130909CK
6% 8/1/02 4,145 4,420 130909CL
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
CALIFORNIA - CONTINUED
Fresno Swr. Rev. Series A-1, 5% 9/1/08, (AMBAC Insured) $ 5,000 $ 4,975
358229CD
Los Angeles County Ctfs. of Prtn. (Multiple Cap. Facs. Proj.)
7.76% 11/1/01 (a) 4,800 5,400 544663R9
Los Angeles Dept. Wtr. & Pwr. Wtrwks. Rev. 9% 4/15/04 1,610 2,087
544524GE
Los Angeles Unltd. Tax Series A, 5.25% 9/1/07 5,165 5,288 544350ZR
Northern California Pwr. Agcy.:
Multiple Cap. Facs. Rev. Series A:
6% 8/1/03, (MBIA Insured) 2,400 2,667 664842AH
6.10% 8/1/04, (MBIA Insured) 1,750 1,951 664842AJ
Pub. Pwr. Rev. Rfdg. (Geothermal Proj. #3) Series A:
5.60% 7/1/06 2,000 2,105 664843RT
5.80% 7/1/09 3,000 3,146 664843RZ
Port Oakland Port. Rev. Rfdg. Series F, 0% 11/1/05,
(MBIA Insured) 3,410 1,905 734897RP
Riverside County Trans. Commission Sales Tax Rev. Ltd. Tax
5.75% 6/1/07, (AMBAC Insured) 3,000 3,233 769125BG
San Francisco City & County Swr. Rev. Rfdg. 5.90% 10/1/08,
(AMBAC Insured) 2,000 2,150 797654HK
San Jose Redev. Agcy. Tax. Allocation (Merged Area
Redev. Proj.) 6% 8/1/07, (MBIA Insured) 2,500 2,722 798147KQ
Southern California Pub. Pwr. Auth. Pwr. Proj. Rev.:
0% 7/1/15, (Pre-Refunded to 7/1/00 @ 101) (b)(e) 2,000 2,127 842475DL
Series 11, 0% 7/1/15, (Pre-Prefunded to 7/1/00 @ 101) (e) 14,000
10,587 842475JW
72,675
COLORADO - 4.1%
Colorado Health Facs. Auth. Rev. Rfdg. (Rocky Mountain
Adventist) 6.25% 2/1/04 26,100 27,079 1964732L
Colorado Student Oblig. Bond Auth. Student Loan Rev.
Series A, 6.75% 9/1/99 4,150 4,534 196777GE
Denver City & County Arpt. Rev.:
Series A:
6.875% 11/15/00 1,950 2,106 249181JL
7.25% 11/15/03 1,000 1,120 249181JP
7.50% 11/15/06 4,000 4,530 249181JQ
9.75% 12/1/95 9,300 9,765 249181FA
49,134
CONNECTICUT - 0.2%
Connecticut Hsg. Fin. Auth. (Hsg. Mtg. Fin. Prog.) Series D,
8.50% 11/15/01 2,000 2,105 207745ZJ
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
DISTRICT OF COLUMBIA - 3.8%
District of Columbia:
Rfdg.:
Series A, 5.625% 6/1/02, (AMBAC Insured) $ 5,250 $ 5,578 254760N5
Series B, 0% 6/1/02, (MBIA Insured) 2,880 1,908 254760SH
Series A, 6.75% 6/1/06, (AMBAC Insured) 5,000 5,769
Series E, 5% 6/1/01, (FGIC Insured) 3,850 3,941 254760K2
5.60% 6/1/07, (AMBAC Insured) 2,000 2,083 254760U3
Hosp. Rev. Rfdg. (Medlantic Healthcare Group - Washington
Hosp. Ctr.):
Series A:
6.50% 8/15/96 1,100 1,148 254764BT
6.75% 8/15/98 2,600 2,779 254764BV
6.80% 8/15/99 2,600 2,792 254764BW
7% 8/15/05 5,730 6,260 254764BY
Series B:
5.80% 8/15/97 4,035 4,126 254764CY
6% 8/15/98 4,265 4,404 254764CZ
6.25% 8/15/00 4,805 5,033 254764DB
45,821
FLORIDA - 0.5%
Florida Tpk. Auth. Rev. Rfdg. Series A, 5.25% 7/1/07,
(FGIC Insured) 4,500 4,601 343136EX
Orlando & Orange County Expwy. Auth. Rev. Rfdg. (Jr. Lien)
Series A, 5% 7/1/08, (FGIC Insured) 1,755 1,746 686543KM
6,347
GEORGIA - 0.3%
Floyd County Hosp. Auth. Rev. Anticipated Ctfs.
(Floyd Med. Ctr. Proj.) 5% 7/1/05, (FGIC Insured) 3,140 3,171 343575DU
IDAHO - 0.5%
Idaho Falls Rfdg.:
0% 4/1/04, (FGIC Insured) 4,040 2,449 451182FA
0% 4/1/05, (FGIC Insured) 7,000 3,999 451182FB
6,448
ILLINOIS - 1.6%
Cook County Commty. College Dist. Gen. Oblig. #508
Ctfs. of Prtn. 8.30% 1/1/00, (FGIC Insured) 1,515 1,801 216084AD
Illinois Health Facs. Auth. Rev. Rfdg. (Palos Commty. Hosp.)
Series A, 9.375% 11/1/99 690 766 452008RF
Illinois Univ. Rev. (Auxiliary Facs. Sys.) 0% 10/1/07,
(MBIA Insured) 7,505 3,630 914353EV
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
ILLINOIS - CONTINUED
Metropolitan Pier & Exposition Auth. Dedicated
State Tax Rev. (McCormick Place Expansion Proj.)
