FIDELITY
(registered trademark)
CASH RESERVES
SEMIANNUAL REPORT
MAY 31, 1995
CONTENTS
PRESIDENT'S MESSAGE 3 Ned Johnson on investing
strategies.
PERFORMANCE 4 How the fund has done over time.
FUND TALK 6 The manager's review of fund
performance, strategy and outlook.
INVESTMENT CHANGES 8 A summary of major shifts in the
fund's investments over the past six
months
and one year.
INVESTMENTS 9 A complete list of the fund's
investments with their market
values.
FINANCIAL STATEMENTS 22 Statements of assets and liabilities,
operations, and changes in net
assets, as well as financial
highlights.
NOTES 26 Notes to the financial statements.
REPORT OF INDEPENDENT
ACCOUNTANTS 28 The auditors' opinion.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL
INFORMATION OF THE SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED
FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUND UNLESS PRECEDED OR ACCOMPANIED BY AN
EFFECTIVE
PROSPECTUS. MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY, ANY
DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC, THE FEDERAL
RESERVE BOARD OR
ANY OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE
POSSIBLE LOSS OF
PRINCIPAL. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A
BANK. 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
DEAR SHAREHOLDER:
Although there have been some positive market indications so far in 1995,
no one can predict what lies ahead for investors. Last year, stocks posted
below-average returns and bonds had one of the worst years in history. This
downturn followed a period in which the investing environment was almost
ideal.
These market ups and downs are a normal part of investing, and there are
some basic principles that can help investors in every type of market.
First, take a long-term approach when investing. If you can afford to leave
your money invested through the inevitable ups and downs of financial
markets, you will greatly reduce your vulnerability to any single decline.
Over time, for example, stock prices have gone up - and have significantly
outperformed other types of investments and stayed ahead of inflation.
Second, you can further manage risk by diversifying your investments. A
stock mutual fund is already diversified, because it invests in many
different companies. You can increase your diversification by investing in
a number of different stock funds, or in different investment categories,
such as bonds. You should also keep money you'll need in the near future in
a more stable investment.
Finally, it makes good sense to follow a regular investment plan, investing
a set amount of money at the same time each month or quarter. That way, you
can avoid getting caught up in the excitement of a rapidly-rising market -
and won't end up buying all your shares at market highs. This strategy
won't assure a profit or protect you from a loss in a declining market, but
it should help you lower the average cost of your purchases. For this to be
effective, you must continue to buy shares in both up and down markets.
If you have questions, please call us at 1-800-544-8888. We would be happy
to send you a Fidelity FundMatch kit, which can help you determine the mix
of investments that is right for you. You might also find it convenient to
set up a regular investment plan using the Fidelity Automatic Account
Builder.SM
We look forward to hearing from you.
Best regards,
Edward C. Johnson 3d
PERFORMANCE: THE BOTTOM LINE
To measure a money market fund's performance, you can look at either total
return or yield. Total return reflects both the change in a fund's share
price over a given period, and reinvestment of
its dividends (or 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.
CUMULATIVE TOTAL RETURNS
PERIODS ENDED MAY 31, 1995 PAST 6 PAST 1 PAST 5 PAST 10
MONTHS YEAR YEARS YEARS
Fidelity Cash Reserves 2.82% 5.05% 25.82% 79.50%
Average All Taxable
Money Market Fund 2.71% 4.83% 24.38% 76.06%
Consumer Price Index 1.53% 3.19% 17.80% 41.85%
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 ten
years. For example, if you 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 average all taxable money market fund, which reflects the
performance
of 741 funds with similar objectives tracked by IBC/Donoghue's MONEY FUND
REPORT(registered trademark) over the last six months. Comparing the fund's
performance to the consumer price index helps show how your investment did
compared to inflation.
AVERAGE ANNUAL TOTAL RETURNS
PERIODS ENDED MAY 31, 1995 PAST 1 PAST 5 PAST 10
YEAR YEARS YEARS
Fidelity Cash Reserves 5.05% 4.70% 6.02%
Average All Taxable
Money Market Fund 4.83% 4.46% 5.82%
Consumer Price Index 3.19% 3.33% 3.56%
AVERAGE ANNUAL TOTAL RETURNS take the fund's actual (or cumulative) return
and show you what would have happened if the fund had achieved that return
by performing at a constant rate each year.
YIELDS
5/31/94 8/30/94 11/29/94 2/28/95 5/30/95
3.50% 4.30% 5.06% 5.69% 5.62%
Fidelity Cash Reserves
Average All Taxable 3.51% 4.08% 4.84% 5.49% 5.51%
Money Market Fund
6/1/94 8/24/94 11/30/94 3/1/95 5/31/95
2.38% 2.45% 2.68% 2.88% 2.89%
MMDA
Row: 1, Col: 1, Value: 3.5
Row: 1, Col: 2, Value: 3.51
Row: 1, Col: 3, Value: 2.38
Row: 2, Col: 1, Value: 4.3
Row: 2, Col: 2, Value: 4.08
Row: 2, Col: 3, Value: 2.45
Row: 3, Col: 1, Value: 5.06
Row: 3, Col: 2, Value: 4.84
Row: 3, Col: 3, Value: 2.68
Row: 4, Col: 1, Value: 5.69
Row: 4, Col: 2, Value: 5.49
Row: 4, Col: 3, Value: 2.88
Row: 5, Col: 1, Value: 5.619999999999999
Row: 5, Col: 2, Value: 5.51
Row: 5, Col: 3, Value: 2.89
6% -
5% -
4% -
3% -
2% -
1% -
0%
Fidelity Cash
Reserves
Average All
Taxable Money
Market Fund
MMDA
YIELD refers to the income paid by the fund over a given period. Yields for
money market funds are usually for seven-day periods, expressed as annual
percentage rates. A yield that assumes income earned is reinvested or
compounded is called an effective yield. The chart above shows the fund's
current seven-day yield at quarterly intervals over the past year. You can
compare these yields to the average all taxable money market fund and the
average bank money market deposit account (MMDA). Figures for the average
all taxable money market fund are from the IBC/Donoghue's MONEY FUND
REPORT.(registered trademark) The MMDA average is supplied by BANK RATE
MONITOR.(Trademark)
A MONEY MARKET FUND'S TOTAL RETURNS AND YIELDS WILL VARY, AND REFLECT PAST
RESULTS RATHER THAN PREDICT FUTURE PERFORMANCE.
