SPARTAN(REGISTERED TRADEMARK)
MASSACHUSETTS MUNICIPAL
FUNDS
AND
FIDELITY
MASSACHUSETTS MUNICIPAL
MONEY MARKET FUND
SEMIANNUAL REPORT
JULY 31, 1999
(2_FIDELITY_LOGOS)(registered trademark)
CONTENTS
PRESIDENT'S MESSAGE 3 NED JOHNSON ON INVESTING
STRATEGIES
SPARTAN MASSACHUSETTS
MUNICIPAL INCOME FUND
4 PERFORMANCE
7 FUND TALK: THE MANAGER'S
OVERVIEW
10 INVESTMENT CHANGES
11 INVESTMENTS
26 FINANCIAL STATEMENTS
SPARTAN MASSACHUSETTS
MUNICIPAL MONEY MARKET FUND
30 PERFORMANCE
32 FUND TALK: THE MANAGER'S
OVERVIEW
34 INVESTMENT CHANGES
35 INVESTMENTS
43 FINANCIAL STATEMENTS
FIDELITY MASSACHUSETTS
MUNICIPAL MONEY MARKET FUND
47 PERFORMANCE
49 FUND TALK: THE MANAGER'S
OVERVIEW
51 INVESTMENT CHANGES
52 INVESTMENTS
62 FINANCIAL STATEMENTS
NOTES 66 NOTES TO THE FINANCIAL
STATEMENTS
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THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE
SUBMITTED FOR THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUNDS. THIS REPORT IS NOT
AUTHORIZED FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUNDS 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 FUNDS NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND
EXPENSES, CALL 1-800-544-8888
FOR A FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND
MONEY.
PRESIDENT'S MESSAGE
(PHOTO_OF_EDWARD_C_JOHNSON_3D)
DEAR SHAREHOLDER:
In July, the steadily growing U.S. economy again sparked fears of
inflation and posed the threat of another Federal Reserve Board
interest-rate hike at its August policy meeting. Despite rising
profits and continued productivity gains at many U.S. corporations,
stock and bond markets sold off sharply toward the month's end.
Renewed jitters about inflation were sparked by a government report
that showed a larger-than-expected increase in the employment-cost
index.
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.
The longer your investment time frame, the less likely it is that you
will be affected by short-term market volatility. A 10-year investment
horizon appropriate for saving for a college education, for example,
enables you to weather market cycles in a long-term fund, which may
have a higher risk potential, but also has a higher potential rate of
return.
An intermediate-length fund could make sense if your investment
horizon is two to four years, while a short-term bond fund could be
the right choice if you need your money in one or two years.
If your time horizon is less than a year, you might want to consider
moving some of your bond investment into a money market fund. These
funds seek income and a stable share price by investing in
high-quality, short-term investments. Of course, it's important to
remember that an investment in a money market fund is not insured or
guaranteed by the Federal Deposit Insurance Corporation or any other
government agency. Although money market funds seek to preserve the
value of your investment at $1.00 per share, it is possible to lose
money by investing in these types of funds.
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. Of course, you should
consider your financial ability to continue your purchases through
periods of low price levels before undertaking such a strategy.
If you have questions, please call us at 1-800-544-8888, or visit our
web site at www.fidelity.com. 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
SPARTAN MASSACHUSETTS MUNICIPAL INCOME FUND
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. Total return reflects the change in the value of an
investment, assuming reinvestment of the fund's dividend income and
capital gains (the profits earned upon the sale of securities that
have grown in value). You can also look at the fund's income, as
reflected in its yield, to measure performance.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
SPARTAN MA MUNICIPAL INCOME -1.77% 2.44% 35.33% 98.74%
LB Massachusetts Enhanced -1.80% 2.85% 38.30% n/a
Municipal Bond
Massachusetts Municipal Debt -2.50% 1.28% 32.68% 91.44%
Funds Average
</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 10 years. 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. You can compare the fund's returns to the performance
of the Lehman Brothers Massachusetts Enhanced Municipal Bond Index - a
market value-weighted index of Massachusetts investment-grade
municipal bonds with maturities of one year or more. To measure how
the fund's performance stacked up against its peers, you can compare
it to the Massachusetts municipal debt funds average, which reflects
the performance of mutual funds with similar objectives tracked by
Lipper Inc. The past six months average represents a peer group of 58
mutual funds. These benchmarks include reinvested dividends and
capital gains, if any, and exclude the effect of sales charges.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
SPARTAN MA MUNICIPAL INCOME 2.44% 6.24% 7.11%
LB Massachusetts Enhanced 2.85% 6.70% n/a
Municipal Bond
Massachusetts Municipal Debt 1.28% 5.81% 6.71%
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. (Note: Lipper calculates average annual total
returns by annualizing each fund's total return, then taking the
arithmetic average. This may produce a different figure than that
obtained by averaging the cumulative total returns and annualizing the
result.)
$10,000 OVER 10 YEARS
Spartan MA Muni Income LB Municipal Bond
00070 LB015
1989/07/31 10000.00 10000.00
1989/08/31 9961.21 9902.10
1989/09/30 9923.11 9872.59
1989/10/31 10017.11 9993.33
1989/11/30 10159.00 10168.22
1989/12/31 10222.69 10251.39
1990/01/31 10172.59 10202.90
1990/02/28 10298.55 10293.71
1990/03/31 10316.22 10296.80
1990/04/30 10180.77 10222.25
1990/05/31 10402.25 10445.40
1990/06/30 10511.25 10537.22
1990/07/31 10659.81 10692.11
1990/08/31 10531.94 10536.86
1990/09/30 10567.21 10542.87
1990/10/31 10603.29 10734.12
1990/11/30 10930.96 10949.98
1990/12/31 10977.57 10997.61
1991/01/31 11113.21 11145.20
1991/02/28 11198.45 11242.16
1991/03/31 11254.24 11246.21
1991/04/30 11410.23 11395.79
1991/05/31 11525.17 11497.09
1991/06/30 11547.93 11485.71
1991/07/31 11715.27 11625.61
1991/08/31 11822.00 11778.72
1991/09/30 11930.67 11932.08
1991/10/31 12037.02 12039.46
1991/11/30 12068.89 12073.05
1991/12/31 12218.64 12332.14
1992/01/31 12324.94 12360.26
1992/02/29 12364.21 12364.22
1992/03/31 12376.41 12368.79
1992/04/30 12486.32 12478.87
1992/05/31 12622.60 12625.75
1992/06/30 12832.51 12837.61
1992/07/31 13177.55 13222.48
1992/08/31 13011.76 13093.56
1992/09/30 13122.54 13179.19
1992/10/31 12900.85 13049.64
1992/11/30 13227.38 13283.36
1992/12/31 13353.58 13418.98
1993/01/31 13549.92 13575.05
1993/02/28 14016.09 14066.06
1993/03/31 13889.30 13917.38
1993/04/30 14016.93 14057.80
1993/05/31 14112.01 14136.81
1993/06/30 14334.33 14372.75
1993/07/31 14324.33 14391.58
1993/08/31 14623.23 14691.21
1993/09/30 14873.00 14858.55
1993/10/31 14909.56 14887.22
1993/11/30 14787.06 14756.07
1993/12/31 15078.99 15067.57
1994/01/31 15253.25 15239.64
1994/02/28 14934.07 14844.93
1994/03/31 14291.41 14240.45
1994/04/30 14339.57 14361.21
1994/05/31 14480.74 14485.72
1994/06/30 14413.31 14397.21
1994/07/31 14685.70 14661.11
1994/08/31 14750.34 14711.84
1994/09/30 14510.27 14495.87
1994/10/31 14218.15 14238.42
1994/11/30 13816.90 13980.99
1994/12/31 14163.16 14288.71
1995/01/31 14675.08 14697.08
1995/02/28 15086.18 15124.47
1995/03/31 15288.34 15298.25
1995/04/30 15295.76 15316.31
1995/05/31 15774.41 15805.05
1995/06/30 15531.09 15667.55
1995/07/31 15636.22 15816.07
1995/08/31 15826.16 16016.62
1995/09/30 15957.57 16118.01
1995/10/31 16217.82 16352.36
1995/11/30 16502.85 16623.65
1995/12/31 16722.63 16783.40
1996/01/31 16841.02 16910.12
1996/02/29 16665.74 16795.97
1996/03/31 16438.06 16581.32
1996/04/30 16365.80 16534.40
1996/05/31 16368.46 16527.78
1996/06/30 16529.24 16707.77
1996/07/31 16706.93 16859.81
1996/08/31 16678.64 16855.76
1996/09/30 16900.79 17091.74
1996/10/31 17095.27 17285.05
1996/11/30 17408.48 17601.37
1996/12/31 17324.18 17527.44
1997/01/31 17356.63 17560.57
1997/02/28 17518.20 17721.78
1997/03/31 17276.36 17485.54
1997/04/30 17428.60 17631.90
1997/05/31 17691.75 17897.08
1997/06/30 17876.00 18087.69
1997/07/31 18388.63 18588.72
1997/08/31 18217.37 18414.54
1997/09/30 18433.89 18633.12
1997/10/31 18544.09 18752.93
1997/11/30 18667.11 18863.20
1997/12/31 18938.59 19138.41
1998/01/31 19128.80 19335.92
1998/02/28 19104.65 19341.72
1998/03/31 19119.98 19358.74
1998/04/30 19035.94 19271.43
1998/05/31 19326.07 19576.50
1998/06/30 19370.73 19653.63
1998/07/31 19400.78 19702.96
1998/08/31 19692.39 20007.37
1998/09/30 19932.73 20256.67
1998/10/31 19879.49 20256.26
1998/11/30 19971.49 20327.36
1998/12/31 20000.55 20378.58
1999/01/31 20231.46 20620.89
1999/02/28 20118.79 20530.77
1999/03/31 20151.97 20559.31
1999/04/30 20213.14 20610.50
1999/05/31 20089.92 20491.17
1999/06/30 19792.78 20196.10
1999/07/30 19874.15 20269.61
IMATRL PRASUN SHR__CHT 19990731 19990812 115645 R00000000000123
$10,000 OVER 10 YEARS: Let's say hypothetically that $10,000 was
invested in Spartan Massachusetts Municipal Income Fund on July 31,
1989. As the chart shows, by July 31, 1999, the value of the
investment would have grown to $19,874 - a 98.74% increase on the
initial investment. For comparison, look at how the Lehman Brothers
Municipal Bond Index - a market value-weighted index of
investment-grade municipal bonds with maturities of one year or more -
did over the same period. With dividends and capital gains, if any,
reinvested, the same $10,000 would have grown to $20,270 - a 102.70%
increase.
(checkmark)UNDERSTANDING
PERFORMANCE
How a fund did yesterday is
no guarantee of how it will do
tomorrow. Bond prices, for
example, generally 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.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
TOTAL RETURN COMPONENTS
SIX MONTHS ENDED JULY 31, YEARS ENDED JANUARY 31,
1999 1999 1998 1997 1996 1995
Dividend returns 2.29% 4.92% 5.47% 5.33% 6.41% 5.85%
Capital returns -4.06% 0.84% 4.74% -2.27% 8.35% -9.64%
Total returns -1.77% 5.76% 10.21% 3.06% 14.76% -3.79%
</TABLE>
TOTAL RETURN COMPONENTS include both dividend returns and capital
returns. A dividend return reflects the actual dividends paid by the
fund. A capital 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 capital gains, if
any, paid by the fund are reinvested.
DIVIDENDS AND YIELD
PERIODS ENDED JULY 31, 1999 PAST 1 MONTH PAST 6 MONTHS PAST 1 YEAR
Dividends per share 4.74(cents) 27.77(cents) 56.06(cents)
Annualized dividend rate 4.82% 4.75% 4.71%
30-day annualized yield 4.58% - -
30-day annualized 7.61% - -
tax-equivalent yield
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
$11.58 over the past one month, $11.79 over the past six months and
$11.89 over the past one year, you can compare the fund's income over
these three periods. The 30-day annualized YIELD is a standard formula
for all bond 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 39.81% combined 1999 federal and state tax bracket, but does not
reflect the payment of the federal alternative minimum tax, if
applicable.
SPARTAN MASSACHUSETTS MUNICIPAL INCOME FUND
FUND TALK: THE MANAGER'S OVERVIEW
MARKET RECAP
Municipal bonds outperformed their
Treasury and spread-sector
counterparts - corporates,
mortgages and the like - on an
absolute basis during the six-month
period ending July 31, 1999.
Unfortunately, the muni market's
overall performance was also in
negative territory. For the period,
the Lehman Brothers Municipal
Bond Index - an index of
approximately 50,000
investment-grade, fixed-rate,
tax-exempt bonds - declined
1.70%. In comparison, the market
proxy for U.S. government bonds, the
Lehman Brothers Long-Term
Government Bond Index, fell
7.96%. The overall taxable-bond
market, as measured by the
Lehman Brothers Aggregate Bond
Index, dropped 2.49% over the
past six months. While the supply of
municipals was relatively light
during the period - particularly
compared to 1998's near-record
levels of issuance - demand was
similarly muted, especially among
institutional investors. Tighter Federal
Reserve Board monetary policy and
Y2K concerns also contributed to
the downward pressure on muni
bond prices. Municipals did receive
a lift on the last day of June, as the
Fed shifted its monetary policy
stance from a tightening bias to a
neutral stance. However, that good
news was effectively counterbalanced
by a stronger-than-expected 1.1%
increase in the employment cost index
for the month of July, a potential
harbinger of inflation and another
Fed rate hike.
(photograph of Christine Thompson)
An interview with Christine Thompson, Portfolio Manager of Spartan
Massachusetts Municipal Income Fund
Q. HOW DID THE FUND PERFORM, CHRISTINE?
A. For the six-month period that ended July 31, 1999, the fund had a
total return of -1.77%. To get a sense of how the fund did relative to
its competitors, the Massachusetts municipal debt funds average
returned -2.50% during the same six-month period, according to Lipper
Inc. Additionally, the Lehman Brothers Massachusetts Enhanced
Municipal Bond Index - which tracks the types of securities in which
the fund invests - returned -1.80%. For the 12 months that ended July
31, 1999, the fund had a total return of 2.44%. That return compared
to the Massachusetts municipal debt funds average's 1.28% return and
the Lehman Brothers index's 2.85% return for the same 12-month period.
Q. WHAT HELPED THE FUND BEAT ITS PEERS DURING THE PAST SIX MONTHS?
A. A key factor was the duration management policy of the fund.
Duration measures a fund's interest-rate sensitivity. In keeping with
Fidelity's investment approach, I managed the fund's duration to be in
line with the Massachusetts municipal market as a whole, as reflected
by the Lehman Brothers Massachusetts Enhanced Municipal Bond Index. As
a rule, I don't lengthen or shorten duration based on where I think
interest rates will be at some point down the road, because I don't
believe that anyone can do so with any accuracy over time. But other
funds in the peer group do actively manage duration, and some
increased their interest-rate sensitivity, which likely caused their
returns to suffer when interest rates rose.
Q. WERE THERE ANY DISAPPOINTMENTS?
A. Yes, intermediate-term bonds, those with maturities of between five
and 15 years, were the main disappointment during the period. They
suffered primarily from reduced demand and increased supply at the
hands of relatively heavy selling from some specific types of
institutional investors. In contrast, strong demand from individual
investors helped to support the performance of some shorter- and
longer-term securities. However, I continued to emphasize
intermediate-maturity bonds because, based on Fidelity's quantitative
models, they offered the most attractive value for their given
interest-rate sensitivity and their total return potential.
Q. WHERE DID YOU FIND OPPORTUNITIES DURING THE PERIOD?
A. I found some attractive opportunities in the education sector and
bought bonds backed by colleges and universities. Education bonds
offer diversification from the economically sensitive areas of the
market - such as general obligation bonds. In addition, demographic
trends support a growing number of students seeking to obtain advanced
degrees over the next several years. I also continued to emphasize
premium coupon bonds, which pay interest rates above prevailing market
rates and trade at prices above face - or par - value. An appealing
aspect of premiums has been that they are insulated from unfavorable
tax treatment that can affect lower coupon bonds during certain market
environments.
Q. CHRISTINE, WHAT'S YOUR OUTLOOK?
A. Although I don't believe that anyone can accurately predict the
movement of interest rates, the decline in bond prices that we have
seen recently already reflects the anticipation of higher short-term
interest rates. Combining that with the fact that municipals recently
lagged taxable Treasury securities, I believe conditions support the
idea that municipals can do well relative to their Treasury
counterparts.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: to provide high current
income exempt from federal
income tax and Massachusetts
personal income tax by
investing in investment-grade
municipal securities under
normal conditions
FUND NUMBER: 070
TRADING SYMBOL: FDMMX
START DATE: November 10,
1983
SIZE: as of July 31, 1999,
more than $1.3 billion
MANAGER: Christine Thompson,
since 1998; manager,
various Fidelity and Spartan
municipal income funds;
joined Fidelity in 1985
CHRISTINE THOMPSON ON Y2K
AND ITS POTENTIAL EFFECTS ON
MUNICIPAL BOND ISSUERS:
"Y2K may pose a number of
challenges for municipal bond
issuers. My primary focus with
regard to Y2K-related issues is
how they will impact the credit
quality of various issuers.
Fidelity's research team asks
issuers a number of things,
including how vulnerable they
believe they are to potential
problems, what their short-term
contingency plans are in the event
of any problems and what
long-term solutions they've
developed. What we've found so
far is that there are varying degrees
of sophistication among issuers,
with some much more poised to
deal with potential problems
than others. That's why we
carefully consider Y2K-related
issues as one of the many factors
in our routine security selection
process."
SPARTAN MASSACHUSETTS MUNICIPAL INCOME FUND
INVESTMENT CHANGES
<TABLE>
<CAPTION>
<S> <C> <C>
TOP FIVE SECTORS AS OF JULY
31, 1999
% OF FUND'S INVESTMENTS % OF FUND'S INVESTMENTS IN
THESE SECTORS 6 MONTHS AGO
General Obligations 23.8 24.6
Health Care 17.1 18.9
Education 14.8 11.5
Water & Sewer 11.7 11.0
Escrowed/Pre-Refunded 8.0 8.0
AVERAGE YEARS TO MATURITY AS
OF JULY 31, 1999
6 MONTHS AGO
Years 13.6 13.7
</TABLE>
AVERAGE YEARS TO MATURITY IS BASED ON THE AVERAGE TIME REMAINING UNTIL
PRINCIPAL PAYMENTS ARE EXPECTED FROM EACH OF THE FUND'S BONDS,
WEIGHTED BY DOLLAR AMOUNT.