Series A, 0% 6/15/07, (FGIC Insured) (b) $ 5,000 $ 4,538 592247CN
Rock Island County Ctfs. of Prtn.:
10% 12/1/97, (FGIC Insured) 965 1,166 772321AG
10% 12/1/98, (FGIC Insured) 940 1,166 772321AH
Rolling Meadows Multi-Family Mtg. Rev. Rfdg.
(Woodfield Gardens Apts. Proj.) 7.75% 2/1/04,
LOC Banque Paribas 5,000 5,206 775702BV
South Beloit Ind. Dev. Rev. Rfdg. (Beloit Corp. Proj.) 7.60%
12/1/11 1,000 1,150 836468AB
19,423
INDIANA - 1.9%
Hammond Poll. Cont. Rev. (Commonwealth Edison Co. Proj.)
9.125% 6/15/10 2,000 2,028 408405AB
Indiana Employment Dev. Poll. Cont. Rev. 5.70% 10/1/99 5,000 5,188
454901AB
Indianapolis Arpt. Fac. Rev. Economic Dev. Rfdg. (Federal
Express Corp. Proj.) 6.85% 4/1/17 (c) 7,000 7,175 455256AB
Marion County Hosp. Auth. Facs. Rev.:
Rfdg. (Univ. Heights Hosp.) 8.625% 10/1/99,
(AMBAC Insured) 3,950 4,780 569037JA
(Commty. Hosp. Indianapolis Proj.) 9.25% 5/1/98,
(Escrowed to Maturity) (e) 2,935 3,286 569037DB
22,457
IOWA - 0.5%
Iowa Student Loan Liquidity Corp. Student Loan Rev. Series A,
6.25% 3/1/00 5,080 5,493 462590BS
KANSAS - 0.5%
Kansas City Util. Sys. Rev. Rfdg. & Impt. 0% 3/1/04,
(AMBAC Insured) 8,750 5,327 484790FA
KENTUCKY - 0.3%
Kentucky Tpk. Auth. Resource Recovery Road Rev.
13.125% 7/1/09, (Pre-Refunded to 1/1/94 @ 102) (e) 5 5 491557EW
Owensboro Elec. Lt. & Pwr. Rev. Rfdg. Series B, 0% 1/1/02,
(AMBAC Insured) 5,825 3,997 691021HT
4,002
LOUISIANA - 3.8%
Bastrop Ind. Dev. Board Poll. Cont. Rev. Rfdg. (Int'l. Paper Co.
Proj.) 6.90% 3/1/07 21,800 24,525 070318AF
De Soto Parish Poll. Cont. Rev. (Int'l. Paper Co. Proj.)
Series A, 5.05% 12/1/02 7,500 7,688 241627AL
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
LOUISIANA - CONTINUED
Louisiana Pub. Facs. Auth. Rev. Student Loan Sr. Series A-1:
6.10% 3/1/00 $ 1,500 $ 1,601 54640AJU
6.10% 9/1/00 3,000 3,217 54640AJW
New Orleans Rfdg. (Cap. Appreciation)
0% 9/1/05, (AMBAC Insured) 16,000 8,860 647634XQ
45,891
MARYLAND - 0.3%
Prince George's County Med. Hosp. Rev.
(Dimensions Health Corp.):
7% 7/1/01 1,250 1,370 741710AJ
7.20% 7/1/06 1,750 1,936 741710AG
3,306
MASSACHUSETTS - 6.2%
Massachusetts Edl. Loan Auth. Loan Rev. Issue C,
7.40% 6/1/98, LOC Rabobank Nederland 4,470 4,599 575633BL
Massachusetts Gen. Oblig.:
Rfdg.:
Series A, 6.50% 8/1/04 5,500 6,236 575823X9
Ltd. Tax Series B, 5.20% 11/1/04 3,500 3,653 575826AM
0% 12/1/00 (b) 3,500 3,146 5758233Y
Massachusetts Health & Edl. Facs. Auth. Rev.:
Rfdg. (Children's Hosp. Corp.) Series B, 10% 1/1/95 220 234 575849LW
(Lawrence Gen. Hosp.) Series B, 7.25% 7/1/01 5,715 6,208 5758504G
(Waltham/Weston Hosp. & Med. Ctr.) Series B, 8% 7/1/02 3,900 4,495
575850L8
Massachusetts Hsg. Fin. Agcy. Single Family Mtg. Purchase
Series 1984 A, 11.375% 12/1/08 155 160 575853FX
Massachusetts Ind. Fin. Agcy. Ind. Rev. Rfdg. (Beloit Corp. Proj.):
Series A, 7.60% 12/1/11 1,000 1,150 575855F4
Series B, 6.50% 12/1/96 612 649 575855F5
Massachusetts Ind. Fin. Agcy. Rev. (Cap. Appreciation)
(Massachusetts Biomedical Research):
Series A-1:
0% 8/1/01 10,800 7,439 575914DW
0% 8/1/02 5,700 3,691 575914DY
Series A-2:
0% 8/1/04 10,800 6,170 575914EA
0% 8/1/05 5,100 2,735 575914EB
0% 8/1/07 5,800 2,719 575914ED
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
MASSACHUSETTS - CONTINUED
Massachusetts Muni. Wholesale Elec. Co. Pwr. Supply Sys. Rev.:
Rfdg. Series A, 6.75% 7/1/05 $ 3,610 $ 4,025 575765HZ
Series B, 6.625% 7/1/03 5,665 6,309 575765HW
Series E:
5.875% 7/1/03, (AMBAC Insured) 2,250 2,433 575765PM
6% 7/1/04, (AMBAC Insured) 7,320 7,970 575765PQ
74,021
MICHIGAN - 2.8%
Detroit Convention Facs. Rev. Rfdg. (Cobo Hall Expansion Proj.):
5.10% 9/30/04 8,050 8,070 251131BB
5.25% 9/30/06 11,380 11,366 251131BD
Flint Hosp. Bldg. Auth. Rev.:
Rfdg. (Hurley Med. Ctr.) 9.50% 7/1/06 3,000 3,278 339511AQ
(Hurley Med. Ctr.) Series B, 8.125% 7/1/06 2,220 2,448 339511BL
Michigan Bldg. Auth. Rev. Rfdg. (State Bldg. Ottawa Lansing)
7.40% 4/1/99, (MBIA Insured) (Escrowed to Maturity) (e) 1,245 1,393
594613QZ
Michigan Comprehensive Trans. Rev. 8.50% 5/1/95,
(FGIC Insured) 150 161 594636EK
Michigan Strategic Fund:
Ltd. Oblig. Rev. Rfdg. (Eaton Twp. K-mart Corp. Proj.)
