FIDELITY
(registered trademark)
TAX-EXEMPT
MONEY MARKET
TRUST
SEMIANNUAL REPORT
APRIL 30, 1995
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.
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 past six
months
and one year.
INVESTMENTS 9 A complete list of the fund's
investments with their market
values.
FINANCIAL STATEMENTS 31 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.
NOTES 35 Notes 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. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY, ANY
DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE FEDERAL
RESERVE BOARD OR
ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE
POSSIBLE LOSS OF
PRINCIPAL. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A
BANK. FOR MORE
INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES, CALL
1-800-544-8888
FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
Although there have been some positive market indications so far in 1995,
no one can predict what lies ahead for investors. Last year, stocks posted
below-average returns and bonds had one of the worst years in history. This
downturn followed a period in which the investing environment was almost
ideal.
These market ups and downs are a normal part of investing, and there are
some basic principles that can help investors in every type of market.
First, take a long-term approach when investing. If you can afford to leave
your money invested through the inevitable ups and downs of financial
markets, you will greatly reduce your vulnerability to any single decline.
Over time, for example, stock prices have gone up - and have significantly
outperformed other types of investments and stayed ahead of inflation.
Second, you can further manage risk by diversifying your investments. A
stock mutual fund is already diversified, because it invests in many
different companies. You can increase your diversification by investing in
a number of different stock funds, or in different investment categories,
such as bonds. You should also keep money you'll need in the near future in
a more stable investment.
Finally, it makes good sense to follow a regular investment plan, investing
a set amount of money at the same time each month or quarter. That way, you
can avoid getting caught up in the excitement of a rapidly-rising market -
and won't end up buying all your shares at market highs. This strategy
won't assure a profit or protect you from a loss in a declining market, but
it should help you lower the average cost of your purchases. For this to be
effective, you must continue to buy shares in both up and down markets.
If you have questions, please call us at 1-800-544-8888. We would be happy
to send you a Fidelity FundMatch kit, which can help you determine the mix
of investments that is right for you. You might also find it convenient to
set up a regular investment plan using the Fidelity Automatic Account
Builder.SM
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
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, 1995 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
Fidelity Tax-Exempt Money Market Trust 1.71% 3.02% 18.06% 50.62%
Average All Tax-Free
Money Market Fund 1.64% 2.87% 16.84% 48.37%
Consumer Price Index 1.61% 3.05% 17.84% 42.10%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
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, the value of your investment would be $1,050. To
measure how the fund's performance stacked up against its peers, you can
compare it to the average all tax-free money market fund which reflects the
performance of 388 tax-free money market funds with similar objectives
tracked by IBC/Donoghue over the past 12 months. Comparing the fund's
performance to the consumer price index (CPI) helps show how your fund did
compared to inflation.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED APRIL 30, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
Fidelity Tax-Exempt Money Market Trust 3.02% 3.38% 4.18%
Average All Tax-Free
Money Market Fund 2.87% 3.16% 4.02%
Consumer Price Index 3.05% 3.34% 3.58%
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.
YIELDS
5/2/94 8/1/94 10/31/94 1/30/95 4/24/95
Fidelity Tax-Exempt 2.50% 2.51% 3.01% 3.28% 3.75%
Money Market Trust
Average All Tax-Free 2.37% 2.39% 2.83% 3.14% 3.68%
Money Market Fund
Fidelity Tax-Exempt 3.91% 3.92% 4.70% 5.13% 5.86%
Money Market Trust -
Tax-equivalent
Row: 1, Col: 1, Value: 2.5
Row: 1, Col: 2, Value: 2.37
Row: 2, Col: 1, Value: 2.51
Row: 2, Col: 2, Value: 2.39
Row: 3, Col: 1, Value: 3.01
Row: 3, Col: 2, Value: 2.83
Row: 4, Col: 1, Value: 3.28
Row: 4, Col: 2, Value: 3.14
Row: 5, Col: 1, Value: 3.75
Row: 5, Col: 2, Value: 3.68
4% -
3% -
2% -
1% -
0%
Fidelity Tax-Exempt
Money Market Trust
Average All
Tax-Free
Money Market
Fund
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. Figures for the average all tax-free money market fund are
from 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, HOW HAS THE INVESTMENT CLIMATE CHANGED OVER THE PAST SIX MONTHS?
A. Since last November, the Federal Reserve has increased the federal funds
rate - the rate banks charge each other for overnight loans - twice:
three-quarters of a percentage point in November and one-half-percentage
point in February. That brought the total number of increases since the
current cycle began in February 1994 to seven. During that time, the
federal funds rate doubled from 3% to 6%, sparking renewed interest in
funds like this one. By raising short-term interest rates, the Fed hoped to
put the brakes on economic growth and prevent an outbreak of inflation. So
far, the policy seems to be working. Early in 1995, I began seeing numbers
that indicated the economy was slowing down. That feeling was confirmed in
April 1995, when the initial estimate of first-quarter growth in the gross
domestic product came in at 2.8%, well below the more than 5% growth rate
in the fourth quarter of 1994.
Q. DOES THAT MEAN SHORT-TERM INTEREST RATES HAVE PEAKED?
A. Apparently so, at least for the time being. The Fed's final rate
increase in early February was widely anticipated by most market
participants. Immediately afterwards, rates began to fall. Since then, as
the economy has gone on showing signs of a slowdown, there's been a
dramatic turnaround in market psychology.
Q. HOW DID YOU MANAGE THE FUND'S AVERAGE MATURITY DURING THE PERIOD?
A. The fund began the period with an average maturity of around 50 days. As
rates kept rising, the fund's average maturity kept getting shorter. By the
end of February, it was down to around 40 days, and it finished the period
in the mid-30s, which is within its neutral to defensive range. A defensive
average maturity can afford the fund greater flexibility to respond to
higher current rates. Normally I would have preferred to extend the fund's
average maturity once rates began heading back down, but this time there
was another factor involved - the Orange County, California, bankruptcy. I
was concerned at the time that this occurrence might cause investors to
withdraw assets from the fund, so I thought it prudent to preserve
liquidity by maintaining a low average maturity. As it happened, assets in
the fund declined only slightly and have since recovered.
Q. DID THE FUND HAVE ANY EXPOSURE TO THE ORANGE COUNTY INVESTMENT POOL?
A. The fund had no direct exposure to Orange County or to any of the
municipalities that had investments in the failed Orange County investment
pool. We do have holdings in municipal projects located in Orange County,
but these are not related to the county treasurer's investment pool and
were not affected by the bankruptcy of the county or the pool.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on April 30, 1995 was 3.86%, up from 3.01%
six months ago. That equaled a 6.03% tax equivalent yield for investors in
the 36% federal tax bracket. Through April 30, 1995, the fund's six-month
total return was 1.71%, compared to 1.64% for the average tax-exempt money
market fund, according to IBC/Donoghue.
Q. WHAT'S YOUR OUTLOOK?
A. My sense is that the economy, while it has certainly paused, may resume
growing at a faster rate, perhaps in the second half of the year. If so,
this may not be the time to get overly aggressive - especially as we head
into the annual borrowing season, when heavy supplies of new municipal
issues traditionally come to market. So while I may extend the fund's
average maturity slightly in the months ahead as buying opportunities
arise, I'll aim to keep the fund in its neutral range, probably between 35
and 40 days.
FUND FACTS
GOAL: high current income free
from federal income tax and
price share stability by
investing in high-quality,
short-term municipal money
market securities
START DATE: January 2, 1980
SIZE: as of April 30, 1995,
more than $3.5 billion
MANAGER: Sarah Zenoble,
since 1988; manager,
Spartan Municipal Money
Fund, since 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.
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,
usually 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.
- -----
As of June 1, 1995, Deborah
Watson became portfolio
manager of the fund.
INVESTMENT CHANGES
MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
4/30/95 10/31/94 4/30/94
0 - 30 68 60 63
31 - 90 27 26 24
91 - 180 3 5 10
181 - 397 2 9 3
WEIGHTED AVERAGE MATURITY
4/30/95 10/31/94 4/30/94
Fidelity Tax-Exempt
Money Market Trust 33 days 48 days 35 days
Average All Tax-Free
Money Market Fund* 37 days 51 days 47 days
ASSET ALLOCATION
AS OF APRIL 30, 1995 AS OF OCTOBER 31, 1994
Row: 1, Col: 1, Value: 51.0
Row: 1, Col: 2, Value: 28.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 19.0
Row: 1, Col: 5, Value: 0.0
Row: 1, Col: 1, Value: 50.0
Row: 1, Col: 2, Value: 32.0
Row: 1, Col: 3, Value: 2.0
Row: 1, Col: 4, Value: 16.0
Row: 1, Col: 5, Value: 0.0
Variable rate
demand notes
(VRDNs) 51%
Commercial
paper 28%
Tender bonds 2%
Municipal
notes 19%
Other 0%
Variable rate
demand notes
(VRDNs) 50%
Commercial
paper 32%
Tender bonds 2%
Municipal
notes 16%
Other 0%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS APRIL 30, 1995 (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.:
Rfdg. Bonds (Rime Village Proj.) Series 1988 B,
4.20% tender 5/25/95,
LOC Southtrust Bank of Alabama $ 13,275 $ 13,275
(Gazebo East Proj.) Series 1991 B, 5.15%,
LOC Southtrust Bank of Alabama, VRDN 3,655 3,655
Decatur Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.)
Series 1992, 4.50%, VRDN 3,500 3,500
Port City Med. Clinic Board Bonds (Mobile Infirmary
Assoc.) Series 1992 A, 3.95% tender 5/5/95,
LOC Fuji Bank Ltd. & Mitsubishi Bank Ltd. Japan 13,000 13,000
33,430
ALASKA - 0.7%
Valdez Marine Terminal Rev. Rfdg.:
(Atlantic Richfield Co.):
Bonds Series 1994 A, 4% tender 5/16/95 15,500 15,500
Bonds Series 1994 A, 4.15% tender 5/19/95 3,000 3,000
Rev. Series 1994 B, 4.75%, VRDN 5,000 5,000
(Exxon Pipeline Co. Proj.) Series 1985, 4.90%, VRDN 2,000 2,000
25,500
ARIZONA - 2.4%
Apache County Ind. Dev. Auth. Ind. Rev. (Tucson Elec.
Pwr. Co. Springerville Proj.) Series 1983 A, 4.85%,
LOC Barclays Bank PLC, VRDN 5,700 5,700
Arizona Health Facs. Auth. Rev., VRDN:
(Samcor 1986 Loan Pool-Samaritan Health Care)
4.90% (FGIC Insured) 19,430 19,430
(Voluntary Hosp. Federation Pooled Loan Prog.):
Series 1985 A, 4.65% (FGIC Insured) 8,945 8,945
Series 1985 B, 4.65% (FGIC Insured) 7,800 7,800
Maricopa County Poll. Cont. Rev. Bonds
(Southern California Edison Co.):
Series 1985 C, 4.15% tender 7/19/95 4,300 4,300
Series 1985 D, 4.20% tender 6/21/95 3,600 3,600
Series 1985 D, 4.15% tender 7/19/95 5,450 5,450
Series 1985 E, 4.15% tender 6/21/95 10,000 10,000
Series 1985 E, 4.15% tender 7/19/95 4,000 4,000
Series 1985 F, 4.15% tender 7/19/95 8,150 8,150
Maricopa County Poll. Cont. Rev. (Arizona Pub. Svc.)
Series 1994 E, 5%, LOC Bank of America Nat'l.
Trust & Savings San Francisco, VRDN 4,700 4,700
Tucson Ind. Dev. Auth. Multi-Family Hsg. Rev. Rfdg.
(Freedom Park Apts. Proj.) Series 1989 A, 4.75%,
LOC Sumitomo Bank Ltd., VRDN 5,295 5,295
87,370
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
ARKANSAS - 0.2%
Arkansas Dev. Fin. Auth. Health Facs. Rev.
(Sisters of Mercy Health Sys.) Series 1989 B, 4.65%
(Liquidity Facility ABN-AMRO Bank, Credit Suisse Bank
Zurich, & Rabobank Nederland), VRDN $ 5,400 $ 5,400
CALIFORNIA - 9.1%
California Gen. Oblig.:
Adjustable Rate RAN Series 1994-95 B:
4.365% 6/28/95 22,000 22,002
4.75% 6/28/95 69,500 69,496
RAN Series A, 5% 6/28/95 19,250 19,278
RAN Series C, 5.75% 4/25/96 (FGIC Insured) 10,440 10,570
California School Cash Reserve Prog. Auth. TRAN
Series 1994 A, 4.50% 7/5/95 59,000 59,076
Los Angeles Commty. Redev. Agcy. Multi-Family Hsg. Rev.:
(Grand Promenade Proj.) Series 1985, 5.20%,
LOC Tokai Bank, VRDN 6,700 6,700
(Promenade Towers) 4.95%, LOC Tokai Bank, VRDN 31,920 31,920
Los Angeles County TRAN 4.50% 6/30/95 8,000 8,005
Orange County Apt. Dev. Rev., VRDN:
(Hidden Hills) Series 1985 U-C, 4.95%,
LOC Tokai Bank Ltd. 11,400 11,400
(Wlco Partners):
Series 1985 C-1, 5.10%, LOC Tokai Bank Ltd. 3,200 3,200
Series 1985 C-2, 5.10%, LOC Tokai Bank Ltd. 9,800 9,800
Series 1985 C-3, 5.10%, LOC Tokai Bank Ltd. 8,900 8,900
Orange County Hsg. Auth. Apt. Dev. Rev.
