(2_FIDELITY_LOGOS)FIDELITY
AGGRESSIVE TAX-FREE
PORTFOLIO
SEMIANNUAL REPORT
JUNE 30, 1994
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on bond market
strategies.
PERFORMANCE 4 How the fund has done over time.
FUND TALK 7 The manager's review of fund
performance, strategy and outlook.
INVESTMENT CHANGES 10 A summary of major shifts in the
fund's investments over the past six
months.
INVESTMENTS 11 A complete list of the fund's
investments.
FINANCIAL STATEMENTS 28 Statements of assets and liabilities,
operations, and changes in net
assets,
as well as financial highlights.
NOTES 32 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.
PRESIDENT'S MESSAGE
DEAR SHAREHOLDER:
The past few months have been an
unsettling time for bond investors. The bond market declined after the
Federal Reserve Board raised short-term interest rates from February
through May. These rate hikes caused bond yields to rise and bond prices to
fall. While nobody knows whether rates will continue to go up, this may be
a good time to review the effect rising rates have on your bond fund
investment, and consider how well your current bond fund holdings match
your original investment goals.
Most investors choose bond funds to generate income and to help diversify
their investment portfolios. Despite the recent market downturn, bond
mutual funds still satisfy these needs. Where investors have felt the
negative effect of rising rates is in the market value of their investment,
which has eroded as bond prices have fallen. It's important
to remember, however, that this loss in principal is only "on paper" until
you choose to sell your shares. That's why your investing time horizon is
key.
If your time horizon is short - one year or less - you may want to consider
shifting all or part of your bond fund investment into short-term
investments.
If you don't need your money within the next year, staying in your bond
fund may be the appropriate strategy for you. The longer your investing
time frame, the better your chances of retaining your principal investment
through periods of rising AND falling rates. For example, if you plan to
use your money in one to two years, a short-term bond fund may be the right
choice. If your time frame is two to four years, a fund with an
intermediate length average maturity may be best. If you have a longer-term
goal - say a child's college education that's 10 years away - you may be
willing to ride out the bond market's peaks and valleys in exchange for the
higher potential returns of a longer-term fund.
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 BuilderSM.
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
There are several ways to evaluate a fund's historical performance. You can
look at the total percentage change in value, the average annual percentage
change, or the growth of a hypothetical $10,000 investment. Each figure
includes changes in a fund's share price, plus reinvestment of any
dividends (or income) and capital gains (the profits the fund earns when it
sells bonds that have grown in value). You can also look at the fund's
income.
CUMULATIVE TOTAL RETURNS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
PERIODS ENDED JUNE 30, 1994 PAST 6 PAST 1 PAST 5 LIFE OF
MONTHS YEAR YEARS FUND
Aggressive Tax-Free -4.57% .54% 46.05% 131.65%
Lehman Brothers Municipal Bond Index -4.41% .20% 46.00% n/a
Average High Yield Municipal Bond Fund -4.13% .41% 40.88% n/a
Consumer Price Index 1.51% 2.49% 19.26% 37.04%
</TABLE>
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
since the fund began on September 13, 1985. For example, if you had
invested $1,000 in a fund that had a 5% return over the past year, you
would have $1,050. You can compare these figures to the performance of the
Lehman Brothers Municipal Bond Index - a broad gauge of the municipal bond
market. To measure how the fund stacked up against its peers, you can look
at the average high yield municipal bond fund, which reflects the
performance of 35 high yield municipal bond funds tracked by Lipper
Analytical Services. Both benchmarks include reinvested dividends and
capital gains, if any. Comparing the fund's performance to the consumer
price index helps show how your fund did compared to inflation. (The CPI
returns begin on the month end closest to the fund's start date.)
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JUNE 30, 1994 PAST 1 PAST 5 LIFE OF
YEAR YEARS FUND
Aggressive Tax-Free .54% 7.87% 10.01%
Lehman Brothers Municipal Bond Index .20% 7.86% n/a
Average High Yield Municipal Bond Fund .41% 7.04% n/a
Consumer Price Index 2.49% 3.59% 3.63%
AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had performed at a
constant rate each year.
$10,000 OVER LIFE OF FUND
09/30/85 10000.00 10000.00
10/31/85 10293.24 10342.70
11/30/85 10750.22 10713.69
12/31/85 11054.53 10807.87
01/31/86 11517.60 11444.45
02/28/86 11936.31 11898.34
03/31/86 12113.78 11902.14
04/30/86 12110.96 11911.19
05/31/86 11948.51 11717.28
06/30/86 12044.82 11829.06
07/31/86 12106.70 11900.86
08/31/86 12429.80 12433.66
09/30/86 12502.07 12464.87
10/31/86 12772.58 12680.14
11/30/86 13032.26 12931.33
12/31/86 13015.25 12895.64
01/31/87 13394.05 13283.93
02/28/87 13615.37 13349.29
03/31/87 13585.36 13207.78
04/30/87 12941.95 12545.02
05/31/87 12855.34 12482.79
06/30/87 13140.00 12849.29
07/31/87 13284.90 12980.35
08/31/87 13359.92 13009.56
09/30/87 12987.83 12529.90
10/31/87 12804.91 12574.25
11/30/87 13002.23 12902.56
12/31/87 13199.87 13089.78
01/31/88 13715.33 13556.04
02/29/88 13905.03 13699.33
03/31/88 13788.93 13539.73
04/30/88 13820.88 13642.63
05/31/88 13903.10 13603.20
06/30/88 14135.88 13802.22
07/31/88 14256.62 13892.21
08/31/88 14340.43 13904.43
09/30/88 14563.27 14156.10
10/31/88 14814.21 14405.96
11/30/88 14766.30 14274.00
12/31/88 14969.26 14420.02
01/31/89 15147.47 14718.23
02/28/89 15126.54 14550.30
03/31/89 15160.52 14515.52
04/30/89 15475.75 14860.12
05/31/89 15753.20 15168.76
06/30/89 15962.93 15374.75
07/31/89 16104.61 15584.01
08/31/89 16080.58 15431.44
09/30/89 16088.10 15385.14
10/31/89 16102.56 15572.84
11/30/89 16300.96 15845.37
12/31/89 16392.05 15975.30
01/31/90 16376.49 15900.22
02/28/90 16506.45 16041.73
03/31/90 16568.47 16046.54
04/30/90 16464.00 15931.00
05/31/90 16715.18 16278.30
06/30/90 16852.49 16421.55
07/31/90 17141.08 16662.95
08/31/90 16972.14 16421.33
09/30/90 17131.96 16431.19
10/31/90 17247.70 16728.59
11/30/90 17530.51 17064.84
12/31/90 17618.80 17139.92
01/31/91 17702.31 17369.60
02/28/91 17875.98 17520.71
03/31/91 17925.82 17527.72
04/30/91 18161.71 17760.84
05/31/91 18287.18 17918.91
06/30/91 18354.95 17900.99
07/31/91 18646.35 18119.38
08/31/91 18908.46 18358.56
09/30/91 19124.94 18597.22
10/31/91 19274.10 18764.59
11/30/91 19341.31 18817.14
12/31/91 19692.96 19221.70
01/31/92 19762.64 19265.91
02/29/92 19809.61 19271.69
03/31/92 19865.72 19279.40
04/30/92 20052.53 19450.99
05/31/92 20310.89 19680.51
06/30/92 20580.68 20011.14
07/31/92 21201.95 20611.48
08/31/92 20991.65 20409.49
09/30/92 21109.61 20542.15
10/31/92 20863.43 20340.83
11/30/92 21266.33 20704.93
12/31/92 21498.82 20916.13
01/31/93 21822.09 21158.75
02/28/93 22587.62 21924.70
03/31/93 22397.93 21692.30
04/30/93 22629.02 21911.39
05/31/93 22808.39 22034.09
06/30/93 23186.83 22402.06
07/31/93 23254.76 22431.19
08/31/93 23756.21 22897.75
09/30/93 24046.79 23158.79
10/31/93 24095.41 23202.79
11/30/93 23930.39 22998.61
12/31/93 24429.77 23483.88
01/31/94 24698.17 23751.59
02/28/94 24137.16 23136.43
03/31/94 23105.04 22194.77
04/30/94 23214.82 22383.43
05/31/94 23388.85 22578.16
06/30/94 23313.13 22447.21
$10,000 OVER LIFE OF FUND: Let's say you invested $10,000 in Fidelity
Aggressive Tax-Free Portfolio on September 30, 1985, shortly after the fund
started. As the chart shows, by June 30, 1994, the value of your investment
would have grown to $23,313 - a 133.13% increase on your initial
investment. For comparison, look at how the Lehman Brothers Municipal Bond
index did over the same period. With dividends reinvested, the same $10,000
would have grown to $22,447 - a 124.47% increase.
UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. Bond prices, for
example, move in the
opposite direction of interest
rates. In turn, the share price,
return, and yield of a fund
that invests in bonds will vary.
That means if you sell your
shares during a market
downturn, you might lose
money. But if you can ride out
the market's ups and downs,
you may have a gain.