5.90% 9/1/01 1,230 1,315 5946924H
Poll. Cont. Rev. (Chrysler Corp. Proj.) 5.70% 10/1/99 5,000 5,193
594693AN
33,224
MINNESOTA - 0.5%
Breckenridge Hosp. Facs. Rev. (Franciscan Sisters Healthcare)
Series B-1, 8.25% 9/1/97 1,090 1,194 106502AK
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys. Rev.
Rfdg. Series B, 5.80% 1/1/07 5,000 5,331 843375MJ
6,525
MISSISSIPPI - 0.2%
Grenada County Poll. Cont. Rev. (Georgia-Pacific Corp. Proj.)
5.875% 12/1/96 2,250 2,303 397662AB
MISSOURI - 1.4%
Missouri Health & Edl. Facs. Auth. Health Facs. Rev.:
Rfdg. (Barnes-Jewish Inc. Christian-A) 5.10% 5/15/09 2,330 2,295
60635RJA
(Barnes-Jewish Inc. Christian-A) 6% 5/15/08 11,525 12,476 60635RHZ
Missouri Hsg. Dev. Commission (Cap. Appreciation)
0% 9/1/25, (FHA Insured) 74,925 2,341 606353Q5
17,112
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
MULTIPLE STATES - 6.3%
New England Ed. Loan Marketing Corp. Student Loan Rev.:
Rfdg.:
Sr. Issue:
Series A, 6.50% 9/1/02 $ 35,525 $ 39,610 643898AT
D, 6.20% 9/1/00 3,000 3,263 643898AX
D, 6.30% 9/1/02 7,815 8,606 643898AZ
Series G, 5.20% 8/1/02 8,250 8,507 643898BL
Issue A, 5.80% 3/1/02 1,500 1,613 643898BC
District of Columbia Metro Area Trans. Auth. Gross Rev. Rfdg.:
4.70% 7/1/03, (FGIC Insured) 5,000 5,031 938782AU
5% 1/1/06, (FGIC Insured) 3,400 3,426 938782AZ
6% 7/1/07, (FGIC Insured) 4,685 5,159 938782BC
75,215
NEBRASKA - 0.2%
Nebraska Investment Fin. Auth. Hosp. Rev. (Nebraska
Methodist Health Sys.) 6.85% 3/1/02, (MBIA Insured) 2,000 2,300
639902BK
NEVADA - 0.5%
Clark County School Dist. Ltd. Tax Series B, 0% 3/1/05,
(FGIC Insured) 6,570 3,754 181054UZ
Reno Hosp. Rev. (St. Mary's Regional Med. Ctr.) Series A,
5% 5/15/08, (MBIA Insured) 2,465 2,406 759836CS
6,160
NEW HAMPSHIRE - 0.1%
New Hampshire Higher Edl. & Health Facs. Auth. Rev.
(Androscoggin Valley Hosp.) Series A, 7.90% 11/1/98,
(GNMA Coll.) 825 847 644618HX
NEW JERSEY - 0.5%
New Jersey Health Care Facs. Fing. Auth. Rfdg.
