SPARTAN(registered trademark)
(REGISTERED TRADEMARK)
NEW JERSEY
MUNICIPAL MONEY MARKET
FUND
ANNUAL REPORTS
OCTOBER 31, 1997
AND THE ONE-MONTH
PERIOD ENDED
NOVEMBER 30, 1997
CONTENTS
PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING STRATEGIES.
PERFORMANCE 4 HOW THE FUND HAS DONE OVER TIME.
FUND TALK 8 THE MANAGER'S REVIEW OF FUND
PERFORMANCE, STRATEGY AND OUTLOOK.
INVESTMENT CHANGES 10 A SUMMARY OF MAJOR SHIFTS IN THE FUND'S
INVESTMENTS.
INVESTMENTS 11 A COMPLETE LIST OF THE FUND'S INVESTMENTS.
NOVEMBER 30, 1997
INVESTMENTS 17 A COMPLETE LIST OF THE FUND'S INVESTMENTS.
OCTOBER 31, 1997
FINANCIAL STATEMENTS 23 STATEMENTS OF ASSETS AND LIABILITIES,
OPERATIONS, AND CHANGES IN NET ASSETS,
AS WELL AS FINANCIAL HIGHLIGHTS.
NOTES 27 NOTES TO THE FINANCIAL STATEMENTS.
REPORT OF INDEPENDENT 29 THE AUDITORS' OPINION.
ACCOUNTANTS
PROXY VOTING RESULTS 30
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, FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE
SUBJECT TO INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL
AMOUNT INVESTED.
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.
NOTE TO SHAREHOLDERS: The fiscal year end for Spartan New Jersey Money
Market Fund recently changed from October 31 to November 30. This
change was made in order to align the fund's fiscal year end more
closely with other similar Fidelity funds. To reduce expenses and
provide you with a comprehensive report covering the 12-month period
ended October 31 and the one month period ended November 30, we've
combined both annual reports into one document.
To reduce expenses and demonstrate respect for our environment, we
have initiated a project through which we will begin eliminating
duplicate copies of most financial reports and prospectuses to most
households, even if they have more than one account in the fund. If
additional copies of financial reports, prospectuses or historical
account information are needed, please call 1-800-544-6666.
PRESIDENT'S MESSAGE
(photo_of_Edward_C_Johnson_3d)
DEAR SHAREHOLDER:
Although financial turmoil in Pacific Basin countries was a catalyst
for significant volatility in U.S. markets in late October and into
November, the Standard & Poor's 500 Index has risen more than 31%
year-to-date, almost three times its historical annual average.
Meanwhile, bond markets - primarily influenced by a relatively steady
flow of positive news on the inflation front - continued to post solid
returns through the first 11 months of 1997.
While it's impossible to predict the future direction of the markets
with any degree of certainty, there are certain basic principles that
can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their
portfolios. If you can afford to leave your money invested through the
inevitable up and down cycles of the financial markets, you will
greatly reduce your vulnerability to any single decline. We know from
experience, for example, that stock prices have gone up over longer
periods of time, have significantly outperformed other types of
investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through
diversification. A stock mutual fund, for instance, is already
diversified, because it invests in many different companies. You can
increase your diversification further by investing in a number of
different stock funds, or in such other investment categories as
bonds. You should also keep money you'll need in the near future in a
more stable investment.
Finally, no matter what your time horizon or portfolio diversity, it
makes good sense to follow a regular investment plan, investing a
certain amount of money in a fund at the same time each month or
quarter and periodically reviewing your overall portfolio. By doing
so, you won't get caught up in the excitement of a rapidly rising
market, nor will you buy all your shares at market highs. While this
strategy - known as dollar cost averaging - won't assure a profit or
protect you from a loss in a declining market, it should help you
lower the average cost of your purchases.
If you have questions, please call us at 1-800-544-8888. We are
available 24 hours a day, seven days a week to provide you the
information you need to make the investments that are right for you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
To evaluate a money market fund's historical performance, you can look
at either total return or yield. Total return reflects the change in
the value of an investment, assuming reinvestment of the fund's
dividend 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. If Fidelity had not reimbursed
certain fund expenses, the total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1997 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND
SPARTAN NEW JERSEY MUNICIPAL 3.23% 15.68% 29.13%
MONEY MARKET FUND
NEW JERSEY TAX-FREE 3.00% 14.23% 26.84%
MONEY MARKET FUNDS AVERAGE
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a specific period - in this case, one year, five years or
since the fund started on May 1, 1990. For example, if you had
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
New Jersey tax-free money market funds average, which reflects the
performance of New Jersey tax-free money market funds with similar
objectives tracked by IBC Financial Data, Inc. The past one year
average represents a peer group of 17 money market funds. (The periods
covered by IBC Financial Data, Inc. numbers are the closest available
match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED NOVEMBER 30, 1997 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND
SPARTAN NEW JERSEY MUNICIPAL 3.23% 2.96% 3.42%
MONEY MARKET FUND
NEW JERSEY TAX-FREE 3.00% 2.70% 3.22%
MONEY MARKET FUNDS AVERAGE
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year.
YIELDS
12/1/97 9/1/97 6/2/97 3/3/97 12/2/96
SPARTAN NEW JERSEY 3.34% 2.91% 3.42% 3.06% 3.21%
MUNICIPAL MONEY MARKET
IF FIDELITY HAD NOT 3.34% 2.91% 3.28% 2.91% 3.06%
REIMBURSED CERTAIN FUND
EXPENSES
NEW JERSEY 3.06% 2.65% 2.93% 2.69% 2.83%
TAX-FREE MONEY MARKET
FUNDS AVERAGE
SPARTAN NEW JERSEY 5.57% 4.86% 5.71% 5.11% 5.36%
MUNICIPAL MONEY MARKET -
TAX-EQUIVALENT
IF FIDELITY HAD NOT 5.57% 4.86% 5.47% 4.86% 5.11%
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 New Jersey tax-free
money market funds average as tracked by IBC Financial Data, Inc. Or
you can look at the fund's tax-equivalent yield, which is based on a
combined effective 1997 federal and state income tax rate of 40.08%. 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)
PERFORMANCE: THE BOTTOM LINE
To evaluate a money market fund's historical performance, you can look
at either total return or yield. Total return reflects the change in
the value of an investment, assuming reinvestment of the fund's
dividend 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. If Fidelity had not reimbursed
certain fund expenses, the total returns would have been lower.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED OCTOBER 31, 1997 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND
SPARTAN NEW JERSEY MUNICIPAL 3.22% 15.61% 28.78%
MONEY MARKET FUND
NEW JERSEY TAX-FREE 2.98% 14.15% 26.50%
MONEY MARKET FUNDS AVERAGE
CUMULATIVE TOTAL RETURNS show the fund's performance in percentage
terms over a specific period - in this case, one year, five years or
since the fund started on May 1, 1990. For example, if you had
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
New Jersey tax-free money market funds average, which reflects the
performance of New Jersey tax-free money market funds with similar
objectives tracked by IBC Financial Data, Inc. The past one year
average represents a peer group of 17 money market funds . (The
periods covered by IBC Financial Data, Inc. numbers are the closest
available match to those covered by the fund.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED OCTOBER 31, 1997 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND
SPARTAN NEW JERSEY MUNICIPAL 3.22% 2.94% 3.43%
MONEY MARKET FUND
NEW JERSEY TAX-FREE 2.98% 2.68% 3.21%
MONEY MARKET FUNDS AVERAGE
AVERAGE ANNUAL TOTAL RETURNS take the fund's cumulative return and
show you what would have happened if the fund had performed at a
constant rate each year.