(checkmark)
TOTAL RETURN COMPONENTS
SIX YEARS ENDED DECEMBER 31,
MONTHS
ENDED
JUNE 30,
1994 1993 1992 1991 1990 1989
Dividend return 3.08% 6.80% 7.31% 7.97% 8.00% 8.09%
Capital appreciation -7.65% 6.83% 1.86% 3.80% -0.52% 1.41%
return
Total return -4.57% 13.63% 9.17% 11.77% 7.48% 9.50%
DIVIDEND returns and capital appreciation returns are both part of a bond
fund's total return. A dividend return reflects the actual dividends paid
by the fund. A capital appreciation return reflects both the amount paid by
the fund to shareholders as capital gain distributions and changes in the
fund's share price. Both returns assume the dividends or gains are
reinvested.
DIVIDENDS AND YIELD
<TABLE>
<CAPTION>
<S> <C> <C> <C>
PERIODS ENDED JUNE 30, 1994 PAST 30 PAST 6 PAST 1
DAYS MONTHS YEAR
Dividends per share 6.30(cents) 38.40(cents) 77.64(cents)
Annualized dividend rate 6.66% 6.59% 6.40%
30-day annualized yield 6.37% n/a n/a
30-day annualized tax-equivalent yield 9.95% n/a n/a
</TABLE>
DIVIDENDS per share show the income paid by the fund for a set period. If
you annualize this number, based on an average share price of $11.51 over
the past month, $11.75 over the past six months and $12.14 over the past
year, you can compare the fund's income over these three periods. The
30-day annualized YIELD is a standard formula for all funds based on the
yields of the bonds in the fund, averaged over the past 30 days. This
figure shows you the yield characteristics of the fund's investments at the
end of the period. It also helps you compare funds from different companies
on an equal basis. The tax-equivalent yield shows what you would have to
earn on a taxable investment to equal the fund's tax-free yield, if you're
in the 36% federal tax bracket.
INVESTMENT CHANGES
TOP FIVE STATES AS OF JUNE 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
6 MONTHS AGO
New York 10.9 10.8
California 10.5 8.2
Michigan 8.4 7.0
Massacgusetts 7.3 7.6
Pennsylvania 6.4 3.9
TOP FIVE SECTORS AS OF JUNE 30, 1994
% OF FUND'S % OF FUND'S
INVESTMENTS INVESTMENTS
6 MONTHS AGO
Health Care 30.8 30.8
Industrial Development 18.0 14.4
Electric Revenue 13.2 15.9
General Obligation 6.3 5.8
Transportation 5.6 7.9
AVERAGE YEARS TO MATURITY AS OF JUNE 30, 1994
6 MONTHS AGO
Years 20.1 20.7
AVERAGE YEARS TO MATURITY SHOWS THE AVERAGE TIME UNTIL THE PRINCIPAL OF THE
BONDS IN THE FUND IS EXPECTED TO BE REPAID, WEIGHTED BY DOLLAR AMOUNT.
DURATION AS OF JUNE 30, 1994
6 MONTHS AGO
Years 8.1 8.4
DURATION SHOWS HOW MUCH A BOND'S PRICE FLUCTUATES WITH CHANGES IN INTEREST
RATES. IF RATES RISE 1%, FOR EXAMPLE, THE SHARE PRICE OF A FUND WITH A
FIVE-YEAR DURATION WILL FALL 5%.
QUALITY DIVERSIFICATION AS OF JUNE 30, 1994
(MOODY'S RATINGS) % OF FUND'S INVESTMENTS
Aaa 13.9%
Aa, A 19.5
Baa 21.9
Ba or B 12.0
Caa, CCC 0.3
Non-rated 27.6
Short-term investments 4.8
Row: 1, Col: 1, Value: 4.8
Row: 1, Col: 2, Value: 26.6
Row: 1, Col: 3, Value: 1.3
Row: 1, Col: 4, Value: 12.0
Row: 1, Col: 5, Value: 21.9
Row: 1, Col: 6, Value: 19.5
Row: 1, Col: 7, Value: 13.9
WHERE MOODY'S RATINGS ARE NOT AVAILABLE, WE HAVE USED S&P RATINGS.
INVESTMENTS JUNE 30, 1994 (UNAUDITED)
Showing Percentage of Total Value of Investments
MUNICIPAL BONDS - 95.2%
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
ALABAMA - 1.4%
Cullman Med. Ctr. (Cullman Reg'l. Med. Ctr.)
Series A, 6.50% 2/15/23 Baa $ 5,575,000 $ 5,156,875
Mobile Arpt. Auth. Arpt. Rev. 11.25% 10/1/14 Baa 1,600,000 1,658,000
Selma Spl. Care Facs. Fing. Auth. Hosp. Ref. Rfdg.
(Vaughan Reg'l. Med. Ctr. Proj.):
7.125% 6/1/14 - 4,570,000 4,250,100
9.50% 6/1/14, (Pre-Refunded to
6/1/97 @ 103) (f) - 1,390,000 1,600,238
12,665,213
ALASKA - 0.4%
North Slope Borough Rfdg. Unltd. Tax Series G,
8.35% 6/30/98 Baa1 3,000,000 3,311,250
ARIZONA - 1.9%
Arizona Health Facs. Auth. Hosp. Sys. Rev.
(St. Lukes Hosp. Sys.) Series A,
10.125% 11/1/15 Ba 12,000,000 12,645,000
Sierra Vista Ind. Dev. Auth. Hosp. Rev. Rfdg.
(Sierra Vista Commty. Hosp. Proj.) 8.75%
12/1/16 - 4,000,000 4,290,000
16,935,000
ARKANSAS - 1.2%
Fayetteville Pub. Facs. Board Rev. Rfdg.
(Butterfield Trail Village Proj.) Series A,
9.50% 9/1/14 - 4,700,000 4,999,625
Pope County Poll. Cont. Rev. (Arkansas Pwr. &
Lt. Co. Proj.) 11% 12/1/15 Baa2 5,000,000 5,475,000
10,474,625
CALIFORNIA - 8.3%
California Gen. Oblig. 4.75% 9/1/12 Aa 1,300,000 1,064,375
California Dept. Wtr. Resources Rev. (Central
Valley Proj.) (Wtr. Sys.) Series J-1,
7% 12/1/11 A1 1,000,000 1,088,750
California Health Facs. Fing. Auth. Rfdg.
(Catholic Healthcare West) 4.75% 7/1/19,
(MBIA Insured) Aaa 4,000,000 3,125,000
California Pub. Wrks. Board Lease Rev.:
Rfdg. (Dept. Corrections State Prisons):
Series A, 5% 12/1/19, (AMBAC Insured) Aaa 2,500,000 2,056,250
Series C, 5.20% 12/1/09, (MBIA Insured) Aaa 5,750,000 5,196,563
(California University Proj.) Series A,
5.50% 6/1/14 A1 2,665,000 2,301,894
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
CALIFORNIA - CONTINUED
California Statewide Commty. Dev. Corp. Rev.
Ctfs. of Partn.:
(Sisters of Charity Leavenworth)
5% 12/1/23 Aa $ 2,000,000 $ 1,585,000
5.50% 10/1/23 A+ 5,000,000 4,275,000
Central Valley Fin. Auth. Cogeneration Proj. Rev.
(Carson Ice Generation Proj.) 6.10% 7/1/13 BBB- 2,100,000 1,921,500
Contra Costa Wtr. Dist. Rev. Rfdg. Series F,
5% 10/1/20, (FGIC Insured) Aaa 3,500,000 2,843,750
Culver City Redev. Fing. Auth. Rev. Rfdg. Tax
Allocation 5.50%, 11/1/14, (AMBAC Insured) Aaa 3,000,000 2,745,000
Fresno Swr. Rev. Series A-1, 4.75% 9/1/21,
(AMBAC Insured) Aaa 2,000,000 1,557,500
Los Angeles Dept. Wtr & Pwr. Elec. Plant Rev.:
4.75% 8/15/16 Aa 3,885,000 3,074,006
5.20% 2/15/17 Aa 2,500,000 2,115,625
Los Angeles Bldg. Auth. Lease Rev. Rfdg.
(California St. Dept. Gen. Svcs.) Series A,
5.625% 5/1/11 A1 1,400,000 1,258,250
Los Angeles Reg'l. Arpt. Impt. Corp. Lease Rev.
(Sub-Lease-Western Air Lines-Delta)
11.25% 11/1/25 Ba1 6,000,000 6,600,000
Metropolitan Wtr. Dist. Southern California
Wtrwks. RIB 6.937% 10/30/20 (d) Aa 2,000,000 1,562,500
Northern California Pwr. Agcy. Pub. Pwr. Rev.
Rfdg. (Geothermal Proj. #3) Series A,
5.85% 7/1/10 A 2,000,000 1,892,500
Orange County Wtr. Dist. Ctfs. of Prtn. Rfdg.