DURATION AS OF JULY 31, 1999
6 MONTHS AGO
Years 6.5 6.6
DURATION SHOWS HOW MUCH A BOND FUND'S PRICE FLUCTUATES WITH CHANGES IN
COMPARABLE INTEREST RATES. IF RATES RISE 1%, FOR EXAMPLE, A FUND WITH
A FIVE-YEAR DURATION IS LIKELY TO LOSE ABOUT 5% OF ITS VALUE. OTHER
FACTORS ALSO CAN INFLUENCE A BOND FUND'S PERFORMANCE AND SHARE PRICE.
ACCORDINGLY, A BOND FUND'S ACTUAL PERFORMANCE MAY DIFFER FROM THIS
EXAMPLE.
QUALITY DIVERSIFICATION
AS OF JULY 31, 1999
Aaa 47.1%
Aa, A 41.1%
Baa 7.9%
Not Rated 3.6%
Short-term
Investments 0.3%
Row: 1, Col: 1, Value: 47.1
Row: 1, Col: 2, Value: 41.1
Row: 1, Col: 3, Value: 3.6
Row: 1, Col: 4, Value: 3.6
Row: 1, Col: 5, Value: 0.3
AS OF JANUARY 31, 1999
Aaa 46.8%
Aa, A 41.7%
Baa 7.0%
Not Rated 2.7%
Short-term
Investments 1.8%
Row: 1, Col: 1, Value: 46.8
Row: 1, Col: 2, Value: 41.7
Row: 1, Col: 3, Value: 7.0
Row: 1, Col: 4, Value: 2.7
Row: 1, Col: 5, Value: 1.8
WHERE MOODY'S RATINGS ARE NOT AVAILABLE, WE HAVE USED S&P(registered
trademark) RATINGS. AMOUNTS SHOWN ARE AS A PERCENTAGE OF THE FUND'S
INVESTMENTS.
SPARTAN MASSACHUSETTS MUNICIPAL INCOME FUND
INVESTMENTS JULY 31, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
MUNICIPAL BONDS - 99.7%
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
GUAM - 0.2%
Guam Pwr. Auth. Series A, Baa3 $ 2,950,000 $ 2,956,462
4.25% 10/1/00
MASSACHUSETTS - 97.7%
Attleboro Gen. Oblig.:
6% 10/1/03 (MBIA Insured) Aaa 1,085,000 1,155,254
6% 10/1/04 (MBIA Insured) Aaa 1,085,000 1,165,496
6% 10/1/05 (MBIA Insured) Aaa 1,085,000 1,173,286
6% 10/1/06 (MBIA Insured) Aaa 1,085,000 1,178,766
6% 10/1/07 (MBIA Insured) Aaa 1,085,000 1,182,075
Barnstable Gen. Oblig.:
5% 3/15/11 Aa3 2,140,000 2,111,238
5% 3/15/14 Aa3 2,370,000 2,295,203
Barnstable Ind. Dev. Fing. A 2,920,000 3,021,850
Auth. Ind. Dev. Rev.
(Whitehall Pavilion) 10.125%
2/15/26 (Fed. Hsg.
Administration Insured)
Boston Economic Dev. & Ind. - 3,920,000 3,965,746
Corp. (Boston Army Base 1983
Proj.) 6.25% 8/1/03
Boston Gen. Oblig.:
Rfdg. Series B, 4.5% 4/1/01 Aaa 6,000,000 6,038,760
(FGIC Insured)
Series A, 4.3% 7/1/01 (AMBAC Aaa 3,000,000 3,014,610
Insured)
Boston Hsg. Dev. Corp. Mtg. Aaa 2,855,000 2,878,754
Rev. Rfdg. Series A, 5.15%
7/1/08 (MBIA Insured)
Boston Wtr. & Swr. Commission
Rev.:
Senior Series A, 5.25% 11/1/19 A1 10,100,000 9,907,595
Senior Series C, 5.2% 11/1/21 Aaa 4,000,000 3,826,880
(FGIC Insured)
Brockton Gen. Oblig.:
5% 4/1/09 (MBIA Insured) Aaa 1,200,000 1,202,988
5% 4/1/13 (MBIA Insured) Aaa 1,165,000 1,135,316
5.1% 4/1/12 (MBIA Insured) Aaa 1,850,000 1,840,732
6% 4/1/06 (MBIA Insured) Aaa 1,380,000 1,492,015
Brockton Hsg. Dev. Corp. AAA 8,015,000 8,346,741
Multi-family Rev. Rfdg.
(Douglas House Proj.) Series
1992 A, 7.375% 9/1/24, LOC
Fannie Mae
Chelsea Gen. Oblig.:
(School Proj. Ln. Act 1948):
6% 6/15/14 (AMBAC Insured) Aaa 1,830,000 1,986,465
(Pre-Refunded to 6/15/04 @
102) (d)
6.5% 6/15/12 (AMBAC Insured) Aaa 2,500,000 2,767,925
(Pre-Refunded to 6/15/04 @
102) (d)
Rfdg.:
5% 6/15/13 (AMBAC Insured) Aaa 2,640,000 2,572,099
5.125% 6/15/16 (AMBAC Insured) Aaa 1,750,000 1,696,748
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Fitchburg Gen. Oblig.:
5.125% 2/15/11 (MBIA Insured) Aaa $ 2,020,000 $ 2,009,617
5.125% 2/15/12 (MBIA Insured) Aaa 2,125,000 2,119,390
5.125% 2/15/13 (MBIA Insured) Aaa 2,235,000 2,216,025
5.125% 2/15/14 (MBIA Insured) Aaa 2,355,000 2,329,425
Granville Gen. Oblig.:
7.3% 7/15/05 (MBIA Insured) Aaa 145,000 165,793
7.3% 7/15/06 (MBIA Insured) Aaa 145,000 167,869
7.3% 7/15/07 (MBIA Insured) Aaa 140,000 163,729
7.3% 7/15/08 (MBIA Insured) Aaa 140,000 164,924
Haverhill Gen. Oblig. Rfdg.
Series A:
6.4% 9/1/03 (AMBAC Insured) Aaa 1,600,000 1,691,968
6.5% 9/1/04 (AMBAC Insured) Aaa 1,595,000 1,688,180
Holyoke Gen. Oblig.:
(Muni. Purp. Ln.) Series A:
5.5% 6/15/04 (FSA Insured) Aaa 1,255,000 1,316,018
5.5% 6/15/16 (FSA Insured) Aaa 2,100,000 2,125,137
6% 6/15/05 (FSA Insured) Aaa 1,350,000 1,455,192
6% 6/15/06 (FSA Insured) Aaa 1,300,000 1,408,355
(School Proj. Ln. Act):
7.35% 8/1/02 (Pre-Refunded to Baa2 1,625,000 1,727,781
8/1/01 @ 102) (d)
7.65% 8/1/09 (Pre-Refunded to Baa2 2,205,000 2,394,365
8/1/01 @ 102) (d)
Rfdg. Series B:
5.5% 6/15/04 (FSA Insured) Aaa 2,015,000 2,112,969
6% 6/15/06 (FSA Insured) Aaa 1,400,000 1,516,690
Lowell Gen. Oblig.:
Rfdg. Series A, 5.5% 1/15/10 Aaa 2,000,000 2,060,860
(FSA Insured)
5.8% 4/1/08 (FSA Insured) Aaa 1,195,000 1,268,457
6.25% 8/1/04 (AMBAC Insured) Aaa 2,035,000 2,204,271
6.25% 8/1/05 (AMBAC Insured) Aaa 2,120,000 2,316,121
8% 1/15/00 A2 250,000 253,113
8.4% 1/15/09 Baa1 1,250,000 1,341,138
Lowell Hsg. Dev. Corp.
Multi-family Rev. Rfdg.
Series A:
7.875% 11/1/00, LOC Fannie Mae AAA 270,000 275,322
7.875% 11/1/24, LOC Fannie Mae AAA 5,440,000 5,636,112
Mansfield Gen. Oblig. (Muni.
Purp. Ln.):
5.5% 8/15/08 (FGIC Insured) Aaa 2,075,000 2,168,520
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Mansfield Gen. Oblig. (Muni.
Purp. Ln.): - continued
5.5% 8/15/09 (FGIC Insured) Aaa $ 2,120,000 $ 2,212,432
5.5% 8/15/10 (FGIC Insured) Aaa 2,170,000 2,264,612
Massachusetts Bay Trans. Auth.:
(Gen. Trans. Sys.):
Series A:
5% 3/1/23 (FGIC Insured) Aaa 3,460,000 3,215,551
5.5% 3/1/04 (FGIC Insured) Aaa 2,000,000 2,090,220
5.7% 3/1/09 Aa3 5,000,000 5,316,000
5.8% 3/1/11 Aa3 7,435,000 7,929,799
5.8% 3/1/12 Aa3 3,000,000 3,200,790
6% 3/1/11 (FGIC Insured) Aaa 5,660,000 6,163,966
(Pre-Refunded to 3/1/07 @
101) (d)
6.25% 3/1/05 Aa3 2,780,000 3,016,800
7% 3/1/21 Aa3 1,500,000 1,768,695
Series B, 5.375% 3/1/25 Aaa 8,490,000 8,288,617
(AMBAC Insured)
Series C:
5% 3/1/24 Aa3 7,900,000 7,320,772
5.5% 3/1/08 Aa3 3,000,000 3,146,640
5.5% 3/1/13 (FGIC Insured) Aaa 3,000,000 3,109,650
Series D, 5% 3/1/22 Aa3 5,750,000 5,352,330
Rfdg.:
(Gen. Trans. Sys.):
Series A:
5.5% 3/1/12 Aa3 4,350,000 4,524,653
6.25% 3/1/12 Aa3 1,500,000 1,661,160
7% 3/1/08 Aa3 1,000,000 1,151,860
Series B, 6.2% 3/1/16 Aa3 27,500,000 30,301,700
Series B:
5.5% 3/1/21 Aa3 4,835,000 4,792,549
5.5% 3/1/21 (Pre-Refunded to Aa3 165,000 171,491
3/1/03 @ 100) (d)
6% 3/1/12 Aa3 7,180,000 7,627,170
6% 3/1/12 (Pre-Refunded to Aa3 245,000 262,865
3/1/03 @ 102) (d)
Massachusetts College Bldg. Aa3 3,000,000 3,446,910
Auth. Proj. Rev. Rfdg.
Series A, 7.5% 5/1/05
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Dev. Fin. Agcy.
Rev.:
(Eastern Nazarene College
Proj.):
5.625% 4/1/19 BBB- $ 1,800,000 $ 1,718,280
5.625% 4/1/29 BBB- 2,000,000 1,870,380
(Regis College):
5.25% 10/1/18 BBB- 2,240,000 2,115,434
5.5% 10/1/28 BBB- 5,660,000 5,399,640
Rfdg. (Clark Univ. Issue A3 2,000,000 1,794,960
Proj.) 5% 7/1/28
Massachusetts Ed. Ln. Auth. Aaa 2,940,000 3,018,821
Ed. Ln. Rev. Issue E, 5.75%
7/1/07 (AMBAC Insured) (c)
Massachusetts Edl. Fing.
Auth. Ed. Ln. Rev.:
Issue G Series A, 5% 12/1/11 Aaa 3,815,000 3,700,626
(MBIA Insured) (c)
Issue G Series C, 4.9% AAA 4,815,000 4,640,167
12/1/11 (AMBAC Insured) (c)
Issue G, 4.4% 12/1/04 (MBIA Aaa 2,950,000 2,902,151
Insured) (c)
Rfdg. Issue E Series A:
4.3% 7/1/06 (AMBAC Insured) AAA 4,000,000 3,894,480
(c)
4.4% 7/1/07 (AMBAC Insured) AAA 6,275,000 6,091,268
(c)
4.55% 7/1/09 (AMBAC Insured) AAA 2,000,000 1,926,240
(c)
4.65% 7/1/10 (AMBAC Insured) AAA 4,745,000 4,558,047
(c)
4.75% 7/1/11 (AMBAC Insured) AAA 4,000,000 3,833,080
(c)
4.8% 7/1/12 (AMBAC Insured) AAA 2,110,000 2,011,442
(c)
4.95% 7/1/14 (AMBAC Insured) AAA 4,000,000 3,820,000
(c)
5% 7/1/15 (AMBAC Insured) (c) AAA 1,880,000 1,792,166
Massachusetts Gen. Oblig.:
(Cap. Appreciation)
(Consolidated Ln.):
Series B, 0% 7/1/02 Aa3 12,250,000 10,815,035
Series C, 0% 12/1/05 Aa3 6,500,000 4,860,960
(Consolidated Ln.):
Series A:
5% 3/1/08 (AMBAC Insured) Aaa 15,000,000 15,231,750
7.5% 6/1/04 Aa3 4,830,000 5,364,681
Series C:
5.25% 8/1/09 Aa3 13,650,000 14,061,138
5.625% 8/1/13 (MBIA Insured) Aaa 2,500,000 2,665,425
(Pre-Refunded to 8/1/05 @
101) (d)
Series D:
5% 11/1/14 Aa3 3,000,000 2,914,920
5.25% 11/1/12 Aa3 5,000,000 5,037,050
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Gen. Oblig.: -
continued
Rfdg. Series B, 6.5% 8/1/08 Aa3 $ 9,500,000 $ 10,609,125
Series A:
5.75% 8/1/11 (AMBAC Insured) Aaa 7,600,000 8,099,928
6% 11/1/10 Aa3 6,000,000 6,530,160
Massachusetts Health & Edl.
Facilities Auth. Rev.:
(1st Mtg. Fairview Extended Aaa 5,630,000 6,202,684
Care) Series A, 10.125%
1/1/11 (Pre-Refunded to
1/1/01 @ 103) (d)
(Anna Jaques Hosp.) Series B:
5.9% 10/1/99 Baa1 930,000 932,995
6% 10/1/00 Baa1 985,000 1,003,882
6.875% 10/1/12 Baa1 3,250,000 3,437,233
(Baystate Med. Ctr.):
Series D, 5.5% 7/1/16 (FGIC Aaa 6,400,000 6,426,880
Insured)
Series E:
6% 7/1/04 (FSA Insured) Aaa 1,290,000 1,377,385
6% 7/1/05 (FSA Insured) Aaa 1,385,000 1,488,446
6% 7/1/06 (FSA Insured) Aaa 1,425,000 1,538,330
(Blood Research Institute) - 14,775,000 15,613,481
Series A, 6.5% 2/1/22
(Boston College) Series L:
5.25% 6/1/10 Aa3 1,340,000 1,366,076
5.25% 6/1/11 Aa3 1,410,000 1,426,497
(Brandeis Univ.) Series I:
5.25% 10/1/14 (MBIA Insured) Aaa 2,780,000 2,773,439
5.25% 10/1/16 (MBIA Insured) Aaa 1,000,000 983,130
(Cape Cod Health Sys.) Series AAA 3,500,000 3,477,950
A, 5.25% 11/15/13 (AMBAC
Insured)
(Caritas Christian Oblig.
Group) Series A:
5.25% 7/1/01 Baa2 2,000,000 2,020,120
5.25% 7/1/02 Baa2 2,000,000 2,019,200
5.25% 7/1/03 Baa2 2,000,000 2,014,640
(Dana Farber Cancer Proj.)
Series G 1:
5.5% 12/1/27 A1 18,600,000 17,928,726
6.25% 12/1/14 A1 3,000,000 3,198,300
(Falmouth Hosp.) Series C, Aaa 1,000,000 1,033,300
5.5% 7/1/08 (MBIA Insured)
(Faulkner Hosp.) Series C:
6% 7/1/03 (Pre-Refunded to Baa1 6,010,000 6,464,236
7/1/03 @ 102) (d)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Health & Edl.
Facilities Auth. Rev.: -
continued
(Faulkner Hosp.) Series C: -
continued
6% 7/1/03 (Pre-Refunded to Baa1 $ 9,745,000 $ 10,481,527
7/1/03 @ 102) (d)
(Lahey Clinic Med. Ctr.) Aaa 14,120,000 14,258,800
Series B, 5.25% 7/1/10 (MBIA
Insured)
(Lowell Gen. Hosp.) Series A:
8.25% 6/1/00 (Escrowed to A3 685,000 697,357
Maturity) (d)
8.4% 6/1/11 (Pre-Refunded to A3 2,565,000 2,805,879
6/1/01 @ 102) (d)
(Massachusetts Gen. Hosp.) Aaa 4,750,000 5,274,828
Series F, 6.25% 7/1/12
(AMBAC Insured)
(Massachusetts Institute of Aaa 4,000,000 3,845,560
Technology) Series I 1,
5.2% 1/1/28
(Med. Academic & Scientific BBB 5,150,000 5,523,015
Commission Organizations)
Series A, 6.625% 1/1/15
(Mount Auburn Hosp.) Series B
1:
6.25% 8/15/14 (MBIA Insured) Aaa 1,250,000 1,345,925
6.3% 8/15/24 (MBIA Insured) Aaa 5,000,000 5,406,450
(New England Med. Ctr. Hosp.):
Series F, 6.625% 7/1/25 (FGIC Aaa 4,850,000 5,193,720
Insured)
Series G, 5.375% 7/1/24 (MBIA Aaa 1,000,000 967,360
Insured)
(Notre Dame Health Care Ctr.)
Series A:
7.25% 10/1/01 - 380,000 395,595
7.875% 10/1/22 - 5,000,000 5,347,050
(Partners HealthCare Sys.)
