Fidelity Advisor Series II: Fidelity Advisor Municipal Income Fund and
Fidelity Advisor Series II: Fidelity Advisor Intermediate Municipal
Income Fund Merger
Notes to Pro Forma Combining Financial Statements
(Unaudited)
The accompanying unaudited Pro Forma Combining Schedule of
Investments and Statement of Assets and Liabilities as of October 31,
1999 and the unaudited Pro Forma Combining Statement of Operations for
the year ended October 31, 1999 are intended to present the financial
condition and related results of operations of Fidelity Advisor
Municipal Income Fund as if the reorganization with Fidelity Advisor
Intermediate Municipal Income Fund had been consummated on November 1,
1998.
The pro forma adjustments to these pro forma financial statements are
comprised of:
(a) Reflects the conversion of Fidelity Advisor Intermediate Municipal
Income Fund class specific shares as of October 31, 1999.
(b) Decrease in fees reflects contractual rates charged against
combined average net assets.
(c) Decrease in fees reflects Fidelity Advisor Municipal Income Fund's
rate applied to combined funds average net assets.
(d) Decrease in fees reflects net decrease in costs incurred as a
result of the reorganization including savings from duplicate charges.
(e) Decrease in reimbursement reflects voluntary expense limit applied
to Pro Forma Class specific reimbursement schedules.
The unaudited pro forma combining statements should be read in
conjunction with the separate annual audited financial statements as
of October 31, 1999 for Fidelity Advisor Series II: Fidelity Advisor
Municipal Income Fund, and for Fidelity Advisor Series II: Fidelity
Advisor Intermediate Municipal Income Fund, which are incorporated by
reference in the Statement of Additional Information to this Proxy
Statement and Prospectus.
FIDELITY ADVISOR MUNICIPAL INCOME AND ADVISOR INTERMEDIATE MUNICIPAL
INCOME FUND PRO FORMA COMBINING PORFTOLIO
AS OF OCTOBER 31, 1999 (UNAUDITED)
FIDELITY
ADVISOR
MUNICIPAL
INCOME FUND
MOODY'S RATINGS PRINCIPAL AMOUNT VALUE
(NOTE 1)
MUNICIPAL BONDS - 97.7%
ALABAMA - 0.9%
Shelby County Gen. Oblig. - $ 4,000,000 $ 4,266,000
Series A, 7.7% 8/1/17
4,266,000
ALASKA - 1.8%
Alaska Hsg. Fin. Corp. Rfdg. Aa2 5,490,000 5,307,732
Series A, 5.4% 12/1/13
Alaska Student Ln. Corp.
Student Ln. Rev. Series A:
5% 7/1/03 (AMBAC Insured) (e) Aaa $
5.25% 7/1/07 (AMBAC Aaa 1,500,000 1,505,520
Insured) (e)
5.45% 7/1/09 (AMBAC Aaa 1,500,000 1,505,460
Insured) (e)
8,318,712
ARIZONA - 1.3%
Arizona Student Ln. Aquistion Aaa 1,300,000 1,274,676
Auth. Rev. Series A1, 5.875%
5/1/18 (e)
Maricopa County Cmnty. Aa1
College District Series B,
5.25% 7/1/10
Maricopa County Ind. Dev. Baa1 4,495,000 4,262,923
Auth. Health Facilities Rev.
Rfdg. (Catholic Healthcare
West Proj.) Series A 4.1%
7/1/03
5,537,599
ARKANSAS - 0.3%
Arkansas Gen. Oblig. (Cap. Aa3
Appreciation) (College
Savings Proj.) Series A, 0%
6/1/02
Little Rock Arpt. Passenger Aaa 680,000 674,825
Facilities Charge Rev. 5.65%
5/1/16 (AMBAC Insured) (e)
674,825
CALIFORNIA - 4.7%
California Dept. of Wtr. Aa2 2,190,000 2,244,005
Resources Wtr. Sys. Rev.
(Central Valley Proj.)
Series J 2, 6.125% 12/1/13
California Ed. Facilities AAA
Auth. Rev. Rfdg. (Chapman
Univ.) 5.375% 10/1/16 (AMBAC
Insured)
California Health Facilities A+
Fin. Auth. Rev. (Casa de Las
Campanas) Series A, 5.375%
8/1/09
California Hsg. Fin. Agcy.
Rev. (Home Mtg.):
Series B, 5.2% 8/1/26 (MBIA Aaa 850,000 852,491
Insured) (e)
Series R, 5.35% 8/1/07 Aaa
(MBIA Insured) (e)
Series R, 6.15% 8/1/27 Aaa 1,500,000 1,497,165
(MBIA Insured) (e)
California Poll. Cont. Fing. Baa2
Auth. Resource Recovery Rev.
(Waste Mgmt., Inc.) Series
A, 7.15% 2/1/11 (e)
California Pub. Works Board A1 2,000,000 1,989,700
Lease Rev. Rfdg. (California
Univ. Proj.) Series A, 5.5%
10/1/13
Central Valley Fing. Auth. BBB- 4,500,000 4,589,010
Cogeneration Proj. Rev.
(Carson Ice Gen. Proj.) 6%
7/1/09
Foothill/Eastern Trans. Aaa 2,000,000 891,200
Corridor Agcy. Toll Road
Rev. (Cap. Appreciation) Sr.
Lein Series A, 0% 1/1/14
Los Angeles County Ctfs. of A3
Prtn. (Disney Parking Proj.)
0% 9/1/04
Northern California Pwr. Aaa 750,000 804,053
Agcy. Pub. Pwr. Rev. (Proj.
No. 3) 5.85% 7/1/10 (AMBAC
Insured) (Escrowed to
Maturity) (f)
Sacramento City Fing. Auth. Aaa 1,225,000 642,721
Rev. (Cap. Appreciation)
Series B, 0% 11/1/11 (MBIA
Insured)
Sacramento City Fing. Auth. Aaa 2,000,000 1,908,100
Lease Rev. Rfdg. Series A,
5.4% 11/1/20 (AMBAC Insured)
Sacramento Cogeneration Auth. BBB- 500,000 522,885
Cogeneration Proj. Rev.
(Procter & Gamble Proj.)
6.375% 7/1/10
Sacramento Muni. Util. Aaa
District Elec. Rev. 5.45%
11/15/08 (FGIC Insured)
Sacramento Pwr. Auth.
Cogeneration Proj. Rev.:
6% 7/1/02 BBB-
6.5% 7/1/08 BBB-
15,941,330
COLORADO - 4.7%
Arapaho County Cap. Impt.
Trust Fund Hwy. Rev. (Cap.
Appreciation) Series C, 0%
8/31/26 (Pre-Refunded to Aaa 14,000,000 2,175,460
8/31/05 @ 20.8626) (f)
Colorado Health Facilities
Auth. Rev.:
(Nat'l. Benevolent Assoc. Baa2 1,360,000 1,341,518
Proj.) Series A, 6.5% 6/1/25
Rfdg. (Rocky Mountain
Adventist):
6.25% 2/1/04 Baa2
6.625% 2/1/13 Baa2 6,900,000 6,476,616
6.625% 2/1/22 Baa2 4,000,000 3,648,840
Colorado Springs Arpt. Rev.
(Cap. Appreciation) Series C:
0% 1/1/06 (MBIA Insured) Aaa 1,405,000 1,034,656
0% 1/1/08 (MBIA Insured) Aaa 870,000 568,867
Denver City & County Arpt.
Rev.:
(Cap. Appreciation):
Series A, 0% 11/15/02 Aaa 2,115,000 1,841,911
(MBIA Insured) (e)
Series D, 0% 11/15/04 Aaa 1,700,000 1,328,941
(MBIA Insured) (e)
Series A:
7.5% 11/15/23 (e) Baa1 2,070,000 2,240,672
7.5% 11/15/23 Aaa 430,000 487,719
(Pre-Refunded to 11/15/04 @
102) (e)(f)
Series C, 6.55% 11/15/02 (e) Baa1 1,000,000 1,036,560
22,181,760
CONNECTICUT - 1.1%
Connecticut Health & Edl.
Facilities Auth. Rev. (New
Britain Memorial Hosp.)
