FIDELITY
(registered trademark)
TAX-EXEMPT
MONEY MARKET
TRUST
SEMIANNUAL REPORT
APRIL 30, 1994
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on minimizing taxes.
PERFORMANCE 4 How the fund has done over time.
FUND TALK 6 The manager's review of fund
performance, strategy and outlook.
INVESTMENT CHANGES 8 A summary of major shifts in the
fund's investments over the last six
months
and one year.
INVESTMENTS 9 A complete list of the fund's
investments with their market value.
FINANCIAL STATEMENTS 32 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.
NOTES 36 Footnotes to the financial
statements.
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:
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 took steps to reduce their taxes under the new tax laws
that went into effect last year. In fact, many people were not completely
aware of the changes until they filed their 1993 tax returns.
Whether or not you're someone whose tax bill increased 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. We look forward to
talking with you.
Best regards,
Edward C. Johnson 3d, Chairman
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 and reinvestment of its dividends (or income). 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 APRIL 30, 1994 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
Fidelity Tax-Exempt
Money Market Trust 1.03% 2.14% 21.29% 54.66%
Consumer Price Index 1.17% 2.36% 19.74% 42.97%
Average All Tax-Free
Money Market Fund 0.95% 1.95% 20.09% 52.30%
CUMULATIVE TOTAL RETURNS reflect actual performance over a set period - in
this case, six months, one year, five years, or 10 years. 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 over 351 tax-free money
market funds tracked by IBC/Donoghue. (The periods covered by the
IBC/Donoghue numbers are the closest available match to those covered by
the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED APRIL 30, 1994 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
Fidelity Tax-Exempt
Money Market Trust 2.14% 3.94% 4.46%
Consumer Price Index 2.36% 3.67% 3.64%
Average All Tax-Free
Money Market Fund 1.95% 3.73% 4.30%
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
4/30/93 7/31/93 10/31/93 1/31/94 4/30/94
Fidelity Tax-Exempt 2.18% 2.26% 2.18% 1.97% 2.47%
Money Market Trust
Average All Tax-Free 2.01% 2.09% 2.02% 1.84% 2.37%
Money Market Fund
Fidelity Tax-Exempt 3.41% 3.53% 3.41% 3.08% 3.86%
Money Market Trust -
Tax-equivalent
Average All Taxable 2.61% 2.65% 2.66% 2.74% 3.15%
Money Market Fund
Row: 1, Col: 1, Value: 2.18
Row: 1, Col: 2, Value: 2.01
Row: 2, Col: 1, Value: 2.26
Row: 2, Col: 2, Value: 2.09
Row: 3, Col: 1, Value: 2.18
Row: 3, Col: 2, Value: 2.02
Row: 4, Col: 1, Value: 1.97
Row: 4, Col: 2, Value: 1.84
Row: 5, Col: 1, Value: 2.47
Row: 5, Col: 2, Value: 2.37
Fidelity Tax-Exempt
Money Market Trust
Average All 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. You can
compare these yields to the average tax-free money market fund. Or you can
look at the fund's tax-equivalent yield, which assumes you're in the 36%
tax bracket. 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 WILL VARY, AND 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. And there is no
assurance that a money fund
will maintain a $1 share price.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Sarah Zenoble,
Portfolio Manager of Fidelity
Tax-Exempt Money Market Trust
Q. SARAH, WHAT HAS THE SHORT-TERM MARKET BEEN LIKE SINCE OCTOBER?
A. Aside from an uptick in November due to inflation fears, taxable
short-term interest rates moved within a narrow range from the end of
October through the end of January. During that time, tax-exempt rates were
more volatile due to supply and demand factors. But the interest rate
climate changed dramatically in February. From February through April, the
Federal Reserve Board - in three separate moves - pushed up the federal
funds rate from 3.00% to 3.75%, effectively raising all short-term rates.
Q. DID TAX-FREE YIELDS RISE IN TANDEM WITH TAXABLE YIELDS?
A. Not necessarily. When the Fed inched up rates in February, the dramatic
change in market psychology helped trigger a sharp rise in tax-free yields.
Then, as some investors moved assets from stock and bond investments into
safer money market funds, the demand for tax-free instruments with very
short maturities - overnight to six months - outstripped the available
supply. That kept tax-free yields low relative to taxables. But demand
pressures eased in mid-April, when taxpayers traditionally liquidate money
market assets to pay their taxes. The third quarter-point Fed rate hike
coincided with this decrease in demand. By the end of April, tax-free
securities had become more fairly priced compared to taxables.
Q. GIVEN THE RATE ENVIRONMENT, HOW DID YOU POSITION THE FUND?
A. I gradually shortened the fund's average maturity from 82 days at the
end of October to 56 days by the end of January. During that time, I
adopted a more conservative strategy because I increasingly expected that
short-term rates might be heading back up again. Even after the Fed raised
rates the first time in February, I continued to roll back the average
maturity - from 51 days on February 28 to 35 days on April 30. Despite
their attractive yields, I didn't want to add longer-maturity instruments
because I felt that more Fed rate hikes were on the way.
Q. WHAT WAS THE RESULT?
A. The fund's seven-day yield on April 30, 1994, was 2.47%, compared to
2.18% on both October 31 and April 30, 1993. In part, the increase reflects
the Fed's rate hikes. The latest yield translates into a taxable equivalent
of 3.86% for investors in the 36% federal tax bracket. The fund's total
return for the 12 months ended April 30 was 2.14%. That beat the return for
the average all tax-free money market fund tracked by IBC/Donoghue, which
was 1.95%.
Q. WHAT DIRECTION DO YOU SEE SHORT-TERM RATES TAKING IN THE NEXT SIX
MONTHS?
A. I expect the Fed will make further moves to inch up short-term rates,
but it's unclear how fast it will move and how high rates might go. The Fed
had indicated that its objective is to create a neutral interest rate
environment that will neither accelerate nor slow economic growth. The
current market view is that "neutral" means a fed funds rate of roughly
4.00% to 4.50%. So I expect to keep the fund's average maturity on the
short side - probably 30 to 45 days - until I believe the Fed is more
comfortable with the effect interest rates are having on the economy. In
addition, the fund had a 51% stake in variable rate demand notes on April
30, and I expect to keep that level steady. The coupons (stated interest
rates) on these securities are reset at fixed intervals. So when rates
rise, the fund can benefit from higher coupons at these reset intervals.
FUND FACTS
GOAL: tax-free income and
price share stability by
investing in high-quality,
short-term municipal securities
START DATE: January 2, 1980
SIZE: as of April 30, 1994,
more than $3.5 billion
MANAGER: Sarah Zenoble,
since October 1988; manager,
Spartan Municipal Money
Fund, since January 1992; and
various institutional tax-free
money market funds; joined
Fidelity in 1987
(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.
INVESTMENT CHANGES
MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
4/30/94 10/31/93 4/30/93
0 - 30 63 59 64
31 - 90 24 11 27
91 - 180 10 4 6
181 - 397 3 26 3
WEIGHTED AVERAGE MATURITY
4/30/94 10/31/93 4/30/93
Fidelity Tax-Exempt
Money Market Trust 35 days 82 days 37 days
Average All Tax-Free
Money Market Fund* 56 days 68 days 48 days
ASSET ALLOCATION
AS OF APRIL 30, 1994 AS OF OCTOBER 31, 1993
Row: 1, Col: 1, Value: 51.0
Row: 1, Col: 2, Value: 22.0
Row: 1, Col: 3, Value: 5.0
Row: 1, Col: 4, Value: 21.0
Row: 1, Col: 5, Value: 2.0
Row: 1, Col: 1, Value: 49.0
Row: 1, Col: 2, Value: 10.0
Row: 1, Col: 3, Value: 6.0
Row: 1, Col: 4, Value: 33.0
Row: 1, Col: 5, Value: 3.0
Variable rate
demand notes
(VRDNs) 51%
Commercial
paper 22%
Tender bonds 5%
Municipal
notes 21%
Other 1%
Variable rate
demand notes
(VRDNs) 49%
Commercial
paper 10%
Tender bonds 6%
Municipal
notes 33%
Other 2%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(Registered trademark)
INVESTMENTS APRIL 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investments
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
ALABAMA - 0.9%
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev.:
(Gazebo East Proj.) Series 1991 B, 3.55%,
LOC Southtrust Bank of Alabama, VRDN $ 3,715 $ 3,715 010306FW
Rfdg. (Rime Village Proj.) Series 88 B, 2.75% 6/22/94,
LOC Southtrust Bank of Alabama, VT 13,675 13,675 010991AX
Port City Med. Clinic Board Mobile Alabama Rev.
(Mobile Infirmary Assoc.) Series 92 A, 2.35% 5/9/94,
LOC Fuji Bank, Mitsubishi Bank, VT 13,000 13,000 7338049R
30,390
ARIZONA - 3.7%
Apache County Ind. Dev. Auth. Ind. Rev.
(Tucson Elec. Pwr. Springerville Proj.), VRDN:
Series 1983 A, 3.40%, LOC Barclays Bank 5,700 5,700 037435AN
Series 1983 B, 3.30%, LOC Bank of New York 33,000 33,000 037435AL
Series 1985 A, 3.20%, LOC Barclays Bank 2,000 2,000 037435AP
Apache County Ind. Dev. Auth. Poll. Cont. Rev.
(Tucson Elec. Pwr. Co.) Series 1981 B, 3.30%,
LOC Mitsubishi Bank, VRDN 24,000 24,000 037433AC
Arizona Health Facs. Auth. Rev., VRDN:
(Voluntary Hosp. Federation Pooled Loan Prog.):
Series 85 A, 3.25%, (FGIC Insured) 9,045 9,045 040507AC
Series 85 B, 3.25%, (FGIC Insured) 8,015 8,015 040507AD
(Samcor 1986 Loan Pool Samaritan Health Care)
3.40%, (FGIC Insured) 16,550 16,550 040507AY
Chandler Ind. Dev. Auth. Multi-Family Hsg. Rev. Rfdg.