YIELDS
11/3/97 7/28/97 4/28/97 2/3/97 10/28/96
SPARTAN NEW JERSEY 3.16% 3.17% 3.62% 3.16% 3.20%
MUNICIPAL MONEY MARKET
IF FIDELITY HAD NOT 3.16% 3.12% 3.47% 3.01% 3.05%
REIMBURSED CERTAIN FUND
EXPENSES
NEW JERSEY 2.93% 2.86% 3.36% 2.85% 2.86%
TAX-FREE MONEY MARKET
FUNDS AVERAGE
SPARTAN NEW JERSEY 5.27% 5.29% 6.04% 5.27% 5.34%
MUNICIPAL MONEY MARKET -
TAX-EQUIVALENT
IF FIDELITY HAD NOT 5.27% 5.21% 5.79% 5.02% 5.09%
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 New Jersey tax-free
money market funds average as tracked by IBC Financial Data, Inc. Or
you can look at the fund's tax-equivalent yield, which is based on a
combined effective 1997 federal and state income tax rate of 40.08%. 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 Fund
Q. SCOTT, WHAT WAS THE INVESTING ENVIRONMENT LIKE OVER THE 12 MONTHS
THAT ENDED OCTOBER 31, 1997?
A. For the first four months of that period, investors tried to figure
out when the Federal Reserve Board might raise the fed funds rate,
which is the rate banks charge each other for overnight loans. Over
that period, data showed growth in the economy, but the pace of that
growth was inconsistent, and there were no signs of inflation. As a
result, the Fed kept the fed funds rate steady at 5.25%. In February
and March, however, signs that the economy was growing at a stronger
clip changed market sentiment. Expectations of a rate increase
culminated in the Fed's announcement at its March 25 meeting that it
had increased the fed funds rate from 5.25% to 5.50%. For the next
month or so, the market expected the Fed to continue to raise rates.
However, at its May meeting, the Fed decided to hold off because
economic growth had moderated and inflation was still benign.
Q. WHAT HAPPENED BETWEN MAY AND THE END OF OCTOBER?
A. Economic activity was moderate to fairly strong, but inflation
remained in check. The Fed opted to keep rates unchanged, but remained
biased toward raising them if signs of stronger inflation emerge. In
fact, in mid-October, several Fed officials made comments indicating
that they were thinking of raising rates in order to slow the economy.
However, that was before economic and market turmoil hit Southeast
Asia in late October. Because of this instability in the global
financial markets, it appeared that the Fed could hold off raising
rates in order to avoid roiling the markets by causing more anxiety
with a rate increase. As a result, most market participants felt the
Fed would wait until at least February to see if the economy was still
strong and decide then if a rate increase was needed.
Q. WHAT WAS THE FUND'S STRATEGY DURING THIS 12-MONTH PERIOD?
A. For most of the period, the environment was one in which we
expected rates to be higher in the ensuing months. As a result, part
of our strategy was to invest in variable-rate securities because they
move up or down with changes in interest rates. At the same time, we
sought to buy fixed-rate notes when they were expected to provide a
higher yield than variable-rate securities over the terms of the
notes. In the New Jersey market, fixed-rate instruments often offer a
yield advantage over variable-rate notes because there is much
stronger demand for the latter. As a result of focusing more on
longer-term, fixed-rate securities in order to pick up extra yield,
the fund tended to maintain an average maturity in the 60-70 day
range. Since September, though, the maturity has come down somewhat
because variable-rate securities and new short-term issues became more
attractive. As a result, the average maturity was down to 58 days as
of October 31, and to 52 days as of November 30.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yields on October 31, 1997 and November 30,
1997, were 3.18% and 3.35%, respectively, compared to 3.69% on April
30, 1997, and 3.45% on May 31, 1997. The two more recent seven-day
yields were the equivalent of a 5.31% and 5.59% taxable rate of return
for New Jersey investors in the 40.08% combined state and federal
income tax bracket. For the 12-month period ending October 31, 1997,
the fund's return was 3.22%, compared to 2.98% for the New Jersey
tax-free money market funds average tracked by IBC Financial Data,
Inc. For the 12-month period ending November 30, 1997, the fund's
return was 3.23% compared to 3.00% for the IBC average.
Q. WERE THERE ANY DEVELOPMENTS OF NOTE IN NOVEMBER, SCOTT?
A. If anything, the fact that financial turmoil in Southeast Asia
continued and reached a more protracted state decreased the likelihood
that the Fed might raise rates as early as February. Most market
participants feel the Fed will wait until the market disruption in
Asia moderates before deciding if a strong U.S. domestic economy still
warrants a rate increase.
Q. WHAT'S YOUR OUTLOOK?
A. Over the next several months, I believe the Fed will continue to be
biased toward raising rates, and that it will be looking for reasons
to do so. At this point, the Fed has held off raising rates in spite
of the strength of the economy, because inflation has
remained under control and the uncertainty created in global
financial markets from the fallout in Asia has continued. With any
inkling of inflationary pressures, however, I believe the Fed would
pull the trigger and raise the fed funds rate at least one more time.
As a result, I'm managing the fund with the expectation that that will
happen, although the timing of a rate increase is unclear. A rate
increase in the next few months may help the U.S. economy, but it
might send the worldwide financial markets into an uproar. Therefore,
I think the Fed would like Asian markets to stabilize before it takes
action.
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
FUND NUMBER: 423
TRADING SYMBOL: FSJXX
START DATE: MAY 1, 1990
SIZE: AS OF OCTOBER 31, 1997,
MORE THAN $520 MILLION; AS
OF NOVEMBER 30, 1997,
MORE THAN $524 MILLION
MANAGER: SCOTT ORR, SINCE
APRIL 1997; MANAGER, VARIOUS
FIDELITY AND SPARTAN
MUNICIPAL MONEY MARKET
FUNDS; JOINED FIDELITY IN
1989
(CHECKMARK)
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIODS OF THE REPORTS AS STATED
ON THE COVER. THE MANAGER'S VIEWS ARE SUBJECT TO CHANGE AT ANY TIME
BASED ON MARKET AND OTHER CONDITIONS.
INVESTMENT CHANGES
MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
11/30/97 10/31/97 4/30/97
0 - 30 69 66 58
31 - 90 12 9 20
91 - 180 9 13 10
181 - 397 10 12 12
WEIGHTED AVERAGE MATURITY
11/30/97 10/31/97 4/30/97
SPARTAN NEW JERSEY 52 DAYS 58 DAYS 61 DAYS
MUNICIPAL MONEY
MARKET FUND
NEW JERSEY 51 DAYS 54 DAYS 49 DAYS
TAX-FREE MONEY MARKET
FUNDS AVERAGE*
ASSET ALLOCATION (% OF FUND'S INVESTMENTS)
AS OF NOVEMBER 30, 1997 AS OF OCTOBER 31, 1997 AS OF APRIL 30, 1997
ROW: 1, COL: 1, VALUE: 2.0
ROW: 1, COL: 2, VALUE: 25.0
ROW: 1, COL: 3, VALUE: 14.0
ROW: 1, COL: 4, VALUE: 59.0
ROW: 1, COL: 1, VALUE: 2.0
ROW: 1, COL: 2, VALUE: 28.0
ROW: 1, COL: 3, VALUE: 14.0
ROW: 1, COL: 4, VALUE: 56.0
ROW: 1, COL: 1, VALUE: 2.6
ROW: 1, COL: 2, VALUE: 32.0
ROW: 1, COL: 3, VALUE: 15.0
ROW: 1, COL: 4, VALUE: 50.6
VARIABLE RATE
DEMAND NOTES
(VRDNS) 60%
COMMERCIAL PAPER
(INCLUDING CP MODE) 14%
MUNICIPAL
NOTES 25%
OTHER 1%
VARIABLE RATE
DEMAND NOTES
(VRDNS) 57%
COMMERCIAL PAPER
(INCLUDING CP MODE) 14%
MUNICIPAL
NOTES 28%
OTHER 1%
VARIABLE RATE
DEMAND NOTES
(VRDNS) 51%
COMMERCIAL PAPER
(INCLUDING CP MODE) 15%
MUNICIPAL
NOTES 32%
OTHER 2%
*SOURCE: IBC'S MONEY FUND REPORT(registered trademark)
INVESTMENTS NOVEMBER 30, 1997
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENT IN SECURITIES
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - 80.4%
Bernardsville Borough Gen. Oblig. BAN 4.50% 4/16/98 $ 2,545,137 $
2,550,884
Bloomingdale Gen. Oblig. BAN 4.25% 3/13/98 1,300,000 1,301,399
Brick Township Gen. Oblig. BAN 4% 3/25/98 3,300,000 3,303,067
Bridgewater Gen. Oblig. BAN 4.25% 5/20/98 2,100,000 2,102,913
Camden County Impt. Auth. Rev., VRDN:
(Jewish Commty. Center Proj.) Series 1995, 4%,
LOC National Westminster Bank PLC 1,400,000 1,400,000
(Parkview Redev. Hsg. Proj.) 3.90%,
LOC General Electric Capital Corp. (b) 6,800,000 6,800,000
Cape May County Gen. Oblig. BAN 4% 2/27/98 1,216,000 1,216,000
Cedar Grove Township Gen. Oblig. BAN 4% 3/9/98 1,000,000 1,000,000
Cranford Township Gen. Oblig. BAN 4% 3/20/98 3,100,000 3,102,227
Delaware River Port Auth. Participating VRDN, Series SG-53,
4% (Liquidity Facility Societe Generale, France) (c) 9,640,000
9,640,000
Denville Township Board of Ed. BAN 4% 2/19/98 2,350,000 2,351,736
Denville Township Gen. Oblig. BAN 4% 12/26/97 4,800,000 4,801,425
East Windsor Regional School Dist. BAN 4.25% 8/26/98 2,700,000
2,707,632
Emerson Borough Gen. Oblig. BAN 4.125% 2/5/98 756,600 757,093
Essex County Impt. Auth. Rev. Series 1995, 3.65% (AMBAC
Insured) (BPA Morgan Guaranty Trust, NY) VRDN 5,600,000 5,600,000
Essex Falls Gen. Oblig. BAN 4% 12/12/97 2,650,000 2,650,323
Fairlawn Gen. Oblig. BAN 4% 12/12/97 5,000,000 5,000,610
Freehold Township Gen. Oblig. BAN 4.25% 2/6/98 1,240,895 1,242,136
Hillside Township Gen. Oblig. BAN 4.25% 3/9/98 1,510,000 1,511,658
Hudson County Impt. Auth. Rev. (Essential Purp.