Series A, 5.5% 8/15/14 Aa 3,000,000 2,681,250
Port Oakland Port Rev. (Cap. Appreciation):
Rfdg. Series F, 0% 11/1/08, (MBIA Insured) Aaa 3,045,000 1,252,256
Series F, 0% 11/1/09, (MBIA Insured) Aaa 7,000,000 2,660,000
Riverside County Ctfs. of Prtn. Rfdg.
(Air Force Village West, Inc.) Series A,
8.125% 6/15/20 A-1+ 4,000,000 4,090,000
San Bernardino County Ctfs. Partn. (Med. Ctr.
Fing. Proj.) 5.50% 8/1/17 Baa1 3,500,000 2,957,500
San Francisco City & County Swr. Rev. Rfdg.
5.30% 10/1/13, (FGIC Insured) Aaa 2,000,000 1,777,500
Santa Ana Cmmty. Redev. Agcy. Tax Allocation
Rfdg. (South Main Str. Redev.) Series D, 5%
9/1/19, (MBIA Insured) Aaa 5,000,000 4,100,000
Southern California Pub. Pwr. Auth. Pwr. Proj.
Rev. Rfdg. (Mead Phoenix Proj.) Series A,
4.75% 7/1/16, (AMBAC Insured) Aaa 1,215,000 972,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
CALIFORNIA - CONTINUED
Upland Ctfs. Partn. (San Antonio Commty. Hosp.)
5.25% 1/1/08 A $ 3,500,000 $ 3,123,750
Walnut Creek Ctfs. of Prtn. Rfdg. (John Muit
Med. Ctr.) 5%, 2/15/16, (MBIA Insured) Aaa 1,000,000 823,750
West & Ctrl . Basin Fin. Auth. Rev. Rfdg.
(West Basin Proj.) Series A, 5% 8/1/13,
(AMBAC Insured) Aaa 3,000,000 2,542,500
73,243,969
COLORADO - 3.8%
Colorado Health Facs. Auth. Rev.:
(PSL Health Sys. Proj.):
Series A:
7.25% 2/15/16, (FSA Insured) Aaa 1,500,000 1,625,625
6.875% 2/15/23 Baa1 4,350,000 4,235,813
Series B, 8.50% 2/15/21 Baa1 2,400,000 2,616,000
(Rocky Mountain Adventist) 6.625% 2/1/13 Baa 12,100,000 11,752,125
Denver City & County Arpt. Rev.:
Series C, 6.50% 11/15/06 (e) Baa 4,075,000 3,749,000
Series D:
7.40% 11/15/01 (e) Baa 3,000,000 3,026,250
7.50% 11/15/02 (e) Baa 3,090,000 3,136,350
Hyland Hills Metropolitan Park & Recreational
Dist. Spl. Rev. Rfdg. 10% 7/1/06 - 1,900,000 2,030,625
Mesa County Ind. Dev. Rev. (Joy Technologies,
Inc. Proj.) 8.50% 9/15/06 Ba3 1,250,000 1,289,063
33,460,851
CONNECTICUT - 0.2%
Connecticut Dev. Auth. Poll. Cont. Rev. (United
Illuminating Co. Proj.) 9.50% 6/1/16 BBB- 1,650,000 1,786,125
DISTRICT OF COLUMBIA - 0.7%
District of Columbia Hosp. Rev.:
Rfdg. (Metlantic Healthcare Group -
Washington Hosp. Ctr.) Series A,
7% 8/15/05 Baa1 2,500,000 2,584,375
(Hosp. for Sick Children) Series A,
8.875% 1/1/21 - 2,970,000 3,203,888
5,788,263
FLORIDA - 1.6%
Jacksonville Health Facs. Auth. Hosp. Rev. Rfdg.
(Methodist Hosp. Proj.):
Series A:
8% 10/1/06 - 2,000,000 1,867,500
8% 10/1/15 - 500,000 455,000
Series B, 8% 10/1/15 - 210,000 191,100
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
FLORIDA - CONTINUED
Orlando Util. Commission Wtr. & Elec. Rev.
Series B, 5.25% 10/1/23 Aa $ 9,000,000 $ 7,571,250
West Volusia Hosp. Auth. Hosp. Rev. Series B:
9% 9/1/96 - 405,000 418,163
9.375% 9/1/16 - 3,200,000 3,360,000
13,863,013
GEORGIA - 1.0%
Georgia Muni. Elec. Auth. Spl. Oblig. Fifth
Crossover Series Proj. 1, 6.50% 1/1/17,
(MBIA Insured) Aaa 8,500,000 8,616,875
ILLINOIS - 3.7%
Chicago O'Hare Int'l. Arpt. Spl. Facs. Rev.:
Rfdg. Series A, 5% 1/1/12 A1 4,000,000 3,435,000
(American Airlines, Inc. Proj.) Series A,
7.875% 11/1/25 (e) Baa2 4,720,000 4,855,700
Cook & Will Counties Township High School
Dist. #206 Series A, 0% 12/1/03,
(AMBAC Insured) Aaa 2,100,000 1,228,500
Cook County Gen. Oblig. Unltd. Tax
0% 11/1/04, (AMBAC Insured) Aaa 1,600,000 880,000
Illinois Dev. Fin. Auth. Solid Wst. Disp. Rev.
(Ford Heights Wst. Tire Proj.) 7.875%
4/1/11 - 12,000,000 12,165,000
Illinois Health Facs. Auth. Rev. (Glen Oaks Med.
Ctr.) Series D, 9.50% 11/15/15 Baa1 3,880,000 4,539,600
Loves Park First Mtg. Rev. (Hoosier Care Proj.)
Series A, 9.75% 8/1/19 - 1,575,000 1,606,500
Metropolitan Pier & Expo Auth. Rev. Rfdg. (Cap.
Appreciation) (McCormick Place
Expansion Proj.):
Dedicated St. Tax Series A,
0% 6/15/08, (FGIC Insured) Aaa 4,000,000 1,675,000
0% 6/15/08, (MBIA Insured) Aaa 6,000,000 2,512,500
32,897,800
INDIANA - 1.5%
Burns Hbr. Solid Waste Disp. Facs. Rev.
(Bethlehem Steel Proj.) 8% 4/1/24 (e) - 3,180,000 3,335,025
East Chicago Poll. Cont. Rev. (Inland Steel Co.
Proj. #8) Series B, 10.75% 12/1/12 Ba3 3,000,000 3,221,250
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
INDIANA - CONTINUED
Indiana Univ. Rev. Series A, 5.80% 11/15/09,
(MBIA Insured) Aaa $ 2,405,000 $ 2,350,888
Indianapolis Arpt. Fac. Rev. Economic Dev.
Rfdg. (Federal Express Corp. Proj.)
6.85% 4/1/17 (b) Baa3 4,000,000 3,875,000
12,782,163
IOWA - 0.3%
Iowa Fin. Auth. Health Care Facs. Rev.
(Mercy Health Initiatives Proj.):
9.70% 7/1/99 - 1,100,000 1,102,750
9.85% 7/1/09 - 1,500,000 1,500,000
2,602,750
KENTUCKY - 1.3%
Kenton County Arpt. Board Arpt. Rev. (Spl. Facs.
Delta) Series A, 7.50% 2/1/20 (e) Ba1 4,500,000 4,331,250
Owensboro Elec. Lt. & Pwr. Rev.:
Rfdg. Series B:
0% 1/1/04, (AMBAC Insured) Aaa 3,925,000 2,227,438
0% 1/1/05, (AMBAC Insured) Aaa 3,675,000 1,943,156
Series B:
0% 1/1/09, (AMBAC Insured) Aaa 2,000,000 807,500
0% 1/1/10, (AMBAC Insured) Aaa 4,440,000 1,670,550
0% 1/1/13, (AMBAC Insured) Aaa 1,000,000 302,500
11,282,394
LOUISIANA - 4.5%
Lake Charles Hbr. & Term. Dist. Port Facs. Rev.
Rfdg. (Trunkline LNG Co. Proj.) Series 1992,
7.75% 8/15/22 Ba1 14,900,000 15,794,000
Louisiana Pub. Facs. Auth. Ind. Dev. Rev. Rfdg.
(Beverly Enterprises, Inc.) 8.25% 9/1/08 - 1,750,000 1,848,438
New Orleans Gen. Oblig. Rfdg.
(Cap. Appreciation):
0% 9/1/08, (AMBAC Insured) Aaa 10,000,000 4,200,000
0% 9/1/12, (AMBAC Insured) Aaa 6,250,000 1,984,375
Ouachita Parish Hosp. Svc. Dist. #1 Rev.
(Glenwood Reg'l. Med. Ctr.) 7.50% 7/1/21 A- 1,500,000 1,569,375
Port New Orleans Ind. Dev. Rev. Rfdg.
(Continental Grain Co. Proj.) 7.50% 7/1/13 BB- 3,000,000 2,955,000
St. Charles Parish Environmental Impt. Rev.
(Louisiana Pwr & Lt. Proj.) Series B,
5.95% 12/1/23 (e) Baa2 2,000,000 1,752,500
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
LOUISIANA - CONTINUED
West Feliciana Parish Poll. Cont. Rev.