(Southpark Apts.), 3.15%, LOC Citibank, VRDN 6,375 6,375 158865AY
Maricopa County Poll. Cont. Corp. Poll. Cont. Rev.
(Southern California Edison Co.), VT:
Series 1985 D, 2.60% 6/20/94 3,600 3,600 566990EA
Series C, 2.65% 5/17/94 4,300 4,300 566990DW
Series E, 2.60% 5/24/94 3,280 3,280 566990DX
Series F, 2.60% 6/14/94 2,000 2,000 566990EC
Pima County TAN 3.25% 7/28/94 8,000 8,008 721663ME
Salt River Proj. Agricultural Impt. & Pwr. Dist.
2.60% 5/24/94, CP 5,000 5,000 795998CX
Tucson Ind. Dev. Auth. Multi-Family Hsg. Rev. Rfdg.
(Freedom Park Apts. Proj.) Series 89 A, 3.55%,
LOC Sumitomo Bank, VRDN 1,570 1,570 898743FK
132,443
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
ARKANSAS - 0.1%
Little Rock School Dist. of Pulaski County TRAN,
Series 1994, 3.50% 12/29/94 $ 4,400 $ 4,400 537428RA
CALIFORNIA - 7.4%
Alameda County TRAN 3.25% 7/29/94 10,000 10,012 010878AB
California Gen. Oblig.:
RAN, Series 1993-94, 3.50% 6/28/94 40,000 40,035 130619D4
VAN, Series 1993-94, 3.34% 6/28/94 10,000 10,000 130619D5
California Poll. Cont. Fin. Auth. Poll. Cont. Rev.
(Pacific Gas & Elec.) Series 1988 D, 2.55% 6/10/94,
LOC Bank of Tokyo, VT 6,300 6,300 130995HF
Fresno County TRAN 3.25% 7/29/94 7,500 7,508 358244AH
Kern County TRAN 3.25% 7/5/94 7,500 7,507 492248AA
Los Angeles Commty. Redev. Agcy.
Multi-Family Hsg. Rev., VRDN:
(Grand Promenade Proj.) Series 85, 3.70%,
LOC Tokai Bank 6,700 6,700 544393AD
(Promenade Towers) 3.80%, LOC Tokai Bank 27,930 27,930 544393AG
Los Angeles County Rev., Series B 93-94, 2.55%
6/28/94, VT 15,000 15,000 5446579R
Los Angeles County Unified School Dist. TRAN
3.25% 7/15/94 20,000 20,022 544644AE
Orange County Apt. Dev. Rev., VRDN:
(Wlco Partners) Series 1985 C-2, 3.45%,
LOC Tokai Bank 9,800 9,800 684209CU
(Hon Dev. Corp. Hidden Hills Apts.)
Series 1985 U-C, 3.50%, LOC Tokai Bank 11,480 11,480 684209JM
Orange County Hsg. Auth. Apt. Dev. Rev.
(Costa Mesa Partners) Series 1985 BB, 3.50%,
LOC Tokai Bank, VRDN 9,400 9,400 684262AF
San Bernadino County Multi-Family Hsg. Rev.
(Cedarbrook Terrace Apts.) Series 1990 A, 3.90%,
LOC Sumitomo Trust & Banking, VRDN 5,000 5,000 796900CF
San Diego County TRAN 3.25% 7/29/94 10,000 10,008 797389BY
San Diego Hsg. Auth. Multi-Family Hsg. Auth. Rev.
(Nobel Court Apts.) Series 1985 L, 3.70%,
LOC Tokai Bank, VRDN 6,110 6,110 79728FET
San Luis Obispo County TRAN 3.25% 7/14/94 9,000 9,008 798679CG
Santa Clara County TRAN, Series 1993-94,
3.25% 7/29/94 29,500 29,532 801546LF
Santa Cruz County TRAN, Series 1993-94, 3.25% 8/1/94 10,000 10,007
801818CQ
Ventura County TRAN 3% 8/1/94 11,000 11,005 923035AG
262,364
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
COLORADO - 4.5%
Arapahoe County Capital Impt. Trust Fund Hwy.
Rev. (E-470 Proj.), OT:
Series 86 K, 2.90% 8/31/94 $ 19,715 $ 19,715 03866EAL
Series 86 L, 2.90% 8/31/94 30,000 30,000 03866EAM
Broomfield Grant VAN, Series 1994, 3.393 12/30/94 4,000 4,000 114745KG
Colorado Health Facs. Auth. Rev. (Sisters of Charity
Health Care) Series 92 A, 3.15%, VRDN 5,900 5,900 196473W9
Colorado State Gen. Fund TRAN 3.25% 6/27/94 77,800 77,856 196729AD
Moffat County Poll. Cont. Rev. Rfdg. (UTE Elec. Asoc.)
Series 84, 3.25%, (CFC Guaranteed), VRDN 24,200 24,200 607874BQ
161,671
DELAWARE - 0.8%
Delaware Econ. Dev. Auth. Multi-Family Rev.
(Schoolhouse Trust Prog.) 3.75%,
LOC Marine Midland Bank, VRDN 26,800 26,800 246384BK
DISTRICT OF COLUMBIA - 0.2%
District of Columbia Gen. Oblig. Participating VRDN,
Series B-43, 3.60%, (MBIA Insured)
(Liquidity Enhancement Sakura Bank) (b) 7,710 7,710 254760M9
FLORIDA - 10.8%
Brevard County Hsg. Fin. Auth. Rev. (Sun Pointe Bay
Apts. Proj.) Series 93, 3.30%, VRDN 500 500 106904EC
Brevard County Hsg. Rev. (Palm Place Hsg. Proj.)
Series 1985, 3.25%, LOC Chemical Bank, VRDN 3,760 3,760 106904DY
Broward County Fin. Auth. Multi-Family Hsg. Rev.
(Landings Inverrary), VRDN:
(Landings Inverrary) 3.25%, LOC PNC Bank 3,900 3,900 115027CC
(Parkview Proj.) Series 1985,
3.45%, LOC Fuji Bank 4,500 4,500 115027CL
Rfdg. (Jacaranda Village Apts. Proj.) 3.65%,
LOC Marine Midland Bank 5,700 5,700 115027CR
Dade County Ind. Dev. Auth. Ind. Dev. Rev.
(Dolphins Stadium Proj.), VRDN:
Series 85 C, 3.20%, LOC Citibank, Marine Midland
Bank, Hong Kong & Shanghai Banking Corp. 4,800 4,800 233905BB
Series 85 D, 3.20%, LOC Citibank, Marine Midland
Bank, Hong Kong & Shanghai Banking Corp. 13,400 13,400 233905BC
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rev.
(Players Club) Series 91 C, 3.46%, LOC Sumitomo
Trust & Banking, Sumitomo Bank, VRDN 32,500 32,500 3407376B
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
FLORIDA - CONTINUED
Florida Hsg. Fin. Agcy. Rev. (Oaks at Mill Creek Proj.)
Series 1985 OO, 3.15%, LOC Chemical Bank, VRDN $ 4,800 $ 4,800 340737E5
Florida League of Cities (1st Muni. Pooled Loan Prog.), VT:
Series 1, 2.85% 6/14/94, LOC Sumitomo Bank 6,600 6,600 321991CQ
Series 2:
2.10% 5/13/94, LOC Sumitomo Bank 4,300 4,300 321991CP
2.85% 6/14/94, LOC Sumitomo Bank 2,000 2,000 321991CR
Indian River County Hosp. Dist. Hosp. Rev., VT:
Series 1988, 3.10% 6/17/94, LOC Kredietbank 7,400 7,400 45499CAT
Series 1990, 3.10% 6/17/94, LOC Kredietbank 3,200 3,200 45499CAU
Indian Trace Commty. Dev. Dist. Rev.
(Broward County Basin I Wtr. Mgmt.) Series 1991, VT
3.30% 5/4/94, LOC Tokai Bank 20,000 20,000 227994SH
Series 1991:
3.30% 5/3/94, LOC Tokai Bank 2,000 2,000 227994SD
3.30% 5/4/94, LOC Tokai Bank 9,200 9,200 227994SJ
Jacksonville Elec. Auth. Rev., Series A, CP:
2.55% 6/9/94 2,900 2,900 4693639E
2.60% 6/9/94 2,300 2,300 4693639F
Jacksonville Hosp. Rev. (Univ. Med. Ctr.), VRDN:
Series 1988, 3.40%, LOC Sumitomo Bank 5,000 5,000 46940TAD
Series 1989, 3.40%, LOC Sumitomo Bank 7,800 7,800 46940TAG
Jacksonville Hsg. Fin. Auth. Hosp. Rev.
(Baptist Med. Ctr. Proj.) Series 1984, 3.20%,
LOC First Union Nat'l. Bank of North Carolina, VRDN 12,385 12,385
469404CZ
Jacksonville Poll. Cont. Rev. Rfdg. (Florida Pwr. & Lt. Co.
Proj.) Series 1994, 2.75% 6/17/94, VT 22,000 22,000 4694229T
Lee County Hosp. Board Hosp. Rev.
(Lee Mem. Hosp. Proj.), VT:
Series 1985 D:
2.65% 5/18/94 5,000 5,000 523995BH
2.85% 6/16/94 3,200 3,200 523995BJ
Series 1992 B:
2.70% 5/26/94 2,700 2,700 523995BF
2.60% 6/14/94 13,800 13,800 523995BR
2.80% 6/23/94 1,500 1,500 523995BM
2.85% 6/23/94 10,000 10,000 523995BK
Series 1992 C:
2.65% 5/18/94 2,000 2,000 523995BG
2.70% 6/20/94 3,000 3,000 523995BN
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
FLORIDA - CONTINUED
Manatee County Hsg. Fin. Auth. Multi-Family Hsg. Rev.