Series A, 7.5%
7/1/06 (Pre-Refunded to AAA 2,170,000 2,321,683
7/1/02 @ 102) (f)
Eastern Connecticut Resources
Recovery Auth. Solid Waste
Rev. (Wheelabrator Lisbon
Proj.)
Series A, 5.5% 1/1/20 (e) BBB 3,350,000 2,923,612
5,245,295
DISTRICT OF COLUMBIA - 2.8%
District of Columbia Gen.
Oblig. Rfdg.:
Series A:
6% 6/1/07 (MBIA Insured) Aaa 1,850,000 1,944,054
6% 6/1/07 (MBIA Insured) Aaa 150,000 159,164
(Escrowed to Maturity) (f)
Series B, 5% 6/1/05 (MBIA Aaa 3,635,000 3,644,342
Insured)
District of Columbia Hosp. - 940,000 980,495
Rev. (Hosp. for Sick
Children) Series A, 8.875%
1/1/21
District of Columbia Redev.
Land Agcy. Washington D.C.
Sports Arena Spl. Tax Rev.:
5.3% 11/1/99 Baa 1,700,000 1,700,000
5.4% 11/1/00 Baa
5.625% 11/1/10 Baa 485,000 490,616
District of Columbia Rev.:
(Nat'l. Academy of Science Aaa 2,500,000 2,170,575
Proj.) Series A, 5% 1/1/19
(AMBAC Insured)
Rfdg. (Georgetown Univ.) Aaa 2,000,000 2,026,820
Series A, 5.95% 4/1/14 (MBIA
Insured)
13,116,066
FLORIDA - 2.4%
Broward County Resource A3 545,000 562,533
Recovery Rev. (SES Broward
Co. LP South Proj.) 7.95%
12/1/08
Dade County Aviation Rev. Aaa 5,000,000 5,137,350
Rfdg. Series D, 5.75%
10/1/09 (AMBAC Insured) (e)
Dade County Aviation Rev. Aaa
Rfdg. (Miami Int'l Arpt.)
Series A, 5.25% 10/1/01 (FSA
Insured) (e)
Florida Board of Ed. Cap. Aa2 2,100,000 2,007,789
Outlay Rfdg. (Pub. Ed.
Proj.) Series D, 5.75%
6/1/22 (b)
Florida Mid-Bay Bridge Auth. - 2,500,000 2,690,200
Rev. Series A, 7.5% 10/1/17
Jacksonville Port Auth. Rev. Aaa
Rfdg. 5.75% 11/1/09 (MBIA
Insured) (e)
10,397,872
GEORGIA - 0.2%
Atlanta Wtr. & Wastewtr. Rev. Aaa 700,000 707,182
Rfdg. Series A, 5.5% 11/1/10
(FGIC Insured)
Georgia Gen. Oblig. Series B, Aaa
5.75% 8/1/10
707,182
HAWAII - 1.5%
Honolulu City & County Gen.
Oblig. Rfdg. Series C:
5% 7/1/07 (FGIC Insured) Aaa 3,500,000 3,490,970
5.125% 7/1/12 (FGIC Insured) Aaa 4,000,000 3,841,560
7,332,530
ILLINOIS - 4.4%
Chicago Midway Arpt. Rev. Aaa 1,500,000 1,377,930
Series A, 5.5% 1/1/29 (MBIA
Insured)
Chicago Midway Arpt. Rev. Aaa
Series B, 6% 1/1/09 (MBIA
Insured) (e)
Chicago O'Hare Int'l. Arpt.
Rev.:
(Passenger Facility Charge) Aaa 2,500,000 2,526,025
Series A, 5.6% 1/1/10 (AMBAC
Insured)
Rfdg. (Gen. Arpt. Proj.)
Series A:
6.25% 1/1/09 (AMBAC Aaa 3,700,000 3,917,227
Insured) (e)
6.375% 1/1/15 (MBIA Aaa 1,400,000 1,453,046
Insured)
Chicago O'Hare Int'l. Arpt. Baa2 1,000,000 1,121,660
Spl. Facilities Rev. Rfdg.
(American Airlines, Inc.
Proj.) 8.2% 12/1/24
Chicago School Reform Board Aaa 5,000,000 4,721,250
of Ed. (Chicago School
Reform) 5.75% 12/1/27 (AMBAC
Insured)
Du Page County Cmnty. High Aaa 1,640,000 1,726,641
School District #99 (Downers
Grove) Series A, 6% 2/1/06
(AMBAC Insured)
Illinois Edl. Facilities Aaa 1,200,000 1,271,784
Auth. Rev. Rfdg. (DePaul
Univ.) 6% 10/1/05 (AMBAC
Insured)
Illinois Health Facilities
Auth. Rev. (Memorial Hosp.
Proj.):
7.125% 5/1/10 (Pre-Refunded - 1,000,000 1,079,920
to 5/1/02 @ 102) (f)
7.25% 5/1/22 (Pre-Refunded - 1,000,000 1,082,840
to 5/1/02 @ 102) (f)
Metro. Pier & Exposition
Auth. Dedicated Tax Rev.
(Cap. Appreciation):
Series A:
0% 6/15/09 (FGIC Insured) Aaa
0% 6/15/09 (FGIC Insured) Aaa
(Escrowed to Maturity) (f)
0% 6/15/00 (AMBAC Insured) Aaa
20,278,323
INDIANA - 0.2%
Indianapolis Econ. Dev. Rev. Baa2 1,000,000 1,056,830
Rfdg. (Nat'l. Benevolent
Assoc.) 7.625% 10/1/22
1,056,830
IOWA - 1.0%
Iowa Student Ln. Liquidity Aa1
Corp. Student Ln. Rev.
Series A, 6.35% 3/1/01
Iowa Student Ln. Liquidity Aaa 3,500,000 3,567,900
Corp. Student Ln. Rev. Rfdg.
Series B, 5.75% 12/1/07 (e)
3,567,900
KANSAS - 1.2%
Kansas Dev. Fin. Auth. Rev.
(Sisters of Charity
Leavenworth):
5% 12/1/13 (MBIA Insured) Aaa 2,390,000 2,215,506
5% 12/1/14 (MBIA Insured) Aaa 500,000 455,285
5.25% 12/1/09 (MBIA Insured) Aaa
5.25% 12/1/11 (MBIA Insured) Aaa
2,670,791
KENTUCKY - 1.6%
Kenton County Arpt. Board
Arpt. Rev.:
(Cincinnati/Northern Aaa 5,570,000 5,836,190
Kentucky Int'l.) Series A,
6% 3/1/05 (MBIA Insured) (e)
(Spl. Facilities Delta Baa3 2,000,000 2,105,940
Airlines, Inc. Proj.) Series
A, 7.5% 2/1/20 (e)
7,942,130
LOUISIANA - 0.4%
Louisiana Pub. Facilities Aaa
Auth. Rev. Rfdg. (Student
Ln.) Series A1, 6.2% 3/1/01
-
MAINE - 0.2%
Maine Edl. Ln. Marketing Aaa
Corp. Student Ln. Rev.
Series A 4, 5.45% 11/1/99 (e)
-
MARYLAND - 1.0%
Maryland Health & Higher Edl.
Facilities Auth. Rev.:
(Good Samaritan Hosp.):
5.75% 7/1/13 (AMBAC Aaa 1,015,000 1,023,983
Insured) (Escrowed to
Maturity) (f)
5.75% 7/1/13 (Escrowed to A1 1,665,000 1,694,371
Maturity) (f)
Rfdg. (John Hopkins Univ.) Aa2 2,000,000 2,143,960
6% 7/1/10
4,862,314
MASSACHUSETTS - 6.2%
Boston Gen. Oblig. Rev. Aaa
(Boston City Hosp.) Series
A, 7.625% 2/15/21
(Pre-Refunded to 8/15/00 @
101.66(f)
Massachusetts Gen. Oblig. Aa3
Rfdg. Series A, 5.5% 2/1/11
Massachusetts Health & Edl.