(Entergy Corp. Proj.):
7.70% 12/1/14 BBB- $ 6,750,000 $ 7,095,938
9% 5/1/15 - 2,340,000 2,623,725
39,823,351
MARYLAND - 1.7%
Baltimore County Poll. Cont. Rev. Rfdg.
(Bethlehem Steel Proj. B) 7.50 6/1/15 - 3,500,000 3,587,500
Maryland Health & Higher Facs. Auth. Rev.:
Rfdg.:
(Doctors Commty. Hosp.) 5.50% 7/1/24 Baa 5,900,000 4,845,375
(Greater Baltimore Med. Ctr.) 5% 7/1/19,
(FGIC Insured) Aaa 3,000,000 2,471,250
(Frederick Mem. Hosp.) 5.25% 7/1/13,
(FGIC Insured) Aaa 2,300,000 2,035,500
(Howard County Gen. Hosp.) 5.50% 7/1/21 Baa1 3,000,000 2,463,750
15,403,375
MASSACHUSETTS - 7.3%
Massachusetts Bay Trans. Auth. (Gen. Trans. Sys.):
Rfdg. Series A, 5.50% 3/1/09 A 4,000,000 3,730,000
Series A, 7% 3/1/21 A 1,500,000 1,620,000
Series B, 6.20% 3/1/16 A 3,800,000 3,705,000
Massachusetts Health & Edl. Facs. Auth. Rev.
(1st Mtg.) (Fairview Extended Care) Series A,
10.25% 1/1/21 - 4,000,000 4,305,000
Massachusetts Ind. Fin. Agcy. Rev.:
Rfdg.:
(Emerson College) 8.90% 1/1/18 - 10,000,000 11,100,000
(Morton Hosp. & Med. Ctr.) Series A,
8.75% 7/1/11, (Pre-Refunded to
7/1/99 @ 102) (e) Aaa 4,180,000 4,911,500
(Atlanticare Med. Ctr.) Series A,
10.125% 11/1/14 - 3,600,000 4,023,000
(Cap. Appreciation) (Massachusetts Biomedical):
Series A-1, 0% 8/1/03 A1 6,300,000 3,606,750
Series A-2:
0% 8/1/06 A1 4,000,000 1,835,000
0% 8/1/09 A1 6,000,000 2,265,000
(1st Mtg. Reeds Landing) 7.75% 10/1/20 - 1,000,000 976,250
(Institute Dev. Disabilities) 9.25% 6/1/09 - 4,425,000 4,336,500
(Terra-Lt., Inc.) 13% 11/1/01 A3 3,500,000 4,077,500
(Union Mission Proj.) 9.55% 9/1/26,
(FHA Guaranteed) (c) Aaa 4,000,000 4,675,000
8.625% 10/1/23 - 3,500,000 3,329,375
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
MASSACHUSETTS - CONTINUED
Massachusetts Muni. Wholesale Elec. Co.
Pwr. Supply Sys. Rev. Series A,
8.02% 7/1/18 INFL (g) Aaa $ 1,750,000 $ 1,391,250
Massachusetts Wtr. Resources Auth. Gen. Rfdg.
Series C, 5.25% 12/1/15 A 5,000,000 4,287,500
64,174,625
MICHIGAN - 8.4%
Detroit Convention Facs. Rev. Rfdg. (Cobo Hall
Expansion Proj.):
Ltd. Tax 5.25% 9/30/07 A 2,000,000 1,805,000
5.25% 9/30/12 A 4,000,000 3,525,000
Detroit Hosp. Fin. Auth. Facs. Rev. (Michigan
Healthcare Corp. Proj.) 10% 12/1/20 B 5,985,000 6,246,844
Flint Hosp. Bldg. Auth. Rev. (Hurley Med. Ctr.)
7.80% 7/1/14 Baa1 4,750,000 4,951,875
Greater Detroit Resources Recreation Auth.
9.25% 12/13/08 BBB- 4,500,000 4,792,500
Highland Park Hosp. Fin. Auth. Hosp. Facs. Rev.:
(Lakeside Commty. Hosp. Proj.) 10% 3/1/20 B1 9,365,000 9,763,013
(Michigan Health Care Corp. Proj.) Series A,
9.875% 12/1/19 B1 7,350,000 7,598,063
Michigan Hosp. Fin. Auth. Rev.:
Rfdg.
(Pontiac Osteopathic Hosp.):
Series A, 6% 2/1/14 Baa1 1,500,000 1,331,250
6% 2/1/24 Baa1 3,500,000 3,023,125
(Saratoga Commty. Hosp.) 8.75% 6/1/10 - 480,000 504,600
(Daughters of Charity) 10% 11/1/15 Aa 2,500,000 2,706,250
Michigan Hsg. Dev. Auth. Rental Hsg. Rev.
Series B, 5.70% 4/1/12 A+ 2,000,000 1,815,000
Michigan Muni. Bond Auth. Rev. (Local Gov't.
Loan) Series C-A, 0% 6/15/12, (FSA Insured) Aaa 2,125,000 672,031
Michigan Strategic Fund Ltd. Oblig. Rev. (Mercy
Svcs. for Aging Proj.) 9.40% 5/15/20 - 11,900,000 12,733,000
Midland County Econ. Dev. Corp. Poll. Cont. Rev.
Rfdg. (Subordinated Ltd. Oblig.) Series B,
9.50% 7/23/09 (e) - 5,000,000 5,525,000
Waterford Township Econ. Dev. Corp. Rev.
(Canterbury Health Care):
Ltd. Tax Oblig. 8.375% 7/1/23 - 1,300,000 1,322,750
8% 7/1/08 - 450,000 449,438
Wayne Charter County Spl. Arpt. Facs. Rev.
(Republic Airlines, Inc. Proj.) Series C,
10.375% 12/1/15 - 4,960,000 5,294,800
74,059,539
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
MINNESOTA - 1.5%
Minneapolis & St. Paul Hsg. & Redev. Auth.
Healthcare Sys. Rev. (Healthspan Health Sys.
Corp.) (Health One Sys.) Series A, 4.75%
11/15/18, (AMBAC Insured) Aaa $ 4,000,000 $ 3,165,000
Minnesota Energy & Econ. Dev. Auth. Rev. (Small
Bus Dev. Lot 1) Series A, 9.25% 8/1/06 - 695,000 737,569
Minnesota Hsg. Fin. Agcy. (Single Family Mtg.)
Series L, 6.7% 7/1/20 (e) Aa 1,000,000 983,750
St. Paul Hsg. & Redev. Auth. Hosp. Rev.
(Healtheast Proj.):
Series A, 9.75% 11/1/17 Baa 2,520,000 2,825,550
Series B, 9.75% 11/1/17 Baa 1,000,000 1,117,500
St. Paul Port Auth. Ind. Dev. Rev.:
(Riverview II Proj.) Series 1983-A,
10% 1/1/13 CCC 1,280,000 1,216,000
Series 1981-M, 13.50% 11/1/11 CCC 950,000 950,000
Series 1982-G, 12.875% 5/1/12 CCC 875,000 866,250
Southern Minnesota Muni. Pwr. Agcy. Pwr.
Supply Sys. Rev. Series A, 4.75% 1/1/16 A1 2,000,000 1,637,500
13,499,119
MISSISSIPPI - 1.0%
Claiborne County Poll. Cont. Rev. (Middle South
Energy, Inc. Proj.) Series C, 9.875% 12/1/14 - 6,195,000 7,101,019
Lafayette County Hosp. Rev. (Oxford-Lafayette
County Hosp. Proj.) 11.75% 11/1/04,
(Pre-Refunded to 11/1/94 @ 102) (f) - 1,295,000 1,353,275
8,454,294
MISSOURI - 1.9%
Boone County Ind. Dev. Auth. Ind. Rev. 1st Mtg.
(Fairview Extended Care) Series A,
10.125% 1/1/11 - 2,360,000 2,519,300
Kansas City Ind. Dev. Auth. Health Facs. Rev.
Rfdg. & Impt. (Menorah Med. Ctr. Proj.)
9.25% 6/1/16 - 6,000,000 6,592,500
Kansas City Ind. Dev. Auth. (Kingswood United
Methodist Manor Proj.) Series 1993,
9% 11/15/13 - 3,000,000 3,000,000
St. Louis Land Clearance Redev. Auth. Hsg. Dev.
Rev. (Westminster Place Apts. Proj.)
11% 12/15/15 - 4,395,000 4,620,244
16,732,044
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
NEVADA - 1.7%
Clark County Ind. Dev. Rev. (Southwest Gas Corp.):
Series A:
7.30% 9/1/27 Ba1 $ 1,000,000 $ 1,021,250
6.50% 12/1/33 (e) Ba1 6,000,000 5,580,000
Series B, 7.50% 9/1/32 (e) Ba1 5,050,000 5,214,125
Clark County School Dist. Ltd. Tax Series A,
7% 6/1/10, (MBIA Insured) Aaa 3,300,000 3,559,875
15,375,250
NEW HAMPSHIRE - 1.7%
New Hampshire Higher Edl. & Health Facs.