(Costa Mesa Partners) Series 1985-BB, 4.75%,
LOC Tokai Bank Ltd., VRDN 9,300 9,300
Orange County Unit Priced Apt. Dev. Rev. Bonds:
(The Irvine Co.) Series 1985, 4.35% tender 5/26/95,
LOC Dai-ichi Kangyo Bank Ltd. 13,200 13,200
(The Irvine Co. II) Series 1985 V, 4.30% tender 5/17/95,
LOC Citibank 26,825 26,825
San Diego Multi-Family Hsg. Auth. Rev. (Nobel Court Apts.)
Series 1985 L, 5.10%, VRDN 6,110 6,110
Tustin Impt. Bonds (Assessment Dist. #85-1) 4.70%
tender 5/11/95, LOC Sanwa Bank Ltd. 10,000 10,000
325,782
COLORADO - 1.1%
Colorado State Gen. Oblig. Fund TRAN 4.50% 6/27/95 15,000 15,011
Moffat County Poll. Cont. Rev. Rfdg. (Colorado-UTE Elec.
Assoc. Inc.) Series 1984, 4.80%, VRDN 24,200 24,200
39,211
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
DELAWARE - 1.9%
Delaware Econ. Dev. Auth. Multi-Family Rev.
(Schoolhouse Trust Prog.) 5.20%,
LOC Marine Midland Bank, VRDN $ 26,400 $ 26,400
Delaware Econ. Dev. Auth. Rev.
(Hosp. Billing & Collection Svcs. Proj.), VRDN:
Series 1985 B, 4.80% (MBIA & BIG Insured)
BPA Morgan Stanley Group Inc. 25,000 25,000
Series 1985 C, 4.80% (MBIA & BIG Insured)
BPA Morgan Stanley Group Inc. 15,000 15,000
66,400
DISTRICT OF COLUMBIA - 0.3%
Dist. of Columbia Gen. Oblig. Rev. (American
Association for the Advancement of Science Issue) 5%,
LOC NationsBank of North Carolina, VRDN 9,500 9,500
FLORIDA - 10.0%
Brevard County Hsg. Fin. Auth. Rev.
(Sun Pointe Bay Apts. Proj.) Series 1993, 5.10%, VRDN 2,180 2,180
Brevard County Hsg. Rev. (Palm Place Hsg. Proj.)
Series 1985, 4.65%, LOC Chemical Bank, VRDN 3,760 3,760
Broward County Hsg. Fin. Auth. Multi-Family Hsg. Rev.,
VRDN:
Rfdg. (Jacaranda Village Apts. Proj.) 4.70%,
LOC Marine Midland Bank 5,000 5,000
(Landings Inverrary Apts.) 4.75%,
LOC PNC Bank 3,900 3,900
(Parkview Partnership Ltd. Proj.) Series 1985, 4.95%,
LOC Fuji Bank Ltd. 4,500 4,500
Dade County Ind. Dev. Auth. Ind. Dev. Rev.
(Dolphins Stadium Proj.), VRDN:
Series 1985 C, 4.80%, LOC Citibank 4,800 4,800
Series 1985 D, 4.80%, LOC Citibank 13,100 13,100
Dade County Wtr. & Swr. Sys. Rev. 4.55% (FGIC Insured)
(Liquidity Facility Ind. Bank of Japan), VRDN 10,500 10,500
Florida Hsg. Fin. Agcy. (Oak Mill Creek Proj.)
Series 1985, 4.70%, LOC Chemical Bank, VRDN 4,800 4,800
Florida Hsg. Fin. Agcy. Multi-Family Hsg. Rfdg. Rev., VRDN:
(Hillsborough-Oxford Proj.) Series D, 5.05% 5,000 5,000
(Players Club) Series 1991 C, 4.69%,
LOC Sumitomo Bank Ltd. 24,500 24,500
Florida League of Cities First Mun. Pooled Loan Prog.
Bonds, Series 2, 4% tender 5/24/95,
LOC Sumitomo Bank Ltd. 3,200 3,200
Florida Local Gov't. Fin. Auth.
(Lake Wales Medical Centers Inc. Proj.)
Series 1994 A, 4.80%, LOC First Union
Nat'l. Bank of Florida, VRDN 2,000 2,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
FLORIDA - CONTINUED
Florida Local Gov't. Fin. Comm. Pooled Notes,
Series A, 4.05% 5/24/95,
LOC First Union Nat'l. Bank of Florida, CP $ 5,000 $ 5,000
Hialeah Hosp. Rev. Rfdg. (Hialeah Hosp. Proj.) Series B,
4.80%, LOC Bank of Montreal, Canada, VRDN 3,410 3,410
Indian River County Hosp. Dist. Hosp. Rev. Bonds:
Series 1988, 4.35% tender 5/11/95,
LOC Kredietbank NV 7,150 7,150
Series 1990, 4.35% tender 5/11/95,
LOC Kredietbank NV 3,000 3,000
Jacksonville Elec. Auth. Elec. Sys., Series C-1, 4.15% 7/24/95,
BPA Morgan Guaranty Trust Co., CP 5,400 5,400
Jacksonville Hosp. Rev. (Univ. Med. Ctr. Proj.):
Series 1988, 4.575%, LOC Sumitomo Bank Ltd., VRDN 9,700 9,700
Series 1989, 4.575%, LOC Sumitomo Bank Ltd., VRDN 7,800 7,800
Jacksonville Poll. Cont. Rev. Rfdg. Bonds (Florida Pwr. &
Lt. Co. Proj.) Series 1994, 4.15% tender 7/24/95 11,860 11,860
Jacksonville Spl. Tax (River City Renaissance Prog.), CP:
3.75% 5/11/95 (Liquidity Facility Credit Suisse Zurich,
Dresdner Bank AG, Morgan Guaranty Trust Co., &
Sun Bank NA of Orlando) 16,500 16,500
4% 5/18/95 (Liquidity Facility Credit Suisse Zurich,
Dresdner Bank AG, Morgan Guaranty Trust Co., &
Sun Bank NA of Orlando) 6,500 6,500
4% 6/13/95 (Liquidity Facility Credit Suisse Zurich,
Dresdner Bank AG, Morgan Guaranty Trust Co., &
Sun Bank NA of Orlando) 14,000 14,000
4.05% 6/14/95 (Liquidity Facility Credit Suisse Zurich,
Dresdner Bank AG, Morgan Guaranty Trust Co., &
Sun Bank NA of Orlando) 12,000 12,000
Lee County Hosp. Board Hosp. Rev. Bonds
(Lee Mem. Hosp. Proj.):
Series 1985 D, 4.35% tender 5/10/95
(Liquidity Facility Ind. Bank of Japan,
Sanwa Bank, & Sun Bank NA of Orlando) 5,000 5,000
Series 1992 B, 4.35% tender 5/9/95
(Liquidity Facility Ind. Bank of Japan,
Sanwa Bank, & Sun Bank NA of Orlando) 13,800 13,800
Manatee County Hsg. Fin. Auth. (Harbour Pointe Proj.)
Series 1990 A, 5.20%, LOC Marine Midland Bank,
VRDN 2,100 2,100
Naples Hosp. Rev. Series 1992, 4.75%,
LOC Mellon Bank, VRDN 12,000 12,000
Orange County School Dist. TAN 4.75% 6/30/95 21,000 21,025
Palm Beach County Ind. Dev. Rev. (Palm Beach Jewish
Commty. Campus Corp. Proj.) Series 1990, 4.75%,
LOC Trust Company Bank of Georgia, VRDN 4,810 4,810
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
FLORIDA - CONTINUED
Pinellas County Health Facs. Auth. Rev. (Bayfront Med.)
4.55% (FGIC Insured), VRDN $ 2,000 $ 2,000
Putnam County Dev. Auth. Poll. Cont. Rev. (Seminole Elec.
Coop.) Series 1984 D, 3.15% 6/15/93, OT 5,400 5,400
Sarasota County Pub. Hosp. Dist. Bonds
(Sarasota Mem. Hosp.):
Series 1991:
4.20% tender 5/12/95 (Liquidity Facility Sun Bank
NA of Orlando) 4,000 4,000
4.30% tender 5/18/95 (Liquidity Facility Sun Bank
NA of Orlando) 5,000 5,000
4.05% tender 6/14/95 (Liquidity Facility Sun Bank
NA of Orlando) 7,700 7,700
4.20% tender 7/18/95 (Liquidity Facility Sun Bank
NA of Orlando) 9,800 9,800
4.15% tender 7/25/95 (Liquidity Facility Sun Bank
NA of Orlando) 5,000 5,000
4.20% tender 7/26/95 (Liquidity Facility Sun Bank
NA of Orlando) 10,000 10,000
Series 1993 A:
4.05% tender 6/14/95
(Liquidity Facility Goldman Sachs) 2,500 2,500
4.15% tender 6/20/95
(Liquidity Facility Goldman Sachs) 2,000 2,000
4.20% tender 7/27/95
(Liquidity Facility Goldman Sachs) 3,500 3,500
Series B, 4.10% tender 6/14/95,
LOC Sumitomo Bank Ltd. 3,750 3,750
St. Lucie County Poll. Cont. Rev. Rfdg. Bonds (Florida Pwr. &
Lt. Co. Proj.) Series1994 A, 4.15% tender 7/19/95 4,500 4,500
Sunshine State Governmental Fing. Comm. Rev., CP:
3.85% 5/4/95 13,140 13,140
3.80% 5/17/95 10,275 10,275
4.15% 6/12/95 10,550 10,550
Volusia County Health Facs. Auth. Rev. (Southwest Volusia
Healthcare Corp.) Series 1994 A, 4.70%,
LOC First Union Nat'l. Bank of North Carolina 7,000 7,000
West Orange Mem. Hosp. Tax Dist. Rev. Bonds,
Series 1991 A-1, 4.15% tender 7/25/95,
LOC Rabobank Nederland 3,400 3,400
357,810
GEORGIA - 3.9%
Albany Dougherty Payroll Dev. Auth. Poll. Cont. Rev. Rfdg.
(Philip Morris Cos. Proj.) 4.75%, VRDN 2,790 2,790
Burke County Dev. Auth. Poll. Cont. Rev. (Georgia Pwr. Co.)
Series 1994, 5.15%, VRDN 3,600 3,600
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
GEORGIA - CONTINUED
Cherokee County Wtr. & Swr. Auth. Rev. Rfdg. & Impt.
Participating VRDN, 4.80% (MBIA Insured)
(Liquidity Facility Merrill Lynch) (b) $ 4,420 $ 4,420
Clayton County Hsg. Auth. Multi-Family Hsg. Auth. Rev.
(Villa Rouge Apts. Proj.) Series 1990 C, 4.75%,
(FSA Insured) BPA Barclays Bank PLC, VRDN 3,900 3,900
Cobb-Marietta Coliseum & Exhibition Hall Auth. Rev. Rfdg.
Participating VRDN, Series PA-65, 4.85% (MBIA Insured)
(Liquidity Facility Merrill Lynch) (b) 11,000 11,000
Cogg County TAN 5% 12/29/95 11,500 11,561
Columbia County Residential Care Facs. Rev.
(Augusta Residential Ctr./Brandon Wilde Lifecare Ctr.)
4.75%, LOC Trust Company Bank of Georgia, VRDN 2,630 2,630
Dekalb County Dev. Auth. Rev. (American Cancer
Society Inc. Proj.) Series 1984, 4.75%,
LOC Trust Company Bank, VRDN 6,225 6,225
Dekalb County Hsg. Auth. Multi-Family Hsg. Rfdg.
(Wood Terrace Proj.) Series 1988, 4.825%,
LOC Bankers Trust Co., VRDN 2,900 2,900
Dekalb County Multi-Family Hsg. Rev. Bonds. (Post Apt. Homes
Proj.) Series 1994, 4.75%, LOC Trust Company Bank, VRDN 3,300 3,300
Dekalb County TAN 5% 12/29/95 15,000 15,078
Georgia Gen. Oblig. Participating VRDN, Series BTP-122,
4.90%, BPA Bankers Trust Co. (b) 4,580 4,580
Georgia Muni. Elec. Auth. Participating VRDN,
Series 1994 D:
4.85% (Liquidity Facility Citibank) (b) 22,400 22,400
4.85% (Liquidity Facility Norwest Bank) (b) 2,000 2,000
Georgia Muni. Gas Auth. Gas Rev. Bonds
(Southern Portfolio Proj.), 4.15% tender 5/23/95,
LOC Wachovia Bank of North Carolina 4,000 4,000
Gwinnett County Wtr. & Swr. Auth. Wtr. Rev. Partnership
Ctfs., Series 17, 4.95%, BPA Bankers Trust Co. (b) 7,069 7,069
Macon-Bibb County Hosp. Auth. Rev. Anticipation Cfts.
(Med. Ctr. of Georgia), 4.75%,
LOC Trust Company of Georgia, VRDN 3,800 3,800
Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg.
(Wood Pointe Apts.) Series 1993, 5%, VRDN 4,895 4,895
Metro Atlanta Rapid Tran. Auth. Sales Tax Rev.