Series A:
5.25% 7/1/04 (FSA Insured) Aaa 2,000,000 2,069,940
5.375% 7/1/24 (MBIA Insured) Aaa 7,600,000 7,351,936
5.5% 7/1/05 (FSA Insured) Aaa 2,000,000 2,098,040
5.5% 7/1/07 (FSA Insured) Aaa 2,390,000 2,508,759
(Simmons College):
Series B, 7.5% 10/1/20 Baa1 6,190,000 6,549,887
Series C, 5% 10/1/19 (MBIA Aaa 4,190,000 3,940,863
Insured)
(South Shore Hosp. Proj.)
Series F:
4.75% 7/1/05 A2 1,275,000 1,263,002
5.125% 7/1/08 A2 2,000,000 1,978,400
5.25% 7/1/09 A2 2,120,000 2,099,500
5.625% 7/1/19 A2 1,000,000 980,500
5.75% 7/1/29 A2 3,600,000 3,544,704
(Tufts Univ.) 5.95% 8/15/18 Aaa 7,900,000 8,265,770
(FGIC Insured)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Health & Edl.
Facilities Auth. Rev.: -
continued
(UMass Memorial Issue) Series
A:
5% 7/1/18 (AMBAC Insured) Aaa $ 3,000,000 $ 2,821,140
5.25% 7/1/14 (AMBAC Insured) Aaa 1,000,000 992,570
(Wellesley College) Series F, Aa1 5,000,000 4,661,250
5.125% 7/1/39
(Williams College):
Series F, 5.75% 7/1/19 Aa1 3,000,000 3,050,460
Series G, 5.5% 7/1/14 Aa1 3,665,000 3,730,823
Rfdg.:
(Amherst College) Series G:
5% 11/1/23 Aa1 4,220,000 3,923,039
5% 11/1/28 Aa1 8,960,000 8,227,162
5.25% 11/1/17 Aa1 4,670,000 4,567,213
(Boston College) Series K:
5.25% 6/1/10 Aa3 3,025,000 3,101,442
5.375% 6/1/14 Aa3 10,445,000 10,500,150
(Emerson Hosp.) Series D, Aaa 9,475,000 9,810,889
5.7% 8/15/12 (FSA Insured)
(Eye & Ear Infirmary) Series B:
5.25% 7/1/08 A 2,000,000 2,022,960
5.25% 7/1/09 A 2,540,000 2,575,916
5.25% 7/1/10 A 2,000,000 2,008,960
5.25% 7/1/11 A 3,025,000 3,005,186
(Fairview Extended Care) Aaa 6,600,000 6,596,238
Series B, 4.55% 1/1/21
(MBIA Insured), LOC
BankBoston NA
(Harvard Univ.) Series P:
5.6% 11/1/14 Aaa 1,000,000 1,029,930
5.625% 11/1/28 Aaa 1,500,000 1,522,185
6.5% 11/1/05 Aaa 1,000,000 1,113,350
(Morton Hosp. & Med. Ctr.) AAA 2,800,000 2,857,624
Series B, 5.25% 7/1/08
(Connie Lee Insured)
(Newton-Wellesley Hosp.)
Series G:
6% 7/1/12 (MBIA Insured) Aaa 4,070,000 4,343,585
6.125% 7/1/15 (MBIA Insured) Aaa 4,500,000 4,806,045
(Partners HealthCare Sys.
Proj.) Series B:
3.85% 7/1/02 A1 1,000,000 982,700
3.95% 7/1/03 A1 1,000,000 977,300
5% 7/1/01 A1 1,500,000 1,517,880
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Health & Edl.
Facilities Auth. Rev.: -
continued
Rfdg.: - continued
(Wheaton College) Series C:
5.125% 7/1/09 A2 $ 1,130,000 $ 1,122,892
5.25% 7/1/14 A2 2,655,000 2,600,466
5.25% 7/1/19 A2 2,000,000 1,904,800
6.55% 6/23/22 (AMBAC Insured) Aaa 20,000,000 22,261,600
Massachusetts Hsg. Fin. Agcy.:
(Single Family):
Series 10, 7.7% 12/1/17 Aa 440,000 450,569
Series 40:
6.6% 12/1/24 (c) Aa 19,520,000 20,377,904
6.65% 12/1/27 (c) Aa 6,985,000 7,313,644
Rfdg.:
(Single Family) Series 53, Aaa 1,495,000 1,511,385
5.2% 12/1/21 (MBIA Insured)
(c)
Series A, 6% 12/1/13 (MBIA Aaa 5,525,000 5,731,083
Insured)
Series 29, 6.75% 6/1/26 (c) Aa 2,640,000 2,757,691
Massachusetts Hwy. Grant
Anticipation Notes:
Series A:
5.25% 6/15/09 Aa3 8,490,000 8,722,456
5.25% 6/15/12 Aa3 5,000,000 5,048,900
5.5% 6/15/14 Aa3 3,000,000 3,067,350
Series B:
5.125% 12/15/11 Aa3 10,030,000 10,060,892
5.125% 12/15/12 Aa3 5,480,000 5,474,958
Massachusetts Ind. Fin. Agcy.
Museum Rev. Rfdg. (Museum of
Fine Arts Boston):
5% 1/1/01 (MBIA Insured) Aaa 2,800,000 2,834,412
5.125% 1/1/04 (MBIA Insured) Aaa 1,150,000 1,182,994
5.375% 1/1/05 (MBIA Insured) Aaa 3,475,000 3,620,116
Massachusetts Ind. Fin. Agcy. Baa2 9,900,000 9,935,442
Poll. Cont. Rev. Rfdg.
(Boston Edison Co. Proj.)
Series A, 5.75% 2/1/14
Massachusetts Ind. Fin. Agcy.
Resource Recovery Rev. Rfdg.
(Ogden Haverhill Proj.)
Series 1992 A:
4.7% 12/1/03 BBB 3,000,000 2,985,360
4.8% 12/1/04 BBB 3,570,000 3,559,183
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Ind. Fin. Agcy.
Rev.:
(Atlanticare Med. Ctr.):
Series A, 10.125% 11/1/99 - $ 1,900,000 $ 1,967,678
(Pre-Refunded to 11/1/99 @
102) (d)
Series B, 10.125% 11/1/99 - 7,600,000 7,870,712
(Pre-Refunded to 11/1/99 @
102) (d)
(Babson College) Series A:
5.6% 10/1/06 (MBIA Insured) Aaa 515,000 546,400
5.7% 11/1/07 (MBIA Insured) Aaa 545,000 582,000
(Cap. Appreciation)
(Massachusetts Biomedical):
Series A 1, 0% 8/1/02 A1 3,650,000 3,199,700
Series A 2:
0% 8/1/03 A1 1,000,000 835,620
0% 8/1/05 A1 24,600,000 18,537,822
0% 8/1/07 A+ 25,000,000 16,948,250
0% 8/1/08 A+ 15,000,000 9,611,100
(Concord Academy) 6.9% 9/1/21 Aaa 1,370,000 1,472,394
(FSA Insured) (Pre-Refunded
to 9/1/01 @ 102) (d)
(Groton School) Series A, 5% Aa2 5,000,000 4,608,400
3/1/28
(Leominster Hosp.) Series A, - 1,700,000 1,700,000
8.375% 8/1/99 (Escrowed to
Maturity) (d)
(Tufts Univ.) Series H, 4.75% Aaa 10,000,000 8,744,900
2/15/28 (MBIA Insured)
(Whitehead Institute Aa1 14,600,000 13,508,358
Biomedical Research) 5.125%
7/1/26
Rfdg.:
(Lesley College Proj.) Series AAA 2,525,000 2,712,103
A, 6.3% 7/1/15 (Connie Lee
Insured)
(Milton Academy) Series B, Aaa 2,500,000 2,442,150
5.25% 9/1/19 (MBIA Insured)
(Springfield College):
5.25% 9/15/03 Baa1 755,000 763,471
5.25% 9/15/04 Baa1 885,000 890,540
5.35% 9/15/05 Baa1 930,000 933,590
(Worcester Polytechnic
Institute):
5.75% 9/1/05 (MBIA Insured) Aaa 1,340,000 1,428,641
5.75% 9/1/06 (MBIA Insured) Aaa 1,415,000 1,513,144
5.75% 9/1/07 (MBIA Insured) Aaa 1,500,000 1,606,005
5.75% 9/1/08 (MBIA Insured) Aaa 1,585,000 1,696,283
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Muni. Wholesale
Elec. Co. Pwr. Supply Sys.
Rev.:
Rfdg.:
Series A:
5.1% 7/1/08 (AMBAC Insured) Aaa $ 1,000,000 $ 1,022,430
6% 7/1/18 (MBIA Insured) Aaa 10,000,000 10,357,300
6.75% 7/1/08 Baa2 3,000,000 3,164,670
Series B:
6.5% 7/1/02 (MBIA Insured) Aaa 2,000,000 2,123,480
6.625% 7/1/04 Baa2 4,675,000 4,987,851
6.75% 7/1/08 Baa2 6,000,000 6,329,340
Series C, 6.6% 7/1/05 Baa2 2,075,000 2,199,666
Series B, 6.75% 7/1/17 Baa2 9,050,000 9,484,310
Series C, 6.625% 7/1/18 (MBIA Aaa 10,000,000 10,714,400
Insured)
Series D:
6% 7/1/06 Baa2 1,000,000 1,041,750
6% 7/1/11 (MBIA Insured) Aaa 2,000,000 2,107,560
Series E:
6% 7/1/06 Baa2 1,640,000 1,708,470
6% 7/1/11 (MBIA Insured) Aaa 2,000,000 2,107,560
Massachusetts Port Auth. Rev.:
(Spl. Facilities-US Air Aaa 2,030,000 2,081,318
Proj.) Series A, 5.5% 9/1/10
(MBIA Insured) (c)
Rfdg. Series A:
5% 7/1/13 Aa3 5,000,000 4,866,400
5% 7/1/23 Aa3 8,750,000 8,073,100
5.5% 7/1/09 Aa3 3,160,000 3,248,891
5.5% 7/1/17 Aa3 2,105,000 2,122,893
Series A:
6% 7/1/03 Aa3 1,000,000 1,057,570
6% 7/1/04 Aa3 1,390,000 1,483,519
Series B:
5.5% 7/1/10 (FSA Insured) (c) Aaa 11,470,000 11,806,300
5.5% 7/1/11 (FSA Insured) (c) Aaa 5,500,000 5,608,570
5.5% 7/1/12 (FSA Insured) (c) Aaa 4,000,000 4,061,240
5.625% 7/1/12 (Escrowed to Aaa 1,830,000 1,893,117
Maturity) (d)
Massachusetts Spl. Oblig. Rev.:
(Hwy. Impt. Ln.) Series A, 6% Aa3 17,695,000 18,519,587
6/1/13 (AMBAC Insured)
(Pre-Refunded to 6/1/02 @
100) (d)
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Spl. Oblig.
Rev.: - continued
Rfdg. (Consolidated Ln.) Aa3 $ 2,000,000 $ 2,068,160
Series A, 5.5% 6/1/12
Series A:
5.2% 6/1/07 (AMBAC Insured) Aaa 6,950,000 7,179,976
5.8% 6/1/14 (Pre-Refunded to Aa3 4,185,000 4,461,461
6/1/04 @ 101) (d)
Massachusetts Tpk. Auth.
Metro. Hwy. Sys. Rev.:
Rfdg. Series A, 5% 1/1/39 Aaa 5,000,000 4,496,750
(AMBAC Insured)
Series A:
5% 1/1/27 (MBIA Insured) Aaa 8,000,000 7,352,560
5.125% 1/1/23 (MBIA Insured) Aaa 15,700,000 14,811,066
Massachusetts Tpk. Auth. Aaa 27,510,000 27,515,777
Western Tpk. Rev. Series A,
5.55% 1/1/17 (MBIA Insured)
Massachusetts Wtr. Poll.
Abatement Rev. (Pooled Ln.
Prog.):
Series 3:
5.4% 2/1/10 Aaa 1,700,000 1,753,958
5.5% 2/1/13 Aaa 6,715,000 6,886,367
6% 2/1/06 Aaa 3,000,000 3,238,380
6% 2/1/07 Aaa 4,795,000 5,194,567
Series 4:
5.125% 8/1/11 Aaa 3,245,000 3,262,361
5.125% 8/1/14 Aaa 2,205,000 2,182,906
Massachusetts Wtr. Poll.
Abatement Trust Rev.:
(MWRA Ln. Prog.) Series A:
5% 8/1/15 Aa1 1,000,000 966,660
5.25% 8/1/12 Aa1 2,000,000 2,017,460
5.25% 8/1/13 Aa1 3,000,000 3,013,680
5.25% 8/1/14 Aa1 3,000,000 2,996,220
5.375% 8/1/15 Aa1 4,000,000 4,019,720
5.45% 2/1/13 Aa1 2,100,000 2,134,188
6% 8/1/02 Aa1 3,255,000 3,416,220
6% 8/1/03 Aa1 3,450,000 3,664,314
6% 8/1/04 Aa1 3,670,000 3,927,707
6% 8/1/05 Aa1 1,500,000 1,615,140
(Pooled Ln. Prog.) Series 1:
5.3% 2/1/05 Aaa 1,000,000 1,039,760
5.45% 2/1/07 Aaa 2,000,000 2,080,320
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Wtr. Resources
Auth.:
Rfdg.:
Series B:
4.5% 8/1/22 (FSA Insured) Aaa $ 1,000,000 $ 856,330
5% 3/1/22 A1 13,000,000 12,022,010
5.5% 8/1/15 (FSA Insured) Aaa 2,750,000 2,825,543
5.5% 8/1/16 (FSA Insured) Aaa 1,425,000 1,456,478
5.875% 11/1/04 A1 1,975,000 2,095,021
6% 11/1/08 A1 4,500,000 4,758,030
6.25% 11/1/10 A1 4,930,000 5,249,365
Series C:
4.75% 12/1/23 A1 13,000,000 11,414,780
6% 12/1/11 A1 3,770,000 4,086,416
Series D, 5% 8/1/24 (MBIA Aaa 4,500,000 4,156,200
Insured)
Series A:
5.8% 8/1/11 (MBIA Insured) Aaa 2,740,000 2,943,308
(Pre-Refunded to 8/1/04 @
101.5) (d)
6% 8/1/20 (MBIA Insured) Aaa 13,500,000 14,621,445
(Pre-Refunded to 8/1/04 @
101.5) (d)
6% 8/1/24 (MBIA Insured) Aaa 2,115,000 2,290,693
(Pre-Refunded to 8/1/04 @
101.5) (d)
6.5% 7/15/07 A1 6,000,000 6,659,640
6.5% 7/15/09 A1 4,750,000 5,316,770
6.5% 7/15/19 A1 16,960,000 19,024,371
Mendon Upton Reg'l. School
District:
5% 6/1/08 (FGIC Insured) Aaa 1,215,000 1,225,485
5.125% 6/1/09 (FGIC Insured) Aaa 1,285,000 1,300,638
5.125% 6/1/10 (FGIC Insured) Aaa 1,355,000 1,371,490
5.25% 6/1/11 (FGIC Insured) Aaa 1,435,000 1,452,894
Methuen Gen. Oblig.:
5% 11/1/16 (FGIC Insured) Aaa 2,500,000 2,393,500
5.25% 11/1/07 (FGIC Insured) Aaa 1,355,000 1,408,346
5.25% 11/1/08 (FGIC Insured) Aaa 1,415,000 1,453,813
5.25% 11/1/09 (FGIC Insured) Aaa 1,480,000 1,516,956
5.25% 11/1/10 (FGIC Insured) Aaa 1,550,000 1,584,953
Nantucket Gen. Oblig. Rfdg.:
5% 7/15/17 (MBIA Insured) Aaa 5,000,000 4,771,100
5.375% 7/15/11 (MBIA Insured) Aaa 3,005,000 3,072,072
5.5% 7/15/08 (MBIA Insured) Aaa 2,750,000 2,872,953
5.5% 7/15/09 (MBIA Insured) Aaa 2,915,000 3,031,367
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Nantucket Island Land Bank A1 $ 6,175,000 $ 6,643,744
Rfdg. Series E, 7.25%
7/1/19 (Pre-Refunded to
7/1/01 @ 102) (d)
New England Ed. Ln. Marketing
Corp.:
Rfdg. (Student Ln.) Series A, A3 7,590,000 7,888,363
5.7% 7/1/05 (c)
Series A, 5.8% 3/1/02 Aaa 32,650,000 33,774,136
North Attleborough Gen. Aaa 1,000,000 1,002,890
Oblig. Rfdg. 5.25% 11/1/13
(AMBAC Insured)
Pentucket Reg'l. School
District:
5.1% 2/15/11 (MBIA Insured) Aaa 530,000 526,136
5.1% 2/15/12 (MBIA Insured) Aaa 220,000 217,914
5.1% 2/15/13 (MBIA Insured) Aaa 575,000 567,088
5.1% 2/15/14 (MBIA Insured) Aaa 525,000 516,401
Plymouth County Gen. Oblig. - 10,995,000 12,061,295
Ctfs. of Prtn. Series A, 7%
4/1/22
South Essex Swr. District:
Rfdg. Series A:
5.25% 6/15/24 (MBIA Insured) Aaa 2,810,000 2,719,097
6% 6/15/03 (MBIA Insured) Aaa 2,390,000 2,533,089
6% 6/15/04 (MBIA Insured) Aaa 2,375,000 2,542,010
6% 6/15/05 (MBIA Insured) Aaa 1,175,000 1,266,556
6% 6/15/06 (MBIA Insured) Aaa 2,305,000 2,497,122
Series B, 7% 6/1/24 (MBIA Aaa 1,000,000 1,128,050
Insured) (Pre-Refunded to
6/1/04 @ 102) (d)
Southern Berkshire Reg'l. Aaa 4,000,000 4,356,120
School District 7% 4/15/11
(MBIA Insured)
Taunton Ind. Dev. Fin. Auth. A1 2,400,000 2,495,928
Ind. Dev. Rev. Rfdg. (Pepsi
Cola Metro. Bottle Proj.)
5.65% 8/1/12
Westfield Gen. Oblig. (Muni.