Auth. Rev.:
(1st Mtg. River Woods at Exeter):
8% 3/1/00 - 3,230,000 3,318,825
9% 3/1/23 - 3,170,000 3,308,688
(Littleton Hosp. Assoc., Inc.):
Series A, 9.50% 5/1/20 - 3,735,000 4,052,475
Series B, 9% 5/1/95 - 500,000 507,500
(Valley Reg'l. Hosp.) 7.35% 4/1/23 - 4,000,000 3,760,000
14,947,488
NEW JERSEY - 3.4%
Camden County Impt. Auth. Lease Rev. (Dockside
Refrigerated) 8.40%, 4/1/24 - 2,750,000 2,860,000
New Jersey Econ. Dev. Auth. Econ. Dev. Rev.:
Rfdg.:
(Holt Hauling & Warehouse) Series G,
8.40% 12/15/15 - 5,000,000 5,068,750
(Stolt Term. Proj.) 10.50% 1/15/18 - 3,500,000 4,016,250
(Holt Hauling & Warehouse Sys., Inc.):
Series D, 10.25% 9/15/14 - 6,000,000 6,645,000
Series E, 9.75% 12/15/16 (e) - 7,500,000 8,175,000
(Statewide Realty-Vista Hotel) Rev.:
Series A, 11% 12/15/17 - 1,555,000 1,555,000
Series B, 11% 12/15/17 - 1,010,000 1,263
Union County Utils. Auth. Solid Waste Rev.
7% 6/15/04 (e) A- 1,500,000 1,524,375
29,845,638
NEW MEXICO - 1.6%
Albuquerque Retirement Facs. Rev. Rfdg. (La Vida
Liena Proj.) Series A, 8.85% 2/1/23 - 2,050,000 2,080,750
Farmington Poll. Cont. Rev.:
(Pub. Svc. Co. of New Mexico San Juan Proj.)
Series A, 6.50%, 9/1/09 Ba2 1,000,000 983,750
6.40% 8/15/23 Ba2 4,000,000 3,600,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
NEW MEXICO - CONTINUED
Grant County Hosp. Facs. Rev. Rfdg. (Gila Reg'l.
Med. Ctr. Proj.) 10% 2/1/12 - $ 4,085,000 $ 4,427,119
New Mexico Univ. Rev. Rfdg. Series A,
6% 6/1/21 A1 2,840,000 2,705,100
13,796,719
NEW YORK - 10.9%
Babylon Ind. Dev. Agcy. Resources Recovery
Rev. (Odgen Martin Sys. Babylon, Inc. Co.)
Series B, 8.50% 1/1/19 Baa1 995,000 1,087,038
Metropolitan Trans. Auth. Svc. Contract
Series O, 5.75% 7/1/13 Baa1 5,000,000 4,600,000
Metropolitan Trans. Auth. Trans. Facs. Rev.:
Rfdg. Series 7, 0% 7/1/08 Baa1 6,000,000 2,482,500
Series 7, 0% 7/1/12 Baa1 1,490,000 454,450
New York City Gen. Oblig.:
Series C, 5.375% 10/1/19 Baa1 1,000,000 832,500
Series E, 5.70% 8/1/09 Baa1 1,000,000 917,500
Series G, 5.70% 8/1/09 Baa1 1,300,000 1,192,750
New York City Ind. Dev. Agcy. Spl. Facs. Rev.
(Terminal One Group Assoc. Proj.):
6% 1/1/15 (e) A 600,000 563,250
New York City Rfdg. Series D, 5.75% 8/15/07 Baa1 2,000,000 1,885,000
6% 1/1/19 (e) A 8,500,000 7,894,375
New York State Dorm. Auth. Rev.:
Rfdg. (State Univ. Edl. Facs.) Series A:
5.50% 5/15/09 Baa1 3,000,000 2,745,000
5.50% 5/15/13 Baa1 10,250,000 9,135,313
5.25% 5/15/15 Baa1 10,000,000 8,500,000
5.50% 5/15/19 Baa1 1,500,000 1,310,625
(City Univ. Sys. Consolidated) Series A,
5.75% 7/1/13 Baa1 6,000,000 5,482,500
(Court Facs. Lease) Series A, 5.25%
5/15/21 Baa1 7,815,000 6,378,994
New York State Series H, 7.607%
6/1/07 INFL (g) Aa 8,000,000 6,390,000
New York State Local Govt. Assistance Corp.
Rfdg. Series C:
(Cap. Appreciation) 0% 4/1/13 A 10,000,000 2,950,000
5.50% 4/1/17 A 4,400,000 3,932,500
5% 4/1/21 A 15,500,000 12,613,125
New York State Envir. Facs. Corp. Resources
Recovery Rev. (Huntington Proj.) Series A,
7.50% 10/1/12 (e) Baa 5,000,000 5,156,250
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
NEW YORK - CONTINUED
Niagara County Ind. Dev. Agcy. Rev.
(Wintergarden Inn Assoc. Proj.)
10% 6/1/11 (h) - $ 4,210,000 $ 2,357,600
Triborough Bridge & Tunnel Auth. Rev. Rfdg.
(Gen. Purp.) Series Y, 5.50% 1/1/17 Aa 8,735,000 7,817,825
96,679,095
NEW YORK & NEW JERSEY - 0.4%
New York & New Jersey Port Auth. Spl. Oblig.
Rev. (Continental Airlines Corp./Eastern
Airlines, Inc. Proj.) 9.125% 12/1/15 (e) B2 3,000,000 3,378,750
NORTH CAROLINA - 0.3%
North Carolina Eastern Muni. Pwr. Agcy.
Pwr. Sys. Rev. Rfdg. 6% 1/1/18,
(AMBAC Insured) Aaa 2,250,000 2,179,688
OHIO - 0.8%
Columbus Unltd. Tax Series 1, 5.25% 9/15/11 Aa1 3,000,000 2,756,250
Fairfield Econ. Dev. Rev. Rfdg. (Beverly
Enterprises Proj.) 8.50% 1/1/03 - 2,000,000 2,135,000
Ohio State Bldg. Auth. (Workers Comp.)
4.75% 4/1/14 A 3,000,000 2,497,500
7,388,750
OKLAHOMA - 1.3%
Oklahoma County Ind. Auth. Rev. (Epworth
Village Proj.) Series A, 10.25% 4/1/19 - 3,000,000 3,296,250
Oklahoma Muni. Pwr. Auth. Pwr. Supply Sys.
Rev. Series B, 5.75% 1/1/24, (MBIA Insured) Aaa 3,100,000 2,875,250
Tulsa Muni. Arpt. Trust Rev. (American
Airlines Proj.):
7.35% 12/1/11 Baa1 3,600,000 3,537,000
7.375% 12/1/20 (e) Baa2 2,000,000 1,945,000
11,653,500
PENNSYLVANIA - 6.4%
Beaver County Ind. Dev. Auth. Poll. Cont. Rev.
(Toledo Edison Co. Beaver Valley):
Series B, 12.25% 9/15/15 Ba3 1,180,000 1,289,150
Series C, 10.75% 11/15/15 Ba3 1,000,000 1,076,250
Bucks County Ind. Dev. Auth. Rev. (Best
Products Proj.) 7.375% 8/1/04 (h) - 2,800,000 560,000
Chartiers Valley Ind. & Commercial Dev. Auth.
1st Mtg. Rev. Rfdg. (United Methodist Health Ctr.)
Series 1988 A, 9.50% 12/1/15 - 5,000,000 5,225,000
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
PENNSYLVANIA - CONTINUED
Cumberland County Muni. Auth. Rev.
(Carlisle Hosp.) 6.80% 11/15/23 Baa $ 3,800,000 $ 3,519,750
Delaware County Auth. Rev. (First Mtg. Riddle
Village Proj.):
8% 6/1/99 - 3,525,000 3,591,094
7% 6/1/00 - 500,000 499,375
9.25% 6/1/22 - 5,050,000 5,466,625
8.25% 6/1/22 - 3,500,000 3,500,000
Keystone Oaks School Dist. Series D,
8.38% 9/01/16, (AMBAC Insured) (d) Aaa 2,000,000 1,775,000
Northampton County Ind. Dev. Auth. Rev. Rfdg.
(Bethlehem Steel Poll. Cont. Proj.)
Series1994, 7.55% 6/1/17 - 1,500,000 1,515,000
Pennsylvania Convention Ctr. Auth. Rev. Rfdg.
Series A:
6.60% 9/1/09 Ba 3,000,000 2,962,500
6.70% 9/1/14 Ba 4,500,000 4,404,375
6.75% 9/1/19 Ba 4,500,000 4,398,750
Pennsylvania Intergovernmental Coop. Auth.