COMPARING
PERFORMANCE
There are some important
differences between a bank
money market deposit account
(MMDA) and a money market
fund. First, the U.S.
government neither insures nor
guarantees a money market
fund. In fact, there is no
assurance that a money fund
will maintain a $1 share price.
Second, a money market
fund returns to its
shareholders income earned
by the fund's investments
after expenses. This is in
contrast to banks, which set
their MMDA rates periodically
based on current interest
rates, competitors' rates, and
internal criteria.
(checkmark)
FUND TALK: THE MANAGER'S OVERVIEW
An interview with Bob Litterst,
Portfolio Manager of Fidelity Cash Reserves
Q. BOB, CAN YOU BRING US UP TO DATE ON MARKET CONDITIONS?
A. Sure. The economic growth rate has slowed down dramatically during the
past six months. During the fourth quarter of 1994 - which overlapped the
first month of the period - the U.S. gross domestic product expanded at an
annualized rate of 5.1%, a very strong showing. Moreover, final sales rose
at a rate of 5.7%, meaning sales exceeded production and depleted
inventories. I believe it was those signs of growth, along with disturbing
trends in such leading indicators as unemployment and capacity utilization,
which prompted the Federal Reserve to raise the federal funds rate - the
rate banks charge each other for overnight loans - another one-half
percentage point in February. However, even as the Fed was tightening
credit for the seventh time in little more than a year, there were signs
that the economy was beginning to lose steam. Led by softening consumer
activity and weakness in interest-sensitive sectors such as housing and
autos, the growth rate during the first quarter of 1995 slowed to 2.8%.
Many economists have stopped worrying about the economy overheating. Now I
think they have an altogether different concern: that we might be headed
for another recession. If the Fed concurs, it's possible its next move will
be to lower rates, perhaps as early as this summer.
Q. HOW DID YOU RESPOND TO CHANGING CONDITIONS?
A. The fund's average maturity six months ago, when the period began, was
43 days. That's a defensive number, and reflects my view at the time that
further rate increases were likely. As it became apparent that the economy
was slowing more rapidly than initially expected, my expectations regarding
Fed policy changed, and I gradually extended the fund's average maturity. I
moved cautiously because conditions were unsettled and it seemed prudent to
maintain flexibility. By the end of May, the fund's weighted average
maturity was 59 days.
Q. HOW DID THE FUND PERFORM?
A. On May 31, 1995, the fund's seven-day yield was 5.62%, compared to 5.06%
at the end of last November. The fund's total return for the six-month
period was 2.82%. That beat the average total return of 2.71% for all
taxable money market funds during the same period, according to
IBC/Donoghue.
Q. WHAT'S THE OUTLOOK?
A. The next few months should be interesting. With the information
currently available, it appears that growth during the second quarter of
1995 could be quite weak. Beyond that, though, there's no clear consensus
on what lies ahead. Some market participants believe that we're in the
early stages of an extended downturn, and that it's only a matter of time
before the Fed decides to lower rates. Others believe that what's happening
right now is merely a brief correction, and that the economy will resume
growing at its long-term trend rate of around 2.5% once the temporary
buildup in inventories sells off; in this scenario, short-term rates would
more likely remain stable in the near term. I tend to side with those in
the latter camp because the typical prerequisites for a recession -
including high inflation and tight bank lending standards - simply do not
exist right now. That said, I'm concerned that if this spring's weakness in
the labor market persists, it could evolve into a self-reinforcing
slowdown, forcing the Fed to lower rates. I don't think that will happen,
but I have to respect the possibility of such a development. Accordingly,
I'll probably maintain an average maturity of between 60 and 65 days for
the foreseeable future.
FUND FACTS
GOAL: income and a stable $1
share price by investing in high
quality, short-term money
market securities of all types
START DATE: May 10, 1979
SIZE: as of May 31, 1995,
more than $16.6 billion
MANAGER: Robert Litterst,
since 1992; manager, Capital
Reserves Money Market,
Variable Insured Products:
Money Market Portfolio, and
Fidelity Money Market Trust:
Retirement Money Market,
since 1992; joined Fidelity in
1992
(checkmark)
WORDS TO KNOW
BANKERS' ACCEPTANCE (BA): A
short-term note whose
payment is guaranteed by a
bank.
CERTIFICATE OF DEPOSIT (CD): An
interest-bearing deposit with a
specific maturity. Large
denomination CDs, like the
fund buys, have negotiable
interest rates and can be sold
in the secondary market.
COMMERCIAL PAPER: A
short-term note from a bank or
corporation.
FEDERAL FUNDS RATE: The interest
rate banks charge each other
for overnight loans.
MATURITY: The time remaining
before an issuer is scheduled
to repay the principal amount
on a debt security. When the
fund's average maturity,
weighted by dollar amount, is
short, the fund manager is
expecting rates to rise. When
the average maturity is
neutral, the manager wants
the flexibility to respond to
rising rates, while still
capturing a portion of the
higher yields available from
issues with longer maturities.
TIME DEPOSIT (TD): An
interest-bearing deposit with a
specific maturity. Large
denomination TDs, like the
fund buys, differ from CDs in
that they can't be sold in the
secondary market.
INVESTMENT CHANGES
MATURITY DIVERSIFICATION
DAYS % OF FUND ASSETS % OF FUND ASSETS % OF FUND ASSETS
5/31/95 11/30/94 5/31/94
0 - 30 44 56 58
31 - 90 31 28 20
91 - 180 24 16 18
181 - 397 1 0 4
WEIGHTED AVERAGE MATURITY
5/31/95 11/30/94 5/31/94
Fidelity Cash Reserves 59 days 43 days 48 days
Average All Taxable
Money Market Fund* 49 days 40 days 44 days
ASSET ALLOCATION
AS OF MAY 31, 1995 AS OF NOVEMBER 30, 1994
Row: 1, Col: 1, Value: 59.0
Row: 1, Col: 2, Value: 37.0
Row: 1, Col: 3, Value: 4.0
Row: 1, Col: 4, Value: 0.0
Row: 1, Col: 1, Value: 50.0
Row: 1, Col: 2, Value: 37.0
Row: 1, Col: 3, Value: 5.0
Row: 1, Col: 4, Value: 8.0
Bank CDs, BAs,
TDs, and notes 59%
Commercial
paper 37%
Government
securities 4%
Other 0%
Bank CDs, BAs,
TDs, and notes 50%
Commercial
paper 37%
Government
securities 5%
Other 8%
* SOURCE: IBC/DONOGHUE'S MONEY FUND REPORT(registered trademark)
INVESTMENTS MAY 31, 1995
Showing Percentage of Total Value of Investments
BANKERS' ACCEPTANCES - 0.4%
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 0.4%
Mitsubishi Bank, Ltd.