(Harbour Pointe Proj.) Series 1990 A, 3.75%,
LOC Marine Midland Bank, VRDN $ 2,100 $ 2,100 56184RAA
Miami TAN 3.25% 9/28/94 17,500 17,527 593388T2
Monroe County School Dist. TAN, Series 1993,
2.60% 5/26/94 2,000 2,000 610518AH
Naples Hosp. Rev., Series 1992, 3.35%,
LOC Mellon Bank, VRDN 12,000 12,000 630475BP
Orange County Health Facs. Auth. Participating VRDN: (b)
Series BS-C44, 3.60% (MBIA Insured)
(Liquidity Enhancement Sakura Bank) 6,880 6,880 684503SX
Series BS-C45, 3.60% (MBIA Insured)
(Liquidity Enhancement Sakura Bank) 6,835 6,835 684503SY
Series BS-C46, 3.60% (MBIA Insured)
(Liquidity Enhancement Sakura Bank) 6,600 6,600 684503SZ
Orange County Health Facs. Auth. Rev. Rfdg.
(Pooled Hosp. Loan Prog.) Series 1985, VT:
2.25% 5/6/94, (MBIA Insured) 7,400 7,400 68499CAL
2.60% 5/17/94, (MBIA Insured) 6,000 6,000 68499CAJ
Orlando Wst. Wtr. Sys. Rev. Rfdg., Series 1990 A,
2.40% 6/9/94, VT 11,990 11,990 6865169P
Palm Beach County Health Facs. Auth. Pooled Hosp.
Rev., 2.45% 5/6/94, (MBIA Insured) VT 10,400 10,400 69699AAH
Palm Beach County Ind. Dev. Rev. (Palm Beach Jewish
Commty. Campus Corp. Proj.) Series 1990, 3.35%,
LOC Sunbank, VRDN 4,300 4,300 696522AV
Pinellas County Health Facs. Auth. Rev., VRDN:
(Bayfront Med.) 3.45%, (FGIC Insured) 2,000 2,000 72316MAN
(St. Mark Village Proj.) 3.15%,
LOC Nationsbank of Florida 6,600 6,600 72316MAB
Pinellas County Hsg. Fin. Auth. Multi-Family Mtg. Rev.
(Foxbridge Apts.) Series 1993 A, 3.15%,
LOC Citibank, VRDN 5,900 5,900 723162AL
Sarasota County Pub. Hosp. Dist. Hosp. Rev.
(Sarasota Mem. Hosp.) VT:
Series 1991:
2.75% 5/19/94 5,000 5,000 803996MY
2.50% 6/9/94 5,000 5,000 803996NS
2.60% 6/14/94 1,800 1,800 803996NP
2.85% 6/16/94 4,000 4,000 803996ND
2.75% 6/23/94 4,900 4,900 803996NJ
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
FLORIDA - CONTINUED
Sarasota County Pub. Hosp. Dist. Hosp. Rev.
(Sarasota Mem. Hosp.) VT: - continued
Series 1993 A:
2.65% 6/20/94 $ 3,800 $ 3,800 803996NK
2.85% 6/20/94 2,000 2,000 803996NV
2.70% 6/22/94 2,000 2,000 803996NH
St. Lucie West Svcs. Dist. Rev. (Port St. Lucie Mgmt.
Benefit Tax Bonds) 3.30%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp., VRDN 4,000 4,000 792125AA
Sunshine State Governmental Fin. Comm. Rev.,
Series 1986, 2.65% 6/17/94, LOC Morgan Guaranty,
Nat'l. Westminster Bank, Union Bank of Switzerland, VT 6,000 6,000
867992CJ
Volusia County Health Facs. Auth. Rev. (Southwest Volusia
Health Care Corp.) Series 1994 A, 3.125%,
LOC First Union Nat'l. Bank of North Carolina, VRDN 15,000 15,000
928837DA
384,177
GEORGIA - 4.1%
Albany Dougherty Payroll Dev. Auth. Poll. Cont. Rev. Rfdg.
(Philip Morris Cos. Proj.) 3.35%, VRDN 2,790 2,790 012185AD
Cherokee County Wtr. & Swr. Auth. Participating VRDN,
3.40% (MBIA Insured) (Liquidity Enhancement
Merrill Lynch) (b) 4,420 4,420 164243HT
Cobb County Dev. Auth. Rev. (Institute of Nuclear
Operations) Series 1992, 3.35%,
LOC Trust Co. Bank of Georgia, VRDN 4,780 4,780 190806BB
Cobb County Gen. Oblig. TAN, Series 1994,
3.50% 12/30/94 18,500 18,565 190774JR
Cobb-Marietta Coliseum & Exhibition Hall Auth.
Participating VRDN, Series PA-65, 3.45% (MBIA Insured)
(Liquidity Enhancement Merrill Lynch) (b) 11,000 11,000 190760BD
Columbia County Residential Care Facs. Rev.
(Augusta Residential Ctr./Brandon Wilde Lifecare Ctr.)
3.35%, LOC Trust Co. Bank of Georgia, VRDN 2,630 2,630 197478AA
De Kalb County Dev. Auth. (American Cancer Society Inc.)
Series 1988, 3.35%, LOC Trust Co. Bank of
Georgia, VRDN 6,400 6,400 240463AA
De Kalb County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg.
(Wood Terrace Proj.) Series 1988, 3.325%,
LOC Bankers Trust, VRDN 2,900 2,900 240471CB
De Kalb Private Hosp. Auth. Rev. (Egleston Children's Hosp.)
Series 94 A, 3.45%, LOC Trust Co. Bank of
Georgia, VRDN 2,000 2,000 241064CU
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
GEORGIA - CONTINUED
Fulton County Hosp. Auth. Rev. (St. Joseph's Hosp. of Atlanta)
Series 89, 2.40% 6/10/94, LOC Fuji Bank,
Mitsubishi Bank, VT $ 7,500 $ 7,500 3595979D
Georgia Gen. Oblig. Participating VRDN, Series 93D,
3.51% (Liquidity Enhancement Citibank) (b) 15,000 15,000 2698969C
Georgia Muni. Elec. Auth. Participating VRDN, Series 94D,
3.44% (Liquidity Enhancement Citibank) (b) 22,400 22,400 269896CW
Georgia Muni. Elec. Auth. Rev. (Gen. Resolution Projs.)
Series 85 B, 2.65% 5/19/94, VT 12,000 12,000 625997BC
Georgia Muni. Gas Auth. Rev. (Transco Portfolio I Proj.)
Series 1991 B, 2.60% 5/17/94, LOC Cr. Suisse, VT 4,000 4,000 3732959N
Georgia Private Colleges & Univs. Auth. Rev.
(Emory Univ. Proj.) Series 1993 B, 2.50%
5/20/94, VT 10,725 10,725 7426499X
Gwinnett County Wtr. & Swr. Auth. Participating VRDN,
Series BT-17, 3.45%, (BPA Bankers Trust) (b) 7,069 7,069 403761GX
Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg.
(Wood Pointe Apts.) Series 1993, 3.30%, VRDN 4,895 4,895 567663EF
Roswell Hsg. Auth. Multi-Family Hsg. Rev.
(Autumnbrook Apts. Proj.) Series 1991 A, 3.30%,
LOC Amsouth Bank, VRDN 7,165 7,165 778542AM
146,239
HAWAII - 0.6%
Honolulu City & County Gen. Oblig. Bonds
(West Loch Issue) Series June 89, 2.70% 6/1/94 22,920 22,920 438669DE
IDAHO - 0.7%
Idaho TAN, Series 1993, 3% 6/30/94 25,500 25,513 451434AX
ILLINOIS - 3.3%
Aurora Multi-Family Hsg. Rev. Rfdg. (Fox Valley Villages
Proj.) Series 93, 3.30%, LOC Sumitomo Bank, VRDN 10,195 10,195 051655CK
Cook County Rev. (Claretian Assoc. Neighborhood Dev.
Office) Series 90, 3.20%, LOC LaSalle Nat'l.
Bank, VRDN 4,225 4,225 213247AT
Hazel Crest Retirement Ctr. Rev. (Waterford Estates Proj.)
Series 1992 A, 3.30%, LOC Sumitomo Bank, VRDN 5,610 5,610 421459AA
Illinois Gen. Oblig. TRAN 3.50% 6/15/94 6,000 6,005 452148NY
Illinois Health Facs. Auth. Rev., VRDN:
(Central Dupage Hosp. Assoc. Proj.) Series 1990,
3.20%, LOC Ind. Bank of Japan 13,850 13,850 45201HD9
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
ILLINOIS - CONTINUED
Illinois Health Facs. Auth. Rev., VRDN: - continued
(Methodist Med. Ctr. Proj.) Series 1985 B, 3.10%,
LOC Sumitomo Bank $ 3,400 $ 3,400 452008WM
(Pekin Mem. Hosp.) Series 1993 C, 3.20%,
LOC Lasalle Nat'l. Bank 4,000 4,000 45200KXZ
(West Suburban Hosp. Med. Ctr. Proj.) Series 1991,
3.30%, LOC First Nat'l. Bank of Chicago 12,500 12,500 45201H3P
Illinois Health Facs. Auth. Rev. (Highland Park Hosp.)
Series 1991 A, 2.65% 6/1/94, (FGIC Insured), OT 14,000 14,000 45201HK5
Illinois State Sales Tax Tender Option Ctfs.,
Series B, 3.50% (Liquidity Enhancement Dai-Ichi
Kangyo Bank), VRDN (b) 16,000 16,000 452226UP
Libertyville Ind. Rev. Rfdg. (Libertyville Manor Facs. Proj.)