(Atlantic City Med. Ctr.) Series C:
6.55% 7/1/03 2,200 2,420 64579CLB
6.80% 7/1/05 2,750 3,063 64579CLE
5,483
NEW YORK - 11.1%
Metropolitan Trans. Auth. Trans. Facs. Rev.:
Rfdg. Series 7:
0% 7/1/08 6,030 2,646 592597G9
0% 7/1/09 5,195 2,175 592597J6
0% 7/1/11 7,590 2,808 592597K2
Series B, 9.75% 7/1/95 3,825 3,997 592598AZ
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
NEW YORK - CONTINUED
New York City:
Series B:
7.50% 2/1/04 $ 6,000 $ 6,915 649652JZ
5.60% 8/15/05 2,625 2,658 649653MM
6.75% 10/1/06 7,440 8,091 649653LJ
Series D, 5.70% 8/15/06 4,900 4,961 649653MT
Series H, 7% 2/1/06 3,000 3,326 649653LA
Short Rites Series C, 7.16027% 8/1/03 (a) 22,000 24,558 649652MT
Sub-Series A-1, 5.70% 8/1/06 2,000 2,025 649653ML
Unltd. Tax. Series B, 7.50% 2/1/05 2,620 3,036 649653JL
New York City Health & Hosp. Corp.:
Rev. Series A, 3.40% 2/15/94 8,490 8,490 649674AK
2.649% 1/13/94, (AMBAC Insured) 3,000 3,000 649674BN
New York State Dorm. Auth. Rev.:
Rfdg. (New York City Univ.):
Series A, 5% 7/1/08, (MBIA Insured) 4,900 4,888 649834SR
Series E, 5.60% 7/1/04, (FGIC Insured) 3,255 3,475 649834SC
(New York City Univ. Sys. Consolidated):
Series D, 8.75% 7/1/02 2,700 3,372 649832JC
2nd Series A, 5.60% 7/1/04, (FGIC Insured) 1,915 2,044 649834GQ
(New York City Univ.) 2nd Series B, 6% 7/1/04,
(FGIC Insured) 5,000 5,481 649834SE
Rfdg. (New York State Univ. Edl. Facs.):
Series A, 5.50% 5/15/07, (FGIC Insured) 1,700 1,770 649834SF
Series B:
5.25% 5/15/04, (FGIC Insured) 11,750 12,205 649834RG
5.25% 5/15/09 2,500 2,450 649834MZ
(New York State Univ. Edl. Facs.):
Series A, 5.20% 5/15/06 3,000 2,970 649834VQ
Series C:
5.10% 5/15/03 3,980 3,980 649834VM
5.20% 5/15/04 4,185 4,190 649834VN
New York State Local Gov't. Assistance Corp.:
Rfdg. (Cap. Appreciation) Series C, 0% 4/1/13 6,510 2,287 649876JL
Series D, 5.10% 4/1/07 2,150 2,145 649876KF
New York State Urban Dev. Corp. Rev. 5.30% 1/1/05 3,170 3,154 650033C3
133,097
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
NORTH CAROLINA - 2.1%
North Carolina Eastern Muni. Pwr. Agcy. Pwr. Sys. Rev. Rfdg.:
Series A, 7.875% 1/1/02 $ 8,000 $ 9,590 658196JZ
Series B, 7% 1/1/08 3,000 3,506 658196NW
Series C, 5.25% 1/1/04 6,885 7,083 658196SS
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev. Rfdg.
6% 1/1/04 4,750 5,166 658203QD
25,345
OHIO - 1.2%
Franklin County Rev. (Online Computer Library Ctr. Proj.):
Series 1991:
6.50% 7/15/98 745 802 353202AT
6.60% 7/15/99 895 974 353202AU
6.70% 7/15/00 960 1,062 353202AV
6.80% 7/15/01 800 895 353202AW
5.65% 4/15/01 500 521 353202BH
5.75% 4/15/02 1,030 1,078 353202BJ
5.90% 4/15/04 500 523 353202BL
6% 4/15/09 3,000 3,064 353202BM
Lake County Hosp. Impt. Facs. Rev. (Lake Hosp. Sys. Inc.)
6.875% 8/15/11, (AMBAC Insured) (Escrowed
to Maturity) (e) 3,800 4,546 509438DM
Montgomery County Wtr. Rev. Rfdg. (Greater Moraine
Beavercreek) 5% 11/15/03, (AMBAC Insured) 1,050 1,090 613562FG
14,555
OKLAHOMA - 4.2%
Grand River Dam Auth. Rev. Rfdg.:
8% 6/1/02 2,890 3,566 386442PL
5.50% 6/1/03 11,925 12,775 386442PC
5.70% 6/1/05 12,000 12,975 386442PE
5.875% 6/1/07 5,000 5,443 386442PG
Tulsa Ind. Auth. Hosp. Rev. (Tulsa Reg'l. Med. Ctr.):
Series A, 7.625% 6/1/06 12,000 13,440 899652BH
7% 6/1/06 2,080 2,280 899652BV
50,479
OREGON - 0.1%
Tri City Svc. Dist. Swr. Rfdg. 5% 9/1/02 1,620 1,693 895428BR
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
PENNSYLVANIA - 5.0%
Allegheny County:
Series C-34, 0% 2/15/02 (b)(d) $ 26,000 $ 24,765 017285N9
Hosp. Dev. Auth. Rev. (Southside Hosp.) Series A,
8.50% 6/1/01 4,730 5,097 017289F8
Allentown Area Hosp. Auth. Rev. (Sacred Heart Hosp.)
7.25% 7/1/96 2,425 2,534 018347DM
Delaware County Unltd. Tax Rfdg. 0% 11/15/03 5,500 3,417 246001QP
Northampton County Hosp. Auth. Rev. (Easton Hosp.)
Series B, 6.90% 1/1/02 3,660 3,857 663542CH
Pennsylvania Gen. Oblig. Pub. School Bldg. Auth. Lease
Rev. Series BG, 8.10% 11/1/94 245 253 709205YX
Philadelphia Untld. Tax Rfdg. Series A, 5.10% 5/15/02,
(FGIC Insured) 8,330 8,590 717812GK
Philadelphia Gas Wks. Rev. Rfdg. Fourteenth Series A,
4.90% 7/1/96 3,415 3,479 717823LR
Philadelphia Hosp. & Higher Ed. Facs. Auth. Hosp. Rev.
(Temple Univ. Hosp.) Series A:
5.10% 11/15/96 2,245 2,301 717903QN
5.40% 11/15/97 2,290 2,367 717903QQ
5.75% 11/15/97 2,675 2,805 717903QU
59,465
RHODE ISLAND - 0.2%
Rhode Island Student Loan Auth Student Loan Rev. Rfdg.