Purp. Ln.):
5% 9/1/10 (FSA Insured) Aaa 745,000 740,910
5% 9/1/12 (FSA Insured) Aaa 745,000 730,718
5% 9/1/13 (FSA Insured) Aaa 750,000 735,660
Winchendon School Proj. Ln. Aaa 1,275,000 1,343,914
6.05% 3/15/12 (AMBAC Insured)
Woods Hole Martha's Vineyard Aa3 1,100,000 1,097,151
& Nantucket Steamship Rfdg.
Series A, 5.125% 3/1/11
Worcester Gen. Oblig. Rfdg. Aaa 3,430,000 3,576,495
(Muni. Purp.) Series G, 5.5%
7/1/03 (MBIA Insured)
1,335,838,845
MUNICIPAL BONDS - CONTINUED
MOODY'S RATINGS (UNAUDITED) (A) PRINCIPAL AMOUNT VALUE (NOTE 1)
PUERTO RICO - 1.8%
Puerto Rico Commonwealth Aaa $ 10,000,000 $ 9,099,500
Rfdg. (Pub. Impt.) 3%
7/1/06 (MBIA Insured)
Puerto Rico Elec. Pwr. Auth.
Pwr. Rev. Rfdg.:
Series W, 6.5% 7/1/05 (MBIA Aaa 9,000,000 9,977,040
Insured)
Series Y, 6.5% 7/1/06 (MBIA Aaa 4,000,000 4,472,840
Insured)
Puerto Rico Ind. Med. & Aa3 1,500,000 1,617,285
Envir. Poll. Cont.
Facilities Fing. Auth. Rev.
(Motorola, Inc. Proj.)
Series A, 6.75% 1/1/14
25,166,665
TOTAL MUNICIPAL BONDS 1,363,961,972
(Cost $1,332,653,903)
</TABLE>
MUNICIPAL NOTES - 0.3%
MASSACHUSETTS - 0.3%
Massachusetts Health & Edl. 3,500,000 3,500,000
Facilities Auth. Rev. (Cap.
Asset Prog.) Series D, 3.4%
(MBIA Insured) (BPA Cr.
Swiss First Boston, Inc.),
VRDN (b) (Cost $3,500,000)
TOTAL INVESTMENT IN $ 1,367,461,972
SECURITIES - 100%
(Cost $1,336,153,903)
SECURITY TYPE ABBREVIATION
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) Standard & Poor's(registered trademark) credit ratings are used in
the absence of a rating by Moody's Investors Service, Inc.
(b) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(c) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(d) Security collateralized by an amount sufficient to pay interest
and principal.
OTHER INFORMATION
The composition of long-term debt holdings as a percentage of total
value of investments in securities, is as follows (ratings are
unaudited):
MOODY'S RATINGS S&P RATINGS
Aaa, Aa, A 81.3% AAA, AA, A 75.9%
Baa 6.2% BBB 5.1%
Ba 0.0% BB 0.0%
B 0.0% B 0.0%
Caa 0.0% CCC 0.0%
Ca, C 0.0% CC, C 0.0%
D 0.0%
The percentage not rated by Moody's or S&P amounted to 3.6%.
OTHER INFORMATION
The distribution of municipal securities by revenue source, as a
percentage of total value of investments in securities, is as follows:
General Obligations 23.8%
Health Care 17.1
Education 14.8
Water & Sewer 11.7
Escrowed/Pre-Refunded 8.0
Transportation 7.3
Electric Utilities 6.4
Others (individually less 10.9
than 5%)
TOTAL 100.0%
INCOME TAX INFORMATION
At July 31, 1999, the aggregate cost of investment securities for
income tax purposes was $1,336,153,903. Net unrealized appreciation
aggregated $31,308,069, of which $45,848,434 related to appreciated
investment securities and $14,540,365 related to depreciated
investment securities.
SPARTAN MASSACHUSETTS MUNICIPAL INCOME FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 1,367,461,972
value (cost $1,336,153,903)
- - See accompanying schedule
Cash 80,712
Receivable for fund shares 979,422
sold
Interest receivable 17,739,583
TOTAL ASSETS 1,386,261,689
LIABILITIES
Payable for investments $ 3,026,435
purchased
Payable for fund shares 1,379,418
redeemed
Distributions payable 1,975,574
Accrued management fee 436,417
Other payables and accrued 142,605
expenses
TOTAL LIABILITIES 6,960,449
NET ASSETS $ 1,379,301,240
Net Assets consist of:
Paid in capital $ 1,351,646,688
Accumulated undistributed net (3,653,517)
realized gain (loss) on
investments
Net unrealized appreciation 31,308,069
(depreciation) on investments
NET ASSETS, for 119,554,649 $ 1,379,301,240
shares outstanding
NET ASSET VALUE, offering $11.54
price and redemption price
per share ($1,379,301,240
(divided by) 119,554,649
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31,
1999 (UNAUDITED)
INTEREST INCOME $ 36,641,442
Expenses
Management fee $ 2,659,343
Transfer agent fees 523,932
Accounting fees and expenses 160,324
Non-interested trustees' 1,980
compensation
Custodian fees and expenses 25,503
Registration fees 17,367
Audit 16,411
Legal 312
Total expenses before 3,405,172
reductions
Expense reductions (18,600) 3,386,572
NET INTEREST INCOME 33,254,870
Realized and Unrealized Gain 4,013,075
(Loss)
Net realized gain (loss) on
investment securities
Change in net unrealized (62,069,355)
appreciation (depreciation)
on investment securities
NET GAIN (LOSS) (58,056,280)
NET INCREASE (DECREASE) IN $ (24,801,410)
NET ASSETS RESULTING FROM
OPERATIONS
OTHER INFORMATION
Expense reductions Custodian $ 10,474
credits
Transfer agent credits 8,126
$ 18,600
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JULY 31, YEAR ENDED JANUARY 31, 1999
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 33,254,870 $ 62,326,338
Net realized gain (loss) 4,013,075 6,547,818
Change in net unrealized (62,069,355) 5,776,832
appreciation (depreciation)
NET INCREASE (DECREASE) IN (24,801,410) 74,650,988
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (33,254,870) (62,326,338)
From net interest income
From net realized gain (1,408,014) (3,424,113)
TOTAL DISTRIBUTIONS (34,662,884) (65,750,451)
Share transactions Net 249,179,360 411,256,684
proceeds from sales of shares
Reinvestment of distributions 25,305,129 49,879,270
Cost of shares redeemed (230,453,135) (307,453,574)
NET INCREASE (DECREASE) IN 44,031,354 153,682,380
NET ASSETS RESULTING FROM
SHARE TRANSACTIONS
TOTAL INCREASE (DECREASE) (15,432,940) 162,582,917
IN NET ASSETS
NET ASSETS
Beginning of period 1,394,734,180 1,232,151,263
End of period $ 1,379,301,240 $ 1,394,734,180
OTHER INFORMATION
Shares
Sold 21,104,267 34,483,365
Issued in reinvestment of 2,152,287 4,178,914
distributions
Redeemed (19,552,365) (25,779,793)
Net increase (decrease) 3,704,189 12,882,486
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS SIX MONTHS ENDED JULY 31, 1999 YEARS ENDED JANUARY 31,
(UNAUDITED) 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 12.040 $ 11.970 $ 11.430 $ 11.700 $ 10.800
period
Income from Investment .278 .571 .593 .605 .652
Operations Net interest
income
Net realized and unrealized (.488) .100 .542 (.266) .902
gain (loss)
Total from investment (.210) .671 1.135 .339 1.554
operations
Less Distributions
From net interest income (.278) (.571) (.593) (.605) (.654)
From net realized gain (.012) (.030) (.002) (.004) -
Total distributions (.290) (.601) (.595) (.609) (.654)
Net asset value, end of period $ 11.540 $ 12.040 $ 11.970 $ 11.430 $ 11.700
TOTAL RETURN B, C (1.77)% 5.76% 10.21% 3.06% 14.76%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,379,301 $ 1,394,734 $ 1,232,151 $ 1,127,851 $ 1,170,207
(000 omitted)
Ratio of expenses to average .49% A .51% .53% .56% .55%
net assets
Ratio of expenses to average .49% A .51% .53% .56% .54% D
net assets after expense
reductions
Ratio of net interest income 4.79% A 4.80% 5.10% 5.29% 5.80%
to average net assets
Portfolio turnover rate 19% A 12% 21% 44% 33%
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS YEARS ENDED JANUARY 31,
1995
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 12.210
period
Income from Investment .700
Operations Net interest
income
Net realized and unrealized (1.180)
gain (loss)
Total from investment (.480)
operations
Less Distributions
From net interest income (.700)
From net realized gain (.230)
Total distributions (.930)
Net asset value, end of period $ 10.800
TOTAL RETURN B, C (3.79)%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,036,181
(000 omitted)
Ratio of expenses to average .54%
net assets
Ratio of expenses to average .54%
net assets after expense
reductions
Ratio of net interest income 6.29%
to average net assets
Portfolio turnover rate 22%
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED
C THE TOTAL RETURN WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN
REDUCED DURING THE PERIOD SHOWN.
D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
SEE ACCOMPANYING NOTES WHICH ARE AN INTEGRAL PART OF THE FINANCIAL
STATEMENTS.
SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
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, and does not include the effect of the fund's $5
account closeout fee on an average size account. 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 life of fund
total returns would have been lower.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS LIFE OF FUND
SPARTAN MA MUNICIPAL MONEY 1.30% 2.77% 16.21% 27.45%
MARKET
Massachusetts Tax-Free 1.20% 2.55% 15.51% n/a
Money Market Funds Average
</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 started on March 4, 1991. 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 Massachusetts tax-free money market funds average, which reflects
the performance of mutual funds with similar objectives tracked by IBC
Financial Data, Inc. The past six months average represents a peer
group of 10 money market funds.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 1 YEAR PAST 5 YEARS LIFE OF FUND
SPARTAN MA MUNICIPAL MONEY 2.77% 3.05% 2.92%
MARKET
Massachusetts Tax-Free 2.55% 2.92% n/a
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
8/2/99 5/3/99 2/1/99 11/2/98 8/3/98
Spartan Massachusetts 2.64% 3.01% 2.49% 2.77% 3.14%
Municipal Money Market Fund
Massachusetts Tax-Free Money 2.46% 2.88% 2.24% 2.57% 2.89%
Market Funds Average
Spartan Massachusetts 4.37% 5.00% 4.12% 4.60% 5.22%
Municipal Money Market Fund
- - Tax-equivalent
Portion of fund's income 4.08% 1.49% 7.31% 0.00% 0.00%
subject to state taxes
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
table above shows the fund's current seven-day yield at quarterly
intervals over the past year. You can compare these yields to the
Massachusetts 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 1999 federal and state
income tax rate of 39.81% and reflects that a portion of the fund's
income was subject to state taxes. A portion of the fund's income may
be subject to the federal alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT
PAST RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.
(checkmark)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.
SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
FUND TALK: THE MANAGER'S OVERVIEW
(photograph of Scott Orr)
An interview with Scott Orr, Portfolio Manager of Spartan
Massachusetts Municipal Money Market Fund
Q. SCOTT, WHAT WAS THE INVESTMENT ENVIRONMENT LIKE OVER THE SIX MONTHS
THAT ENDED JULY 31, 1999?
A. As the period began, the market had emerged from the shadow of the
global financial turmoil that plagued it in the third and early fourth
quarters of 1998. Economic growth in the U.S. continued to be strong,
spurred by healthy consumer demand and solid job growth. As time
passed, it became more and more clear that the Federal Reserve Board
would discontinue the interest-rate cuts it had employed to boost the
markets from September through November 1998.
Q. WHAT HAPPENED MORE RECENTLY?
A. In March and April, data indicated that inflation might not be as
well-behaved as it had been in the recent past. Sentiment shifted from
the expectation that Fed policy was going to be unchanged to one
expecting a Fed rate increase. Such a hike would be employed by the
Fed to curb economic growth and diminish inflationary pressures. By
the end of May, the consensus viewpoint in the market was not "if" the
Fed would raise short-term interest rates, but "when." On June 30, the
Fed raised the rate banks charge each other for overnight loans -
known as the fed funds target rate - by 0.25 percentage points to
5.0%. Although the Fed indicated at that time that it had changed from
a bias toward raising rates to a neutral stance, it wasn't long before
signs emerged indicating the strong possibility of another rate hike.
Fed Chairman Alan Greenspan reinforced that idea by telling Congress
in his semiannual Humphrey-Hawkins testimony that the Fed was poised
to raise rates if necessary to keep inflation at bay.
Q. WHAT WAS THE FUND'S STRATEGY DURING THE PERIOD?
A. The fund started the period with an average maturity of 43 days, a
neutral posture given changing interest-rate expectations. Early in
the period, I focused the fund's investments in short-term,
variable-rate securities, because supply of one-year notes was weak
and I didn't feel their yields fully reflected my expectations for
higher interest rates. The maturity rolled down to the mid-30-day
range. In April, when market sentiment began to change and yields on
one-year fixed-rate securities started to more accurately reflect my
expectations, I invested more heavily in these securities to lock in
attractive yields. As a result, the fund's maturity moved out to 53
days by the end of the period, roughly equal to its peers. In
addition, I turned some of my focus - within the limits set by the
fund's prospectus - to out-of-state investment opportunities that
offered more appealing after-tax yields than tax-free alternatives in
the Massachusetts market. Even though more of shareholders' income
will be taxable at the state level this year because of the
out-of-state investments, I pursued this strategy so the fund could
provide higher yields on a tax-adjusted basis than if I had chosen to
invest the same assets in significantly lower-yielding, tax-exempt
Massachusetts securities.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on July 31, 1999, was 2.64%, compared to
2.51% six months ago. The more recent seven-day yield was the
equivalent of a 4.37% taxable rate of return for Massachusetts
investors in the 39.81% combined state and federal income tax bracket,
and reflects that a portion of the fund's income was subject to state
taxes. Through July 31, 1999, the fund's six-month total return was
1.30%, compared to 1.20% for the Massachusetts tax-free money market
funds average, according to IBC Financial Data, Inc.
Q. WHAT'S YOUR OUTLOOK?
A. Given Chairman Greenspan's comments and emerging economic data,
signs point to a Fed rate hike in August and perhaps another one later
in the year. The economy remains strong, labor markets are tight and
there are some signs that we'll see wage increases that may be
alarming to the Fed. Inflation, though well-behaved, is still a
concern. It's conceivable the Fed would look to erase the effects of
its rate cuts in late 1998, which were implemented largely to provide
liquidity to the markets, not to supply fuel to the economy. In
addition, the Fed may want to implement its policy well in advance of
the new year, in an attempt to avoid changing interest-rate policy
during a time when potential Year 2000 (Y2K) computer problems may
occur. Indeed, a concern as we move toward the end of the year is the
Y2K issue and its possible impact on municipal securities. As one of
many factors we look at, we'll be paying close attention to this issue
in the months ahead.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: high current tax-free
income for Massachusetts
residents, while maintaining
a stable $1 share price
FUND NUMBER: 426
TRADING SYMBOL: FMSXX
START DATE: March 4, 1991
SIZE: as of July 31, 1999,
more than $806 million
MANAGER: Scott Orr, since
1997; manager, various Fidelity
and Spartan municipal money
market funds; joined Fidelity in
1989
SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
INVESTMENT CHANGES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MATURITY DIVERSIFICATION
DAYS % OF FUND'S INVESTMENTS 7/31/99 % OF FUND'S INVESTMENTS 1/31/99 % OF FUND'S INVESTMENTS 7/31/98
0 - 30 62.9 69.4 56.7
31 - 90 18.8 17.4 20.9
91 - 180 6.2 6.4 8.7
181 - 397 12.1 6.8 13.7
WEIGHTED AVERAGE MATURITY
7/31/99 1/31/99 7/31/98
Spartan Massachusetts 53 DAYS 43 Days 65 Days
Municipal Money
Market Fund
Massachusetts
Tax-Free Money 50 DAYS 45 Days 59 Days
Market Funds Average *
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION (% OF FUND'S
INVESTMENTS)
AS OF JULY 31, 1999 AS OF JANUARY 31, 1999
Variable Rate Demand Notes Variable Rate Demand Notes
(VRDNs) 50.9% (VRDNs) 50.2%
Commercial Paper (including Commercial Paper (including
CP Mode) 19.3% CP Mode) 19.2%
Tender Bonds 0.4% Tender Bonds 0.8%
Municipal Notes 23.1% Municipal Notes 22.5%
Municipal Money Market Funds 3.5% Municipal Money Market Funds 7.0%
Other Investments 2.8% Other Investments 0.3%
Row: 1, Col: 1, Value: 50.9 Row: 1, Col: 1, Value: 50.2
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 19.3 Row: 1, Col: 3, Value: 19.2
Row: 1, Col: 4, Value: 0.4 Row: 1, Col: 4, Value: 0.8
Row: 1, Col: 5, Value: 23.1 Row: 1, Col: 5, Value: 22.5
Row: 1, Col: 6, Value: 3.5 Row: 1, Col: 6, Value: 7.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 2.8 Row: 1, Col: 8, Value: 0.3
</TABLE>
SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
INVESTMENTS JULY 31, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MUNICIPAL SECURITIES - 100.0%
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - 96.0%
Agawam Gen. Oblig. BAN 3.25% $ 3,450,000 $ 3,451,183
9/10/99
Billerica Gen. Oblig. BAN 4% 3,200,000 3,214,715
7/14/00
Boston Ind. Dev. Rev. (New 600,000 600,000
Boston Seafood Ctr.) Series
1997, 3.15%, LOC BankBoston
NA, VRDN (b)(e)
Boston Wtr. & Swr. Commission 5,100,000 5,100,000
Rev. Participating VRDN
Series SG 75, 3.11%
(Liquidity Facility Societe
Generale, France) (b)(g)
Brockton Area Transit Auth. 2,900,000 2,900,122
RAN 4% 8/6/99
Brookline Gen. Oblig. BAN 5,200,000 5,213,393
3.5% 6/1/00
Carlisle Gen. Oblig. BAN 3.9% 1,827,500 1,828,000
8/27/99
Chelmsford Gen. Oblig. BAN 2,500,000 2,503,336
3.5% 2/10/00
Groton-Dunstable Reg'l. 3,050,000 3,063,665
School District BAN 4%
7/27/00
Hanover Gen. Oblig. BAN 4% 2,500,000 2,511,325
6/29/00 (a)
Holliston Gen. Oblig. BAN:
3.5% 12/15/99 2,800,000 2,803,686
3.75% 9/23/99 3,800,000 3,801,760
3.75% 10/15/99 3,272,000 3,275,382
Ipswich Gen. Oblig. BAN 3.3% 11,000,000 11,005,061
11/17/99
Ludlow Gen. Oblig. BAN 4% 2,150,000 2,159,101
7/14/00
Mansfield Gen. Oblig. BAN:
3.25% 10/28/99 2,200,000 2,201,252
3.5% 10/28/99 2,600,000 2,602,214
Massachusetts Bay Trans. Auth.:
Participating VRDN Series SG 8,385,000 8,385,000
25, 3.11% (Liquidity
Facility Societe Generale,
France) (b)(g)
RAN:
Series 1998 B, 4.25% 9/3/99 21,100,000 21,115,672
Series 1999 A, 3.5% 2/25/00 29,300,000 29,338,921
Series 1999, 2.9% (Liquidity 10,000,000 10,000,000
Facility Commerzbank AG),
VRDN (b)
Massachusetts Dev. Fin. Agcy. 5,000,000 5,000,000
Rev. (Boston Renaissance
Charter School) Series 1999,
3.16%, LOC BankBoston NA,
VRDN (b)
Massachusetts Gen. Oblig.:
Participating VRDN:
Series 132, 3.16% (Liquidity 2,350,000 2,350,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(g)
Series 96C2101, 3.18% 5,300,000 5,300,000
(Liquidity Facility
Citibank, New York NA)
(b)(g)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Gen. Oblig.: -
continued
Participating VRDN: - continued
Series FR/RI A20, 3.25% $ 4,475,000 $ 4,475,000
(Liquidity Facility Nat'l.