8/16/95 6.40% $ 70,000 $ 69,082
CERTIFICATES OF DEPOSIT - 32.5%
DOMESTIC CERTIFICATES OF DEPOSIT - 2.6%
Chemical Bank
6/26/95 6.15 325,000 325,000
Household Bank, N.A.
7/24/95 6.18 40,000 40,000
Old Kent Bank & Trust Co.
7/13/95 6.20 45,000 45,000
10/31/95 6.20 30,000 30,000
440,000
CHICAGO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 2.3%
ABN-AMRO Bank
7/20/95 6.12 60,000 60,000
8/16/95 6.18 30,000 30,000
9/20/95 6.19 75,000 75,000
10/19/95 6.25 175,000 175,000
11/1/95 6.25 50,000 50,000
390,000
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 20.2%
ABN-AMRO Bank
6/20/95 6.12 25,000 25,000
Australia & New Zealand Banking
7/21/95 6.21 25,000 25,000
Bank of Nova Scotia
6/22/95 6.06 180,000 180,000
8/1/95 6.00 25,000 25,000
Banque Nationale de Paris
6/5/95 6.13 85,000 85,000
6/15/95 6.13 50,000 50,000
6/22/95 6.10 25,000 25,000
6/22/95 6.15 25,000 25,000
6/23/95 6.12 25,000 25,008
Banque Paribas
6/30/95 6.21 30,000 30,001
Bayerische Landesbank Girozentrale
7/7/95 6.13 60,000 59,999
7/10/95 6.13 50,000 50,000
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - CONTINUED
Bayerische Vereinsbank A.G.
11/1/95 6.25% $ 100,000 $ 100,000
Caisse Nationale de Credit Agricole
6/30/95 6.30 100,000 100,000
Canadian Imperial Bank of Commerce
8/10/95 6.00 100,000 100,002
Commerzbank, Germany
8/22/95 6.30 100,000 100,000
9/7/95 6.35 14,000 14,007
10/17/95 6.25 40,000 40,000
Credit Suisse
10/19/95 6.02 24,000 24,015
Dai-Ichi Kangyo Bank, Ltd.
6/30/95 6.01 80,000 80,000
Dresdner Bank, A.G.
10/12/95 6.27 25,000 25,000
Fuji Bank, Ltd.
6/8/95 6.24 25,000 25,000
6/23/95 6.19 40,000 40,000
6/26/95 6.19 50,000 50,000
6/27/95 6.19 110,000 110,000
7/18/95 6.18 75,000 75,000
7/19/95 6.18 50,000 50,000
Industrial Bank of Japan, Ltd.
6/26/95 6.02 35,000 35,000
6/28/95 6.10 50,000 50,000
7/31/95 6.30 80,000 80,000
Landesbank Hessen-Thuringen
10/10/95 6.00 50,000 50,012
Mitsubishi Bank, Ltd.
6/19/95 6.09 173,000 173,000
8/30/95 6.01 50,000 50,000
National Bank of Canada
8/29/95 6.40 72,000 72,000
National Westminster Bank, PLC
6/30/95 6.11 125,000 125,004
6/30/95 6.15 100,000 99,999
10/31/95 6.00 40,000 40,010
11/8/95 6.02 25,000 25,011
Rabobank Nederland, N.V.
6/1/95 6.20 40,000 40,000
9/18/95 6.34 25,000 24,997
Sakura Bank, Ltd.
6/12/95 6.05 40,000 40,000
6/19/95 6.05 50,000 50,000
6/26/95 6.05 40,000 40,000
Sanwa Bank, Ltd.
6/12/95 6.03 47,000 47,000
6/19/95 6.17 20,000 20,000
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - CONTINUED
Sanwa Bank, Ltd. - continued
7/31/95 6.08% $ 50,000 $ 50,004
8/1/95 6.14 20,000 20,000
9/5/95 6.39 20,000 20,001
Societe Generale
6/12/95 6.05 60,000 60,000
6/19/95 6.06 32,000 32,000
7/5/95 6.05 30,000 30,000
9/20/95 6.00 100,000 100,000
Sumitomo Bank, Ltd.
6/5/95 6.18 35,000 35,000
6/12/95 6.04 100,000 100,000
6/16/95 6.10 50,000 50,000
6/26/95 6.10 12,000 12,000
6/26/95 6.20 75,000 75,000
6/27/95 6.18 30,000 30,000
8/21/95 6.41 35,000 35,005
Westdeutsche Landesbank
6/21/95 6.12 15,000 15,000
7/10/95 6.13 90,000 89,999
3,354,074
LONDON BRANCH, EURODOLLAR, DOMESTIC BANKS - 1.8%
Bank of America National Trust & Savings Assoc.
10/26/95 6.00 50,000 50,000
11/27/95 6.00 25,000 25,000
Bank of New York
6/13/95 6.20 75,000 75,000
7/17/95 6.15 150,000 150,000
300,000
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 5.6%
ABN-AMRO Bank
6/30/95 6.10 25,000 25,001
7/21/95 6.26 30,000 30,002
Bank of Nova Scotia
7/11/95 6.13 50,000 50,001
Banque Nationale de Paris
6/8/95 6.12 25,000 25,000
Barclays Bank, PLC
6/9/95 6.22 300,000 300,001
Dai-Ichi Kangyo Bank, Ltd.
6/5/95 6.20 25,000 25,000
7/5/95 6.23 21,000 21,000
Den Danske Bank A/S
6/12/95 6.10 80,000 80,001
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - CONTINUED
Mitsubishi Bank, Ltd.
