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Previous: ROBINSON NUGENT INC, 8-K, EX-99.1, 2001-01-18 |
Next: FLEETWOOD ENTERPRISES INC/DE/, 424B3, 2001-01-18 |
Annual Report
November 30, 2000
(2_fidelity_logos)(Registered_Trademark)
|
President's Message |
Ned Johnson on investing strategies. |
|
|
Performance |
How the fund has done over time. |
|
|
Fund Talk |
The manager's review of fund performance, strategy and outlook. |
|
|
Investment Changes |
A summary of major shifts in the fund's
investments over the past six months |
|
|
Investments |
A complete list of the fund's investments. |
|
|
Financial Statements |
Statements of assets and liabilities,
operations, and changes in net assets, |
|
|
Notes |
Notes to the financial statements. |
|
|
Report of Independent Accountants |
The auditors' opinion. |
|
|
Proxy Voting Results |
|
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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 risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Annual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
For the first time since 1990, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, appeared nearly certain to outperform the U.S. stock market, as measured by the S&P 500®. The former was up nearly 10% year to date through November, while the S&P 500 was down by approximately the same amount. Disappointing corporate earnings and uncertainty concerning a president-elect toppled the stock market late in the period.
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.
First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. You should also keep money you'll need in the near future in a more stable investment.
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 1-800-544-6666, 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,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
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.
Cumulative Total Returns
|
Periods ended November 30, 2000 |
|
Past 1 |
Past 5 |
Past 10 |
|
Fidelity Cash Reserves |
|
6.13% |
29.93% |
61.85% |
|
All Taxable Money Market Funds Average |
|
5.81% |
28.47% |
58.20% |
Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, 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 all taxable money market funds average, which reflects the performance of taxable money market funds with similar objectives tracked by iMoneyNet, Inc. The past one year average represents a peer group of 981 money market funds.
Average Annual Total Returns
|
Periods ended November 30, 2000 |
|
Past 1 |
Past 5 |
Past 10 |
|
Fidelity Cash Reserves |
|
6.13% |
5.38% |
4.93% |
|
All Taxable Money Market Funds Average |
|
5.81% |
5.13% |
4.69% |
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.
Annual Report
Performance - continued
Yields
|
|
11/28/00 |
8/29/00 |
5/30/00 |
2/29/00 |
11/30/99 |
|
Fidelity Cash Reserves |
6.24% |
6.26% |
6.15% |
5.53% |
5.32% |
|
All Taxable Money Market Funds Average |
6.02% |
6.00% |
5.76% |
5.27% |
5.03% |
|
|
11/29/00 |
8/30/00 |
5/31/00 |
3/1/00 |
12/1/99 |
|
MMDA |
2.14% |
2.12% |
2.10% |
2.09% |
2.07% |
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 all taxable money market funds average and the bank money market deposit account (MMDA) average. Figures for the all taxable money market funds average are from iMoneyNet, Inc. The MMDA average is supplied by BANK RATE MONITOR(TM).
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 market 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.
3A money market fund's total returns and yields will vary, and reflect past results rather than predict future performance.
Annual Report
(Portfolio Manager photograph)
An interview with John Todd, Portfolio Manager of Fidelity Cash Reserves
Q. John, what was the investment environment like during the year that ended November 30, 2000?
A. During the first half of the period, the Federal Reserve Board raised short-term interest rates in an attempt to harness economic growth and temper inflationary pressures. From mid-1999 through May 2000, the Fed increased the benchmark fed funds target rate by 1.75 percentage points in a series of six separate moves. At the time of the Fed's last move, market observers expected that the Fed would continue to push rates higher through the end of 2000. This view proved to be unfounded, however, as the Fed decided it could tolerate faster economic growth, thanks in part to accelerating productivity that helped contain inflation. Consequently, the Fed decided during the summer to pause and assess the effects of its prior actions, and it remained on the sidelines as the fall's election approached. When the Fed decided to keep rates unchanged in August, it reaffirmed what had become the market's newfound belief that the Fed would keep rates steady for the balance of the year. Data continued to confirm that economic growth was moderating from the rapid pace we had seen in the first half of 2000. Several reasons were cited for this slowdown: the Fed rate increases raised borrowing costs; rising energy prices reduced consumers' disposable income; and raw materials costs hurt corporate earnings and stock market performance. Further, declining financial asset prices cut into disposable income, dampening economic growth. In spite of the slowdown, economic growth remained solid and inflation remained benign despite rising energy prices and a strong labor market. Productivity growth was credited for muting the inflationary effects typically sparked by low unemployment and rising wages and benefits. While the Fed maintained a bias toward raising rates during most of the second half of the period, evidence of softening economic growth both here and abroad prompted many investors to conclude that the next Fed move would be a rate cut.
Q. What was your strategy with the fund?
A. During the first half of the year, I kept the fund's average maturity relatively short, aiming to invest in as many securities as possible that matured right around the dates when the Fed held its Open Market Committee meetings. By doing so, I was able to re-invest maturing assets in securities offering increasing yields. Moving into the second quarter, investors were rewarded with higher yields for investing in longer-term securities. At that time, I extended the average maturity of the fund by buying six-month and one-year securities that I felt adequately compensated the fund given my interest-rate outlook. Once market sentiment shifted, investors were no longer rewarded for taking on the added risk of investing in longer-term money market securities. During the summer, I allowed the fund's average maturity to shorten because I did not feel the Fed would cut rates in the near term. Near the end of November, however, I started purchasing some longer-term paper to lock in higher yields in anticipation of declining rates.
Annual Report
Fund Talk: The Manager's Overview - continued
Q. How did the fund perform?
A. The fund's seven-day yield on November 30, 2000, was 6.24%, compared to 5.32% 12 months ago. For the 12 months that ended November 30, 2000, the fund had a total return of 6.13%, compared to 5.81% for the all taxable money market funds average, according to iMoneyNet, Inc.
Q. What's your outlook, John?
A. Even though core inflation has started to creep up a bit, prices generally have stayed steady. The economy is slowing, and the big question at this point is just how much the economy will slow down. The magnitude and duration of the slowdown, as well as credit market behavior during the next few months, will play a big role in determining the future course of Fed policy. If recent turbulent market action continues and threatens to slow economic growth further, or if the economy slows too quickly, the Fed is likely to reduce rates. However, if markets stabilize the Fed would probably welcome slower growth at levels it feels comfortable would further dampen inflationary pressures.
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.
Fund Facts
Goal: seeks a high level of current income as is consistent with the preservation of capital and liquidity
Fund number: 055
Trading symbol: FDRXX
Start date: May 10,1979
Size: as of November 30, 2000, more than $44.2 billion
Manager: John Todd, since 1997; manager, several other Fidelity and Spartan taxable money market funds; joined Fidelity in 1981
3Annual Report
|
Maturity Diversification |
|||
|
Days |
% of fund's investments 11/30/00 |
% of fund's investments 5/31/00 |
% of fund's investments 11/30/99 |
|
0 - 30 |
36.6 |
53.3 |
35.8 |
|
31 - 90 |
37.3 |
25.9 |
40.5 |
|
91 - 180 |
24.8 |
10.6 |
19.7 |
|
181 - 397 |
1.3 |
10.2 |
4.0 |
|
Weighted Average Maturity |
|||
|
|
11/30/00 |
5/31/00 |
11/30/99 |
|
Fidelity Cash Reserves |
64 Days |
67 Days |
62 Days |
|
All Taxable Money Market |
50 Days |
50 Days |
54 Days |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of November 30, 2000 |
As of May 31, 2000 |
||||||
 |
Commercial |
|
|
Commercial |
|
||
 |
Bank CDs, BAs, |
|
|
Bank CDs, BAs, |
|
||
 |
Government |
|
|
Government |
|
||
 |
Other Investments |
|
|
Other Investments |
|
||
* Other Investments and Net Other Assets are not included in the pie chart.