Pooled Gov't. Loan Prog.) Series 1986, 3.80%,
LOC Comerica Bank-Detroit, VRDN 22,460,000 22,460,000
Hunterdon County Gen. Oblig. BAN 4.50% 5/22/98 6,900,000 6,920,345
Lacey Township Gen. Oblig. BAN 4.50% 4/30/98 900,000 901,481
Lavalette Borough Gen. Oblig. BAN:
4% 2/27/98 1,700,000 1,701,012
4.50% 5/1/98 787,235 788,789
Longbranch Gen. Oblig. BAN 4.25% 12/12/97 1,585,000 1,585,230
Montclair Township Gen. Oblig. BAN 4% 1/23/98 2,864,000 2,865,164
Montville Township Gen. Oblig. BAN 4.25% 8/28/98 5,100,000 5,116,416
New Jersey Econ. Dev. Auth. Econ. Dev. Rev., VRDN:
Rfdg. (RJB Associates 1983 Proj.) 3.95%,
LOC PNC Bank NA 400,000 400,000
(80 Carter Drive Assoc. Proj.) Series 1984, 4.20%,
LOC Marine Midland Bank 320,000 320,000
(Alesi Graphics Inc.) Series 89 AA, 4%, LOC PNC Bank (b) 400,000
400,000
(Arden Group) Series 1989 BB, 4%, LOC PNC Bank (b) 1,450,000
1,450,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Econ. Dev. Auth. Econ. Dev. Rev., VRDN: - continued
(Composite Issue):
(Ellison School Inc.) Series 1989 KK, 3.90%,
LOC PNC Bank $ 550,000 $ 550,000
Series 1989-B, 4%, LOC PNC Bank (b) 200,000 200,000
(Dial Realty) Series 1988 L, 4%, LOC PNC Bank (b) 2,150,000
2,150,000
(Eastern Silk) Second Series D2, 4%,
LOC Banque Nat'l. de Paris (b) 1,335,000 1,335,000
(Fieldstone Corp.) Series 1988 K, 4%, LOC PNC Bank (b) 1,050,000
1,050,000
(Guttenplan's Bakery) Series 1989 G, 4%,
LOC PNC Bank NA (b) 2,050,000 2,050,000
(Herzel Mor Corp.) Series 1989 L, 4%, LOC PNC Bank (b) 450,000
450,000
(Lamart Corporation) Series 1989 JJ,
4%, LOC PNC Bank (b) 350,000 350,000
(National Refrigerant) 4%, LOC Corestates Bank (b) 905,000 905,000
(Pictorial Offset Corp.) Series 1989 H, 4%,
LOC PNC Bank (b) 800,000 800,000
(PVC Container Corp.) Series 1987 D, 4.10%,
LOC Nat'l. Westminster Bank PLC (b) 2,015,000 2,015,000
(Recycle Inc. Proj.) Series 1995, 4.10%, LOC Fleet Bank (b)
4,900,000 4,900,000
(Richard L Tauber Issue) Series 93 B-1,
3.65%, LOC Fleet Bank (b) 2,490,000 2,490,000
Series E-1, 3.80%, LOC Fleet Bank (b) 1,785,000 1,785,000
(The Nash Group 85 Proj.) Series 1986, 3.65%,
LOC Chase Manhattan Bank (b) 470,000 470,000
New Jersey Econ. Dev. Auth. First Mtg. Rev.
(Franciscan Oaks Proj.) Series 1992B, 3.80%,
LOC Bank of Scotland, VRDN 1,200,000 1,200,000
New Jersey Econ. Dev. Auth. Gas Facs. Rev. (NUI Corp. Proj.)
Series 1996 A, 3.80% (AMBAC Insured)
(BPA Bank of New York, NY) VRDN (b) 4,500,000 4,500,000
New Jersey Econ. Dev. Auth. Ind. & Econ. Dev. Rev., VRDN:
(Block Drug Corp.) Series A, 3.95%,
LOC SunTrust Bank, Atlanta 715,000 715,000
(Casa DiBertacchi Corp. Facs.) Series 1988, 3.95%,
LOC Marine Midland Bank (b) 700,000 700,000
New Jersey Econ. Dev. Auth. Rev.:
VRDN:
(500 International Drive Partners Proj.)
Series 1995, 3.90%, LOC First Union Nat'l. Bank 3,000,000
3,000,000
(E.P. Henry Corp. Proj.) 3.95%,
LOC New Jersey Nat'l. Bank (b) 960,000 960,000
(Hoffman-La Roche Inc.) 3.75%,
LOC Bayerische Landesbank Girozentrale (b) 1,200,000 1,200,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Econ. Dev. Auth. Rev.: - continued
VRDN: - continued
(Paterson Composite) Series C, 4.05%,
LOC Chase Manhattan Bank (b) $ 2,500,000 $ 2,500,000
(Peddie School Proj.) 3.80% (BPA PNC Bank) 500,000 500,000
Bonds:
Chambers Cogeneration Proj. Series1991:
3.60%, LOC Chambers de Local de France, CP mode (b) 16,500,000
16,500,000
3.65%, LOC Chambers de Local de France, CP mode (b) 8,000,000
8,000,000
New Jersey Econ. Dev. Auth. Rev. Rfdg. (Natural
Gas Co. Proj.) 3.70% (AMBAC Insured)
(BPA Bank of New York) VRDN (b) 3,200,000 3,200,000
New Jersey Econ. Dev. Auth. Water Fac. Rev. Rfdg., VRDN:
(New Jersey American Water Co.)