8/3/95 6.14% $ 50,000 $ 50,000
8/22/95 6.07 25,000 24,999
8/23/95 6.44 50,000 50,000
National Westminster Bank, PLC
8/9/95 6.40 40,000 40,009
9/7/95 6.34 25,000 25,001
10/6/95 6.29 20,000 20,001
Sanwa Bank, Ltd.
8/23/95 6.44 50,000 50,000
Sumitomo Bank, Ltd.
6/12/95 6.11 50,000 50,001
6/12/95 6.12 23,000 23,000
6/19/95 6.12 40,000 40,000
929,017
TOTAL CERTIFICATES OF DEPOSIT 5,413,091
COMMERCIAL PAPER - 37.0%
A.H. Robins Company, Incorporated
7/25/95 6.07 52,875 52,399
Abbey National Treasury Services
8/21/95 6.04 75,000 73,996
Alliance & Leicester Building Society
8/14/95 6.04 13,000 12,841
American Express Credit Corp.
7/11/95 6.27 100,000 99,318
8/9/95 6.21 100,000 98,835
8/14/95 6.20 50,000 49,376
8/14/95 6.50 50,000 49,353
8/21/95 6.38 75,000 73,957
8/30/95 6.17 25,000 24,622
9/20/95 6.04 20,000 19,635
11/15/95 6.10 42,000 40,847
11/16/95 6.11 30,000 29,170
American Home Food Products, Inc.
6/12/95 6.06 20,000 19,963
7/19/95 6.06 72,000 71,424
7/20/95 6.05 30,000 29,755
American Home Products
7/6/95 6.04 17,000 16,901
7/17/95 6.07 17,000 16,869
7/27/95 6.08 10,000 9,906
7/28/95 6.05 35,902 35,562
8/1/95 6.07 16,400 16,233
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
American Telephone & Telegraph Co.
9/27/95 6.09% $ 40,000 $ 39,221
Associates Corp. of North America
8/29/95 6.00 40,000 39,416
9/28/95 6.10 30,000 29,410
10/31/95 6.07 40,000 39,004
BFCE US Finance Corp.
8/4/95 6.10 40,000 39,573
8/23/95 6.05 40,000 39,450
Banc One Corp.
11/8/95 6.19 24,000 23,360
Bank of New York Company, Inc.
8/15/95 6.04 30,000 29,628
11/15/95 6.08 25,000 24,316
Bear Stearns Cos., Inc.
7/12/95 6.14 25,000 24,828
8/1/95 6.13 40,000 39,591
8/14/95 6.05 40,000 39,511
Beneficial Corp.
9/13/95 6.06 40,000 39,314
9/18/95 6.06 50,000 49,101
Bradford & Bingley Building Society
6/22/95 6.15 30,000 29,894
CIT Group Holdings, Inc.
6/28/95 6.19 30,000 29,863
7/17/95 6.23 25,000 24,805
9/21/95 6.20 60,000 58,873
9/28/95 6.22 12,000 11,760
9/29/95 6.25 20,000 19,595
11/9/95 6.08 50,000 48,681
Canadian Wheat Board
11/6/95 6.00 20,000 19,489
Cheltenham & Gloucester Building Society
6/29/95 6.15 25,000 24,882
Chrysler Financial Corporation
6/12/95 6.19 25,000 24,953
6/13/95 6.19 25,000 24,949
7/6/95 6.05 10,000 9,942
Compagnie Bancaire
7/5/95 6.25 17,000 16,901
7/6/95 6.20 40,000 39,763
Cooper Industries, Inc.
6/14/95 6.07 25,000 24,945
CoreStates Capital Corp.
6/15/95 6.05 (a) 25,000 25,000
Dayton Hudson Corp.
6/27/95 6.11 26,000 25,886
7/17/95 6.06 10,000 9,923
7/27/95 6.04 40,000 39,628
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Den Danske Corp., Inc.
6/22/95 6.15% $ 25,000 $ 24,912
7/17/95 6.14 20,000 19,845
9/22/95 6.10 25,000 24,532
Dresdner Bank, A.G.
11/13/95 6.08 25,000 24,324
Electronic Data Systems Corp.
6/15/95 6.25 20,000 19,952
Ford Motor Credit, PLC
8/1/95 6.10 10,000 9,898
Ford Motor Credit Corp.
7/12/95 6.21 100,000 99,306
7/21/95 6.23 60,000 59,492
7/24/95 6.23 60,000 59,461
8/21/95 6.03 3,000 2,960
8/22/95 6.25 80,000 78,888
8/30/95 6.23 180,000 177,264
9/11/95 6.25 35,000 34,396
11/1/95 6.09 5,000 4,874
General Electric Capital Corp.
6/1/95 6.03 (a) 80,000 80,000
6/15/95 6.87 50,000 49,871
7/17/95 6.21 75,000 74,417
9/26/95 6.10 75,000 73,550
10/2/95 6.07 18,000 17,635
11/1/95 6.13 125,000 121,839
11/2/95 6.66 50,000 48,642
11/3/95 6.66 80,000 77,813
General Electric Corp.
9/26/95 6.24 100,000 98,027
9/27/95 6.25 10,000 9,801
9/28/95 6.10 180,000 176,460
General Motors Acceptance Corp.
6/5/95 6.29 75,000 74,948
7/31/95 6.22 50,000 49,490
8/2/95 6.19 80,000 79,161
8/16/95 6.12 81,000 79,969
8/16/95 6.15 170,000 167,829
8/17/95 6.15 60,000 59,224
8/22/95 6.10 75,000 73,973
Generale Bank
10/2/95 6.22 40,000 39,172
Georgia Power Co.
7/5/95 6.20 15,000 14,914
Goldman Sachs Group, L.P. (The)
8/3/95 6.68 (c) 25,000 24,717
9/7/95 6.01 10,000 9,839
9/18/95 6.02 175,000 171,868
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Government of Canada
6/15/95 6.14% $ 200,000 $ 199,530
10/5/95 6.04 60,000 58,761
Hanson Finance (UK), PLC
8/7/95 6.10 72,000 71,196
8/21/95 6.05 30,000 29,598
9/7/95 6.00 27,000 26,566
Household Finance Corp.
6/12/95 6.22 40,000 39,925
ITT Corp.
6/22/95 6.08 45,000 44,841
ITT Hartford Group, Inc.
