EXHIBIT 24(A)(2)
SPARTAN(Registered trademark)
(Registered trademark)
FLORIDA
MUNICIPAL
FUNDS
ANNUAL REPORT
NOVEMBER 30, 1993
CONTENTS
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PRESIDENT'S MESSAGE 3 Ned Johnson on minimizing taxes.
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO
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
and one year.
INVESTMENTS 11 A complete list of the fund's
investments with their market value.
FINANCIAL STATEMENTS 21 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO
PERFORMANCE 25 How the fund has done over time.
FUND TALK 27 The manager's review of fund
performance, strategy, and outlook.
INVESTMENT CHANGES 29 A summary of major shifts in the
fund's investments over the last six
months
and one year.
INVESTMENTS 30 A complete list of the fund's
investments with their market value.
FINANCIAL STATEMENTS 35 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.
NOTES 39 Footnotes to the financial
statements.
REPORT OF INDEPENDENT 42 The auditor's opinion.
ACCOUNTANTS
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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 tax-free investments like municipal bonds and 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
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO
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, reinvestment of any dividends (or
income) and capital gains (the profits the fund earns when it sells bonds
that have grown in value), and the effect of the $5 account closeout fee.
You can also look at the fund's income. If Fidelity had not reimbursed
certain fund expenses during the periods shown, the total returns,
dividends and yields would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1993 PAST 1 LIFE OF
YEAR FUND
Spartan Florida Municipal Income Portfolio 13.51% 24.79%
Lehman Brothers Municipal Bond Index 11.08% n/a
Average Florida Tax-exempt
Municipal Bond Fund 12.22% 20.83%
Consumer Price Index 2.68% 4.52%
CUMULATIVE TOTAL RETURNS reflect actual performance over a set period, in
this case, one year or since the fund started on March 16, 1992. For
example, if you invested $1,000 in a fund that had a 5% return over the
past year, you would end up with $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. To measure how the fund stacked up against
its peers, you can look at the average Florida municipal bond fund, which
reflects the performance of 43 Florida tax-exempt 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 NOVEMBER 30, 1993 PAST 1 LIFE OF
YEAR FUND
Spartan Florida Municipal Income Portfolio 13.51% 13.81%
Lehman Brothers Municipal Bond Index 11.08% n/a
Average Florida Tax-exempt
Municipal Bond Fund 12.22% 12.02%
Consumer Price Index 2.68% 2.82%
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 LIFE OF FUND
Spartan FLA Lehman Muni
03/31/92 10000.00 10000.00
04/30/92 10172.61 10089.00
05/31/92 10350.02 10208.05
06/30/92 10575.19 10379.55
07/31/92 11028.25 10690.93
08/31/92 10779.39 10586.16
09/30/92 10823.44 10654.97
10/31/92 10580.51 10550.55
11/30/92 10944.39 10739.41
12/31/92 11095.24 10848.95
01/31/93 11245.75 10974.80
02/28/93 11812.46 11372.08
03/31/93 11626.24 11251.54
04/30/93 11765.70 11365.18
05/31/93 11841.81 11428.83
06/30/93 12066.54 11619.69
07/31/93 12101.29 11634.79
08/31/93 12393.62 11876.80
09/30/93 12566.59 12012.19
10/31/93 12600.06 12035.02
11/30/93 12423.64 11929.11
$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Spartan
Florida Municipal Income Portfolio on March 31, 1992, shortly after the
fund started. As the chart shows, by November 30, 1993, the value of your
investment would have grown to $12,424 - a 24.24% increase on your initial
investment. This assumes you still own the fund on November 30, and
therefore does not include the effect of the $5 account closeout fee. 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 $11,929 - a 19.29% 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
MARCH 16, 1992
(COMMENCEME
NT
OF OPERATIONS) T
YEARS ENDED NOVEMBER 30, 1993 O
NOVEMBER 30,
1992
Income return 6.10% 4.74%
Capital gain returns .10% 0%
Change in share price 7.31% 5.19%
Total return 13.51% 9.93%
Income returns, capital gains 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. Change in share price and total return
figures include the effect of the $5 account closeout fee.
DIVIDENDS AND YIELD
PERIODS ENDED NOVEMBER 30, 1993 PAST 30 PAST 6 PAST 1
DAYS MONTHS YEAR
Dividends per share n/a 30.12(cents) 61.50(cents)
Annualized dividend rate n/a 5.29% 5.54%
Annualized yield 5.06% n/a n/a
Tax-equivalent yield 7.91% 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 $11.34 over
the past six months and $11.10 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%
combined federal tax bracket.
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO
FUND TALK: THE MANAGER'S OVERVIEW
MARKET RECAP
Generally, interest rates fell during
the year ended November 30, 1993.
As a result, bond prices rose and
most fixed-income investors -
including those in tax-free bonds -
enjoyed attractive returns. The
period began amid expectations of
higher interest rates to come. This
was based on signs that the
economic recovery was finally taking
hold, as well as uncertainty over the
spending plans of the
president-elect. But as President
Clinton promised to tackle the deficit
and fight inflation, the bond market
signaled its approval. The yield on
the benchmark 30-year Treasury
bond dipped below 6% in September
and reached an historic low of 5.79%
in mid-October. By the end of the
period, as inflation fears returned, the
30-year bond was yielding 6.30%.
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 11.08%. By comparison, the
Lehman Brothers Aggregate Bond
Index - which tracks
investment-grade taxable bonds -
rose only 10.89%, due in part to
relatively poor performance by
mortgage-backed securities.
An interview with Anne Punzak,
Portfolio Manager of Spartan Florida
Municipal Income Portfolio
Q. ANNE, HOW DID THE FUND DO?
A. For the 12 months ended November 30, 1993, the fund had a total return
of 13.51%. That outpaced the average Florida municipal bond fund which
returned 12.22% over the same period, according to Lipper Analytical
Services.
Q. WHAT STRATEGIES HELPED THE FUND BEAT THE AVERAGE?
A. Mainly, having a longer than average duration - meaning it was more
sensitive to changes in interest rates. A year ago, I felt the economy
would grow slowly, and that interest rates would continue to fall. Since
interest rates did fall quite a bit over the past 12 months, having a
longer duration - 8.5 years at the end of November - really helped the
fund.
Q. HOW DID YOU GO ABOUT LENGTHENING THE FUND'S DURATION?
A. Primarily by investing in non-callable bonds. These are bonds that can't
be prematurely returned to their issuers, and therefore have a longer
duration. That's because non-callable bonds always trade to their maturity
date, rather than a shorter call date. When interest rates are falling and
bond prices are rising - as they have been during the past year -
non-callable bonds tend to do well. I focused on non-callables that were
cheap compared to what I thought their prices should be.
Q. MUNICIPAL RATING AGENCIES HAVE RECENTLY EXPRESSED CONCERN ABOUT ELECTRIC
UTILITY BONDS. ARE YOU WORRIED THAT THE FUND'S 19.9% STAKE IN THEM WILL BE
AFFECTED?
A. No, because the rating agencies have singled out investor-owned electric
utilities as being at risk. Though the fund has invested in some very
strong investor-owned utilities, I stick mainly to public electric
utilities. Investor-owned electric utilities have to compete with one
another for large, industrial customers. But public electric utilities,
which serve primarily homeowners, don't face much competition. I'm
optimistic about public electric utility bonds because they typically
provide attractive yields and should become scarce once refinancings are
completed. There were major buildup programs during the '80s, which means
there's little need for new plants. The scarcity should help push up
prices. I look for electric utilities with high ratings and strong
managements like Jacksonville Electric Authority, the fund's largest
investment.
Q. DO YOU STILL THINK THAT THE FUND'S 18.1% STAKE IN HEALTH-CARE BONDS
WON'T BE HURT BY PRESIDENT CLINTON'S HEALTH-CARE REFORM PROPOSALS?
A. Yes. In fact I believe that some hospitals could actually benefit from
health-care reform. I look for hospitals located in growing suburban areas
with strong HMO relationships that have done a good job managing costs.
Reform could spur a number of consolidations within the sector, which might
also offer some opportunities. I'm particularly interested in smaller,
lower-rated hospitals that I think could benefit from being taken over by a
larger, higher rated hospital. The acquired hospital's bonds would assume
the higher rating of its acquirer. When a municipal bond is upgraded, the
price of that bond can increase.
Q. WHAT'S YOUR OUTLOOK FOR FLORIDA MUNICIPAL BONDS?
A. I'm optimistic partly because the supply of Florida munis could decrease
while demand could increase. Over the past several years there's been an
abundant supply of Florida municipals, driven in part by issuers
refinancing older, more expensive debt. But that supply should diminish
somewhat as refinancings slow. On the demand side of the equation, higher
taxes could motivate investors to buy more tax-free municipals to shield
their income from higher taxes. Decreased supply and increased demand are
normally a recipe for higher prices.
Q. WHAT'S YOUR OUTLOOK FOR FLORIDA'S ECONOMY?
A. Despite the negative publicity, Florida's economy is doing well. Retail
sales and housing permits have picked up. The state's done a good job of
transforming its economy from one that's heavily reliant on tourism and
agriculture to one that's a more balanced mix of those industries and
service and trade businesses. There's been a substantial increase in the
number of financial services companies opening or relocating operations in
the state. Florida has also benefited from many companies opening offices
there to take advantage of the state's proximity to Latin and South
American markets. Over the next year, I believe that Florida will
experience similar, if not faster, growth than the nation as a whole.
FUND FACTS
GOAL: high current income
exempt from federal income
tax and the Florida intangible
personal property tax by
investing mainly in long-term,
investment-grade Florida
municipal bonds
START DATE: March 16, 1992
SIZE: as of November 30,
1993, over $428 million
MANAGER: Anne Punzak,
since March 1992; manager,
Fidelity Aggressive Tax Free
Fund, since January, 1986;
Fidelity High Yield Tax-Free
Fund, since October 1993;
Spartan Aggressive Municipal
Bond Fund, since April 1993,
Fidelity Insured Tax-free
Fund, October 1989 to
September 1993
(checkmark)
ANNE PUNZAK'S OUTLOOK
ON INTEREST RATES:
"Although the United States
economy is still limping along,
it's healthier than it was a year
ago and inflation, appears to
be in check. Two early
inflationary
signs-commodity prices and
wages - haven't shown any
real evidence of rebounding.