Participating VRDN, Series BTP-25, 4.95%
(Liquidity Facility Bankers Trust Co.) (b) 5,375 5,375
Roswell Hsg. Auth. Multi-Family Hsg. Rev., VRDN:
Rfdg. (Roswell-Oxford Proj.) Series 1990, 5.05% 6,100 6,100
Rfdg. (Ski Lodge Apts. Proj.) Series 1991 B, 4.85%,
LOC Amsouth Bank of Birmingham 3,230 3,230
(Autumnbrook Apts.) Series 1991 A, 4.80%,
LOC Amsouth Bank of Birmingham 7,165 7,165
138,018
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
HAWAII - 0.2%
Hawaii Gen. Oblig. Participating VRDN, Series 1993 CH,
4.90% (Liquidity Facility Morgan Guaranty
Trust Co.) (b) $ 6,425 $ 6,425
IDAHO - 0.1%
Caribou County Poll. Cont. Rfdg. Rev. (Monsanto Co.)
Series 1990, 4.50%, VRDN 5,100 5,100
ILLINOIS - 4.3%
Aurora Multi-Family Hsg. Rev. Rfdg. (Fox Villages Proj.)
Series 1993, 4.80%, LOC Sumitomo Bank, VRDN 10,135 10,135
Cook County Gen. Oblig. Rev. (Cap. Equip. Proj.)
Series A, 4.65% (Liquidity Facility First Nat'l. Bank of
Chicago & Northern Trust), VRDN 10,000 10,000
Cook County Rev. (Claretian Assoc. Neighborhood
Dev. Office) Series 1990, 4.60%,
LOC LaSalle Nat'l. Corp., VRDN 4,165 4,165
Dupage County Comm. High School Dist. #99 TAN 5%
9/30/95 2,490 2,496
Hazel Crest Retirement Ctr. Rev. (Waterford Estates Proj.)
Series 1992 A, 4.80%, LOC Sumitomo Bank
Ltd. Chicago, VRDN 5,555 5,555
Illinois Dev. Fin. Auth. Rev. (Museum of Contemporary
Art Proj.) Series 1994, 4.50%, LOC Harris Trust,
Lasalle Nat'l. Bank, Nat'l. Bank of Detroit,
Northern Trust Co., VRDN 18,000 18,000
Illinois Edl. Facs. Auth. Rev., VRDN:
(Chicago Children's Museum) Series 1994, 4.50%,
LOC Nat'l. Bank of Detroit 2,600 2,600
(Northwestern Univ.) Series 1988, 4.50%
BPA Northern Trust Co. 4,200 4,200
(Univ. Pooled Prog.) Series 1985, 4.65% (FGIC Insured)
BPA Sakura Bank Ltd. 11,000 11,000
Illinois Health Facs. Auth. Rev.:
Bonds (Victory Hlth. Svcs. Proj.) Series 1991, 2.80%
tender 5/28/92, LOC First Chicago Corp. 5,500 5,500
(Central Dupage Hosp. Assoc. Proj.) Series 1990, 5.25%,
LOC Ind. Bank of Japan, VRDN 1,000 1,000
(Evangelical Hosp. Proj.) 4.40%,
LOC First Nat'l. Bank of Chicago, VRDN 7,700 7,700
(Gottlieb Health Resources Inc.) 4.50%,
LOC Harris Trust & Savings Bank of Chicago, VRDN 4,000 4,000
(Methodist Med. Ctr. Proj.) Series 1985 B, 4.35%,
LOC Sumitomo Bank, VRDN 2,100 2,100
(Pekin Mem. Hosp.) Series 1993 C, 4.65%,
LOC Lasalle Nat'l. Bank of Chicago, VRDN 3,900 3,900
(West Suburban Hosp. Med. Ctr. Proj.) Series 1991,
4.55%, LOC First Chicago Corp., VRDN 13,400 13,400
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
ILLINOIS - CONTINUED
Kane, Cook & DuPage Counties School Dist. U-46
TAN 5% 9/29/95 $ 14,000 $ 14,017
Kane, McHenry, Cook & DeKalb County Gen. Oblig.
Commty. School Dist. #300 TAN 5.20% 9/29/95 4,100 4,108
Liberty Ind. Rev. (Libertyville Manor Facs. Proj.) Series 1992,
4.75%, LOC First of America, VRDN 4,400 4,400
Mundelein Ind. Dev. Rev. Rfdg. (1200 Town Line Rd. Proj.),
4.50%, LOC Harris Trust & Savings Bank, VRDN 2,900 2,900
Rockford Ind. Dev. Rev. (Longview Fiber Co.)
Series 1987, 4.60%, LOC Algemene Bank, VRDN 2,000 2,000
Schaumberg Multi-Family Rev. (Treehouse II Apts. Proj.)
Series 1989, 4.80%, LOC Sumitomo Bank, VRDN 21,285 21,285
154,461
INDIANA - 3.0%
Dyer Health Facs. Rev. Participating VRDN
Series 1992 A, 4.90% (FHA Insured)
(Liquidity Facility Bank One of Akron) (b) 3,580 3,580
Ft. Wayne Health Care Facs. Rev. Rfdg.
Participating VRDN, Issue X, 4.90% (FGIC Insured)
(Liquidity Facility Bank One of Akron) (b) 3,720 3,720
Huntington County Commty. School Corp. TAN 4.65%
6/30/95 2,895 2,897
Indiana Dev. Fin. Auth. Ind. Dev. Rev. Rfdg.
(Group Dekko Int'l. Inc. Proj.) 4.80%,
LOC Bank One of Indianapolis, VRDN 2,265 2,265
Indiana Health Facs. Fin. Auth. Hosp. Rev., VRDN:
(Capital Access Designated Pool) Series 1991, 4.75%,
LOC Comerica Bank 1,400 1,400
(Deaconess Hosp.) Series 1992, 4.80%,
LOC Fuji Bank Ltd. 1,000 1,000
Indiana Hosp. Equip. Fing. Auth. Rev. Series 1985 A, 4.75%
(MBIA Insured) BPA Bank of New York, VRDN 5,525 5,525
Indiana Hsg. Fin. Auth. Single Family Mtg. Rev. Bonds,
Series 1994 D, 4.30% tender 7/3/95 (FGIC Insured) 13,280 13,280
Indianapolis Econ. Dev. Rev. Rfdg. (Morningside of
College Park) Series 1993, 4.80%,
LOC Bank One Indianapolis, VRDN 6,585 6,585
Indianapolis Health Care Facs. Participating VRDN, 4.90%
(Liquidity Facility Bank One of Akron) (b) 4,145 4,145
Jasper County Poll. Cont. Rev. Bonds
(Northern Indiana Pub. Svc. Proj.):
Series 1988 B, 4.15% tender 7/27/95,
LOC Barclays Bank PLC 10,000 10,000
Series 1988 C, 4.25% tender 5/16/95,
LOC Barclays Bank PLC 4,300 4,300
Kendallville Ind. Dev. Rev. (Philip Morris Cos. Inc.)
Series 1993, 4.75%, VRDN 2,475 2,475
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
INDIANA - CONTINUED
Lawrence Township Metropolitan School Dist. TAN 5.50%
12/29/95 $ 1,500 $ 1,502
Sullivan Poll. Cont. Rev. Bonds
(Hoosier Energy Rural Elec. Coop.):
Series 1985 L-1, 4.05% tender 6/13/95 8,200 8,200
Series 1985 L-1, 4.15% tender 7/18/95 5,795 5,795
Series 1985 L-4, 4.05% tender 6/14/95 9,965 9,965
Series 1985 L-5, 4.15% tender 7/18/95 3,355 3,355
Valparaiso Econ. Dev. Rev. (Indiana Retirement Commty.
Proj.) 4.80%, LOC Bank One of Indianapolis, VRDN 4,900 4,900
Vigo County Gen. Oblig. Independent School Corp.
TAN 5.30% 12/29/95 5,000 5,012
Washington Township Metropolitan School Dist.
BAN 5.25% 6/30/95 9,800 9,809
109,710
IOWA - 0.3%
Des Moines Comm. Dev. Rev. (Levy, Malone & Co.
Proj. #1) Series 1984, 4.40%,
LOC First Bank N.A., VRDN 5,800 5,800
Iowa Fin. Auth. Small Bus. Dev. Rev. (Corporate Ctr. Proj.),
5.075%, VRDN 6,000 6,000
11,800
KANSAS - 1.6%
Burlington Poll. Cont. Rev. Bonds (Kansas Elec. Pwr. Coop.)
Series 1985 C-2:
4.25% tender 5/18/95 4,250 4,250
4.15% tender 7/26/95 9,850 9,850
Olathe Edl. Facs. Rev. (College Assoc. Pooled Ed. Loan
Prog.) Series 1989 A, 4.75%,
LOC Marine Midland Bank, VRDN 39,010 39,010
Winfield Ind. Dev. Rev. (Binney & Smith, Inc. Proj.)
Series 1982 A, 4.25%,
LOC Morgan Guaranty, VRDN 3,400 3,400
56,510
KENTUCKY - 0.9%
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas &
Elec. Co.) Series 1993 A, 4.15% tender 7/24/95 9,265 9,265
Kentucky Assoc. of Counties Reinsurance Trust Rev.
Series 1990, 4.95%, LOC Hong Kong & Shanghai
Banking Corp., VRDN 17,000 17,000
Trimble County Poll. Cont. Rev. Bonds (Louisville Gas & Elec.)
Series 1992 A, 4% tender 6/12/95 7,000 7,000
33,265
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
LOUISIANA - 3.5%
Jefferson Parish (W. Jefferson Med. Ctr. Dist. #1)
Series 1986, 4.95%, LOC Citibank, VRDN $ 27,320 $ 27,320
Louisiana Pub. Facs. Auth. Health Care Sys. Bonds
(Sisters of Charity of the Incarnate Word)
4.15% tender 6/7/95, BPA Credit Suisse Zurich 13,400 13,400
Louisiana Pub. Facs. Auth. Hosp. Rev. Rfdg.
(Willis-Knighton Med. Ctr. Proj.) Series 1992, 4.35%
(AMBAC Insured), VRDN 8,000 8,000
Louisiana Pub. Facs. Auth. Rev., VRDN:
(College & Univ. Equip. & Cap. Facs. Rev.)
Series 1985, 4.75% (FGIC Insured) 18,115 18,115
(Greenbriar Hosp. Proj.)
Series 1984, 4.55%, LOC First Union Corp. 1,700 1,700
Louisiana Pub. Facs. Hosp. Equip. Rev. Rfdg.
Series 1985, 4.75% (MBIA Insured)
(Liquidity Facility Sakura Bank Ltd.), VRDN 6,000 6,000
Orleans Levee Dist. Rev., VRDN:
(Levee Impt.) Series 1986, 4.70%, LOC Fuji Bank Ltd. 13,635 13,635
(Pub. Impt.) Series 1986, 4.70%, LOC Fuji Bank Ltd. 21,675 21,675
St. Charles Parish Poll. Cont. Rev. Rfdg.
(Monsanto Co. Proj.) Series 1994, 4.50%, VRDN 11,725 11,725
West Baton Rouge Parish Ind. Dist. No. # 3 Rev. Rfdg.
Bonds (Dow Chemical Co. Proj.) Series 1991, 4.50%
tender 7/25/95 3,000 3,000
124,570
MAINE - 0.2%
Biddeford Resource Recovery Rev. (Maine Energy
Recovery Co. Proj.) Series 1985, 4.25%,
LOC Bank of America, VRDN 5,800 5,800
MARYLAND - 0.8%
Howard County Multi-Family Hsg. Rev. (Chase Greens Proj.)
Series 1985 A, 4.825%, LOC Bankers Trust Co., VRDN 4,800 4,800
Maryland Health & Higher Ed. Facs. Auth. Rev., VRDN:
(Leland Memorial Hosp.), 4.70%,
LOC NationsBank of Georgia 5,160 5,160
(Pooled Loan Prog.) Series D, 4.70%,
LOC NationsBank of Maryland 4,925 4,925
Prince George's County Sports Arena Rev. (Capital Ctr. Fac.),
4.70%, LOC NationsBank of North Carolina, VRDN 3,560 3,560
Washington Suburban Sanitation Dist. Participating VRDN,
Series 1994 F-A, 4.85% (Liquidity Facility Citibank) (b) 10,800 10,800
29,245
MASSACHUSETTS - 0.8%
Massachusetts Gen. Oblig. BAN, Series 1994 A, 5%
6/15/95 27,300 27,326
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
MICHIGAN - 2.0%
Dearborn Econ. Dev. Corp. (Oakbrook Common Proj.)
Series 1991, 4.875%, LOC Mellon Bank, VRDN $ 4,000 $ 4,000
Michigan Gen. Oblig. TAN 5% 9/29/95 2,000 2,007
Michigan Hosp. Fin. Auth. Hosp. Equip. Loan Prog.
4.65%, LOC First of America, VRDN 1,100 1,100
Michigan Hosp. Fin. Auth. Hosp. Equip. Loan Prog.
Series 1991, 4.55%, LOC Comerica Bank of Detroit,
VRDN 2,095 2,095
Michigan Hosp. Fin. Auth. Hosp. Equip. Loan Prog.
Series A, 4.65% LOC First of America Bank, VRDN 3,700 3,700
Michigan Hosp. Fin. Auth. Hosp. Rev. Rfdg.