6/21/95 6.03 21,000 20,930
International Nederlanden U.S. Funding Corp.
8/28/95 6.35 60,000 59,098
John Deere Capital Corp.
9/19/95 6.04 40,000 39,276
Kredietbank, N.A. Finance Corp.
9/1/95 6.22 14,620 14,393
Monsanto Co.
8/16/95 6.39 20,000 19,738
10/11/95 6.23 50,000 48,891
Morgan Stanley Group, Inc.
7/10/95 6.01 90,000 89,418
7/17/95 6.01 25,000 24,810
8/7/95 6.01 25,000 24,724
8/31/95 6.01 40,000 39,402
National Australia Funding, Inc.
11/8/95 6.03 60,000 58,440
Nationwide Building Society
8/11/95 6.06 30,000 29,647
8/21/95 6.07 25,000 24,664
New Center Asset Trust
7/12/95 6.16 117,000 116,191
7/17/95 6.15 60,000 59,535
New South Wales Treasury Corp.
8/4/95 6.34 60,000 59,341
8/16/95 6.40 35,000 34,542
8/17/95 6.43 65,000 64,134
10/4/95 6.15 75,000 73,440
Norwest Financial
7/10/95 6.14 40,000 39,738
9/11/95 6.06 12,000 11,798
Royal Bank of Canada
12/29/95 6.30 68,000 65,597
Seagram & Sons, Joseph E. (Inc.)
6/2/95 6.32 30,000 29,995
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Sears Roebuck Acceptance Corp.
6/5/95 6.17% $ 20,000 $ 19,986
6/6/95 6.17 20,000 19,983
7/10/95 6.05 45,000 44,707
7/13/95 6.05 20,000 19,860
8/21/95 6.06 35,000 34,530
Shell Oil Co.
12/15/95 6.09 25,000 24,196
Sherwood Medical Company
7/26/95 6.08 25,000 24,770
Textron, Inc.
6/7/95 6.10 10,000 9,990
6/15/95 6.10 2,000 1,995
6/30/95 6.08 5,000 4,976
7/5/95 6.09 15,000 14,914
Toronto Dominion Holdings USA, Inc.
9/11/95 6.11 75,000 73,729
Union Pacific Corp.
6/6/95 6.14 4,000 3,997
6/7/95 6.14 50,000 49,949
6/27/95 6.18 21,000 20,907
Unocal Corp.
6/7/95 6.14 16,000 15,984
Westpac Capital Corp.
8/15/95 6.23 25,000 24,682
11/22/95 6.10 50,000 48,571
Whirlpool Financial Corp.
6/6/95 6.11 17,000 16,986
TOTAL COMMERCIAL PAPER 6,152,551
FEDERAL AGENCIES - 4.1%
FEDERAL FARM CREDIT BANK - AGENCY COUPONS - 0.7%
6/1/95 6.17 (a) 117,000 116,928
FEDERAL HOME LOAN BANK - DISCOUNT NOTES - 0.3%
6/21/95 6.11 50,000 49,833
FEDERAL HOME LOAN MORTGAGE CORP. - DISCOUNT NOTES - 1.2%
6/2/95 6.11 59,000 58,990
6/5/95 6.08 38,000 37,975
6/5/95 6.09 80,000 79,947
6/6/95 6.09 22,528 22,509
199,421
FEDERAL AGENCIES - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
FEDERAL NATIONAL MORTGAGE ASSOC. - DISCOUNT NOTES - 1.9%
6/12/95 6.10% $ 96,000 $ 95,823
8/10/95 6.23 50,000 49,410
9/11/95 6.32 50,000 49,133
10/20/95 6.04 75,000 73,273
5/3/96 6.08 50,000 47,318
314,957
TOTAL FEDERAL AGENCIES 681,139
BANK NOTES - 9.5%
Bank of New York - Delaware (a)
6/1/95 6.20 50,000 49,999
Fifth Third Bank - Cincinnati
10/27/95 6.07 50,000 50,025
First Bank N.A. - Minnesota (a)
6/15/95 6.05 46,000 45,995
First of America Bank - Illinois
6/19/95 6.20 40,000 40,000
11/9/95 6.13 25,000 24,991
First Union National Bank of North Carolina
7/31/95 6.12 50,000 50,000
Huntington National Bank
6/1/95 6.23 (a) 65,000 64,994
11/2/95 6.26 50,000 49,998
Key Bank of New York (a)
6/1/95 6.26 125,000 124,974
Key Bank of Washington
4/26/96 6.34 50,000 49,978
Mellon Bank, N.A.
8/15/95 6.42 75,000 75,000
10/16/95 6.29 25,000 25,000
10/18/95 6.23 25,000 25,000
NationsBank of Texas
9/25/95 6.38 50,000 50,000
9/26/95 6.38 125,000 125,000
10/27/95 6.25 100,000 100,000
NBD Bank, N.A.
9/18/95 6.32 100,000 100,000
10/16/95 6.27 55,000 55,000
PNC Bank, Kentucky (Citizens Fidelity) (a)
6/6/95 6.22 85,000 84,978
PNC Bank, N.A. (a)
6/6/95 6.18 100,000 99,982
6/7/95 6.22 90,000 89,977
BANK NOTES - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
Society National Bank (a)
6/1/95 6.19% $ 50,000 $ 50,000
6/1/95 6.20 37,000 36,998
U.S. Bank of Washington
8/28/95 6.35 8,000 8,000
U.S. National Bank of Oregon
8/22/95 6.37 50,000 50,001
8/23/95 6.38 50,000 50,002
TOTAL BANK NOTES 1,575,892
MASTER NOTES (A) - 1.6%
J.P. Morgan Securities
6/1/95 6.39 186,000 186,000
Norwest Corp.
6/1/95 6.08 78,000 78,000
TOTAL MASTER NOTES 264,000
MEDIUM-TERM NOTES (A) - 7.6%
Abbey National Treasury Services (c)
6/30/95 6.24 226,000 226,000
Beneficial Corp.
6/15/95 6.07 150,000 149,991
CIT Group Holdings, Inc.
6/1/95 6.41 70,000 69,966
Commonwealth Life Insurance Co.
6/1/95 6.26 50,000 50,000
Corporate Asset Funding Co., Inc. (c)
6/15/95 6.00 50,000 49,992
General Electric Capital Corp.