Series 97B, 3.95% (FGIC Insured) (b) 23,800,000 23,800,000
(United Water New Jersey Inc.):
Series 96 B, 3.55% (AMBAC Insured) 1,200,000 1,200,000
Series 96-C, 3.65% (AMBAC Insured)
(BPA Bank of New York) (b) 1,900,000 1,900,000
New Jersey Edl. Facs. Auth. Participating VRDN,
Series SG-48, 4% (Liquidity Facility Societe
Generale, France) (c) 2,200,000 2,200,000
New Jersey Gen. Oblig. Participating VRDN:
Series 1995-CB1, 4.05% (Liquidity Facility
Chase Manhattan Bank) (c) 6,600,000 6,600,000
Series 1997 L, 4.05% (Liquidity Facility Caisse des
Depots et Consigns) (c) 12,765,000 12,765,000
Series 943005, 3.99% (Liquidity Facility Citibank, NA) (c) 3,900,000
3,900,000
Series BT-104, 4% (Liquidity Facility
Bankers Trust Company, NY) (c) 7,785,000 7,785,000
New Jersey Gen. Oblig. TRAN Series 1998A,
(Liquidity Facility Bank of Nova Scotia/Commerzbank) CP:
3.75% 12/15/97 5,300,000 5,300,000
3.75% 12/16/97 5,300,000 5,300,000
3.75% 1/14/98 6,500,000 6,500,000
3.80% 1/22/98 5,300,000 5,300,000
3.75% 1/28/98 3,000,000 3,000,000
3.75% 2/18/98 6,000,000 6,000,000
3.75% 2/19/98 7,000,000 7,000,000
3.70% 2/26/98 6,000,000 6,000,000
New Jersey Health Care Facs. Fing. Auth. Rev. (Hosp. Cap.
Asset Fing. Prog.) Series 1985 B, 3.70%,
LOC Chase Manhattan Bank, VRDN 1,500,000 1,500,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Higher Ed. Assistance Auth. Student
Loan Rev. Bonds Series 1997 B, 3.90%, tender
6/1/98 (BPA Landesbank Hessen-Thuringen)
(MBIA Insured) (b) $ 1,800,000 $ 1,800,000
New Jersey Hsg. & Mtg. Fin. Agcy. Participating VRDN:
Rev.:
Series 1992-1, 4% (Liquidity Bank
Rabobank Nederland) (b)(c) 5,000,000 5,000,000
Series 1994 C-3003, 4.14% (MBIA Insured)
(Liquidity Facility Citibank, NA) (c) 6,200,000 6,200,000
Series 1994 C-3004, 3.99% (MBIA Insured)
(Liquidity Facility Citibank, NA) (c) 3,600,000 3,600,000
Series 1996 F, 3.94%
(Liquidity Facility Bank of America) (c) 4,680,000 4,680,000
Series PA-117, 4.05% (Liquidity Facility
Merrill Lynch & Co.) (b)(c) 5,160,000 5,160,000
Series PT-118, 4.05%
(Liquidity Facility BANCO Santander) (b)(c) 5,700,000 5,700,000
Series PT-92, 4.05%
(Liquidity Bayerische Hypotheken-und Wechsel) (b)(c) 7,485,000
7,485,000
New Jersey Sports and Exposition Auth. Rev., Series 1992 C,
3.70% (MBIA Insured) (BPA Barclays Bank) VRDN 17,885,000 17,885,000
New Jersey Trans. Trust Fund Sys. Rev. Bonds Series A,
5.50% 6/15/98 2,500,000 2,521,294
North Brunswick Gen. Oblig. BAN 4.25% 8/28/98 3,300,000 3,308,200
Ocean City Gen. Oblig. BAN 4.25% 4/3/98 4,300,000 4,305,183
Ocean County Gen. Oblig. BAN 4.25% 6/19/98 7,800,000 7,821,413
Parsippany Troy Hills Gen. Oblig. BAN 4% 2/2/98 6,300,000 6,303,258
Passaic County Gen. Oblig. BAN:
4.50% 4/3/98 7,000,000 7,013,847
4.25% 9/25/98 16,500,000 16,550,517
Pequannock Township Gen. Oblig. BAN 4% 12/4/97 1,300,000 1,300,036
Salem County Poll. Cont. Fin. Auth. Rev. VRDN:
Rfdg.:
(Public Service Electric & Gas) Series 1997 A, 4.10%
(MBIA Insured) (BPA Swiss Bank Corp.) (b) 3,500,000 3,500,000
(Atlantic City Elec. Co. Proj.) Series 1997B, 3.80%
(MBIA Insured) (BPA Bank of New York) (b) 1,000,000 1,000,000
Somerset County Ind. Poll. Cont. Fing. Auth. Rev,
(Minnesota Mining & Manufacturing Guaranteed)
Series 1982, 4.05%, VRDN 100,000 100,000
Sparta Gen. Oblig. BAN 4.25% 6/12/98 2,500,000 2,505,209
Sussex County Gen. Oblig. BAN 4% 2/10/98 4,000,000 4,002,622
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
Union County Ind. Dev. Auth. Poll. Cont. Rev. (Exxon Proj.)
Series 1989, 3.60% 10/1/24, VRDN $ 1,900,000 $ 1,900,000
Vernon Township Board of Ed. BAN 4.25% 12/5/97 2,750,000 2,750,165
Verona Township Gen. Oblig. BAN 4.25% 11/12/98 3,525,000 3,538,834
Wall Township Gen. Oblig. BAN 4.125% 3/20/98 2,200,000 2,202,148
Washington Township Gen. Oblig. BAN 4.25% 4/20/98 3,486,429
3,490,700
West Windsor Plainsboro Gen. Oblig. BAN 4% 2/10/98 2,700,000
2,702,028
Woodbridge Township Gen. Oblig. BAN 4.25% 7/31/98 8,250,000
8,270,029
417,068,023
NEW YORK & NEW JERSEY - 18.4%
New York & New Jersey Port Auth. Participating VRDN:
(JFK Arpt. Term.) Series 6:
4.05% (Liquidity Facility Societe Generale, France) (b)(c) 3,655,000
3,655,000
4.05% (Liquidity Facility Societe Generale, France) (b)(c)
9,900,000 9,900,000
Series 1997:
4.20% (Liquidity Facility Bank of New York) (b)(c) 5,600,000
5,600,000
4.20% (Liquidity Facility Bank of New York) (c) 2,100,000
2,100,000
Series PA-67, 4% (Liquidity Facility Merrill Lynch & Co.) (c)
2,080,000 2,080,000
Series SG-52, 4.05%
(Liquidity Facility Societe Generale France) (b)(c) 5,100,000
5,100,000
New York & New Jersey Port. Auth. Rev. VRDN:
(Equipment Notes):
Series 1996-3, 3.95% 5,000,000 5,000,000
Series 1996-5, 3.95% 4,800,000 4,800,000
Series 1997 1B, 3.95% 3,200,000 3,200,000
Series 1991, 3.95% (b)(d) 6,400,000 6,400,000
Series 1992, 3.825% (d) 6,900,000 6,900,000
Series 1995, 3.825% (b)(d) 10,500,000 10,500,000
Series 1995-1, 3.95% 5,000,000 5,000,000
Series 1997-2, 3.825% (d) 10,400,000 10,400,000
New York & New Jersey Port Auth. Series B, 3.75%
3/10/98 (Liquidity Facility Bank of Nova Scotia) CP 1,800,000
1,800,000
New York & New Jersey Port Auth. Spl. Oblig. Rev. VRDN:
Series 3, 3.85% (BPA Morgan Guaranty Trust Co.) 400,000 400,000
Series 5, 3.85% (SBPA Bayerische Landesbank) 3,200,000 3,200,000
4% 8/1/28 (BPA Bank of Tokyo-Mitsubishi Ltd.)
(BPA Sumitomo Bank Ltd. Japan) (b) 2,500,000 2,500,000
New York & New Jersey Port Auth. Spl. Proj. Bonds
Participating VRDN, Series 6, 4.05% (Liquidity facility
Societe Generale, France) (b)(c) 6,900,000 6,900,000
95,435,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PUERTO RICO - 0.6%
Puerto Rico Elec. Pwr. Auth. Pwr. Rev. Bonds Participating
VRDN, Series AA, 3.80% 7/1/22
(Liquidity Facility Societe Generale France) (c) $ 1,700,000 $
1,700,000
Puerto Rico Pwr. Auth. Pwr. Rev. (Muni. Sec. Trust Rec.