Westminster Bank PLC) (b)(g)
Series MS 9, 3.16% (Liquidity 5,505,000 5,505,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(g)
Series PA 160, 3.11% 2,080,000 2,080,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(g)
Series PA 164, 3.11% 7,260,000 7,260,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(g)
Series SG 47, 3.11% 4,200,000 4,200,000
(Liquidity Facility Societe
Generale, France) (b)(g)
Rfdg.:
Series 1997 B, 2.9%, VRDN (b) 34,200,000 34,200,000
Series 1998 B, 3%, VRDN (b) 13,400,000 13,400,000
Participating VRDN:
Series 35, 3.16% (Liquidity 8,600,000 8,600,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(g)
Series PA 363, 3.11% 4,920,000 4,920,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(g)
Series 1998 A, 3%, VRDN (b) 9,260,000 9,260,000
Series A, 4% 2/1/00 7,755,000 7,778,957
Massachusetts Health & Edl.
Facilities Auth. Rev.:
Bonds: 8,000,000 8,455,925
(Emerson Hosp.) Series C, 8%
7/1/18 (Pre-Refunded to
7/1/00 @ 102) (f)
(Harvard Univ.):
3.05% tender 8/10/99, CP mode 8,650,000 8,650,000
3.1% tender 9/14/99, CP mode 1,700,000 1,700,000
Participating VRDN:
Series 101, 3.16% (Liquidity 4,895,000 4,895,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(g)
Series 1997 Y, 3.25% 4,435,000 4,435,000
(Liquidity Facility First
Union Nat'l. Bank of North
Carolina) (b)(g)
Series SG 27, 3.11% 3,935,000 3,935,000
(Liquidity Facility Societe
Generale, France) (b)(g)
(CIL Realty of Massachusetts) 1,760,000 1,760,000
Series 1999, 3.05%, LOC Cr.
Local de France, VRDN (b)
(Harvard Univ.) Series I, 3%, 2,600,000 2,600,000
VRDN (b)
(Home for Little Wanderers) 2,400,000 2,400,000
Series B, 3.1% (Liquidity
Facility BankBoston NA),
VRDN (b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Health & Edl.
Facilities Auth. Rev.: -
continued
(Partners HealthCare Sys.
Cap. Asset Prog.):
Series P 1, 3.05% (FSA $ 10,200,000 $ 10,200,000
Insured), VRDN (b)
Series P 2, 3.05% (FSA 3,400,000 3,400,000
Insured), VRDN (b)
Massachusetts Hsg. Fin. Agcy.:
Bonds Series B 1, 3.05% 1,800,000 1,800,000
11/15/99 (e)
Participating VRDN:
Series 1998 B, 3.16% 15,915,000 15,915,000
(Liquidity Facility Caisse
des Depots et Consignations)
(b)(e)(g)
Series PA 132, 3.16% 1,000,000 1,000,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(g)
Series PA 370, 3.16% 2,400,000 2,400,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(g)
Series PT 212, 3.16% 3,730,000 3,730,000
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (b)(e)(g)
Series PT 250, 3.11% 3,500,000 3,500,000
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (b)(g)
Series PT 33, 3.16% 1,430,000 1,430,000
(Liquidity Facility Banque
Nationale de Paris) (b)(e)(g)
Series PT 42, 3.11% 1,465,000 1,465,000
(Liquidity Facility
Commerzbank AG) (b)(g)
(Hbr. Point Apt.) Series 1995 32,155,000 32,155,000
A, 3.05% (Govt. Nat'l.
Mortgage Assoc. Guaranteed)
(BPA Republic Nat'l. Bank,
New York), VRDN (b)
Rfdg. (Multi-family Hsg. 1,000,000 1,000,000
Proj.) Series 1995 A, 3.05%
(Fannie Mae Guaranteed),
VRDN (b)
Massachusetts Ind. Fin. Agcy. 1,900,000 1,900,000
Health Care Facilities Auth.
(Jewish Geriatric Svs.)
3.05%, LOC BankBoston NA,
VRDN (b)
Massachusetts Ind. Fin. Agcy.
Ind. Dev. Rev.:
(346 Univ. LLC) Series 1996, 1,300,000 1,300,000
3.3%, LOC BankBoston NA,
VRDN (b)(e)
(Abbott Box Co.) Series 1997, 2,255,000 2,255,000
3.25%, LOC Fleet Nat'l.
Bank, VRDN (b)(e)
(Barbour Corp.) Series 1998, 2,515,000 2,515,000
3.25%, LOC Fleet Nat'l.
Bank, VRDN (b)(e)
(Barker Steel Co.) Series 800,000 800,000
1995, 3.05%, LOC State
Street Bank & Trust Co.,
VRDN (b)(e)
(BBB Esq. LLC) Series 1996, 800,000 800,000
3.3%, LOC BankBoston NA,
VRDN (b)(e)
(Brady Enterprises) Series 1,550,000 1,550,000
1996, 3.35%, LOC Fleet
Nat'l. Bank, VRDN (b)(e)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Ind. Fin. Agcy.
Ind. Dev. Rev.: - continued
(Canton/Cedar Realty LLC) $ 1,400,000 $ 1,400,000
Series 1997, 3.25%, LOC
Fleet Nat'l. Bank, VRDN
(b)(e)
(Carand Realty Trust) Series 900,000 900,000
1997, 3.15%, LOC State
Street Bank & Trust Co.,
VRDN (b)(e)
(Decas Cranberry Proj.) 2,800,000 2,800,000
Series 1997, 3.25%, LOC
Fleet Nat'l. Bank, VRDN
(b)(e)
(Dover Instrument Corp.) 1,800,000 1,800,000
Series 1997, 3.35%, LOC
Fleet Nat'l. Bank, VRDN
(b)(e)
(Hazen Paper) Series 1996, 800,000 800,000
3.3%, LOC BankBoston NA,
VRDN (b)(e)
(Heat Fab, Inc.) Series 1996, 1,595,000 1,595,000
3.3%, LOC BankBoston NA,
VRDN (b)(e)
(Lightlife Foods, Inc.) 2,650,000 2,650,000
Series 1997, 3.35%, LOC
Fleet Nat'l. Bank, VRDN
(b)(e)
(Parker-Hannifin Corp. Proj.) 1,800,000 1,800,000
Series 1997, 3.25%, LOC
Wachovia Bank NA, VRDN (b)(e)
(Riverdale Mills Corp.) 1,800,000 1,800,000
Series 1995, 3.3%, LOC
BankBoston NA, VRDN (b)(e)
(Sencorp Systems, Inc. Proj.) 2,300,000 2,300,000
Series 1998 A, 3.3%, LOC
BankBoston NA, VRDN (b)(e)
(United Plastics) Series 2,000,000 2,000,000
1997, 3.35%, LOC Fleet
Nat'l. Bank, VRDN (b)(e)
Massachusetts Ind. Fin. Agcy.
Poll. Cont. Rev. Rfdg. Bonds
(New England Pwr. Co. Proj.):
Series 1992, 3.2% tender 4,300,000 4,300,000
8/11/99, CP mode
Series 1993 A:
3.1% tender 9/13/99, CP mode 13,700,000 13,700,000
3.2% tender 8/10/99, CP mode 3,200,000 3,200,000
Series 1993 B, 3.2% tender 7,550,000 7,550,000
8/10/99, CP mode
3.1% tender 8/18/99, CP mode 1,700,000 1,700,000
3.15% tender 9/16/99, CP mode 27,650,000 27,650,000
Massachusetts Ind. Fin. Agcy.
Rev.:
Participating VRDN:
Series SG 108, 3.11% 3,755,000 3,755,000
(Liquidity Facility Societe
Generale, France) (b)(g)
Series SG 56, 3.11% 7,025,000 7,025,000
(Liquidity Facility Societe
Generale, France) (b)(g)
(Assumption College) Series 2,750,000 2,750,000
1998, 3.1%, LOC Fleet Nat'l.
Bank, VRDN (b)
(Buckingham Browne Nichols 3,000,000 3,000,000
School) Series 1997, 3%,
LOC State Street Bank &
Trust Co., VRDN (b)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Ind. Fin. Agcy.
Rev.: - continued
(Fessenden School) Series $ 3,000,000 $ 3,000,000
1997, 3.2%, LOC Fleet Nat'l.
Bank, VRDN (b)
(Gordon College) Series 1997, 4,000,000 4,000,000
3%, LOC State Street Bank &
Trust Co., VRDN (b)
(Governor Dummer Academy) 3,000,000 3,000,000
Series 1996, 3%, LOC State
Street Bank & Trust Co.,
VRDN (b)
(Groton School) Series 1998 8,000,000 8,000,000
B, 3.05% (Liquidity Facility
Fleet Nat'l. Bank), VRDN (b)
(JHC Assisted Living Corp.) 2,170,000 2,170,000
Series 1998 A, 3.15%, LOC
Fleet Bank NA, VRDN (b)
(Mary Ann Morse Nursing Home):
Series 1994 A, 3.8%, LOC 3,200,000 3,200,000
ABN-AMRO Bank NV, VRDN (b)
Series 1994 B, 3.05%, LOC 4,600,000 4,600,000
ABN-AMRO Bank NV, VRDN (b)
(Mount Ida College) Series 1,800,000 1,800,000
1997, 3%, LOC Cr. Local de
France, VRDN (b)
(Society for the Prevention 3,000,000 3,000,000
of Cruelty to Animals)
Series 1997, 3.1%, LOC Fleet
Nat'l. Bank, VRDN (b)
(Southern New England School 1,500,000 1,500,000
of Law) 3.2%, LOC Fleet
Nat'l. Bank, VRDN (b)
(Youville Place) Series 1996, 4,500,000 4,500,000
3.2% (AMBAC Insured) (BPA
Fleet Nat'l. Bank), VRDN (b)
Massachusetts Muni. Wholesale 7,500,000 7,500,000
Elec. Co. Series A, 3.2%
8/2/99, LOC Fleet Nat'l.
Bank, CP
Massachusetts Muni. Wholesale
Elec. Co. Pwr. Supply Sys.
Rev.:
Bonds Series FR/RI-A 13, 3,525,000 3,525,000
3.2%, tender 8/2/99
(Liquidity Facility Nat'l.
Westminster Bank PLC) (g)
Series 1994 C, 3.05% (MBIA 9,300,000 9,300,000
Insured) (BPA Cr. Swiss
First Boston, Inc.), VRDN (b)
Massachusetts Port Auth.
Series 1997:
3.35% 8/26/99, LOC 2,400,000 2,400,000
Westdeutsche Landesbank
Girozentrale, CP (e)
3.35% 8/27/99, LOC 1,000,000 1,000,000
Westdeutsche Landesbank
Girozentrale, CP (e)
Massachusetts Port Auth. Rev. 3,405,000 3,405,000
Participating VRDN Series
SGA 64, 3.28% (Liquidity
Facility Societe Generale,
France) (b)(e)(g)
Massachusetts Single Family 1,665,000 1,665,000
Hsg. Auth. Participating
VRDN 3.23% (Liquidity
Facility Citibank, New York
NA) (b)(e)(g)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Tpk. Auth.
Participating VRDN:
Series 1997 N, 3.29% $ 6,150,000 $ 6,150,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(g)
Series PA 516, 3.11% 2,300,000 2,300,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(g)
Series PT 135, 3.11% 16,790,000 16,790,000
(Liquidity Facility Banco
Santander SA) (b)(g)
Massachusetts Wtr. Resources
Auth.:
Multi-Modal Subordinated Gen.
Rev.:
Series 1997 B, 3.05% (AMBAC 12,300,000 12,300,000
Insured), VRDN (b)
Series 1998 D, 3.05% (FGIC 17,350,000 17,350,000
Insured), VRDN (b)
Series 1999 A, 2.85% 15,000,000 15,000,000
(Liquidity Facility Cr.
Local de France) (Liquidity
Facility Bank of Nova
Scotia), VRDN (b)
Participating VRDN Series SG 1,000,000 1,000,000
63, 3.11% (Liquidity
Facility Societe Generale,
France) (b)(g)
Rfdg. Participating VRDN 3,440,000 3,440,000
Series SG 17, 3.11%
(Liquidity Facility Societe
Generale, France) (b)(g)
3.05% 8/10/99, LOC Morgan 11,600,000 11,600,000
Guaranty Trust Co., NY, CP
3.05% 9/7/99, LOC Morgan 3,700,000 3,700,000
Guaranty Trust Co., NY, CP
3.05% 9/10/99, LOC Morgan 10,200,000 10,200,000
Guaranty Trust Co., NY, CP
3.05% 10/7/99, LOC Morgan 1,700,000 1,700,000
Guaranty Trust Co., NY, CP
3.1% 8/9/99, LOC Morgan 2,400,000 2,400,000
Guaranty Trust Co., NY, CP
3.1% 8/12/99, LOC Morgan 3,600,000 3,600,000
Guaranty Trust Co., NY, CP
3.1% 9/14/99, LOC Morgan 9,200,000 9,200,000
Guaranty Trust Co., NY, CP
3.15% 9/3/99, LOC Morgan 1,000,000 1,000,000
Guaranty Trust Co., NY, CP
3.3% 10/12/99, LOC Morgan 14,400,000 14,400,000
Guaranty Trust Co., NY, CP
3.3% 10/13/99, LOC Morgan 2,900,000 2,900,000
Guaranty Trust Co., NY, CP
3.35% 11/10/99, LOC Morgan 14,400,000 14,400,000
Guaranty Trust Co., NY, CP
Middleborough Gen. Oblig. BAN 7,817,345 7,821,332
3.5% 9/21/99
Natick Gen. Oblig. BAN (Lot 820,000 820,867
B) 3.25% 1/7/00
New England Ed. Ln. Marketing 3,600,000 3,619,457
Corp. Rev. Rfdg. Bonds
Series H, 4.75% 12/1/99
Northampton Gen. Oblig. BAN 3,800,000 3,802,436
3.25% 10/29/99
Northborough Gen. Oblig. BAN 2,600,000 2,603,189
3.25% 2/2/00
Peabody Gen. Oblig. BAN 3.5% 5,000,000 5,013,209
4/6/00
Pembroke Gen. Oblig. BAN 4% 2,200,000 2,209,418
7/27/00
Pioneer Valley Reg'l. Transit 6,800,000 6,800,242
Auth. RAN 4% 8/6/99
(Massachusetts Gen. Oblig.
Guaranteed)
Pittsfield Gen. Oblig. BAN 3,100,000 3,101,038
3.75% 9/17/99
Plymouth Gen. Oblig. BAN 6,800,000 6,803,704
3.25% 10/21/99
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Reading Gen. Oblig. BAN:
3.25% 1/13/00 $ 2,010,000 $ 2,012,378
3.5% 1/13/00 3,000,000 3,006,044
Salem Gen. Oblig. BAN 3.5% 3,050,000 3,056,363
1/19/00
Springfield Gen. Oblig. BAN:
4% 9/2/99 (BPA Fleet Nat'l. 1,900,000 1,900,724
Bank)
4% 3/2/00 (BPA Fleet Bank NA) 3,600,000 3,610,272
Sterling Gen. Oblig. BAN 3,000,000 3,004,080
3.75% 2/25/00 (a)
Sutton Gen. Oblig. BAN 3.4% 6,975,000 6,982,953
12/8/99
Tewksbury Gen. Oblig. BAN 2,069,000 2,071,826
3.25% 2/23/00
Wakefield Gen. Oblig. BAN 3,407,626 3,417,374
3.5% 4/20/00
Westford Gen. Oblig. BAN 3.5% 3,900,000 3,909,282
4/14/00
Weston Gen. Oblig. BAN 3.25% 2,957,000 2,957,964
9/15/99
Winchester Gen. Oblig. BAN 4% 2,680,000 2,694,578
7/3/00
Woburn Gen. Oblig. BAN 4% 3,000,000 3,014,154
6/15/00
765,051,554
PUERTO RICO - 0.5%
Puerto Rico Commonwealth Hwy. 3,800,000 3,800,000
& Trans. Auth. Participating
VRDN Series ROC 2 99 2,
3.03% (Liquidity Facility
Commerzbank AG) (b)(g)
SHARES
OTHER - 3.5%
Municipal Central Cash Fund 27,851,403 27,851,403
(c)(d)
TOTAL INVESTMENT IN $ 796,702,957
SECURITIES - 100%
Total Cost for Income Tax Purposes $ 796,703,380
</TABLE>
SECURITY TYPE ABBREVIATIONS
BAN - BOND ANTICIPATION NOTE
CP - COMMERCIAL PAPER
RAN - REVENUE ANTICIPATION NOTE
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) Security purchased on a delayed delivery or when-issued basis.