Spl. Tax Rev. Rfdg. Series A, 5% 6/15/15 Baa 5,400,000 4,590,000
Philadelphia Ind. Dev. Auth. Dev. Rev. (Long Term
Care, Maplewood) 8% 1/1/24 - 4,500,000 4,342,500
Philadelphia Wtr. & Swr. Rev. (Cap. Appreciation)
14th Series, 0% 10/1/05, (MBIA Insured) Aaa 3,000,000 1,582,500
Philadelphia Wtr. & Wastewtr. Rev. Rfdg.:
Series 1993, 5.50% 6/15/07 Baa 3,000,000 2,805,000
5.75% 6/15/13 Baa 1,645,000 1,486,669
Pittsburgh Wtr. & Swr. Auth. 0% 9/1/06,
(FGIC Insured) Aaa 3,000,000 1,466,250
56,055,788
SOUTH CAROLINA - 1.5%
Charleston County Health Facs. Rev. Rfdg. (1st Mtg.
Episcopal Proj.):
Series A, 9.75% 4/1/16 - 3,000,000 3,195,000
Series B, 9.75% 4/1/16 - 2,110,000 2,247,150
Charleston County Resources Recovery Rev.
(Foster Wheeler) Series A, 9.25% 1/1/10 (e) A 4,500,000 4,938,750
Richland County Hosp. Facs. Rev. Rfdg. (Baptist
Hosp.) Series B, 0% 8/1/09, (AMBAC Insured) Aaa 1,730,000 676,863
South Carolina Educ. Dev. Auth (South
Carolina Baptist Hosp.) 7.79%, 8/1/15,
(Ambac Insured) Aaa 3,250,000 2,591,875
13,649,638
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
TENNESSEE - 0.2%
Knox County Health, Edl. & Hsg. Hosp. Facs.
Rev. Rfdg. (Sanders Alliance) Series C,
5.25% 1/1/15 Aaa $ 2,250,000 $ 1,985,625
TEXAS - 5.2%
Alliance Arpt. Auth. Spl. Facs. Rev. (American
Airlines, Inc.):
7% 12/1/11 (e) Baa1 7,000,000 6,877,500
7.50% 12/1/29 (e) Baa1 1,250,000 1,220,313
Brazos River Auth. Poll. Cont. Rev. (Texas Util.
Elec. Co. Proj.) Series A, 8.25% 1/1/19 (e) Baa2 5,620,000 6,196,050
Dallas Fort Worth Int'l. Arpt. Facs. Impt. Corp.
Rev. (American Airlines, Inc.)
7.25% 11/1/30 (e) Baa2 1,000,000 946,250
East Texas Health Facs. Dev. Corp. Hosp. Rev.
(Palestine) 7.80% 8/15/18 - 4,150,000 3,978,813
Harris County Cultural & Ed. Facs. Fin. Corp.
Rev. (Space Ctr. Houston Proj.):
9% 8/15/00 - 500,000 507,500
9.25% 8/15/15 - 4,765,000 4,669,700
Harris County Hsg. Fin. Corp. Single Family
Mtg. Rev. 11.25% 4/15/06 Baa1 315,000 321,694
Houston Hsg. Fin. Corp. Single Family Mtg. Rev.
(Verex Mtg. Assurance, Inc.) Series 1984 A,
10.875% 2/15/16 Baa 1,425,000 1,464,188
Port Corpus Christi Ind. Dev. Corp. Rev. (Valero
Refining & Marketing Co.) Series A,
10.25% 6/1/17 Baa3 2,000,000 2,250,000
Round Rock Independent School Dist. Rfdg. &
School Bldg. Unltd. Tax 0% 8/15/09,
(MBIA Insured) Aaa 7,430,000 2,869,838
Sabine River Auth. Poll. Cont. Rev. (Util. Elec.
Proj.) Series B, 8.25% 10/1/20 (e) Baa2 1,250,000 1,371,875
San Antonio Elec. & Gas Rev. Rfdg. Series B,
0% 2/1/08, (FGIC Insured) Aaa 4,340,000 1,871,625
Tarrant County Health Facs. Dev. Corp. Rev.
(3927 Foundation, Inc. Proj.) 10.25% 9/1/19 - 4,000,000 4,210,000
Tarrant County Hsg. Fin. Corp. Single Family
Mtg. Rev. Series A, 9.50% 5/15/03 Ba 860,000 849,250
Texas Nat'l. Research Lab Commission Fing.
Corp. Lease Rev. (Superconducting
Supercollider Proj.) 6.95% 12/1/12 A 5,400,000 5,440,500
Texas Pub. Fin. Auth. Bldg. Rev. Rfdg. (Cap.
Appreciation) 0% 2/1/09, (MBIA Insured) Aaa 2,000,000 795,000
45,840,096
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
UTAH - 0.8%
Intermountain Pwr. Agcy. Pwr. Supply
7.722% 7/1/21 Aa $ 2,500,000 $ 1,996,875
South Salt Lake City Ind. Rev. (Price Savers
Wholesale Club Proj.) 9% 11/15/13 - 3,650,000 3,873,563
Utah Hsg. Fin. Agcy. (Residential Mtg.)
Series 1983 A, 0% 7/1/16 - 11,060,060 1,216,607
7,087,045
VERMONT - 0.2%
Vermont Ind. Dev. Auth. Ind. Dev. Rev. (Radisson
Hotel) Series B-1, 7.75% 11/15/15 - 2,000,000 2,020,000
VIRGINIA - 1.8%
Fairfax County Ind. Dev. Auth. Rev. Rfdg. (Inova
Health Sys. Hosp. Rev.) 5.25% 8/15/19 Aa 5,000,000 4,162,500
Galax Ind. Dev. Auth. 1st Mtg. Med. Facs. Rev.
Rfdg. (Waddell Nursing Home Proj.)
9.50% 8/1/05 - 2,300,000 2,443,750
Southeastern Pub. Svc. Auth. Rev. Rfdg.
Sr. Series A:
5.15% 7/1/09, (MBIA Insured) Aaa 4,000,000 3,645,000
5.25% 7/1/10, (MBIA Insured) Aaa 4,000,000 3,650,000
Virginia Beach Dev. Auth. Hosp. Facs. Rev.
(Gen. Hosp. Proj.):
6% 2/15/09, (AMBAC Insured) Aaa 1,000,000 982,500
6% 2/15/10, (AMBAC Insured) Aaa 1,220,000 1,192,550
Virginia Hsg. Dev. Auth. Residential Mtg. (Single
Family Mtg.) Series 1983 B, 0% 9/1/14 Aa 1,210,000 161,838
16,238,138
WASHINGTON - 2.9%
Douglas County Pub. Util Dist. #1 Wells
Hydroelec. Rev. Rfdg. 8.75% 9/1/18 A 1,395,000 1,775,138
Washington Pub. Pwr. Supply Sys. Nuclear
Proj. #1 Rev. Rfdg. Series B:
5.60% 7/1/07 Aa 1,880,000 1,774,250
7% 7/1/08 Aa 1,000,000 1,061,250
Washington Pub. Pwr. Supply Sys. Nuclear
Proj. #2 Rev. Series A, :
6.30% 7/1/12 Aa 1,000,000 976,250
5.60% 7/1/07 Aa 2,000,000 1,887,500
7.07% 7/1/10 INFL (g) Aa 2,650,000 2,219,375
7.77% 7/1/12 INFL (g) Aa 5,000,000 3,806,250
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
WASHINGTON - CONTINUED
Washington Pub. Pwr. Supply Sys. Nuclear
Proj. #3 Rev.:
Rfdg. (Cap. Appreciation) Series B:
0% 7/1/07, (MBIA Insured) Aaa $ 5,000,000 $ 2,212,500
0% 7/1/08, (MBIA Insured) Aaa 3,000,000 1,230,000
Rfdg. Series C, 0% 7/1/13 Aa 5,035,000 1,390,919
7.57% 7/1/12 INFL (g) Aa 10,000,000 7,612,500
25,945,932
WEST VIRGINIA - 0.3%
West Virginia Pkwy. Econ. Dev. & Tourism Auth.
8.387% 5/16/19, (FGIC Insured) INFL (g) Aaa 3,600,000 3,051,000
WYOMING - 0.2%
Sweetwater County Solid Waste Disp. Rev.
(FMC Corp. Proj.) Series A, 7% 6/1/24 Baa3 2,000,000 1,980,000
TOTAL MUNICIPAL BONDS
(Cost $855,622,634) 840,954,778
MUNICIPAL NOTES (D) - 4.8%
CALIFORNIA - 2.2%
California Poll. Cont. Fing. Auth. Resources
Recovery Rev. (Delano Proj.) Series 1991,
3.40%, LOC Algemene/ABN-AMRO Bank,
VRDN (e) P-1 2,000,000 2,000,000
San Diego County TRAN 4.50% 9/29/95 MIG 1 5,000,000 5,045,000
Santa Clara County TRAN Series 1993-1994,
3.25% 7/29/94 MIG 1 2,300,000 2,300,537
Ventura County TRAN 4.50% 8/1/95 MIG 1 10,000,000 10,073,400
19,418,937
FLORIDA - 0.9%
Dade County Ind. Dev. Rev. (Montenay Dade Ltd.
Proj.) Series 1990-A, 2.45%, LOC Banque
Paribas, VRDN (e) A-1 6,635,000 6,635,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev.