SGA44) Series AA, 3.65% tender 8/08/97
(Liquidity Facility Societe Generale France) (c) 1,100,000 1,100,000
2,800,000
SHARES
OTHER - 0.6%
Municipal Central Cash Fund (e)(f) 3,213,531 3,213,531
TOTAL INVESTMENTS - 100% $ 518,516,554
Total Cost for Income Tax Purposes $ 518,516,554
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
2. Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
3. Provides evidence of ownership in one or more underlying municipal
bonds.
4. Restricted securities - Investment in securities not registered
under the Securities Act of 1933 (see Note 2 of Notes to Financial
Statements).
Additional information on each holding is as follows:
ACQUISITION AMORTIZED
SECURITY DATE COST
New York & New Jersey
Port Auth. Rev. VRDN:
Series 1991, 3.95% 6/18/91 $ 6,400,000
Series 1992, 3.825% 2/14/92 $ 6,900,000
Series 1995, 3.825% 9/15/95 $ 10,500,000
Series 1997-2, 3.825% 9/15/97 $ 10,400,000
5. Information in this report regarding holdings by state and security
types do not reflect the holdings of the Municipal Central Cash Fund.
A listing of the Municipal Central Cash Fund's holdings as of its most
recent fiscal period end is available upon request.
6. At the period end, the seven-day yield of the Municipal Central
Cash Fund was 3.86%. The yield refers to the income earned by
investing in the fund over the seven-day period, expressed as an
annual percentage.
INCOME TAX INFORMATION
At November 30, 1997, the fund had a capital loss carryforward of
approximately $71,000 of which $24,000, $16,000, $2,000 and $29,000
will expire on November 30, 2000, 2002, 2003 and 2004, respectively.
During fiscal year ended November 30, 1997, 100% of the fund's income
dividends was free from federal income tax, and 33.02% of the fund's
income dividends was subject to the federal alternative minimum tax.
(Unaudited)
INVESTMENTS OCTOBER 31, 1997
Showing Percentage of Total Value of Investment in Securities
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - 83.6%
Bernardsville Borough Gen. Oblig. BAN 4.50% 4/16/98 $ 2,545,137 $
2,552,152
Bloomingdale Gen. Oblig. BAN 4.25% 3/13/98 1,300,000 1,301,810
Bridgewater Gen. Oblig. BAN 4.25% 5/20/98 2,100,000 2,103,427
Camden County Impt. Auth. Rev., VRDN :
(Jewish Commty. Center Proj.) Series 1995, 3.30%,
LOC National Westminster Bank PLC 1,400,000 1,400,000
(Parkview Redev. Hsg. Proj.) 3.60%,
LOC General Electric Capital Corp. (b) 6,800,000 6,800,000
Cape May County Gen. Oblig. BAN 4% 2/27/98 1,216,000 1,216,000
Cedar Grove Township Gen. Oblig. BAN 4% 3/9/98 1,000,000 1,000,000
Cranford Township Gen. Oblig. BAN 4% 3/20/98 3,100,000 3,102,841
Delaware River Port Auth. Participating VRDN, Series SG-53,
3.75% (Liquidity Facility Societe Generale, France) (c) 9,640,000
9,640,000
Denville Township Board of Ed. BAN 4% 2/19/98 2,350,000 2,352,387
Denville Township Gen. Oblig. BAN 4% 12/26/97 4,800,000 4,803,135
East Windsor Regional School Dist. BAN 4.25% 8/26/98 2,700,000
2,708,487
Emerson Borough Gen. Oblig. BAN 4.125% 2/5/98 756,600 757,318
Essex County Gen. Oblig. TAN 4% 11/20/97 13,900,000 13,901,781
Essex County Impt. Auth. Rev. Series 1995, 3.30%
(AMBAC Insured) (BPA Morgan Guaranty Trust, NY) VRDN 11,000,000
11,000,000
Essex Falls Gen. Oblig. BAN 4% 12/12/97 2,650,000 2,651,206
Fairlawn Gen. Oblig. BAN 4% 12/12/97 5,000,000 5,002,275
Florham Park Gen. Oblig. BAN 4.25% 11/7/97 1,379,000 1,379,109
Freehold Township Gen. Oblig. BAN 4.25% 2/6/98 1,240,895 1,242,692
Hillside Township Gen. Oblig. BAN 4.25% 3/9/98 1,510,000 1,512,116
Hudson County Impt. Auth. Rev.
(Essential Purp. Pooled Gov't. Loan Prog.) Series 1986,
3.50%, LOC Comerica Bank-Detroit, VRDN 22,460,000 22,460,000
Hunterdon County Gen. Oblig. BAN 4.50% 5/22/98 6,900,000 6,923,894
Lacey Township Gen. Oblig. BAN 4.50% 4/30/98 900,000 901,789
Lavalette Borough Gen. Oblig. BAN:
4.25% 11/6/97 1,358,093 1,358,156
4% 2/27/98 1,700,000 1,701,372
4.50% 5/1/98 787,235 789,110
Longbranch Gen. Oblig. BAN 4.25% 12/12/97 1,585,000 1,585,943
Montclair Township Gen. Oblig. BAN 4% 1/23/98 2,864,000 2,865,858
Montville Township Gen. Oblig. BAN 4.25% 8/28/98 5,100,000 5,118,150
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Econ. Dev. Auth. Econ. Dev. Rev., VRDN:
Rfdg. (RJB Associates 1983 Proj.) 3.60%,
LOC PNC Bank NA $ 400,000 $ 400,000 (80 Carter Drive Assoc. Proj.)
Series 1984, 3.90%,
LOC Marine Midland Bank 320,000 320,000 (Alesi Graphics Inc.)
Series 89 AA, 3.70%,
LOC PNC Bank (b) 400,000 400,000 (Arden Group) Series 1989 BB,
3.70%,
LOC PNC Bank (b) 1,450,000 1,450,000
(Composite Issue):
(Ellison School Inc.) Series 1989 KK, 3.60%,
LOC PNC Bank 550,000 550,000
Series 1989-B, 3.70%, LOC PNC Bank (b) 200,000 200,000
(Dial Realty) Series 1988 L, 3.70%,
LOC PNC Bank (b) 2,150,000 2,150,000
(Eastern Silk) Second Series D2, 3.70%,
LOC Banque Nat'l. de Paris (b) 1,335,000 1,335,000
(Fieldstone Corp.) Series 1988 K, 3.70%,
LOC PNC Bank (b) 1,050,000 1,050,000
(Guttenplan's Bakery) Series 1989 G, 3.70%,
LOC PNC Bank NA (b) 2,050,000 2,050,000
(Herzel Mor Corp.) Series 1989 L, 3.70%,
LOC PNC Bank (b) 450,000 450,000
(Lamart Corp.) Series 1989 JJ, 3.70%,
LOC PNC Bank (b) 350,000 350,000
(National Refrigerant) 3.65%, LOC Corestates Bank (b) 905,000
905,000
(Pictorial Offset Corp.) Series 1989 H, 3.70%,
LOC PNC Bank (b) 800,000 800,000
(PVC Container Corp.) Series 1987 D, 3.80%,
LOC Nat'l. Westminster Bank PLC (b) 2,015,000 2,015,000
(Recycle Inc. Proj.) Series 1995, 3.80%, LOC Fleet Bank (b)
4,900,000 4,900,000
(Richard L. Tauber Issue) Series 93 B-1, 3.30%,
LOC Fleet Bank (b) 2,490,000 2,490,000
Series E-1, 3.60%, LOC Fleet Bank (b) 1,785,000 1,785,000
(The Nash Group 85 Proj.) Series 1986, 3.45%,
LOC Chase Manhattan Bank (b) 470,000 470,000
(Tru-Urban Renewal Corp. Proj.) 3.90% (Toys R Us
Guaranteed) LOC Chase Manhattan Bank 700,000 700,000
New Jersey Econ. Dev. Auth. First Mtg. Rev.