Series 1992, 3.40%, LOC First of America, VRDN 4,740 4,740 531583AA
Rockford Ind. Dev. Rev. (Longview Fiber Co.) Series 1987,
3.35%, LOC Algemene Bank, VRDN 2,000 2,000 773168BH
Schaumburg Multi-Family Hsg. Rev. Rfdg.
(Treehouse II Apts. Proj.) Series 1989, 3.30%,
LOC Sumitomo Trust & Banking Corp.,
Sumitomo Bank, VRDN 21,285 21,285 806355AN
117,810
INDIANA - 2.5%
Dyer Health Care Facs. Participating VRDN, 3.35%,
LOC Bank One, Akron, (FHA Insured) (b) 3,630 3,630 267534AC
Ft. Wayne Health Care Facs. Participating VRDN, 3.35%
(FHA Insured) (Liquidity Enhancement Bank One) (b) 3,720 3,720 349249AC
Indiana Bond Bank (Adv. Fdg. Prog.) TAN,
Series A1, 2.85% 7/7/94 8,000 7,999 4546214M
Indiana Dev. Fin. Auth. Ind. Dev. Rev. Rfdg.
(Group Dekko Int'l. Inc. Proj.) 3.25%,
LOC Bank One, Indianapolis, VRDN 2,410 2,410 454907AA
Indiana Health Facs. Fin. Auth. Hosp. Rev., VRDN:
(Capital Access Designated Pool) Series 1992, 3.20%,
LOC Comerica Bank 1,000 1,000 454798CR
(Deaconess Hosp.) Series 92, 3.30%, LOC Fuji Bank 1,000 1,000 454797GF
Indianapolis Econ. Dev. Rev. Rfdg. (Morningside of
College Park) Series 93, 3.25%, LOC Bank One,
Indianapolis, VRDN 6,695 6,695 455261QA
Jasper County Ind. Dev. Rev. Poll. Cont. Rev.
(Northern Indiana Pub. Svc. Proj.), VT:
Series 88 B, 2.60% 5/17/94, LOC Barclays Bank 7,650 7,650 471995JA
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
INDIANA - CONTINUED
Jasper County Ind. Dev. Rev. Poll. Cont. Rev. - continued
(Northern Indiana Pub. Svc. Proj.), VT: - continued
Series 88 C:
2.55% 5/10/94, LOC Barclays Bank $ 8,800 $ 8,800 471995JB
2.60% 5/12/94, LOC Barclays Bank 3,500 3,500 471995HY
Series 88 D, 2.60% 5/13/94, LOC Barclays Bank 4,000 4,000 471995HX
Kendallville Ind. Dev. Rev. (Philip Morris Cos. Inc.)
Series 1993, 3.35%, VRDN 2,475 2,475 488793AA
Rockport Poll. Cont. Rev. Rfdg. (Indiana & Michigan
Elec. Co.) 4.05%, LOC Long-Term Cr. Bank of
Japan, VRDN 7,500 7,500 773835AG
Sullivan Poll. Cont. Rev. (Hoosier Energy Rural Elec. Coop.), VT:
Series 85L-1:
2.55% 5/10/94, (CFC Guarantee) 1,000 1,000 864991NX
2.50% 5/19/94, (CFC Guarantee) 7,600 7,600 864991NN
Series 85L-2, 2.70% 6/21/94, (CFC Guarantee) 5,590 5,590 864991PA
Series 85L-3:
2.55% 5/10/94, (CFC Guarantee) 2,000 2,000 864991NV
2.70% 6/21/94, (CFC Guarantee) 3,890 3,890 864991PB
Series 85L-5, 2.55% 5/10/94, (CFC Guarantee) 3,155 3,155 864991NU
Series 85L-6, 2.55% 5/10/94, (CFC Guarantee) 1,400 1,400 864991NW
Valparaiso Econ. Dev. Rev. (Indiana Retirement Commty. Proj.)
3.25%, LOC Bank One, Indianapolis, VRDN 5,000 5,000 920283BD
90,014
IOWA - 0.5%
Des Moines Commercial Dev. Rev. (Levy, Malone & Co.
Proj. #1) Series 1984 A, 2.90%, LOC First Bank, VRDN 5,900 5,900
250098BQ
Iowa Fin. Auth. Small Bus. Dev. Rev. (Corp. Ctr. Proj.),
3.58%, VRDN 6,000 6,000 46246EDK
Iowa Hsg. Fin. Auth. Rev. (Small Bus. Prog.)
Series 84 A, 2.90%, LOC First Bank, VRDN 4,600 4,600 462462GK
16,500
KANSAS - 1.3%
Burlington Poll. Cont. Rev. (Kansas Elec. Pwr. Co-op.)
Series 85C-2, VT:
2.60% 5/13/94, (CFC Guarantee) 4,350 4,350 121990KG
2.40% 6/16/94, (CFC Guarantee) 4,250 4,250 121990KL
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
KANSAS - CONTINUED
Burlington Poll. Cont. Rev. Impt. Rev. (Kansas City
Pwr. & Lt. Co.) Series 1985 B, 2.50% 6/16/94,
LOC Societe Generale, VT $ 11,000 $ 11,000 121990KM
Olathe Edl. Facs. Rev. (Kansas Independent College
Assoc. Pooled Ed. Loan Prog.) Series 89 A, 3.30%,
LOC Marine Midland Bank, Hong Kong & Shanghai
Banking Corp., VRDN 22,750 22,750 679389AA
Winfield Ind. Dev. Rev. (Binney & Smith Inc. Proj.)
Series 1982 A, 2.85%, LOC Morgan Guaranty
Trust, VRDN 3,400 3,400 974067IA
45,750
KENTUCKY - 1.9%
Danville Multi-City Lease (Kentucky Muni. League Pooled
Lease Fin. Prog.) 3.15% 5/18/94,
LOC Marine Midland Bank, Hong Kong & Shanghai
Banking Corp., VT 3,870 3,870 23699BAU
Jefferson County Poll. Cont. Rev. (Louisville Gas & Elec. Co.)
Series 93 A, VT:
2.50% 5/11/94 9,200 9,200 4730449H
2.60% 5/13/94 4,135 4,135 4730449G
Kentucky Assoc. of Counties Reins. Trust Rev.,
Series 1990, 3.45%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp., VRDN 17,000 17,000 491193AA
Kentucky Hsg. Corp. Hsg. Rev. (Federally Insured or
Guaranteed Mtg. Loans) Series 1993 E, 2.80%
10/27/94, MT 6,400 6,400 491308TU
Louisville & Jefferson Counties Metro. Swr. Dist.
Participating VRDN: (b)
Series PA-2, 3.45% (MBIA Insured)
(Liquidity Enhancement Merrill Lynch) 10,620 10,620 546587BN
Series PA-1010, 3.45% (MBIA Insured)
(Liquidity Enhancement Merrill Lynch) 2,540 2,540 546587CW
Louisville & Jefferson Counties Metro. Swr. Dist. Swr. Sys.
Rev., Series 1994 A, 3.20%, LOC PNC Bank, VRDN 7,000 7,000 546589AA
Trimble County Poll. Cont. Rev. (Louisville Gas & Elec. Co.)
Series 1992 A, VT:
2.55% 5/10/94 3,300 3,300 8962249L
2.75% 6/23/94 3,300 3,300 8962249M
67,365
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
LOUISIANA - 2.9%
Jefferson Parish Hosp. Svc. Rev. (West Jefferson Med. Ctr.
Dist. #1) Series 1986, 3.40%, LOC Citibank, VRDN $ 27,320 $ 27,320
474682CM
Louisiana Adj. Gen. Oblig. Rev. Rfdg.,
Series 1991 A, 2.45% 6/8/94, LOC Fuji Bank, VT 4,100 4,100 5464139J
Louisiana Hsg. Fin. Auth. Single Family Mtg. Rev.,
Series 1992 A, 2.65% 6/2/94, MT 8,785 8,785 546265XP
Louisiana Pub. Facs. Auth. Hosp. Rev. Rfdg.
(Willis-Knighton Med. Ctr. Proj.) Series 92, 3.15%,
(AMBAC Insured), VRDN 8,000 8,000 546395QK
Louisiana Pub. Facs. Auth. Rev., VRDN:
(College & Univ. Equip. & Cap. Facs.)
Series 1985, 4.45%, (FGIC Insured) 13,635 13,635 546396SM
(Greenbriar Hosp. Proj.) Series 1984, 3.10%,
LOC Societe Generale 1,800 1,800 546396MY
Orleans Levee Dist. Rev., VRDN:
(Levee Impt.) Series 1986, 3.95%, LOC Fuji Bank 13,940 13,940 686611HH
(Pub. Impt.) Series 1986, 3.95%, LOC Fuji Bank 13,835 13,835 686611HJ
St. Charles Parish Poll. Cont. Rev. Rfdg.
(Monsanto Co. Proj.) Series 1994, 3.25%, VRDN 11,725 11,725 788070BX
103,140
MAINE - 0.4%
Biddeford Resource Recovery Rev. (Energy Recovery Co. Proj.)
Series 1985, 2.65%, LOC Bank of America
Nat'l. Trust & Savings, VRDN 6,445 6,445 08883PAA
Maine Gen. TAN 3.50% 6/30/94 9,000 9,009 560519NS
15,454
MARYLAND - 1.5%
Baltimore Hwy. Users RAN 3.25% 6/9/94 5,000 5,002 059185N4
Howard County Multi-Family Hsg. Rev.
(Chase Greens Proj.) Series 85 A, 3.325%,
LOC Bankers Trust, VRDN 4,800 4,800 442588AE
Maryland Gen. Oblig. Tender Option Ctfs.,
Series K, 3.50% (Liquidity Enhancement Dai-Ichi
Kangyo Bank), VRDN (b) 16,000 16,000 574192DS
Maryland Health & Higher Ed. Facs. Auth.