Series A, 6.40% 12/1/99 2,340 2,513 762315AN
SOUTH CAROLINA - 0.1%
Aiken County Ind. Rev. Rfdg. (Beloit Corp. Proj.)
7.60% 12/1/11 1,500 1,725 008760AX
TENNESSEE - 4.6%
Knox County Health Edl. & Hsg. Facs. Auth. Rev. (Sanders
Alliance Hosp. Facs.) Series C, 7.25% 1/1/10,
(MBIA Insured) (a)(f) 2,500 3,041 499523MN
Knox County Ind. Dev. Board Ind. Rev. Rfdg. (Station 82-4-B)
0% 2/1/16, (Escrowed to Maturity) (e) 5,625 1,434 499530KR
Metropolitan Gov't. Nashville & Davidson County Wtr. & Swr.
Rev. Rfdg. 0% 1/1/12, (FGIC Insured) (b)(d) 54,645 51,025 592098VM
55,500
TEXAS - 10.3%
Austin Util. Sys. Rev.:
Rfdg. Series A:
0% 11/15/01, (MBIA Insured) 15,000 10,425 0524734S
0% 5/15/02, (MBIA Insured) 16,130 10,868 0524734U
(Prior Lien) 9.90% 5/1/98 1,040 1,273 052473LV
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
TEXAS - CONTINUED
Dallas County Rfdg. Unltd. Tax Series A:
0% 8/15/05 $ 7,125 $ 4,026 2346495B
0% 8/15/06 6,700 3,559 2346495D
0% 8/15/07 3,605 1,798 2346495F
Harris County Gen. Oblig.:
Cap. Appreciation Rev. Rfdg. (Toll Road Subordinated Lien):
Series 1991:
0% 8/1/02 8,485 5,621 414003TC
0% 8/1/03 12,570 7,856 414003TE
0% 8/1/05 16,275 9,012 414003TG
0% 8/1/06 13,000 6,760 414003TH
Flood Cont. Dist. Rfdg. 0% 10/1/07 7,000 3,421 414018S7
Houston Wtr. & Swr. Sys. Rev. Rfdg. (Jr. Lien) 0% 12/1/15,
(FGIC Insured) (Pre-Refunded to 12/1/00 @ 103) (b)(e) 36,000 35,775
442436CW
Katy Independent School Dist. Gen. Oblig. Rfdg. Ltd. Tax
Series A, 0% 2/15/07, (PSF Guaranteed) 4,600 2,306 486062PR
Lewisville Independent School Dist. Gen. Oblig. Rfdg.
0% 8/15/08, (PSF Guaranteed) 5,000 2,250 5288272D
Memorial Villages Wtr. Auth. 7% 9/1/00 2,285 2,385 586056BK
Northside Independent School Dist. Gen. Oblig. Rfdg.
0% 2/1/05, (PSF Guaranteed) 6,155 3,508 6670263N
Round Rock Independent School Dist. Rfdg. Unltd. Tax
0% 2/15/07, (PSF Guaranteed) 7,645 3,832 779239L5
San Antonio Elec. & Gas Rev. Rfdg. Series B, 0% 2/1/09,
(FGIC Insured) 10,000 4,450 7962528E
Spring Independent School Dist. Rfdg. Unltd. Tax
0% 2/15/07, (PSF Guaranteed) 7,420 3,719 850000MZ
Texas Hsg. Agcy. Single Family Mtg. Rev. Series A,
10.75% 9/1/96 55 57 882482EF
122,901
UTAH - 4.9%
Intermountain Pwr. Agcy. Pwr. Supply Rev.:
Rfdg. Series G, 0% 7/1/12, (Pre-Refunded to
1/1/03 @ 101) (b)(e) 17,000 14,896 458840LD
Series 1985 B, 0% 7/1/11, (Pre-Refunded to
7/1/00 @ 101) (b)(d)(e) 33,470 36,482 458840GU
Salt Lake County Wtr. Conservancy Dist. Rev. (Cap. Appreciation)
Series A, 0% 10/1/06, (AMBAC Insured) 3,500 1,816 795697CM
Utah Board of Regents Student Loan Series A,
7.60% 11/1/00, (AMBAC Insured) 4,900 5,598 917546BL
58,792
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
VIRGINIA - 0.0%
Louisa Ind. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. & Pwr.
Co. Proj.) 6.75% 5/1/06 $ 245 $ 245 546068AD
Virginia Hsg. Dev. Auth. Residential Mtg. (Single Family Mtg.)
Series 1983 B, 0% 9/1/14 2,705 342 928136FA
587
WASHINGTON - 5.4%
Washington Health Care Facs. Auth. Rev.
(Empire Health Ctr. Group) 3.25% 11/1/94, (MBIA Insured) 2,000 2,010
939780Z6
Washington Pub. Pwr. Supply Sys.:
Nuclear Proj. #1 Rev.:
Rfdg. Series C, 7.75% 7/1/03 1,000 1,210 939827MP
Series A, 7% 7/1/08 3,000 3,514 939827QU
Nuclear Proj. #2 Rev.:
Rfdg.:
Series A, 0% 7/1/06, (MBIA Insured) 12,875 6,743 939828QV
Series C, 7.625% 7/1/10 10,000 11,763 939828MT
Series A, 14.375% 7/1/01 2,000 2,968 939828KC
Nuclear Proj. #3 Rev.:
Rfdg. Series B:
7.375% 7/1/04 7,100 8,201 939830JH
0% 7/1/05, (MBIA Insured) 10,000 5,574 939830MA
0% 7/1/07 11,000 5,376 939830GQ
0% 7/1/10 16,000 6,380 939830HM
0% 7/1/11 9,500 3,551 939830HN
Series B, 0% 7/1/04, (MBIA Insured) 5,700 3,377 939830LU
Series C, 7.50% 7/1/08, (MBIA Insured) 3,000 3,738 939830PV
64,405
WISCONSIN - 0.7%
Beloit Ind. Dev. Rev. Rfdg. (Beloit Corp. Proj.) 7% 12/1/01 1,000 1,144
080644AD
Milwaukee Met. Swr. Dist. Series A, 5.10% 9/1/94 3,500 3,557 602409AY
Wisconsin Hsg. & Econ. Dev. Auth. Homeownership Rev.