(Franciscan Oaks Proj.) Series 1992 B, 3.60%,
LOC Bank of Scotland, VRDN 1,200,000 1,200,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Econ. Dev. Auth. Ind. & Econ. Dev. Rev., VRDN:
(Block Drug Corp.) Series A, 3.70%,
LOC SunTrust Bank, Atlanta $ 715,000 $ 715,000
(Casa DiBertacchi Corp. Facs.) Series 1988, 3.70%,
LOC Marine Midland Bank (b) 700,000 700,000
New Jersey Econ. Dev. Auth. Rev.:
VRDN:
(500 International Drive Partners Proj.)
Series 1995, 3.60%, LOC First Union Nat'l. Bank 3,000,000
3,000,000
(E.P. Henry Corp. Proj.) 3.55%,
LOC New Jersey Nat'l. Bank (b) 960,000 960,000
(Paterson Composite) Series C, 3.65%,
LOC Chase Manhattan Bank (b) 2,500,000 2,500,000
(Peddie School Proj.) 3.45% (BPA PNC Bank) 500,000 500,000
Bonds:
Chambers Cogeneration Proj. Series 1991:
3.50%, LOC Chambers de Local de France, CP mode (b) 16,500,000
16,500,000
3.65%, LOC Chambers de Local de France, CP mode (b) 8,000,000
8,000,000
New Jersey Econ. Dev. Auth. Rev. Rfdg.
(Natural Gas Co. Proj.) 3.50% (AMBAC Insured)
(BPA Bank of New York) VRDN (b) 3,200,000 3,200,000
New Jersey Econ. Dev. Auth. Water Fac. Rev., VRDN
Rfdg.:
(New Jersey American Water Co.)
Series 97B, 3.50% (FGIC Insured) (b) 23,800,000 23,800,000
(United Water New Jersey Inc.) Series 96-C,
(AMBAC Insured) (BPA Bank of New York) (b) 2,300,000 2,300,000
New Jersey Edl. Facs. Auth. Participating VRDN,
Series SG-48, 3.75% (Liquidity Facility Societe
Generale, France) (c) 4,500,000 4,500,000
New Jersey Gen. Oblig. Participating VRDN:
Series 1995-CB1, 3.55% (Liquidity Facility Chase
Manhattan Bank) (c) 3,000,000 3,000,000
Series 1997 L, 3.80% (Liquidity Facility Caisse
des Depots et Consigns) (c) 12,765,000 12,765,000
Series 943005, 3.74% (Liquidity Facility Citibank, NA) (c) 3,900,000
3,900,000
Series BT-104, 3.80% (Liquidity Facility Bankers
Trust Company, NY) (c) 7,785,000 7,785,000
New Jersey Gen. Oblig. TRAN Series 1998A,
(Liquidity Facility Bank of Nova Scotia/Commerzbank) CP:
3.70% 11/13/97 5,300,000 5,300,000
3.70% 11/19/97 5,300,000 5,300,000
3.75% 12/15/97 5,300,000 5,300,000
3.75% 12/16/97 5,300,000 5,300,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
New Jersey Gen. Oblig. TRAN Series 1998A,
(Liquidity Facility Bank of Nova Scotia/
Commerzbank) CP: - continued
3.75% 1/14/98 $ 6,500,000 $ 6,500,000
3.75% 2/18/98 6,000,000 6,000,000
3.75% 2/19/98 7,000,000 7,000,000
3.70% 2/26/98 6,000,000 6,000,000
New Jersey Health Care Facs. Fing. Auth. Rev.
(Hosp. Cap. Asset Fing. Prog.) Series 1985 B, 3.40%,
LOC Chase Manhattan Bank, VRDN 1,500,000 1,500,000
New Jersey Higher Ed. Assistance Auth. Student Loan
Rev. Bonds Series 1997 B, 3.90%, tender 6/1/98
(BPA Landesbank Hessen-Thurgingen) (MBIA Insured) (b) 1,800,000
1,800,000
New Jersey Hsg. & Mtg. Fin. Agcy. Participating VRDN:
Rev:
Series 1992-1, 3.80% (Liquidity Bank
Rabobank Nederland) (b)(c) 5,000,000 5,000,000
Series 1994 C-3003, 3.89% (MBIA Insured)
(Liquidity Facility Citibank, NA) (c) 6,200,000 6,200,000
Series 1994 C-3004, 3.74% (MBIA Insured)
(Liquidity Facility Citibank, NA) (c) 3,600,000 3,600,000
Series 1996 F, 3.69%
(Liquidity Facility Bank of America) (c) 4,680,000 4,680,000
Series PA-117, 3.80%
(Liquidity Facility Merrill Lynch & Co.) (b)(c) 5,160,000
5,160,000
Series PT-118, 3.80%
(Liquidity Facility BANCO Santander) (b)(c) 5,700,000 5,700,000
Series PT-92, 3.80%
(Liquidity Bayerische Hypotheken-und Wechsel) (b)(c) 7,485,000
7,485,000
New Jersey Sports and Exposition Auth. Rev., Series 1992 C,
3.40% (MBIA Insured) (BPA Barclays Bank) VRDN 21,885,000 21,885,000
New Jersey Trans. Trust Fund Sys. Rev. Bonds Series A,
5.50% 6/15/98 2,500,000 2,524,553
North Brunswick Gen. Oblig. BAN 4.25% 8/28/98 3,300,000 3,309,111
Ocean City Gen. Oblig. BAN 4.25% 4/3/98 4,300,000 4,306,448
Ocean County Gen. Oblig. BAN 4.25% 6/19/98 7,800,000 7,824,624
Parsippany Troy Hills Gen. Oblig. BAN 4% 2/2/98 6,300,000 6,304,811
Passaic County Gen. Oblig. BAN:
4.50% 4/3/98 7,000,000 7,017,224
4.25% 9/25/98 16,500,000 16,555,603
Pequannock Township Gen. Oblig. BAN 4% 12/4/97 1,300,000 1,300,396
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW JERSEY - CONTINUED
Salem County Poll. Cont. Fin. Auth. Rev. VRDN:
Rfdg.:
(Public Service Electric & Gas) Series 1997 A, 3.35%
(MBIA Insured) (BPA Swiss Bank Corp.) (b) $ 3,500,000 $ 3,500,000
(Atlantic City Elec. Co. Proj.) Series 1997B, 3.85%
(MBIA Insured) (BPA Bank of New York) (b) 1,000,000 1,000,000
Somerset County Ind. Poll. Cont. Fing. Auth. Rev.,
(Minnesota Mining & Manufacturing Guaranteed)
Series 1982, 3.65%, VRDN 100,000 100,000
Sparta Gen. Oblig. BAN 4.25% 6/12/98 2,500,000 2,506,019
Sussex County Gen. Oblig. BAN 4% 2/10/98 4,000,000 4,003,730
Vernon Township Board of Ed. BAN 4.25% 12/5/97 2,750,000 2,751,406
Verona Township Gen. Oblig. BAN 4.10% 11/19/97 2,000,000 2,000,399
Wall Township Gen. Oblig. BAN 4.125% 3/20/98 2,200,000 2,202,739
Washington Township Gen. Oblig. BAN 4.25% 4/20/98 3,486,429
3,491,615
West Windsor Plainsboro Gen. Oblig. BAN 4% 2/10/98 2,700,000
2,702,884
Woodbridge Township Gen. Oblig. BAN 4.25% 7/31/98 8,250,000
8,272,564
431,610,134
NEW YORK & NEW JERSEY - 16.3%
New York & New Jersey Port Auth. Participating VRDN:
(JFK Arpt. Term.) Series 6:
3.80% (Liquidity Facility Societe Generale, France) (b)(c) 3,655,000
3,655,000
3.80% (Liquidity Facility Societe Generale, France) (b)(c)
4,700,000 4,700,000
Series 1997:
3.75% (Liquidity Facility Bank of New York) (b)(c) 5,600,000
5,600,000
3.75% (Liquidity Facility Bank of New York) (c) 2,100,000
2,100,000
Series PA-67, 3.55% (Liquidity Facility Merrill
Lynch & Co.) (c) 2,080,000 2,080,000
Series SG-52, 3.80%
(Liquidity Facility Societe Generale France) (b)(c) 5,100,000
5,100,000
New York & New Jersey Port Auth. Rev. VRDN:
(Equipment Notes):
Series 1996-3, 3.70% 5,000,000 5,000,000
Series 1996-5, 3.70% 4,800,000 4,800,000
Series 1997 1B, 3.70% 3,200,000 3,200,000
Series 1991, 3.775% (b)(d) 6,400,000 6,400,000
Series 1992, 3.575% (d) 6,900,000 6,900,000
Series 1995, 3.575% (b)(d) 10,500,000 10,500,000
Series 1995-1, 3.70% 5,000,000 5,000,000
Series 1997-2, 3.575% (d) 10,400,000 10,400,000
New York & New Jersey Port Auth. Series B, 3.70%
11/10/97 (Liquidity Facility Bank of Nova Scotia) CP 1,800,000
1,800,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK & NEW JERSEY - CONTINUED
New York & New Jersey Port Auth. Spl. Proj. Bonds
Participating VRDN, Series 6, 3.80%
(Liquidity Facility Societe Generale, France) (b)(c) $ 6,900,000 $
6,900,000
84,135,000
PUERTO RICO - 0.1%
Puerto Rico Univ. of Sys. Rev. Participating VRDN, 3.50%
(Liquidity Facility Societe Generale, France) (c) 600,000 600,000
TOTAL INVESTMENTS - 100% $ 516,345,134
Total Cost For Income Tax Purposes $ 516,345,134
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
1. The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
2. Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
3. Provides evidence of ownership in one or more underlying municipal
bonds.