Pooled Loan Rev., VRDN:
Series D, 3.30%, LOC Nationsbank of Maryland 5,305 5,305 574216LR
(Leland Mem. Hosp. Closure) 3.30%,
LOC Nationsbank of Maryland 6,000 6,000 574216BN
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
MARYLAND - CONTINUED
Montgomery County Hsg. Opportunities Commission
Multi-Family Hsg. Rev. (Oakwood-Gaithersburg)
Series 91 A, 2.90% 11/1/94, MT $ 12,000 $ 12,000 61334MAR
Prince George's County Sports Arena Rev. Rfdg.
(Capital Ctr. Facs.) 3.30%,
LOC Nationsbank of North Carolina, VRDN 3,560 3,560 74172QAA
52,667
MASSACHUSETTS - 0.7%
Massachusetts Gen. Oblig. Tender Option Ctfs.,
Series E, 3.50% (Liquidity Enhancement Dai-ichi
Kangyo Bank), VRDN (b) 16,000 16,000 575826DV
Massachusetts Ind. Fin. Agcy. Poll. Cont. Rev. Rfdg.
(New England Pwr. Co. Proj.) Series 1992 B, VT:
2.60% 5/24/94 5,000 5,000 57599BBL
2.55% 6/14/94 3,000 3,000 57599BBY
24,000
MICHIGAN - 1.0%
Dearborn Econ. Dev. Corp. Tax-Exempt Ltd. Edition Rev.
(Oakbrook Common Proj.) Series 91, 3.50%,
LOC Mellon Bank, VRDN 4,000 4,000 242563AM
Michigan Gen. Oblig. School Loan BAN,
Series 1994 A, 3.50% 10/28/94 30,000 30,070 594610PJ
Michigan Hosp. Fin. Auth. Monthly Hosp. Rev.
(Mt. Clemens Gen. Hosp.) Series A, 2.60%,
LOC Comerica Bank, VRDN 1,590 1,590 594648K6
35,660
MINNESOTA - 2.0%
Bloomington Multi-Family Hsg. Rev. Rfdg.
(Crow/Bloomington Apts. Proj.) Series 1993, 3.25%,
LOC Citibank, VRDN 9,000 9,000 094806AS
Duluth Hosp. Facs. Rev. (Miller-Dwan Med. Ctr.)
Series 1989 A, 3.15%, LOC Citibank, VRDN 8,600 8,600 264485AB
Duluth Tax Increment Rev. (Lake Superior Paper Co.)
Series 1985, 3.20%, LOC Nat'l. Australia Bank, VRDN 7,450 7,450
264532AA
Eden Prairie Multi-Family Hsg. Rev. Ref.
(Park at City West Apts. Proj.) Series 1990, 3.30%,
LOC Sumitomo Trust & Banking Corp,
Sumitomo Bank, VRDN 14,905 14,905 279540GB
Maplewood Multi-Family Hsg. Rev. Rfdg.
(Silver Ridge Proj.) Series 1993, 3.25%,
LOC Federal Home Loan Bank of Chicago, VRDN 2,500 2,500 565577BD
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
MINNESOTA - CONTINUED
Minneapolis Hsg. Dev. Rev. Rfdg. (One Ten Grant Proj.)
Series 1989, 3.25%, LOC First Bank, VRDN $ 8,000 $ 8,000 603901BS
Southern Minnesota Muni. Pwr. Agcy. Pwr. Supply Sys.
Rev., Series A, 2.90% 6/28/94, CP 7,000 7,000 8433759C
St. Paul Port Auth. Tax Increment Bonds
(Westgate Office & Ind. Ctr. Proj.) Series 1991, 3.40%,
LOC First Nat'l. Bank of Minnesota, VRDN 3,700 3,700 793070AB
Western Minnesota Muni. Pwr. Agcy. Participating VRDN,
Series BT-10, 3.45% (BPA Bankers Trust) (b) 11,613 11,613 958697FA
72,768
MISSISSIPPI - 0.7%
Desoto County Ind. Dev. Rev. (Flavorite Labs Proj.)
Series 1991 A, 3.25%, LOC First Tennessee
Bank, VRDN 1,300 1,300 241553AC
Lawrence County Poll Cont. Rev. (Georgia Pacific Corp. Proj.)
Series 1985, 3.325%, LOC Bank of Tokyo, VRDN 4,500 4,500 519753AA
Mississippi Hosp. Equip. & Facs. Auth. Rev.
(Mississippi Baptist Med. Ctr.) Series 1990, 3.15%,
LOC Sanwa Bank, VRDN 3,500 3,500 605360BS
Perry County Poll. Cont. Rev. Rfdg. (Leaf River Forest Prod.
Inc. Proj.) 3%, LOC Morgan Guaranty Trust, VRDN 17,100 17,100 714580AB
26,400
MISSOURI - 1.1%
Kansas City Ind. Rev. Board Land Clearance Redev.
Auth. Rev. (East-West Bryant Ltd.)
Series 1984, 3.575%, LOC Bankers Trust, VRDN 2,000 2,000 485036DL
Missouri Econ. Dev. Export & Infrastructure Board Pub.
Entity Adv. Fdg. Prog. TRAN, Series 93 C, 2.80%
8/1/94, LOC Societe Generale 15,000 15,002 60635FAN
Missouri Participating VRDN, Series 3, 3.45%
(Liquidity Enhancement Cr. Suisse) (b) 14,791 14,791 313037AA
Missouri State Environmental Impt. & Energy Resources
Auth. Poll. Cont. Rev.:
(Assoc. Elec. Coop.) Series 93 M, 3.25%,
(CFC Guarantee), VRDN 7,000 7,000 606906BU
(Union Elec. Co.) Series 1985 A, 2.35% 6/9/94,
LOC Union Bank of Switzerland, VT 2,150 2,150 610994AR
40,943
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
MONTANA - 0.2%
Forsyth Poll. Cont. Rev. (Portland Gas & Elec.)
Series 1984, 3.25%, LOC Swiss Bank Corp., VRDN $ 1,900 $ 1,900 346668AS
Montana Board of Investments Variable Payroll Tax Rev.
(Workers Comp. Prog.) Series 1993, 3.40%, VRDN 5,000 5,000 61213HDG
6,900
NEBRASKA - 0.1%
Nebraska Pub. Pwr. Dist. Pwr. Supply Sys.
Participating VRDN, 3.45% (MBIA Insured)
(Liquidity Enhancement Merrill Lynch) (b) 4,740 4,740 639683T6
NEVADA - 1.0%
Las Vegas Local Impt. Spl. Impt. Dist. #404 Rev.
(Summerlin Area) 3.30% 5/3/94, LOC Tokai Bank, VT 10,000 10,000
517991DF
Nevada Gen. Oblig. Participating VRDN, Series 93 L,
3.51% (Liquidity Enhancement Citibank) (b) 9,000 9,000 269896BD
Nevada Hsg. Multi-Unit Hsg. Rev. Rfdg.
(Park Vista Apts. Proj.) Series 1991 A, 3.30%,
LOC Sumitomo Trust & Banking Corp.,
Sumitomo Bank, VRDN 17,000 17,000 641270P9
36,000
NEW HAMPSHIRE - 0.6%
New Hampshire Health & Ed. Facs. Auth. Rev.
(VHA New England Inc.) Series D, 3.15%,
(AMBAC Insured), VRDN 1,600 1,600 644618MF
New Hampshire Hsg. Fin. Auth. Multi-Family Hsg. Rev.
Rfdg. (Nashua-Oxford Proj.) Series 90, 3.40%, VRDN 1,900 1,900 644686RM
New Hampshire Hsg. Fin. Auth. Rev. (Hampshire Estates
Manchester Proj.) Series 1991-1, 3.15%,
LOC Citibank, VRDN 15,000 15,000 644686WG
New Hampshire Ind. Dev. Auth. Resource Recovery Rev.
(Claremont Co. LP Proj.) Series 1985, 2.50% 7/1/94,
(MBIA Insured), OT 4,000 4,000 644687AK
22,500
NEW JERSEY - 0.7%
New Jersey Bldg. Auth. Participating VRDN, Series BT-6,
3.45%, (BPA Bankers Trust) (b) 12,100 12,100 645771FS
New Jersey Gen. Obig. TRAN 3% 6/15/94 14,100 14,105 646038ZU
26,205
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
NEW YORK - 1.4%
New York City Muni. Wtr. Fin. Auth. Wtr. & Swr. Sys.
BAN 3.75% 12/15/94 $ 27,000 $ 27,137 649706J6
New York State Gen. Oblig. Rev., CP:
Series N, 3% 6/23/94 14,600 14,600 649993UD
Series O, 2.55% 5/9/94 9,800 9,800 649993TQ
51,537
NORTH CAROLINA - 2.5%
North Carolina Med. Care Commty. Hosp. Rev. Board
(Park Ridge Hosp.) Series 1988, 3.20%,
LOC Nationsbank of Florida, VRDN 10,000 10,000 658202VG
North Carolina Muni. Leasing Corp. Ctfs. of Prtn.
(Winston Salem) Series 90, 2.70% 6/1/94, MT 5,000 5,000 657907AB
North Carolina Muni. Pwr. Agcy. #1 (Catawba Elec.), CP:
2.60% 5/17/94 20,000 20,000 6582039Q
2.55% 6/10/94 13,000 13,000 6582039T
2.60% 6/13/94 25,000 25,000 6582039S
2.75% 6/23/94 6,400 6,400 6582039R
Wake County Ind. Facs. & Poll. Cont. Fin. Auth. Rev.
(Carolina Pwr. & Lt.) Series 90 B, 2.20% 5/17/94,
LOC Fuji Bank, VT 8,400 8,400 93099FAC
87,800
OHIO - 0.1%
Lakewood BAN 2.54% 5/25/94 2,700 2,700 512606VA
OKLAHOMA - 1.5%
Oklahoma Ind. Auth. Flexible Rate Hosp. Rev.