(b) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(c) Information in this report regarding holdings by state and
security types does 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.
(d) At the period end, the seven-day yield of the Municipal Central
Cash Fund was 3.20%. The yield refers to the income earned by
investing in the fund over the seven-day period, expressed as an
annual percentage.
(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) Provides evidence of ownership in one or more underlying municipal
bonds.
INCOME TAX INFORMATION
At January 31, 1999, the fund had a capital loss carryforward of
approximately $38,000 of which $28,000 and $10,000 will expire on
January 31, 2005 and 2006, respectively.
SPARTAN MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 796,702,957
value - See accompanying
schedule
Cash 2,503,842
Receivable for investments 9,202,142
sold
Receivable for fund shares 2,283,092
sold
Interest receivable 6,198,494
TOTAL ASSETS 816,890,527
LIABILITIES
Payable for investments $ 2,503,975
purchased Regular delivery
Delayed delivery 5,515,405
Payable for fund shares 1,537,453
redeemed
Distributions payable 234,984
Accrued management fee 343,921
Other payables and accrued 2,642
expenses
TOTAL LIABILITIES 10,138,380
NET ASSETS $ 806,752,147
Net Assets consist of:
Paid in capital $ 806,816,323
Accumulated net realized gain (64,470)
(loss) on investments
Unrealized gain from 294
accretion of discount
NET ASSETS, for 806,813,332 $ 806,752,147
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($806,752,147
(divided by) 806,813,332
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31,
1999 (UNAUDITED)
INTEREST INCOME $ 13,165,320
Expenses
Management fee $ 2,124,008
Non-interested trustees' 1,355
compensation
Total expenses before 2,125,363
reductions
Expense reductions (24,279) 2,101,084
NET INTEREST INCOME 11,064,236
Realized and Unrealized Gain (26,068)
(Loss)
Net realized gain (loss) on
investment securities
Increase (decrease) in net 294
unrealized gain from
accretion of discount
NET GAIN (LOSS) (25,774)
NET INCREASE IN NET ASSETS $ 11,038,462
RESULTING FROM OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JULY 31, YEAR ENDED JANUARY 31, 1999
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 11,064,236 $ 24,564,761
Net realized gain (loss) (26,068) 17,457
Increase (decrease) in net 294 -
unrealized gain from
accretion of discount
NET INCREASE (DECREASE) IN 11,038,462 24,582,218
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (11,064,236) (24,564,761)
from net interest income
Share transactions at net 419,178,761 1,074,219,913
asset value of $1.00 per
share Proceeds from sales of
shares
Reinvestment of 9,923,819 23,602,375
distributions from net
interest income
Cost of shares redeemed (527,554,503) (937,469,999)
NET INCREASE (DECREASE) IN (98,451,923) 160,352,289
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) (98,477,697) 160,369,746
IN NET ASSETS
NET ASSETS
Beginning of period 905,229,844 744,860,098
End of period $ 806,752,147 $ 905,229,844
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED JULY 31, 1999 YEARS ENDED JANUARY 31,
(UNAUDITED) 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment .013 .030 .031 .030 .033
Operations Net interest
income
Less Distributions
From net interest income (.013) (.030) (.031) (.030) (.033)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 1.30% 3.00% 3.19% 3.00% 3.32%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 806,752 $ 905,230 $ 744,860 $ 671,462 $ 514,492
(000 omitted)
Ratio of expenses to average .50% A .50% .50% .50% .50%
net assets
Ratio of expenses to average .49% A, D .49% D .50% .50% .50%
net assets after expense
reductions
Ratio of net interest income 2.60% A 2.95% 3.15% 2.96% 3.27%
to average net assets
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED JANUARY 31,
1995
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000
period
Income from Investment .024
Operations Net interest
income
Less Distributions
From net interest income (.024)
Net asset value, end of period $ 1.000
TOTAL RETURN B, C 2.42%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 406,287
(000 omitted)
Ratio of expenses to average .50%
net assets
Ratio of expenses to average .50%
net assets after expense
reductions
Ratio of net interest income 2.40%
to average net assets
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN.
C TOTAL RETURNS DO NOT INCLUDE THE ACCOUNT CLOSEOUT FEE AND FOR
PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
D FMR OR THE FUND HAS ENTERED INTO VARYING ARRANGEMENTS WITH THIRD
PARTIES WHO EITHER PAID OR REDUCED A PORTION OF THE FUND'S EXPENSES.
FIDELITY MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
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.
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
CUMULATIVE TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 6 MONTHS PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
FIDELITY MA MUNICIPAL MONEY 1.27% 2.70% 15.64% 36.19%
MARKET
Massachusetts Tax-Free 1.20% 2.55% 15.51% 36.19%
Money Market Funds Average
</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 10 years. 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 Massachusetts tax-free
money market funds average, which reflects the performance of tax-free
money market funds with similar objectives tracked by IBC Financial
Data, Inc. The past six months average represents a peer group of 10
money market funds.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED JULY 31, 1999 PAST 1 YEAR PAST 5 YEARS PAST 10 YEARS
FIDELITY MA MUNICIPAL MONEY 2.70% 2.95% 3.14%
MARKET
Massachusetts Tax-Free 2.55% 2.92% 3.14%
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
8/2/99 5/3/99 2/1/99 11/2/98 8/3/98
Fidelity Massachusetts 2.55% 3.01% 2.41% 2.69% 3.01%
Municipal Money Market Fund
Massachusetts Tax-Free Money 2.46% 2.88% 2.24% 2.57% 2.89%
Market Funds Average
Fidelity Massachusetts 4.22% 4.98% 3.98% 4.47% 5.00%
Municipal Money Market Fund
- - Tax-equivalent
Portion of fund's income 7.01% 5.87% 9.71% 0.00% 0.00%
subject to state taxes
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
table above shows the fund's current seven-day yield at quarterly
intervals over the past year. You can compare these yields to the
Massachusetts 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 1999 federal and state
income tax rate of 39.81% and reflects that a portion of the fund's
income was subject to state taxes. A portion of the fund's income may
be subject to the federal alternative minimum tax.
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT
PAST RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.
(checkmark)COMPARING
PERFORMANCE
Yields on tax-free investments
are usually lower than yields
on taxable investments.
However, a straight
comparison between the two
may be misleading because
it ignores the way taxes
reduce taxable returns.
Tax-equivalent yield - the
yield you'd have to earn on a
similar taxable investment to
match the tax-free yield -
makes the comparison more
meaningful. Keep in mind
that the U.S. Government
neither insures nor guarantees
a money market fund, and
there is no assurance that a
money market fund will
maintain a $1 share price.
FIDELITY MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
FUND TALK: THE MANAGER'S OVERVIEW
(photograph of Scott Orr)
An interview with Scott Orr, Portfolio Manager of Fidelity
Massachusetts Municipal Money Market Fund
Q. SCOTT, WHAT WAS THE INVESTMENT ENVIRONMENT LIKE OVER THE SIX MONTHS
THAT ENDED JULY 31, 1999?
A. As the period began, the market had emerged from the shadow of the
global financial turmoil that plagued it in the third and early fourth
quarters of 1998. Economic growth in the U.S. continued to be strong,
spurred by healthy consumer demand and solid job growth. As time
passed, it became more and more clear that the Federal Reserve Board
would discontinue the interest-rate cuts it had employed to boost the
markets from September through November 1998.
Q. WHAT HAPPENED MORE RECENTLY?
A. In March and April, data indicated that inflation might not be as
well-behaved as it had been in the recent past. Sentiment shifted from
the expectation that Fed policy was going to be unchanged to one
expecting a Fed rate increase. Such a hike would be employed by the
Fed to curb economic growth and diminish inflationary pressures. By
the end of May, the consensus viewpoint in the market was not "if" the
Fed would raise short-term interest rates, but "when." On June 30, the
Fed raised the rate banks charge each other for overnight loans -
known as the fed funds target rate - by 0.25 percentage points to
5.0%. Although the Fed indicated at that time that it had changed from
a bias toward raising rates to a neutral stance, it wasn't long before
signs emerged indicating the strong possibility of another rate hike.
Fed Chairman Alan Greenspan reinforced that idea by telling Congress
in his semiannual Humphrey-Hawkins testimony that the Fed was poised
to raise rates if necessary to keep inflation at bay.
Q. WHAT WAS THE FUND'S STRATEGY DURING THE PERIOD?
A. The fund started the period with an average maturity of 42 days, a
neutral posture given changing interest-rate expectations. Early in
the period, I focused the fund's investments in short-term,
variable-rate securities, because supply of one-year notes was weak
and I didn't feel their yields fully reflected my expectations for
higher interest rates. The maturity rolled down to the mid-30-day
range. In April, when market sentiment began to change and yields on
one-year fixed-rate securities started to more accurately reflect my
expectations, I invested more heavily in these securities to lock in
attractive yields. As a result, the fund's maturity moved out to 51
days by the end of the period, roughly equal to its peers. In
addition, I turned some of my focus - within the limits set by the
fund's prospectus - to out-of-state investment opportunities that
offered more appealing after-tax yields than tax-free alternatives in
the Massachusetts market. Even though more of shareholders' income
will be taxable at the state level this year because of the
out-of-state investments, I pursued this strategy so the fund could
provide higher yields on a tax-adjusted basis than if I had chosen to
invest the same assets in significantly lower-yielding, tax-exempt
Massachusetts securities.
Q. HOW DID THE FUND PERFORM?
A. The fund's seven-day yield on July 31, 1999, was 2.56%, compared to
2.42% six months ago. The more recent seven-day yield was the
equivalent of a 4.24% taxable rate of return for Massachusetts
investors in the 39.81% combined state and federal income tax bracket,
and reflects that a portion of the fund's income was subject to state
taxes. Through July 31, 1999, the fund's six-month total return was
1.27%, compared to 1.20% for the Massachusetts tax-free money market
funds average, according to IBC Financial Data, Inc.
Q. WHAT'S YOUR OUTLOOK?
A. Given Chairman Greenspan's comments and emerging economic data,
signs point to a Fed rate hike in August and perhaps another one later
in the year. The economy remains strong, labor markets are tight and
there are some signs that we'll see wage increases that may be
alarming to the Fed. Inflation, though well-behaved, is still a
concern. It's conceivable the Fed would look to erase the effects of
its rate cuts in late 1998, which were implemented largely to provide
liquidity to the markets, not to supply fuel to the economy. In
addition, the Fed may want to implement its policy well in advance of
the new year, in an attempt to avoid changing interest-rate policy
during a time when potential Year 2000 (Y2K) computer problems may
occur. Indeed, a concern as we move toward the end of the year is the
Y2K issue and its possible impact on municipal securities. As one of
many factors we look at, we'll be paying close attention to this issue
in the months ahead.
THE VIEWS EXPRESSED IN THIS REPORT REFLECT THOSE OF THE PORTFOLIO
MANAGER ONLY THROUGH THE END OF THE PERIOD OF THE REPORT AS STATED ON
THE COVER AND DO NOT NECESSARILY REPRESENT THE VIEWS OF FIDELITY OR
ANY OTHER PERSON IN THE FIDELITY ORGANIZATION. ANY SUCH VIEWS ARE
SUBJECT TO CHANGE AT ANY TIME BASED UPON MARKET OR OTHER CONDITIONS
AND FIDELITY DISCLAIMS ANY RESPONSIBILITY TO UPDATE SUCH VIEWS. THESE
VIEWS MAY NOT BE RELIED ON AS INVESTMENT ADVICE AND, BECAUSE
INVESTMENT DECISIONS FOR A FIDELITY FUND ARE BASED ON NUMEROUS
FACTORS, MAY NOT BE RELIED ON AS AN INDICATION OF TRADING INTENT ON
BEHALF OF ANY FIDELITY FUND.
(checkmark)FUND FACTS
GOAL: high current tax-free
income for Massachusetts
residents, while maintaining a
stable $1 share price
FUND NUMBER: 074
TRADING SYMBOL: FDMXX
START DATE: November 11,
1983
SIZE: as of July 31, 1999,
more than $1.7 billion
MANAGER: Scott Orr, since
1997; manager, various
Fidelity and Spartan municipal
money market funds; joined
Fidelity in 1989
FIDELITY MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
INVESTMENT CHANGES
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MATURITY DIVERSIFICATION
DAYS % OF FUND'S INVESTMENTS 7/31/99 % OF FUND'S INVESTMENTS 1/31/99 % OF FUND'S INVESTMENTS 7/31/98
0 - 30 68.8 70.0 55.4
31 - 90 13.7 17.7 22.3
91 - 180 5.1 5.9 8.2
181 - 397 12.4 6.4 14.1
WEIGHTED AVERAGE MATURITY
7/31/99 1/31/99 7/31/98
Fidelity
Massachusetts 51 DAYS 42 Days 66 Days
Municipal Money
Market Fund
Massachusetts
Tax-Free Money 50 DAYS 45 Days 59 Days
Market Funds Average *
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
ASSET ALLOCATION (% OF FUND'S
INVESTMENTS)
AS OF JULY 31, 1999 AS OF JANUARY 31, 1999
Variable Rate Demand Notes Variable Rate Demand Notes
(VRDNs) 52.3% (VRDNs) 50.3%
Commercial Paper (including Commercial Paper (including
CP Mode) 16.7% CP Mode) 18.0%
Tender Bonds 0.4% Tender Bonds 1.0%
Municipal Notes 21.8% Municipal Notes 20.3%
Municipal Money Market Funds 6.2% Municipal Money Market Funds 10.0%
Other Investments 2.6% Other Investments 0.4%
Row: 1, Col: 1, Value: 52.3 Row: 1, Col: 1, Value: 50.3
Row: 1, Col: 2, Value: 0.0 Row: 1, Col: 2, Value: 0.0
Row: 1, Col: 3, Value: 16.7 Row: 1, Col: 3, Value: 18.0
Row: 1, Col: 4, Value: 0.4 Row: 1, Col: 4, Value: 1.0
Row: 1, Col: 5, Value: 21.8 Row: 1, Col: 5, Value: 20.3
Row: 1, Col: 6, Value: 6.2 Row: 1, Col: 6, Value: 10.0
Row: 1, Col: 7, Value: 0.0 Row: 1, Col: 7, Value: 0.0
Row: 1, Col: 8, Value: 2.6 Row: 1, Col: 8, Value: 0.4
</TABLE>
*SOURCE: IBC'S MONEY FUND REPORT(registered trademark)
FIDELITY MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
INVESTMENTS JULY 31, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MUNICIPAL SECURITIES - 100.0%
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - 93.0%
Agawam Gen. Oblig. BAN 3.25% $ 6,200,000 $ 6,202,126
9/10/99
Billerica Gen. Oblig. BAN 4% 6,800,000 6,831,270
7/14/00
Boston Gen. Oblig. Bonds 4,600,000 4,604,290
Series C, 3.25% 11/1/99
Boston Ind. Dev. Rev. (New 3,595,000 3,595,000
Boston Seafood Ctr.) Series
1997, 3.15%, LOC BankBoston
NA, VRDN (b)(e)
Boston Wtr. & Swr. Commission
Rev.:
Participating VRDN Series SG 8,380,000 8,380,000
75, 3.11% (Liquidity
Facility Societe Generale,
France) (b)(g)
Series 1994 A, 2.95%, LOC 7,600,000 7,600,000
State Street Bank & Trust
Co., VRDN (b)
Brockton Area Transit Auth. 4,300,000 4,300,181
RAN 4% 8/6/99
Brookline Gen. Oblig. BAN 10,600,000 10,627,301
3.5% 6/1/00
Canton Gen. Oblig. BAN 3.5% 2,242,030 2,247,602
6/9/00
Carlisle Gen. Oblig. BAN 3.9% 2,700,000 2,700,739
8/27/99
Chelmsford Gen. Oblig. BAN 5,300,000 5,307,071
3.5% 2/10/00
Dudley Charlton Reg'l. School 2,840,000 2,840,000
District Participating VRDN
Series ML PA521, 3.11%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(g)
Franklin Gen. Oblig. BAN 4% 5,765,000 5,791,011
6/1/00
Groton-Dunstable Reg'l. 6,500,000 6,529,122
School District BAN 4%
7/27/00
Hanover Gen. Oblig. BAN 4% 5,500,000 5,524,915
6/29/00 (a)
Holliston Gen. Oblig. BAN:
3.5% 12/15/99 5,900,000 5,907,768
3.75% 9/23/99 5,700,000 5,702,640
3.75% 10/15/99 5,400,000 5,405,581
Ipswich Gen. Oblig. BAN 3.3% 22,520,000 22,530,362
11/17/99
Ludlow Gen. Oblig. BAN 4% 4,500,000 4,519,049
7/14/00
Mansfield Gen. Oblig. BAN:
3.25% 10/28/99 3,600,000 3,602,049
3.5% 10/28/99 5,400,000 5,404,599
Massachusetts Bay Trans. Auth.:
Participating VRDN:
Series 1998 107, 3.16% 5,575,000 5,575,000
(Liquidity Facility Morgan
Stanley, Dean Witter & Co.)
(b)(g)
Series SG 25, 3.11% 9,800,000 9,800,000
(Liquidity Facility Societe
Generale, France) (b)(g)
RAN:
Series 1998 B, 4.25% 9/3/99 41,900,000 41,930,531
Series 1999 A, 3.5% 2/25/00 67,200,000 67,298,557
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Bay Trans.
Auth.: - continued
Series 1999, 2.9% (Liquidity $ 20,000,000 $ 20,000,000
Facility Commerzbank AG),
VRDN (b)
Massachusetts Dev. Fin. Agcy.