(Mt. Clemens General Hospital) Series 1994, 4.75%
LOC Comerica Bank of Detroit, VRDN 10,800 10,800
Michigan Muni. Bond Auth. RAN, Series 1994 B, 4.75%
7/20/95 21,000 21,033
Michigan School Loan BAN Series A, 4.50% 8/15/95 27,500 27,526
72,261
MINNESOTA - 2.6%
Becker Poll. Cont. Rev. Bonds (Northern States Pwr. Co.)
Series 1993 A, 4.15% tender 7/18/95 6,700 6,700
Bloomington Multi-Family Hsg. Rev. Rfdg. (Crow/Bloomington
Apts. Proj.) 4.75%, LOC Citibank, VRDN 9,000 9,000
Duluth Health Care Facs. Participating VRDN, 4.80%
(MBIA Insured) (Liquidity Facility Norwest Bank) (b) 1,575 1,575
Duluth Helath Care Facs. Participating VRDN, 4.80%
(Connie Lee Insured) (Liquidity Facility Norwest Bank) (b) 1,890 1,890
Duluth Rev. Bonds. (Miller-Dwan Med. Ctr.) Series 1989 A,
4.60%, LOC Citibank, VRDN 8,500 8,500
Eden Prairie Multi-Family Hsg. Rev. (Park at City West Apts.
Proj.) Series 1990, 4.80%, LOC Sumitomo Bank, VRDN 14,905 14,905
Maplewood Multi-Family Hsg. Rev. Rfdg.
(Silver Ridge Proj.) Series 1993, 4.75%,
LOC Federal Home Loan Bank of Chicago, VRDN 2,500 2,500
Minneapolis Hsg. Dev. Refdg. Rev. (One Ten Grant Proj.)
Series 1989, 4.65%, LOC First Bank Nat'l. Assoc., VRDN 8,000 8,000
Olmsted County Ctfs. of Prtn. (COP Human Services Campus
Infrastructure Proj.) 4.75%, LOC Sanwa Bank Ltd., VRDN 6,200 6,200
Osseo Ind. Sch. Dist. Participating VRDN, 4.80%
(FGIC Insured) (Liquidity Facility Norwest) (b) 1,325 1,325
Richfield Ind. School Dist. Participating VRDN,
4.80% (FGIC Insured) (Liquidity Facility First Bank) (b) 1,725 1,725
Richfield Ind. School Dist. Participating VRDN,
4.80% (FGIC Insured) (Liquidity Facility First Bank) (b) 1,365 1,365
Rochester Health Care Facs. Participating VRDN,
4.80% (Liquidity Facility Norwest) (b) 1,260 1,260
Rochester Health Care Facs. Rev. (Mayo Foundation Proj.)
Series 1985 C, 4.85% (Liquidity Facility
Credit Suisse Zurich), VRDN 2,000 2,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
MINNESOTA - CONTINUED
St. Louis Park Health Care Facs. Participating VRDN,
4.80% (Liquidity Facility Norwest) (b) $ 10,200 $ 10,200
St. Paul Port Auth. Tax Increment Bonds
(Westgate Office & Ind. Ctr. Proj.) Series 1991, 4.60%,
LOC First Bank, VRDN 2,900 2,900
Western Minnesota Muni. Pwr. Agcy. Pwr. Supply Rev.,
Partnership-10, 4.95%, BPA Bankers Trust Co. (b) 11,613 11,613
91,658
MISSISSIPPI - 0.6%
Desoto County Ind. Dev. Rev. (Flavorite Labs Proj.)
Series 1991 A, 4.85%, LOC First Tennessee Bank, VRDN 1,200 1,200
Lawrence County Poll Cont. Rev. (Georgia Pacific Corp.
Proj.) Series 1985, 4.70%, LOC Bank of Tokyo, VRDN 12,200 12,200
Perry County Poll. Cont. Rev. Rfdg. (Leaf River Forest Prod. Inc.
Proj.) 4.625%, LOC Morgan Guaranty Trust Co., VRDN 7,100 7,100
20,500
MISSOURI - 1.7%
Kansas City Ind. Rev. Board Land Clearance Redev. Auth.
Rev. (East-West Bryant Ltd. Partnership Proj.)
Series 1984, 5.075%, LOC Bankers Trust Co., VRDN 2,000 2,000
Missouri Envir. Impt. & Energy Resources Auth. Poll. Cont. Rev.:
(Assoc. Elec. Coop.) Series 1993 M, 4.80%,
(CFC Guarantee), VRDN 6,500 6,500
Bonds (Union Elec. Co.) Series 1985 B:
3.95% tender 6/8/95,
LOC Westdeutsche Landesbank Girozentrale 8,655 8,655
4.20% tender 5/31/95,
LOC Westdeutsche Landesbank Girozentrale 13,370 13,370
St. Charles County Ind. Dev. Auth. Rev. (Westchester Apts.)
Series 1991, 4.55%, LOC Citibank, VRDN 13,775 13,775
Univ. of Missouri RAN (Cap. Proj.) Series 1994-95 A,
4.50% 6/30/95 15,000 15,015
59,315
MONTANA - 0.9%
Forsyth Poll. Cont. Rev. (Portland Gen. Elec. Co.) 4.65%,
LOC Swiss Bank Corp., VRDN 1,900 1,900
Montana Gen. Oblig. TRAN Series 1994, 5% 6/30/95 26,200 26,242
Montana Board of Investments Payroll
Tax Rev. (Workers Comp. Prog.) Series 1993,
4.60%, VRDN 5,000 5,000
33,142
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
NEBRASKA - 0.8%
Nebraska Pub. Pwr. Dist., Series B, CP:
4.10% 5/22/98 (Liquidity Facility Morgan Guaranty
Trust Co.) $ 13,600 $ 13,600
4.125% 5/17/95 (Liquidity Facility Morgan Guaranty
Trust Co.) 5,000 5,000
Nebraska Pub. Pwr. Dist. Pwr. Supply Rev.
Participating VRDN, 4.85% (MBIA Insured)
(Liquidity Facility Merrill Lynch) (b) 8,600 8,600
27,200
NEVADA - 0.2%
Las Vegas Local Impt. Bonds Spl. Dist. #404, 4.75%
tender 5/1/95 3,800 3,800
Nevada Hsg. Multi Family Hsg. Rev. (Park Vista Apts.
Proj.) Series 1991 A, 4.75%,
LOC Sumitomo Trust & Banking, VRDN 2,000 2,000
5,800
NEW HAMPSHIRE - 0.8%
New Hampshire Higher Ed. & Health Facs. Auth. Rev.
(VHA of New England Proj.), VRDN:
Series B, 4.75% (AMBAC Insured),
BPA First Chicago 5,100 5,100
Series D, 4.75% (AMBAC Insured) 1,600 1,600
New Hampshire Hsg. Fin. Auth. Multi-Family Hsg. Rev.
(Nashua-Oxford Proj.) Series 1990, 5.05%, VRDN 16,900 16,900
New Hampshire Ind. Dev. Auth. Resource Recovery Rev.
Bonds (Claremont Co. LP Proj.) Series 1985, 5%
tender 7/1/95 (MBIA Insured) 4,000 4,000
27,600
NEW JERSEY - 3.0%
Cherry Hill Township BAN 5.50% 12/13/95 14,500 14,556
New Jersey Bldg. Auth. Participating VRDN, Series BTP-6,
4.95%, BPA Bankers Trust Co. (b) 12,100 12,100
New Jersey Gen. Oblig. Participating VRDN,
Series 943005, 4.85% (Liquidity Facility Citibank) (b) 9,700 9,700
New Jersey Gen. Oblig. TRAN 5% 6/15/95 72,000 72,080
108,436
NEW YORK - 0.1%
New York State Envir. Fac. Corp. Wtr. Poll. Cont. Rev.
Participating VRDN, Series CR 154, 4.85%
(Liquidity Facility Citibank) (b) 2,000 2,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
NORTH CAROLINA - 2.0%
Charlotte Airport Rfdg. Rev. Series 1993 A, 4.55%
(MBIA Insured) (Liquidity Facility Ind. Bank of
Japan), VRDN $ 8,400 $ 8,400
North Carolina Med. Care Comm. Pooled Fin.
Series 1986 A-2, 4.55% (MBIA Insured)
BPA Sakura Bank Ltd., VRDN 2,900 2,900
North Carolina Muni. Leasing Corp. Certificates of
Participation Bonds, Series 1990, 2.70% tender 6/1/93,
BPA Credit Suisse 9,275 9,275
North Carolina Muni. Pwr. Agcy. #1 Catawba Elec. Rev., CP:
4.20% 5/17/95 10,500 10,500
4.20% 5/19/95 20,000 20,000
Wake County Ind. Fac. & Poll. Cont. Fin. Auth. Rev. Bonds
(Carolina Pwr. & Light):
Series 1990 A, 4.10% tender 5/25/95,
LOC Fuji Bank Ltd. 6,430 6,430
Series 1990 B:
3.85% tender 5/8/95, LOC Fuji Bank Ltd. 9,400 9,400
4.10% tender 5/24/95, LOC Fuji Bank Ltd. 4,200 4,200
71,105
OHIO - 0.1%
Student Loan Fund Corp. Student Loan Rev.,
Series 1983 A, 4.60%, LOC Fuji Bank Ltd., VRDN 5,000 5,000
OKLAHOMA - 0.4%
Tulsa Ind. Auth. Rev. (Univ. of Tulsa Proj.) Series A, 4.95%,
LOC Fuji Bank Ltd., VRDN 10,000 10,000
Tulsa Ind. Dev. Auth. Univ. Rev. (Univ. of Tulsa Proj.)
Series 1985, 4.95%, LOC Fuji Bank Ltd., VRDN 5,900 5,900
15,900
OREGON - 0.1%
Multnoman County School Dist. (# 1J) TAN 3.75%
6/29/95 3,000 2,994
PENNSYLVANIA - 6.6%
Allegheny County Hosp. Dev. Auth. Health Ctr. Rev.
(Presbyterian Univ. Health Sys.), VRDN:
Series 1990 C, 4.70% (MBIA Insured)
BPA Credit Suisse 1,400 1,400
Series 1990 D, 4.70% (MBIA Insured)
BPA Credit Suisse 1,700 1,700
Beaver County Ind. Dev. Auth. Poll. Cont. Rev. Bonds:
(Duquesne Lt. Co. - Mansfield Proj.) Series 1990 C,
4.25% tender 5/16/95, LOC Barclays Bank PLC 11,830 11,830
(Ohio Edision Co. Mansfield Proj.) Series 1992 A,
3.45% tender 10/1/95, LOC Barclays Bank PLC 6,300 6,260
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
PENNSYLVANIA - CONTINUED
Berks County Ind. Dev. Auth. Ind. Dev. Rev. (Continental
Assurance Co. Proj.) Series 1982, 3.70%, VRDN $ 6,400 $ 6,400
Delaware County Ind. Dev. Auth. Rev.:
Bonds (Philadelphia Elec.) Series B:
4% tender 6/9/95 (FGIC Insured) 4,000 4,000
4.15% tender 7/24/95 (FGIC Insured) 5,200 5,200
(Scott Paper Co.) Series B, 4.80%,
LOC Fuji Bank Ltd. & Mellon Bank, VRDN 2,900 2,900
Delaware Valley Reg'l. Fin. Auth. Local Gov't. Rev., VRDN:
Series 1985 A:
4.70%, LOC Hong Kong & Shanghai Banking Corp. 4,300 4,300
4.70%, LOC Marine Midland Bank 2,000 2,000
Series 1985 B, 4.70%, LOC Hong Kong &
Shanghai Banking Corp. 1,500 1,500
Series 1985 C, 4.70%, LOC Marine Midland Bank 8,800 8,800
Series 1985 D, 4.70%, LOC Hong Kong &
Shanghai Banking Corp. 5,300 5,300
Series 1986, 4.70%, LOC Hong Kong &
Shanghai Banking Corp. 6,275 6,275
Emmaus Gen. Auth. Rev. Local Gov't. Rev. (Bond Pool
Prog.) Series 1989 C, 4.80%, VRDN 22,500 22,500
Lehigh County Ind. Dev. Auth. Poll. Cont. Rev.
(Allegheny Elec. Coop. Inc. Proj.) Series 1984 B, 3.75%,
LOC Rabobank Nederland, VRDN 10,400 10,400
Pennsylvania Gen. Oblig. Participating VRDN,
Series 1994 B, 4.85% (Liquidity Facility Citibank) (b) 27,400 27,400
Pennsylvania Gen. Oblig. TAN 4.75% 6/30/95 43,500 43,552
Philadelphia Auth. Ind. Dev. (Tom Jones County Proj.)
Series 1991, 4.75%, LOC Third Nat'l. Bank, VRDN 3,175 3,175
Philadelphia Gen. Oblig. Bonds, Series 1990, 3.90%
tender 5/1/95, LOC Fuji Bank Ltd. 15,800 15,800
Philadelphia Ind. Dev. Auth. Rev. Rfdg.