To me, that signals that
inflation could remain where it
is for some time. Even though
national economic growth has
picked up a little, inflation
hasn't risen. All other things
being equal, it's quite possible
that we're in for several years
of 3% or 4% growth, with
inflation in the 2% range. A
low growth, low inflation
environment is usually
positive for bonds.
(bullet) Transportation bonds are
the fund's largest sector
concentration at 19.8% of the
fund's investments. They're
attractive because their
backed primarily by tolls and
excise taxes and most have
strong credit quality.
DISTRIBUTIONS:
The Board of Trustees of
Fidelity Court Street Trust,
Spartan Florida Municipal
Income Portfolio voted to pay
on December 20, 1993, to the
shareholders of record at the
opening of business on
December 17, 1993 a
distribution of $.20 derived
from capital gains realized
from sales of portfolio
securities.
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO
INVESTMENT CHANGES
TOP FIVE SECTORS AS OF NOVEMBER 30, 1993
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
IN THESE SECTORS
6 MONTHS AGO
Electric Revenue 19.9 23.1
Transportation 19.8 17.8
Health Care 18.1 13.9
Water & Sewer 10.9 9.7
General Obligation 10.3 8.2
AVERAGE YEARS TO MATURITY AS OF NOVEMBER 30, 1993
6 MONTHS AGO
Years 19.68 20.30
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 NOVEMBER 30, 1993
6 MONTHS AGO
Years 8.5 8.0
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 NOVEMBER 30, 1993
(MOODY'S RATINGS)
Aaa 56.9%
Aa, A 7.5%
Baa 28.6%
Non-rated 7%
Row: 1, Col: 1, Value: 56.9
Row: 1, Col: 2, Value: 7.5
Row: 1, Col: 3, Value: 28.6
Row: 1, Col: 4, Value: 7.0
THIS CHART EXCLUDES SHORT-TERM INVESTMENTS. WHERE MOODY'S RATINGS ARE NOT
AVAILABLE, WE HAVE USED S&P RATINGS.
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO
INVESTMENTS/NOVEMBER 30, 1993
(Showing Percentage of Total Value of Investments)
MUNICIPAL BONDS - 96.6%
MOODY'S RATINGS(E) PRINCIPAL VALUE
(UNAUDITED) AMOUNT (NOTE 1)
FLORIDA - 83.9%
Acme Impt. Dist. Wtr. & Swr. Rev. Rfdg.
6% 6/1/09, (MBIA Insured) Aaa $ 650,000 $ 714,187 004692CH
Alachua County Health Facs. Auth. Health Facs. Rev.:
Rfdg. (Santa Fe Healthcare Facs. Proj.)
6% 11/15/09 Baa 1,950,000 1,942,687 010685FT
6.05% 11/15/09 Baa 3,500,000 3,460,624 010685FU
(Beverly Enterprises Proj.) 10.125% 4/1/10 - 895,000 1,025,893
010686AA
(Santa Fe Health Care Facs. Proj.)
7.60% 11/15/13 Baa 1,000,000 1,106,250 010685FN
Bay County Ind. Dev. Correctional Facs. Rev.
(Corrections Corp. America Proj.) Series A,
8.875% 11/1/05(b) - 2,855,000 3,015,593 072224AA
Boynton Beach Util. Sys. Rev. Rfdg.
6.25% 11/1/12, (FGIC Insured) Aaa 1,500,000 1,595,624 103580AM
Brevard County Health Facs. Auth. Rev. Rfdg.
(Westhoff Mem. Hosp.) Series B,
7.20% 4/1/13 Baa1 750,000 811,874 107416JH
Broward County Arpt. Sys. Rev. Rfdg. Series C,
5% 10/1/05, (AMBAC Insured) Aaa 5,000,000 4,993,750 114894BG
Broward County Health Facs. Auth. Hosp. Rev.
(Holy Cross Hosp. Inc.) 5.85% 6/1/12,
(AMBAC Insured) Aaa 2,000,000 2,067,500 115023CR
Broward County School Dist. Rfdg. 115067EJ
5.60% 2/15/07 A1 2,000,000 2,065,000 115067EJ
Broward County School Dist. Rfdg. Unltd. Tax
5.70% 2/15/08 A1 2,000,000 2,065,000 115067EK
Cape Canaveral Hosp. Dist. Ctfs. Rev.
6.875% 1/1/21, (AMBAC Insured) Aaa 250,000 274,687 139252BU
Charlotte County Util. Rev. Rfdg. 5.25%
10/1/21, (FGIC Insured) Aaa 4,650,000 4,434,937 160811BP
Citrus County Poll. Cont. Rev. Rfdg. (Florida Pwr.
Corp. Crystal River):
Series A, 6.625% 1/1/27 A1 2,700,000 2,926,124 177464AL
Series B, 6.35% 2/1/22 A1 5,000,000 5,343,750 177464AN
Cocoa Wtr. & Swr. Rev. Impt. Series B,
5.125% 10/1/13, (AMBAC Insured) Aaa 4,575,000 4,289,344 191783BW
Collier County Ind. Dev. Auth. Retirement Rent
Hsg. Rev. Rfdg. (Beverly Enterprises Proj.)
10.75% 3/1/03 - 1,395,000 1,701,900 194643AB
Collier County Wtr. Swr. Dist. Wtr. Rev.
6.375% 7/1/10, (FGIC Insured) Aaa 1,000,000 1,080,000 222642DG
Dade County Aviation Rev.(b):
Series P, 6.75% 10/1/94 Aa 2,900,000 2,990,625 233455KX
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS(E) PRINCIPAL VALUE
(UNAUDITED) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Dade County Aviation Rev.(b)- Continued:
Series B, 6.25% 10/1/05, (MBIA Insured) Aaa $ 2,000,000 $ 2,170,000
233455TZ
Series B, 6.55% 10/1/13, (MBIA Insured) Aaa 2,000,000 2,167,500
233455UB
Dade County Edl. Facs. Auth. Rev. Rfdg.
(Intl. Univ. Proj.) 5% 10/1/16, (MBIA Insured) Aaa 2,000,000 1,872,500
233490KB
Dade County Pub. Facs. Rev. Rfdg.
(Jackson Mem. Hosp.) Series A, 4.75% 6/1/10,
(MBIA Insured) Aaa 3,540,000 3,256,800 233543GG
Delray Beach Wtr. & Swr. Rev. Series B,
(AMBAC Insured):
0% 10/1/12 Aaa 4,475,000 1,543,875 247325MY
0% 10/1/13 Aaa 2,760,000 897,000 247325MZ
0% 10/1/14 Aaa 4,400,000 1,336,500 247325NB
Dunedin Hosp. Rev. (Mease Health Care)
(MBIA Insured):
6.75% 11/15/21 Aaa 1,000,000 1,152,500 265368CR
5.25% 11/15/06 Aaa 1,400,000 1,412,250 265368DF
Dunedin Util Sys. Rev. Rfdg. 6.25% 10/1/11,
(FGIC Insured) Aaa 1,360,000 1,484,100 265377BH
Dunes Commty. Dev. Dist. Rev. Rfdg.
(Wtr. & Swr. Proj.) 6.10% 10/1/18 A3 1,500,000 1,545,000 265437BQ
Duval County Hsg. Fin. Auth. Single Family
Mtg. Rev. Series C, 7.70% 9/1/24,
(FGIC Insured) (GNMA Coll.) Aaa 745,000 787,838 267156KN
Escambia County Health Facs. Auth. Rev. Rfdg.:
Rfdg. (Baptist Hosp. Inc.) 6% 10/1/14 BBB+ 2,400,000 2,361,000
296110DT
(Baptist Hosp. & Baptist Manor) 6.75%
10/1/14 BBB+ 3,250,000 3,428,750 296110DH
Escambia County Hsg. Fin. Auth. Single Family
Mtg. Rev. (Multi-County Prog.) Series A,
6.90% 4/1/20, (GNMA Coll.) (b) Aaa 1,000,000 1,067,500 296122JU
Escambia County Poll. Cont. Rev. Rfdg.
(Gulf Pwr. Co. Proj.) 6.75% 3/1/22 A2 2,000,000 2,127,500 296130BL
Escambia County Util. Auth. Rev. Series B, 6.25%
1/1/15 (FGIC Insured) Aaa 1,500,000 1,651,875 296177GB
Florida Board Ed. Cap. Outlay (Pub. Ed.) 341421BF:
Series A 341421BF:
0% 6/1/14 Aa 1,500,000 390,000 341420P8
6.75% 6/1/21 Aa 1,870,000 2,052,325 341421BF
7.25% 6/1/23 Aa 325,000 377,813 341420Q8
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS(E) PRINCIPAL VALUE
(UNAUDITED) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Florida Board Ed. Cap. Outlay (Pub. Ed.) 341421BF: - continued
Series B, 6.70% 6/1/22 Aa $ 2,250,000 $ 2,463,750 341421CN
Series C, 6.625% 6/1/22 Aa 1,000,000 1,095,000 341421DX
Florida Board of Ed. Cap. Outlay Rfdg. Unltd.
Tax (Pub. Ed.) Series D, 5.125% 6/1/22 Aa 8,000,000 7,530,000 341421RC
Florida Division Board Fin. Dept. Gen. Svcs. Rev.
(Dept. of Natural Resources Preservation 2000)
Series A, (AMBAC Insured):
6.25% 7/1/07 Aaa 1,000,000 1,082,500 342812SQ
6.25% 7/1/08 Aaa 2,500,000 2,706,250 342812SR
6.75% 7/1/08 Aaa 1,350,000 1,503,563 342812QX
Florida Hsg. Fin. Agcy. SIngle Family Mtg. Rev.
Series A, 7.90% 1/1/16 AA 1,040,000 1,067,300 340736BR
Florida Keys Aqueduct Auth. Wtr. Rev.
5.25% 9/1/21, (AMBAC Insured) Aaa 1,800,000 1,723,500 340765EX
Florida Mid-Bay Bridge Auth. Rev..