Facilities Auth. Rev.:
(Bentley College) Series J, Aaa 1,265,000 1,120,398
5% 7/1/17 (MBIA Insured)
(Fairview Extended Care) Aaa 5,000,000 5,483,500
Series A, 10.25% 1/1/21
(Pre-Refunded to 1/1/01 @
103) (f)
(Fairview Extended Care) Aaa
Series B, 4.55% 1/1/21 (MBIA
Insured)
(Hebrew Rehab. Ctr. for A 2,000,000 1,807,060
Aged) Series C, 5.25% 7/1/17
(New England Med. Ctr. Aaa 500,000 453,405
Hosp.) Series G, 5.375%
7/1/24 (MBIA Insured)
Massachusetts Ind. Fin. Agcy. BBB 1,000,000 968,590
Resource Recovery Rev. Rfdg.
Series A, 4.7% 12/1/03
Massachusetts Ind. Fin. Agcy.
Rev.:
(Atlanticare Med. Ctr.) - 600,000 612,000
Series B, 10.125% 11/1/14
(Pre-Refunded to 11/1/99 @
102) (f)
(Cap. Appreciation) A1
(Massachusetts Biomedical)
Series A 1, 0% 8/1/02
(Cap. Appreciation)
(Massachusetts Biomedical)
Series A 2:
0% 8/1/08 A+ 800,000 503,608
0% 8/1/10 - 4,500,000 2,464,785
Massachusetts Muni. Wholesale Baa2 1,000,000 1,052,260
Elec. Co. Pwr. Supply Sys.
Rev. Rfdg. Series C, 6.5%
7/1/03
Massachusetts Tpk. Auth. Aaa 5,000,000 4,370,450
Metro. Hwy. Sys. Rev. Series
A, 5.125% 1/1/23 (MBIA
Insured)
Massachusetts Tpk. Auth. Aaa
Western Tpk. Rev. Series A,
5.55% 1/1/17 (MBIA Insured)
Massachusetts Wtr. Poll.
Abatement Trust Rev. (MWRA
Ln. Prog.) Series A:
5.25% 8/1/13 Aa1 100,000 96,728
5.25% 8/1/14 Aa1 300,000 285,105
New England Ed. Ln. Marketing A3 3,880,000 3,971,335
Corp. Massachusetts Rfdg.
(Student Ln. Proj.) Series
F, 5.625% 7/1/04 (e)
New England Ed. Ln. Marketing Aaa 4,005,000 4,103,443
Corp. Massachusetts Student
Ln. Rev. Issue A, 5.8% 3/1/02
27,292,667
MICHIGAN - 2.3%
Michigan Hosp. Fin. Auth.
Rev. Rfdg.:
(Genesys Reg'l. Hosp.) Baa2 4,250,000 4,056,923
Series A, 5.5% 10/1/18
(Escrowed to Maturity) (f)
(McLaren Health Care Corp.) A1
Series A, 5% 6/1/19
(Mercy Health Svcs.) Series Aa3
S, 5.75% 8/15/05
(Pontiac Osteopathic Hosp.) Baa2 2,000,000 1,756,600
Series A, 6% 2/1/24
Michigan Strategic Fund Rev. Aaa 1,500,000 1,366,170
Rfdg. (Detroit Edison Co.
Proj.) Series A, 5.55%
9/1/29 (MBIA Insured) (e)
Royal Oak Hosp. Fin. Auth. Aa3 2,310,000 2,435,387
Rev. Rfdg. (William Beaumont
Hosp.) 6.25% 1/1/09
9,615,080
MINNESOTA - 1.2%
Minneapolis & Saint Paul Hsg.
& Redev. Auth. Health Care
Sys. Rev. Rfdg.
(Healthspan Corp.) Series Aaa 1,800,000 1,519,110
A, 4.75% 11/15/18 (AMBAC
Insured)
Minneapolis Gen. Oblig. (Cap. Aaa
Appreciation) Series B, 0%
12/1/02
Minnesota Higher Ed. Aa3
Facilities Auth. Rev.
(MacAlester College) Series
4 C, 5.5% 3/1/12
Minnesota Hsg. Fin. Agcy. Aa2 2,000,000 2,039,640
Single Family Mtg. (Single
Family Mtg.) Series D, 6.4%
7/1/15 (e)
Rochester Health Care AA+ 2,000,000 1,860,000
Facilities Rev. (Mayo
Foundation) Series A, 5.5%
11/15/27
5,418,750
MISSISSIPPI - 0.8%
Mississippi Gen. Oblig. 6.2% Aaa 3,720,000 3,987,617
2/1/08 (Escrowed to
Maturity) (f)
Mississippi Home Corp. Single Aaa 164,000 170,780
Family Rev. Rfdg. Series A,
9.25% 3/1/12 (FGIC Insured)
4,158,397
MONTANA - 0.2%
Montana Higher Ed. Student A
Assistance Corp. Student Ln.
Rev. Series B, 6.6% 12/1/99
(e)
-
NEVADA - 0.6%
Clark County School District Aaa
Series A, 9.75% 6/1/01 (MBIA
Insured)
Las Vegas Downtown Redev.
Agcy. Tax Increment Rev.
(Fremont Street Proj.)
Series A:
6% 6/15/10 BBB+ 1,500,000 1,478,355
6.1% 6/15/14 BBB+ 1,000,000 999,740
2,478,095
NEW HAMPSHIRE - 0.1%
New Hampshire Higher Edl. &
Health Facilities Auth. Rev.
(Littleton Hosp. Assoc., Inc.)
Series A, 9.5% 5/1/20 - 480,000 502,354
(Pre-Refunded to 5/1/00 @
102) (f)
502,354
NEW JERSEY - 1.9%
New Jersey Edl. Facilities
Auth. Rev. Rfdg. (Seton Hall
Univ. Proj.):
5% 7/1/18 (AMBAC Insured) Aaa 1,000,000 886,280
5.25% 7/1/07 (AMBAC Insured) Aaa 1,610,000 1,634,263
New Jersey Gen. Oblig. Series Aa1
F, 5.5% 8/1/11
New Jersey Trans. Trust Fund Aaa 4,000,000 4,066,920
Auth. Rfdg. (Trans. Sys.)
Series A, 5.5% 6/15/11 (MBIA
Insured)
Passaic County Util. Auth. Aaa 2,500,000 2,253,475
Solid Waste Disp. Rev. Rfdg.
(Cap. Appreciation) 0%
3/1/02 (MBIA Insured)
8,840,938
NEW MEXICO - 2.2%
Albuquerque Arpt. Rev. Rfdg.:
6.25% 7/1/00 (AMBAC Aaa
Insured) (e)
6.7% 7/1/18 (AMBAC Insured) Aaa 3,970,000 4,213,996
(e)
6.75% 7/1/09 (AMBAC Aaa
Insured) (e)
6.75% 7/1/11 (AMBAC Aaa 1,805,000 2,006,420
Insured) (e)
New Mexico Edl. Assistance Aaa 1,350,000 1,353,267
Foundation Student Ln. Rev.
Series B, 5.25% 4/1/05
(AMBAC Insured) (e)
New Mexico Edl. Assistance Aaa
Foundation Student Ln. Rev.
Series IV A2, 6.65% 3/1/07
Rio Rancho Wtr. & Wastewtr. Aaa
Sys. Rev. Series A, 8%
5/15/04 (FSA Insured)
7,573,683
NEW YORK - 16.6%
Buffalo Gen. Oblig. Rfdg. Aaa
Series C, 5.25% 12/1/13
(FGIC Insured)
Long Island Pwr. Auth. New Aaa 9,390,000 8,209,959
York Elec. Sys. Rev. Series
A, 5.125% 12/1/22 (FSA
Insured)
Metro. Trans. Auth. Dedicated Aaa 1,000,000 889,050
Tax Fund Series A, 5.25%
4/1/26 (MBIA Insured)
Metro. Trans. Auth. New York
Commuter Facilities Rev.:
Rfdg. (Svc. Contract Proj.)
Series R:
5% 7/1/02 Baa1 2,370,000 2,394,530
5% 7/1/03 Baa1 2,490,000 2,512,211
Series A:
5.625% 7/1/27 (MBIA Aaa 200,000 188,896
Insured)
6.125% 7/1/29 Baa1 6,750,000 6,672,578
Metro. Trans. Auth. New York Baa1 1,010,000 988,245
Svc. Contract Rev. Series P,
5.75% 7/1/15
Metro. Trans. Auth. New York
Trans. Facilities Rev. Rfdg.
