FIDELITY TAX-EXEMPT MONEY MARKET TRUST
A FUND OF FIDELITY BEACON STREET TRUST
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 13, 1994
The following table updates that found in the section entitled
"Performance" beginning on page 7:
1995 TAX RATES AND TAX-EQUIVALENT YIELDS
Taxable
Federal If individual tax-exempt yield is:
Income* Tax
2% 3% 4% 5% 6% 7%
Single Return Joint Return Bracket**
Then taxable-equivalent yield is:_____________ _______
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C>
$23,351-$56,550 $39,001-$94,250 28% 2.78% 4.17% 5.56% 6.94% 8.33% 9.72%
$56,551-$117,950 $94,251-$143,600 31% 2.90% 4.35% 5.80% 7.25% 8.70% 10.14%
$117,951-$256,500 $143,601-$256,500 36% 3.13% 4.69% 6.25% 7.81% 9.38% 10.94%
$256,501-above $256,501-above 39.6% 3.31% 4.97% 6.62% 8.28% 9.93% 11.59%
</TABLE>
(small solid bullet)
* Net amount subject to federal income tax after deductions and
exemptions. Assumes ordinary income only.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
TEMB-95-1
February 1, 1995
SPARTAN(registered trademark) NEW JERSEY MUNICIPAL MONEY MARKET PORTFOLIO
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED DECEMBER 13, 1994
The following tables replace those found in the section entitled
"Performance" beginning on page 11.
1995 TAX RATES
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
Taxable Income* Marginal Federal Combined New Jersey
Income Tax New Jersey and Federal Effective
</TABLE>
Single Return Joint Return Bracket Marginal Rate Tax Bracket **
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
$23,351 -$35,000 $ 39,001 - $ 50,000 28% 2.125% 29.53%
-- $ 50,001 - $ 70,000 28% 2.975% 30.14%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
$ 35,001 - $ 40,000 $ 70,001 - $ 80,000 28% 4.250% 31.06 %
$ 40,001 - $ 56,550 $ 80,001 - $ 94,250 28% 6.013% 32.33%
$ 56,551 - $ 75,000 $ 94,251 - $ 143,600 31% 6.013% 3 5.15%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
$ 75,001 - $ 117,950 -- 31% 6.580% 35.54%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
- - $ 143,601 -$ 150,000 36% 6.013% 39.85%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
$ 117,951-$ 256,500 $ 150,001 -$ 256,500 36% 6.580% 40.21%
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
$ 256,501 & above $ 256,501 & above 39.6% 6.580% 43.57%
</TABLE>
* Net amount subject to federal income tax after deductions and exemptions.
Assumes ordinary income only.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
Having determined your effective tax bracket, use the following table to
determine the tax-equivalent yield for a given tax-free yield.
If your effective combined federal and state personal tax rate in 1995
is:
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
29.53% 30.14% 31.06% 32.33% 35.15% 35.54% 39.85% 40.21% 43.57%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
To match these
tax-free rates: Your taxable investment would have to earn the following yield:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C> <C> <C> <C>
2.0% 2.84% 2.86% 2.90% 2.96% 3.08% 3.10% 3.33% 3.35% 3.54 %
3.0% 4.26% 4.29% 4.35% 4.43% 4.63% 4.65% 4.99% 5.02% 5.32%
4.0% 5.68% 5.73% 5.80% 5.91% 6.17% 6.21% 6.65% 6.69% 7.09%
5.0% 7.10% 7.16% 7.25% 7.39% 7.71% 7.76% 8.31% 8.36% 8.86%
6.0% 8.51% 8.59% 8.70% 8.87% 9.25% 9.31% 9.98% 10.04% 10.63%
7.0% 9.93% 10.02% 10.15% 10.34% 10.79% 10.86% 11.64% 11.71% 12.40%
</TABLE>
SNJB-95-1 February 1, 1995