(Dolphins Stadium Proj.) Series 1985 B,
2.80%, LOC Citibank, Marine Midland Bank,
VRDN VMIG 1 1,300,000 1,300,000
7,935,000
MUNICIPAL NOTES (D) - CONTINUED
MOODY'S RATINGS (A) PRINCIPAL VALUE (NOTE 1)
AMOUNT
ILLINOIS - 0.5%
Chicago O'Hare Int'l. Arpt. Spl. Facs. Rev.
(American Airlines, Inc.) Series 1984 C,
3.55%, LOC Long-Term Cr. Bank of Japan,
VRDN P-2 $ 4,500,000 $ 4,500,000
KANSAS - 0.3%
Olathe Edl. Facs. Rev. (College Assoc. Pooled Ed.
Loan Prog.) Series 1989 A, 2.50%, LOC Marine
Midland Bank, VRDN VMIG 1 2,760,000 2,760,000
MARYLAND - 0.4%
Baltimore County Econ. Dev. Rev. Rfdg.
(Blue Circle, Inc. Proj.) Series 1992, 2.50%,
LOC Den Danske Bank Group, VRDN VMIG 1 3,500,000 3,500,000
OHIO - 0.3%
Ohio State Univ. Rev. (Gen. Receipts)
Series 1986 B, 2.90%, BPA Fuji Bank, VRDN VMIG 1 2,300,000 2,300,000
VIRGINIA - 0.2%
Southampton County Ind. Dev. Auth. Facs.
Rev. (Hadson Pwr. #11-Southampton Proj.)
Series 1990-A, 3.50%, LOC Cr. Suisse,
VRDN (e) - 2,000,000 2,000,000
TOTAL MUNICIPAL NOTES
(Cost $42,408,173) 42,413,937
TOTAL INVESTMENT IN SECURITIES - 100%
(Cost $898,030,807) $ 883,368,715
FUTURES CONTRACTS
EXPIRATION UNDERLYING FACE UNREALIZED
DATE AMOUNT AT VALUE GAIN/(LOSS)
PURCHASED
200 Municipal Bond Futures Contracts Sept. 1994 $ 17,756,250 $ (490,257)
THE FACE VALUE OF FUTURES PURCHASED AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 2.0%
SOLD
550 U.S. Treasury Bond Futures Contracts Sept. 1994 55,670,313 734,620
THE FACE VALUE OF FUTURES SOLD AS A PERCENTAGE OF TOTAL INVESTMENT IN
SECURITIES - 6.3%
$ 244,363
SECURITY TYPE ABBREVIATIONS
TRAN - Tax & Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(a) Standard & Poor's Corporation credit ratings are used in the absence of
a rating by Moody's Investors Service, Inc.
(b) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
(c) A portion of the security was pledged to cover margin requirements for
futures contracts. At the period end, the value of securities pledged
amounted to $2,921,875.
(d) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(e) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(f) Security collateralized by an amount sufficient to pay interest and
principal.
(g) Coupon is inversely indexed to a floating interest rate. The price will
be more volatile than the price of a comparable fixed rate security. The
rate shown is the rate at period end.
(h) Non-income producing - issuer filed for protection under the Federal
Bankruptcy Code or is in default of interest payment.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total value
of investment in securities, is as follows:
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 30.9% AAA, AA, A 31.9%
Baa 20.1% BBB 16.6%
Ba 8.5% BB 6.2%
B 0.1% B 1.6%
Caa 0.0% CCC 0.3%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by either S&P or Moody's amounted to 27.6%. FMR
has determined that unrated debt securities that are lower quality account
for 25.5% of the total value of investment in securities.
The distribution of municipal securities by revenue source, as a percentage
of total value of investment in securities, is as follows:
Health Care 30.8%
Industrial Development 18.0
Electric Revenue 13.2
Others (individually less than 10%) 38.0
TOTAL 100.0%
INCOME TAX INFORMATION
At June 30, 1994, the aggregate cost of investment securities for income
tax purposes was $898,155,422. Net unrealized depreciation aggregated
$14,786,707, of which $25,966,909 related to appreciated investment
securities and $40,753,616 related to depreciated investment securities.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
JUNE 30, 1994 (UNAUDITED)
ASSETS
Investment in securities, at value (cost $898,030,807) $ 883,368,715
(Note 1) - See accompanying schedule
Cash 1,647,725
Receivable for investments sold 10,256,550
Receivable for fund shares sold 115,138
Interest receivable 15,771,521
Redemption fees receivable (Note 1) 781
Receivable for daily variation on futures contracts 505,340
TOTAL ASSETS 911,665,770
LIABILITIES
Payable for investments purchased $ 27,555,250
Regular delivery
Delayed delivery (Note 2) 4,000,000
Dividends payable 1,362,833
Accrued management fee 338,795
Other payables and accrued expenses 209,774
TOTAL LIABILITIES 33,466,652
NET ASSETS $ 878,199,118
Net Assets consist of (Note 1):
Paid in capital $ 893,275,120
Accumulated undistributed net realized gain (loss) on (658,273)
investments
Net unrealized appreciation (depreciation) on (14,417,729)
investments
NET ASSETS, for 77,429,536 shares outstanding $ 878,199,118
NET ASSET VALUE, offering price and redemption price per $11.34
share ($878,199,118 (divided by) 77,429,536 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JUNE 30, 1994 (UNAUDITED)
INTEREST INCOME $ 32,099,576
EXPENSES
Management fee (Note 4) $ 2,082,989
Transfer agent, accounting and custodian fees and 646,950
expenses (Note 4)
Non-interested trustees' compensation 2,725
Registration fees 69,148
Audit 22,162
Legal 15,887
Miscellaneous 19,896
TOTAL EXPENSES 2,859,757
NET INTEREST INCOME 29,239,819
REALIZED AND UNREALIZED GAIN (LOSS) ON INVESTMENTS
(NOTES 1, 2 AND 3)
Net realized gain (loss) on:
Investment securities (478,477)
Futures contracts 1,536,639 1,058,162
Change in net unrealized appreciation (depreciation) on:
Investment securities (74,486,573)
Futures contracts 239,494 (74,247,079)
NET GAIN (LOSS) (73,188,917)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM $ (43,949,098)
OPERATIONS
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED DECEMBER 31,
JUNE 30, 1994 1993
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 29,239,819 $ 56,850,366
Net interest income
Net realized gain (loss) 1,058,162 30,470,669
Change in net unrealized appreciation (depreciation) (74,247,079) 24,737,943
NET INCREASE (DECREASE) IN NET ASSETS RESULTING (43,949,098) 112,058,978
FROM OPERATIONS
Distributions to shareholders: (29,239,819) (56,850,366)
From net interest income
From net realized gain (3,920,968) (25,449,884)
TOTAL DISTRIBUTIONS (33,160,787) (82,300,250)
Share transactions 137,056,850 269,831,566
Net proceeds from sales of shares
Reinvestment of distributions 24,235,507 60,432,051
Cost of shares redeemed (158,354,612) (169,641,184)
Redemption fees (Note 1) 146,177 161,376
Net increase (decrease) in net assets resulting from 3,083,922 160,783,809
share transactions
TOTAL INCREASE (DECREASE) IN NET ASSETS (74,025,963) 190,542,537
NET ASSETS
Beginning of period 952,225,081 761,682,544
End of period $ 878,199,118 $ 952,225,081
OTHER INFORMATION
Shares
Sold 11,616,192 21,911,612
Issued in reinvestment of distributions 2,064,998 4,902,103
Redeemed (13,468,556) (13,691,472)
Net increase (decrease) 212,634 13,122,243
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED DECEMBER 31,
ENDED JUNE 30,
1994
(UNAUDITED) 1993 1992 1991 1990 1989
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SELECTED PER-SHARE DATA
Net asset value, $ 12.330 $ 11.880 $ 11.800 $ 11.430 $ 11.490 $ 11.330
beginning of period
Income from .384 .783 .834 .863 .886 .881
Investment
Operations
Net interest income
Net realized and (.942) .788 .208 .429 (.060) .160
unrealized gain
(loss)
Total from (.558) 1.571 1.042 1.292 .826 1.041
investment
operations
Less Distributions (.384) (.783) (.834) (.863) (.886) (.881)
From net interest
income
From net realized (.050) (.340) (.130) (.060) - -
gain on
investments
Total distributions (.434) (1.123) (.964) (.923) (.886) (.881)
Redemption fees .002 .002 .002 .001 - -
added to paid in
capital
Net asset value, end $ 11.340 $ 12.330 $ 11.880 $ 11.800 $ 11.430 $ 11.490
of period
TOTAL RETURNB (4.57)% 13.63% 9.17% 11.77% 7.48% 9.50%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of $ 878,199 $ 952,225 $ 761,683 $ 653,818 $ 550,848 $ 545,588
period (000 omitted)
Ratio of expenses to .64%A .64% .64% .69% .66% .69%
average net assets
Ratio of net interest 6.52%A 6.37% 7.01% 7.46% 7.79% 7.68%
income to average
net assets
Portfolio turnover rate 45%A 54% 43% 30% 46% 46%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
NOTES TO FINANCIAL STATEMENTS
For the period ended June 30, 1994 (Unaudited)
1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Aggressive Tax-Free Portfolio (the fund) is a fund of Fidelity
Municipal 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 Massachusetts business trust. The following
summarizes the significant accounting policies of the fund:
SECURITY VALUATION. Securities are valued based upon a computerized matrix
system and/or appraisals by a pricing service, both of which consider
market transactions and dealer-supplied valuations. Short-term securities
maturing within sixty days are valued either at amortized cost or original
cost plus accrued interest, both of which approximate current value.