Rev.:
(Boston Renaissance Charter 10,275,000 10,275,000
School) Series 1999, 3.16%,
LOC BankBoston NA, VRDN (b)
(Brooks School Issue Proj.) 3,800,000 3,800,000
Series 1999 A, 3.1% (MBIA
Insured), VRDN (b)
(Shady Hills School) Series 3,000,000 3,000,000
1998 A, 3.1%, LOC State
Street Bank & Trust Co.,
VRDN (b)
Massachusetts Gen. Oblig.:
Bonds Series A, 4% 2/1/00 16,200,000 16,250,086
Participating VRDN:
Series 132, 3.16% (Liquidity 4,900,000 4,900,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(g)
Series 1996 SG 38, 3.11% 5,000,000 5,000,000
(Liquidity Facility Societe
Generale, France) (b)(g)
Series 96C2101, 3.18% 8,955,000 8,955,000
(Liquidity Facility
Citibank, New York NA) (b)(g)
Series FR/RI A20, 3.25% 6,700,000 6,700,000
(Liquidity Facility Nat'l.
Westminster Bank PLC) (b)(g)
Series MS 9, 3.16% (Liquidity 8,365,000 8,365,000
Facility Morgan Stanley,
Dean Witter & Co.) (b)(g)
Series PA 160, 3.11% 3,035,000 3,035,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(g)
Series PA 164, 3.11% 12,848,000 12,848,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(g)
Series ROC 44, 3.21% 6,700,000 6,700,000
(Liquidity Facility Toronto
Dominion Bank) (b)(g)
Series SG 47, 3.11% 5,800,000 5,800,000
(Liquidity Facility Societe
Generale, France) (b)(g)
Rfdg.:
Series 1997 B, 2.9%, VRDN (b) 57,800,000 57,800,000
Series 1998 B, 3%, VRDN (b) 49,760,000 49,760,000
Participating VRDN Series 35, 21,630,000 21,630,000
3.16% (Liquidity Facility
Morgan Stanley, Dean Witter
& Co.) (b)(g)
Series 1998 A, 3%, VRDN (b) 51,400,000 51,400,000
Massachusetts Health & Edl.
Facilities Auth. Rev.:
Bonds:
(Emerson Hosp.) Series C, 8% 10,000,000 10,569,907
7/1/18 (Pre-Refunded to
7/1/00 @ 102) (f)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Health & Edl.
Facilities Auth. Rev.: -
continued
Bonds: - continued
(Harvard Univ.):
3.05% tender 8/10/99, CP mode $ 10,600,000 $ 10,600,000
3.05% tender 9/10/99, CP mode 7,800,000 7,800,000
3.1% tender 8/9/99, CP mode 3,000,000 3,000,000
3.1% tender 8/12/99, CP mode 3,850,000 3,850,000
3.1% tender 9/14/99, CP mode 3,300,000 3,300,000
3.1% tender 9/14/99, CP mode 6,600,000 6,600,000
3.3% tender 9/14/99, CP mode 1,200,000 1,200,000
(Partners HealthCare Sys. 4,225,000 4,242,832
Cap. Asset Prog.) Series B,
4% 7/1/00
Participating VRDN:
Series 1997 Y, 3.25% 6,500,000 6,500,000
(Liquidity Facility First
Union Nat'l. Bank of North
Carolina) (b)(g)
Series MS 98-80, 3.16% 2,445,000 2,445,000
(Liquidity Facility Morgan
Stanley, Dean Witter & Co.)
(b)(g)
Series SG 27, 3.11% 7,500,000 7,500,000
(Liquidity Facility Societe
Generale, France) (b)(g)
(Berklee College of Music) 5,500,000 5,500,000
Series D, 3.05% (MBIA
Insured) (BPA Cr. Swiss
First Boston, Inc.), VRDN (b)
(Hallmark Health Sys.) Series 7,350,000 7,350,000
1988 B, 3.05% (FSA Insured)
(BPA Fleet Nat'l. Bank),
VRDN (b)
(Harvard Univ.):
Issue I, 3%, VRDN (b) 3,400,000 3,400,000
Series I, 3%, VRDN (b) 5,400,000 5,400,000
Series Q-1, 3%, VRDN (b) 9,330,000 9,330,000
(Home for Little Wanderers) 5,100,000 5,100,000
Series B, 3.1% (Liquidity
Facility BankBoston NA),
VRDN (b)
(Partners HealthCare Sys.
Cap. Asset Prog.):
Series P 1, 3.05% (FSA 23,625,000 23,625,000
Insured), VRDN (b)
Series P 2, 3.05% (FSA 19,300,000 19,300,000
Insured), VRDN (b)
Massachusetts Hsg. Fin. Agcy.:
Bonds Series B 1, 3.05% 3,500,000 3,500,000
11/15/99 (e)
Participating VRDN:
Series 1998 B, 3.16% 36,105,000 36,105,000
(Liquidity Facility Caisse
des Depots et
Consignations) (b)(e)(g)
Series PA 132, 3.16% 1,225,000 1,225,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(g)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Hsg. Fin.
Agcy.: - continued
Participating VRDN: - continued
Series PA 370, 3.16% $ 3,600,000 $ 3,600,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(g)
Series PA 83, 3.16% 6,216,000 6,216,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(e)(g)
Series PT 212, 3.16% 5,600,000 5,600,000
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (b)(e)(g)
Series PT 250, 3.11% 6,400,000 6,400,000
(Liquidity Facility
Bayerische Hypo-und
Vereinsbank AG) (b)(g)
Series PT 33, 3.16% 4,940,000 4,940,000
(Liquidity Facility Banque
Nationale de Paris) (b)(e)(g)
Series PT 42, 3.11% 1,830,000 1,830,000
(Liquidity Facility
Commerzbank AG) (b)(g)
(Hbr. Point Apt.) Series 1995 31,850,000 31,850,000
A, 3.05% (Govt. Nat'l.
Mortgage Assoc. Guaranteed)
(BPA Republic Nat'l. Bank,
New York), VRDN (b)
(Princeton Crossing Proj.) 14,900,000 14,900,000
Series 1996, 3.05%, LOC Gen.
Elec. Cap. Corp., VRDN (b)(e)
Massachusetts Ind. Fin. Agcy. 5,000,000 5,000,000
Health Care Facilities Auth.
(Jewish Geriatric Svs.)
3.05%, LOC BankBoston NA,
VRDN (b)
Massachusetts Ind. Fin. Agcy.
Ind. Dev. Rev.:
(346 Univ. LLC) Series 1996, 1,700,000 1,700,000
3.3%, LOC BankBoston NA,
VRDN (b)(e)
(Abbott Box Co.) Series 1997, 3,500,000 3,500,000
3.25%, LOC Fleet Nat'l.
Bank, VRDN (b)(e)
(Barbour Corp.) Series 1998, 3,900,000 3,900,000
3.25%, LOC Fleet Nat'l.
Bank, VRDN (b)(e)
(Barker Steel Co.) Series 900,000 900,000
1995, 3.05%, LOC State
Street Bank & Trust Co.,
VRDN (b)(e)
(BBB Esq. LLC) Series 1996, 1,100,000 1,100,000
3.3%, LOC BankBoston NA,
VRDN (b)(e)
(Boutwell Owens & Co., Inc.) 5,000,000 5,000,000
Series 1998, 3.25%, LOC
Fleet Nat'l. Bank, VRDN
(b)(e)
(Brady Enterprises) Series 2,100,000 2,100,000
1996, 3.35%, LOC Fleet
Nat'l. Bank, VRDN (b)(e)
(Canton/Cedar Realty LLC) 1,900,000 1,900,000
Series 1997, 3.25%, LOC
Fleet Nat'l. Bank, VRDN
(b)(e)
(Carand Realty Trust) Series 800,000 800,000
1997, 3.15%, LOC State
Street Bank & Trust Co.,
VRDN (b)(e)
(Constitution Corp. Proj.) 3,500,000 3,500,000
Series 1998, 3.3%, LOC
BankBoston NA, VRDN (b)(e)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Ind. Fin. Agcy.
Ind. Dev. Rev.: - continued
(Decas Cranberry Proj.) $ 3,950,000 $ 3,950,000
Series 1997, 3.25%, LOC
Fleet Nat'l. Bank, VRDN
(b)(e)
(Dover Instrument Corp.) 2,700,000 2,700,000
Series 1997, 3.35%, LOC
Fleet Nat'l. Bank, VRDN
(b)(e)
(Hazen Paper) Series 1996, 1,200,000 1,200,000
3.3%, LOC BankBoston NA,
VRDN (b)(e)
(Heat Fab, Inc.) Series 1996, 2,420,000 2,420,000
3.3%, LOC BankBoston NA,
VRDN (b)(e)
(Interpolymer Corp.) Series 3,000,000 3,000,000
1992, 3.3%, LOC BankBoston
NA, VRDN (b)(e)
(Lightlife Foods, Inc.) 4,200,000 4,200,000
Series 1997, 3.35%, LOC
Fleet Nat'l. Bank, VRDN
(b)(e)
(Longview Fibre Co.) Series 2,070,000 2,070,000
1987, 3.1%, LOC ABN-AMRO
Bank NV, VRDN (b)
(Parker-Hannifin Corp. Proj.) 2,700,000 2,700,000
Series 1997, 3.25%, LOC
Wachovia Bank NA, VRDN (b)(e)
(Riverdale Mills Corp.) 3,200,000 3,200,000
Series 1995, 3.3%, LOC
BankBoston NA, VRDN (b)(e)
(Sencorp Systems, Inc. Proj.) 4,400,000 4,400,000
Series 1998 A, 3.3%, LOC
BankBoston NA, VRDN (b)(e)
(United Med. Corp.) Series 2,300,000 2,300,000
1992, 3.1%, VRDN (b)(e)
(United Plastics) Series 2,200,000 2,200,000
1997, 3.35%, LOC Fleet
Nat'l. Bank, VRDN (b)(e)
Massachusetts Ind. Fin. Agcy.
Poll. Cont. Rev. Rfdg. Bonds
(New England Pwr. Co. Proj.):
Series 1992, 3.2% tender 32,500,000 32,500,000
8/11/99, CP mode
Series 1993 A:
3.1% tender 9/13/99, CP mode 14,600,000 14,600,000
3.15% tender 9/15/99, CP mode 1,500,000 1,500,000
3.2% tender 8/10/99, CP mode 3,300,000 3,300,000
Series 1993 B:
3.15% tender 8/18/99, CP mode 2,800,000 2,800,000
3.15% tender 9/16/99, CP mode 23,400,000 23,400,000
3.2% tender 8/10/99, CP mode 4,000,000 4,000,000
3.3% tender 8/26/99, CP mode 1,500,000 1,500,000
Massachusetts Ind. Fin. Agcy.
Rev.:
Participating VRDN:
Series SG 108, 3.11% 6,000,000 6,000,000
(Liquidity Facility Societe
Generale, France) (b)(g)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Ind. Fin. Agcy.
Rev.: - continued
Participating VRDN: - continued
Series SG 56, 3.11% $ 11,100,000 $ 11,100,000
(Liquidity Facility Societe
Generale, France) (b)(g)
(Assumption College) Series 4,000,000 4,000,000
1998, 3.1%, LOC Fleet Nat'l.
Bank, VRDN (b)
(Buckingham Browne Nichols 4,000,000 4,000,000
School) Series 1997, 3%, LOC
State Street Bank & Trust
Co., VRDN (b)
(Fessenden School) Series 4,405,000 4,405,000
1997, 3.2%, LOC Fleet Nat'l.
Bank, VRDN (b)
(Goddard House) 3.05%, LOC 8,130,000 8,130,000
Fleet Bank NA, VRDN (b)
(Groton School) Series 1998 12,000,000 12,000,000
B, 3.05% (Liquidity Facility
Fleet Nat'l. Bank), VRDN (b)
(Heritage at Darmouth) Series 1,825,000 1,825,000
1996, 3.15%, LOC BankBoston
NA, VRDN (b)(e)
(Heritage at Hingham) Series 6,390,000 6,390,000
1997, 3.15%, LOC Fleet
Nat'l. Bank, VRDN (b)(e)
(JHC Assisted Living Corp.) 3,800,000 3,800,000
Series 1998 A, 3.15%, LOC
Fleet Bank NA, VRDN (b)
(Mary Ann Morse Nursing Home):
Series 1994 A, 3.8%, LOC 5,600,000 5,600,000
ABN-AMRO Bank NV, VRDN (b)
Series 1994 B, 3.05%, LOC 6,600,000 6,600,000
ABN-AMRO Bank NV, VRDN (b)
(Society for the Prevention 3,900,000 3,900,000
of Cruelty to Animals)
Series 1997, 3.1%, LOC Fleet
Nat'l. Bank, VRDN (b)
(Southern New England School 1,785,000 1,785,000
of Law) 3.2%, LOC Fleet
Nat'l. Bank, VRDN (b)
(Wheelock College Issue) 3,900,000 3,900,000
Series A, 3.1%, LOC
BankBoston NA, VRDN (b)
(Youville Place) Series 1996, 5,300,000 5,300,000
3.2% (AMBAC Insured) (BPA
Fleet Nat'l. Bank), VRDN (b)
Massachusetts Muni. Wholesale
Elec. Co.:
Series A:
3.1% 8/10/99, LOC Fleet 1,000,000 1,000,000
Nat'l. Bank, CP
3.2% 8/2/99, LOC Fleet Nat'l. 7,000,000 7,000,000
Bank, CP
Series B, 3.1% 10/8/99, LOC 2,475,000 2,475,000
Fleet Nat'l. Bank, CP
Massachusetts Muni. Wholesale
Elec. Co. Pwr. Supply Sys.
Rev.:
Bonds Series FR/RI-A 13, 7,100,000 7,100,000
3.2%, tender 8/2/99
(Liquidity Facility Nat'l.
Westminster Bank PLC) (g)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Muni. Wholesale
Elec. Co. Pwr. Supply Sys.
Rev.: - continued
Series 1994 C, 3.05% (MBIA $ 3,235,000 $ 3,235,000
Insured) (BPA Cr. Swiss
First Boston, Inc.), VRDN (b)
Massachusetts Port Auth.
Series 1997:
3.2% 8/5/99, LOC Westdeutsche 3,000,000 3,000,000
Landesbank Girozentrale, CP
(e)
3.35% 8/26/99, LOC 6,600,000 6,600,000
Westdeutsche Landesbank
Girozentrale, CP (e)
Massachusetts Port Auth. Rev.:
Participating VRDN Series SGA 5,300,000 5,300,000
64, 3.28% (Liquidity
Facility Societe Generale,
France) (b)(e)(g)
Rfdg. Participating VRDN 5,995,000 5,995,000
Series ROC 45, 3.21%
(Liquidity Facility Toronto
Dominion Bank) (b)(g)
Massachusetts Spl. Oblig. 9,695,000 9,695,000
Rev. Participating VRDN
Series ROC 27, 3.21%
(Liquidity Facility Toronto
Dominion Bank) (b)(g)
Massachusetts Tpk. Auth.
Participating VRDN:
Series 1997 N, 3.29% 9,200,000 9,200,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (b)(g)
Series PA 489, 3.11% 2,425,000 2,425,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(g)
Series PA 516, 3.11% 4,540,000 4,540,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (b)(g)
Series PT 135, 3.11% 35,500,000 35,500,000
(Liquidity Facility Banco
Santander SA) (b)(g)
Massachusetts Wtr. Resources
Auth.:
Multi-Modal Subordinated Gen.
Rev.:
Series 1997 B, 3.05% (AMBAC 45,600,000 45,600,000
Insured), VRDN (b)
Series 1998 D, 3.05% (FGIC 51,600,000 51,600,000
Insured), VRDN (b)
Series 1999 A, 2.85% 25,000,000 25,000,000
(Liquidity Facility Cr.
Local de France) (Liquidity
Facility Bank of Nova
Scotia), VRDN (b)
Participating VRDN Series SG 1,000,000 1,000,000
63, 3.11% (Liquidity
Facility Societe Generale,
France) (b)(g)
Rfdg. Participating VRDN 5,000,000 5,000,000
Series SG 17, 3.11%
(Liquidity Facility Societe
Generale, France) (b)(g)
3.05% 8/10/99, LOC Morgan 36,000,000 36,000,000
Guaranty Trust Co., NY, CP
3.05% 9/7/99, LOC Morgan 10,600,000 10,600,000
Guaranty Trust Co., NY, CP
3.05% 9/10/99, LOC Morgan 14,800,000 14,800,000
Guaranty Trust Co., NY, CP
3.05% 10/7/99, LOC Morgan 3,300,000 3,300,000
Guaranty Trust Co., NY, CP
3.1% 8/5/99, LOC Morgan 3,000,000 3,000,000
Guaranty Trust Co., NY, CP
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Massachusetts Wtr. Resources
Auth.: - continued
3.1% 8/9/99, LOC Morgan $ 7,100,000 $ 7,100,000
Guaranty Trust Co., NY, CP
3.1% 8/11/99, LOC Morgan 3,000,000 3,000,000
Guaranty Trust Co., NY, CP
3.1% 8/11/99, LOC Morgan 2,500,000 2,500,000
Guaranty Trust Co., NY, CP
3.1% 8/12/99, LOC Morgan 6,400,000 6,400,000
Guaranty Trust Co., NY, CP
3.1% 9/14/99, LOC Morgan 11,200,000 11,200,000
Guaranty Trust Co., NY, CP
3.15% 9/13/99, LOC Morgan 1,000,000 1,000,000
Guaranty Trust Co., NY, CP
3.3% 10/12/99, LOC Morgan 16,900,000 16,900,000
Guaranty Trust Co., NY, CP
3.3% 10/13/99, LOC Morgan 6,100,000 6,100,000
Guaranty Trust Co., NY, CP
3.35% 11/10/99, LOC Morgan 16,900,000 16,900,000
Guaranty Trust Co., NY, CP
Middleborough Gen. Oblig. BAN 5,600,000 5,602,856
3.5% 9/21/99
Natick Gen. Oblig. BAN:
(Lot A) 3.25% 8/6/99 1,274,000 1,274,046
3.75% 8/4/00 (a) 5,530,000 5,545,982
New England Ed. Ln. Marketing 6,400,000 6,434,589
Corp. Rev. Rfdg. Bonds
Series H, 4.75% 12/1/99
Northampton Gen. Oblig. BAN 6,455,000 6,459,138
3.25% 10/29/99
Northborough Gen. Oblig. BAN 4,610,000 4,615,655
3.25% 2/2/00
Northborough Ind. Dev. Rev. 2,900,000 2,900,000
(True Realty Corp. Proj.