(Baptist Med. Ctr. of Oklahoma) Series 1990 B, VT:
2.35% 5/11/94, LOC Fuji Bank 12,000 12,000 67999CAR
2.35% 5/12/94, LOC Fuji Bank 12,000 12,000 67999CAS
2.65% 6/14/94, LOC Fuji Bank 4,095 4,095 67999CAU
Tulsa Ind. Auth. Hosp. Rev. (Hillcrest Med. Ctr. Proj.)
Series 1988, 3.20%, LOC Mitsubishi Bank, VRDN 8,000 8,000 899652AP
Tulsa Ind. Auth. Rev. (Tulsa Univ. Proj.) Series A, 3.45%,
LOC Fuji Bank, VRDN 10,000 10,000 899676HA
Tulsa Ind. Dev. Auth. Rev. (Tulsa Univ. Proj.)
Series 1985, 3.45%, LOC Fuji Bank, VRDN 5,900 5,900 899530AA
51,995
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
OREGON - 0.5%
Klamath Falls or Elec. Rev. (Salt Caves Hydroelec. Proj.), MT:
Series B, 4.75% 5/1/94 $ 9,000 $ 9,000 498409AG
Series C, 4.75% 5/1/94 5,550 5,550 498409AH
Oregon Participating VRDN, Series BS-91A-27, 3.60%
(Liquidity Enhancement Sakura Bank) (b) 3,000 3,000 55377EAV
17,550
PENNSYLVANIA - 8.3%
Berks County Ind. Dev. Auth. Ind. Dev. Rev.
(Continental Assurance Co. Proj.)
Series 82, 2.80%, VRDN 2,000 2,000 084517AS
Delaware County Ind. Dev. Auth. Poll. Cont. Rev.
(Philadelphia Elec.) Series B, 2.65% 5/31/94,
(FGIC Insured), VT 13,200 13,200 246991PH
Delaware Valley Reg'l. Fin. Auth. Local Gov't. Rev., VRDN:
Series 1985 A, 3.50%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp 11,400 11,400 246579AC
Series 1985 B, 3.50%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp 1,500 1,500 246579AE
Series 1985 C, 3.50%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp 19,300 19,300 246579AF
Series 1985 D, 3.50%, LOC Marine Midland,
Hong Kong & Shanghai Banking Corp 5,300 5,300 246579AG
Series 1986, 3.50%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp 44,275 44,275 246579AJ
Emmaus Gen. Auth. Local Gov't. Rev., VRDN
(Bond Pool Prog.):
Series 1989 C-6, 3.50%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp 9,000 9,000 291380BY
Series A-3, 3.50%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp 14,600 14,600 291380BU
Series C-5, 3.50%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp 7,000 7,000 291380BX
Series D-5, 3.25%, LOC Canadian Imperial Bank 2,000 2,000 291380BZ
(Bond Pool Prog./Altoona School Dist.) Series 89 B-6,
3.50%, LOC Marine Midland Bank, Hong Kong &
Shanghai Banking Corp 2,000 2,000 291380BW
(Bond Pool Prog./Downington Area School Dist.)
Series 89 F-4, 3.50%, LOC Marine Midland Bank,
Hong Kong & Shanghai Banking Corp 15,100 15,100 291380CC
Lehigh County Ind. Dev. Auth. Poll. Cont. Rev.
(Allegheny Elec. Coop. Inc. Proj.) Series 1984 B, 2.70%,
LOC Rabobank Nederland, VRDN 10,420 10,420 524808AK
Pennsylvania Gen. Oblig. Participating VRDN,
Series 94 B, Class A, 3.44%
(Liquidity Enhancement Citibank) (b) 27,400 27,400 269896HE
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
PENNSYLVANIA - CONTINUED
Pennsylvania Gen. Oblig. TAN 3.25% 6/30/94 $ 16,000 $ 16,013 709138E4
Pennsylvania Gen. Oblig. Tender Option Ctfs.,
Series AA, 3.50% (Liquidity Enhancement Landesbank
Hessen-Thuringen), VRDN (b) 22,000 22,000 709139H8
Pennsylvania Higher Edl. Facs. Auth. Rev. Rfdg.
(Thomas Jefferson Univ.) Series 1992 C, 2.70%
6/1/94, OT 11,000 11,000 709174MY
Philadelphia Auth. Ind. Dev. (Tom Jones County Proj.)
Series 1991, 3.35%, LOC Third Nat'l. Bank, VRDN 3,375 3,375 717818MM
Philadelphia Ind. Dev. Auth. Rev. Rfdg.
(Paper Corp. of America Proj.) 3.35%,
LOC Trust Co. Bank of Georgia, VRDN 3,565 3,565 717818MS
Philadelphia School Dist. TRAN, Series 1993-94,
3.625% 6/30/94 18,000 18,015 717880E5
Philadelphia TRAN:
Series B, 3.25% 6/15/94, LOC Corestates Bank 17,000 17,010 717811WR
Series C, 3.25% 6/15/94, LOC Morgan Guaranty Trust 18,000 18,012
717811WS
Washington County Hosp. Health Facs. Auth. Rev.
(Keystone Proj.) Series 1989-A, 3.35%,
LOC Mellon Bank, VRDN 2,500 2,500 938592CB
295,985
SOUTH CAROLINA - 0.9%
Kershaw County Ind. Dev. Rev. Rfdg. (New South Proj.)
Series 1992, 3.30%, LOC Nationsbank of North
Carolina, VRDN 10,000 10,000 492503AB
Piedmont Muni. Pwr. Agcy. Participating VRDN.: (b)
Series BT-39, 3.45%, (BPA Bankers Trust) 3,878 3,878 720175KU
Series BT-44, 3.45%, (BPA Bankers Trust) 14,945 14,945 720175KY
South Carolina Pub. Svc. Auth. 2.65% 6/22/94, CP 2,000 2,000 8371479B
30,823
TENNESSEE - 3.1%
Hamilton County Ind. Dev. Board Loan Rev. Rfdg.
(James Bldg. Proj.) Series 91, 3.25%,
LOC First Tennessee Bank, Union Bank of
Switzerland, VRDN 4,800 4,800 40734EAB
Knox County Hosp. Participating VRDN, Series 4, 3.45%
(MBIA Insured) (Liquidity Enhancement Cr. Suisse) (b) 27,552 27,552
313042AA
Memphis Ctr. City Rev. Fin. Corp. (Arboras of Hbr. Town Proj.)
Series 1990, 3.20%, VRDN 13,150 13,150 586072AQ
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
TENNESSEE - CONTINUED
Metro. Nashville & Davidson County Health & Ed. Facs.
Multi-Family Hsg. Rev. (Brentwood Oaks Apt.)
3.20%, VRDN $ 7,100 $ 7,100 592040C6
Metro. Nashville & Davidson County Health & Ed. Facs. Rev.
(Vanderbuilt Univ.), VT:
2.55% 5/1/94 3,700 3,700 592040SY
2.60% 5/16/94 14,025 14,025 5920409T
Metro. Nashville & Davidson County Health & Ed. Rev.
Rfdg. (McKendree Village Inc. Proj.) 3.35%,
LOC Third Nat'l. Bank, VRDN 1,950 1,950 592040R4
Metro. Nashville & Davidson County Health. Facs. Rev.
(Richland Place Inc. Proj.) 3.30%,
LOC Societe Generale, VRDN 5,400 5,400 592040R5
Metro. Nashville & Davidson County Hosp. Rev.
(Baptist Hosp.) Series 92, 2.60% 5/12/94, VT 4,500 4,500 5920409U
Metro. Nashville & Davidson County Ind. Dev. Board
Multi-Family Hsg. Rev. Rfdg. (Western Hills Apt. Proj.)
3.30%, LOC Sumitomo Trust & Banking,
Sumitomo Bank, VRDN 7,035 7,035 592065YM
Metro. Nashville & Davidson County Ind. Dev. Board Rev.
(Chimneytop II Oxford Associate) Series 84 A, 3.05%,
LOC Bank of America Nat'l. Trust & Savings, VRDN 2,450 2,450
5920642X
Tennessee Gen. Oblig. Rev., Series 1993 B, 3.10%, VRDN 2,000 2,000
880540B3
Tennessee Local Dev. Auth. Rev. (State Loan Progs.)
BAN, Series 93, 3% 6/2/94 15,500 15,507 880550ED
109,169
TEXAS - 14.1%
Abilene Health Facs. Dev. Corp. Hosp. Rev.
(Hendrick Med. Ctr. Proj.) 3.40%
LOC Banque Paribas, VRDN 5,570 5,570 003452AT
Austin Hsg. Fin. Corp. Multi-Family Rev.
(Riverchase Proj.) Series 1985 A, 3.70%,
LOC Household Bank, VRDN 1,600 1,600 052425BS
Austin Independent School Dist. VAN 3.393% 8/31/94 8,000 8,000 052429K6
Bexar County Health Facs. Dev. Corp.
Retirement Commty. Rev., VRDN:
(Air Force Village II) Series 1985 B, 3.375%,
LOC Banque Paribas 3,000 3,000 0883509A
(Air Force Village Foundation) 3.95%,
LOC Daiwa Bank 12,500 12,500 088354BG
Bexar County Hsg. Fin. Corp. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Fountainhead I Proj.) Series 92 A, 3.30% 3,690 3,690 088379LX
(Fountainhead III Proj.) Series 92 A, 3.30% 8,660 8,660 088379LZ
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
TEXAS - CONTINUED
Bexar County Participating VRDN: (b)
Series BT-1, 3.45%, (BPA Bankers Trust) $ 1,965 $ 1,965 088275TT
Series BT-2, 3.45%, (BPA Bankers Trust) 2,165 2,165 088275TX
Brazos Hbr. Ind. Dev. Corp. Poll. Cont. Rev.