** Source: iMoneyNet, Inc.®
Annual Report
Showing Percentage of Net Assets
|
Certificates of Deposit - 38.6% |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Domestic Certificates Of Deposit - 0.9% |
||||
|
First Union National Bank, North Carolina |
||||
|
5/15/01 |
7.35% |
$ 225,000 |
$ 225,000 |
|
|
U.S. Bank NA, Minnesota |
||||
|
12/1/00 |
6.72 (b) |
170,000 |
170,000 |
|
|
|
395,000 |
|||
|
London Branch, Eurodollar, Foreign Banks - 21.1% |
||||
|
Abbey National Treasury Services PLC |
||||
|
2/15/01 |
6.63 |
445,000 |
445,000 |
|
|
3/1/01 |
6.62 |
210,000 |
210,000 |
|
|
3/1/01 |
6.64 |
226,000 |
226,000 |
|
|
3/12/01 |
6.70 |
600,000 |
600,000 |
|
|
ABN-AMRO Bank NV |
||||
|
3/1/01 |
6.62 |
250,000 |
250,000 |
|
|
Alliance & Leicester PLC |
||||
|
3/5/01 |
6.65 |
100,000 |
100,000 |
|
|
Bank of Scotland Treasury Services PLC |
||||
|
2/7/01 |
6.64 |
150,000 |
149,997 |
|
|
Barclays Bank PLC |
||||
|
12/27/00 |
6.55 |
400,000 |
400,000 |
|
|
2/7/01 |
6.63 |
200,000 |
200,000 |
|
|
2/8/01 |
6.65 |
380,000 |
380,000 |
|
|
2/12/01 |
6.66 |
260,000 |
260,000 |
|
|
2/28/01 |
6.64 |
108,000 |
108,000 |
|
|
Bayerische Hypo-und Vereinsbank AG |
||||
|
12/11/00 |
6.50 |
300,000 |
300,000 |
|
|
2/7/01 |
6.63 |
200,000 |
200,000 |
|
|
2/8/01 |
6.64 |
100,000 |
100,000 |
|
|
2/26/01 |
6.74 |
400,000 |
400,000 |
|
|
3/1/01 |
6.64 |
225,000 |
225,000 |
|
|
3/13/01 |
6.67 |
340,000 |
340,000 |
|
|
3/26/01 |
6.62 |
325,000 |
325,000 |
|
|
Commerzbank AG |
||||
|
2/15/01 |
6.63 |
135,000 |
135,000 |
|
|
Credit Agricole Indosuez |
||||
|
5/31/01 |
6.60 |
200,000 |
200,009 |
|
|
Halifax PLC |
||||
|
12/7/00 |
6.43 |
25,000 |
25,000 |
|
|
2/16/01 |
6.63 |
90,000 |
90,000 |
|
|
2/20/01 |
6.63 |
75,000 |
75,000 |
|
|
Certificates of Deposit - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
London Branch, Eurodollar, Foreign Banks - continued |
||||
|
ING Bank NV |
||||
|
2/7/01 |
6.63% |
$ 250,000 |
$ 250,000 |
|
|
3/1/01 |
6.62 |
375,000 |
375,000 |
|
|
3/12/01 |
6.70 |
125,000 |
125,000 |
|
|
3/20/01 |
6.61 |
180,000 |
180,000 |
|
|
6/4/01 |
6.52 |
50,000 |
50,000 |
|
|
Landesbank Baden-Wuerttemberg |
||||
|
2/8/01 |
6.64 |
200,000 |
200,000 |
|
|
Landesbank Hessen-Thuringen |
||||
|
6/4/01 |
6.51 |
200,000 |
200,010 |
|
|
National Australia Bank Ltd. |
||||
|
2/5/01 |
6.63 |
50,000 |
49,998 |
|
|
Nationwide Building Society |
||||
|
2/14/01 |
6.70 |
110,000 |
110,000 |
|
|
Norddeutsche Landesbank Girozentrale |
||||
|
12/29/00 |
6.55 |
150,000 |
149,998 |
|
|
2/23/01 |
6.73 |
100,000 |
100,004 |
|
|
Northern Rock PLC |
||||
|
2/28/01 |
6.66 |
38,000 |
38,000 |
|
|
3/7/01 |
6.71 |
25,000 |
25,000 |
|
|
RaboBank Nederland Coop. Central |
||||
|
12/18/00 |
6.52 |
135,000 |
135,000 |
|
|
2/7/01 |
6.63 |
350,000 |
350,000 |
|
|
Societe Generale |
||||
|
12/1/00 |
6.57 |
225,000 |
225,000 |
|
|
12/18/00 |
6.54 |
210,000 |
210,000 |
|
|
Svenska Handelsbanken AB |
||||
|
2/1/01 |
6.65 |
50,000 |
50,000 |
|
|
2/1/01 |
6.67 |
100,000 |
100,001 |
|
|
3/2/01 |
6.64 |
100,000 |
100,000 |
|
|
Westdeutsche Landesbank Girozentrale |
||||
|
2/12/01 |
6.75 |
150,000 |
149,992 |
|
|
2/28/01 |
6.75 |
120,000 |
120,000 |
|
|
3/12/01 |
6.70 |
75,000 |
74,998 |
|
|
5/14/01 |
6.64 |
200,000 |
200,000 |
|
|
|
9,312,007 |
|||
|
New York Branch, Yankee Dollar, Foreign Banks - 16.6% |
||||
|
Bayerische Hypo-und Vereinsbank AG |
||||
|
2/5/01 |
6.63 |
300,000 |
300,000 |
|
|
Certificates of Deposit - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
New York Branch, Yankee Dollar, Foreign Banks - continued |
||||
|
Canadian Imperial Bank of Commerce |
||||
|
12/1/00 |
6.62% (b) |
$ 235,000 |
$ 234,924 |
|
|
12/21/00 |
6.55 |
100,000 |
100,000 |
|
|
Commerzbank AG |
||||
|
3/19/01 |
6.62 |
340,000 |
340,000 |
|
|
3/23/01 |
6.75 |
335,000 |
335,000 |
|
|
3/26/01 |
6.61 |
130,000 |
130,000 |
|
|
Credit Agricole Indosuez |
||||
|
12/4/00 |
6.55 |
100,000 |
100,000 |
|
|
2/20/01 |
6.64 |
450,000 |
450,000 |
|
|
Credit Communal de Belgique SA |
||||
|
5/2/01 |
7.11 |
100,000 |
99,988 |
|
|
5/3/01 |
7.10 |
100,000 |
99,988 |
|
|
Deutsche Bank AG |
||||
|
12/11/00 |
6.55 (b) |
230,000 |
229,995 |
|
|
2/5/01 |
6.75 |
425,000 |
424,960 |
|
|
2/22/01 |
6.82 |
200,000 |
199,978 |
|
|
5/3/01 |
7.10 |
100,000 |
99,988 |
|
|
Dexia Bank SA |
||||
|
3/5/01 |
6.62 |
75,000 |
75,000 |
|
|
Dresdner Bank AG |
||||
|
12/29/00 |
7.05 |
345,000 |
345,000 |
|
|
Landesbank Baden-Wuerttemberg |
||||
|
2/12/01 |
6.63 |
200,000 |
200,001 |
|
|
Merita Bank PLC |
||||
|
2/13/01 |
6.63 |
100,000 |
100,000 |
|
|
2/20/01 |
6.63 |
135,000 |
135,000 |
|
|
2/21/01 |
6.64 |
50,000 |
50,000 |
|
|
3/6/01 |
6.63 |
115,000 |
115,000 |
|
|
National Bank of Canada |
||||
|
12/4/00 |
6.55 |
85,000 |
85,000 |
|
|
National Westminster Bank PLC |
||||
|
12/4/00 |
6.55 |
200,000 |
200,000 |
|
|
Norddeutsche Landesbank Girozentrale |
||||
|
2/8/01 |
6.75 |
110,000 |
109,990 |
|
|
5/8/01 |
7.15 |
215,000 |
214,982 |
|
|
Royal Bank of Canada |
||||
|
12/1/00 |
6.62 (b) |
500,000 |
499,870 |
|
|
12/13/00 |
6.55 (b) |
275,000 |
274,992 |
|
|
3/1/01 |
6.60 |
300,000 |
300,007 |
|
|
Certificates of Deposit - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
New York Branch, Yankee Dollar, Foreign Banks - continued |
||||
|
Royal Bank of Canada - continued |
||||
|
5/2/01 |
7.00% |
$ 150,000 |
$ 149,988 |
|
|
5/3/01 |
7.10 |
15,000 |
14,998 |
|
|
Societe Generale |
||||
|
12/5/00 |
6.56 (b) |
325,000 |
324,885 |
|
|
12/21/00 |
6.54 (b) |
215,000 |
214,913 |
|
|
Svenska Handelsbanken AB |
||||
|
5/2/01 |
7.00 |
190,000 |
189,985 |
|
|
Toronto Dominion Bank |
||||
|
3/1/01 |
6.62 |
175,000 |
175,000 |
|
|
UBS AG |
||||
|
12/7/00 |
6.45 |
50,000 |
49,997 |
|
|
5/1/01 |
7.00 |
395,000 |
394,969 |
|
|
|
7,364,398 |
|||
|
TOTAL CERTIFICATES OF DEPOSIT |
17,071,405 |
|||
|
Commercial Paper - 47.0% |
||||
|
|
||||
|
Alliance & Leicester PLC |
||||
|
12/18/00 |
6.65 |
100,000 |
99,693 |
|
|
5/21/01 |
6.61 |
45,000 |
43,632 |
|
|
Amsterdam Funding Corp. |
||||
|
12/1/00 |
6.56 |
25,000 |
25,000 |
|
|
12/6/00 |
6.56 |
175,000 |
174,842 |
|
|
12/13/00 |
6.58 |
50,000 |
49,891 |
|
|
12/14/00 |
6.56 |
10,000 |
9,976 |
|
|
12/18/00 |
6.57 |
100,000 |
99,692 |
|
|
12/19/00 |
6.57 |
100,000 |
99,675 |
|
|
12/20/00 |
6.57 |
70,000 |
69,759 |
|
|
12/21/00 |
6.57 |
25,000 |
24,909 |
|
|
12/22/00 |
6.60 |
50,000 |
49,811 |
|
|
ANZ (Delaware), Inc. |
||||
|
3/7/01 |
6.63 |
150,000 |
147,396 |
|
|
Aspen Funding Corp. |
||||
|
12/7/00 |
6.57 |
100,000 |
99,891 |
|
|
2/6/01 |
6.65 |
125,000 |
123,481 |
|
|
Asset Securitization Coop. Corp. |
||||
|
12/26/00 |
6.56 (b) |
415,000 |
414,991 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Associates Corp. of North America |
||||
|
2/8/01 |
6.66% |
$ 60,000 |
$ 59,246 |
|
|
2/13/01 |
6.70 |
100,000 |
98,658 |
|
|
2/14/01 |
6.70 |
25,000 |
24,660 |
|
|
3/19/01 |
6.64 |
97,000 |
95,106 |
|
|
3/21/01 |
6.61 |
100,000 |
98,035 |
|
|
Associates First Capital BV |
||||
|
2/2/01 |
6.71 |
55,000 |
54,371 |
|
|
2/20/01 |
6.71 |
50,000 |
49,265 |
|
|
3/21/01 |
6.65 |
60,000 |
58,807 |
|
|
AT&T Corp. |
||||
|
12/19/00 |
6.65 (b) |
205,000 |
205,000 |
|
|
1/16/01 |
6.75 (b) |
75,000 |
75,008 |
|
|
2/26/01 |
6.71 |
300,000 |
295,288 |
|
|
2/27/01 |
6.71 |
100,000 |
98,411 |
|
|
3/5/01 |
7.23 |
115,000 |
112,868 |
|
|
Bank of America Corp. |
||||
|
3/12/01 |
6.72 |
25,000 |
24,545 |
|
|
Bank One Corp. |
||||
|
3/22/01 |
6.62 |
75,000 |
73,502 |
|
|
Bear Stearns Companies, Inc. |
||||
|
12/11/00 |
6.62 |
70,000 |
69,874 |
|
|
Bradford & Bingley Building Society |
||||
|
2/6/01 |
6.65 |
50,000 |
49,391 |
|
|
2/15/01 |
6.64 |
75,000 |
73,966 |
|
|
CBA Finance, Inc. |
||||
|
2/27/01 |
6.64 |
30,000 |
29,522 |
|
|
3/2/01 |
6.62 |
125,000 |
122,943 |
|
|
Centric Capital Corp. |
||||
|
12/26/00 |
6.58 |
22,400 |
22,298 |
|
|
12/27/00 |
6.59 |
58,250 |
57,974 |
|
|
2/21/01 |
6.58 |
30,400 |
29,947 |
|
|
CIESCO LP |
||||
|
3/7/01 |
6.63 |
30,000 |
29,479 |
|
|
Citibank Credit Card Master Trust I (Dakota Certificate Program) |
||||
|
12/12/00 |
6.56 |
150,000 |
149,701 |
|
|
12/13/00 |
6.57 |
25,000 |
24,946 |
|
|
1/18/01 |
6.77 |
50,000 |
49,553 |
|
|
ConAgra Foods, Inc. |
||||
|
12/4/00 |
6.82 |
26,940 |
26,925 |
|
|
12/7/00 |
6.71 |
25,000 |
24,972 |
|
|
12/7/00 |
6.83 |
29,400 |
29,367 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
ConAgra Foods, Inc. - continued |
||||
|