(Paper Corp. of America Proj.) 4.75%,
LOC Trust Company Bank of Georgia, VRDN 3,565 3,565
Philadelphia TRAN:
Series 1994-95 B, 4.75% 6/15/95,
LOC Corestates Bank 3,000 3,003
Series 1994-95 D, 4.75% 6/15/95,
LOC Morgan Guaranty Trust Co. 30,600 30,630
Quakertown Hosp. Auth. Hosp. Rev. (HPS Group Pooled
Fing. Prog.) Series 1985 A, 4.55%,
LOC First Nat'l. Bank of Chicago, VRDN 3,000 3,000
Sayre Health Care Facs. Auth. Hosp. Rev. (VHA of
Pennsylvania) Series 1985 A, 4.75% (AMBAC Insured)
BPA First Nat'l. Bank of Chicago, VRDN 4,825 4,825
235,715
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
SOUTH CAROLINA - 2.5%
Kershaw County Ind. Dev. Rev. Rfdg. (New South Proj.)
Series 1992, 4.75%, LOC NationsBank
of North Carolina, VRDN $ 9,500 $ 9,500
Piedmont Municipal Pwr. Agcy. Participating VRDN, BTP-44,
4.95%, BPA Bankers Trust Co. (b) 14,945 14,945
South Carolina Pub. Svc. Auth. Rev., CP:
3.75% 5/11/95 7,500 7,500
4.25% 5/18/95 11,125 11,125
4% 6/14/95 12,000 12,000
4.15% 7/19/95 16,192 16,192
4.15% 7/24/95 5,392 5,392
4.15% 7/27/95 10,821 10,821
87,475
TENNESSEE - 3.0%
Bristol Health & Ed. Fac. Board Hosp. Rev. Participating
VRDN, Series PT-57, 4.90% (Liquidity Facility
Credit Suisse Zurich) (b) 5,910 5,910
Clarksville Pub. Bldg. Auth. Pooled Fing. Rev. Series 1994,
3.70% (LOC NationsBank of Tennessee), VRDN 23,000 23,000
Memphis Ctr. Rev. Fin. Corp. (Arboras of Harbor Town
Project) Series 1990, 4.55%, VRDN 16,250 16,250
Metropolitan Gov't. Nashville & Davidson County
Health & Ed. Rev., VRDN:
(McKendree Village Inc. Proj.), 4.75%,
LOC Third Nat'l. Bank 1,915 1,915
(Richland Place Inc. Proj.), 4.50%,
LOC Societe Generale 4,700 4,700
Metropolitan Gov't. Nashville & Davidson County Hosp.
Rev. Bonds (Baptist Hosp.) Series 1992, 4.05%
tender 6/13/95, BPA NationsBank of North Carolina 13,000 13,000
Metropolitan Nashville & Davidson County Health & Ed.
Facs. Multi-Family Hsg. Rev. (Brentwood Oaks Apts.)
4.55%, VRDN 7,100 7,100
Montgomery County Pub. Bldg. Auth. Pooled Fing. Rev.
Series 1995, 4.70%,
LOC NationsBank of Tennessee, VRDN 16,000 16,000
Nashville & Davidson County Ind. Dev. Board Multi-Family
Hsg. Rev. Rfdg. (Western Hills Apt. Proj.) 4.80%,
LOC Sumitomo Bank, Sumitomo Trust & Banking, VRDN 7,035 7,035
Nashville & Davidson County Ind. Dev. Board Rev., VRDN:
(Chimney II Oxford Associate) Series 1984 A, 4.25%,
LOC Security Pacific Nat'l. Bank 2,450 2,450
(YMCA Proj.) Series 1994, 4.70%
LOC NationsBank of Georgia 6,800 6,800
Tennessee Gen. Oblig. Rev., Series 1993 B, 4.70%, VRDN 1,200 1,200
105,360
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
TEXAS - 14.3%
Abilene Health Facs. Dev. Corp. Hosp. Rev. (Hendrick Med.
Ctr. Proj.) 4.95% LOC Banque Paribas, VRDN $ 5,570 $ 5,570
Amarillo Ind. Dev. Rev. Rfdg. Bonds (Safeway Inc. Proj.)
Series 1993, 4.50% tender 9/1/95,
LOC Bankers Trust Co. 2,100 2,100
Austin Combined Utility Sys., Series A, 4% 6/13/95,
LOC Swiss Bank Corp., CP 5,400 5,400
Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev.
(Riverchase Proj.) Series 1985 A, 4.875%,
LOC Household Fin. Corp., VRDN 1,600 1,600
Austin Ind. Sch. Dist. Adj. Rate TRAN 4.72% 8/31/95 6,000 6,000
Bexar County Health Facs. Dev. Corp. Retirement Community
Rev. (Air Force Village II) Series 1985 B, 4.50%,
LOC Banque Paribas, VRDN 2,600 2,600
Bexar County Hsg. Fin. Corp. Multi-Family Hsg. Rev. Rfdg.:
(Fountainhead I Proj.) Series 1992 A, 4.75%, VRDN 3,645 3,645
(Fountainhead III Proj.) Series 1992 A, 3.75%, VRDN 8,605 8,605
Bexar County Rev. Participating VRDN:
BTP-1, 4.95%, BPA Bankers Trust Co. (b) 1,965 1,965
BTP-2, 4.95%, BPA Bankers Trust Co. (b) 2,165 2,165
Brazos Hbr. Ind. Dev. Corp. Bonds (Dow Chemical Corp.)
Series 1986, 4.05% tender 5/24/95 8,240 8,240
Brazos River Hbr. Navigation Dist. of Brazoria County
Rev. Bonds (Dow Chemical Corp.) Series 1991:
4.50% tender 7/24/95 8,250 8,250
4.35% tender 7/25/95 14,100 14,100
Central Waco Dev. Corp. Ind. Dev. Rev. (H.E. Butt Grocery
Proj.) Series 1992, 4.80%, LOC Texas Commerce
Bank of Houston, VRDN 3,830 3,830
Corpus Christi Port. Auth. Rev. Rfdg. Bonds (Union Pacific
Corp.) Series 1989, 4.10% tender 5/17/95 7,500 7,500
Cypress Fairbanks Ind. Sch. Dist. Adj. Rate TRAN 4.72%
8/31/95 10,000 10,000
DFW Reg'l. Arpt. Rfdg. Participating VRDN, Series 954301,
4.85% (Liquidity Facility Citibank) (b) 23,400 23,400
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev. Rfdg.
Bonds (Exxon Proj.), 4.10% tender 5/1/95 10,000 10,000
Greater East Higher Ed. Auth. Student Loan Rev. Rfdg.
Bonds, Series 1992 A, 4.60%, LOC SLMA, VRDN 5,200 5,200
Guadalupe-Blanco River Auth. Ind. Dev. Rev.
(BOC Group Inc. Proj.) Series 1993, 4.75%,
LOC Wachovia Bank of Georgia, VRDN 3,100 3,100
Harris County Rfdg. Participating VRDN, Series 1994 E,
4.85% (Liquidity Facility Citibank) (b) 9,600 9,600
Harris County Health Facs. Dev. Corp. Hosp. Rev.:
Bonds (San Jacinto Methodist Hosp.) Series 1987 A,
4.20% tender 6/1/95, LOC Morgan Guaranty
Trust Co. 9,050 9,050
(Methodist Hosp.) Series 1994, 5% (Liquidity Facility
Morgan Guaranty Trust Co.), VRDN 1,500 1,500
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
TEXAS - CONTINUED
Harris County Health Facs. Dev. Corp. Rev., Series 1985 A,
4.75%, LOC Texas Commerce Bank, VRDN $ 2,700 $ 2,700
Harris County Health Facs. Rev. Bonds
(Sisters of Charity of the Incarnate Word):
4% tender 6/9/95 (Liquidity Facility
Toronto-Dominion Bank) 14,500 14,500
4.30% tender 5/8/95 (Liquidity Facility
Toronto-Dominion Bank) 3,200 3,200
Houston Wtr. Sys. Rev. Participating VRDN,
Series PW-7, 4.65% (Liquidity Facility CIBC) (b) 20,000 20,000
Houston Wtr. & Swr. Sys. Rev., Series A, CP:
4.30% 5/16/95 (Liquidity Facility Swiss Bank Corp. &
Westdeutsche Landesbank) 15,000 15,000
3.90% 5/25/95 (Liquidity Facility Swiss Bank Corp. &
Westdeutsche Landesbank) 7,000 7,000
4.15% 5/30/95 (Liquidity Facility Swiss Bank Corp. &
Westdeutsche Landesbank) 5,000 5,000
4.20% 7/19/95 (Liquidity Facility Swiss BankCorp. &
Westdeutsche Landesbank) 5,000 5,000
Lower Colorado River Auth. Rev., CP:
Series B:
4.10% 5/25/95 (Liquidity Facility Morgan
Guaranty Trust Co.) 13,200 13,200
4.20% 5/23/95 (Liquidity Facility Morgan
Guaranty Trust Co.) 12,240 12,240
Series D:
4.20% 5/23/95 (Liquidity Facility Morgan
Guaranty Trust Co.) 11,000 11,000
4.20% 5/25/95 (Liquidity Facility Morgan
Guaranty Trust Co.) 3,000 3,000
Lufkin Health Facs. Dev. Corp. Hosp. Rev.
(Mem. Med. Ctr. of E. Texas Proj.), 4.80%,
LOC Texas Commerce Bank, VRDN 8,400 8,400
Metro Higher Ed. Auth. Inc. Higher Ed. Rev.
(Univ. of Dallas Proj.) Series 1984, 4.65%,
LOC Mitsubishi Bank, VRDN 2,400 2,400
Nacogdoches Ind. Dev. Auth. Rev. Rfdg.
(La Quinta Motor Inns Inc. Proj.) 4.75%,
LOC NationsBank of North Carolina, VRDN 2,565 2,565
Port Arthur Navigation Dist. Poll. Cont. Rev. Rfdg.
(Texaco Inc. Proj.) Series 1994, 5%, VRDN 1,800 1,800
San Antonio Elec. & Gas Rev. Participating VRDN,
BTP-38A, 4.90%, BPA Bankers Trust Co. (b) 5,892 5,892
San Antonio Elec. & Gas Sys. Rev., Series A, CP:
4.25% 5/18/95 12,400 12,400
4.05% 5/23/95 8,000 8,000
4.15% 7/24/95 5,200 5,200
4.15% 7/25/95 22,000 22,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
TEXAS - CONTINUED
San Antonio Gen. Oblig. Participating VRDN, Series 16,
4.95% BPA Bankers Trust Co. (b) $ 6,000 $ 6,000
San Antonio Wtr. Sys. Rev., Series 1992, CP:
4.05% 6/12/95 (Liquidity Facility Credit Suisse of Zurich) 8,000 8,000
4.15% 7/18/95 (Liquidity Facility Credit Suisse of Zurich) 12,000
12,000
Silsbee Health Facs. Dev. Corp. Hosp. Rev. (Silsbee Doctor's
Hosp.) Series 1984, 4.70%, LOC Citibank, VRDN 4,500 4,500
Texas A&M Permanent Univ. Fund Participating VRDN,
Series BTP-41, 4.95% (Liquidity Facility Bankers Trust Co.) (b) 8,000
8,000
Texas Dept. of Hsg. & Commty. Affairs Participating VRDN,
Series BTP-9, 4.85% (Liquidity Facility Dai-Ichi Kangyo
Bank Ltd.) (b) 4,405 4,405
Texas Gen. Oblig. TRAN:
Series 1994, 5% 8/31/95 12,600 12,632
Series 1995, 5% 8/31/95 33,000 33,089
Texas Health Facs. Dev. Corp. Rev. (Aces North Texas Pooled
Health) Series 1985 B, 4.70%, LOC Citibank, VRDN 5,200 5,200
Texas Muni. Pwr. Agcy.:
4.20% 7/26/95 (Liquidity Facility Bank of America
Nat'l. Trust & Savings of San Francisco, CIBC, &
Morgan Guaranty Trust Co.), CP 16,000 16,000
4.15% 7/27/95 (Liquidity Facility Bank of America
Nat'l. Trust & Savings of San Francisco, CIBC, &
Morgan Guaranty Trust Co.), CP 17,000 17,000
Texas Small Bus. Ind. Dev. Corp. Rev. (Pub. Facs. Prog.)
4.80%, LOC Mitsubishi Trust, Mitsubishi Bank,
Nat'l. Westminster Bank U.S., Sumitomo Trust, VRDN 21,745 21,745
Tyler Health Facs. Dev. Corp. Hosp. Rev. (E. Texas Med. Ctr.
Healthcare Proj.) Series 1993 C, 4.15% 5/23/95,
LOC Banque Paribas 11,000 11,000
Univ. of Texas Sys. Rev. Fing. Sys., Series A, CP:
4% 6/13/95 5,000 5,000
4.15% 7/24/95 3,135 3,135
4.15% 7/25/95 11,064 11,064
512,687
UTAH - 2.3%
Intermountain Pwr. Agcy. Participating VRDN: (b)
Series BTP-43, 4.95%, (Liquidity Facility Bankers Trust Co.) 9,668
9,668
Series BTP-47, 5.20% (Liquidity Facility Banker's Trust Co.) 11,525
11,525
Intermountain Pwr. Agcy. Pwr. Rev. Bonds:
Rfdg. Series E, 4.15% tender 7/18/95,
BPA Ind. Bank of Japan 4,000 4,000
Series F:
Rfdg., 3.95% tender 5/10/95,
BPA Ind. Bank of Japan 16,800 16,800
Rfdg., 4.10% tender 6/12/95,
BPA Ind. Bank of Japan 3,950 3,950
4.05% tender 5/17/95, BPA Fuji Bank Ltd. 15,000 15,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
UTAH - CONTINUED
Intermountain Pwr. Agcy. Supply Rev. Rfdg. Bonds,
Series 1985 E-2, 4.15% tender 7/17/95,
BPA Fuji Bank Ltd. $ 9,750 $ 9,750
Utah Board of Regents Student Loan Rev. Series 1988 B,
4.50% (AMBAC Insured), BPA Swiss Bank Corp., VRDN 6,000 6,000
Utah County TRAN 4.65% 12/29/95 2,000 2,003
Weber County TRAN, Series 1995 A, 5.25% 12/28/95 5,000 5,011
83,707
VIRGINIA - 3.6%
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds
(Elec. Pwr. Co. Proj. - Vepco) Series B:
4.25% tender 5/18/95 3,330 3,330
4.15% tender 7/26/95 10,335 10,335
Henrico County Ind. Dev. Auth. Rev. Rfdg. (San-J Int'l. Inc.