(Svc. Contract Proj.) Series
8:
5.25% 7/1/17 Baa1 500,000 448,780
5.375% 7/1/21 (FSA Insured) Aaa 700,000 640,073
New York City Gen. Oblig.:
Rfdg.:
Series A, 7% 8/1/03 A3 2,000,000 2,148,960
Series B:
5.7% 8/15/02 A3 1,130,000 1,163,233
5.7% 8/15/02 (Escrowed A3 35,000 36,159
to Maturity) (f)
6.75% 8/15/03 A3 2,000,000 2,134,700
Series E, 6.5% 2/15/04 Aaa 1,000,000 1,064,970
(FGIC Insured)
Series D, 5.5% 2/15/04 A3 2,000,000 2,050,180
Series H:
5.5% 8/1/12 A3
6.875% 2/1/02 A3 160,000 167,629
6.875% 2/1/02 (Escrowed Aaa 80,000 84,233
to Maturity) (f)
New York City Ind. Dev. Agcy. Aaa 1,000,000 1,045,910
Ind. Dev. Rev. (Japan
Airlines Co. Ltd. Proj.)
Series 1991, 6% 11/1/15 (FSA
Insured) (e)
New York City Ind. Dev. Agcy. A3 8,680,000 8,957,586
Spl. Facilities Rev. (Term.
One Group Assoc. Proj.) 5.9%
1/1/06 (e)
New York City Muni. Wtr. Fin.
Auth. Wtr. & Swr. Sys. Rev.
Series B:
5.5% 6/15/27 (MBIA Insured) Aaa 3,500,000 3,247,370
5.75% 6/15/26 A1 5,000,000 4,745,550
5.75% 6/15/29 A1 4,000,000 3,777,800
New York State Dorm. Auth.
Rev.:
(City Univ. Sys. Baa1 3,000,000 3,108,930
Consolidated) Series A, 5.7%
7/1/05
(City Univ. Sys.) Series C, Baa1
7.5% 7/1/10
Rfdg. (Jamaica Hosp.) Aaa 6,150,000 5,763,965
Series F, 5.2% 2/15/14 (MBIA
Insured)
Rfdg. (State Univ. Edl. A3
Facilities) Series A, 6.5%
5/15/04
New York State Envir.
Facilities Corp. Clean Wtr.
& Drinking Rev. (Revolving
Funds Proj.) Series F:
4.875% 6/15/18 Aa1 1,000,000 860,480
4.875% 6/15/20 Aa1 1,300,000 1,102,049
5% 6/15/15 Aa1 700,000 627,445
New York State Envir. Aa1 1,000,000 883,850
Facilities Corp. Poll. Cont.
Rev. 5.125% 6/15/19
New York State Local Govt.
Assistance Corp.:
(Cap. Appreciation) Series A3
A, 0% 4/1/08
Rfdg. Series A, 5.5% 4/1/04 Aaa
(AMBAC Insured)
Rfdg. Series C, 5.5% 4/1/17 A3 7,500,000 7,200,000
New York State Thruway Auth.
Svc. Contract Rev. (Local
Hwy. & Bridge):
5.4% 4/1/03 Baa1
5.9% 4/1/07 Baa1 2,000,000 2,090,100
6% 4/1/03 Baa1
New York State Urban Dev.
Corp. Rev.:
(Sports Facilities Aaa
Assistance Prog.) Series A,
5.5% 4/1/10 (MBIA Insured)
Rfdg. (Correctional Aaa
Facilities) 5.625% 1/1/07
(AMBAC Insured)
Triborough Bridge & Tunnel Aaa 500,000 492,700
Auth. Spl. Oblig. Rfdg.
Series A, 5.25% 1/1/11 (FGIC
Insured)
75,698,121
NORTH CAROLINA - 4.5%
North Carolina Eastern Muni.
Pwr. Agcy. Pwr. Sys. Rev.:
Series A, 5.625% 1/1/03 Baa3
Rfdg.:
Series A, 5.5% 1/1/05 Aaa 4,000,000 4,112,160
(MBIA Insured)
Series B:
6% 1/1/06 Baa3 4,175,000 4,218,587
7.25% 1/1/07 Baa3 1,000,000 1,078,380
Series C:
5.125% 1/1/03 Baa1 2,700,000 2,667,708
5.25% 1/1/04 Baa1 1,365,000 1,347,159
5.5% 1/1/07 (MBIA Aaa 2,000,000 2,044,840
Insured)
North Carolina Muni. Pwr.
Agcy. #1 Catawba Elec. Rev.:
Rfdg. 5.75% 1/1/02 Baa1 1,750,000 1,763,615
Rfdg. 5.9% 1/1/03 Baa1
6.25% 1/1/17 (AMBAC Insured) Aaa 1,150,000 1,187,801
18,420,250
OHIO - 4.0%
Cincinnati Student Ln. Fdg. - 1,215,000 1,241,208
Corp. Student Ln. Rev.
Series B, 8.875% 8/1/08 (e)
Franklin County Hosp. Rev. Baa3 5,000,000 4,791,300
(Doctor's Ohio Health Corp.)
Series A 4.75% 12/1/03
Gateway Economic Dev. Corp. - 3,000,000 3,003,780
Greater Cleveland Stadium
Rev. 6.5% 9/15/14 (e)
Marion County Hosp. Impt. BBB+ 1,000,000 1,001,720
Rev. Rfdg. (Comnty. Hosp.
Proj.) 5.6% 5/15/01
Ohio Bldg. Auth. (Adult Aaa
Correctional) Series A,
5.95% 10/1/14 (MBIA Insured)
Ohio Tpk. Commission Series Aaa
A, 5.6% 2/15/12 (MBIA Insured)
Ohio Tpk. Commission Rfdg. Aaa 5,000,000 4,749,250
Series A, 5.5% 2/15/24 (FGIC
Insured)
Ohio Wtr. Dev. Auth. Poll.
Cont. Rev. (Wtr. Cont. Ln.
Fund):
State Match Series, 6.5% Aaa 1,835,000 1,988,039
12/1/04 (MBIA Insured)
Wtr. Quality Series, 5.625% Aaa 2,000,000 2,087,260
6/1/06 (MBIA Insured)
18,862,557
OKLAHOMA - 1.1%
Sapulpa Muni. Auth. Util. Aaa 1,000,000 972,360
Rev. Rfdg. 5.75% 4/1/23
(FGIC Insured)
Tulsa Muni. Arpt. Trust Rev. Baa2 4,000,000 4,261,480
(American Airlines Corp.
Proj.) 7.35% 12/1/11
5,233,840
OREGON - 0.2%
Clackamas County School Aaa
District #12 5.25% 6/1/13
(FGIC Insured)
-
PENNSYLVANIA - 3.7%
Allegheny County Arpt. Rev. Aaa 1,000,000 1,030,000
Rfdg. (Pittsburgh Int'l
Arpt. Proj.) Series A, 5.75%
1/1/07 (MBIA Insured) (e)
Allegheny County Ind. Dev. - 325,000 339,573
Auth. Rev. (YMCA Pittsburgh
Proj.) Series A, 8.75% 3/1/10
Butler County Ind. Dev. Auth. A 3,000,000 2,904,960
Health Ctr. Rev. Rfdg.
(Sherwood Oaks Proj.) 5.75%
6/1/11
Cumberland County Muni. Auth.
Rev. Rfdg. (Carlisle Hosp. &
Health):
6.8% 11/15/14 Baa3 3,250,000 3,283,345
6.8% 11/15/23 Baa3 1,000,000 1,004,670
Delaware County Auth. Rev.
(1st. Mtg. Riddle Village
Proj.):
8.25% 6/1/22 (Escrowed to Aaa 2,250,000 2,604,870
Maturity) (f)
8.75% 6/1/10 (Pre-Refunded Aaa 2,870,000 3,220,743
to 6/1/02 @ 102) (f)
Pennsylvania Higher Edl.
Facilities Auth. College &
Univ. Rev. Rfdg.
(RIDC Reg'l. Growth AA-
-Carnegie Mellon Univ.