12/14/00 |
6.75% |
$ 60,000 |
$ 59,854 |
|
|
12/14/00 |
6.78 |
35,000 |
34,915 |
|
|
1/26/01 |
6.96 |
25,000 |
24,734 |
|
|
1/29/01 |
7.14 |
60,000 |
59,307 |
|
|
1/30/01 |
7.02 |
40,000 |
39,539 |
|
|
Conoco, Inc. |
||||
|
12/15/00 |
6.72 |
125,000 |
124,675 |
|
|
Corporate Asset Funding Co. |
||||
|
3/7/01 |
6.63 |
60,000 |
58,958 |
|
|
Corporate Receivables Corp. |
||||
|
12/6/00 |
6.57 |
25,000 |
24,977 |
|
|
12/6/00 |
6.60 |
75,000 |
74,932 |
|
|
12/15/00 |
6.55 |
45,000 |
44,886 |
|
|
2/5/01 |
6.65 |
100,000 |
98,799 |
|
|
2/26/01 |
6.65 |
85,000 |
83,659 |
|
|
CXC, Inc. |
||||
|
12/1/00 |
6.56 |
35,000 |
35,000 |
|
|
12/6/00 |
6.60 |
150,000 |
149,865 |
|
|
12/13/00 |
6.60 |
50,000 |
49,892 |
|
|
12/14/00 |
6.57 |
20,000 |
19,953 |
|
|
2/5/01 |
6.65 |
95,000 |
93,859 |
|
|
2/14/01 |
6.64 |
50,750 |
50,061 |
|
|
2/14/01 |
6.65 |
85,000 |
83,843 |
|
|
2/15/01 |
6.65 |
35,000 |
34,517 |
|
|
2/16/01 |
6.64 |
90,000 |
88,744 |
|
|
2/22/01 |
6.65 |
50,000 |
49,247 |
|
|
2/27/01 |
6.65 |
75,000 |
73,803 |
|
|
3/9/01 |
6.62 |
90,000 |
88,408 |
|
|
3/15/01 |
6.70 |
50,000 |
49,064 |
|
|
Daimler-Chrysler North America Holding Corp. |
||||
|
12/12/00 |
6.57 |
50,000 |
49,901 |
|
|
12/13/00 |
6.59 |
75,000 |
74,838 |
|
|
3/2/01 |
6.71 |
45,000 |
44,262 |
|
|
3/5/01 |
6.70 |
95,000 |
93,368 |
|
|
Delaware Funding Corp. |
||||
|
12/18/00 |
6.56 |
137,153 |
136,731 |
|
|
1/22/01 |
6.70 |
225,000 |
222,849 |
|
|
2/8/01 |
6.65 |
51,615 |
50,968 |
|
|
2/26/01 |
6.65 |
38,566 |
37,957 |
|
|
Den Danske Corp., Inc. |
||||
|
2/16/01 |
6.64 |
100,000 |
98,604 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Deutsche Bank Financial, Inc. |
||||
|
2/7/01 |
6.64% |
$ 550,000 |
$ 543,226 |
|
|
2/8/01 |
6.64 |
150,000 |
148,125 |
|
|
2/15/01 |
6.63 |
200,000 |
197,247 |
|
|
5/7/01 |
6.63 |
195,000 |
189,545 |
|
|
Dominion Resources, Inc. |
||||
|
12/7/00 |
6.78 |
25,000 |
24,972 |
|
|
12/8/00 |
6.78 |
20,000 |
19,974 |
|
|
12/14/00 |
6.78 |
25,000 |
24,939 |
|
|
Edison Asset Securitization LLC |
||||
|
12/1/00 |
6.57 |
300,000 |
300,000 |
|
|
12/27/00 |
6.55 |
315,000 |
313,517 |
|
|
Enterprise Funding Corp. |
||||
|
2/12/01 |
6.66 |
35,943 |
35,466 |
|
|
2/27/01 |
6.64 |
145,000 |
142,685 |
|
|
Falcon Asset Securitization Corp. |
||||
|
12/13/00 |
6.56 |
39,120 |
39,035 |
|
|
12/15/00 |
6.59 |
80,000 |
79,798 |
|
|
1/22/01 |
6.69 |
107,142 |
106,119 |
|
|
1/31/01 |
6.72 |
60,000 |
59,325 |
|
|
2/23/01 |
6.65 |
49,000 |
48,255 |
|
|
3/20/01 |
6.69 |
30,000 |
29,412 |
|
|
Fortis Funding LLC |
||||
|
2/8/01 |
6.64 |
50,000 |
49,373 |
|
|
GE Capital International Funding, Inc. |
||||
|
2/7/01 |
6.65 |
150,000 |
148,144 |
|
|
2/8/01 |
6.67 |
118,000 |
116,532 |
|
|
2/9/01 |
6.63 |
140,000 |
138,225 |
|
|
General Electric Capital Corp. |
||||
|
12/18/00 |
6.57 |
195,000 |
194,405 |
|
|
2/9/01 |
6.73 |
100,000 |
98,730 |
|
|
2/27/01 |
6.72 |
115,000 |
113,173 |
|
|
3/5/01 |
6.58 |
50,000 |
49,155 |
|
|
3/13/01 |
6.64 |
140,000 |
137,438 |
|
|
General Motors Acceptance Corp. |
||||
|
2/1/01 |
6.71 |
85,000 |
84,046 |
|
|
2/9/01 |
6.64 |
110,000 |
108,605 |
|
|
2/12/01 |
6.64 |
185,000 |
182,554 |
|
|
2/13/01 |
6.64 |
550,000 |
542,622 |
|
|
2/15/01 |
6.64 |
250,000 |
246,559 |
|
|
2/16/01 |
6.64 |
200,000 |
197,211 |
|
|
2/20/01 |
6.64 |
85,000 |
83,751 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
General Motors Acceptance Corp. - continued |
||||
|
3/1/01 |
6.64% |
$ 69,000 |
$ 67,875 |
|
|
3/2/01 |
6.72 |
115,000 |
113,110 |
|
|
Heller Financial, Inc. |
||||
|
12/11/00 |
6.73 |
50,000 |
49,907 |
|
|
12/14/00 |
6.74 |
25,000 |
24,940 |
|
|
2/1/01 |
7.06 |
50,000 |
49,402 |
|
|
2/15/01 |
7.14 |
95,000 |
93,590 |
|
|
2/21/01 |
7.11 |
50,000 |
49,194 |
|
|
ING America Insurance Holdings, Inc. |
||||
|
2/15/01 |
6.63 |
50,000 |
49,312 |
|
|
2/16/01 |
6.65 |
50,000 |
49,302 |
|
|
2/26/01 |
6.65 |
40,000 |
39,372 |
|
|
Jupiter Securitization Corp. |
||||
|
12/4/00 |
6.56 |
26,910 |
26,895 |
|
|
12/18/00 |
6.60 |
90,000 |
89,724 |
|
|
12/22/00 |
6.57 |
36,555 |
36,416 |
|
|
1/25/01 |
6.74 |
110,000 |
108,879 |
|
|
1/30/01 |
6.71 |
108,730 |
107,530 |
|
|
2/5/01 |
6.64 |
50,000 |
49,401 |
|
|
2/12/01 |
6.69 |
30,543 |
30,136 |
|
|
2/16/01 |
6.67 |
20,000 |
19,720 |
|
|
Kitty Hawk Funding Corp. |
||||
|
12/8/00 |
6.60 |
69,513 |
69,425 |
|
|
12/11/00 |
6.61 |
71,000 |
70,870 |
|
|
12/26/00 |
6.58 |
12,631 |
12,574 |
|
|
2/7/01 |
6.65 |
30,613 |
30,235 |
|
|
2/8/01 |
6.65 |
20,014 |
19,763 |
|
|
Lehman Brothers Holdings, Inc. |
||||
|
12/4/00 |
6.72 (b) |
111,000 |
111,000 |
|
|
12/20/00 |
6.72 (b) |
58,000 |
58,000 |
|
|
12/26/00 |
6.72 (b) |
125,000 |
125,000 |
|
|
Lloyds TSB Bank PLC |
||||
|
2/16/01 |
6.63 |
125,000 |
123,258 |
|
|
Montauk Funding Corp. |
||||
|
12/14/00 |
6.56 |
65,000 |
64,847 |
|
|
2/6/01 |
6.65 |
88,756 |
87,674 |
|
|
2/8/01 |
6.66 |
185,000 |
182,677 |
|
|
2/9/01 |
6.67 |
85,000 |
83,917 |
|
|
2/12/01 |
6.67 |
85,000 |
83,871 |
|
|
2/15/01 |
6.66 |
80,300 |
79,190 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Nationwide Building Society |
||||
|
2/5/01 |
6.64% |
$ 13,757 |
$ 13,592 |
|
|
2/9/01 |
6.65 |
80,000 |
78,983 |
|
|
2/13/01 |
6.65 |
9,158 |
9,035 |
|
|
New Center Asset Trust |
||||
|
2/12/01 |
6.64 |
150,000 |
148,014 |
|
|
2/16/01 |
6.65 |
100,000 |
98,603 |
|
|
2/20/01 |
6.65 |
150,000 |
147,793 |
|
|
2/26/01 |
6.65 |
195,000 |
191,923 |
|
|
Newport Funding Corp. |
||||
|
12/7/00 |
6.57 |
200,000 |
199,782 |
|
|
12/29/00 |
6.58 |
100,000 |
99,491 |
|
|
Park Avenue Receivables Corp. |
||||
|
12/12/00 |
6.55 |
125,573 |
125,323 |
|
|
PHH Corp. |
||||
|
12/6/00 |
6.80 |
35,000 |
34,967 |
|
|
12/22/00 |
6.85 |
12,300 |
12,251 |
|
|
12/22/00 |
6.87 |
50,000 |
49,801 |
|
|
1/31/01 |
7.00 |
35,000 |
34,592 |
|
|
Phillips Petroleum Co. |
||||
|
12/6/00 |
6.77 |
23,000 |
22,979 |
|
|
12/7/00 |
6.80 |
26,000 |
25,971 |
|
|
2/21/01 |
6.98 |
69,000 |
67,911 |
|
|
2/28/01 |
7.15 |
19,000 |
18,670 |
|
|
Preferred Receivables Funding Corp. |
||||
|
1/22/01 |
6.69 |
20,000 |
19,809 |
|
|
Qwest Capital Funding, Inc. |
||||
|
12/7/00 |
6.82 |
25,000 |
24,972 |
|
|
1/26/01 |
7.14 |
25,000 |
24,726 |
|
|
1/26/01 |
7.35 |
31,307 |
30,953 |
|
|
Rohm & Haas Co. |
||||
|
12/1/00 |
6.80 |
58,512 |
58,512 |
|
|
12/27/00 |
6.77 |
30,000 |
29,854 |
|
|
Royal Bank of Canada |
||||
|
3/1/01 |
6.60 |
30,000 |
29,513 |
|
|
Salomon Smith Barney Holdings, Inc. |
||||
|
12/4/00 |
6.56 |
70,000 |
69,962 |
|
|
12/21/00 |
6.56 |
60,000 |
59,782 |
|
|
2/26/01 |
6.64 |
100,000 |
98,424 |
|
|
Sears Roebuck Acceptance Corp. |
||||
|
2/13/01 |
7.16 |
35,000 |
34,493 |
|
|
2/15/01 |
7.12 |
30,000 |
29,557 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Sears Roebuck Acceptance Corp. - continued |
||||
|
2/21/01 |
7.13% |
$ 22,000 |
$ 21,644 |
|
|
Societe Generale NA |
||||
|
12/26/00 |
6.69 |
110,000 |
109,513 |
|
|
2/14/01 |
6.63 |
136,500 |
134,646 |
|
|
2/20/01 |
6.64 |
85,000 |
83,752 |
|
|
2/28/01 |
6.72 |
350,000 |
344,380 |
|
|
3/5/01 |
6.61 |
250,000 |
245,760 |
|
|
3/7/01 |
6.62 |
100,000 |
98,267 |
|
|
Southern Co. |
||||
|
12/15/00 |
6.66 |
85,000 |
84,782 |
|
|
Svenska Handelsbanken, Inc. |
||||
|
2/8/01 |
6.63 |
28,000 |
27,650 |
|
|
3/12/01 |
6.70 |
30,000 |
29,455 |
|
|
Three Rivers Funding Corp. |
||||
|
12/22/00 |
6.58 |
25,000 |
24,904 |
|
|
Triple-A One Funding Corp. |
||||
|
12/6/00 |
6.56 |
27,808 |
27,783 |
|
|
12/7/00 |
6.55 |
30,214 |
30,181 |
|
|
12/15/00 |
6.59 |
54,514 |
54,376 |
|
|
2/5/01 |
6.65 |
50,000 |
49,401 |
|
|
Tyco International Group SA |
||||
|
12/6/00 |
6.85 |
50,000 |
49,953 |
|
|
12/12/00 |
6.78 |
23,500 |
23,452 |
|
|
1/29/01 |
7.02 |
65,000 |
64,265 |
|
|
1/31/01 |
7.08 |
35,000 |
34,587 |
|
|
UBS Finance, Inc. |
||||
|
3/26/01 |
6.62 |
460,000 |
450,493 |
|
|
3/30/01 |
6.62 |
520,000 |
508,879 |
|
|
5/25/01 |
6.61 |
460,000 |
445,711 |
|
|
Variable Funding Capital Corp. |
||||
|
12/11/00 |
6.56 |
32,935 |
32,875 |
|
|
12/12/00 |
6.56 |
100,000 |
99,801 |
|
|
12/12/00 |
6.57 |
50,000 |
49,901 |
|
|
12/12/00 |
6.59 (b) |
125,000 |
125,000 |
|
|
2/9/01 |
6.64 |
20,000 |
19,746 |
|
|
2/14/01 |
6.64 |
50,000 |
49,320 |
|
|
2/14/01 |
6.65 |
16,000 |
15,782 |
|
|
2/21/01 |
6.58 |
100,000 |
98,510 |
|
|
2/21/01 |
6.59 |
150,000 |
147,765 |
|
|
Ventures Business Trust |
||||
|
12/7/00 |
6.60 |
75,000 |
74,919 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Ventures Business Trust - continued |