Proj.) Series 1988, 5%, LOC Tokai Bank Ltd., VRDN 3,700 3,700
Louisa County Ind. Dev. Auth. Adj. Rate Pooled Fin. Rev.
Series 1995, 4.70%, LOC NationsBank of Virginia, VRDN 32,300 32,300
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds
(Virginia Elec. Pwr. Co. Proj.):
Series 1985:
4.25% tender 5/16/95, BPA Bank of New York 7,025 7,025
4.10% tender 6/14/95, BPA Bank of New York 7,290 7,290
4.20% tender 7/27/95, BPA Bank of New York 13,500 13,500
Series 1987, 4% tender 5/24/95 4,350 4,350
Newport News Redev. & Hsg. Auth. Rev.
(Newport-Oxford Proj.) Series 1984, 4.50%,
LOC Security Pacific Nat'l. Bank, VRDN 3,200 3,200
Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev.
(Windsor at Potomac Vista Proj.) 4.70%,
LOC NationsBank of Virginia, VRDN 14,169 14,169
Virginia Hsg. Dev. Auth. Commonwealth Mtg. Bonds,
Series 1993 A, 4.25% tender 7/12/95 25,500 25,500
York County Ind. Dev. Auth. (Philip Morris Co. Proj.)
Series 1991, 4.75%, VRDN 4,000 4,000
128,699
WASHINGTON - 3.0%
Washington Gen. Oblig. Participating VRDN: (b)
Series 1995 A, 4.50% (Liquidity Facility Internationale
Nederlanden Bank) 8,900 8,900
Series 1993 B, 4.85% (Liquidity Facility Citibank) 13,300 13,300
Series BTP-101, 4.90% BPA Bankers Trust Co. 12,065 12,065
Series BTP-114, 4.90% BPA Bankers Trust Co. 9,005 9,005
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE (NOTE 1)
AMOUNT (000S) (000S)
WASHINGTON - CONTINUED
Washington Pub. Pwr. Supply Sys. Participating VRDN,
Series 94 B, 4.85% (Liquidity Facility Citibank) (b) $ 20,600 $ 20,600
Washington Pub. Pwr. Supply Sys. Rfdg. Elec. Rev., VRDN:
(Nuclear Proj. #1) Series 1993-1A2, 4.80%,
LOC Ind. Bank of Japan 4,900 4,900
Series 1993 3A-2, 4.75%, LOC Ind. Bank of Japan 20,000 20,000
Washington Variable Participating VRDN, Series BTP-12,
4.95%, BPA Bankers Trust Co. (b) 20,985 20,985
109,755
WEST VIRGINIA - 0.2%
West Virginia Hosp. Fin. Auth. Rev. (VHA Mid-Atlantic States):
Series 1985-C, 4.75% (AMBAC Insured), VRDN 1,800 1,800
Series 1985-F, 4.75% (AMBAC Insured), VRDN 5,700 5,700
7,500
WISCONSIN - 1.7%
Augusta Ind. Dev. Rev. Rfdg. (Ball Corp.) Series 1993,
4.75%, LOC PNC Bank, VRDN 3,100 3,100
Milwaukee County Gen. Oblig. Participating VRDN,
Series 1993 R, 4.85% (Liquidity Facility Citibank) (b) 18,400 18,400
Milwaukee Redev. Auth. Rev. (Bradley Ctr. Parking Facs.
Proj.) Series 1986, 4.65%, LOC Nat'l. Westminster
Bank PLC, VRDN 900 900
Nekoosa Poll. Cont. Rev. Rfdg. (Nekoosa Papers, Inc.)
4.60%, LOC Long-Term Cr. Bank of Japan, VRDN 10,600 10,600
Stevens Point Area Pub. School Dist. BAN 5.50% 2/1/96 4,000 4,002
Wisconsin TRAN Series 1994, 4.50% 6/15/95 24,000 24,015
61,017
WYOMING - 0.1%
Gillette - Campbell County Poll. Cont. Rev. Bonds
(Pacificorp) Series 1988, 3.90% tender 5/22/95,
LOC Deutsche Bank AG 5,300 5,300
MULTI-STATES - 1.2%
Clipper Tax-Exempt Trust Participating VRDN, Series 1993-1A,
4.19% (Liquidity Facility State Street Bank & Trust
Company) (b) 36,000 36,000
NCNB Tax-Exempt Trust Participating VRDN, Series 1990 A,
4.50%, LOC NationsBank of North Carolina (b) 2,425 2,425
California Student Loan Mktg. Corp. Student Loan Rev. Rfdg.
Series 1993 A, 4.60%, LOC Dresdner Bank AG, VRDN 4,500 4,500
42,925
TOTAL INVESTMENTS - 100% $ 3,575,684
Total Cost for Income Tax Purposes $ 3,575,646
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Provides evidence of ownership in one or more underlying municipal
bonds.
INCOME TAX INFORMATION
At October 31, 1994, the fund had a capital loss carryforward of
approximately $556,000 of which $420,000 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 AMOUNT) APRIL 30, 1995 (UNAUDITED)
1.ASSETS 2. 3.
4.Investment in securities, at value - See accompanying 5. $ 3,575,684
schedule
6.Cash 7. 17,575
8.Interest receivable 9. 32,235
10. 11.TOTAL ASSETS 12. 3,625,494
13.LIABILITIES 14. 15.
16.Payable for investments purchased $ 31,009 17.
18.Distributions payable 566 19.
20.Accrued management fee 937 21.
22.Other payables and accrued expenses 1,284 23.
24. 25.TOTAL LIABILITIES 26. 33,796
27.28.NET ASSETS 29. $ 3,591,698
30.Net Assets consist of: 31. 32.
33.Paid in capital 34. $ 3,592,015
35.Accumulated net realized gain (loss) on investments 36. (355)
37.Unrealized gain from accretion of market discount 38. 38
39.40.NET ASSETS, for 3,592,015 shares outstanding 41. $ 3,591,698
42.43.NET ASSET VALUE, offering price and redemption 44. $1.00
price per share ($3,591,698 (divided by) 3,592,015 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS ENDED APRIL 30, 1995 (UNAUDITED)
45.46.INTEREST INCOME 47. $ 71,158
48.EXPENSES 49. 50.
51.Management fee $ 5,561 52.
53.Transfer agent, accounting and custodian fees 3,444 54.
and expenses
55.Registration fees 90 56.
57.Audit 32 58.
59.Legal 29 60.
61.Miscellaneous 8 62.
63. 64.TOTAL EXPENSES 65. 9,164
66.67.NET INTEREST INCOME 68. 61,994
69.REALIZED AND UNREALIZED GAIN (LOSS) 71. 194
70.Net realized gain (loss) on investment securities
72.Increase (decrease) in net unrealized gain from 73. 38
accretion
of market discount
74.75.NET GAIN (LOSS) 76. 232
77.78.NET INCREASE IN NET ASSETS RESULTING FROM 79. $ 62,226
OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 1995 OCTOBER 31,
(UNAUDITED) 1994
80.INCREASE (DECREASE) IN NET ASSETS
81.Operations $ 61,994 $ 78,237
Net interest income
82. Net realized gain (loss) 194 229
83. Increase (decrease) in net unrealized gain from 38 (35)
accretion of market discount
84. 85.NET INCREASE (DECREASE) IN NET ASSETS 62,226 78,431
RESULTING FROM OPERATIONS
86.Dividends to shareholders from net interest income (61,994) (78,237)
87.Share transactions at net asset value of $1.00 per 5,154,728 10,167,911
share
Proceeds from sales of shares
88. Reinvestment of dividends from net interest income 58,600 73,176
89. Cost of shares redeemed (5,116,416) (9,682,238)
90.91. 96,912 558,849
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS
92. 93.TOTAL INCREASE (DECREASE) IN NET ASSETS 97,144 559,043
94.NET ASSETS 95. 96.
97. Beginning of period 3,494,554 2,935,511
98. End of period $ 3,591,698 $ 3,494,554
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED OCTOBER 31,
ENDED
APRIL 30, 1995
(UNAUDITED) 1994 1993 1992 1991 1990
99.SELECTED PER-SHARE DATA
100.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
beginning of
period
101.Income from .017 .023 .022 .031 .046 .055
Investment
Operations
Net interest income
102.Less Distributions (.017) (.023) (.022) (.031) (.046) (.055)
From net interest
income
103.Net asset value, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
end of period
104.TOTAL RETURN B 1.71% 2.33% 2.23% 3.14% 4.66% 5.63%
105.RATIOS AND SUPPLEMENTAL
DATA
106.Net assets, $ 3,592 $ 3,495 $ 2,936 $ 2,725 $ 2,721 $ 2,824
end of period
(in millions)
107.Ratio of .51%A .52% .49% .48% .45% .43%
expenses to average
net assets
108.Ratio of net 3.43%A 2.31% 2.21% 3.11% 4.55% 5.52%
interest income to
average
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1995 (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.
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. 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
the average net assets of the fund. The group fee rate is the weighted
average of a series of rates and is based on the monthly average net assets
of all the mutual funds advised by FMR. The rates ranged from .1200% to
.3700%. In the event that these rates were lower than the contractual rates
in effect during those periods, FMR voluntarily implemented the above
rates, as they resulted in the same or a lower management fee. The annual
individual fund fee rate is .15%. For the period, the management fee was
equivalent to an annualized 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.
2. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
TRANSFER AGENT AND ACCOUNTING FEES. UMB 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. During the period November 1, 1994 to December 31, 1994, the
fund paid fees based on the type, size, number of accounts and the number
of transactions made by shareholders. Effective January 1, 1995, the Board
of Trustees approved a revised transfer agent contract pursuant to which
the fund pays account fees and asset-based fees that vary according to
account size and type of account. 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 $3,106,000 and $204,000, 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 $306,000.
TO WRITE FIDELITY
If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and send
you written confirmation upon completion of your request.
(LETTER_GRAPHIC)(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East 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
90 Alhambra Plaza
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
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, 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
1271 Avenue of the
Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1903 East Ninth Street
Cleveland, 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
2701 Drexel Drive
Houston, TX
1010 Lamar Street
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
215 South State 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
(registered trademark)
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
Fred L. Henning Jr., Vice President
Sarah H. Zenoble, Vice President
Arthur S. Loring, Secretary
Stephen P. Jonas, Treasurer
Thomas D. Maher, Assistant Vice President
Michael D. Conway, Assistant Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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
UMB Bank, n.a.
Kansas City, MO
and
Fidelity Service Co.
Boston, MA
CUSTODIAN
UMB 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) Arizona 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
SPARTAN(registered trademark)
(registered trademark)
NEW JERSEY
MUNICIPAL
MONEY MARKET
PORTFOLIO
SEMIANNUAL REPORT
APRIL 30, 1995
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.
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 past six
months
and one year.
INVESTMENTS 9 A complete list of the fund's
investments with their market
values.
FINANCIAL STATEMENTS 15 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.
NOTES 19 Notes 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. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY, ANY
DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE FEDERAL
RESERVE BOARD OR
ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE
POSSIBLE LOSS OF
PRINCIPAL. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A
BANK. FOR MORE
INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES, CALL
1-800-544-8888
FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
Although there have been some positive market indications so far in 1995,
no one can predict what lies ahead for investors. Last year, stocks posted
below-average returns and bonds had one of the worst years in history. This
downturn followed a period in which the investing environment was almost
ideal.
These market ups and downs are a normal part of investing, and there are
some basic principles that can help investors in every type of market.
First, take a long-term approach when investing. If you can afford to leave
your money invested through the inevitable ups and downs of financial
markets, you will greatly reduce your vulnerability to any single decline.
Over time, for example, stock prices have gone up - and have significantly
outperformed other types of investments and stayed ahead of inflation.
Second, you can further manage risk by diversifying your investments. A
stock mutual fund is already diversified, because it invests in many
different companies. You can increase your diversification by investing in
a number of different stock funds, or in different investment categories,
such as bonds. You should also keep money you'll need in the near future in
a more stable investment.
Finally, it makes good sense to follow a regular investment plan, investing
a set amount of money at the same time each month or quarter. That way, you
can avoid getting caught up in the excitement of a rapidly-rising market -
and won't end up buying all your shares at market highs. This strategy
won't assure a profit or protect you from a loss in a declining market, but
it should help you lower the average cost of your purchases. For this to be
effective, you must continue to buy shares in both up and down markets.