6/1/95 6.21 150,000 150,000
6/1/95 6.25 40,000 39,980
General Motors Acceptance Corp.
8/7/95 6.29 93,000 93,000
Goldman Sachs Group, L.P. (The) (c)
6/16/95 6.05 95,000 95,000
9/1/95 6.15 94,000 94,000
IBM Credit Corp.
6/1/95 6.18 25,000 25,001
6/1/95 6.46 28,000 28,008
Norwest Corp.
9/15/95 6.19 114,000 114,000
MEDIUM-TERM NOTES (A) - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL AMOUNT VALUE (NOTE 1)
DATE TIME OF PURCHASE (000S) (000S)
PHH Corp.
6/1/95 6.06% $ 25,000 $ 24,997
6/21/95 6.07 47,000 46,995
TOTAL MEDIUM-TERM NOTES 1,256,930
SHORT-TERM NOTES (A) (B) - 3.2%
CSA Funding - A
6/7/95 6.10 22,000 22,000
CSA Funding - B
6/7/95 6.10 22,000 22,000
CSA Funding - C
6/7/95 6.10 6,000 6,000
SMM Trust Company (1994-D)
7/28/95 6.20 71,000 71,000
SMM Trust Company (1995-I)
7/5/95 6.12 102,000 101,971
SMM Trust Company (1995-J)
6/15/95 6.06 32,000 32,000
6/15/95 6.07 277,000 277,000
TOTAL SHORT-TERM NOTES 531,971
TIME DEPOSITS - 4.1%
Bank of Tokyo
6/5/95 6.06 80,000 80,000
6/5/95 6.08 100,000 100,000
6/12/95 6.03 75,000 75,000
Dai-Ichi Kangyo Bank, Ltd.
6/12/95 6.03 70,000 70,000
6/15/95 6.03 75,000 75,000
6/22/95 6.06 17,000 17,000
6/26/95 6.06 40,000 40,000
Sakura Bank, Ltd.
6/15/95 6.05 50,000 50,000
Sanwa Bank, Ltd.
6/5/95 6.06 100,000 100,000
6/8/95 6.06 30,000 30,000
6/12/95 6.03 50,000 50,000
TOTAL TIME DEPOSITS 687,000
REPURCHASE AGREEMENTS - 0.0%
MATURITY AMOUNT VALUE (NOTE 1)
(000S) (000S)
In a joint trading account
(U.S. Treasury Obligations)
dated 5/31/95 due 6/1/95:
At 6.19% $ 1,731 $ 1,731
TOTAL INVESTMENTS - 100% $ 16,633,387
Total Cost for Income Tax Purposes $ 16,633,387
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(b) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST (000S)
CSA Funding-A 10/28/93 $ 22,000
CSA Funding-B 10/28/93 $ 22,000
CSA Funding-C 10/28/93 $ 6,000
SMM Trust Company:
(1994-D) 10/28/94 $ 71,000
(1995-I) 5/25/95 $ 101,971
(1995-J) 5/16/95 $ 309,000
(c) Security exempt from registration under Rule 144A of the Securities Act
of 1933. These securities may be resold in transactions exempt from
registration, normally to qualified institutional buyers. At the period
end, the value of these securities amounted to $489,709,000 or 2.9% of net
assets.
INCOME TAX INFORMATION
At November 30, 1994, the fund had a capital loss carryforward of
approximately $2,830,000 of which $1,196,000 and $1,634,000 will expire on
November 30, 2001, and 2002, respectively.
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS (EXCEPT PER-SHARE AMOUNT) MAY 31, 1995
1.ASSETS 2. 3.
4.Investment in securities, at value (including repurchase 5. $ 16,633,387
agreements of $1,731) - See accompanying schedule
6.Interest receivable 7. 80,028
8. 9.TOTAL ASSETS 10. 16,713,415
11.LIABILITIES 12. 13.
14.Payable for investments purchased $ 64,416 15.
16.Share transactions in process 14,761 17.
18.Distributions payable 791 19.
20.Accrued management fee 3,583 21.
22.Other payables and accrued expenses 4,234 23.
24. 25.TOTAL LIABILITIES 26. 87,785
27.28.NET ASSETS 29. $ 16,625,630
30.Net Assets consist of: 31. 32.
33.Paid in capital 34. $ 16,626,892
35.Accumulated net realized gain (loss) on investments 36. (1,262)
37.38.NET ASSETS, for 16,626,892 shares outstanding 39. $ 16,625,630
40.41.NET ASSET VALUE, offering price and redemption 42. $1.00
price per share ($16,625,630 (divided by) 16,626,892 shares)
</TABLE>
STATEMENT OF OPERATIONS
AMOUNTS IN THOUSANDS SIX MONTHS ENDED MAY 31, 1995
43.44.INTEREST INCOME 45. $ 481,475
46.EXPENSES 47. 48.
49.Management fee $ 19,809 50.
51.Transfer agent fees 21,699 52.
53.Accounting fees and expenses 375 54.
55.Non-interested trustees' compensation 215 56.
57.Custodian fees and expenses 197 58.
59.Registration fees 316 60.
61.Audit 54 62.
63.Legal 43 64.
65.Reports to shareholders 3 66.
67.Miscellaneous 53 68.
69. 70.TOTAL EXPENSES 71. 42,764
72.73.NET INTEREST INCOME 74. 438,711
75.76.NET REALIZED GAIN (LOSS) ON INVESTMENTS 77. 339
78.79.NET INCREASE IN NET ASSETS RESULTING FROM 80. $ 439,050
OPERATIONS
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
AMOUNTS IN THOUSANDS SIX MONTHS YEAR
ENDED ENDED
MAY 31, NOVEMBER 30,
1995 1994
81.INCREASE (DECREASE) IN NET ASSETS
82.Operations $ 438,711 $ 466,419
Net interest income
83. Net realized gain (loss) 339 (1,634)
84. 85.NET INCREASE (DECREASE) IN NET ASSETS 439,050 464,785
RESULTING FROM OPERATIONS
86.Distributions to shareholders from net interest (438,711) (466,419)
income
87.Share transactions at net asset value of $1.00 per 15,397,290 26,996,770
share
Proceeds from sales of shares
88. Reinvestment of distributions from net interest 426,720 447,955
income
89. Cost of shares redeemed (13,727,275) (23,228,474)
90.91. 2,096,735 4,216,251
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES
RESULTING FROM SHARE TRANSACTIONS
92. 93.TOTAL INCREASE (DECREASE) IN NET ASSETS 2,097,074 4,214,617
94.NET ASSETS 95. 96.