Proj.) 6% 11/1/04
Pennsylvania Hsg. Fin. Agcy. Aa3
Rfdg. (Residential Dev.
Section 8) Series A, 7% 7/1/01
Pennsylvania Ind. Dev. Auth. Aaa 1,345,000 1,396,635
Rev. (Econ. Dev.) 5.8%
7/1/09 (AMBAC Insured)
15,784,796
RHODE ISLAND - 1.1%
Rhode Island Port Auth. & Aaa 4,000,000 4,506,640
Economic Dev. Corp. Arpt.
Rev. Series A, 7% 7/1/14
(FSA Insured) (e)
Rhode Island Student Ln. A
Auth. Student Ln. Rev. Rfdg.
Series A, 6.55% 12/1/00
4,506,640
SOUTH CAROLINA - 0.8%
Piedmont Muni. Pwr. Agcy. Aaa 1,715,000 1,822,805
Elec. Rev. Rfdg. Series A,
6.25% 1/1/05 (FGIC Insured)
South Carolina Ed. Assistance
Auth. Rev. Rfdg. (Guaranteed
Student Ln. Proj.):
Sr. Lien Series A2, 5.4% AAA
9/1/02
Sub Lien Series B, 5.7% A
9/1/05 (e)
1,822,805
TENNESSEE - 0.3%
Memphis-Shelby County Arpt. Aaa
Auth. Arpt. Rev. Rfdg.
Series A, 5.25% 2/15/01
(MBIA Insured) (e)
Metro. Govt. Nashville & Aaa 1,000,000 720,210
Davidson County Elec. Rev.
(Cap. Appreciation) Series
A, 0% 5/15/06 (MBIA Insured)
Tennessee Gen. Oblig. Rfdg. Aaa 400,000 426,564
Series A, 6% 5/1/07
1,146,774
TEXAS - 9.4%
Austin Independent School Aaa
District 8.125% 8/1/01
(Escrowed to Maturity) (f)
Brazos Higher Ed. Auth., Inc. Aaa
Student Ln. Rev. Rfdg.
Series A 1, 6.05% 12/1/01 (e)
Conroe Independent School Aaa 750,000 457,643
District Rfdg. (Cap.
Appreciation) Series B, 0%
2/15/09
Dallas-Fort Worth Int'l. Baa1 6,000,000 6,247,260
Arpt. Facility Impt. Corp.
Rev. (American Airlines,
Inc.) 7.5% 11/1/25 (e)
Deer Park Independent School Aaa
District Rfdg. 0% 2/15/03
Fort Bend Independent School AAA 2,500,000 2,496,675
District Rfdg. 5.25% 2/15/10
Fort Bend Independent School AAA
District Rfdg. 5.375% 2/15/11
Harris County Gen. Oblig. Aaa
(Cap. Appreciation) (Toll
Road Proj.) Sub Lien Series
A, 0% 8/15/02 (MBIA Insured)
Hurst Euless Bedford Aaa
Independent School District
Rfdg. (Cap. Appreciation) 0%
8/15/11
Irving Independent School Aaa
District (Cap. Appreciation)
0% 2/15/00
Laredo Gen. Oblig. Rfdg. Aaa
5.125% 8/15/12 (FGIC Insured)
Midlothian Independent School Aaa 1,845,000 1,500,317
District Rfdg. (Cap.
Appreciation) 0% 2/15/04
Northside Independent School Aaa
District (School Bldg.)
8.375% 2/1/00
San Antonio Elec. & Gas Rev. Aa1 75,000 77,913
Rfdg. 5.5% 2/1/20
(Pre-Refunded to 2/1/07 @
101) (f)
San Antonio Gen. Oblig. Aa2 1,390,000 1,323,711
Series 2000, 5% 2/1/11 (b)
San Antonio Independent Aaa 3,650,000 3,808,921
School District 5.75% 8/15/10
Texas Gen. Oblig. (Texas Pub. Aa1 5,000,000 4,602,550
Fing. Auth. Proj.) Series A,
5% 10/1/14
Texas Muni. Pwr. Agcy. Rev. Aaa 3,930,000 2,040,063
Rfdg. 0% 9/1/11 (AMBAC
Insured)
Texas Pub. Fin. Auth. Bldg. Aaa
Rev. Rfdg. (Texas Technical
College) 6.25% 8/1/09 (MBIA
Insured)
Travis County Health Aaa 4,000,000 4,058,600
Facilities Dev. Corp. Rev.
(Ascension Health Cr. Prog.)
Series A, 6.25% 11/15/19
(MBIA Insured)
Univ. of Texas Permanent
Univ. Fund:
5% 7/1/10 Aaa
5.25% 7/1/06 Aaa
Univ. of Texas Univ. Revs Aa1 6,275,000 6,339,507
Rfdg. (Fing. Sys. Proj.)
Series B, 5.625% 8/15/12
Yselta Independent School Aaa 4,065,000 2,415,423
District Rfdg. (Cap.
Appreciation) 0% 8/15/09
35,368,583
UTAH - 2.7%
Intermountain Pwr. Agcy. Pwr.
Supply Rev.:
(Cap. Appreciation) Series Aaa
A, 0% 7/1/06 (MBIA Insured)
Rfdg. (Cap. Appreciation) Aaa
Series B, 0% 7/1/00 (MBIA
Insured)
Rfdg. Series A, 6.5% 7/1/09 Aaa 1,000,000 1,092,440
(AMBAC Insured)
Rfdg. Series B, 5.75% Aaa 2,500,000 2,465,025
7/1/16 (MBIA Insured)
Rfdg. Spl. Oblig. 6th Aaa 7,000,000 7,061,180
Series B, 6% 7/1/16 (MBIA
Insured)
South Salt Lake City Ind. - 250,000 264,948
Rev. (Price Savers Wholesale
Club Proj.) 9% 11/15/13
10,883,593
VIRGINIA - 0.2%
Loudoun County Ind. Dev.
Auth. Residential Care
Facilities Rev. (Falcons
Landing Proj.)
Series A, 9.25% 11/1/04 - 1,000,000 1,127,590
(Escrowed to Maturity) (f)
1,127,590
WASHINGTON - 5.9%
Grant County Pub. Util. Aaa
District No. 2 (Priest
Rapids Hydro Elec. Proj.)
Second Series B, 5.375%
1/1/16 (MBIA Insured) (e)
King County Gen. Oblig. Aa1
Series B, 5.9% 12/1/14
King County Gen. Oblig. Aa1 3,990,000 4,111,057
Series D, 5.75% 12/1/11
Washington Pub. Pwr. Supply
Sys. Nuclear Proj. #2 Rev.:
Rfdg. Series A:
Series A, 0% 7/1/06 (MBIA Aaa
Insured)
5% 7/1/05 Aa1 3,050,000 3,045,974
5.9% 7/1/04 Aa1 1,000,000 1,041,160
Series C, 7.5% 7/1/03 Aa1
(Pre-Refunded to 1/1/01 @
102) (f)
5.4% 7/1/12 Aa1 14,000,000 13,351,091
Washington Pub. Pwr. Supply Aa1
Sys. Nuclear Proj. #3 Rev.