If you have questions, please call us at 1-800-544-8888. We would be happy
to send you a Fidelity FundMatch kit, which can help you determine the mix
of investments that is right for you. You might also find it convenient to
set up a regular investment plan using the Fidelity Automatic Account
Builder.SM
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
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. If Fidelity had not
reimbursed the fund for certain expenses during the periods shown, the
total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED APRIL 30, 1995 PAST 6 PAST 1 LIFE OF
MONTHS YEAR FUND
Spartan New Jersey Municipal
Money Market Fund 1.79% 3.16% 18.68%
Average New Jersey Tax-Free
Money Market Fund 1.58% 2.77% 17.76%
Consumer Price Index 1.61% 3.05% 17.84%
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage terms
over a specific period - in this case, six months, one year, or since the
fund started on May 1, 1990. For example, if you invested $1,000 in a fund
that had a 5% return over the past year, the value of your investment would
be $1,050. To measure how the fund's performance stacked up against its
peers, you can compare it to the average New Jersey tax-free money market
fund, which reflects the performance of 11 New Jersey tax-free money market
funds with similar objectives tracked by IBC/Donoghue over the past six
months. Comparing the fund's performance to the consumer price index (CPI)
helps show how your fund did compared to inflation. (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 APRIL 30, 1995 PAST 1 LIFE OF
YEAR FUND
Spartan New Jersey Municipal
Money Market Fund 3.16% 3.48%
Average New Jersey Tax-Free
Money Market Fund 2.77% 3.32%
Consumer Price Index 3.05% 3.34%
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.
YIELDS
5/2/94 8/1/94 10/31/94 1/30/95 4/24/95
Spartan New Jersey 2.73% 2.63% 3.09% 3.47% 3.92%
Municipal Money Market
If Fidelity had not 2.53% 2.43% 2.89% 3.27% 3.72%
reimbursed certain fund
expenses
Average New Jersey 2.36% 2.33% 2.72% 2.98% 3.54%
Tax-Free Money Market
Fund
Spartan New Jersey 4.57% 4.40% 5.17% 5.80% 6.56%
Municipal Money Market -
Tax-equivalent
If Fidelity had not 4.23% 4.06% 4.83% 5.47% 6.22%
reimbursed certain fund
expenses
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. If the
adviser had not reimbursed certain fund expenses during the periods shown,
the yields would have been lower. You can compare these yields to the
average New Jersey tax-free money market fund as tracked by IBC/Donoghue.
Or you can look at the fund's tax-equivalent yield, which is based on a
combined effective 1995 federal and state income tax rate of 40.21%. A
portion of the fund's income may be subject to the alternative minimum tax.
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. In fact, there is no
assurance that a money
market fund will maintain a $1
share price.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Scott Orr, Portfolio Manager of Spartan New Jersey
Municipal Money Market Portfolio
Q. SCOTT, CAN YOU TELL US HOW THE INVESTMENT CLIMATE HAS CHANGED DURING THE
PAST SIX MONTHS?
A. Sure. While short-term rates rose during the period, conditions on the
whole were calmer and more predictable than they had been earlier in 1994.
The Federal Reserve raised the federal funds rate - the rate banks charge
each other for overnight loans - twice: three-quarters of a percentage
point in November and one-half percentage point in February. However,
unlike the five other rate increases that had occurred earlier in 1994, the
last two were widely anticipated, and the market absorbed them well.
Q. DO YOU THINK THAT RATES HAVE PEAKED?
A. That's quite possible. The goal of Fed policy ever since it began
raising short-term interest rates in February 1994 has been to dampen the
economic growth rate and prevent an outbreak of inflation. Apparently, the
policy has worked. Signs that the economy was slowing down began appearing
in January, and were confirmed in April with the release of the initial
estimate of first-quarter growth in the gross domestic product. The number
came in at 2.8%, somewhat less than was expected and well below the 5.2%
growth rate reported for the final quarter of 1994.
Q. WHAT WAS YOUR STRATEGY DURING THE PERIOD?
A. When the period began, the fund's average maturity was 57 days, which is
well within the neutral to defensive range. As rates rose in anticipation
of the Fed increase in November, I extended the fund slightly to around 60
days, and stayed there through early December. Later in the month I was
able to take advantage of an unusual buying opportunity that arose when
Orange County, California, declared bankruptcy. Many investors - even
across the country in New Jersey - reacted to the news from California by
getting more defensive and buying shorter-term securities. I saw that as an
opportunity to make prudent purchases of longer-term securities, extending
the fund's average maturity to around 70 days by the end of December. By
early February, when the Fed raised rates for the last time during the
period, I had let it roll back down to the high 50s, and it was at 50 days
at the end of the period.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on April 30, 1995, was 4.03%, up from 3.09%
six months ago. That was equivalent to a 6.74% taxable rate for investors
in the 40.21% combined state and federal tax bracket. Through April 30,
1995, the fund's six-month total return was 1.79%, compared to 1.58% for
the average New Jersey tax-free money market fund, according to
IBC/Donoghue.
Q. WHAT'S THE OUTLOOK OVER THE NEXT FEW MONTHS?
A. There's been a dramatic shift in market psychology in recent months.
However, I'm not willing to make a big bet by dramatically extending the
fund's average maturity. Going long doesn't make sense to me now, since
there's so little extra yield to be gained in exchange for giving up the
added flexibility of a shorter average maturity. That's why I've got the
fund in the neutral range now - at around 50 days - and likely will keep it
there until clear trends develop.
FUND FACTS
GOAL: high current tax-free
income while maintaining
share price stability by
investing in high-quality,
short-term New Jersey
municipal money market
securities
START DATE: May 1, 1990
SIZE: as of April 30, 1995,
more than $435 million
MANAGER: Scott Orr, since
1991; manager, Fidelity New
Jersey Tax-Free Money
Market Fund and Fidelity
Michigan Municipal Money
Market Fund, since 1992;
Fidelity and Spartan
Connecticut Municipal Money
Market Funds, since 1993;
Spartan Arizona Municipal
Money Market Fund, since
1994; joined Fidelity in 1989
(checkmark)
WORDS TO KNOW
COMMERCIAL PAPER: A security
issued by a municipality to
finance capital or operating
needs.
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,
usually 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.
- -----
As of June 1, 1995, Jeff
Parker became portfolio
manager of the fund.
INVESTMENT CHANGES
MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
4/30/95 10/31/94 4/30/94
0 - 30 70 62 54
31 - 90 13 17 12
91 - 180 7 9 22
181 - 397 10 12 12
WEIGHTED AVERAGE MATURITY
4/30/95 10/31/94 4/30/94
Spartan New Jersey
Municipal Money Market
Fund 50 days 57 days 65 days
Average New Jersey
Tax-Free Money Market
Fund* 43 days 60 days 56 days
ASSET ALLOCATION
AS OF APRIL 30, 1995 AS OF OCTOBER 31, 1994
Row: 1, Col: 1, Value: 48.0
Row: 1, Col: 2, Value: 18.0
Row: 1, Col: 3, Value: 4.0
Row: 1, Col: 4, Value: 30.0
Row: 1, Col: 5, Value: 2.0
Row: 1, Col: 1, Value: 47.0
Row: 1, Col: 2, Value: 16.0
Row: 1, Col: 3, Value: 4.0
Row: 1, Col: 4, Value: 32.0
Row: 1, Col: 5, Value: 2.0
Variable rate
demand notes
(VRDNs) 48%
Commercial
paper 18%
Tender bonds 3%
Municipal
notes 30%
Other 1%
Variable rate
demand notes
(VRDNs) 47%
Commercial
paper 16%
Tender bonds 4%
Municipal
notes 32%
Other 1%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS APRIL 30, 1995 (UNAUDITED)
Showing Percentage of Total Value of Investments
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - 81.8%
Atlantic County Impt. Auth. Rev.
(Pooled Gov't. Loan Prog.) 4.55%,
LOC Hong Kong & Shanghai Banking Corp., VRDN $ 200,000 $ 200,000
Bayonne BAN 5.32% 9/15/95 2,200,000 2,201,747
Bergen County Rev. Rfdg. Bonds 6.50% 8/1/95 2,800,000 2,814,724
Bernards Township Swr. Auth. Swr. Rev. Rfdg.
Series 1985, 5.35%, tender 12/15/95 2,500,000 2,500,000
Burlington County BAN 5.50% 12/15/95 2,600,000 2,607,719
Essex County Impt. Auth. Rev. (Pooled Gov't. Loan Prog.)
VRDN:
Series 1985, 4.50%, LOC Banco de Santander 2,000,000 2,000,000
Series 1986, 4.50%, LOC Banco de Santander 1,800,000 1,800,000
Florham Park BAN 4.75% 11/9/95 1,300,000 1,301,632
Gloucester County Ind. Poll. Cont. Fin.
Auth. Rev. Rfdg., VRDN:
(Mobil Oil Refining) Series 1993 A, 4.15% 3,800,000 3,800,000
(Monsanto Proj.) Series 1992, 4.40% 1,100,000 1,100,000
Hightstown BAN 5.18% 12/7/95 577,000 577,262
Hudson County BAN 4.55% 10/11/95 6,000,000 6,003,842
Hudson County Impt. Auth. Rev. (Essential Purp. Pooled
Gov't. Loan Prog.) Series 1986, 4.80%,
LOC Hong Kong & Shanghai Banking Corp., VRDN 33,460,000 33,460,000
Lacey Township BAN 4% 5/9/95 1,600,000 1,600,016
Mercer County BAN 4.75% 7/13/95 12,000,000 12,016,333
Mercer County Impt. Auth. Rev. (Pooled Gov't. Loan Prog.)
Series 1985, 4.50%, LOC Credit Suisse, VRDN 900,000 900,000
Metuchen BAN 5% 12/19/95 1,089,823 1,093,824
Morristown BAN 4.50% 5/25/95 2,800,000 2,800,885
New Jersey Bldg. Auth. Participating VRDN, Series BT-6,
4.95% (BPA Bankers Trust) (c) 2,392,000 2,392,000
New Jersey Econ. Dev. Auth. Rev. Econ. Dev., VRDN:
Rfdg. (Curtiss-Wright Corp.) Series 1992, 4.40%,
LOC Bank of Nova Scotia 1,000,000 1,000,000
Rfdg. (RJB Associates 1983 Proj.) 4.75%,
LOC PNC Bank, VRDN 500,000 500,000
(80 Carter Drive Assoc. Proj.) Series 1984, 4.95%,
LOC Marine Midland Bank 436,000 436,000
(Composite Issue):
Series 1989 B 4.70%, LOC Barclays Bank (b) 650,000 650,000
(Alesi Graphics Inc.) Series 1989 AA, 4.70%,
LOC Barclays Bank (b) 700,000 700,000
(Ellison School Inc.) Series 1989 KK, 4.65%,
LOC Barclays Bank 550,000 550,000
(Danic Urban Renewal Co. Proj.) Series 1985, 4.75%,
LOC Marine Midland Bank 1,700,000 1,700,000
(Dial Realty) Series 1988 L, 4.70%,
LOC Barclays Bank (b) 2,450,000 2,450,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Econ. Dev. Auth. Rev. Econ. Dev., VRDN: - continued
(Fieldstone Corp.) Series 1988 K, 4.70%,
LOC Barclays Bank (b) $ 1,200,000 $ 1,200,000
(Guttenplan's Bakery) Series 1989 G, 4.70%,
LOC Barclays Bank (b) 3,000,000 3,000,000
(Herzel Mor Corp.) Series 1989 L, 4.70%,
LOC Barclays Bank (b) 600,000 600,000
(Holt Hauling & Warehousing Inc.) Series 1993-1, 4.95%,
LOC Meridian Bank (b) 2,500,000 2,500,000
(Lamart Corporation) Series 1989 JJ, 4.70%,
LOC Barclays Bank (b) 700,000 700,000
(PVC Container Corp.) Series 1987 D, 4.75%,
LOC Nat'l. Westminster Bank (b) 2,565,000 2,565,000
(Russ Berrie & Co. Inc.) 4.25%, LOC Bank of New York 700,000 700,000
(The Nash Group 85 Proj.) Series 1986, 4.45%,
LOC Chemical Bank (b) 570,000 570,000
New Jersey Econ. Dev. Auth. Econ. Growth Rev., VRDN:
(Eastern Silk) Second Series D2, 4.65%,
LOC Banque Nat'l. de Paris (b) 1,490,000 1,490,000
(Richard L. Tauber Issue) Series 93 B-1, 4.60%,
LOC Nat'l. Westminster Bank (b) 4,485,000 4,485,000
Series E-1, 4.50%, LOC Nat'l. Westminster Bank 2,100,000 2,100,000
Series H, 4.50%, LOC Nat'l. Westminster Bank (b) 1,000,000 1,000,000
New Jersey Econ. Dev. Auth. First Mtg. Rev., VRDN:
(Fellowship Village Inc. Proj.) Series 1994, 4.55%,
LOC Banque Paribas 8,500,000 8,500,000
(Franciscan Oaks Proj.) Series 1992 B, 4.25%,
LOC Bank of Scotland 1,200,000 1,200,000
New Jersey Econ. Dev. Auth. Ind. & Econ. Dev. Rev.
(Block Drug Corp.) Series A, 4.75%,
LOC Trust Company Bank of Georgia 715,000 715,000
New Jersey Econ. Dev. Auth. Ind. Dev. Rev.