Securities for which quotations are not readily available through the
pricing service are valued at their fair value as determined in good faith
under consistently applied procedures under the general supervision of the
Board of Trustees.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, 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.
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. Distributions to shareholders from
realized capital gains on investments, if any, are recorded on the
ex-dividend date.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments for
losses deferred due to wash salesand futures and options. The fund also
utilized earnings and profits distributed to shareholders on redemption of
shares as a part of the dividends paid deduction for income tax purposes.
Permanent book and tax basis differences relating to shareholder
distributions will result in reclassifications to paid in capital.
REDEMPTION FEES. Shares held in the fund less than 180 days are subject to
a redemption fee equal to 1% of the proceeds of the redeemed shares. The
fee, which is retained by the fund, is accounted for as an addition to paid
in capital.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
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.
DELAYED DELIVERY TRANSACTIONS. The fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The fund
identifies securities as segregated in its custodial records with a value
at least equal to the amount of the purchase commitment.
FUTURES CONTRACTS AND OPTIONS. The fund may invest in futures contracts and
write options. These investments involve to varying degrees, elements of
market risk and risks in excess of the amount recognized in the Statement
of Assets and Liabilities. The face or contract amounts reflect the extent
of the involvement the fund has in the particular classes of instruments.
Risks may be caused by an imperfect correlation between movements in the
price of the instruments and the price of the underlying securities and
interest rates. Risks also may arise if there is an illiquid secondary
market for the instruments, or due to the inability of counterparties to
perform.
Futures contracts are valued at the settlement price established each day
by the board of trade or exchange on which they are traded. Options traded
on an exchange are valued using the last sale price or, in the absence of a
sale, the last offering price. Options traded over-the-counter are valued
using dealer-supplied valuations.
3. PURCHASES AND SALES OF
INVESTMENTS.
Purchases and sales of securities, other than short-term securities,
aggregated $193,978,403 and $192,511,386, respectively.
The market value of futures contracts opened and closed amounted to
$460,218,181 and $409,672,418, respectively.
4. 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 ranging from .14% to .37% and is based on the
monthly average net assets of all the mutual funds advised by FMR. The
annual individual fund fee rate is .30%. For the period, the management fee
was equivalent to an annualized rate of .46% of average net assets.
4. FEES AND OTHER
TRANSACTIONS WITH AFFILIATES - CONTINUED
MANAGEMENT FEE - CONTINUED
The Board of Trustees previously approved a group fee rate schedule with
rates ranging from .1325% to .3700%. Effective November 1, 1993, FMR
voluntarily implemented this group fee rate schedule as it results in the
same or a lower management fee. In July 1994, the Board of Trustees
approved a new group fee rate schedule with rate ranging from .12% to .37%.
Effective August 1, 1994, FMR has voluntarily agreed to implement this new
group fee rate schedule as it results in the same or a further reduction in
the management fee.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, FMR or
the fund's distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $2,484 for the
period.
TRANSFER AGENT AND ACCOUNTING FEES. United Missouri Bank, N.A. (the Bank)
is the custodian and transfer and shareholder servicing agent for the fund.
The Bank has entered into a sub-contract with Fidelity Service Co. (FSC),
an affiliate of FMR, under which FSC performs the activities associated
with the fund's transfer and shareholder servicing agent and accounting
functions. The fund pays transfer agent fees based on the type, size,
number of accounts and number of transactions made by shareholders. FSC
pays for typesetting, printing and mailing of all shareholder reports,
except proxy statements. The accounting fee is based on the level of
average net assets for the month plus out-of-pocket expenses. For the
period, FSC received transfer agent and accounting fees amounting to
$15,887 and $142,020, respectively.
TO CALL FIDELITY
FOR FUND INFORMATION AND QUOTES
The Fidelity Telephone Connection offers you special automated telephone
services for quotes and balances. The services are easy to use,
confidential and quick. All you need is a Touch Tone telephone.
YOUR PERSONAL IDENTIFICATION NUMBER
(PIN)
The first time you call one of our automated telephone services, we'll ask
you
to set up your Personal Identification
Number (PIN). The PIN assures that
only you have automated telephone
access to your account information.
Please have your Customer Number
(T-account #) handy when you call --
you'll need it to establish your PIN. If
you would ever like to change your PIN, just choose the "Change your
Personal
Identification Number" option when
you call. If you forget your PIN, please
call a Fidelity representative at 1-800-
544-6666 for assistance.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND QUOTES*
1-800-544-8544
Just make a selection from this record-ed menu:
PRESS
For quotes on funds you own.
1.
For an individual fund quote.
2.
For the ten most frequently
requested Fidelity fund quotes.
3.
For quotes on Fidelity Select
Portfolios(registered trademark).
4.
To change your Personal
Identification Number (PIN).
5.
To speak with a Fidelity
representative.
6.
(PHONE_GRAPHIC)(PHONE_GRAPHIC)MUTUAL FUND ACCOUNT
BALANCES 1-800-544-7544
Just make a selection from this record-
ed menu:
PRESS
For balances on funds you own.
1.
For your most recent fund activity
(purchases, redemptions, and
dividends).
2.
To change your Personal
Identification Number (PIN).
3.
To speak with a Fidelity
representative.
4.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD AND
RETURN WILL
VARY AND, EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS
MEANS THAT
YOU MAY HAVE A GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO
ASSURANCE THAT
MONEY MARKET FUNDS WILL BE ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN
INVESTMENT IN
A MONEY MARKET FUND IS NOT INSURED OR GUARANTEED BY THE U.S. GOVERNMENT.
TOTAL
RETURNS ARE HISTORICAL AND INCLUDE CHANGES IN SHARE PRICE, REINVESTMENT OF
DIVIDENDS
AND CAPITAL GAINS, AND THE EFFECTS OF ANY SALES CHARGES. FOR MORE
INFORMATION ON ANY
FIDELITY FUND INCLUDING MANAGEMENT FEES AND CHARGES, CALL 1-800-544-8888
FOR A FREE
PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
2249 Galiano Street
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
1 West Pennsylvania Ave.
Towson, MD
7401 Wisconsin Avenue
Bethesda, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
101 Cambridge Street
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
38 South Sixth Street
Minneapolis, MN
MISSOURI
700 West 47th Street
Kansas City, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
1903 East Ninth Street
Cleveland, OH
28699 Chagrin Boulevard
Woodmere Village, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
1010 Lamar Street
Houston, TX
2701 Drexel Drive
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
175 East 400 South Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI
TO WRITE FIDELITY
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. Please send ALL correspondence about retirement
accounts to Dallas.
(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)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
Additional Payments
P.O. Box 2656
Boston, MA 02293-0656
Fidelity Investments
Additional Payments
P.O. Box 620024
Dallas, TX 75262-0024
Fidelity Investments
Additional Payments
P.O. Box 31455
Salt Lake City, UT 84131-0455
OVERNIGHT EXPRESS
Fidelity Investments
Additional Payments
World Trade Center
164 Northern Avenue
Boston, MA 02210
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02103-0878
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 770001
Cincinnati, OH 45277-0001
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 620024
Dallas, TX 75262-0024
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Thomas J. Steffanci, Vice President
Anne Punzak, Vice President
Gary L. French, Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
Arthur S. Loring, Secretary
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Richard J. Flynn *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Edward H. Malone *
Marvin L Mann *
Gerald C. McDonough *
Thomas R. Williams *
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
FIDELITY TAX-FREE BOND FUNDS
Aggressive Tax-Free
California Tax-Free High Yield
California Tax-Free Insured
High Yield Tax-Free
Insured Tax-Free
Limited Term Municipals
Massachusetts Tax-Free High Yield
Michigan Tax-Free High Yield
Minnesota Tax-Free
Municipal Bond
New York Tax-Free High Yield
New York Tax-Free Insured
Ohio Tax-Free High Yield
Spartan(Registered trademark) Aggressive Municipal
Spartan California Intermediate Municipal
Spartan California Municipal High Yield
Spartan Connecticut Municipal High Yield
Spartan Florida Municipal Income
Spartan Intermediate Municipal
Spartan Maryland Municipal Income
Spartan Municipal Income
Spartan New Jersey Municipal High Yield
Spartan New York Intermediate Municipal
Spartan New York Municipal High Yield
Spartan Pennsylvania Municipal High Yield
Spartan Short-Intermediate Municipal
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 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