Series A:
7.50% 10/1/17 - 1,700,000 1,880,625 342814AL
6.875% 10/1/22 - 3,000,000 3,491,250 342814AM
Florida Muni. Pwr. Agcy. Rev.:
Rfdg. (St. Lucie Proj.) 5.50% 10/1/12,
(FGIC Insured) Aaa 2,635,000 2,631,706 342816JE
Rfdg. (Stanton II Proj.) 4.50% 10/1/16,
(AMBAC Insured) Aaa 3,000,000 2,628,750 342816LC
(Stanton II Proj.) 6.50% 10/1/20,
(AMBAC Insured) Aaa 2,000,000 2,285,000 342816HH
Florida Tpk. Auth. Tpk. Rev. Series A: 343136CE
Rdfg. 5.10% 7/1/04, (FDIC Insured) Aaa 1,000,000 1,017,500 343136EU
Rfdg. 5% 7/1/19, (FGIC Insured) Aaa 2,100,000 1,958,250 343136FL
5.25% 7/1/06, (FGIC Insured) Aaa 1,500,000 1,520,625 343136EW
5.90% 7/1/06, (FGIC Insured) Aaa 5,000,000 5,287,500 343136DC
7.20% 7/1/11, (AMBAC Insured) Aaa 1,500,000 1,762,500 343136CE
6.30% 7/1/12, (FGIC Insured) Aaa 1,000,000 1,068,750 343136DJ
5.25% 7/1/22, (FGIC Insured) Aaa 1,000,000 957,500 343136FB
6.35% 7/1/22, (FGIC Insured) Aaa 1,630,000 1,727,800 343136GB
Gainesville Util. Sys. Rev.:
Series A, 6.50% 10/1/22 Aa 1,225,000 1,330,656 362848GE
Series B, 5.50% 10/1/13 Aa 1,750,000 1,745,625 362848HR
Greater Orlando Aviation Auth. Arpt. Facs. Rev: 392274FX
Series A: 392274FX
6.50% 10/1/05, (FGIC Insured) (b) Aaa 3,550,000 3,913,875 392274FX
6.375% 10/1/21, (FGIC Insured) (b) Aaa 6,310,000 6,672,825 392274GA
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS(E) PRINCIPAL VALUE
(UNAUDITED) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Greater Orlando Aviation Auth. Arpt. Facs. Rev. - continued 392274FX
Rfdg. Series D, 6.20% 10/1/08,
(AMBAC Insured) Aaa $ 1,000,000 $ 1,076,250 392274HU
Hernando County Ind. Dev. Rev. Rfdg.
(Beverly Enterprises, Inc.) 10% 9/1/11 - 1,000,000 1,180,000 427666AS
Hillsborough County Aviation Auth. Rev. Rfdg.
(Tampa Int'l. Aprt.): 432308JH
Series A, 6.90% 10/1/11, (FGIC Insured) Aaa 4,250,000 4,701,563
Series B, 5.30% 10/10/06, (FGIC Insured) Aaa 2,075,000 2,108,719
432308LE
Hillsborough County Cap. Impt. Rev.
(County Proj.) 2nd Series, 6.75% 7/1/22 A 3,120,000 3,393,000 43232LCH
Hillsborough County Envir. Sensitive Land
Acquisition & Protection Ltd. Tax
6.375% 7/1/11 A 2,000,000 2,142,500 432290EV
Hillsborough County Util. Rev. Rfdg.
(Cap. Appreciation) Series A: 432347FH
0% 8/1/05 Baa1 17,445,000 9,420,300 432347FH
0% 8/1/06 Baa1 10,000,000 5,062,500 432347FJ
0% 8/1/07 Baa1 9,250,000 4,405,313 432347FK
7% 8/1/14 Baa1 ,1,500,000 1,667,812 432347GP
Homestead Spl. Ins. Assessment Rev. (Hurricane
Andrew Covered Claims) (MBIA Insured): 437762AD
3.85% 3/1/95 Aaa 1,750,000 1,758,750 437762AD
5% 3/1/01 Aaa 3,000,000 3,052,500 437762AR
Jacksonville Beach Utils. Rev. 5.50% 10/1/14,
(MBIA Insured) Aaa 1,000,000 998,750 469286KV
Jacksonville Elec. Auth. Rev.:
Rfdg. (St. Johns River Pwr. 2) Series 7,
5.75%10/1/12 Aa1 9,750,000 9,908,438 469363S6
Rfdg. (St. Johns River Issue 2) Series 8,
5.125%10/1/07 Aa1 1,000,000 998,750 469363Y2
(Bulk Pwr. Supply) 6.75% 10/1/21 AA 3,500,000 3,994,375 469363P4
(Elec. Sys.) Series 3 A, 5.25% 10/1/28 Aa1 3,000,000 2,838,750
469363W3
Jacksonville Excise Tax Rev. Rfdg. 6.25%
10/1/05, (AMBAC Insured) Aaa 2,000,000 2,195,000 469383NF
Jacksonville Health Facs. Auth. Hosp. Rev.:
Rfdg. (Methodist Hosp. Proj.) Series A,
8% 10/1/15 - 2,260,000 2,186,550 469404HG
(Baptist Med. Ctr.) Series A, 7.30% 6/1/19,
(MBIA Insured) Aaa 500,000 563,125 469404GJ
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS(E) PRINCIPAL VALUE
(UNAUDITED) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Jacksonville Health Facs. Auth. Ind. Dev. Rev.:
(Cypress Village Proj.) 7% 12/1/14 Baa1 $ 1,000,000 $ 1,073,750 46940HAZ
Rfdg. (Cypress Village Proj.):
(Nat'l. Benevolent Assn.) 7% 12/1/22 Baa1 2,000,000 2,132,500 46940HBA
(Nat'l. Benevolent Assn.) 6.25% 12/1/23 Baa1 2,000,000 1,997,500
46940HBR
Jacksonville Hosp. Rev. (Univ. Med. Ctr.)
(Connie Lee Insured)
6.50% 2/1/07 AAA 2,000,000 2,147,500 46940TAR
6.60% 2/1/21 AAA 1,275,000 1,389,750 46940TAT
Jacksonville Ind. Dev. Rev. Rfdg.
(Cargill, Inc. Proj.) 6.40% 3/1/11 (c) AA- 1,250,000 1,342,188 469407AZ
Jacksonville Wtr. & Swr. Gen. Wtrwks. Dev. Rev.
(Jacksonville Suburban Utils.) 6.75%
6/1/22 (b) A2 1,000,000 1,088,750 469510AA
Key West Util. Board Elec. Rev. Rfdg.
0% 10/1/14, (AMBAC Insured) Aaa 6,755,000 2,060,275 493230JS
Kissimmee Util. Auth. Elec. Sys. Rev. Rfdg. & Impt.
5.25% 10/1/18, (FGIC Insured) Aaa 3,000,000 2,880,000 497850DA
Kissemmee Wtr. & Swr. Rev. Rfdg.
6% 10/1/11, (AMBAC Insured) Aaa 2,000,000 2,097,500 497857DX
Lake Worth Rfdg. 5.80% 10/1/05,
(AMBAC Insured) Aaa 1,000,000 1,055,000 511354CZ
Lee County Cap. Impt. Rev. Rfdg. Series B,
(MBIA Insured):
0% 10/1/11 Aaa 1,975,000 720,875 523484HE
0% 10/1/12 Aaa 1,060,000 367,025 523484HF
Lee County Hosp. Board Directors Hosp.
Rev. 9.524% 3/26/20, (MBIA Insured)(d) Aaa 1,000,000 1,120,000 52349FCG
Lee County Ind. Dev. Auth. Econ. Dev. Rev. Rfdg.
(Encore Nursing Ctr.) (Beverly Enterprises, Inc.)
8.125% 12/1/07 - 1,000,000 1,063,750 52348PAA
Lee County Trans. & Cap. Facs. Rev. Rfdg.
Series A, 5.50% 10/1/13, (MBIA Insured) Aaa 2,000,000 2,000,000
523481BC
Leesburg Hosp. Rev. Rfdg. (Leesburg Reg'l.
Med. Ctr. Proj.) Series B, 5.625% 7/1/13 Baa1 1,500,000 1,415,625
524360DH
Leon County 5.50% 10/1/07, (MBIA Insured) Aaa 1,000,000 1,022,500
52643HAM
Marion County Hosp. Dist. Rev. Rfdg.
(Munroe Reg'l. Med. Ctr.) 6.25% 10/1/12,
(FGIC Insured) Aaa 1,000,000 1,060,000 568787DP
Melbourne Wtr. & Swr. Rev. Rfdg. Series A,
6.50% 10/1/14, (FGIC Insured) Aaa 1,000,000 1,088,750 585395VY
Miami Beach Health Facs. Auth. Hosp. Rev. Rfdg.
(Mt. Sinai Med. Ctr. Proj.) (Cap. Gtd. Insured):
6.25% 11/15/08 Aaa 2,000,000 2,137,500 593211AL
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS(E) PRINCIPAL VALUE
(UNAUDITED) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Miami Beach Health Facs. Auth. Hosp. Rev. Rfdg.
(Mt. Sinai Med. Ctr. Proj.) (Cap. Gtd. Insured):- continued
6.25% 11/15/19 Aaa $ 4,350,000 $ 4,567,500 593211AM
Miami Sports & Exhibit Auth. Spl. Oblig. Rfdg.
Series A, 6.15% 10/1/09, (FGIC Insured) Aaa 1,500,000 1,590,000
593496BX
Naples Hosp. Rev. Rfdg. (Naples Commty.
Hosp., Inc. Proj.) 5.10% 10/1/07,
(MBIA Insured) Aaa 3,205,000 3,148,913 630475CF
Nassau County Poll. Cont. Rev. Rfdg.
6.2% 7/1/15 Baa 1,000,000 1,041,250 631582AW
(ITT Rayonier Proj.):
7.65% 6/1/06 Baa2 1,415,000 1,572,419 631582AA
6.25% 6/1/10 Baa2 9,500,000 9,951,250 631582AQ
North Broward Hosp. Dist. Rev.: 658000EG
Rfdg. 6.40% 1/1/06, (MBIA Insured) Aaa 950,000 1,037,875 658000EL
Rfdg. 6.25% 1/1/12, (MBIA Insured) Aaa 3,000,000 3,172,500 658000FB
6.50% 1/1/12, (MBIA Insured) Aaa 350,000 378,438 658000EG
Ocala Util. Sys. Rev. Rfdg. Sub-Series A,
6.25% 10/1/15, (AMBAC Insured) Aaa 250,000 264,063 674564BJ
Orange County Health Facs. Auth.
(Orlando Regl. Healthcare) Series A,
5.75% 11/1/07, (MBIA Insured) Aaa 2,000,000 2,075,000 684503RZ
Orange County Hsg. Fin. Auth. Mtg. Rev.