Rfdg. Series C, 5.1% 7/1/07
21,549,282
TOTAL MUNICIPAL BONDS 410,382,254
CASH EQUIVALENTS - 1.9% SHARES
Municipal Central Cash Fund, 8,130,356 8,130,356
3.56% (c)(d)
TOTAL INVESTMENT PORTFOLIO - (COST $423,519,864) $ 418,512,610
99.6%
NET OTHER ASSETS - 0.4% $ 2,101,879
NET ASSETS - 100% $ 420,614,489
FIDELITY COMBINED PORTFOLIOS
INTERMEDIATE MUNICIPAL
INCOME FUND
PRINCIPAL AMOUNT VALUE PRINCIPAL AMOUNT VALUE
(NOTE 1) (NOTE 1)
$ 4,000,000 $ 4,266,000
- 4,266,000
5,490,000 5,307,732
300,000 $ 301,773 300,000 301,773
1,500,000 1,505,520
1,500,000 1,505,460
301,773 8,620,485
1,300,000 1,274,676
1,000,000 1,001,800 1,000,000 1,001,800
4,495,000 4,262,923
1,001,800 6,539,399
1,000,000 892,970 1,000,000 892,970
680,000 674,825
892,970 1,567,795
2,190,000 2,244,005
225,000 217,310 225,000 217,310
2,275,000 2,282,189 2,275,000 2,282,189
850,000 852,491
1,000,000 1,000,560 1,000,000 1,000,560
1,500,000 1,497,165
500,000 512,615 500,000 512,615
2,000,000 1,989,700
4,500,000 4,589,010
2,000,000 891,200
970,000 759,432 970,000 759,432
750,000 804,053
1,225,000 642,721
2,000,000 1,908,100
500,000 522,885
1,000,000 1,031,370 1,000,000 1,031,370
1,000,000 1,037,920 1,000,000 1,037,920
300,000 321,714 300,000 321,714
7,163,110 23,104,440
3,620,000 562,512 17,620,000 2,737,972
1,360,000 1,341,518
400,000 385,116 400,000 385,116
6,900,000 6,476,616
4,000,000 3,648,840
1,405,000 1,034,656
870,000 568,867
2,115,000 1,841,911
1,700,000 1,328,941
2,070,000 2,240,672
430,000 487,719
1,000,000 1,036,560
947,628 23,129,388
2,170,000 2,321,683
3,350,000 2,923,612
- 5,245,295
1,850,000 1,944,054
150,000 159,164
3,635,000 3,644,342
940,000 980,495
1,700,000 1,700,000
500,000 504,035 500,000 504,035
485,000 490,616
2,500,000 2,170,575
2,000,000 2,026,820
504,035 13,620,101
460,000 474,798 1,005,000 1,037,331
5,000,000 5,137,350
500,000 507,690 500,000 507,690
2,100,000 2,007,789
2,500,000 2,690,200
500,000 511,710 500,000 511,710
1,494,198 11,892,070
100,000 101,026 800,000 808,208
150,000 156,903 150,000 156,903
257,929 965,111
3,500,000 3,490,970
4,000,000 3,841,560
- 7,332,530
1,500,000 1,377,930
300,000 312,039 300,000 312,039
2,500,000 2,526,025
3,700,000 3,917,227
1,400,000 1,453,046
1,000,000 1,121,660
5,000,000 4,721,250
1,640,000 1,726,641
1,200,000 1,271,784
1,000,000 1,079,920
1,000,000 1,082,840
435,000 258,342 435,000 258,342
65,000 38,793 65,000 38,793
1,000,000 976,400 1,000,000 976,400
1,585,574 21,863,897
1,000,000 1,056,830
- 1,056,830
1,500,000 1,532,925 1,500,000 1,532,925
3,500,000 3,567,900
1,532,925 5,100,825
2,390,000 2,215,506
500,000 455,285
1,385,000 1,383,213 1,385,000 1,383,213
1,750,000 1,723,138 1,750,000 1,723,138
3,106,351 5,777,142
5,570,000 5,836,190
2,000,000 2,105,940
- 7,942,130
1,825,000 1,862,759 1,825,000 1,862,759
1,862,759 1,862,759
1,000,000 1,000,000 1,000,000 1,000,000
1,000,000 1,000,000
1,015,000 1,023,983
1,665,000 1,694,371
2,000,000 2,143,960
- 4,862,314
250,000 260,140 250,000 260,140
250,000 251,588 250,000 251,588
1,265,000 1,120,398
5,000,000 5,483,500
700,000 695,226 700,000 695,226
2,000,000 1,807,060
500,000 453,405
1,000,000 968,590
600,000 612,000
1,600,000 1,407,344 1,600,000 1,407,344
800,000 503,608
4,500,000 2,464,785
1,000,000 1,052,260
5,000,000 4,370,450
550,000 551,227 550,000 551,227
100,000 96,728
100,000 95,035 400,000 380,140
3,880,000 3,971,335
4,005,000 4,103,443
3,260,560 30,553,227
4,250,000 4,056,923
2,000,000 1,661,980 2,000,000 1,661,980
200,000 205,568 200,000 205,568
2,000,000 1,756,600
1,500,000 1,366,170
2,310,000 2,435,387
1,867,548 11,482,628
1,800,000 1,519,110
200,000 174,506 200,000 174,506
200,000 200,558 200,000 200,558
2,000,000 2,039,640
2,000,000 1,860,000
375,064 5,793,814
3,720,000 3,987,617
164,000 170,780
- 4,158,397
1,210,000 1,212,069 1,210,000 1,212,069
1,212,069 1,212,069
500,000 539,915 500,000 539,915
1,500,000 1,478,355
1,000,000 999,740
539,915 3,018,010
480,000 502,354
502,354
1,000,000 886,280
1,610,000 1,634,263
500,000 511,065 500,000 511,065
4,000,000 4,066,920
2,500,000 2,253,475
511,065 9,352,003
250,000 253,765 250,000 253,765
3,970,000 4,213,996
450,000 498,236 450,000 498,236
1,805,000 2,006,420
1,350,000 1,353,267
1,900,000 1,955,043 1,900,000 1,955,043
500,000 565,810 500,000 565,810
3,272,854 10,846,537
1,025,000 985,189 1,025,000 985,189
9,390,000 8,209,959
1,000,000 889,050
2,370,000 2,394,530
2,490,000 2,512,211
200,000 188,896
6,750,000 6,672,578
1,010,000 988,245
500,000 448,780
700,000 640,073
2,000,000 2,148,960
1,130,000 1,163,233
35,000 36,159
2,000,000 2,134,700
1,000,000 1,064,970
2,000,000 2,050,180
1,000,000 984,270 1,000,000 984,270
160,000 167,629
80,000 84,233
1,000,000 1,045,910
8,680,000 8,957,586
3,500,000 3,247,370
5,000,000 4,745,550
4,000,000 3,777,800
500,000 501,210 3,500,000 3,610,140
500,000 562,470 500,000 562,470
6,150,000 5,763,965
500,000 533,625 500,000 533,625
500,000 430,240 1,500,000 1,290,720
1,300,000 1,102,049
700,000 627,445
1,000,000 883,850
1,000,000 645,970 1,000,000 645,970
100,000 103,105 100,000 103,105
7,500,000 7,200,000
250,000 255,208 250,000 255,208
2,000,000 2,090,100
200,000 207,906 200,000 207,906
500,000 507,420 500,000 507,420
300,000 308,313 300,000 308,313
500,000 492,700
6,024,926 81,723,047
500,000 501,175 500,000 501,175
4,000,000 4,112,160
1,315,000 1,328,729 5,490,000 5,547,316
1,000,000 1,078,380
2,700,000 2,667,708
1,365,000 1,347,159
700,000 684,096 2,700,000 2,728,936
750,000 755,835 2,500,000 2,519,450
250,000 252,555 250,000 252,555
1,150,000 1,187,801
3,522,390 21,942,640
1,215,000 1,241,208
5,000,000 4,791,300
3,000,000 3,003,780
1,000,000 1,001,720
500,000 513,295 500,000 513,295
250,000 252,968 250,000 252,968
5,000,000 4,749,250
1,835,000 1,988,039
2,000,000 2,087,260
766,263 19,628,820
1,000,000 972,360
4,000,000 4,261,480
- 5,233,840
1,000,000 971,280 1,000,000 971,280
971,280 971,280
1,000,000 1,030,000
325,000 339,573
3,000,000 2,904,960
3,250,000 3,283,345
1,000,000 1,004,670
2,250,000 2,604,870
2,870,000 3,220,743
1,270,000 1,335,380 1,270,000 1,335,380
1,000,000 1,033,670 1,000,000 1,033,670
1,345,000 1,396,635
2,369,050 18,153,846
4,000,000 4,506,640
1,000,000 1,017,070 1,000,000 1,017,070
1,017,070 5,523,710
1,715,000 1,822,805
1,250,000 1,264,250 1,250,000 1,264,250
1,000,000 1,018,500 1,000,000 1,018,500
2,282,750 4,105,555
275,000 277,626 275,000 277,626
1,000,000 720,210
100,000 106,641 500,000 533,205
384,267 1,531,041
500,000 532,455 500,000 532,455
435,000 447,084 435,000 447,084
750,000 457,643
6,000,000 6,247,260
200,000 171,596 200,000 171,596
2,500,000 2,496,675
1,000,000 1,000,470 1,000,000 1,000,470
3,000,000 2,644,016 3,000,000 2,644,016
1,000,000 522,180 1,000,000 522,180
250,000 247,213 250,000 247,213
1,000,000 960,120 1,000,000 960,120
1,845,000 1,500,317
500,000 505,280 500,000 505,280
75,000 77,913
1,255,000 1,237,807 2,645,000 2,561,518
3,650,000 3,808,921
5,000,000 4,602,550
3,930,000 2,040,063
1,000,000 1,071,800 1,000,000 1,071,800
4,000,000 4,058,600
250,000 245,015 250,000 245,015
1,495,000 1,528,428 1,495,000 1,528,428
6,275,000 6,339,507
4,065,000 2,415,423
11,113,464 46,482,047
2,860,000 2,057,370 2,860,000 2,057,370
500,000 487,360 500,000 487,360
1,000,000 1,092,440
2,500,000 2,465,025
7,000,000 7,061,180
250,000 264,948
2,544,730 13,428,323
1,000,000 1,127,590
- 1,127,590
1,715,000 1,602,770 1,715,000 1,602,770
1,000,000 1,013,100 1,000,000 1,013,100
3,990,000 4,111,057
2,700,000 1,927,152 2,700,000 1,927,152
3,050,000 3,045,974
1,000,000 1,041,160
525,000 554,274 525,000 554,274
2,000,000 1,907,300 16,000,000 15,258,391
500,000 496,215 500,000 496,215
7,500,811 29,050,093
71,187,128 481,569,382
SHARES
1,083,452 1,083,452 9,213,808 9,213,808
(COST $73,116,996) $ 72,270,580 (COST $496,636,860) 490,783,190
$ (320,581) 1,781,298
$ 71,949,999 492,564,488
LEGEND
(a) Standard & Poor's credit ratings are used in the absence of a
rating by Moody's Investors Service, Inc.