Series A, 7.40% 9/1/07 3,265 3,461 976900D5
8,162
TOTAL MUNICIPAL BONDS
(Cost $1,113,506) 1,190,732
MUNICIPAL NOTES (A) - 0.5%
MOODY'S RATINGS PRINCIPAL VALUE (NOTE 1)
(UNAUDITED) (C) AMOUNT (A)
CONNECTICUT - 0.1%
Connecticut Spl. Assessment Unemployment Rev.
Series 1993 B, 2.95%, LOC Industrial Bank of Japan,
Mitsubishi Bank Ltd. Japan, VRDN $ 1,700 $ 1,700 207756AR
UTAH - 0.4%
Utah Board of Regents Student Loan Rev. Series 1988 B,
2.80%, (AMBAC Insured), BPA Swiss Bank, VRDN 4,500 4,500 917546BM
TOTAL MUNICIPAL NOTES
(Cost $6,200) 6,200
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $1,119,706) $ 1,196,932
FUTURES CONTRACTS
AMOUNT IN THOUSANDS EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
SELL
70 U.S. Treasury 5-Year Note Contracts March 1994 $ 7,762 $ 18
THE VALUE OF FUTURES CONTRACTS SOLD AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - .7%
SECURITY TYPE ABBREVIATIONS
VRDN - Variable Rate Demand Notes
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
2. Debt obligation initially issued in zero coupon form which converts to
coupon form at a specified rate and date.
3. Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
4. A portion of the security was pledged to cover margin requirements for
futures contracts and delayed delivery purchases. At the period end, the
value of securities pledged amounted to $18,671,000.
5. Security collateralized by an amount sufficient to pay interest and
principal.
6. Inverse floating rate security is a security where the coupon is
inversely indexed to a floating interest rate. The price will be more
volatile than the price of a comparable fixed rate security.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows (ratings are unaudited):
MOODY'S S&P
RATINGS RATINGS
Aaa, Aa, A 70.8% AAA, AA, A 73.9%
Baa 19.0% BBB 14.8%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 2.6%.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
General Obligation 21.4%
Electric Revenue 17.0
Health Care 16.7
Escrowed/Pre-Refunded 10.1
Others (individually less than 10%) 34.8
TOTAL 100.0%
INCOME TAX INFORMATION
At December 31, 1993, the aggregate cost of investment securities for
income tax purposes was $1,119,706,000. Net unrealized appreciation
aggregated $77,226,000, of which $78,854,000 related to appreciated
investment securities and $1,628,000 related to depreciated investment
securities.
The fund hereby designates $5,145,000 as a capital gain dividend for the
purpose of the dividend paid deduction.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) DECEMBER 31, 1993
ASSETS 7. 8.
9.Investment in securities, at value (cost $1,119,706) 10. $ 1,196,932
(Notes 1 and 2) - See accompanying schedule
11.Cash 12. 575
13.Receivable for investments sold 14. 14,839
Regular delivery
15. Delayed delivery (Note 2) 16. 8,155
17.Interest receivable 18. 14,126
19.Receivable for daily variation on futures contracts 20. 3
21. TOTAL ASSETS 22. 1,234,630
LIABILITIES 23. 24.
25.Payable for investments purchased $ 14,357 26.
Regular delivery
27. Delayed delivery (Note 2) 14,085 28.
29.Dividends payable 6,181 30.
31.Accrued management fee 393 32.
33.Other payables and accrued expenses 242 34.
35. TOTAL LIABILITIES 36. 35,258
37.NET ASSETS 38. $ 1,199,372
39.Net Assets consist of: 40. 41.
42.Paid in capital 43. $ 1,121,427
44.Accumulated undistributed net realized gain (loss) on 45. 701
investments
46.Net unrealized appreciation (depreciation) on: 47. 48.
49. Investment securities 50. 77,226
51. Futures contracts 52. 18
53.NET ASSETS, for 120,048 shares outstanding 54. $ 1,199,372
55.NET ASSET VALUE, offering price and redemption price 56. $9.99
per share ($1,199,372 (divided by) 120,048 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEAR ENDED DECEMBER 31, 1993
INVESTMENT INCOME 58. $ 67,654
57.Interest
EXPENSES 59. 60.
61.Management fee (Note 4) $ 4,805 62.
63.Transfer agent, accounting and custodian fees and 1,695 64.
expenses (Note 4)
65.Non-interested trustees' compensation 5 66.
67.Registration fees 123 68.
69.Audit 45 70.
71.Legal 14 72.
73.Miscellaneous 15 74.
75. TOTAL EXPENSES 76. 6,702
77.NET INVESTMENT INCOME 78. 60,952
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS 80. 81.