4. Restricted securities - Investment in securities not registered
under the Securities Act of 1933 (see Note 2 of Notes to Financial
Statements).
Additional information on each holding is as follows:
ACQUISITION AMORTIZED
SECURITY DATE COST
New York & New Jersey
Port Auth. Rev. VRDN:
Series 1991, 3.775% 6/18/91 $ 6,400,000
Series 1992, 3.575% 2/14/92 $ 6,900,000
Series 1995, 3.575% 9/15/95 $ 10,500,000
Series 1997-2, 3.575% 9/15/97 $ 10,400,000
INCOME TAX INFORMATION
At October 31, 1997, the fund had a capital loss carryforward of
approximately $71,000 of which $24,000, $16,000, $2,000 and $29,000
will expire on October 31, 2001, 2003, 2004 and 2005, respectively.
During fiscal year ended October 31, 1997, 100% of the fund's income
dividends was free from federal income tax, and 31.67% of the fund's
income dividends was subject to the federal alternative minimum tax.
(Unaudited)
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
NOVEMBER 30, 1997 OCTOBER 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C>
ASSETS
INVESTMENT IN SECURITIES, AT VALUE - SEE $ 518,516,554 $ 516,345,134
ACCOMPANYING SCHEDULE
CASH 846,665 8,997
INTEREST RECEIVABLE 5,263,076 4,680,755
TOTAL ASSETS 524,626,295 521,034,886
LIABILITIES
SHARE TRANSACTIONS IN PROCESS $ - $ 214,033
DISTRIBUTIONS PAYABLE 39,602 39,247
ACCRUED MANAGEMENT FEE 213,860 222,814
OTHER PAYABLES AND ACCRUED EXPENSES 7,859 7,884
TOTAL LIABILITIES 261,321 483,978
NET ASSETS $ 524,364,974 $ 520,550,908
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 524,436,068 $ 520,622,002
ACCUMULATED NET REALIZED (71,094) (71,094)
GAIN (LOSS) ON INVESTMENTS
NET ASSETS, FOR 524,408,873 AND 520,594,807, SHARES $ 524,364,974 $ 520,550,908
OUTSTANDING, RESPECTIVELY
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE $1.00 $1.00
PER SHARE ($524,364,974 (DIVIDED BY) 524,408,873 SHARES) AND
($520,550,908 (DIVIDED BY) 520,594,807 SHARES), RESPECTIVELY
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
ONE MONTH ENDED YEAR ENDED
NOVEMBER 30, OCTOBER 31,
1997 1997
INTEREST INCOME $ 1,616,874 $ 18,729,930
EXPENSES
MANAGEMENT FEE $ 213,575 $ 2,612,461
NON-INTERESTED TRUSTEES' COMPENSATION 285 10,596
TOTAL EXPENSES BEFORE REDUCTIONS 213,860 2,623,057
EXPENSE REDUCTIONS (951) (531,876)
TOTAL EXPENSES AFTER REDUCTIONS 212,909 2,091,181
NET INTEREST INCOME 1,403,965 16,638,749
REALIZED AND UNREALIZED GAIN (LOSS) - (28,856)
NET REALIZED GAIN (LOSS) ON INVESTMENT SECURITIES
INCREASE (DECREASE) IN NET UNREALIZED GAIN FROM - (31)
ACCRETION OF MARKET DISCOUNT
NET GAIN (LOSS) - (28,887)
NET INCREASE IN NET ASSETS RESULTING $ 1,403,965 $ 16,609,862
FROM OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C> <C>
ONE MONTH ENDED YEAR ENDED YEAR ENDED
NOVEMBER 30, OCTOBER 31, OCTOBER 31,
1997 1997 1996
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 1,403,965 $ 16,638,749 $ 15,706,716
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) - (28,856) (2,397)
INCREASE (DECREASE) IN NET - (31) (271)
UNREALIZED GAIN FROM ACCRETION
OF MARKET DISCOUNT
NET INCREASE (DECREASE) IN NET ASSETS 1,403,965 16,609,862 15,704,048
RESULTING FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET (1,403,965) (16,638,749) (15,706,716)
INTEREST INCOME
SHARE TRANSACTIONS AT NET ASSET VALUE OF 37,088,585 572,748,800 467,177,945
$1.00 PER SHARE
PROCEEDS FROM SALES OF SHARES
REINVESTMENT OF DISTRIBUTIONS FROM NET 1,377,406 16,278,251 15,280,700
INTEREST INCOME
COST OF SHARES REDEEMED (34,651,925) (573,322,288) (447,414,948)
NET INCREASE (DECREASE) IN NET ASSETS 3,814,066 15,704,763 35,043,697
RESULTING FROM SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) 3,814,066 15,675,876 35,041,029
IN NET ASSETS
NET ASSETS
BEGINNING OF PERIOD 520,550,908 504,875,032 469,834,003
END OF PERIOD $ 524,364,974 $ 520,550,908 $ 504,875,032
</TABLE>
FINANCIAL HIGHLIGHTS
YEARS ENDED OCTOBER 31,
1997 F 1997 1996 1995 1994 1993
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
BEGINNING OF
PERIOD
INCOME FROM .003 .032 .032 .036 .024 .021
INVESTMENT
OPERATIONS
NET INTEREST
INCOME
LESS DISTRIBUTIONS
FROM NET INTEREST (.003) (.032) (.032) (.036) (.024) (.021)
INCOME
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
END OF PERIOD
TOTAL RETURN B, C 0.27% 3.22% 3.24% 3.65% 2.45% 2.17%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END $ 524,365 $ 520,551 $ 504,875 $ 469,834 $ 395,935 $ 313,477
OF PERIOD
(000 OMITTED)
RATIO OF EXPENSES .50% .40% .35% .31% .28% .44%
TO AVERAGE A D D D D D
NET ASSETS
RATIO OF EXPENSES .50% .40% .34% E .31% .28% .44%
TO AVERAGE A
NET ASSETS
AFTER EXPENSE
REDUCTIONS
RATIO OF NET INTEREST 3.28% 3.15% 3.20% 3.59% 2.44% 2.15%
INCOME TO A
AVERAGE NET
ASSETS
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 4 OF NOTES TO
FINANCIAL STATEMENTS).
C TOTAL RETURNS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED AND DO NOT
INCLUDE THE ACCOUNT CLOSEOUT FEE.
D FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 4 OF NOTES TO FINANCIAL STATEMENTS).
E FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
F FOR THE ONE MONTH PERIOD ENDED NOVEMBER 30, 1997.
NOTES TO FINANCIAL STATEMENTS
For the periods ended November 30, 1997 and October 31, 1997
1. SIGNIFICANT ACCOUNTING POLICIES.
Spartan New Jersey Municipal Money Market Fund (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. At a special meeting of the shareholders of the fund
held on November 26, 1997, shareholders approved an Agreement and Plan
of Reorganization, providing for the reorganization of the fund into
Fidelity Court Street Trust II, effective January 1998. On September
18, 1997, the Board of Trustees approved a change in the fiscal
year-end of the fund to November 30. Accordingly, the financial
statements of the fund are presented as of and for the year ended
October 31, 1997 and the one month period ended November 30, 1997. The
financial statements have been prepared in conformity with generally
accepted accounting principles which permit management to make certain
estimates and assumptions at the date of the financial statements. 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 substantially all of
its taxable income for its fiscal year. The schedules of investments
include information regarding income taxes under the caption "Income
Tax Information."
INTEREST INCOME. Interest income, which includes amortization of
premium and accretion of original issue discount, is accrued as
earned. 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. OPERATING POLICIES.
MUNICIPAL CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by
the Securities and Exchange Commission, the fund may invest in the
Municipal Central Cash Fund (the Cash Fund) managed by FMR Texas,
Inc., an affiliate of Fidelity Management & Research Company (FMR).
The Cash Fund is an open-end money market fund available only to
investment companies and other accounts managed by FMR and its
affiliates. The Cash Fund seeks
2. OPERATING POLICIES -
CONTINUED
MUNICIPAL CENTRAL CASH FUND -
CONTINUED
preservation of capital, liquidity, and current income by investing in
high-quality, short-term municipal securities of various states and
municipalities. Income distributions from the Cash Fund are declared
daily and paid monthly from net interest income. Income distributions
received by the fund are recorded as interest income in the
accompanying financial statements.
RESTRICTED SECURITIES. The fund is permitted to invest in securities
that are subject to legal or contractual restrictions on resale. These
securities generally may be resold in transactions exempt from
registration or to the public if the securities are registered.
Disposal of these securities may involve time-consuming negotiations
and expense, and prompt sale at an acceptable price may be difficult.
For the periods ended November 30, 1997 and October 31, 1997,
restricted securities (excluding 144A issues) amounted to $34,200,000
or 6.5% of net assets and $34,200,000 or 6.6% of net assets,
respectively.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, 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 $366 and $7,076 for the periods ended November 30, 1997
and October 31, 1997, respectively.
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.
4. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the fund's operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above a specified percentage of average net assets. During
the period ended October 31, 1997 this expense limitation ranged from
.35% to .45% of average net assets. For the period ended October 31,
1997, the reimbursement reduced the expenses by $520,685. Effective
August 1, 1997, the fund's expense limitation was eliminated.
In addition, FMR has entered into arrangements on behalf of the fund
with the fund's custodian and transfer agent whereby credits realized
as a result of uninvested cash balances were used to reduce a portion
of the fund's expenses. During the periods ended November 30, 1997 and
October 31, 1997, the fund's expenses were reduced by $951 and
$11,191, respectively, under these arrangements.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Beacon Street Trust and the Shareholders
of Spartan New Jersey Municipal Money Market Fund:
In our opinion, the accompanying statements of assets and liabilities,
including the schedules of investments, and the related statements of
operations and of changes in net assets and the financial highlights
present fairly, in all material respects, the financial position of
Spartan New Jersey Municipal Money Market Fund (a fund of Fidelity
Beacon Street Trust) at November 30, 1997 and October 31, 1997, the
results of its operations for the period ended November 30, 1997 and
for the year ended October 31, 1997, and the changes in its net assets
and the financial highlights for the periods indicated, in conformity
with generally accepted accounting principles. These financial
statements and financial highlights (hereafter referred to as
"financial statements") are the responsibility of the Spartan New
Jersey Municipal Money Market Fund's management; our responsibility is
to express an opinion on these financial statements based on our
audits. We conducted our audits of these financial statements in
accordance with generally accepted auditing standards which require
that we plan and perform the audit to obtain reasonable assurance
about whether the financial statements are free of material
misstatement. An audit includes examining, on a test basis, evidence
supporting the amounts and disclosures in the financial statements,
assessing the accounting principles used and significant estimates
made by management, and evaluating the overall financial statement
presentation. We believe that our audits, which included confirmation
of securities at November 30, 1997 and October 31, 1997 by
correspondence with the custodian, provide a reasonable basis for the
opinion expressed above.
/s/PRICE WATERHOUSE LLP
Boston, Massachusetts
January 5, 1998
PROXY VOTING RESULTS
A special meeting of the fund's shareholders was held on November 26,
1997. The results of votes taken among shareholders on proposals
before them are listed below.
PROPOSAL 1
To adopt a new fundamental investment policy for the fund that would
permit it to invest all of its assets in another open-end investment
company managed by FMR or an affiliate with substantially the same
investment objective and policies.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 219,116,628.088 77.714
AGAINST 50,618,275.673 17.953
ABSTAIN 12,217,172.450 4.333
TOTAL 281,952,076.211 100.000
PROPOSAL 2
To make explicit the ability of the fund to purchase any security or
instrument backed by real estate or real estate interests and any
security of companies engaged in the real estate business. Also to
eliminate the restriction that securities backed by real estate must
be marketable.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 215,839,587.018 76.552
AGAINST 48,356,897.643 17.151
ABSTAIN 17,755,591.550 6.297
TOTAL 281,952,076.211 100.000
PROPOSAL 3
To approve an agreement and plan providing for the reorganization of
Spartan New Jersey Municipal Money Market Fund from one Delaware
business trust to another.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 229,912,545.078 81.543
AGAINST 37,663,293.373 13.358
ABSTAIN 14,376,237.760 5.099
TOTAL 281,952,076.211 100.000
PROPOSAL 4
To add the ability to issue senior securities to the extent permitted
under the Investment Company Act of 1940.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 217,470,284.498 77.130
AGAINST 47,981,490.433 17.018
ABSTAIN 16,500,301.280 5.852
TOTAL 281,952,076.211 100.000
PROPOSAL 5
To amend the borrowing limitation to require a reduction in borrowing
if borrowings exceed the 33 1/3% limit for any reason rather than
solely because of a decline in net assets.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 200,156,789.998 70.990
AGAINST 58,389,050.333 20.709
ABSTAIN 23,406,235.880 8.301
TOTAL 281,952,076.211 100.000
PROPOSAL 6
To standardize language and explicitly exclude "tax-exempt obligations
issued or guaranteed by a U.S. territory or possession or a state or
local government, or a political subdivision thereof" from the
limitation on industry concentration.
# OF % OF
SHARES VOTED SHARES VOTED
AFFIRMATIVE 210,966,324.418 74.823
AGAINST 50,299,135.103 17.840
ABSTAIN 20,686,616.690 7.337
TOTAL 281,952,076.211 100.000
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Fred L. Henning Jr., Vice President
Boyce I. Greer, Vice President
Scott Orr, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Thomas D. Maher, Assistant Vice President
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
BOARD OF TRUSTEES
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
UMB Bank, n.a.
Kansas City, MO
and
Fidelity Service Company, Inc.
Boston, MA
* INDEPENDENT TRUSTEES
CUSTODIAN
UMB Bank, n.a.
Kansas City, MO
FIDELITY'S MUNICIPAL
MONEY MARKET FUNDS
California Municipal Money Market
Connecticut Municipal Money Market
Massachusetts Municipal Money Market
Michigan Municipal Money Market
Municipal Money Market
New Jersey Municipal Money Market
New York Municipal 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
THE FIDELITY TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Exchanges/Redemptions 1-800-544-7777
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
TouchTone Xpress 1-800-544-5555
SM
AUTOMATED LINE FOR QUICKEST SERVICE