(b) Security purchased on a delayed delivery or when-issued basis.
(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) The rate quoted is the annualized seven-day yield of the fund at
period end.
(e) Private activity obligations whose interest is subject to the
federal alternative minimum tax for individuals.
(f) Security collateralized by an amount sufficient to pay interest
and principal.
CAPITALIZATION
The following tables show the
capitalization of each Funds
class' as of October 31,
1999 (unaudited)
and on a pro forma combined
basis (unaudited) as of that
date giving effect to the
Reorganization.
FA MUNICIPAL FA INTERMEDIATE
CLASS A INCOME MUNICIPAL INCOME
Net Assets $ 10,721,810 $ 2,572,343
Net Asset Value Per Share $ 11.69 $ 10.15
Shares Outstanding 917,460 253,436
FA MUNICIPAL FA INTERMEDIATE
CLASS T INCOME MUNICIPAL INCOME
Net Assets $ 329,926,390 $ 50,431,715
Net Asset Value Per Share $ 11.70 $ 10.15
Shares Outstanding 28,197,578 4,968,378
FA MUNICIPAL FA INTERMEDIATE
CLASS B INCOME MUNICIPAL INCOME
Net Assets $ 63,464,208 $ 10,387,389
Net Asset Value Per Share $ 11.67 $ 10.14
Shares Outstanding 5,438,241 1,024,065
FA MUNICIPAL FA INTERMEDIATE
CLASS C INCOME MUNICIPAL INCOME
Net Assets $ 13,071,301 $ 2,561,719
Net Asset Value Per Share $ 11.70 $ 10.15
Shares Outstanding 1,117,056 252,268
FA MUNICIPAL FA INTERMEDIATE
INSTITUTIONAL CLASS INCOME MUNICIPAL INCOME
Net Assets $ 3,430,780 $ 5,996,833
Net Asset Value Per Share $ 11.65 $ 10.15
Shares Outstanding 294,537 590,849
The following tables show the
capitalization of each Funds
class' as of October 31,
1999 (unaudited)
and on a pro forma combined
basis (unaudited) as of that
date giving effect to the
Reorganization.
PRO FORMA
CLASS A COMBINED
Net Assets $ 13,294,153
Net Asset Value Per Share $ 11.69
Shares Outstanding 1,137,506
PRO FORMA
CLASS T COMBINED
Net Assets $ 380,358,105
Net Asset Value Per Share $ 11.70
Shares Outstanding 32,507,981
PRO FORMA
CLASS B COMBINED
Net Assets $ 73,851,597
Net Asset Value Per Share $ 11.67
Shares Outstanding 6,328,334
PRO FORMA
CLASS C COMBINED
Net Assets $ 15,633,020
Net Asset Value Per Share $ 11.70
Shares Outstanding 1,336,006
PRO FORMA
INSTITUTIONAL CLASS COMBINED
Net Assets $ 9,427,613
Net Asset Value Per Share $ 11.65
Shares Outstanding 809,287
FIDELITY ADVISOR SERIES II: FIDELITY ADVISOR MUNICIPAL INCOME FUND
FIDELITY ADVISOR SERIES II: FIDELITY ADVISOR INTERMEDIATE MUNICIPAL
INCOME FUND
PRO FORMA COMBINING STATEMENT OF OPERATIONS
YEAR ENDED OCTOBER 31, 1999
(UNAUDITED)
FA MUNICIPAL FA INTERMEDIATE
INCOME MUNICIPAL INCOME
INTEREST INCOME $ $ 3,879,149
23,713,018
EXPENSES
Management fee
1,695,763 293,995
Transfer agent fees
Class A
11,061 3,662
Class T
368,638 73,465
Class B
63,218 12,947
Class C
12,116 3,001
Institutional Class
5,477 9,953
Distribution fees
Class A
14,240 3,322
Class T
900,188 140,713
Class B
552,424 93,961
Class C
111,103 17,693
Accounting fees and expenses
141,615 64,808
Non-interested trustees'
compensation 1,358 238
Custodian fees and expenses
21,716 5,121
Registration fees
117,150 95,132
Audit
37,659 51,521
Legal
12,407 11,903
Reports to shareholders
6,711
-
Miscellaneous
133
-
Total expenses before
reductions 4,066,133 888,279
Expense reductions
(3,319) (119,127)
Total expenses
4,062,814 769,152
NET INTEREST INCOME 3,109,997
19,650,204
REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) on:
Investment securities
2,459,744 25,014
Futures contracts
21,684 (46,201)
Change in net unrealized
apprecation (depreciation) on:
Investment securities
(33,606,253) (3,986,395)
Futures contracts
(83,889) 38,839
NET GAIN (LOSS)
(31,208,714) (3,968,743)
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS $ (11,558,510) $ (858,746)
PRO FORMA
COMBINED ADJUSTMENTS
INTEREST INCOME $ 27,592,167
-
EXPENSES
Management fee
1,989,758 -
Transfer agent fees
Class A 14,723
-
Class T
442,103 -
Class B 76,165
-
Class C 15,117
-
Institutional Class 15,430
-
Distribution fees
Class A 17,562
-
Class T
1,040,901 -
Class B
646,385 -
Class C
128,796 -
Accounting fees and expenses (b)
206,423 (42,918)
Non-interested trustees'
compensation 1,596 -
Custodian fees and expenses 26,837 (b)
(1,357)
Registration fees (d)
212,282 (124,282)
Audit 89,180 (d)
(51,180)
Legal 24,310 (c)
(9,752)
Reports to shareholders
6,711 -
Miscellaneous
133 -
Total expenses before
reductions 4,954,412 (229,489)
Expense reductions (e)
(122,446) 119,127
Total expenses
4,831,966 (110,362)
NET INTEREST INCOME 22,760,201 110,362
REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) on:
Investment securities
2,484,758 -
Futures contracts
(24,517) -
Change in net unrealized
apprecation (depreciation) on:
Investment securities
(37,592,648) -
Futures contracts
(45,050) -
NET GAIN (LOSS)
(35,177,457) -
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS (12,417,256) $ 110,362 $
PRO FORMA
COMBINED
INTEREST INCOME $ 27,592,167
EXPENSES
Management fee
1,989,758
Transfer agent fees
Class A 14,723
Class T
442,103
Class B 76,165
Class C 15,117
Institutional Class 15,430
Distribution fees
Class A 17,562
Class T
1,040,901
Class B
646,385
Class C
128,796
Accounting fees and expenses
163,505
Non-interested trustees'
compensation 1,596
Custodian fees and expenses 25,480
Registration fees 88,000
Audit 38,000
Legal 14,558
Reports to shareholders
6,711
Miscellaneous
133
Total expenses before
reductions 4,724,923
Expense reductions
(3,319)
Total expenses
4,721,604
NET INTEREST INCOME 22,870,563
REALIZED AND UNREALIZED GAIN
(LOSS)
Net realized gain (loss) on:
Investment securities
2,484,758
Futures contracts
(24,517)
Change in net unrealized
apprecation (depreciation) on:
Investment securities
(37,592,648)
Futures contracts
(45,050)