(NOTE 1)
79.Net realized gain (loss) on:
82. Investment securities 33,719 83.
84. Futures contracts 1,526 35,245
85.Change in net unrealized appreciation (depreciation) 86. 87.
on:
88. Investment securities 37,899 89.
90. Futures contracts (46) 37,853
91.NET GAIN (LOSS) 92. 73,098
93.NET INCREASE (DECREASE) IN NET ASSETS RESULTING 94. $ 134,050
FROM OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS YEARS ENDED DECEMBER 31,
1993 1992
INCREASE (DECREASE) IN NET ASSETS
95.Operations $ 60,952 $ 49,164
Net investment income
96. Net realized gain (loss) on investments 35,245 7,126
97. Change in net unrealized appreciation (depreciation) 37,853 8,581
on
investments
98. NET INCREASE (DECREASE) IN NET ASSETS RESULTING 134,050 64,871
FROM OPERATIONS
99.Distributions to shareholders from: (60,952) (49,164)
Net investment income
100. Net realized gain (26,367) (9,895)
101. In excess of net realized gain (1,842) -
102. (89,161) (59,059)
TOTAL DISTRIBUTIONS
103.Share transactions 760,870 697,485
Net proceeds from sales of shares
104. Reinvestment of distributions from: 46,666 37,147
Net investment income
105. 22,920 8,089
Net realized gain
106. Cost of shares redeemed (651,877) (468,495)
107. 178,579 274,226
Net increase (decrease) in net assets resulting from
share transactions
108. 223,468 280,038
TOTAL INCREASE (DECREASE) IN NET ASSETS
NET ASSETS 109. 110.
111. Beginning of period 975,904 695,866
112. End of period $ 1,199,372 $ 975,904
OTHER INFORMATION 114. 115.
113.Shares
116. Sold 76,683 72,686
117. Issued in reinvestment of distributions from: 4,678 3,879
Net investment income
118. 2,310 846
Net realized gain
119. Redeemed (65,305) (48,857)
120. Net increase (decrease) 18,366 28,554
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
121. YEARS ENDED DECEMBER 31,
122. 1993 1992 1991 1990 1989
123. 124. 125. 126. 127.
128.SELECTED PER-SHARE DATA
129.Net asset value, beginning $ 9.600 $ 9.520 $ 9.270 $ 9.310 $ 9.230
of period
130.Income from Investment .516 .573 .603 .615 .617
Operations
Net investment income
131. Net realized and .630 .180 .400 .010 .080
unrealized
gain (loss) on investments
132. Total from investment 1.146 .753 1.003 .625 .697
operations
133.Less Distributions (.516) (.573) (.603) (.615) (.617)
From net investment income
134. From net realized gain on (.220) (.100) (.150) (.050) -
investments
135. In excess of net realized (.020) - - - -
gain on
investments
136. Total distributions (.756) (.673) (.753) (.665) (.617)
137.Net asset value, end of $ 9.990 $ 9.600 $ 9.520 $ 9.270 $ 9.310
period
138.TOTAL RETURN 12.24% 8.17% 11.19% 6.97% 7.83%
139.RATIOS AND SUPPLEMENTAL
DATA
140.Net assets, end of period $ 1,199 $ 976 $ 696 $ 468 $ 442
(in millions)
141.Ratio of expenses to .57% .64% .68% .67% .66%
average net assets
142.Ratio of net investment 5.19% 5.94% 6.41% 6.63% 6.70%
income to average net assets
143.Portfolio turnover rate 111% 50% 42% 72% 55%
</TABLE>
NOTES TO FINANCIAL STATEMENTS
For the period ended December 31, 1993
1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Limited Term Municipals (the fund) is a fund of Fidelity School
Street Trust (the trust) (formerly Fidelity Limited Term Municipals) 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 following summarizes the significant accounting
policies of the fund:
SECURITY VALUATION. Securities are valued based upon a computerized matrix
system and/or appraisals by a pricing service, both of which consider
market transactions and dealer-supplied valuations. Short-term securities
maturing within sixty days are valued either at amortized cost or original
cost plus accrued interest, both of which approximate current value.
Securities for which quotations are not readily available through the
pricing service are valued at their fair value as determined in good faith
under consistently applied procedures under the general supervision of the
Board of Trustees.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS.
Dividends are declared daily and paid monthly from net interest income.
Distributions to shareholders from realized capital gains on investments,
if any, are recorded on the ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments for
futures and options transactions and losses deferred due to wash sales. The
fund also utilized earnings and profits distributed to shareholders on
redemption of shares as a part of the dividends paid deduction for income
tax purposes. Permanent book and tax basis differences relating to
shareholder distributions will result in reclassifications to paid in
capital.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
1. SIGNIFICANT ACCOUNTING POLICIES - CONTINUED
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS. Effective January
1, 1993, the fund adopted Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain,
and Return of Capital Distributions by Investment Companies. As a result,
the fund changed the classification of distributions to shareholders to
better disclose the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, amounts as of December 31, 1992 have been reclassified to
reflect a decrease in paid in capital of $5,335,000 and a decrease in
accumulated net realized loss on investments of $5,335,000.
2. OPERATING POLICIES.
DELAYED DELIVERY TRANSACTIONS. The fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. 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 fund
identifies securities as segregated in its custodial records with a value
at least equal to the amount of the purchase commitment.
FUTURES CONTRACTS AND OPTIONS. The fund may invest in futures contracts and
write options. These investments involve, to varying degrees, elements of
market risk and risks in excess of the amount recognized in the Statement
of Assets and Liabilities. The face or contract amounts reflect the extent
of the involvement the fund has in the particular classes of instruments.