97. Beginning of period 14,528,556 10,313,939
98. End of period $ 16,625,630 $ 14,528,556
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
99. SIX MONTHS YEARS ENDED NOVEMBER 30,
ENDED
MAY 31,
100. 1995 1994 1993 1992 1991 1990
101.SELECTED PER-SHARE DATA
102.Net asset $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
value, beginning
of
period
103.Income from .028 .037 .029 .038 .061 .076
Investment
Operations
Net interest
income
104.Less (.028) (.037) (.029) (.038) (.061) (.076)
Distributions
From net
interest
income
105.Net asset $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
value, end of
period
106.TOTAL 2.82% 3.74% 2.97% 3.90% 6.23% 7.87%
RETURN B
107.RATIOS AND
SUPPLEMENTAL DATA
108.Net assets, $ 16,626 $ 14,529 $ 10,314 $ 10,040 $ 10,519 $ 10,921
end of period
(in millions)
109.Ratio of .54% .52% .48% .48% .58% .69%
expenses to A
average net
assets
110.Ratio of net 5.57% 3.76% 2.92% 3.86% 6.03% 7.62%
interest income A
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 May 31, 1995
1. SIGNIFICANT ACCOUNTING
POLICIES.
Fidelity Cash Reserves (the fund) is a fund of Fidelity Phillips Street
Trust (the trust) and is authorized to issue an unlimited number of shares.
The trust is registered under the Investment Company Act of 1940, as
amended (the 1940 Act), as an open-end management investment company
organized as a Delaware business trust. The following summarizes the
significant accounting policies of the fund:
SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and
certain conditions therein, securities are valued initially at cost and
thereafter assume a constant amortization to maturity of any discount or
premium.
INCOME TAXES. As a qualified regulated investment company under Subchapter
M of the Internal Revenue Code, the fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
its fiscal year. The schedule of investments includes information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
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.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the fund, along with other
affiliated entities of Fidelity Management & Research Company (FMR), may
transfer uninvested cash balances into one or more joint trading accounts.
These balances are invested in one or more repurchase agreements that
mature in 60 days or less from the date of purchase, and are collateralized
by U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The fund, through its custodian, receives delivery
of the underlying securities, whose market value is required to be at least
102% of the resale price at the time of purchase. FMR, the fund's
investment adviser, is responsible for determining that the value of these
underlying securities remains at least equal to the resale price.
RESTRICTED SECURITIES. The fund is permitted to invest in privately placed
restricted securities. These securities may be resold in transactions
exempt from registration or to the public if the securities are registered.
Disposal of
2. OPERATING POLICIES -
CONTINUED
RESTRICTED SECURITIES - CONTINUED
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, restricted securities (excluding 144A issues) amounted to
$531,971,000 or 3.2% of net assets.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, FMR receives a monthly
fee that is calculated by multiplying the sum of two components, a group
fee rate plus a fixed individual fund fee rate, by the average net assets
of the fund and adding an income-based fee. 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
.1200% to .3700% for the period. 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. The annual individual fund fee rate is 0.03%. The
income-based fee is only added when the fund's gross yield exceeds 5%. At
that time the income-based fee would equal 6% of that portion of the fund's
gross income that represents a gross yield of more than 5% per year. The
maximum income-based component is .24% (annualized) of average net assets.
For the period, the management fee was equivalent to an annual rate of .25%
of average net assets.
SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to the fund's Distribution and Service
Plan.
TRANSFER AGENT FEES. Fidelity Service Co. (FSC), an affiliate of FMR, is
the fund's transfer, dividend disbursing and shareholder servicing agent.
During the period December 1, 1994 to December 31, 1994, FSC received fees
based on the type, size, number of accounts and the number of transactions
made by shareholders. Effective January 1, 1995, the Board of Trustees
approved a revised transfer agent contract pursuant to which FSC receives
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.
ACCOUNTING FEES. FSC maintains the fund's accounting records. The fee is
based on the level of average net assets for the month plus out-of-pocket
expenses.
REPORT OF INDEPENDENT ACCOUNTANTS
To the Trustees of Fidelity Phillips Street Trust and the Shareholders of
Fidelity Cash Reserves:
We have audited the accompanying statement of assets and liabilities of
Fidelity Phillips Street Trust: Fidelity Cash Reserves, including the
schedule of portfolio investments, as of May 31, 1995, and the related
statement of operations for the six months then ended, the statements of
changes in net assets for the six months then ended and for the year ended
November 30, 1994, and the financial highlights for the six months ended
May 31, 1995 and for each of the five years in the period ended November
30, 1994. These financial statements and financial highlights are the
responsibility of the fund's management. Our responsibility is to express
an opinion on these financial statements and financial highlights based on
our audits.
We conducted our audits in accordance with generally accepted auditing
standards. Those standards require that we plan and perform the audit to
obtain reasonable assurance about whether the financial statements and
financial highlights are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures
in the financial statements. Our procedures included confirmation of
securities owned as of May 31, 1995 by correspondence with the custodian
and brokers. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating
the overall financial statement presentation. We believe that our audits
provide a reasonable basis for our opinion.
In our opinion, the financial statements and financial highlights referred
to above present fairly, in all material respects, the financial position
of Fidelity Phillips Street Trust: Fidelity Cash Reserves as of May 31,
1995, the results of its operations for the six months then ended, the
changes in its net assets for the six months then ended and for the year
ended November 30, 1994, and the financial highlights for the six months
ended May 31, 1995 and for each of the five years in the period ended
November 30, 1994, in conformity with generally accepted accounting
principles.
/s/COOPERS & LYBRAND L.L.P.
COOPERS & LYBRAND L.L.P.