||||
|
12/14/00 |
6.60% |
$ 150,000 |
$ 149,648 |
|
|
12/27/00 |
6.65 |
125,000 |
124,413 |
|
|
2/21/01 |
6.59 |
135,000 |
132,986 |
|
|
3/7/01 |
6.66 |
200,000 |
196,512 |
|
|
Verizon Global Funding Corp. |
||||
|
12/12/00 |
6.58 |
45,000 |
44,911 |
|
|
Vodafone AirTouch PLC |
||||
|
12/6/00 |
6.57 |
100,000 |
99,909 |
|
|
12/7/00 |
6.57 |
80,000 |
79,913 |
|
|
Wells Fargo Financial, Inc. |
||||
|
2/27/01 |
6.63 |
50,000 |
49,203 |
|
|
Windmill Funding Corp. |
||||
|
12/7/00 |
6.56 |
50,000 |
49,946 |
|
|
12/7/00 |
6.59 |
50,000 |
49,946 |
|
|
12/12/00 |
6.56 |
25,000 |
24,950 |
|
|
12/13/00 |
6.56 |
194,000 |
193,578 |
|
|
12/13/00 |
6.57 |
75,000 |
74,838 |
|
|
12/13/00 |
6.60 |
60,000 |
59,870 |
|
|
12/14/00 |
6.56 |
165,000 |
164,611 |
|
|
12/18/00 |
6.57 |
25,000 |
24,923 |
|
|
12/19/00 |
6.56 |
50,000 |
49,837 |
|
|
12/20/00 |
6.57 |
50,000 |
49,828 |
|
|
WorldCom, Inc. |
||||
|
12/1/00 |
6.73 |
32,215 |
32,215 |
|
|
12/1/00 |
7.00 |
45,000 |
45,000 |
|
|
12/7/00 |
6.76 |
125,000 |
124,860 |
|
|
12/7/00 |
6.78 |
100,000 |
99,888 |
|
|
12/14/00 |
6.78 |
25,000 |
24,939 |
|
|
2/1/01 |
7.05 |
105,000 |
103,746 |
|
|
TOTAL COMMERCIAL PAPER |
20,798,566 |
|||
|
Federal Agencies - 2.6% |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Fannie Mae - 1.2% |
||||
|
Discount Notes - 1.2% |
||||
|
3/19/01 |
6.51% |
$ 50,000 |
$ 49,051 |
|
|
4/5/01 |
6.52 |
91,286 |
89,283 |
|
|
5/24/01 |
6.48 |
280,000 |
271,508 |
|
|
5/31/01 |
6.49 |
150,000 |
145,264 |
|
|
|
555,106 |
|||
|
Federal Home Loan Bank - 0.5% |
||||
|
Discount Notes - 0.5% |
||||
|
2/1/01 |
6.50 |
161,000 |
159,309 |
|
|
3/14/01 |
6.50 |
50,000 |
49,094 |
|
|
|
208,403 |
|||
|
Freddie Mac - 0.9% |
||||
|
Discount Notes - 0.9% |
||||
|
2/1/01 |
6.57 |
86,000 |
85,087 |
|
|
2/7/01 |
6.50 |
200,000 |
197,696 |
|
|
5/24/01 |
6.49 |
100,000 |
96,960 |
|
|
|
379,743 |
|||
|
TOTAL FEDERAL AGENCIES |
1,143,252 |
|||
|
Bank Notes - 2.7% |
||||
|
|
||||
|
Bank of America NA |
||||
|
3/21/01 |
6.75 |
250,000 |
250,000 |
|
|
Bank One NA, Chicago |
||||
|
2/20/01 |
6.61 |
250,000 |
250,000 |
|
|
4/16/01 |
6.62 |
250,000 |
250,000 |
|
|
5/21/01 |
6.64 |
300,000 |
300,000 |
|
|
Comerica Bank, Detroit |
||||
|
12/1/00 |
6.64 (b) |
125,000 |
124,990 |
|
|
Lasalle Bank NA |
||||
|
2/5/01 |
6.75 |
30,000 |
29,997 |
|
|
TOTAL BANK NOTES |
1,204,987 |
|||
|
Master Notes - 1.0% |
||||
|
|
||||
|
Goldman Sachs Group, Inc. |
||||
|
12/28/00 |
6.63 (c) |
255,000 |
255,000 |
|
|
2/15/01 |
6.72 (c) |
205,000 |
205,000 |
|
|
TOTAL MASTER NOTES |
460,000 |
|||
|
Medium-Term Notes - 4.3% |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Associates Corp. of North America |
||||
|
12/29/00 |
6.66% (b) |
$ 415,000 |
$ 415,000 |
|
|
Bank of Scotland Treasury Services PLC |
||||
|
1/19/01 |
6.77 (b) |
129,000 |
129,001 |
|
|
CIT Group, Inc. |
||||
|
12/1/00 |
6.61 (b) |
190,000 |
189,949 |
|
|
Ford Motor Credit Co. |
||||
|
12/11/00 |
6.58 (b) |
250,000 |
249,995 |
|
|
General Motors Acceptance Corp. |
||||
|
12/14/00 |
6.57 (b) |
140,000 |
139,996 |
|
|
12/28/00 |
6.56 (b) |
200,000 |
199,957 |
|
|
General Motors Acceptance Corp. Mortgage Credit |
||||
|
12/1/00 |
6.67 |
225,000 |
225,000 |
|
|
Merrill Lynch & Co., Inc. |
||||
|
12/4/00 |
6.59 (b) |
190,000 |
189,994 |
|
|
Morgan Stanley Dean Witter & Co. |
||||
|
12/18/00 |
6.68 (b) |
150,000 |
149,999 |
|
|
TOTAL MEDIUM-TERM NOTES |
1,888,891 |
|||
|
Short-Term Notes - 3.9% |
||||
|
|
||||
|
Jackson National Life Insurance Co. |
||||
|
1/1/01 |
6.97 (b)(c) |
130,000 |
130,000 |
|
|
Monumental Life Insurance Co. |
||||
|
12/1/00 |
6.76 (b)(c) |
78,000 |
78,000 |
|
|
12/1/00 |
6.79 (b)(c) |
65,000 |
65,000 |
|
|
2/1/01 |
6.96 (b)(c) |
50,000 |
50,000 |
|
|
New York Life Insurance Co. |
||||
|
12/1/00 |
6.81 (b)(c) |
75,000 |
75,000 |
|
|
12/22/00 |
6.94 (b)(c) |
81,000 |
81,000 |
|
|
1/1/01 |
6.95 (b)(c) |
140,000 |
140,000 |
|
|
Pacific Life Insurance Co. |
||||
|
12/8/00 |
6.76 (b)(c) |
55,000 |
55,000 |
|
|
RACERS Series 00 10MM, |
||||
|
12/22/00 |
6.64 (a)(b) |
185,000 |
185,000 |
|
|
Strategic Money Market Trust Series 2000 A, |
||||
|
12/13/00 |
6.64 (b)(c) |
305,000 |
305,000 |
|
|
Strategic Money Market Trust Series 2000 B, |
||||
|
12/13/00 |
6.66 (a)(b) |
130,000 |
130,000 |
|
|
Strategic Money Market Trust Series 2000 E, |
||||
|
12/14/00 |
6.64 (a)(b) |
125,000 |
125,000 |
|
|
Short-Term Notes - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Transamerica Occidental Life Insurance Co. |
||||
|
2/1/01 |
6.93% (b)(c) |
$ 200,000 |
$ 200,000 |
|
|
Travelers Insurance Co. |
||||
|
1/29/01 |
6.87 (b)(c) |
95,000 |
95,000 |
|
|
TOTAL SHORT-TERM NOTES |
1,714,000 |
|||
|
Repurchase Agreements - 3.9% |
|||
|
Maturity Amount (000s) |
|
||
|
In a joint trading account (U.S. Government Obligations) dated 11/30/00 due 12/1/00 At 6.55% |
$ 724 |
724 |
|
|
With: |
|
|
|
|
Chase Securities, Inc. At 6.66%, dated 11/30/00 due 12/1/00 (Commercial Paper Obligations) (principal amount $614,715,128) 0% - 7.4%, 12/1/00 - 1/31/01 |
600,111 |
600,000 |
|
|
Deutsche Bank Securities, Inc. At 6.64%, dated 11/30/00 due 12/1/00 (Commerical Paper Obligations) (principal amount $77,802,448) 0% - 6.86%, 12/5/00 - 2/15/01 |
76,014 |
76,000 |
|
|
Goldman Sachs & Co. At 6.63%, dated 11/30/00 due 12/1/00 (Commercial Paper Obligations) (principal amount $163,717,000) 0% - 6.9%, 12/1/00 - 12/27/00 |
160,029 |
160,000 |
|
|
J.P. Morgan Securities At 6.62%, dated 11/30/00 due 12/1/00 (Corporate Obligations) (principal amount $206,558,431) 7.125% - 7.5%, 3/15/05 - 12/1/46 |
200,037 |
200,000 |
|
|
Merrill Lynch Pierce Fenner & Smith At 6.64%, dated 11/30/00 due 12/1/00 (Commercial Paper Obligations) (principal amount $430,897,000) 0%, 12/1/00 - 12/20/00 |
410,076 |
410,000 |
|
|
Morgan Stanley & Co. At 6.62%, dated 11/30/00 due 12/1/00 (Commercial Paper Obligations): |
|
|
|
|
(principal amount $102,624,727) 0% - 6.9%, |
100,018 |
100,000 |
|
|
(principal amount $179,593,273) 0% - 6.9%, |
175,032 |
175,000 |
|
|
TOTAL REPURCHASE AGREEMENTS |
1,721,724 |
||
|
TOTAL INVESTMENT PORTFOLIO - 104.0% |
46,002,825 |
|
|
NET OTHER ASSETS - (4.0)% |
(1,788,386) |
|
|
NET ASSETS - 100% |
$ 44,214,439 |
|
|
Total Cost for Income Tax Purposes $ 46,002,825 |
|
Legend |
|
(a) 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 $440,000,000 or 1.0% of net assets. |
|
(b) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflects the next interest rate reset date or, when applicable, the final maturity date. |
|
(c) Restricted securities - Investment in securities not registered under the Securities Act of 1933. |
|
Additional information on each holding is as follows: |
|
Security |
Acquisition Date |
Cost |
|
Goldman Sachs Group, Inc.: 6.63%, 12/28/00 |
10/25/00 |
$ 255,000 |
|
6.72%, 2/15/01 |
10/19/00 |
$ 205,000 |
|
Jackson National Life Insurance Co.: 6.97%, 1/1/01 |
7/6/99 |
$ 130,000 |
|
Monumental Life Insurance Co.: 6.76%, 12/1/00 |
7/31/98 - 9/17/98 |
$ 78,000 |
|
6.79%, 12/1/00 |
3/12/99 |
$ 65,000 |
|
6.96%, 2/1/01 |
2/1/00 |
$ 50,000 |
|
New York Life Insurance Co.: 6.81%, 12/1/00 |
8/28/00 |
$ 75,000 |
|
6.94%, 12/22/00 |
12/20/99 |
$ 81,000 |
|
6.95%, 1/1/01 |
7/13/00 |
$ 140,000 |
|
Security |
Acquisition Date |
Cost |
|
Pacific Life Insurance Co. 6.76%, 12/8/00 |
9/8/00 |
$ 55,000 |
|
Strategic Money Market Trust Series 2000 A, 6.64%, 12/13/00 |
9/7/00 |
$ 305,000 |
|
Transamerica Occidental Life Insurance Co. 6.93%, 2/1/01 |
4/28/00 |
$ 200,000 |
|
Travelers Insurance Co. 6.87%, 1/29/01 |
4/28/00 |
$ 95,000 |
|
Income Tax Information |
|
At November 30, 2000, the fund had a capital loss carryforward of approximately $1,582,000 of which $1,422,000 and $160,000 will expire on November 30, 2002 and 2004, respectively. |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amount) |
November 30, 2000 |
|
|
Assets |
|
|
|
Investment in securities, at value (including |
|
$ 46,002,825 |
|
Receivable for fund shares sold |
|
403,833 |
|
Interest receivable |
|
287,101 |
|
Other receivables |
|
27 |
|
Prepaid expenses |
|
123 |
|
Total assets |
|
46,693,909 |
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 2,124,840 |
|
|
Payable for fund shares redeemed |
334,098 |
|
|
Distributions payable |
1,383 |
|
|
Accrued management fee |
9,288 |
|
|
Other payables and accrued expenses |
9,861 |
|
|
Total liabilities |
|
2,479,470 |
|
Net Assets |
|