(National Refrigerant) 4.95%, LOC Corestate (b) 1,500,000 1,500,000
New Jersey Econ. Dev. Auth. Rev. (E.P. Henry Corp. Proj.)
4.65%, LOC New Jersey Natl. Bank (b) 1,305,000 1,305,000
New Jersey Econ. Dev. Auth. Rev. Bonds:
(Chambers Cogeneration Proj.) Series 1991 (b):
3.90%, tender 5/15/95, LOC Swiss Bank Corp. 5,000,000 5,000,000
3.75%, tender 5/16/95, LOC Swiss Bank Corp. 3,500,000 3,500,000
3.80%, tender 5/17/95, LOC Swiss Bank Corp. 3,000,000 3,000,000
3.85%, tender 5/17/95, LOC Swiss Bank Corp. 1,500,000 1,500,000
3.85%, tender 5/18/95, LOC Swiss Bank Corp. 4,000,000 4,000,000
3.85%, tender 5/23/95, LOC Swiss Bank Corp. 3,000,000 3,000,000
(Keystone Proj.) Series 1992:
3.85%, tender 5/10/95, LOC Union Bank of Switzerland 4,860,000
4,860,000
3.80%, tender 5/16/95, LOC Union Bank of Switzerland 12,700,000
12,700,000
(Morris Hall/St. Lawrence Inc.) Series 1993, 5%,
tender 5/1/95, LOC New Jersey National Bank 2,900,000 2,900,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Gen. Oblig.
Participating VRDN (c):
Series BTP-104, 4.85%
(Liquidity Facility Bankers Trust) $ 7,785,000 $ 7,785,000
Series 9, 4.90%
(Liquidity Facility Morgan Guaranty Trust Co.) 7,125,000 7,125,000
Series 21, 4.90%
(Liquidity Facility Morgan Guaranty Trust Co.) 7,000,000 7,000,000
Series D:
3.75% 5/9/95 (Liquidity Facility Union
Bank of Switzerland) CP 3,100,000 3,100,000
3.80% 5/19/95 (Liquidity Facility Union
Bank of Switzerland) CP 16,500,000 16,500,000
TRAN 5% 6/15/95 21,500,000 21,520,217
New Jersey Health Care Facs. Fin. Auth. Rev.
(Cap. Asset Fin. Prog.) Series 1985 B, 4.50%,
LOC Chemical Bank, VRDN 1,500,000 1,500,000
New Jersey Hsg. & Mtg. Fin. Agcy. Participating VRDN (c):
Series 1994 C-3003, 4.90%
(Liquidity Facility Citibank) (MBIA Insured) 6,200,000 6,200,000
Series 1994 C-3004, 4.75%
(Liquidity Facility Citibank) (MBIA Insured) 4,800,000 4,800,000
New Jersey Sports and Exposition Auth. Rev.
Series 1992 C, 4.55% (BPA Ind. Bank of Japan)
(MBIA Insured) VRDN 3,550,000 3,550,000
New Jersey Turnpike Auth. Turnpike Rev. Series 1991 D,
4.25% (BPA Society Generale) (FGIC Insured) VRDN 23,600,000 23,600,000
North Brunswick BAN 4.50% 8/16/95 1,200,000 1,201,206
Passaic County BAN:
4.75% 9/28/95 5,600,000 5,603,588
6% 11/22/95 3,247,000 3,255,649
4.46% 4/5/96 1,500,000 1,500,794
5% 4/5/96 9,100,000 9,147,111
Passaic County Utils. Auth. BAN (Solid Waste Sys. Proj.)
Series 1994 B, 4.625%, tender 11/9/95
(MBIA Insured) 6,350,000 6,350,000
Salem County Ind. Poll. Cont. Fing. Auth. Rev. Bonds
(Philadelphia Elec. Co.) Series 1993 A (b):
3.75%, tender 5/10/95,
LOC Toronto-Dominion Bank 2,000,000 2,000,000
3.85%, tender 5/17/95,
LOC Toronto-Dominion Bank 2,600,000 2,600,000
Sea Isle City BAN 5% 8/10/95 1,000,000 1,001,339
Somerset County Ind. Poll. Cont. Fin. Auth. Rev.
Series 1982 (Minnesota Mining & Manufacturing 3M)
4.35%, VRDN 100,000 100,000
South Brunswick Township TRAN 5.25% 1/3/96 2,500,000 2,510,523
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
Union County BAN 4.71% 6/30/95 $ 5,000,000 $ 5,000,124
Union County Ind. Dev. Auth. Poll. Cont. Rev. Bonds
(Exxon Proj.) Series 1989, 4.10%, tender 5/18/95 4,000,000 4,000,000
Upper Freehold Regional School Dist. BAN
5.625% 2/1/96 3,000,000 3,010,214
Upper Freehold Regional School Dist. Board of Education
RAN 4.45% 6/30/95 1,100,000 1,100,000
Wall Township BAN 4.75% 10/26/95 1,500,000 1,502,451
Warren County BAN:
4.10% 5/31/95 875,595 875,629
4.24% 7/14/95 1,100,000 1,100,194
Washington Township / Morris County BAN
5.50% 12/15/95 3,900,000 3,907,071
West Orange BAN 4.75% 1/4/96 1,500,000 1,505,276
Willingboro Township BAN 5.25% 11/22/95 1,200,000 1,203,731
Woodbridge Township BAN:
4.13% 7/6/95 14,000,000 14,000,228
4.48% 10/6/95 11,430,000 11,430,464
350,331,793
NEW YORK & NEW JERSEY - 13.1%
New York & New Jersey Port. Auth. Rev.:
Participating VRDN, Series PA-67, 4.70%
(Liquidity Facility Merrill Lynch & Co.) (c) 2,080,000 2,080,000
Series 1991, 4.375%, VRDN (b) 6,400,000 6,400,000
Series 1992, 4.25%, VRDN 6,900,000 6,900,000
Series A, CP:
4.25% 5/8/95 2,470,000 2,470,000
3.85% 5/10/95 1,295,000 1,295,000
3.90% 5/15/95 1,110,000 1,110,000
4.20% 5/16/95 1,275,000 1,275,000
Series 1995-1, 4.60%, VRDN 5,000,000 5,000,000
New York & New Jersey Port Auth. Spl. Proj. Rev.
(KIAC Partners Proj.) Series 3, 4.60%,
LOC Deutsche Bank, VRDN (b) 25,100,000 25,100,000
New York & New Jersey Port Auth. Versatile Structure
Gen. Oblig., VRDN:
Series 1, 4.95% (BPA Bank of Tokyo) (b) 2,000,000 2,000,000
4.80% (BPA Morgan Guaranty Trust Co.) 2,200,000 2,200,000
55,830,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PUERTO RICO - 5.1%
Puerto Rico Commonwealth Participating VRDN (c):
Series PT-63, 4.65%
(Liquidity Facility Bayerische Hypotheken) $ 2,900,000 $ 2,900,000
Series PW-6, 4.55%
(Liquidity Facility Bank of Nova Scotia) 5,415,000 5,415,000
Puerto Rico Dev. Bank 3.70% 5/5/95, CP 6,000,000 6,000,000
Puerto Rico Hsg. & Fin. Corp. Tender Option Bonds
Series 1990 I, 3.90%, tender 5/15/95
(Liquidity Facility Bayerische Hypotheken) (c) 7,585,000 7,585,000
21,900,000
TOTAL INVESTMENTS - 100% $ 428,061,793
Total Cost for Income Tax Purposes $ 428,061,793
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(c) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(d) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(e) Provides evidence of ownership in one or more underlying municipal
bonds.
INCOME TAX INFORMATION
At October 31, 1994, the fund had a capital loss carryforward of
approximately $24,000 which will expire on October 31, 2001.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
APRIL 30, 1995 (UNAUDITED)
3.ASSETS 4. 5.
6.Investment in securities, at value - See accompanying 7. $ 428,061,793
schedule
8.Receivable for investments sold 9. 4,500,000
10.Interest receivable 11. 3,918,458
12. 13.TOTAL ASSETS 14. 436,480,251
15.LIABILITIES 16. 17.
18.Payable to custodian bank $ 537,509 19.
20.Distributions payable 25,226 21.
22.Accrued management fee 107,703 23.
24. 25.TOTAL LIABILITIES 26. 670,438
27.28.NET ASSETS 29. $ 435,809,813
30.Net Assets consist of: 31. 32.
33.Paid in capital 34. $ 435,826,971
35.Accumulated net realized gain (loss) on investments 36. (17,158)
37.38.NET ASSETS, for 435,826,971 shares outstanding 39. $ 435,809,813
40.41.NET ASSET VALUE, offering price and redemption 42. $1.00
price per share ($435,809,813 (divided by) 435,826,971 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED APRIL 30, 1995 (UNAUDITED)
43.44.INTEREST INCOME 45. $ 8,215,317
46.EXPENSES 47. 48.
49.Management fee $ 1,052,238 50.
51.Non-interested trustees' compensation 1,058 52.
53. Total expenses before reductions 1,053,296 54.
55. Expense reductions (421,319) 631,977
56.57.NET INTEREST INCOME 58. 7,583,340
59.REALIZED AND UNREALIZED GAIN (LOSS) 61. (20,338)
60.Net realized gain (loss) on investment securities
62.Increase (decrease) in net unrealized gain from 63. (3,084)
accretion
of market discount
64.65.NET GAIN (LOSS) 66. (23,422)
67.68.NET INCREASE IN NET ASSETS RESULTING FROM 69. $ 7,559,918
OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 1995 OCTOBER 31,
(UNAUDITED) 1994
70.INCREASE (DECREASE) IN NET ASSETS
71.Operations $ 7,583,340 $ 8,891,960
Net interest income
72. Net realized gain (loss) (20,338) 8,310
73. Increase (decrease) in net unrealized gain from (3,084) 2,954
accretion of market discount
74. 75.NET INCREASE (DECREASE) IN NET ASSETS 7,559,918 8,903,224
RESULTING FROM OPERATIONS
76.Dividends to shareholders from net interest income (7,583,340) (8,891,960)
77.Share transactions at net asset value of $1.00 per 285,405,559 396,044,405
share
Proceeds from sales of shares
78. Reinvestment of dividends from net interest income 7,368,805 8,641,755
79. Cost of shares redeemed (252,875,738) (322,239,669)
80.81. 39,898,626 82,446,491
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS
82. 83.TOTAL INCREASE (DECREASE) IN NET ASSETS 39,875,204 82,457,755
84.NET ASSETS 85. 86.
87. Beginning of period 395,934,609 313,476,854
88. End of period $ 435,809,813 $ 395,934,609
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED OCTOBER 31, MAY 1, 1990
ENDED (COMMENCEME
APRIL 30, 1995 NT
OF OPERATIONS)
TO
OCTOBER 31,
(UNAUDITED) 1994 1993 1992 1991 1990
89.SELECTED PER-SHARE DATA
90.Net asset value, beginning
of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
91.Income from Investment
Operations .018 .024 .021 .032 .047 .029
Net interest income
92.Less Distributions (.018) (.024) (.021) (.032) (.047) (.029)
From net interest income
93.Net asset value, end of
period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
94.TOTAL RETURN B 1.80% 2.45 2.17 3.24 4.84 2.92%
% % % %
95.RATIOS AND SUPPLEMENTAL DATA
96.Net assets, end of period
(000 omitted) $ 435,810 $ 395,935 $ 313,477 $ 349,212 $ 348,142 $ 210,157
97.Ratio of expenses to average
net assets .30% .28 .44 .29 .11 -
A % % % %
98.Ratio of expenses to average
net assets before .50% .50 .50 .50 .50 .50%A
expense reductions A % % % %
99.Ratio of net interest income
to average net assets 3.60% 2.44 2.15 3.20 4.68 5.90%A
A % % % %
</TABLE>
A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR PERIODS OF
LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL RETURNS WOULD HAVE BEEN LOWER
HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. SEE NOTE 3
OF NOTES TO FINANCIAL STATEMENTS.
FINANCIAL HIGHLIGHTS
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1995 (Unaudited)
1. SIGNIFICANT ACCOUNTING
POLICIES.
Spartan New Jersey Municipal Money Market Portfolio (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.
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. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Management &
Research Company (FMR) pays all expenses, except the compensation of 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% of the fund's average net
assets.
FMR also bears the cost of providing shareholder services to the fund. To
offset the cost of providing these services, FMR or its affiliates collect
certain transaction fees from the fund's shareholders which amounted to
$3,918 for the period.
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.
3. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the fund's operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above an annual rate of .30% of average net assets. For the
period, the reimbursement reduced the expenses by $421,319.
TO WRITE FIDELITY
If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and send
you written confirmation upon completion of your request.
(LETTER_GRAPHIC)(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(LETTER_GRAPHIC)(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East 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
90 Alhambra Plaza
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
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, 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
1271 Avenue of the
Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1903 East Ninth Street
Cleveland, 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
2701 Drexel Drive
Houston, TX
1010 Lamar Street
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
215 South State 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
(registered trademark)
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
Fred L. Henning, Jr., Vice President
Scott Orr, Vice President
Arthur S. Loring, Secretary
Stephen P. Jonas, Treasurer
Thomas D. Maher, Assistant Vice President
Michael D. Conway, Assistant Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
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 Arizona 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