Risks may be caused by an imperfect correlation between movements in the
price of the instruments and the price of the underlying securities and
interest rates. Risks also may arise if there is an illiquid secondary
market for the instruments, or due to the inability of counterparties to
perform.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Options traded
on an exchange are valued using the last sale price or, in the absence of a
sale, the last offering price. Options traded over-the-counter are valued
using dealer-supplied valuations.
3. PURCHASES AND SALES OF INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $1,449,100,000 and $1,256,524,000, respectively.
The market value of futures contracts opened and closed amounted to
$347,894,000 and $349,749,000, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
fee computed daily and paid monthly, based on the fund's gross income at
the rate of 5% of the gross income and .15% of average net assets. Gross
income includes interest accrued less amortization of premium excluding
accretion of discount. For the period, the management fee was equivalent to
an annual rate of .41% of average net asset.
The Board of Trustees approved a reduction in the management fee from .15%
to .10% of average net assets which FMR voluntarily implemented on July 1,
1993.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, FMR or
the fund's distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $49,000 for the
period.
TRANSFER AGENT AND ACCOUNTING FEES. United Missouri Bank, N.A. (the Bank)
is the custodian and transfer and shareholder servicing agent for the fund.
The Bank has entered into a sub-contract with Fidelity Service Co. (FSC),
an affiliate of FMR, under which FSC performs the activities associated
with the fund's transfer and shareholder servicing agent and accounting
functions. The fund pays transfer agent fees based on the type, size,
number of accounts and number of transactions made by shareholders. FSC
pays for typesetting, printing and mailing of all shareholder reports,
except proxy statements. The accounting fee is based on the level of
average net assets for the month plus out-of-pocket expenses. For the
period, FSC received transfer agent and accounting fees amounting to
$1,289,000 and $380,000, respectively.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity School Street Trust (formerly Fidelity Limited
Term Municipals) and the Shareholders of Fidelity Limited Term Municipals:
We have audited the accompanying statement of assets and liabilities of
Fidelity School Street Trust: Fidelity Limited Term Municipals, including
the schedule of portfolio investments, as of December 31, 1993, and the
related statement of operations for the year then ended, the statement of
changes in net assets for each of the two years in the period then ended
and the financial highlights for each of the five years in the period then
ended. These financial statements and financial highlights are the
responsibility of the fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of December 31, 1993 by correspondence with the
custodian and brokers. An audit also includes assessing the accounting
principles used and significant estimates made by management, as well as
evaluating the overall financial statement presentation. We believe that
our audits provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity School Street Trust: Fidelity Limited Term Municipals as of
December 31, 1993, the results of its operations for the year then ended,
the changes in its net assets for each of the two years in the period then
ended, and the financial highlights for each of the five years in the
period then ended, in conformity with generally accepted accounting
principles.
COOPERS & LYBRAND
Boston, Massachusetts
February 4, 1994
TO CALL FIDELITY
FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call --
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC
(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios.(Registered trademark)
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC
(PHONE_GRAPHIC)(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES. FOR MORE
INFORMATION ON ANY
FIDELITY FUND INCLUDING MANAGEMENT FEES AND CHARGES, CALL 1-800-544-8888
FOR A FREE
PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
2249 Galiano Street
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
32 West Central Boulevard
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
1 West Pennsylvania Ave.
Towson, MD
7401 Wisconsin Avenue
Bethesda, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
101 Cambridge Street
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
38 South Sixth Street
Minneapolis, MN
MISSOURI
700 West 47th Street
Kansas City, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
1903 East Ninth Street
Cleveland, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
1010 Lamar Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
175 East 400 South Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8300 Boone Boulevard
Vienna, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI
TO WRITE FIDELITY
Please locate the address that is closest to you. We'll give your
correspondence immediate attention and send you written confirmation upon
completion of your request. Please send ALL correspondence about retirement
accounts to Dallas.
(LETTER_GRAPHIC)(LETTER_GRAPHIC)(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 2269
Boston, MA 02107-2269
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30280
Salt Lake City, UT 84130-0280
(LETTER_GRAPHIC)(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
Additional Payments
P.O. Box 2656
Boston, MA 02293-0656
Fidelity Investments
Additional Payments
P.O. Box 620024
Dallas, TX 75262-0024
Fidelity Investments
Additional Payments
P.O. Box 31455
Salt Lake City, UT 84131-0455
OVERNIGHT EXPRESS
Fidelity Investments
Additional Payments
World Trade Center
164 Northern Avenue
Boston, MA 02210
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02103-0878
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02101-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
(LETTER_GRAPHIC)(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 620024
Dallas, TX 75262-0024
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
David Murphy, Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Arthur S. Loring, Secretary
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Gerald C. McDonough *
Thomas R. Williams *
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO
(logo)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
FIDELITY TAX-FREE BOND FUNDS
Aggressive Tax-Free
California Tax-Free High Yield
California Tax-Free Insured
High Yield Tax-Free
Insured Tax-Free
Limited Term Municipals
Massachusetts Tax-Free High Yield
Michigan Tax-Free High Yield
Minnesota Tax-Free
Municipal Bond
New York Tax-Free High Yield
New York Tax-Free Insured
Ohio Tax-Free High Yield
Spartan(Registered trademark) Aggressive Municipal
Spartan California Municipal High Yield
Spartan Connecticut Municipal High Yield
Spartan Florida Municipal Income
Spartan Intermediate Municipal
Spartan Maryland Municipal Income
Spartan Municipal Income
Spartan New Jersey Municipal High Yield
Spartan New York Municipal High Yield
Spartan Pennsylvania Municipal High Yield
Spartan Short-Intermediate Municipal
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
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)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
JUANITA