$ 44,214,439 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 44,216,021 |
|
Accumulated net realized gain (loss) on investments |
|
(1,582) |
|
Net Assets, for 44,214,792 shares outstanding |
|
$ 44,214,439 |
|
Net Asset Value, offering price and redemption price |
|
$1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
|
Amounts in thousands |
Year ended November 30, 2000 |
|
|
Investment Income Interest |
|
$ 2,657,975 |
|
Expenses |
|
|
|
Management fee |
$ 99,814 |
|
|
Transfer agent fees |
83,913 |
|
|
Accounting fees and expenses |
1,234 |
|
|
Non-interested trustees' compensation |
149 |
|
|
Custodian fees and expenses |
663 |
|
|
Registration fees |
2,452 |
|
|
Audit |
170 |
|
|
Legal |
143 |
|
|
Interest |
18 |
|
|
Reports to shareholders |
1,252 |
|
|
Miscellaneous |
1,557 |
|
|
Total expenses before reductions |
191,365 |
|
|
Expense reductions |
(998) |
190,367 |
|
Net investment income |
|
2,467,608 |
|
Net Realized Gain (Loss) on Investments |
|
317 |
|
Net increase in net assets resulting from operations |
|
$ 2,467,925 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands |
Year ended
November 30, |
Year ended
November 30, |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
$ 2,467,608 |
$ 1,687,220 |
|
Net realized gain (loss) |
317 |
221 |
|
Net increase (decrease) in net assets resulting |
2,467,925 |
1,687,441 |
|
Distributions to shareholders from net investment income |
(2,467,608) |
(1,687,220) |
|
Share transactions at net asset value of $1.00 per share |
123,926,208 |
89,997,182 |
|
Reinvestment of distributions from net investment income |
2,418,266 |
1,646,256 |
|
Cost of shares redeemed |
(120,111,109) |
(84,362,953) |
|
Net increase (decrease) in net assets and shares resulting from share transactions |
6,233,365 |
7,280,485 |
|
Total increase (decrease) in net assets |
6,233,682 |
7,280,706 |
|
Net Assets |
|
|
|
Beginning of period |
37,980,757 |
30,700,051 |
|
End of period |
$ 44,214,439 |
$ 37,980,757 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
|
Years ended November 30, |
2000 |
1999 |
1998 |
1997 |
1996 |
|
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Income from Investment Operations |
.060 |
.048 |
.052 |
.052 |
.051 |
|
Less Distributions |
|
|
|
|
|
|
From net investment income |
(.060) |
(.048) |
(.052) |
(.052) |
(.051) |
|
Net asset value, end of period |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Total Return A |
6.13% |
4.94% |
5.34% |
5.30% |
5.18% |
|
Ratios and Supplemental Data |
|
|
|
|
|
|
Net assets, end of |
$ 44,214 |
$ 37,981 |
$ 30,700 |
$ 23,498 |
$ 21,241 |
|
Ratio of expenses to average |
.46% |
.44% |
.47% |
.49% |
.51% |
|
Ratio of expenses to average net assets after expense reductions |
.46% |
.44% |
.47% |
.48% B |
.51% |
|
Ratio of net investment income to average net assets |
5.97% |
4.85% |
5.20% |
5.22% |
5.06% |
A The total returns would have been lower had certain expenses not been reduced during the periods shown.
B 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.
Annual Report
For the period ended November 30, 2000
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 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. 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."
Investment Income. Interest income, which includes amortization of premium and accretion of 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 among the funds in the trust.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan) non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity money market funds. Deferred amounts remain in the fund until distributed in accordance with the Plan.
Distributions to Shareholders. Dividends are declared daily and paid monthly from net investment 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 for U.S. Treasury or Federal Agency obligations.
Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of
Annual Report
Notes to Financial Statements - continued
2. Operating Policies - continued
Repurchase Agreements - continued
the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.
Reverse Repurchase Agreements. At all times that a reverse repurchase agreement is outstanding, the fund identifies cash and liquid securities as segregated in its custodian records with a value at least equal to its obligation under the agreement. The average daily balance during the period for which the reverse repurchase agreement was outstanding amounted to $135,000,000. The weighted average interest rate was 4.75%.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating funds.
When-Issued Securities. The 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 fund may receive compensation for interest forgone in the purchase of a when-issued security. With respect to purchase commitments, the 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 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.
Restricted Securities. The fund is 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, restricted securities (excluding 144A issues) amounted to $1,734,000,000 or 3.9% 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 on the basis of a group fee rate plus a fixed individual fund fee rate applied to the average net assets of the fund and an income-based fee. The group fee rate is
Annual Report
Notes to Financial Statements - continued
3. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
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 .0920% to .3700% for the period. The annual individual fund fee rate is .03%. 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 income-based fee is added only 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% of average net assets. For the period, the total management fee was equivalent to an annual rate of .24%. The income-based portion of this fee was equal to $35,453,000, or an annual rate of .09% of the fund's average net assets.
On January 1, 2001, a new management fee contract ("new contract") will take effect. Under the new contract the management fee rate will be the group fee rate plus a total income based component, which is calculated according to a graduated schedule providing for different rates based on the fund's gross annualized yield. The minimum income based component will be .05% of average net assets (at a fund annualized gross yield of 0%), and the maximum income based component will be .27% of average net assets (at a fund annualized gross yield of 15% or more). The individual fund fee rate will be eliminated. FMR has voluntarily agreed to limit the fund's management fee to the lesser of the amount that would be paid under the present management fee contract or the new management fee contract for a period of six months beginning on January 1, 2001.
Sub-Adviser Fee. As the fund's investment sub-adviser, Fidelity Investments Money Management, 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.
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. 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. For the period, the transfer agent fees were equivalent to an annual rate of .20% of average net assets.
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.
Money Market Insurance. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other money market funds advised by FMR or its affiliates, has entered into insurance
Annual Report
Notes to Financial Statements - continued
3. Fees and Other Transactions with Affiliates - continued
Money Market Insurance - continued
agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an affiliated mutual insurance company. 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 fund may be subject to a special assessment of up to approximately 2.5 times the fund's annual gross premium if covered losses exceed certain levels. During the period, the fund paid premiums of $1,471,000 for the calendar year 2000 to FIDFUNDS, which are being amortized over one year.
4. Interfund Lending Program.
The fund participated in the interfund lending program as a lender. The average daily loan balance during the period for which loans were outstanding amounted to $22,316,000. The weighted average interest rate was 6.18%. Interest earned from the interfund lending program amounted to $38,000 and is included in interest income on the Statement of Operations. At period end there were no interfund loans outstanding.