Series A, 7.875% 9/1/10, (GNMA Coll.) (b) AAA 585,000 614,981 684904DC
Orange County Solid Waste Facs. Rev.
6.25% 10/1/12, (FGIC Insured) Aaa 2,175,000 2,324,531 684534BL
Orlando & Orange Co. Expressway Auth.
Rev. Rfdg. Sr. Lien : 686543HU
5.25% 7/1/12, (AMBAC Insured) Aaa 2,000,000 1,955,000 686543JG
5.25% 7/1/14, (AMBAC Insured) Aaa 2,425,000 2,358,313 686543HU
Orlando Util. Commission Wtr. & Elec. Rev. : 686509TS
Rfdg. Sub-Series D, 6.75% 10/1/17 Aa 1,000,000 1,153,750 686509TS
Sub-Series A: 686509TY
6% 10/1/20 Aa 3,500,000 3,600,625 686509UF
6.50% 10/1/20 Aa 1,405,000 1,512,131 686509TY
5.50% 10/1/26 Aa 3,935,000 3,831,706 686509TZ
Orlando Util. Commission Wtr. & Elec.
7.902%, 10/31/13 (d) Aa 3,000,000 3,071,250 686509XA
Osceola County Gas Tax Rev. Rfdg. & Impt.
6% 4/1/09, (FGIC Insured) Aaa 1,915,000 2,010,750 688024BC
Palm Beach County Arpt. Sys. Rev. Rfdg.
6.375%, 10/1/14, (MBIA Insured) Aaa 1,000,000 1,067,500 696499BK
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS(E) PRINCIPAL VALUE
(UNAUDITED) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Pasco County Wtr. & Swr. Rev. Rfdg.
Series A, 5.75% 10/1/07, (FGIC Insured) Aaa $ 3,500,000 $ 3,640,000
702541CV
Pembroke Pines Cons. Util. Sys. Rev. Rfdg.
6.25% 9/1/17, (FGIC Insured) Aaa 1,000,000 1,051,250 706436AQ
Pinellas County Health Facs. Auth. Sun Coast
Health Sys. Rev. (Sun Coast Hosp. Proj.)
Series A, 8.50% 3/1/20 BBB 2,970,000 3,318,975 72316EAA
Plantation Health Facs. Auth. Rev. (Covenant
Retirement Communities Inc.)
7.75% 12/1/22 - 2,500,000 2,596,875 72736MAN
Polk County Ind. Dev. Auth. Ind. Dev. Rev.
(Winter Haven Hosp.) Series 2,
6.25% 9/1/15, (MBIA Insured) Aaa 1,500,000 1,590,000 731120LK
Reedy Creek Impt. Dist. Util. Rev.
(Cap. Appreciation) Series 1991-1,
6.25% 10/1/11, (MBIA Insured) AaA 3,500,000 3,701,250 75845HCA
St. John's County Indl. Dev. Auth. Rev. Rfdg. : 790397AQ
(Flagler Hosp. Proj.) 6% 8/1/22 A 4,240,000 4,282,400 79039MAM
(Vicars Lndg. Proj.) Series A, 6.75% 2/15/12 - 4,000,000 3,870,000
790397AQ
St. Lucie County Solid Waste Disp. Rev.
(Florida Pwr. & Lt. Co. Proj.) 6.70% 5/1/27 (b) A2 2,000,000
2,167,500 79208EAT
St. Petersburg Health Facs. Auth. Rev.: 793309CX
(Allegany Health Sys.) Series A, 7% 12/1/15,
(MBIA Insured) Aaa 1,000,000 1,130,000 793309CX
(Allegany Health Sys. Loan Proj.)
5.75% 12/1/21, (MBIA Insured) Aaa 140,000 141,225 793309DP
(Allegany Health Sys. - St. Mary's) 7% 12/1/21,
(MBIA Insured) Aaa 1,500,000 1,695,000 793309CZ
Sarasota Wtr. & Swr. Util. Rev. First Rfdg.
9.305% 10/1/11, (FGIC Insured)(d) Aaa 2,000,000 2,317,500 803408GB
Seminole County Wtr. & Swr. Rev. Rfdg. & Impt.: 816705EF
6% 10/1/09, (MBIA Insured) Aaa 1,500,000 1,605,000 816705EJ
6% 10/1/12, (MBIA Insured) Aaa 1,500,000 1,597,500 816705EF
Sumter County School Dist. Rev.
(Multi-Dist. Loan Prog.) 7.15% 11/1/15,
(Cap. Guaranty Insured) Aaa 1,000,000 1,215,000 866537BC
Sunrise Pub. Facs. Rev. Series B,
0% 10/1/13, (MBIA Insured) Aaa 2,840,000 937,200 86768GAY
Sunrise Spl. Tax Dist. #1 Rfdg. 6.375% 11/1/21,
LOC Bayer Hypotheken Bank Aa1 2,000,000 2,115,000 86768RAP
Tallahassee Health Facs. Facs. Rev. Rfdg.
(Tallahassee Mem. Regl. Med.) Series B,
6% 12/1/09, (MBIA Insured) Aaa 2,000,000 2,080,000 874485CJ
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS(E) PRINCIPAL VALUE
(UNAUDITED) AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Tallahassee Muni. Elec. Rev. Series B,
6.20% 10/1/12 Aa $ 4,500,000 $ 4,725,000 874466KY
Tampa Cap. Impt. Proj. Rev.
Series B: 875148AU
8.25% 10/1/05 BBB 4,500,000 4,972,500 875148AU
8.375% 10/1/18 A- 1,800,000 1,991,250 875148AV
Tampa Rev. (Allegheny Health Sys. - St. Joseph)
6.75% 12/1/17, (MBIA Insured) Aaa 150,000 165,563 875231BD
Tampa Wtr. & Swr. Rev. (Short/Rites)
Series A-1, 9.410% 10/1/06,
(FGIC Insured) (d) Aaa 3,000,000 3,513,750 875290GY
Tarpan Springs Health Facs. Auth. Hosp. Rev.
(Helen Ellis Mem. Hosp. Proj.) : 876258CC
7.5% 5/1/11 BBB- 1,225,000 1,313,813 876258CC
7.625% 5/1/21 BBB- 245,000 263,988 876258CD
347,251,542
PUERTO RICO - 11.5%
Puerto Rico Commonwealth Aqueduct & Swr.
Auth. Rev. Series A, 7.875% 7/1/17 Baa 1,000,000 1,147,500 745160KC
Puerto Rico Commonwealth Gen. Oblig.
5% 7/1/21 Baa1 3,850,000 3,532,375 745144KJ
Puerto Rico Commonwealth Hwy. & Trans. Auth. Hwy.
Rev.: 745181BA
Rfdg. Series X, 5.50% 7/1/15 Baa1 5,000,000 4,925,000 745181FD
Series T, 6.625% 7/1/18 Baa1 7,500,000 8,165,625 745181BA
Series W: 745181BZ
5.50% 7/1/13 Baa1 8,000,000 7,890,000 745181BZ
5.50% 7/1/15 Baa1 4,000,000 3,940,000 745181CB
Puerto Rico Commonwealth Infrastructuring
Fing. Auth. Spl. Series A, 7.50% 7/1/09 Baa1 1,000,000 1,127,500
745219AR
Puerto Rico Commonwealth Rfdg. & Impt.
Unltd. Tax 5.30% 7/1/04 Baa1 2,000,000 2,020,000 745144KC
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. : 745268JT
Series N, 7.125% 7/1/14 Baa1 800,000 873,000 745268JT
Series P, 7% 7/1/21 Baa1 4,450,000 4,911,688 745268LL
Puerto Rico Elec. Pwr. Auth. Rev.
(Pwr. Resources Auth.) Series R,
6.25% 7/1/17 Baa1 2,000,000 2,097,500 745268ND
Puerto Rico Pub. Bldgs. Auth. Rev. Rfdg.
Series L, 5.50% 7/1/21 Baa1 3,000,000 2,962,500 745235GJ
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS(E) PRINCIPAL VALUE
(UNAUDITED) AMOUNT (NOTE 1)
PUERTO RICO - CONTINUED
Puerto Rico Tel. Auth. Rev. 6.95% 1/1/04,
(AMBAC Insured) Inverse Floating
Rate Notes (d) Aaa $ 4,000,000 $ 4,075,000 745297HX
47,667,688
U.S. VIRGIN ISLANDS - 1.7%
Virgin Islands Pub. Fin. Auth. Rev. Rfdg.
Series A, 7.25% 10/1/18
(Escrowed to Maturity) (b) - 6,300,000 6,977,250 927676CF
GUAM - 2.9%
Guam Arpt. Auth. Gen. Rev. Series B,
6.40% 10/1/05 (b) BBB 2,500,000 2,637,500 400648BB
Guam Arpt. Auth. Rev. : 400648BK
6.30% 10/1/22 BBB 2,150,000 2,227,938 400653AN
Series A: 400648BK
6.60% 10/1/10 BBB 1,500,000 1,588,125 400648BK
5.25% 10/1/13 BBB 1,250,000 1,164,063 400653BF
Series B, 6.70% 10/1/23 BBB 3,950,000 4,201,813 400648BM
11,819,439
TOTAL MUNICIPAL BONDS (Cost $397,113,630) 413,715,919
MUNICIPAL NOTES (A) - 3.4%
FLORIDA - 3.4%
Dade County Health Facs. Auth. Hosp. Rev.
(Miami Childrens Hosp. Proj.) Series 1990,
2.35%, LOC Barnett Bank, VRDN VMIG 8,600,000 8,600,000 233904KQ
Dade County Ind. Dev. Rev. (Montenay Dade
Ltd. Proj.) Series 1990-A, 2.40%, LOC
Banque Paribas, VRDN A-1 5,000,000 5,000,000 233561AB
Hillsborough County Ind. Dev. Auth. Poll. Cont.
Rev. Rfdg. (Tampa Elec. Co. Proj.)
Series 1990, 1.90%, VRDN - 1,100,000 1,100,000 432320CL
TOTAL MUNICIPAL NOTES (Cost $14,700,000) 14,700,000
TOTAL INVESTMENTS - 100% (Cost $411,813,630) $ 428,415,919
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. Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals (AMT securities).
3. Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $1,342,188 or 0.3% of net
assets.