NET GAIN (LOSS)
(35,177,457)
NET INCREASE (DECREASE) IN
NET ASSETS RESULTING
FROM OPERATIONS (12,306,894)
FIDELITY ADVISOR SERIES II: FIDELITY ADVISOR MUNICIPAL INCOME FUND
FIDELITY ADVISOR SERIES II: FIDELITY ADVISOR INTERMEDIATE MUNICIPAL
INCOME FUND
PRO FORMA COMBINING STATEMENT OF ASSETS & LIABILITIES AS OF OCTOBER
31, 1999
(UNAUDITED)
FA MUNICIPAL FA INTERMEDIATE
INCOME MUNICIPAL INCOME
ASSETS
Investment in securities, at
value
- See accompanying schedule $ 418,512,610 $ 72,270,580
-
Cash 34,990
Receivable for investments
sold 10,776,377 -
Receivable for fund shares
sold 198,989 376,953
Interest receivable 1,035,548
7,068,772
Other receivable
22,338 911
TOTAL ASSETS 73,718,982
436,579,086
LIABILITIES
Payable for investments
purchased:
Regular delivery $ $
-
10,664,053
Delayed delivery
3,449,619 1,286,864
Payable for fund shares
redeemed 907,180
280,543
Distributions payable
600,795
124,885
Accrued management fee
132,767 10,539
Distribution fees payable
129,306 20,573
Other payables and accrued
expenses 80,877 45,579
TOTAL LIABILITIES 1,768,983
15,964,597
NET ASSETS $ 420,614,489 $ 71,949,999
Net Assets consist of:
Paid in capital $ 439,900,857 $ 72,801,661
Accumulated undistributed net
realized gain (loss) on (14,279,114) (5,246)
investments
Net unrealized appreciation
(depreciation) on (846,416)
investments (5,007,254)
NET ASSETS $ 420,614,489 $ 71,949,999 $
PRO FORMA
COMBINED ADJUSTMENTS
ASSETS
Investment in securities, at
value
- See accompanying schedule $ 490,783,190 $
-
Cash 34,990
-
Receivable for investments
sold 10,776,377
-
Receivable for fund shares
sold 575,942
-
Interest receivable 8,104,320
-
Other receivable
23,249
-
TOTAL ASSETS 510,298,068
-
LIABILITIES
Payable for investments
purchased:
Regular delivery
$10,664,053
-
Delayed delivery
4,736,483
-
Payable for fund shares
redeemed 1,187,723
-
Distributions payable
725,680
-
Accrued management fee
143,306
-
Distribution fees payable
149,879
-
Other payables and accrued
expenses 126,456
-
TOTAL LIABILITIES 17,733,580
-
NET ASSETS 492,564,488 $ $
-
Net Assets consist of:
Paid in capital $ 512,702,518 $
-
Accumulated undistributed net
realized gain (loss) on (14,284,360)
investments
-
Net unrealized appreciation
(depreciation) on (5,853,670)
investments
-
NET ASSETS 492,564,488 $ $
-
PRO FORMA
COMBINED
ASSETS
Investment in securities, at
value
- See accompanying schedule 490,783,190
Cash 34,990
Receivable for investments
sold 10,776,377
Receivable for fund shares
sold 575,942
Interest receivable 8,104,320
Other receivable
23,249
TOTAL ASSETS 510,298,068
LIABILITIES
Payable for investments
purchased:
Regular delivery
10,664,053
Delayed delivery
4,736,483
Payable for fund shares
redeemed 1,187,723
Distributions payable
725,680
Accrued management fee
143,306
Distribution fees payable
149,879
Other payables and accrued
expenses 126,456
TOTAL LIABILITIES 17,733,580
NET ASSETS 492,564,488
Net Assets consist of:
Paid in capital 512,702,518
Accumulated undistributed net
realized gain (loss) on (14,284,360)
investments
Net unrealized appreciation
(depreciation) on (5,853,670)
investments
NET ASSETS 492,564,488
FIDELITY ADVISOR SERIES II: FIDELITY ADVISOR MUNICIPAL INCOME FUND
FIDELITY ADVISOR SERIES II: FIDELITY ADVISOR INTERMEDIATE MUNICIPAL
INCOME FUND
PRO FORMA COMBINING STATEMENT OF ASSETS & LIABILITIES AS OF OCTOBER
31, 1999
(UNAUDITED)
CALCULATION OF MAXIMUM
OFFERING PRICE
CLASS A
NET ASSETS $ 10,721,810 $ 2,572,343 $ 13,294,153
NET ASSET VALUE and
redemption price per share $ $ 10.15
11.69
Shares outstanding 917,460 253,436 1,170,896
Maximum offering price per $
share (100/95.25 of $11.69) 12.27
Maximum offering price per $ 10.55
share (100/96.25 of $10.15)
CLASS T
NET ASSETS $ $ 50,431,715 $ 380,358,105
329,926,390
NET ASSET VALUE and
redemption price per share $ $ 10.15
11.70
Shares outstanding 4,968,378 33,165,956
28,197,578
Maximum offering price per $
share (100/96.5 of $11.70) 12.12
Maximum offering price per $ 10.44
share (100/97.25 of $10.15)
CLASS B
NET ASSETS $ 63,464,208 $ 10,387,389 $ 73,851,597
NET ASSET VALUE and offering $ $
price per share 11.67 10.14
Shares outstanding + 5,438,241 1,024,065 6,462,306
CLASS C
NET ASSETS $ 13,071,301 $ 2,561,719 $ 15,633,020
NET ASSET VALUE and offering $ $
price per share 11.70 10.15
Shares outstanding + 1,117,056 252,268 1,369,324
INSTITUTIONAL CLASS
NET ASSETS $ $ 5,996,833 $ 9,427,613
3,430,780
NET ASSET VALUE, offering
price and
redemption price per share $ $ 10.15
11.65
Shares outstanding 294,537 590,849 885,386
+ Redemption price per share
is equal to net asset value
less any applicable
contingent deferred sales
charge.
CALCULATION OF MAXIMUM
OFFERING PRICE
CLASS A
NET ASSETS $ $ 13,294,153
-
NET ASSET VALUE and
redemption price per share $ 11.69
Shares outstanding (33,390) a 1,137,506
Maximum offering price per $ 12.27
share (100/95.25 of $11.69)
Maximum offering price per
share (100/96.25 of $10.15)
CLASS T
NET ASSETS $ $ 380,358,105
-
NET ASSET VALUE and
redemption price per share $ 11.70
Shares outstanding (657,975) a 32,507,981
Maximum offering price per $ 12.12
share (100/96.5 of $11.70)
Maximum offering price per
share (100/97.25 of $10.15)
CLASS B
NET ASSETS $ $ 73,851,597
-
NET ASSET VALUE and offering $ 11.67
price per share
Shares outstanding + (133,972) a 6,328,334
CLASS C
NET ASSETS $ $ 15,633,020
-
NET ASSET VALUE and offering 11.70
price per share
Shares outstanding + (33,318) a 1,336,006
INSTITUTIONAL CLASS
NET ASSETS $ $ 9,427,613
-
NET ASSET VALUE, offering
price and
redemption price per share $ 11.65
Shares outstanding (76,099) a 809,287
+ Redemption price per share
is equal to net asset value
less any applicable
contingent deferred sales
charge.