Dallas, Texas
June 22, 1995
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
100 Crosby Parkway - KP2C
Covington, KY 41015-4399
SELLING SHARES
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
Fidelity Investments
P.O. Box 30281
Salt Lake City, UT 84130-0281
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions
World Trade Center
164 Northern Avenue
Boston, MA 02210
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 193
Boston, MA 02210-0193
(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
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
7373 N. Scottsdale Road
Scottsdale, AZ
CALIFORNIA
851 East Hamilton Avenue
Campbell, CA
527 North Brand Boulevard
Glendale, CA
19100 Von Karman Avenue
Irvine, CA
10100 Santa Monica Blvd.
Los Angeles, CA
811 Wilshire Boulevard
Los Angeles, CA
251 University Avenue
Palo Alto, CA
1760 Challenge Way
Sacramento, CA
7676 Hazard Center Drive
San Diego, CA
455 Market Street
San Francisco, CA
1400 Civic Drive
Walnut Creek, CA
COLORADO
1625 Broadway
Denver, CO
CONNECTICUT
185 Asylum Street
Hartford, CT
265 Church Street
New Haven, CT
300 Atlantic Street
Stamford, CT
DELAWARE
222 Delaware Avenue
Wilmington, DE
FLORIDA
4400 N. Federal Highway
Boca Raton, FL
90 Alhambra Plaza
Coral Gables, FL
4090 N. Ocean Boulevard
Ft. Lauderdale, FL
4001 Tamiami Trail, North
Naples, FL
1907 West State Road 434
Orlando, FL
2401 PGA Boulevard
Palm Beach Gardens, FL
8065 Beneva Road
Sarasota, FL
2000 66th Street, North
St. Petersburg, FL
GEORGIA
3525 Piedmont Road, N.E.
Atlanta, GA
1000 Abernathy Road
Atlanta, GA
HAWAII
700 Bishop Street
Honolulu, HI
ILLINOIS
215 East Erie Street
Chicago, IL
One North Franklin
Chicago, IL
540 Lake Cook Road
Deerfield, IL
1415 West 22nd Street
Oak Brook, IL
1700 East Golf Road
Schaumburg, IL
LOUISIANA
201 St. Charles Avenue
New Orleans, LA
MAINE
3 Canal Plaza
Portland, ME
MARYLAND
7401 Wisconsin Avenue
Bethesda, MD
1 West Pennsylvania Ave.
Towson, MD
MASSACHUSETTS
470 Boylston Street
Boston, MA
21 Congress Street
Boston, MA
25 State Street
Boston, MA
300 Granite Street
Braintree, MA
44 Mall Road
Burlington, MA
416 Belmont Street
Worcester, MA
MICHIGAN
280 North Woodward Ave.
Birmingham, MI
26955 Northwestern Hwy.
Southfield, MI
MINNESOTA
7600 France Avenue South
Edina, MN
MISSOURI
700 West 47th Street
Kansas City, MO
8885 Ladue Road
Ladue, MO
200 North Broadway
St. Louis, MO
NEW JERSEY
60B South Street
Morristown, NJ
501 Route 17, South
Paramus, NJ
505 Millburn Avenue
Short Hills, NJ
NEW YORK
1050 Franklin Avenue
Garden City, NY
999 Walt Whitman Road
Melville, L.I., NY
1271 Avenue of the
Americas
New York, NY
71 Broadway
New York, NY
350 Park Avenue
New York, NY
10 Bank Street
White Plains, NY
NORTH CAROLINA
4611 Sharon Road
Charlotte, NC
2200 West Main Street
Durham, NC
OHIO
600 Vine Street
Cincinnati, OH
28699 Chagrin Boulevard
Woodmere Village, OH
1903 East Ninth Street
Cleveland, OH
OREGON
121 S.W. Morrison Street
Portland, OR
PENNSYLVANIA
1735 Market Street
Philadelphia, PA
439 Fifth Avenue
Pittsburgh, PA
TENNESSEE
5100 Poplar Avenue
Memphis, TN
TEXAS
10000 Research Boulevard
Austin, TX
7001 Preston Road
Dallas, TX
1155 Dairy Ashford
Houston, TX
2701 Drexel Drive
Houston, TX
1010 Lamar Street
Houston, TX
400 East Las Colinas Blvd.
Irving, TX
14100 San Pedro
San Antonio, TX
UTAH
215 South State Street
Salt Lake City, UT
VERMONT
199 Main Street
Burlington, VT
VIRGINIA
8180 Greensboro Drive
McLean, VA
WASHINGTON
411 108th Avenue, N.E.
Bellevue, WA
1001 Fourth Avenue
Seattle, WA
WASHINGTON, DC
1775 K Street, N.W.
Washington, DC
WISCONSIN
222 East Wisconsin Avenue
Milwaukee, WI
INVESTMENT ADVISER
(registered trademark)
Fidelity Management & Research
Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, President
J. Gary Burkhead, Senior Vice President
Fred L. Henning, Jr., Vice President
Robert Litterst, Vice President
Arthur S. Loring, Secretary
Stephen P. Jonas, Treasurer
Thomas D. Maher, Assistant
Vice President
Michael D. Conway, Assistant Treasurer
John H. Costello, Assistant Treasurer
Leonard M. Rush, Assistant Treasurer
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox*
Phyllis Burke Davis*
Richard J. Flynn*
Edward C. Johnson 3d
E. Bradley Jones*
Donald J. Kirk*
Peter S. Lynch
Edward H. Malone*
Marvin L. Mann*
Gerald C. McDonough*
Thomas R. Williams*
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENT
Fidelity Service Co.
Boston, MA
CUSTODIAN
The Bank of New York
New York, NY
FIDELITY'S TAXABLE
MONEY MARKET FUNDS
Fidelity Cash Reserves
Fidelity Daily Income Trust
Fidelity U.S. Government Reserves
Spartan(registered trademark) Money Market Fund
Spartan U.S. Government
Money Market Fund
Spartan U.S. Treasury
Money Market Fund
THE FIDELITY
TELEPHONE CONNECTION
MUTUAL FUND 24-HOUR SERVICE
Account Balances 1-800-544-7544
Exchanges/Redemptions 1-800-544-7777
Mutual Fund Quotes 1-800-544-8544
Account Assistance 1-800-544-6666
Product Information 1-800-544-8888
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
TDD Service 1-800-544-0118
for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
* INDEPENDENT TRUSTEES
AUTOMATED LINES FOR QUICKEST SERVICE