4. Inverse floating rate security is a security where the coupon is
inversely indexed to a floating interest rate multiplied by a specified
factor. If the floating rate is high enough, the coupon rate may be zero or
be a negative amount that is carried forward to reduce future interest
and/or principal payments. The price may be considerably more volatile than
the price of a comparable fixed rate security.
5. Standard & Poor's Corporation credit ratings are used in the absence
of a rating by Moody's Investors Service, Inc.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investments for the period ended is as follows (ratings are unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 60% AAA, AA, A 74%
Baa 21% BBB 16%
Ba .1% 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 distribution of municipal securities by revenue source, as a percentage
of total value of investments, is as follows:
Electric Revenue 19.9%
Transportation 19.8%
Health Care 18.1%
Water & Sewer 10.9%
General Obligation 10.3%
Others (individually
less than 10%) 21.0
TOTAL 100.0%
INCOME TAX INFORMATION
At November 30,1993 the aggregate cost of investment securities for income
tax purposes was $411,813,630 Net unrealized appreciation aggregated
$16,602,289, of which $17,978,595 related to appreciated investment
securities and $1,376,306 related to depreciated investment securities.
The fund hereby designates $794,000 as a capital gain dividend for the
purpose of the dividend paid deduction.
SPARTAN FLORIDA MUNICIPAL INCOME PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1993
6.ASSETS 7. 8.
9.Investment in securities, at value (cost $411,813,630) 10. $ 428,415,919
(Notes 1 and 2) - See accompanying schedule
11.Cash 12. 241,924
13.Receivable for investments sold 14. 1,001,819
15.Interest receivable 16. 6,117,812
17.Receivable from investment adviser for expense 18. 17,821
reductions (Note 5)
19. 20.TOTAL ASSETS 21. 435,795,295
22.LIABILITIES 23. 24.
25.Payable for investments purchased $ 6,559,318 26.
27.Dividends payable 672,981 28.
29.Accrued management fee 196,032 30.
31. 32.TOTAL LIABILITIES 33. 7,428,331
34.35.NET ASSETS 36. $ 428,366,964
37.Net Assets consist of: 38. 39.
40.Paid in capital 41. $ 403,756,117
42.Accumulated undistributed net realized gain (loss) on 43. 8,008,558
investments
44.Net unrealized appreciation (depreciation) on 45. 16,602,289
investment securities
46.47.NET ASSETS, for 37,951,331 shares outstanding 48. $ 428,366,964
49.50.NET ASSET VALUE, offering price and redemption 51. $11.29
price per share ($428,366,964 (divided by) 37,951,331 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1993
52.INTEREST 53. $ 21,762,517
54.EXPENSES 55. 56.
57.Management fee (Note 4) $ 2,073,795
58.Non-interested trustees' compensation 2,365 59.
60. Total expenses before reductions 2,076,160 61.
62. Expense reductions (Note 5) (1,147,661) 928,499
63.64.NET INVESTMENT INCOME 65. 20,834,018
66.REALIZED AND UNREALIZED GAIN (LOSS) ON 68. 69.
INVESTMENTS
(NOTES 1 AND 3)
67.Net realized gain (loss) on:
70. Investment securities 8,367,459 71.
72. Futures contracts (249,214) 8,118,245
73.Change in net unrealized appreciation (depreciation) 74. 75.
on:
76. Investment securities 15,486,147 77.
78. Futures contracts (50,618) 15,435,529
79.80.NET GAIN (LOSS) 81. 23,553,774
82.83.NET INCREASE (DECREASE) IN NET ASSETS 84. $ 44,387,792
RESULTING FROM OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
85. YEAR ENDED MARCH 16, 1992
NOVEMBER 30, (COMMENCEMENT
1993 OF OPERATIONS) TO
NOVEMBER 30,
1992
86.INCREASE (DECREASE) IN NET ASSETS
87.Operations $ 20,834,018 $ 5,269,681
Net investment income
88. Net realized gain (loss) on investments 8,118,245 117,708
89. Change in net unrealized appreciation (depreciation) 15,435,529 1,166,760
on investments
90. 91.NET INCREASE (DECREASE) IN NET ASSETS 44,387,792 6,554,149
RESULTING FROM
OPERATIONS
92.Distributions to shareholders from: (20,834,018) (5,269,681)
Net investment income
93. Net realized gain (227,395) -
94.Share transactions 242,254,359 250,151,152
Net proceeds from sales of shares
95. Reinvestment of distributions from: 13,798,681 3,577,304
Net investment income
96. Net realized gain 162,331 -
97. Cost of shares redeemed (88,378,513) (17,974,253)
98. Redemption fees (Note 1) 94,890 70,166
99. Net increase (decrease) in net assets resulting 167,931,748 235,824,369
from
share transactions
100. 191,258,127 237,108,837
101.TOTAL INCREASE (DECREASE) IN NET ASSETS
102.NET ASSETS 103. 104.
105. Beginning of period 237,108,837 -
106. End of period $ 428,366,964 $ 237,108,837
107.OTHER INFORMATION 109. 110.
108.Shares
111. Sold 22,071,403 23,926,650
112. Issued in reinvestment of distributions from: 1,237,013 341,743
Net investment income
113. 15,431 -
Net realized gain
114. Redeemed (7,911,287) (1,729,622)
115. Net increase (decrease) 15,412,560 22,538,771
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C>
116. YEAR ENDED MARCH 16, 1992
NOVEMBER 30, (COMMENCEMENT
1993 OF OPERATIONS) TO
NOVEMBER 30,
1992
117.SELECTED PER-SHARE DATA
118.Net asset value, beginning of period $ 10.520 $ 10.000
119.Income from Investment Operations .615 .459
Net investment income
120. Net realized and unrealized gain (loss) on .777 .514
investments
121. Total from investment operations 1.392 .973
122.Less Distributions (.615) (.459)
From net interest income
123. From net realized gain on investments (.010) -
124. Total distributions (.625) (.459)
125.Redemption fees added to paid in capital .003 .006
126.Net asset value, end of period $ 11.290 $ 10.520
127.TOTAL RETURN 13.52% 9.94%
128.RATIOS AND SUPPLEMENTAL DATA
129.Net assets, end of period (000 omitted) $ 428,367 $ 237,109
130.Ratio of expenses to average net assets .25% .03%*
131.Ratio of expenses to average net assets before .55% .55%*
expense reductions
132.Ratio of net interest income to average 5.52% 6.25%*
net assets
133.Portfolio turnover rate 50% 38%*
</TABLE>
* ANNUALIZED
TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO
PERFORMANCE: THE BOTTOM LINE
To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects the change in a fund's share price
over a given period, reinvestment of its dividends (or income), and the
effect of the fund's $5 account closeout fee. Yield measures the income
paid by a fund. Since a money market fund tries to maintain a $1 share
price, yield is an important measure of performance.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1993 PAST 1 LIFE OF
YEAR FUND
Spartan Florida Municipal
Money Market Portfolio 2.50% 3.30%
Consumer Price Index 2.68% 3.48%
Average All Tax-Free
Money Market Fund 2.00% 2.64%
CUMULATIVE TOTAL RETURNS reflect actual performance over a set period - one
year, or since the fund started on August 24,1992. For example, if you
invested $1,000 in a fund that had a 5% return over the past year, you
would end up with $1,050. Comparing the fund's performance to the consumer
price index (CPI) helps show how your investment did compared to inflation.
To measure how the fund stacked up against its peers, you can compare its
return to the average all tax-free money market fund's total return. This
average currently reflects the performance of 333 tax-free money market
funds tracked by IBC/Donoghue. (The periods covered by the CPI and
IBC/Donoghue numbers are the closest available match to those covered by
the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1993 PAST 1 LIFE OF
YEAR FUND
Spartan Florida Municipal
Money Market Portfolio 2.50% 2.59%
Consumer Price Index 2.68% 2.77%
Average All Tax-Free
Money Market Fund 2.00% 2.03%
AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had achieved that return
by performing at a constant rate each year.
YIELDS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
11/30/92 2/28/93 5/31/93 8/31/93 11/30/93
Spartan Florida 2.65% 2.29% 2.80% 2.48% 2.26%
Municipal Money Market
Portfolio
Average Tax-Free 2.18% 1.82% 2.20% 2.00% 1.94%
Money Market Fund
Spartan Florida 4.14% 3.58% 4.38% 3.88% 3.53%
Municipal Money Market
Portfolio - Tax-equivalent
Average All Taxable 2.77% 2.71% 2.64% 2.64% 2.69%
Money Market Fund
</TABLE>
Row: 1, Col: 1, Value: 2.65
Row: 1, Col: 2, Value: 2.18
Row: 2, Col: 1, Value: 2.29
Row: 2, Col: 2, Value: 1.82
Row: 3, Col: 1, Value: 2.8
Row: 3, Col: 2, Value: 2.2
Row: 4, Col: 1, Value: 2.48
Row: 4, Col: 2, Value: 2.0
Row: 5, Col: 1, Value: 2.26
Row: 5, Col: 2, Value: 1.94
Spartan Florida
Municipal Money
Market Portfolio
Average Florida
Tax-Free Money
Market Fund
3% -
2% -
1% -
0%
YIELD refers to the income paid by the fund over a given period. Yields for
money market funds are usually for seven-day periods, expressed as annual
percentage rates. A yield that assumes income earned is reinvested or
compounded is called an effective yield. The chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. This
would have been lower if Fidelity had not reimbursed certain fund expenses.
You can compare these yields to the average all tax-free money market fund.
Or you can look at the fund's tax-equivalent yield, which is based on a
combined effective 1993 federal tax rate of 36%. The tax-equivalent figures
are useful in seeing how the fund stacked up against the average taxable
money market fund as tracked by IBC/Donoghue.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS REFLECT PAST RESULTS RATHER
THAN PREDICT FUTURE PERFORMANCE.
COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because it
ignores the way taxes reduce
taxable returns. Tax-equivalent
yield -- the yield you'd have to
earn on a similar taxable
investment to match the
tax-free yield -- makes the
comparison more meaningful.
Keep in mind that the U.S.
government neither insures nor
guarantees a money market
fund. In fact, there is no
assurance that a money fund
will maintain a $1 share price.