5. Expense Reductions.
Through arrangements with the fund's custodian and transfer agent, 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 custodian and transfer agent fees were reduced by $7,000 and $991,000, respectively, under these arrangements.
Annual Report
To the Trustees of Fidelity Phillips Street Trust and the Shareholders of Fidelity Cash Reserves:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity Cash Reserves (a fund of Fidelity Phillips Street Trust) at November 30, 2000, and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity Cash Reserves' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2000 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
January 4, 2001
Annual Report
A special meeting of the fund's shareholders was held on December 13, 2000. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect as Trustees the following twelve nominees.*
|
|
# of |
% of |
|
J. Michael Cook |
||
|
Affirmative |
22,050,245,540.50 |
97.294 |
|
Withheld |
613,158,604.54 |
2.706 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Ralph F. Cox |
||
|
Affirmative |
22,019,199,230.85 |
97.158 |
|
Withheld |
644,204,914.19 |
2.842 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Phyllis Burke Davis |
||
|
Affirmative |
22,017,641,458.07 |
97.151 |
|
Withheld |
645,762,686.97 |
2.849 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Robert M. Gates |
||
|
Affirmative |
22,029,803,519.05 |
97.204 |
|
Withheld |
633,600,625.99 |
2.796 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Edward C. Johnson 3d |
||
|
Affirmative |
22,025,720,193.89 |
97.186 |
|
Withheld |
637,683,951.15 |
2.814 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Donald J. Kirk |
||
|
Affirmative |
22,032,113,451.26 |
97.214 |
|
Withheld |
631,290,693.78 |
2.786 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
|
# of |
% of |
|
Marie L. Knowles |
||
|
Affirmative |
22,041,221,081.90 |
97.255 |
|
Withheld |
622,183,063.14 |
2.745 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Ned C. Lautenbach |
||
|
Affirmative |
22,048,773,951.37 |
97.288 |
|
Withheld |
614,630,193.67 |
2.712 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Peter S. Lynch |
||
|
Affirmative |
22,058,489,705.67 |
97.331 |
|
Withheld |
604,914,439.37 |
2.669 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
William O. McCoy |
||
|
Affirmative |
22,039,524,431.99 |
97.247 |
|
Withheld |
623,879,713.05 |
2.753 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Marvin L. Mann |
||
|
Affirmative |
22,036,515,624.63 |
97.234 |
|
Withheld |
626,888,520.41 |
2.766 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Robert C. Pozen |
||
|
Affirmative |
22,047,476,160.44 |
97.282 |
|
Withheld |
615,927,984.60 |
2.718 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
PROPOSAL 2 |
||
|
To ratify the selection of PricewaterhouseCoopers LLP as independent accountants of the fund. |
||
|
|
# of |
% of |
|
Affirmative |
20,927,963,809.77 |
95.489 |
|
Against |
351,956,896.50 |
1.606 |
|
Abstain |
636,786,384.09 |
2.905 |
|
TOTAL |
21,916,707,090.36 |
100.000 |
|
PROPOSAL 3 |
||
|
To continue the effectiveness of Article VII, Section 7.04 of the Trust Instrument.* |
||
|
|
# of |
% of |
|
Affirmative |
20,850,209,731.63 |
91.999 |
|
Against |
704,834,784.31 |
3.110 |
|
Abstain |
1,108,359,629.10 |
4.891 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
PROPOSAL 4 |
||
|
To adopt an Amended and Restated Trust Instrument.* |
||
|
|
# of |
% of |
|
Affirmative |
20,280,127,006.44 |
89.484 |
|
Against |
1,235,514,939.40 |
5.452 |
|
Abstain |
1,147,762,199.20 |
5.064 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
PROPOSAL 5 |
||
|
To approve an amended management contract for the fund. |
||
|
|
# of |
% of |
|
Affirmative |
18,460,208,240.21 |
84.229 |
|
Against |
2,370,924,130.07 |
10.818 |
|
Abstain |
1,085,574,720.08 |
4.953 |
|
TOTAL |
21,916,707,090.36 |
100.000 |
|
PROPOSAL 6 |
||
|
To amend the fund's fundamental investment limitation concerning diversification. |
||
|
|
# of |
% of |
|
Affirmative |
19,296,871,783.68 |
88.046 |
|
Against |
1,570,653,224.28 |
7.167 |
|
Against |
1,049,182,082.40 |
4.787 |
|
TOTAL |
21,916,707,090.36 |
100.000 |
|
PROPOSAL 7 |
||
|
To amend the fund's fundamental investment limitation concerning underwriting. |
||
|
|
# of |
% of |
|
Affirmative |
19,266,845,857.34 |
87.909 |
|
Against |
1,519,384,726.42 |
6.933 |
|
Abstain |
1,130,476,506.60 |
5.158 |
|
TOTAL |
21,916,707,090.36 |
100.000 |
*Denotes trust-wide proposals and voting results.
Annual Report
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.
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Fidelity Automated
Service Telephone (FAST®)
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.
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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.
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Fidelity On-line Xpress+®
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 1-800-544-0240 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.
Annual Report
For directions and hours,
please call 1-800-544-9797.
Arizona
7373 N. Scottsdale Road
Scottsdale, AZ
California
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Brea, CA
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Los Angeles, CA
251 University Avenue
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1625 Broadway
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Connecticut
48 West Putnam Avenue
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265 Church Street
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4400 N. Federal Highway
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Annual Report
Michigan
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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
Annual Report
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Making Changes
To Your Account
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
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For Non-Retirement
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Buying shares
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For Retirement
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Buying shares
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Fidelity Investments
P.O. Box 500
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Annual Report
Annual Report
Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments
Money Management, Inc.
Officers
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Dwight D. Churchill, Vice President
Boyce I. Greer, Vice President
John J. Todd, Vice President
Eric D. Roiter, Secretary
Robert A Dwight, Treasurer
Maria F. Dwyer, Deputy Treasurer
Stanley N. Griffith, Assistant Vice President
John H. Costello, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
Board of Trustees
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Ned C. Lautenbach *
Peter S. Lynch
William O. McCoy *
Marvin L. Mann *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
Advisory Board
J. Michael Cook
Abigail P. Johnson
Marie L. Knowles
William S. Stavropoulos
* Independent trustees
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Fidelity Service Company, Inc.
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Custodian
The Bank of New York
New York, NY
Fidelity's Taxable
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Fidelity Cash Reserves
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Annual Report
November 30, 2000
(2_fidelity_logos)(registered trademark)
|
President's Message |
Ned Johnson on investing strategies. |
|
|
Performance |
How the fund has done over time. |
|
|
Fund Talk |
The manager's review of fund performance, strategy and outlook. |
|
|
Investment Changes |
A summary of major shifts in the fund's
investments over the past six months |
|
|
Investments |
A complete list of the fund's investments. |
|
|
Financial Statements |
Statements of assets and liabilities,
operations, and changes in net assets, |
|
|
Notes |
Notes to the financial statements. |
|
|
Report of Independent Accountants |
The auditors' opinion. |
|
|
Proxy Voting Results |
|
Standard & Poor's, S&P and S&P 500 are registered service marks of The McGraw-Hill Companies, Inc. and have been licensed for use by Fidelity Distributors Corporation.
Other third party marks appearing herein are the property of their respective owners.
All other marks appearing herein are registered or unregistered trademarks or service marks of FMR Corp. or an affiliated company.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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 risks, including possible loss of principal amount invested.
Neither the fund nor Fidelity Distributors Corporation is a bank.
For more information on any Fidelity fund, including charges and expenses, call 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Annual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
For the first time since 1990, the taxable bond market, as measured by the Lehman Brothers Aggregate Bond Index, appeared nearly certain to outperform the U.S. stock market, as measured by the S&P 500®. The former was up nearly 10% year to date through November, while the S&P 500 was down by approximately the same amount. Disappointing corporate earnings and uncertainty concerning a president-elect toppled the stock market late in the period.
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.
First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. You should also keep money you'll need in the near future in a more stable investment.
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 1-800-544-6666, 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,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Annual Report
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. If Fidelity had not reimbursed certain fund expenses, the past 10 year total return would have been lower.
Cumulative Total Returns
|
Periods ended November 30, 2000 |
|
Past 1 |
Past 5 |
Past 10 |
|
Fidelity US Government Reserves |
|
6.00% |
29.50% |
59.43% |
|
Government Retail Money Market |
|
5.59% |
27.28% |
55.82% |
Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, 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 government retail money market funds average, which reflects the performance of taxable money market funds with similar objectives tracked by iMoneyNet, Inc. The past one year average represents a peer group of 211 money market funds.
Average Annual Total Returns
|
Periods ended November 30, 2000 |
|
Past 1 |
Past 5 |
Past 10 |
|
Fidelity US Government Reserves |
|
6.00% |
5.31% |
4.78% |
|
Government Retail Money Market |
|
5.59% |
4.94% |
4.53% |
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.
Annual Report
Performance - continued
Yields
|
|
11/28/00 |
8/29/00 |
5/30/00 |
2/29/00 |
11/30/99 |
|
Fidelity U.S. Government Reserves |
6.20% |
6.21% |
5.90% |
5.44% |
5.23% |
|
Government Retail Money Market Funds Average |
5.85% |
5.79% |
5.53% |
5.07% |
4.80% |
|
|
11/29/00 |
8/30/00 |
5/31/00 |
3/1/00 |
12/1/99 |
|
MMDA |
2.14% |
2.12% |
2.10% |
2.09% |
2.07% |
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 government retail money market funds average and the bank money market deposit account (MMDA) average. Figures for the government retail money market funds average are from iMoneyNet, Inc. The MMDA average is supplied by BANK RATE MONITOR(TM).
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 market 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.
3A money market fund's total returns and yields will vary, and reflect past results rather than predict future performance.
Annual Report
(Portfolio Manager photograph)
An interview with Robert Litterst, Portfolio Manager of Fidelity U.S. Government Reserves
Q. Bob, what was the investment environment like during the 12 months that ended November 30, 2000?
A. During the first half of the period, the Federal Reserve Board embarked on a protracted program of raising short-term interest rates in an attempt to dampen growth and head off inflation. All told, from mid-1999 through May 2000, the Fed raised the rate banks charge each other for overnight loans by 1.75 percentage points. Following the last rate hike, sentiment in the market reflected the belief that the Fed would continue raising rates at least through the end of 2000. However, market expectations shifted as economic indicators showed that the Fed's rate hikes were beginning to take effect, and the torrid pace of economic growth that prevailed during the past year was moderating. In addition to the Fed's rate increases, rising energy prices and a struggling stock market had a dampening effect on the economy. The slowdown did not develop into something worse primarily because consumer spending - which represents about two-thirds of gross domestic product - remained solid. Consumer activity was underpinned by a strong job market, solid income gains and high levels of consumer confidence. Despite higher energy prices, inflation remained under control, helped by intense competition, surging productivity growth and a strong dollar. As market participants realized that the Fed would not have to raise rates as much as previously expected, market rates began to fall. By the end of the period, market rates looking out to 2001 priced in the likelihood that the next Fed move would be a rate cut, due to an abrupt shift in financial market conditions, energy prices and consumer confidence.
