SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET PORTFOLIO
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 19, 1994
The following information replaces similar information which can be found
on page 11.
1995 TAX RATES AND TAX-EQUIVALENT YIELDS
Combined
Federal Income Massachusetts Massachusetts and
Taxable Tax Tax Federal Effective
Income* Bracket** Bracket Tax Bracket
Single Return Joint Return
$ 23,351 - $ 56,550 $ 39,001 - $ 94,250 28% 12.0% 36.64%
$ 56,551 - $ 117,950 $ 94,251 - $ 143,600 31% 12.0% 39.28%
$ 117,951 - $ 256,500 $ 143,601 - $ 256,500 36% 12.0% 43.68%
$ 256,501 and above $ 256,501 and above 39.6% 12.0% 46.85%
* Net amount subject to federal income tax after deductions and exemptions.
Assumes ordinary income only.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
SMAB-95-1 February 1, 1995
MASSACHUSTTS TAX-FREE HIGH YIELD PORTFOLIIO
MASSACHUSETTS TAX-FREE MONEY MARKET PORTFOLIO
SUPPLEMENT TO THE STATEMENT OF ADDITIONAL INFORMATION
DATED MARCH 19, 1994
MANAGEMENT CONTRACT. Effective August 1, 1994, FMR agreed to voluntarily
adopt the revised group fee rate schedule shown below for purposes of
calculating the group fee component of the management fee. The revised
schedule provides for lower management fees as total assets under
management increase, and it will be presented to shareholders for approval
at the next shareholder meeting.
The following information replaces the "Group Fee Rate" and "Effective
Annual Fee Rate" schedules found on page 23.
GROUP FEE RATE SCHEDULE EFFECTIVE ANNUAL FEE RATES
Average Group Annualized Group Net Effective Annual Fee
Assets Rate Assets Rate
0 - $ 3 billion .3700% $ 0.5 billion .3700%
3 - 6 .3400 25 .2664
6 - 9 .3100 50 .2188
9 - 12 .2800 75 .1986
12 - 15 .2500 100 .1869
15 - 18 .2200 125 .1793
18 - 21 .2000 150 .1736
21 - 24 .1900 175 .1690
24 - 30 .1800 200 .1652
30 - 36 .1750 225 .1618
36 - 42 .1700 250 .1587
42 - 48 .1650 275 .1560
48 - 66 .1600 300 .1536
66 - 84 .1550 325 .1514
84 - 120 .1500 350 .1494
120 - 156 .1450 375 .1476
156 - 192 .1400 400 .1459
192 - 228 .1350
228 - 264 .1300
264 - 300 .1275
300 - 336 .1250
336 - 372 .1225
Over 372 .1200
The following information replaces the similar information which can be
found on page 15.
1995 TAX RATES AND TAX-EQUIVALENT YIELDS
Combined
Federal Income Massachusetts Massachusetts and
Taxable Tax Tax Federal Effective
Income* Bracket** Bracket Tax Bracket
Single Return Joint Return
$ 23,351 - $ 56,550 $ 39,001 - $ 94,250 28% 12.0% 36.64%
$ 56,551 - $ 117,950 $ 94,251 - $ 143,600 31% 12.0% 39.28%
$ 117,951 - $ 256,500 $ 143,601 - $ 256,500 36% 12.0% 43.68%
$ 256,501 and above $ 256,501 and above 39.6% 12.0% 46.85%
* Net amount subject to federal income tax after deductions and exemptions.
Assumes ordinary income only.
** Excludes the impact of the phaseout of personal exemptions, limitations
on itemized deductions, and other credits, exclusions, and adjustments
which may increase a taxpayer's marginal tax rate. An increase in a
shareholder's marginal tax rate would increase that shareholder's
tax-equivalent yield.
MFRB-95-1 February 1, 1995