(checkmark)
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Deborah Watson,
Portfolio Manager of Spartan Florida
Municipal Money Market Portfolio
Q. DEB, CAN YOU DESCRIBE THE CONDITIONS YOU'VE FACED FOR THE LAST YEAR?
A. Sure. In terms of interest rates, there's not much to report. Tax-free
short-term rates took their cue from the federal funds rate, which held
steady at or near 3% all year. We encountered renewed inflation fears last
May, and again in late October. But both episodes were temporary, and so
did not significantly influence the way I managed the fund. In the absence
of major interest-rate swings, technical factors also played an important
part in guiding my strategy.
Q. IN WHAT WAY?
A. Like most states, Florida does the bulk of its borrowing in mid-summer.
The annual increase in supply generally presents a good buying opportunity,
and I anticipated that by gradually lowering the fund's average maturity
into the 30-day range by the end of June. Then, as supply entered the
market and interest rates remained stable, I bought longer-term issues and
extended the fund's average maturity again - to 79 days by the end of
October. Throughout November, I maintained a long average maturity, this
time in anticipation of the flood of new assets into the fund that occurs
each year in the weeks leading up to January 1, when Florida levies its
intangibles tax. But supply was scarce, and by the end of November, the
average maturity rolled down slightly to 66 days.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on November 30, 1993 was 2.26%, compared to
2.65% last year. The tax-equivalent yield for investors in the 36% federal
tax bracket was 3.53%. Total return for the same period was 2.50%. That
beat the total return of the average all tax-free money market fund tracked
by IBC/Donoghue, which was 2.00%.
Q. WHY DID THE FUND BEAT ITS PEERS?
A. There were several factors: successful interest-rate forecasting; a 25%
stake in issues subject to the alternative minimum tax, which offer more
yield; and a 14% stake in some simple derivatives. The derivatives I bought
combine a long-term municipal bond with a "put," or an option to sell to a
third party, typically a bank. The end product is an investment that pays a
short-term variable interest rate and can be put on short notice, usually
seven days. It acts much like any other variable rate demand note the fund
might own, with one key difference: the yield is slightly higher, a fact
that has more to do with the added complexity of these instruments than
added investment risk.
Q. WHAT'S AHEAD FOR THE FUND?
A. Shareholders can expect a sharp increase in the percentage of the fund's
variable rate demand notes (VRDN) as we approach January 1, and a
corresponding drop in the fund's average maturity. That trend should begin
to reverse itself later in January as assets flow back out of the fund. In
the months ahead, the short-term market may experience some volatility. I
expect the economy to continue to show sporadic signs of improvement,
leading to growing expectations that the fed may move to increase rates.
Therefore, I would probably take a more defensive approach, and keep the
average maturity somewhere between 50 and 65 days.
FUND FACTS
GOAL: income exempt from
federal income tax and the
Florida intangible personal
property tax and stability by
investing in high-quality,
short-term Florida municipal
securities
START DATE: August 24, 1992
SIZE: as of November 30,
1993, over $300 million
MANAGER: Deborah Watson,
since August 1992; manager,
Spartan California and
Pennsylvania Municipal Money
Market Portfolios, since 1989;
and Fidelity California Tax-Free
Money Market Fund, since
1988
(checkmark)
WORDS TO KNOW
COMMERCIAL PAPER: A security
issued by a municipality to
finance capital or operating
needs.
FEDERAL FUNDS RATE: The interest
rate banks charge each other
for overnight loans.
MATURITY: The time remaining
before an issuer is scheduled
to repay the principal amount
on a debt security. When the
fund's average maturity -
weighted by dollar amount -
is short, the fund manager is
anticipating a rise in interest
rates. When the average
maturity is long, the manager
is expecting rates to fall.
When the average maturity is
neutral, the manager wants
the flexibility to respond to
rising rates, while still
capturing a portion of the
higher yields available from
issues with longer maturities.
MUNICIPAL NOTE: A security
issued in advance of future
tax or other revenues and
payable from those specific
sources.
TENDER BOND: A variable-rate,
long-term security that gives
the bond holder the option to
redeem the bond at face
value before maturity.
VARIABLE RATE DEMAND NOTE
(VRDN): A tender bond that
can be redeemed on short
notice, typically one or seven
days. VRDNs are useful in
managing the fund's average
maturity and liquidity.
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO
INVESTMENT CHANGES
MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/93 5/31/93 11/30/92
0 - 30 63 66 64
31 - 90 13 18 20
91 - 180 1 10 1
181 - 397 23 6 15
WEIGHTED AVERAGE MATURITY
11/30/93 5/31/93 11/30/92
Spartan Florida
Municipal Money Market
Portfolio 66 days 46 days 60 days
Average Florida Tax-Free
Money Market Fund* 64 days 48 days 62 days
ASSET ALLOCATION
AS OF 11/30/93 AS OF 11/30/92
Row: 1, Col: 1, Value: 59.0
Row: 1, Col: 2, Value: 15.0
Row: 1, Col: 3, Value: 0.0
Row: 1, Col: 4, Value: 18.0
Row: 1, Col: 5, Value: 8.0
Row: 1, Col: 1, Value: 56.0
Row: 1, Col: 2, Value: 28.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 14.0
Row: 1, Col: 5, Value: 2.0
Variable rate
demand notes
(VRDNs) 59%
Commercial
paper 15%
Tender bonds 0%
Municipal
notes 18%
Other 8%
Variable rate
demand notes
(VRDNs) 56%
Commercial
paper 28%
Tender bonds 1%
Municipal
notes 14%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(Registered trademark)
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO
INVESTMENTS/NOVEMBER 30, 1993
(Showing Percentage of Total Value of Investments)
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - 100%
Alachua County Health Facs. (Academic Research Bldg.
Proj. 1989) 2.75% 1/7/94, LOC Barnett Bank of
Jacksonville, VT $ 1,500,000 $ 1,500,000 0106859A
Alachua County Bonds 4.30% 2/1/94, (FSA Insured) 2,340,000 2,346,583
010691BH
Brevard County Hsg. Fin. Auth. (Sun Pointe Bay Apts. Proj.)
Series 1993 2.40%, VRDN 500,000 500,000 106904EC
Brevard County Hsg. Rev. (Palm Place Hsg. Proj.)
Series 1985, 2.30%, LOC Chemical Bank ,VRDN 2,160,000 2,160,000
106904DY
Broward County Airport System Rev. 2.90% 10/1/94
(AMBAC Insured) (c) 1,500,000 1,501,181 114894AU
Broward County Fin. Auth. Multi-Family Hsg. Rev.
(Parkview Partnership Ltd. Proj.)
Series 1985, 2.675%, LOC Fuji Bank, VRDN 200,000 200,000 115027CL
Broward County Hsg. Fin. Auth. (Sawgrass Pines Apt. Proj.)
Series 1993 A, 2.80%, LOC First Union Bank of Florida (c) 11,000,000
11,000,000 115027CX
Broward County Ind. Dev. Auth. Ind. Dev. Rev. (Rib Associates
Proj.) Series 1989, 2.55%, LOC Sun Bank, VRDN ( c) 1,540,000 1,540,000
115032AA
Broward County Sales Tax Rev. Notes Series 1989 B, CP (c):
2.45%, 12/14/93, LOC Industrial Bank of Japan 500,000 499,972 1150329P
2.70%, 1/12/94, LOC Industrial Bank of Japan 2,400,000 2,400,000
1150329N
Charlotte County School Dist. TAN, Series 1993,
3.25% 6/30/94 6,750,000 6,769,155 160803AX
Collier County Ind. Dev. Auth. Wtr. & Swr. Ind. Dev. Rev.