(Dow Chemical Co.) Series 1986, 2.60% 6/20/94, VT 2,800 2,800 105991CL
Brazos River Hbr. Navigation Dist. of Brazoria County
Rev. (Dow Chemical Co.) Series 1991, 3% 6/21/94, VT 2,500 2,500
10599DAL
Cedar Hill Independent School Dist. TRAN 3.407%
8/25/94 2,375 2,375 150429NY
Central Waco Dev. Corp. Ind. Dev. Rev. Rfdg.
(HE Butt Grocery Proj.) Series 92, 3.45%,
LOC Texas Commerce Bank, VRDN 4,430 4,430 155797AB
Corpus Christi Port Auth. Rev. Rfdg. (Union Pacific Corp.), VT:
Series 1989, 2.50% 6/9/94 9,610 9,610 7339059D
Series 1992, 2.50% 5/11/94 5,000 5,000 7339059C
Cypress Fairbanks Independent School Dist. VAN
3.393% 8/31/94 10,000 10,000 232760CK
Dallas-Ft. Worth Reg. Arpt. Rev. Rfdg., Series 92,
2.65% 5/31/94, LOC Nat'l. Westminster Bank, VT 3,130 3,130 2350379G
Goose Creek Independent School Dist. VAN
3.393% 8/31/94 12,750 12,750 3826049A
Greater East Texas Higher Ed. Auth. Student Loan Rev.
Rfdg., Series 92A, 2.55% 5/1/94,
LOC Student Loan Mktg. Assoc., MT 5,200 5,200 391693AS
Guadalupe-Blanco River Auth. Ind. Dev. Rev.
(BOC Group Inc. Proj.) Series 93, 3.25%,
LOC Wachovia Bank of Georgia, VRDN 8,100 8,100 400526AG
Harris County Health Facs. Dev. Corp. Rev.
(Aces Greater Houston Pooled Health)
Series 85 A, 3.25%, LOC Texas Commerce Bank, VRDN 14,000 14,000
41315RAA
La Porte Independent School Dist. VAN 3.393% 8/25/94 11,585 11,585
504102MZ
Lower Colorado River Auth., Series B, CP:
2.35% 5/23/94 11,700 11,700 547991BN
2.90% 6/20/94 10,940 10,940 547991BP
Lufkin Health Facs. Dev. Corp. Hosp. Rev.
(Mem. Med. Ctr. of E. Texas Proj.) 3.40%,
LOC Texas Commerce Bank, VRDN 5,400 5,400 549805AB
Metro Higher Ed. Auth. Inc. Higher Ed. Rev.
(Univ. of Dallas Proj.) Series 1984, 3.25%,
LOC Mitsubishi Bank, VRDN 2,400 2,400 592143AA
Mt. Pleasant Independent School Dist. TRAN
3.407% 8/25/94 3,070 3,070 622707JC
Nacogdoches Ind. Dev. Auth. Rev. Rfdg.
(La Quinta Motor Inns Inc. Proj.) 3.30%,
LOC Nationsbank of North Carolina, VRDN 2,665 2,665 629656AP
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
TEXAS - CONTINUED
North Central Texas Health Facs. Dev. Corp. Hosp. Rev.
(Methodist Hosp. of Dallas) Series 91 B, 2.60%
6/13/94, (MBIA Insured), VT $ 6,000 $ 6,000 6585469N
San Antonio Elec. & Gas Participating VRDN, Series BT-38A,
3.40% (BPA Bankers Trust) (b) 5,892 5,892 796253AV
San Antonio Elec. & Gas Sys. Rev., Series A, CP:
2.60% 5/19/94 11,500 11,500 798992CS
2.65% 6/6/94 14,000 14,000 798992CV
2.65% 6/7/94 13,200 13,200 798992CW
San Antonio Gen. Oblig. Participating VRDN, Series BT-16,
3.45% (BPA Bankers Trust) (b) 6,000 6,000 796236AX
San Antonio Health Facs. Dev. Corp. Hosp. Rev.
(Warm Springs Rehab. Proj.) Series 92 A, 3.80%,
LOC Daiwa Bank, VRDN 17,800 17,800 796254AB
Silsbee Health Facs. Dev. Corp. Hosp. Rev.
(Silsbee Doctor's Hosp.) Series 84, 3.35%,
LOC Citibank, VRDN 4,500 4,500 827242AA
Spring Branch Independent School Dist. TRAN,
Series 1993, 3.20% 8/25/94 5,000 5,005 8494752C
Texas Dept. of Hsg. & Commty. Affairs Multi-Family Hsg.
Rev. Rfdg. (High Point IIIA) 3.20%, VRDN 7,000 7,000 88275BAD
Texas Dept. of Hsg. & Commty. Affairs Participating VRDN,
Series PT-9, 3.50% (Liquidity Enhancement Dai-Ichi
Kangyo Bank) (b) 4,800 4,800 882749BS
Texas Gen. Oblig. TRAN 3.25% 8/31/94 134,090 134,312 882715V6
Texas Health Facs. Dev. Corp. Rev. (Aces North Texas
Pooled Health) Series 1985 B, 3.25%,
LOC Banque Paribas, VRDN 4,200 4,200 882477AA
Texas Muni. Pwr. Agcy. Rev., CP:
2.40% 6/13/94 17,000 17,000 882999BF
2.50% 6/14/94 12,900 12,900 882999BH
2.40% 6/16/94 14,200 14,200 882999BE
Texas Pub. Fin. Auth. Equip. Rev. Rfdg. Bonds,
Series 1993 A, 3% 8/1/94 5,115 5,115 882756CQ
Texas Small Bus. Ind. Dev. Corp. Rev. (Pub. Facs. Prog.) 3.85%,
LOC Mitsubishi Trust & Banking, Mitsubishi Bank, Nat'l.
Westminster Bank, Sumitomo Trust & Banking, VRDN 36,200 36,200
882692AL
Tyler Health Facs. Dev. Corp. Hosp. Rev. (Texas Med. Ctr.
Reg. Health Care Proj.) Series 93 C, 2.85% 6/16/94,
LOC Banque Paribas, VT 10,000 10,000 9022619L
504,429
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
UTAH - 0.9%
Davis County School Dist. TAN 3.25% 6/30/94 $ 4,500 $ 4,503 239019PL
Emery County Poll. Cont. Rev. Rfdg. (Pacificorp Proj.)
Series 1991, 2.65% 6/21/94, LOC Cr. Suisse, VT 2,800 2,800 2911479L
Intermountain Pwr. Agcy. Participating VRDN, Series BT-43,
3.45% (BPA Bankers Trust) (b) 9,668 9,668 4588405U
Intermountain Pwr. Agcy. Pwr. Supply Rev.,
Series F, 2.50% 5/13/94, VT 16,800 16,800 458997BM
33,771
VERMONT - 0.5%
Vermont Student Assistance Corp. Student Loan Rev.,
Series 1985, 2.70%, LOC Nat'l. Westminster
Bank, VRDN 18,920 18,920 924279AB
VIRGINIA - 2.8%
Chesapeake Ind. Dev. Auth. Poll. Cont. Rev.
(Virginia Elec. Pwr. Co. Proj.)
Series 1985, 2.90% 6/16/94, VT 4,200 4,200 1653269J
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev.:
Rfdg. (Philip Morris Co. Proj.) Series 1992, 3.35%, VRDN 8,700 8,700
166400BM
(Virginia Elec. Pwr. Co. Proj.), VT:
Series 87 A, 2.75% 5/18/94 1,500 1,500 166999BE
Series 87 C:
2.65% 5/9/94 1,600 1,600 166999BD
2.70% 5/12/94 4,300 4,300 166999BA
Series B:
2.60% 5/13/94 2,255 2,255 166999BB
2.70% 6/16/94 2,630 2,630 166999BG
Louisa Ind. Dev. Auth. Poll. Cont. Rev.
(Virginia Elec. Pwr. Co. Proj.), VT:
Series 85:
2.60% 5/24/94 1,790 1,790 546994AS
2.40% 6/14/94 6,700 6,700 546994AX
2.70% 6/14/94 6,800 6,800 546994AU
2.65% 6/22/94 4,000 4,000 546994AV
Series 87, 2.75% 5/18/94 3,000 3,000 546994AR
Newport News Redev. & Multi-Family Hsg. Auth. Rev.
(Newport-Oxford Proj.) Series 1984, 3.25%,
LOC Bank of America Nat'l. Trust & Savings, VRDN 3,200 3,200
652276AB
Peninsula Port Auth. Coal Terminal Rev.
(Dominion Terminal Assoc.) Series 1987 B, 2.50%
5/18/94, LOC Barclays Bank, VT 3,400 3,400 707991AE
Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev.
(Windsor at Potomac Vista Proj.) 3.30%,
LOC Nationsbank of Virginia, VRDN 7,391 7,391 8648179B
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
VIRGINIA - CONTINUED
Virginia Hsg. Dev. Auth. Commonwealth Mtg. Rev.,
Series 1994 D, 2.75% 8/10/94, MT $ 35,500 $ 35,500 92812REX
York County Ind. Dev. Auth. Rev. (Philip Morris Co.)
Series 1991, 3.35%, VRDN 4,000 4,000 986597AY
100,966
WASHINGTON - 3.4%
Pierce County TAN, Series 1994 A, 3.25% 12/30/94 5,490 5,495 720356NK
Washington Gen. Oblig Participating VRDN, Series 93 B,
3.51% (Liquidity Enhancement Citibank) (b) 13,300 13,300 2698969A
Washington Participating VRDN, Series BT-12, 3.45%
(BPA Bankers Trust) (b) 20,985 20,985 939741TU
Washington Pub. Pwr. Supply Sys. Participating VRDN,
Series 94 B, 3.44%
(Liquidity Enhancement Citibank) (b) 20,600 20,600 269896EW
Washington Pub. Pwr. Supply Sys. Rev. Rfdg.