Q. Were there any developments of note within the government money market sector?
A. Yes, there were. Government agencies such as the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Bank (Freddie Mac) - which enjoy the implicit backing of the federal government - came under the scrutiny of Congress. Specifically, some in Congress raised concerns that the agencies were involved in activities that fell outside their mission and were too risky, and that they had grown too far too fast during the past few years. These concerns hurt agency debt in longer maturities, but short-term agency debt was unaffected. In October, the heads of the agencies reassured members of Congress that they would increase capital, liquidity and disclosure, and would work more closely with Congressional leaders to strengthen regulatory oversight. This announcement significantly reduced the political risk associated with the agencies. Still, I will continue to closely monitor this situation going forward.
Q. What was your strategy with the fund?
A. During the first half of the period, I kept the fund's average maturity consistently longer than that of its peers, in spite of rising rates. I did so to take advantage of buying opportunities in longer-term securities that factored in expectations of future Fed rate hikes. In the second half, the fund's average maturity fluctuated from the mid-40 day range to the low 70-day range, depending on where I could find value. As it became more clear that the Fed would hold short-term rates steady for the time being, I tried to keep the fund's average maturity within about 10 to 15 days of its peer group, buying securities in the one- to six-month range that offered particular value at specific points in time. Near the end of November, however, I started purchasing some longer-term paper to lock in higher yields in anticipation of declining rates. In addition, I reduced the fund's variable-rate holdings and increased its stake in repurchase agreements, because the former group became expensive and the latter group tends to become cheap and offer attractive yields late in each calendar year.
Annual Report
Fund Talk: The Manager's Overview - continued
Q. How did the fund perform?
A. The fund's seven-day yield on November 30, 2000, was 6.21%, compared to 5.23% 12 months ago. For the 12 months that ended November 30, 2000, the fund had a total return of 6.00%, compared to 5.59% for the government retail money market funds average, according to iMoneyNet, Inc.
Q. What's your outlook, Bob?
A. The Fed appears to have achieved its goal of a soft landing, where economic growth slows to a sustainable, non-inflationary pace, but not so much that the economy enters a recession. In this environment, the Fed may maintain a stable monetary policy. However, if growth slows sharply or if fragile financial conditions in certain parts of the world deteriorate into crises, the Fed does have the flexibility to lower rates to restore confidence and liquidity. I plan to continue to pursue opportunities that offer favorable risk and reward trade-offs for shareholders. Also, I expect to maintain an average maturity moderately longer than the fund's peers.
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.
Fund Facts
Goal: seeks as high a level of current income as is consistent with the security of principal and liquidity
Fund number: 050
Trading symbol: FGRXX
Start date: November 3, 1981
Size: as of November 30, 2000, more than $1.4 billion
Manager: Robert Litterst, since 1997; manager, several Fidelity and Spartan taxable money market funds; joined Fidelity in 1991
3Annual Report
|
Maturity Diversification |
|||
|
Days |
% of fund's investments 11/30/00 |
% of fund's investments 5/31/00 |
% of fund's |
|
0 - 30 |
53.6 |
52.0 |
50.3 |
|
31 - 90 |
14.8 |
30.1 |
23.5 |
|
91 - 180 |
25.1 |
9.0 |
14.2 |
|
181 - 397 |
6.5 |
8.9 |
12.0 |
|
Weighted Average Maturity |
|||
|
|
11/30/00 |
5/31/00 |
11/30/99 |
|
Fidelity U.S. Government Reserves |
65 Days |
57 Days |
60 Days |
|
Government Retail Money |
43 Days |
47 Days |
54 Days |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of November 30, 2000 |
As of May 31, 2000 |
||||||
|
Federal Agency |
|
|
Federal Agency |
|
||
 |
U.S. Treasury |
|
|
U.S. Treasury |
|
||
|
Repurchase |
|
|
Repurchase |
|
||
Annual Report
Showing Percentage of Net Assets
|
Federal Agencies - 61.9% |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Fannie Mae - 35.2% |
||||
|
Agency Coupons - 13.0% |
||||
|
12/1/00 |
6.48% (a) |
$ 15,000 |
$ 14,993 |
|
|
12/1/00 |
6.49 (a) |
34,000 |
33,985 |
|
|
12/1/00 |
6.53 (a) |
25,000 |
24,995 |
|
|
12/4/00 |
6.54 (a) |
45,000 |
44,982 |
|
|
3/1/01 |
6.55 |
11,000 |
11,000 |
|
|
3/20/01 |
6.49 |
15,000 |
14,999 |
|
|
11/14/01 |
6.55 |
15,000 |
14,999 |
|
|
11/16/01 |
6.54 |
17,000 |
16,995 |
|
|
11/21/01 |
6.39 |
17,000 |
16,993 |
|
|
|
193,941 |
|||
|
Discount Notes - 22.2% |
||||
|
12/1/00 |
6.56 |
11,000 |
11,000 |
|
|
2/1/01 |
6.64 |
20,000 |
19,779 |
|
|
2/1/01 |
6.67 |
15,000 |
14,833 |
|
|
2/22/01 |
6.63 |
20,000 |
19,704 |
|
|
3/15/01 |
6.50 |
15,000 |
14,724 |
|
|
3/28/01 |
6.50 |
85,000 |
83,245 |
|
|
5/10/01 |
6.53 |
52,000 |
50,539 |
|
|
5/10/01 |
7.20 |
22,000 |
21,343 |
|
|
5/17/01 |
6.49 |
25,149 |
24,415 |
|
|
5/24/01 |
6.50 |
65,000 |
63,024 |
|
|
10/5/01 |
6.48 |
10,385 |
9,841 |
|
|
|
332,447 |
|||
|
|
526,388 |
|||
|
Federal Home Loan Bank - 12.3% |
||||
|
Agency Coupons - 9.0% |
||||
|
12/1/00 |
6.03 |
11,000 |
11,000 |
|
|
12/5/00 |
6.84 (a) |
30,000 |
29,998 |
|
|
1/12/01 |
6.58 (a) |
27,000 |
26,984 |
|
|
1/19/01 |
6.55 (a) |
44,000 |
43,974 |
|
|
2/7/01 |
6.48 |
22,860 |
22,851 |
|
|
|
134,807 |
|||
|
Discount Notes - 3.3% |
||||
|
3/2/01 |
6.58 |
50,000 |
49,195 |
|
|
|
184,002 |
|||
|
Federal Agencies - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Freddie Mac - 13.6% |
||||
|
Agency Coupons - 6.6% |
||||
|
12/1/00 |
6.47% (a) |
$ 15,000 |
$ 14,988 |
|
|
12/5/00 |
6.77 (a) |
28,000 |
27,987 |
|
|
1/10/01 |
6.59 (a) |
25,000 |
24,997 |
|
|
1/16/01 |
6.43 |
18,000 |
17,860 |
|
|
1/16/01 |
6.63 |
7,000 |
6,942 |
|
|
1/16/01 |
6.77 |
2,400 |
2,379 |
|
|
7/24/01 |
6.83 |
3,600 |
3,599 |
|
|
|
98,752 |
|||
|
Discount Notes - 7.0% |
||||
|
2/7/01 |
6.50 |
15,000 |
14,827 |
|
|
3/1/01 |
6.60 |
40,000 |
39,361 |
|
|
5/24/01 |
7.22 |
15,000 |
14,512 |
|
|
10/11/01 |
6.47 |
20,000 |
18,934 |
|
|
11/8/01 |
6.50 |
17,000 |
16,015 |
|
|
|
103,649 |
|||
|
|
202,401 |
|||
|
Project America Ship I, Inc. - 0.8% |
||||
|
Agency Coupons - 0.8% |
||||
|
1/31/01 |
6.71 (a) |
12,500 |
12,500 |
|
|
TOTAL FEDERAL AGENCIES |
925,291 |
|||
|
U.S. Treasury Obligations - 0.2% |
||||
|
|
||||
|
U.S. Treasury Notes - Principal Strips - 0.2% |
||||
|
9/30/01 |
6.53 |
3,240 |
3,072 |
|
|
Repurchase Agreements - 40.9% |
|||
|
Maturity Amount (000s) |
|
||
|
In a joint trading account (U.S. Government |
|
|
|
|
11/6/00 due 1/8/01 At 6.57% |
$ 15,172 |
15,000 |
|
|
Repurchase Agreements - continued |
|||
|
Maturity Amount (000s) |
Value (Note 1) (000s) |
||
|
In a joint trading account (U.S. Government |
|
|
|
|
11/16/00 due: |
|
|
|
|
1/3/01 At 6.56% |
$ 25,219 |
$ 25,000 |
|
|
1/8/01 At 6.57% |
40,387 |
40,000 |
|
|
11/30/00 due 12/1/00 At 6.55% |
530,843 |
530,746 |
|
|
TOTAL REPURCHASE AGREEMENTS |
610,746 |
||
|
TOTAL INVESTMENT PORTFOLIO - 103.0% |
1,539,109 |
||
|
NET OTHER ASSETS - (3.0)% |
(44,607) |
||
|
NET ASSETS - 100% |
$ 1,494,502 |
||
|
Total Cost for Income Tax Purposes $ 1,539,109 |
|
Legend |
|
(a) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflects the next interest rate reset date or, when applicable, the final maturity date. |
|
Income Tax Information |
|
A total of 26.03% of the dividends distributed during the fiscal year was derived from interest on U.S. Government securities which is generally exempt from state income tax. The fund will notify shareholders in January 2001 of amounts for use in preparing 2000 income tax returns (unaudited). |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amount) |
November 30, 2000 |
|
|
Assets |
|
|
|
Investment in securities, at value (including repurchase agreements of $610,746) - |
|
$ 1,539,109 |
|
Receivable for fund shares sold |
|
5,933 |
|
Interest receivable |
|
3,719 |
|
Prepaid expenses |
|
1 |
|
Total assets |
|
1,548,762 |
|
Liabilities |
|
|
|
Payable for investments purchased |
$ 44,982 |
|
|
Payable for fund shares redeemed |
8,485 |
|
|
Distributions payable |
213 |
|
|
Accrued management fee |
311 |
|
|
Other payables and accrued expenses |
269 |
|
|
Total liabilities |
|
54,260 |
|
Net Assets |
|
$ 1,494,502 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 1,494,502 |
|
Net Assets, for 1,494,730 shares outstanding |
|
$ 1,494,502 |
|
Net Asset Value, offering price and redemption price |
|
$1.00 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Operations
|
Amounts in thousands |
Year ended November 30, 2000 |
|
|
Investment Income Interest |
|
$ 93,734 |
|
Expenses |
|
|
|
Management fee |
$ 3,472 |
|
|
Transfer agent fees |
2,625 |
|
|
Accounting fees and expenses |
152 |
|
|
Non-interested trustees' compensation |
6 |
|
|
Custodian fees and expenses |
18 |
|
|
Registration fees |
64 |
|
|
Audit |
30 |
|
|
Legal |
6 |
|
|
Reports to shareholders |
38 |
|
|
Miscellaneous |
12 |
|
|
Total expenses before reductions |
6,423 |
|
|
Expense reductions |
(114) |
6,309 |
|
Net investment income |
|
87,425 |
|
Net Realized Gain (Loss) on Investments |
|
135 |
|
Net increase in net assets resulting from operations |
|
$ 87,560 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands |
Year ended
November 30, |
Year ended
November 30, |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
$ 87,425 |
$ 71,603 |
|
Net realized gain (loss) |
135 |
13 |
|
Net increase (decrease) in net assets resulting |
87,560 |
71,616 |
|
Distributions to shareholders from net investment income |
(87,425) |
(71,603) |
|
Share transactions at net asset value of $1.00 per share |
1,528,047 |
1,804,876 |
|
Reinvestment of distributions from net investment income |
84,399 |
68,873 |
|
Cost of shares redeemed |
(1,660,258) |
(1,758,851) |
|
Net increase (decrease) in net assets and shares resulting from share transactions |
(47,812) |
114,898 |
|
Total increase (decrease) in net assets |
(47,677) |
114,911 |
|
Net Assets |
|
|
|
Beginning of period |
1,542,179 |
1,427,268 |
|
End of period |
$ 1,494,502 |
$ 1,542,179 |
See accompanying notes which are an integral part of the financial statements.