(Marco Island Util. Proj.) Series 1992, 2.55%
LOC Sun Bank, VRDN (c) 5,125,000 5,125,000 19464TAB
Collier County Wtr. & Swr. Ind. Dev. Rev. Series 1990
(Marco Island Util. Proj.) 2.55%, LOC Sun Bank,
VRDN (c) 6,700,000 6,700,000 19464TAA
Dade County Aviation Facs. Rev., Series 1984 A, 2.40%,
LOC Fuji Bank, VRDN 2,500,000 2,500,000 233455FK
Dade County Health Facs. Auth. Hosp. Rev. Bonds (Baptist
Hosp. of Miami Proj.) 6.20% 5/1/94 1,320,000 1,339,275 233904FE
Dade County Ind. Dev. Rev. VRDN:
(Montenay-Dade Proj.) :
Series 1988, 2.40%, LOC Banque Paribas (c) 3,500,000 3,500,000
233494AP
Series 1990 A, 2.40%, LOC Banque Paribas (c) 18,840,000 18,840,000
233561AB
(Dolphins Stadium Proj.) :
Series 1985 B, 2.40%, LOC Citibank, Marine Midland
Bank 2,900,000 2,900,000 233905BA
Series 1985 C, 2.40%, LOC Citibank 2,400,000 2,400,000 233905BB
Series 1985 D, 2.40%, LOC Citibank 1,300,000 1,300,000 233905BC
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Dade County Ind. Dev. Rev. VRDN: - continued
(Flamingo Graphics Proj.) Series 1989, 2.55%
LOC Sun Bank (c) $ 485,000 $ 485,000 233905BV
(Guastafeste Proj.) Series 1987, 2.55%,
LOC Sun Bank (c) 835,000 835,000 233905BN
(Guastafeste Proj.) Series 1991, 2.55%
LOC Sun Bank (c) 815,000 815,000 233905CQ
Dade County Multi-Family Hsg. Rev. (Biscayne View
Apts. Proj.) Series 1993, 2.70%, (BPA Commonwealth
Life Ins. Co.), VRDN (c) 15,000,000 15,000,000 233911HX
Duval County Multi-Family Hsg. Fin. Auth. Rev. (Lakes
of Mayport Apts.) Series 1985 F, 2.60%, LOC Bank of
Boston, VRDN 3,200,000 3,200,000 267152EV
Escambia Co. Solid Waste. Disp. Rev. (Monsanto Co. Proj.),
Series 1993, 2.65%, VRDN, (c) 5,300,000 5,300,000 296163AZ
Florida Dept. of Trans. Tpk. Rev. Rfdg. Ctfs. of Partnership,
Series 1993 A, 2.55%, (FGIC Insured),
(Liquidity Enhancement Merrill Lynch) (b) 12,360,000 12,360,000
343136GC
Florida Hsg. Fin. Agcy. Mult-Family Gtd. Mtg. Rev., VRDN:
Series 1983 K, 2.40% 1,160,000 1,160,000 340737KW
Series 1983 J, 2.40% 2,400,000 2,400,000 340737KV
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rev., VRDN:
(Beville-Oxford Proj.) Series 1990 B, 2.50% 1,000,000 1,000,000
3407375U
(Brandon-Oxford Proj.) Series 1990 C, 2.50% 5,500,000 5,500,000
3407375T
(Hillsborough-Oxford Proj.) Series D, 2.50% 200,000 200,000 3407375V
(Players Club) Series 1991 C, 3.12%,
LOC Sumitomo Trust 7,100,000 7,100,000 3407376B
(Town Colony II Proj.) Series 1985 EE, 2.40% 1,000,000 1,000,000
340737ZS
Florida League of Cities First Muni. Pooled Loan Prog.,VT:
Series 1, 2.70% 1/18/94, LOC Sumitomo Bank 5,500,000 5,500,000
321991CF
Series 2, 2.75% 1/25/94, LOC Sumitomo Bank 2,900,000 2,900,000
321991CD
Series 2, 2.70% 1/20/94, LOC Sumitomo Bank 2,000,000 2,000,000
321991CH
Florida Muni. Pwr. Agcy., Ctfs. of Partnership
(Stanton II Proj.) Series 1993, 2.55%, (AMBAC Insured),
(Liquidity Enhancement Merrill Lynch) (b) 3,660,000 3,660,000 342816LF
Florida State Board of Ed. Cap. Outlay Multi Modal
Tender Option Bonds, Series 1993 A, 2.55%, (Liquidity
Enhancement Citibank) (b) 5,230,000 5,230,000 341421LX
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Florida State Board of Ed. Cap. Outlay, Series 86 A,
BTP Class A Ctfs., 2.50% (Liquidity Enhancement
Banker's Trust) (b) $ 4,008,600 $ 4,008,600 341421RJ
Florida State Board of Ed. Cap. Outlay Pub Ed.Gen. Oblig.:
Series B, 5.30%, 6/1/94 1,500,000 1,518,838 341421GJ
Series C, 4.80%, 6/1/94 4,700,000 4,749,294 341421MA
Florida State Div. Fin. Dept. Natural Resource Preservation,
Series 2000 A, 6.10% 7/1/94, (AMBAC Insured) 1,000,000 1,018,838
342812QH
Hillsborough County Cap. Impt. Prog. Rev. (Criminal
Justice Facs. Proj. 4.75%, 8/1/94, (FGIC Insured) 3,035,000 3,069,525
43232FCE
Hillsborough County Ind. Dev. Auth. Poll. Cont. Rev. Rfdg.,
(Tampa Elec. Co. Gann Coal Proj.) Series 1992,
1.90%, VRDN 700,000 700,000 432320CM
Homestead Spl. Ins. Assessment Rev. Bonds
(Hurricane Andrew Cvd. Claims)
Series 1993, 2.875% 3/1/94, (MBIA Insured) 1,200,000 1,200,000 437762AB
Indian River County Hosp. Dist. Hosp. Rev.:
Series 1985, 2.50%, LOC Kredietbank, VRDN 2,600,000 2,600,000
454408AB
Series 1988, 2.75%, 1/21/94, LOC Kredietbank, VT 2,350,000 2,350,000
45499CAE
Series 1989, 2.65% 12/7/93, LOC Kredietbank, VT 1,200,000 1,200,000
45499CAA
Series 1989, 2.80% 1/25/94, LOC Kredietbank, VT 3,000,000 3,000,000
45499CAC
Series 1990, 2.80% 2/17/94, LOC Kredietbank, VT 5,000,000 5,000,000
45499CAG
Indian Trace Commty. Dev. Dist. (Broward Co. Basin I
Wtr. Mgmt. Spl. Benefit), VT:
Series 1991:
3.10% 12/6/93, LOC Tokai Bank 1,500,000 1,500,000 227994JR
3.10% 12/7/93, LOC Tokai Bank 2,000,000 2,000,000 227994JT
3.10% 12/6/93, LOC Tokai Bank 3,000,000 3,000,000 227994JS
Jacksonville Elec. Auth. Rev. Ctfs. of Partnership, 2.50%, 4693635T
(Liquidity Enhancement Merrill Lynch ) (b) 3,320,000 3,320,000
4693635T
Jacksonville Elec. Auth. Rev. (St. John's River Pwr. Pk. Sys.)
10% 10/1/94 3,000,000 3,235,092 469363FW
Jacksonville Hosp. Rev. (Baptist Medical Ctr. Proj.), VRDN: 469404CZ
Series 1984, 2.30%, LOC First Union Nat'l Bank 4,710,000 4,710,000
469404CZ
Series 1989, 2.30%, LOC First Union Nat'l Bank 550,000 550,000
46940TAF
Jacksonville Ind. Dev. Rev. (Samuel C. Taylor Foundation
1987 Proj.) 2.55%, LOC Barnett Bank of
Jacksonville, VRDN 1,800,000 1,800,000 469407AY
Lee County Gas Tax Ref. Bd. 3.25% 10/1/94
(MBIA Insured)(d) 1,260,000 1,264,864 52349LAQ
Lee County Hosp. Board Hosp. Rev. Series 1992 C,
(Lee Memorial Hosp. Proj.) 2.70% 1/14/94, VT 3,000,000 3,000,000
523995AE
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
Marion County Hsg. Fin. Auth. VRDN:
(Belvedere Apt. Proj.) Series 1985 C, 2.60%,
LOC Bank of Boston $ 2,650,000 $ 2,650,000 568788AA
(Oakhurst Apt. Proj.) Series 1985 E, 2.60%,
LOC Bank of Boston 2,700, 568788AB000 2,700,000
(Paddock Place Proj.) Series 1985 F, 2.60%,
LOC Bank of Boston 2,500,000 2,500,000 568788AC
(Summer Trace Apts.) Series 1985 D, 2.60%
LOC Bank of Boston 2,500,000 2,500,000 568788AD
Martin County Ind. Dev. Auth. Ind. Dev. Rev.
Series 1992 A, (Indiantown Cogeneration Proj.) 2.40%,
LOC Credit Suisse, VRDN (c) 2,900,000 2,900,000 573904AF
Martin County School Dist. TAN 3.40% 6/30/94 5,000,000 5,012,667
573900BA
Miami TAN 3.25% 9/28/94 5,000,000 5,018,856 593388T2
Monroe County School Dist. RAN Series 1992, 3.25%
12/28/93 2,500,000 2,500,000 610518AG
Ocean Hwy, & Port Auth. Series 1990, 2.55%,
LOC ABN-AMRO Bank, VRDN (c) 5,300,000 5,300,00 678438AA0
Okeechobee County Solid Waste Rev. (Chambers Waste Sys.)
Series 1992, 2.90%, LOC NationsBank, VRDN (c) 1,000,000 1,000,000
678438AA
Orange County Health Facs Auth. Custodial Receipt,
Series 1993, 2.60%, (MBIA Insured)
(Liquidity Enhancement Sakura Bank) (b) 13,435,000 13,435,000 684503SY
Orange County Health Fac. Auth. Rfdg. Prog. Rev. Series 1985
2.75%, 1/11/94, (MBIA Insured), VT 3,000,000 3,000,000 68499CAD
Orange County School Dist. TAN 3% 6/30/94 23,500,000 23,536,879
684519AQ
Orange County Solid Waste Facs. Rev. Rfdg. Series 1993,
3.50% 10/1/94 (MBIA Insured) 1,170,000 1,176,666 684534BQ
Orlando & Orange Expressway Rev. Auth. Rev.
Ctfs. of Partnership, 2.55%, (AMBAC Insured)
(Liquidity Enhancement Merrill Lynch) (b) 6,300,000 6,300,000
686543JX
Orlando Util. Commission Wtr. & Elec. Rev. 10.50%
10/1/94 1,360,000 1,485,413 686509RS
Palm Beach County Hsg. Fin. Auth. Rev. (Lake Crystal
Apts. Proj. Phase II) Series 1988 A, 2.50%,
LOC Citibank, VRDN (c) 7,480,000 7,480,000 696508CV
Pasco County School Dist. TAN 3.25% 6/30/94 6,800,000 6,819,297
702537CW
Pasco County School Dist. TRAN 3% 10/27/94 2,160,000 2,160,000 702537CX
Pinellas County Health Facs. Auth. Rev. (Pooled Hosp. Loan
Prog.) 2%, LOC Chemical Bank, VRDN 1,100,000 1,100,000 72316MAA
Putnam County Solid Wst. Assessment Rfdg. Bonds,
Series 1993, 2.70% 6/1/94, (MBIA Insured) 955,000 955,000 746483AN
St. Lucie County School Dist. TAN 3.25% 6/30/94 4,400,000 4,406,047
792076BV
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
FLORIDA - CONTINUED
St. Lucie School Dist RAN 3.75% 4/18/94 $ 2,600,000 $ 2,603,320 792076BU
Sarasota County Pub. Hosp. Dist. Rev., VT:
(Sarasota Memorial Hosp.):
Series 1991, 2.75% 1/13/94 2,700,000 2,700,000 803996LC
Series 1993 A, 2.60% 1/6/94 5,000,000 5,000,000 803996LV
TOTAL INVESTMENTS - 100% $ 319,700,362
Total Cost for Income Tax Purposes $ 319,700,345
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
FRDN - Floating Rate Demand Notes
MT - Mandatory Tender
OT - Optional Tender
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax & Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
VT - Variable Tender
LEGEND
6. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
7. Provides evidence of ownership in an underlying pool of municipal
bonds.
8. Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals (AMT securities).
9. Security purchased on a delayed delivery basis. Interest rate to be
determined at settlement date (see Note 2 of Notes to Financial
Statements).
CAPITAL LOSS CARRYFORWARDS
At November 30,1993, the fund had a capital loss carryforward of
approximately $1200 of which $100, and $1,100 will expire on November 30,
2000, and 2001, respectively.
SPARTAN FLORIDA MUNICIPAL MONEY MARKET PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
NOVEMBER 30, 1993
138.ASSETS 139. 140.
141.Investment in securities, at value (Note 1) - See 142. $ 319,700,362
accompanying schedule
143.Cash 144. 4,159,249
145.Interest receivable 146. 1,697,836
147. 148.TOTAL ASSETS 149. 325,557,447
150.LIABILITIES 151. 152.
153.Payable for investments purchased $ 18,697,119 154.
155.Dividends payable 28,361 156.