Toys R Us, Inc.) 3.275%, LOC
Chase Manhattan Bank, VRDN
(b)
Peabody Gen. Oblig. BAN 3.5% 9,500,000 9,527,290
4/28/00
Pembroke Gen. Oblig. BAN 4% 4,400,000 4,418,835
7/27/00
Pioneer Valley Reg'l. Transit 10,200,000 10,200,363
Auth. RAN 4% 8/6/99
(Massachusetts Gen. Oblig.
Guaranteed)
Pittsfield Gen. Oblig. BAN 4,900,000 4,901,640
3.75% 9/17/99
Plymouth Gen. Oblig. BAN 12,200,000 12,206,645
3.25% 10/21/99
Reading Gen. Oblig. BAN:
3.25% 1/13/00 3,600,000 3,604,259
3.5% 1/13/00 5,400,000 5,410,880
Salem Gen. Oblig. BAN 3.5% 5,200,000 5,210,849
1/19/00
Springfield Gen. Oblig. BAN:
4% 9/2/99 (BPA Fleet Nat'l. 2,700,000 2,701,028
Bank)
4% 3/2/00 (BPA Fleet Bank NA) 7,900,000 7,922,541
4% 6/23/00 (BPA Fleet Bank NA) 2,880,000 2,892,419
Sterling Gen. Oblig. BAN 6,300,000 6,308,568
3.75% 2/25/00 (a)
Sudbury Gen. Oblig. BAN:
Series A, 3.25% 8/11/99 4,000,000 4,000,397
3.25% 8/11/99 8,100,000 8,100,391
Sutton Gen. Oblig. BAN 3.4% 12,900,000 12,914,709
12/8/99
Tewksbury Gen. Oblig. BAN 3,700,000 3,705,053
3.25% 2/23/00
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MASSACHUSETTS - CONTINUED
Wakefield Gen. Oblig. BAN $ 6,300,000 $ 6,318,022
3.5% 4/20/00
Westford Gen. Oblig. BAN 3.5% 7,100,000 7,116,897
4/14/00
Weston Gen. Oblig. BAN 3.25% 5,200,000 5,201,695
9/15/99
Winchester Gen. Oblig. BAN 4% 8,200,000 8,244,605
7/3/00
1,589,632,941
PUERTO RICO - 0.8%
Puerto Rico Commonwealth Hwy.
& Trans. Auth. Participating
VRDN:
Series ROC 11, 3.03% 6,900,000 6,900,000
(Liquidity Facility
Commerzbank AG) (b)(g)
Series ROC 2 99 2, 3.03% 4,000,000 4,000,000
(Liquidity Facility
Commerzbank AG) (b)(g)
Puerto Rico Elec. Pwr. Auth. 2,500,000 2,500,000
Pwr. Rev. Participating VRDN
Series 2-99-3, 3.03%
(Liquidity Facility
Commerzbank AG) (b)(g)
13,400,000
SHARES
OTHER - 6.2%
Municipal Central Cash Fund 105,894,790 105,894,790
(c)(d)
TOTAL INVESTMENT IN $ 1,708,927,731
SECURITIES - 100%
Total Cost for Income Tax Purposes $ 1,708,928,062
</TABLE>
SECURITY TYPE ABBREVIATIONS
BAN - BOND ANTICIPATION NOTE
CP - COMMERCIAL PAPER
RAN - REVENUE ANTICIPATION NOTE
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) Security purchased on a delayed delivery or when-issued basis.
(b) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(c) Information in this report regarding holdings by state and
security types does 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.
(d) At the period end, the seven-day yield of the Municipal Central
Cash Fund was 3.20%. The yield refers to the income earned by
investing in the fund over the seven-day period, expressed as an
annual percentage.
(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) Provides evidence of ownership in one or more underlying municipal
bonds.
INCOME TAX INFORMATION
At January 31, 1999, the fund had a capital loss carryforward of
approximately $39,000, all of which will expire on January 31, 2005.
FIDELITY MASSACHUSETTS MUNICIPAL MONEY MARKET FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
JULY 31, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 1,708,927,731
value - See accompanying
schedule
Cash 5,282,066
Receivable for investments 17,504,075
sold
Receivable for fund shares 19,350,951
sold
Interest receivable 12,181,440
Prepaid expenses 26,942
TOTAL ASSETS 1,763,273,205
LIABILITIES
Payable for investments $ 5,308,427
purchased Regular delivery
Delayed delivery 17,379,465
Payable for fund shares 6,573,344
redeemed
Distributions payable 75,938
Accrued management fee 542,700
Other payables and accrued 284,298
expenses
TOTAL LIABILITIES 30,164,172
NET ASSETS $ 1,733,109,033
Net Assets consist of:
Paid in capital $ 1,733,181,363
Accumulated net realized gain (72,938)
(loss) on investments
Unrealized gain from 608
accretion of discount
NET ASSETS, for 1,733,092,235 $ 1,733,109,033
shares outstanding
NET ASSET VALUE, offering $1.00
price and redemption price
per share ($1,733,109,033
(divided by) 1,733,092,235
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED JULY 31,
1999 (UNAUDITED)
INTEREST INCOME $ 25,569,142
EXPENSES
Management fee $ 3,164,912
Transfer agent fees 1,140,888
Accounting fees and expenses 93,874
Non-interested trustees' 2,536
compensation
Custodian fees and expenses 36,467
Registration fees 60,209
Audit 12,938
Legal 1,723
Miscellaneous 32,330
Total expenses before 4,545,877
reductions
Expense reductions (4,630) 4,541,247
NET INTEREST INCOME 21,027,895
REALIZED AND UNREALIZED GAIN (33,483)
(LOSS)
Net realized gain (loss) on
investment securities
Increase (decrease) in net 608
unrealized gain from
accretion of discount
NET GAIN (LOSS) (32,875)
NET INCREASE IN NET ASSETS $ 20,995,020
RESULTING FROM OPERATIONS
OTHER INFORMATION
Expense reductions Custodian $ 4,630
credits
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED JULY 31, YEAR ENDED JANUARY 31, 1999
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 21,027,895 $ 38,716,227
Net realized gain (loss) (33,483) 26,764
Increase (decrease) in net 608 -
unrealized gain from
accretion of discount
NET INCREASE (DECREASE) IN 20,995,020 38,742,991
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (21,027,895) (38,716,227)
from net interest income
Share transactions at net 2,963,452,693 4,715,000,617
asset value of $1.00 per
share Proceeds from sales of
shares
Reinvestment of 20,411,150 37,340,541
distributions from net
interest income
Cost of shares redeemed (2,835,861,476) (4,366,774,894)
NET INCREASE (DECREASE) IN 148,002,367 385,566,264
NET ASSETS AND SHARES
RESULTING FROM SHARE
TRANSACTIONS
TOTAL INCREASE (DECREASE) 147,969,492 385,593,028
IN NET ASSETS
NET ASSETS
Beginning of period 1,585,139,541 1,199,546,513
End of period $ 1,733,109,033 $ 1,585,139,541
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED JULY 31, 1999 YEARS ENDED JANUARY 31,
(UNAUDITED) 1999 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment .013 .029 .031 .029 .032
Operations Net interest
income
Less Distributions
From net interest income (.013) (.029) (.031) (.029) (.032)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 1.27% 2.90% 3.10% 2.90% 3.20%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,733,109 $ 1,585,140 $ 1,199,547 $ 967,689 $ 847,490
(000 omitted)
Ratio of expenses to average .55% A .56% .57% .59% .60%
net assets
Ratio of net interest income 2.54% A 2.86% 3.07% 2.86% 3.15%
to average net assets
</TABLE>
<TABLE>
<CAPTION>
<S> <C>
FINANCIAL HIGHLIGHTS
YEARS ENDED JANUARY 31,
1995
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000
period
Income from Investment .023
Operations Net interest
income
Less Distributions
From net interest income (.023)
Net asset value, end of period $ 1.000
TOTAL RETURN B 2.29%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 756,929
(000 omitted)
Ratio of expenses to average .63%
net assets
Ratio of net interest income 2.28%
to average net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED
NOTES TO FINANCIAL STATEMENTS
For the period ended July 31, 1999 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Spartan Massachusetts Municipal Income Fund (the income fund), Spartan
Massachusetts Municipal Money Market Fund and Fidelity Massachusetts
Municipal Money Market Fund (the money market funds) (collectively,
the funds) are funds of Fidelity Massachusetts Municipal Trust (the
trust). 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. Each fund is
authorized to issue an unlimited number of shares. The financial
statements have been prepared in conformity with generally accepted
accounting principles which require management to make certain
estimates and assumptions at the date of the financial statements.
Each fund may be affected by economic and political developments in
the state of Massachusetts. The following summarizes the significant
accounting policies of the funds:
SECURITY VALUATION.
INCOME FUND. 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. Securities for
which quotations are not readily available are valued at their fair
value as determined in good faith under consistently applied
procedures under the general supervision of the Board of Trustees.
Short-term securities with remaining maturities of sixty days or less
for which quotations are not readily available are valued at amortized
cost or original cost plus accrued interest, both of which approximate
current value.
MONEY MARKET FUNDS. 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, each fund is not subject to
income taxes to the extent that it distributes substantially all of
its taxable income for the 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. For the municipal money market funds, accretion of 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
among 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.
1. SIGNIFICANT ACCOUNTING
POLICIES - CONTINUED
DISTRIBUTIONS TO SHAREHOLDERS -
CONTINUED
Income and capital gain distributions are determined in accordance
with income tax regulations which may differ from generally accepted
accounting principles. These differences, which may result in
distribution reclassifications, are primarily due to differing
treatments for futures transactions, market discount and losses
deferred due to wash sales and futures. The income 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 and
may affect the per-share allocation between net interest income and
realized and unrealized gain (loss). Accumulated undistributed net
realized gain (loss) on investments may include temporary book and tax
basis differences that will reverse in a subsequent period. Any
taxable gain remaining at fiscal year end is distributed in the
following year.
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 SEC), the funds may invest
in the Municipal Central Cash Fund (the Cash Fund) managed by Fidelity
Investments Money Management, Inc. (FIMM), 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
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
earned by the funds are recorded as interest income in the
accompanying financial statements.
WHEN-ISSUED SECURITIES. Each fund may purchase or sell securities on a
when-issued basis. Payment and delivery may take place after the
customary settlement period for that security. The price of the
underlying securities is fixed at the time the transaction is
negotiated. The market values of the securities purchased on a
when-issued or forward commitment basis are identified as such in each
applicable fund's schedule of investments. Each fund may receive
compensation for interest forgone in the purchase of a when-issued
security. With respect to purchase commitments, each fund identifies
securities as segregated in its records with a value at least equal to
the amount of the commitment. Losses may arise due to changes in the
market value of the underlying securities, if the counterparty does
not perform under the contract, or if the issuer does not issue the
securities due to political, economic, or other factors.
2. OPERATING POLICIES -
CONTINUED
RESTRICTED SECURITIES. Certain funds are 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. At the end of the period, there were no investments in
restricted securities.
3. PURCHASES AND SALES OF INVESTMENTS.
INCOME FUND. Purchases and sales of securities, other than short-term
securities, aggregated $186,724,272 and $127,020,125, respectively.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser for the income fund
and Fidelity Municipal Money Market Fund, 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 each
fund. The group fee rate is the weighted average of a series of rates
and is based on the monthly average net assets of all the mutual funds
advised by FMR. The rates ranged from .1100% to .3700% for the period.
The annual individual fund fee rate for each fund is .25%. In the
event that these rates were lower than the contractual rates in effect
during the period, FMR voluntarily implemented the above rates, as
they resulted in the same or a lower management fee. For the period,
the management fees were equivalent to annualized rates of .38% of
average net assets for the income fund and Fidelity Massachusetts
Municipal Money Market Fund.
For Spartan Massachusetts Municipal Money Market Fund, FMR pays all
expenses, except the compensation of the non-interested Trustees and
certain exceptions such as interest, taxes, brokerage commissions and
extraordinary expenses. The management fee paid to FMR by Spartan
Massachusetts Municipal Money Market Fund is reduced by an amount
equal to the fees and expenses paid to the non-interested Trustees.
FMR receives a fee that is computed daily at an annual rate of .50% of
the average net assets of the Spartan Massachusetts Municipal Money
Market Fund.
FMR also bears the cost of providing shareholder services to Spartan
Massachusetts Municipal Money Market Fund. To offset the cost of
providing these services, FMR or its affiliates collected certain
transaction fees from shareholders which amounted to $2,487 for the
period.
SUB-ADVISER FEE. As the income (effective January 1, 1999) and the
money market funds' investment sub-adviser, FIMM, 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. FEES AND OTHER TRANSACTIONS WITH AFFILIATES -
CONTINUED
TRANSFER AGENT AND ACCOUNTING FEES. Effective June 14, 1999 for the
income fund and June 21, 1999 for Fidelity Massachusetts Municipal
Money Market Fund Citibank, N.A.(Citibank) replaced UMB Bank, n.a. as
the custodian, transfer agent and shareholder servicing agent for the
funds. Citibank has entered into a sub-contract with Fidelity Service
Company, Inc. (FSC), an affiliate of FMR, under which FSC performs the
activities associated with the funds' transfer and shareholder
servicing agent and accounting functions. The funds pay account fees
and asset-based fees that vary according to account size and type of
account. FSC pays for typesetting, printing and mailing of all
shareholder reports, except proxy statements. The accounting fee is
based on the level of average net assets for the month plus
out-of-pocket expenses.
For the period, the transfer agent fees were equivalent to an
annualized rate of .08% and .14% of average net assets for the income
fund and Fidelity Massachusetts Municipal Money Market Fund,
respectively.
MONEY MARKET INSURANCE. Pursuant to an Exemptive Order issued by the
SEC, the money market funds, along with other money market funds
advised by FMR or its affiliates, have entered into insurance
agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an affiliated
mutual insurance company, effective January 1, 1999. FIDFUNDS provides
limited coverage for certain loss events including issuer default as
to payment of principal or interest and bankruptcy or insolvency of a
credit enhancement provider. The insurance does not cover losses
resulting from changes in interest rates, ratings downgrades or other
market conditions. The money market funds may be subject to a special
assessment of up to approximately 2.5 times fund's annual gross
premium if covered losses exceed certain levels. Fidelity
Massachusetts Municipal Money Market Fund paid premiums of $64,660 to
FIDFUNDS, which are being amortized over one year. During the period,
FMR has borne the cost of Spartan Massachusetts Municipal Money Market
Fund's premium payable to FIDFUNDS.
5. EXPENSE REDUCTIONS.
The income fund and Fidelity Massachusetts Municipal Money Market Fund
have entered into arrangements with their custodian and transfer agent
whereby credits realized as a result of uninvested cash balances were
used to reduce a portion of each applicable fund's expenses. For the
period, the reductions under these arrangements are shown under the
caption "Other Information" on the applicable fund's Statement of
Operations.
FMR has entered into an arrangement on behalf of Spartan Massachusetts
Municipal Money Market 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
period, the fund's expenses were reduced by $24, 279 under these
arrangements.
MANAGING YOUR INVESTMENTS
Fidelity offers several ways to conveniently manage your personal
investments via your telephone or PC. You can access your account
information, conduct trades and research your investments 24 hours a
day.
BY PHONE
Fidelity Automated Service Telephone provides a single toll-free
number to access account balances, positions, quotes and trading. It's
easy to navigate the service, and on your first call, the system will
help you create a personal identification number (PIN) for security.
(PHONE_GRAPHIC)FIDELITY AUTOMATED
SERVICE TELEPHONE (FASTSM)
1-800-544-5555
PRESS
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
BY PC
Fidelity's Web site on the Internet provides a wide range of
information, including daily financial news, fund performance,
interactive planning tools and news about Fidelity products and
services.
(COMPUTER_GRAPHIC)FIDELITY'S WEB SITE
WWW.FIDELITY.COM
If you are not currently on the Internet, call EarthLink Sprint at
1-800-288-2967, and be sure to ask for registration number SMD004 to
receive a special Fidelity package that includes 30 days of free
Internet access. EarthLink is North America's #1 independent Internet
access provider.
(COMPUTER_GRAPHIC)
FIDELITY ON-LINE XPRESS+(registered trademark)
Fidelity On-line Xpress+ software for Windows combines comprehensive
portfolio management capabilities, securities trading and access to
research and analysis tools . . . all on your desktop. Call Fidelity
at 1-800-544-7272 or visit our Web site for more information on how to
manage your investments via your PC.
* 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.
TO WRITE FIDELITY
If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and
send you written confirmation upon completion of your request.
(LETTER_GRAPHIC)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
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
2300 Litton Lane - KH1A
Hebron, KY 41048
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6I
400 East Las Colinas Blvd.
Irving, TX 75039-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6R
400 East Las Colinas Blvd.
Irving, TX 75039-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER, MONEY MARKET FUNDS
Fidelity Investments Money
Management, Inc. (FIMM)
Merrimack, NH
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Fred L. Henning, Jr., Vice President
Boyce I. Greer, Vice President -
MONEY MARKET FUNDS
Dwight D. Churchill, Vice President -
INCOME FUND
Scott A. Orr, Vice President -
MONEY MARKET FUNDS
Christine J. Thompson, Vice President -
INCOME FUND
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Stanley N. Griffith, 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 *
* INDEPENDENT TRUSTEES
MAS-SANN-0999 83617
1.536216.102
ADVISORY BOARD
J. Gary Burkhead
Abigail P. Johnson
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
Citibank, N.A.
New York, NY
and
Fidelity Service Company, Inc.
Boston, MA
CUSTODIAN
Citibank, N.A.
New York, NY
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)
Fidelity Automated Service
Telephone (FASTSM) 1-800-544-5555
AUTOMATED LINE FOR QUICKEST SERVICE
(2_FIDELITY_LOGOS)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