(Nuclear Proj. #1), VRDN:
Series 1993-1A1, 3.25%, LOC Bank of America
Nat'l. Trust & Savings 31,075 31,075 939827UM
Series 1993-1A2, 3.25%, LOC Ind. Bank of Japan 30,000 30,000 939827UN
121,455
WEST VIRGINIA - 0.1%
West Virginia Hosp. Fin. Auth. Hosp. Rev.
(VHA Mid-Atlantic States) Series 85 C, 3.15%,
(AMBAC Insured), VRDN 1,800 1,800 956622AD
WISCONSIN - 1.9%
Augusta Ind. Dev. Rev. Rfdg. (Ball Corp.)
Series 1993, 3.35%, LOC PNC Bank, VRDN 3,100 3,100 051487AB
Milwaukee County RAN, Series 1993, 3% 6/30/94 6,000 6,002 6022443H
Milwaukee Gen. Oblig. Participating VRDN, Series 93 R,
3.51% (Liquidity Enhancement Citibank) (b) 18,400 18,400 269896CA
Milwaukee Redev. Auth. Dev. Rev. (Bradley Ctr. Parking
Facs. Proj.) Series 86, 3.30%,
LOC Nat'l. Westminster Bank, VRDN 1,000 1,000 602419BN
Wisconsin Operating TRAN, Series 1993, 3.25% 6/15/94 38,000 38,028
977054LW
66,530
MULTIPLE STATES - 1.8%
California Higher Ed. Loan Auth. Student Loan Rev., MT:
Series 1987 A, 2.70% 7/1/94, LOC Nat'l.
Westminster Bank 3,900 3,900 130327AP
Series 92 A-2, 2.55% 5/1/94, LOC Student
Loan Mktg. Assoc. 4,000 4,000 130327BE
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
MULTIPLE STATES - CONTINUED
Clipper Participating VRDN, Series 93-1,
3.07% (Liquidity Enhancement
State Street Bank & Trust Co.) (b) $ 36,000 $ 36,000 188857AA
Participating VRDN, Series 1990 A, 3.375%,
LOC Nationsbank of North Carolina (b) 3,925 3,925 62899AAA
Participating VRDN, Series BS-91 A-19,
3.70% (AMBAC & MBIA Insured)
(Liquidity Enhancement Sakura Bank) (b) 14,665 14,665 55377EAL
62,490
TOTAL INVESTMENTS - 100% $ 3,567,363
Total Cost for Income Tax Purposes $ 3,567,364
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
VAN - Variable Rate Tax & Revenue
Anticipation Notes
VRDN - Variable Rate Demand Notes
VT - Variable Tender
LEGEND
(1.) The coupon rate shown on floating or adjustable rate securities
represents the
rate at period end.
(2.) Provides evidence of ownership in one or more underlying municipal
bonds.
INCOME TAX INFORMATION
At October 31, 1993, the fund had a capital loss carryforward of
approximately $783,000 of which $647,000 and $136,000 will expire on
October 31, 1996 and 1997, respectively.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNTS) APRIL 30, 1994 (UNAUDITED)
3.ASSETS 4. 5.
6.Investment in securities, at value (Note 1) - 7. $ 3,567,363
See accompanying schedule
8.Cash 9. 18,019
10.Interest receivable 11. 25,341
12. 13.TOTAL ASSETS 14. 3,610,723
15.LIABILITIES 16. 17.
18.Payable for investments purchased $ 46,504 19.
20.Payable to custodian bank 2,570 21.
22.Dividends payable 481 23.
24.Accrued management fee 944 25.
26.Other payables and accrued expenses 782 27.
28. 29.TOTAL LIABILITIES 30. 51,281
31.32.NET ASSETS 33. $ 3,559,442
34.Net Assets consist of (Note 1): 35. 36.
37.Paid in capital 38. $ 3,560,070
39.Accumulated net realized gain (loss) on investments 40. (630)
41.Unrealized gain from accretion of market discount 42. 2
43.44.NET ASSETS, for 3,560,064 shares outstanding 45. $ 3,559,442
46.47.NET ASSET VALUE, offering price and redemption p 48. $1.00
rice
per share ($3,559,442(divided by)3,560,064 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED APRIL 30, 1994 (UNAUDITED)
49.50.INTEREST INCOME 51. $ 42,148
52.EXPENSES 53. 54.
55.Management fee (Note 2) $ 4,961 56.
57.Transfer agent, accounting and custodian 3,454 58.
fees and expenses (Note 2)
59.Non-interested trustees' compensation 19 60.
61.Registration fees 106 62.
63.Audit 28 64.
65.Legal 15 66.
67.Reports to shareholders (Note 3) 87 68.
69.Miscellaneous 3 70.
71. Total expenses before reductions 8,673 72.
73. Expense reductions (Note 3) (87) 8,586
74.75.NET INTEREST INCOME 76. 33,562
77.REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTME 79. 154
NTS
(NOTE 1)
78.Net realized gain (loss) on investment securities
80.Increase (decrease) in net unrealized gain from accr 81. (33)
etion
of market discount
82.83.NET GAIN (LOSS) 84. 121
85.86.NET INCREASE IN NET ASSETS RESULTING FROM OPER 87. $ 33,683
ATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 1994 OCTOBER 31,
(UNAUDITED) 1993
88.INCREASE (DECREASE) IN NET ASSETS
89.Operations $ 33,562 $ 61,587
Net interest income
90. Net realized gain (loss) on investments 154 260
91. Increase (decrease) in net unrealized gain from (33) 29
accretion of market discount
92. 93.NET INCREASE (DECREASE) IN NET ASSETS RESULTI 33,683 61,876
NG FROM
OPERATIONS
94.Dividends to shareholders from net interest income (33,562) (61,587)
95.Share transactions at net asset value of $1.00 per sh 5,700,124 8,356,873
are
Proceeds from sales of shares
96. Reinvestment of dividends from net interest income 31,100 56,676
97. Cost of shares redeemed (5,107,414) (8,203,212)
98. Net increase (decrease) in net assets and shares 623,810 210,337
resulting from share transactions
99. 100.TOTAL INCREASE (DECREASE) IN NET ASSETS 623,931 210,626
101.NET ASSETS 102. 103.
104. Beginning of period 2,935,511 2,724,885
105. End of period $ 3,559,442 $ 2,935,511
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
106. SIX MONTHS YEARS ENDED OCTOBER 31,
ENDED
APRIL 30,
1994
107. (UNAUDITED) 1993 1992 1991 1990 1989
108.SELECTED PER-SHARE DATA
109.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of
period
110.Income from Inv .010 .022 .031 .046 .055 .058
estment
Operations
Net interest
income
111.Less Distribution (.010) (.022) (.031) (.046) (.055) (.058)
s
From net interest
income
112.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period
113.TOTAL RETURN (dagger) 1.03% 2.23% 3.14% 4.66% 5.63% 5.96%
114.RATIOS AND SUPPLEMENTAL DATA
115.Net assets, $ 3,559 $ 2,936 $ 2,725 $ 2,721 $ 2,824 $ 2,830
end of period
(in millions)
116.Ratio of expense .53%* .49% .48% .45% .43% .44%
s to
average net
assets (dagger)(dagger)
117.Ratio of net inter 2.07%* 2.21% 3.11% 4.55% 5.52% 5.82%
est
income to average
net assets
</TABLE>
* ANNUALIZED
(dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES
NOT BEEN REDUCED DURING THE PERIODS SHOWN.
(dagger)(dagger) SEE NOTE 3 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1994 (Unaudited)
1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Tax-Exempt Money Market Trust (the fund) is a fund of Fidelity
Beacon Street Trust (the trust) and is authorized to issue an unlimited
number of shares. The trust is registered under the Investment Company Act
of 1940, as amended (the 1940 Act), as an open-end management investment
company organized as a Delaware business trust. The following summarizes
the significant accounting policies of the fund:
SECURITY VALUATION. 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 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. Accretion
of market discount represents unrealized gain until realized at the time of
a security disposition or maturity.
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.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles.
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.
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS. Effective November
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 October 31, 1993 have been reclassified to
reflect an increase in paid in capital and an increase in accumulated net
realized loss on investments of $6,000.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Management &
Research Company (FMR) receives a monthly fee that is calculated on the
basis of a group fee rate plus a fixed individual fund fee rate applied to
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
the average net assets of the fund. The group fee rate, which is the
weighted average of a series of rates ranging from .14% to .37% and is
based on the monthly average net assets of all the mutual funds advised by
FMR, was voluntarily adopted by FMR on January 1, 1992 and approved by
shareholders at a special meeting held on November 17, 1993. On the same
day shareholders also approved an increase in the individual fund fee rate
from .10% to .15% of average net assets, effective December 1, 1993. For
the period, the management fee was equivalent to an annual rate of .31% of
average net assets.
SUB-ADVISER FEE. As the 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.
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
$3,158,000 and $180,000, respectively.
Shareholders participating in the Fidelity Ultra Service Account(Registered
trademark) Program (the Program) pay a $5.00 monthly fee to Fidelity
Brokerage Services, Inc. (FBSI), an affiliate of FMR, for performing
services associated with the Program. For the period, fees paid to FBSI by
shareholders participating in the Program amounted to $323,000.
3. EXPENSE REDUCTIONS.
A special meeting of shareholders of the fund was held on November 17,
1993.
All expenses in connection with this meeting including the preparation of
the proxy statement, its enclosures and all solicitations were reimbursed
by FMR.
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
1907 West State Road 434
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
8180 Greensboro Drive
McLean, 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
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
Sarah H. Zenoble, 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*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
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(registered trademark) 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