157.Accrued management fee 91,074 158.
159. 160.TOTAL LIABILITIES 161. 18,816,554
162.163.NET ASSETS 164. $ 306,740,893
165.Net Assets consist of: 166. 167.
168.Paid in capital 169. $ 306,742,133
170.Accumulated net realized gain (loss) on 171. (1,257)
investments
172.Unrealized gain from accretion of market discount 173. 17
(Note 1)
174.175.NET ASSETS, for 306,742,133 shares 176. $ 306,740,893
outstanding
177.178.NET ASSET VALUE, offering price and 179. $1.00
redemption price per share ($306,740,893 (divided by)
306,742,133 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED NOVEMBER 30, 1993
180.181.INTEREST INCOME 182. $ 5,435,697
183.EXPENSES 184. 185.
186.Management fee (Note 4) $ 1,021,002
187.Non-interested trustees' compensation 1,223 188.
189. Total expenses before reductions 1,022,225 190.
191. Expense reductions (Note 5) (655,781) 366,444
192.193.NET INTEREST INCOME 194. 5,069,253
195.REALIZED AND UNREALIZED GAIN (LOSS) ON 197. (1,143)
INVESTMENTS
(NOTE 1)
196.Net realized gain (loss) on investment securities
198.Increase (decrease) in net unrealized gain from 199. 17
accretion
of market discount
200.201.NET GAIN (LOSS) 202. (1,126)
203.204.NET INCREASE IN NET ASSETS RESULTING FROM 205. $ 5,068,127
OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
YEAR ENDED AUGUST 24, 1992
NOVEMBER 30, (COMMENCEMENT
OF OPERATIONS) TO
NOVEMBER 30,
1993 1992
206.INCREASE (DECREASE) IN NET ASSETS
207.Operations $ 5,069,253 $ 124,626
Net interest income
208. Net realized gain (loss) on investments (1,143) (114)
209. Increase (decrease) in net unrealized gain from 17 -
accretion of market discount
210. 5,068,127 124,512
211.NET INCREASE (DECREASE) IN NET ASSETS
RESULTING
FROM OPERATIONS
212.Dividends to shareholders from net interest income (5,069,253) (124,626)
213.Share transactions at net asset value of $1.00 per 523,059,131 58,251,173
share
Proceeds from sales of shares
214. Reinvestment of dividends from net interest 4,777,607 112,763
income
215. Cost of shares redeemed (270,561,793) (8,896,748)
216. 257,274,945 49,467,188
Net increase (decrease) in net assets and shares
resulting from share transactions
217. 257,273,819 49,467,074
218.TOTAL INCREASE (DECREASE) IN NET ASSETS
219.NET ASSETS 220. 221.
222. Beginning of period 49,467,074 -
223. End of period $ 306,740,893 $ 49,467,074
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C>
224. YEAR ENDED AUGUST 24, 1992
NOVEMBER 30, (COMMENCEMENT
1993 OF OPERATIONS) TO
NOVEMBER 30,
1992
225.SELECTED PER-SHARE DATA
226.Net asset value, beginning of period $ 1.000 $ 1.000
227.Income from Investment Operations .025 .008
Net interest income
228. Dividends from net interest income (.025) (.008)
229.Net asset value, end of period $ 1.000 $ 1.000
230.TOTAL RETURN 2.51% .78%
231.RATIOS AND SUPPLEMENTAL DATA
232.Net assets, end of period (000 omitted) $ 306,741 $ 49,467
233.Ratio of expenses to average net assets .18% -%
234.Ratio of expenses to average net assets before .50% .50%*
expense reductions
235.Ratio of net interest income to average net assets 2.48% 2.91%*
</TABLE>
* ANNUALIZED
TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
for the period ended November 30, 1993
1. SIGNIFICANT ACCOUNTING
POLICIES.
Spartan Florida Municipal Income Portfolio(the income fund) is a fund of
Fidelity Court Street Trust. Spartan Florida Municipal Money Market
Portfolio (the money market fund) is a fund of Fidelity Court Street Trust
II. Each trust is registered under the Investment Company Act of 1940, as
amended (the 1940 Act), as an open-end management investment company.
Fidelity Court Street Trust and Fidelity Court Street Trust II (the trusts)
are organized as a Massachusetts business trust and a Delaware business
trust, respectively. Each fund is authorized to issue an unlimited number
of shares. The following summarizes the significant accounting policies of
the money market fund and the income fund:
SECURITY VALUATION.
MONEY MARKET FUND. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME FUND. 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, each fund is not subject to income taxes to
the extent that it distributes all of its taxable income for the fiscal
year. The schedules of investments include 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. For the
money market fund, accretion of market discount represents unrealized gain
until realized at the time of a security disposition or maturity.
EXPENSES. Most expenses of each 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.
REDEMPTION FEES. Shares held in the income fund less than 180 days are
subject to a redemption fee equal to .50% of the proceeds of the redeemed
shares.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
A portion of the fee is accounted for as a reduction of transfer agent
expenses. This portion of the redemption fee is used to offset the
transaction costs and other expenses that short-term trading imposes on the
fund and its shareholders. The remainder of the redemption fee is accounted
for as an addition 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.
2. OPERATING POLICIES.
FUTURES CONTRACTS AND OPTIONS. The income 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 high yield 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.
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
may receive compensation for interest forgone on entering into delayed
delivery transactions. The fund identifies securities as segregated in its
custodial records with a value at least equal to the amount of the purchase
commitment.
3. PURCHASES AND SALES OF
INVESTMENTS.
INCOME FUND. Purchases and sales of securities, other than short-term
securities, aggregated $507,056,918 and $333,830,247 respectively. The face
value of futures contracts opened and closed amounted to $ 67,962,094 and
$75,462,094, respectively
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, Fidelity Management
& Research Company (FMR) pays all expenses except the compensation of
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
the non-interested Trustees and certain exceptions such as interest, taxes,
brokerage commissions and extraordinary expenses. FMR receives a fee that
is computed daily at an annual rate of .50% and .55% of average net assets
for the money market and income funds, respectively.
FMR also bears the cost of providing shareholder services to each fund. For
the period, FMR or its affiliates collected certain transaction fees from
shareholders which aggregated $4,401 and $4,170 for the Money Market and
Income funds, respectively.
SUB-ADVISER FEE. As the money market fund's investment sub-adviser, FMR
Texas Inc., a wholly owned subsidiary of FMR, receives a fee from FMR of
50% of the management fee payable to FMR. The fee is paid prior to any
voluntary expense reimbursements which may be in effect, and after reducing
the fee for any payments by FMR pursuant to the fund's Distribution and
Service Plan.
5. EXPENSE REDUCTIONS.
FMR has voluntarily agreed to reimburse the funds for total operating
expenses (excluding interest, taxes, brokerage commissions and
extraordinary expenses) above a specified percentage of average net assets.
MONEY MARKET FUND. For the period, this expense limitation ranged from an
annual rate of 0% to .40% of average net assets and the reimbursement
amounted to $655,781.
INCOME FUND. For the period, this expense limitation ranged from an annual
rate of .05% to .50% of average net assets and the reimbursement amounted
to $1,147,661.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Court Street
Trust and Fidelity Court Street Trust II
and the Shareholders of the
Spartan Florida Municipal Income
Portfolio and the Spartan Florida
Municipal Money Market Portfolio:
We have audited the accompanying statements of assets and liabilities of
Spartan Florida Municipal Income Portfolio, a portfolio of the Fidelity
Court Street Trust, and Spartan Florida Municipal Money Market Portfolio ,
a portfolio of Fidelity Court Street Trust II, including the schedules of
portfolio investments, as of November 30, 1993, the related statements of
operations for the year then ended, and the statements of changes in net
assets and the financial highlights for the year ended November 30 ,1993
and the period from March 16, 1992 (commencement of operations) to November
30, 1992 for the Spartan Municipal Income Portfolio, and the year ended
November 30, 1993 and the period from August 24, 1992 (commencement of
operations) to November 30, 1992 for the Spartan Florida Municipal Money
Market Portfolio .These financial statements and financial highlights are
the responsibility of the Funds' management. Our responsibility is to
express an opinion on these financial statements and financial highlights
based on our audits.
We conducted our audits in accordance with 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 November 30, 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 Spartan Florida Municipal Income Portfolio and Spartan Florida Municipal
Money Market Portfolio as of November 30, 1993, the results of their
operations for the year then ended and the changes in their net assets and
financial highlights for the year ended November 30,1993 and the period
from March 16, 1992 (commencement of operations) to November 30, 1992 for
the Spartan Municipal Income Portfolio, and the year ended November 30,
1993 and the period from August 24,1992 (commencement of operations) to
November 30, 1992 for the Spartan Florida Municipal Money Market Portfolio
in conformity with generally accepted accounting principals.
COOPERS & LYBRAND
Boston, Massachusetts
December 30, 1993
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)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
1. For quotes on funds you own.
2. For an individual fund quote.
3. For the ten most frequently
requested Fidelity fund quotes.
4. For quotes on Fidelity Select
Portfolios.(Registered trademark)
5. To change your Personal
Identification Number (PIN).
6. To speak with a Fidelity
representative.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
1. For balances on funds you own.
2. For your most recent fund activity
(purchases, redemptions, and
dividends).
3. To change your Personal
Identification Number (PIN).
4. To speak with a Fidelity
representative.
* 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.
INVESTMENT ADVISER
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Anne Punzak, Vice President
Thomas D. Maher, Assistant
Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Arthur S. Loring, Secretary
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*(see note)
Phyllis Burke Davis*(see note)
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*(see note)
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
United Missouri Bank, N.A.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO
FIDELITY'S TAX-FREE
MONEY MARKET FUNDS
California Tax-Free Money Market
Connecticut Municipal Money Market
Massachusetts Tax-Free Money Market
Michigan Municipal Money Market
New Jersey Tax-Free Money Market
New York Tax-Free Money Market
Ohio Municipal Money Market
Spartan California Municipal
Money Market
Spartan Connecticut Municipal
Money Market
Spartan Florida Municipal Money Market
Spartan Massachusetts Municipal
Money Market
Spartan Municipal Money Fund
Spartan New Jersey Municipal
Money Market
Spartan New York Municipal
Money Market
Spartan Pennsylvania Municipal
Money Market
Tax-Exempt Money Market
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 1-800-544-0111
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
(see note) MONEY MARKET ONLY