Annual Report
Financial Highlights
|
Years ended November 30, |
2000 |
1999 |
1998 |
1997 |
1996 |
|
Selected Per-Share Data |
|
|
|
|
|
|
Net asset value, beginning |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Income from Investment Operations |
.058 |
.048 |
.052 |
.051 |
.050 |
|
Less Distributions |
|
|
|
|
|
|
From net investment income |
(.058) |
(.048) |
(.052) |
(.051) |
(.050) |
|
Net asset value, end of period |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Total Return A |
6.00% |
4.86% |
5.29% |
5.26% |
5.12% |
|
Ratios and Supplemental Data |
|
|
|
|
|
|
Net assets, end of period |
$ 1,495 |
$ 1,542 |
$ 1,427 |
$ 1,290 |
$ 1,243 |
|
Ratio of expenses to average |
.43% |
.41% |
.45% |
.48% |
.51% |
|
Ratio of expenses to average net assets after expense reductions |
.42% B |
.40% B |
.44% B |
.48% |
.50% B |
|
Ratio of net investment income to average net assets |
5.85% |
4.77% |
5.16% |
5.13% |
5.02% |
A The total returns would have been lower had certain expenses not been reduced during the periods shown.
B 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.
Annual Report
For the period ended November 30, 2000
1. Significant Accounting Policies.
Fidelity U.S. Government 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 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. 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."
Investment Income. Interest income, which includes amortization of premium and accretion of 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 among the funds in the trust.
Distributions to Shareholders. Dividends are declared daily and paid monthly from net investment 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 for U.S. Treasury or Federal Agency obligations.
Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. The securities are marked-to-market daily and maintained at a value at least equal to the principal amount of the repurchase agreement (including accrued interest). FMR, the fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.
Annual Report
Notes to Financial Statements - continued
2. Operating Policies - continued
When-Issued Securities. The 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 fund may receive compensation for interest forgone in the purchase of a when-issued security. With respect to purchase commitments, the 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 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.
3. Joint Trading Account.
At the end of the period, the fund had 20% or more of its total investments in repurchase agreements through a joint trading account. These repurchase agreements were with entities whose creditworthiness has been reviewed and found satisfactory by FMR. The investments in repurchase agreements through the joint trading account are summarized as follows:
Summary of Joint Trading
|
Dated November 6, 2000, due January 8, 2001 |
At 6.57% |
|
Number of dealers or banks |
1 |
|
Maximum amount with one dealer or bank |
100% |
|
Aggregate principal amount of agreements |
$250,000,000 |
|
Aggregate maturity amount of agreements |
$252,874,375 |
|
Aggregate market value of transferred assets |
$257,872,187 |
|
Coupon rates of transferred assets |
0.00% to 9.50% |
|
Maturity dates of transferred assets |
11/01/05 to 11/01/30 |
|
Dated November 16, 2000, due January 3, 2001 |
At 6.56% |
|
Number of dealers or banks |
1 |
|
Maximum amount with one dealer or bank |
100% |
|
Aggregate principal amount of agreements |
$250,000,000 |
|
Aggregate maturity amount of agreements |
$252,186,667 |
|
Aggregate market value of transferred assets |
$255,655,216 |
|
Coupon rates of transferred assets |
0.00% to 7.25% |
|
Maturity dates of transferred assets |
12/01/00 to 6/22/09 |
Annual Report
Notes to Financial Statements - continued
3. Joint Trading Account - continued
Summary of Joint Trading - continued
|
Dated November 16, 2000, due January 8, 2001 |
At 6.57% |
|
Number of dealers or banks |
1 |
|
Maximum amount with one dealer or bank |
100% |
|
Aggregate principal amount of agreements |
$250,000,000 |
|
Aggregate maturity amount of agreements |
$252,418,125 |
|
Aggregate market value of transferred assets |
$273,959,707 |
|
Coupon rates of transferred assets |
0.0% to 14.50% |
|
Maturity dates of transferred assets |
07/01/01 to 6/01/33 |
|
Dated November 30, 2000, due December 1, 2000 |
At 6.55% |
|
Number of dealers or banks |
18 |
|
Maximum amount with one dealer or bank |
13.3% |
|
Aggregate principal amount of agreements |
$15,021,000,000 |
|
Aggregate maturity amount of agreements |
$15,023,734,782 |
|
Aggregate market value of transferred assets |
$15,377,822,738 |
|
Coupon rates of transferred assets |
0.00% to 14.5% |
|
Maturity dates of transferred assets |
12/01/00 to 10/01/40 |
4. Fees and Other Transactions with Affiliates.
Management Fee. As the fund's investment adviser, FMR receives a monthly fee that is calculated on the basis of a group fee rate plus a fixed individual fund fee rate applied to the average net assets of the fund and 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 .0920% to .3700% for the period. The annual individual fund fee rate is .03%. 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 income-based fee is added only 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% of average net assets. For the period, the total management fee was equivalent to an annual rate of .23%. The income-based portion of this fee was equal to $1,143,000, or an annual rate of .08% of the fund's average net assets.
Annual Report
Notes to Financial Statements - continued
4. Fees and Other Transactions with Affiliates - continued
Management Fee - continued
On January 1, 2001, a new management fee contract ("new contract") will take effect. Under the new contract the management fee rate will be the group fee rate plus a total income based component, which is calculated according to a graduated schedule providing for different rates based on the fund's gross annualized yield. The minimum income based component will be .05% of average net assets (at a fund annualized gross yield of 0%), and the maximum income based component will be .27% of average net assets (at a fund annualized gross yield of 15% or more). The individual fund fee rate will be eliminated. FMR has voluntarily agreed to limit the fund's management fee to the lesser of the amount that would be paid under the present management fee contract or the new management fee contract for a period of six months beginning on January 1, 2001.
Sub-Adviser Fee. As the fund's investment sub-adviser, Fidelity Investments Money Management, 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.
Transfer Agent Fees. Fidelity Service Company, Inc. (FSC), an affiliate of FMR, is the fund's transfer, dividend disbursing and shareholder servicing agent. 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. For the period, the transfer agent fees were equivalent to an annual rate of .18% of average net assets.
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.
Money Market Insurance. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other money market funds advised by FMR or its affiliates, has entered into insurance agreements with FIDFUNDS Mutual Limited (FIDFUNDS), an affiliated mutual insurance company. 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 fund may be subject to a special assessment of up to approximately 2.5 times the fund's annual gross premium if covered losses exceed certain levels. During the period, the fund paid premiums of $9,000 for the calendar year 2000 to FIDFUNDS, which are being amortized over one year.
5. Expense Reductions.
Through arrangements with the fund's custodian and transfer agent, 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 custodian and transfer agent fees were reduced by $1,000 and $113,000, respectively, under these arrangements.
Annual Report
To the Trustees of Fidelity Phillips Street Trust and the Shareholders of Fidelity U.S. Government Reserves:
In our opinion, the accompanying statement of assets and liabilities, including the schedule of investments, and the related statements of operations and of changes in net assets and the financial highlights present fairly, in all material respects, the financial position of Fidelity U.S. Government Reserves (a fund of Fidelity Phillips Street Trust) at November 30, 2000, and the results of its operations, the changes in its net assets and the financial highlights for the periods indicated, in conformity with accounting principles generally accepted in the United States of America. These financial statements and financial highlights (hereafter referred to as "financial statements") are the responsibility of the Fidelity U.S. Government Reserves' management; our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits of these financial statements in accordance with auditing standards generally accepted in the United States of America which require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits, which included confirmation of securities at November 30, 2000 by correspondence with the custodian and brokers, provide a reasonable basis for our opinion.
/s/PricewaterhouseCoopers LLP
PricewaterhouseCoopers LLP
Boston, Massachusetts
January 4, 2001
Annual Report
A special meeting of the fund's shareholders was held on December 13, 2000. The results of votes taken among shareholders on proposals before them are reported below. Each vote reported represents one dollar of net asset value held on the record date for the meeting.
PROPOSAL 1
To elect as Trustees the following twelve nominees.*
|
|
# of |
% of |
|
J. Michael Cook |
||
|
Affirmative |
22,050,245,540.50 |
97.294 |
|
Withheld |
613,158,604.54 |
2.706 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Ralph F. Cox |
||
|
Affirmative |
22,019,199,230.85 |
97.158 |
|
Withheld |
644,204,914.19 |
2.842 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Phyllis Burke Davis |
||
|
Affirmative |
22,017,641,458.07 |
97.151 |
|
Withheld |
645,762,686.97 |
2.849 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Robert M. Gates |
||
|
Affirmative |
22,029,803,519.05 |
97.204 |
|
Withheld |
633,600,625.99 |
2.796 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Edward C. Johnson 3d |
||
|
Affirmative |
22,025,720,193.89 |
97.186 |
|
Withheld |
637,683,951.15 |
2.814 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Donald J. Kirk |
||
|
Affirmative |
22,032,113,451.26 |
97.214 |
|
Withheld |
631,290,693.78 |
2.786 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
|
# of |
% of |
|
Marie L. Knowles |
||
|
Affirmative |
22,041,221,081.90 |
97.255 |
|
Withheld |
622,183,063.14 |
2.745 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Ned C. Lautenbach |
||
|
Affirmative |
22,048,773,951.37 |
97.288 |
|
Withheld |
614,630,193.67 |
2.712 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Peter S. Lynch |
||
|
Affirmative |
22,058,489,705.67 |
97.331 |
|
Withheld |
604,914,439.37 |
2.669 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
William O. McCoy |
||
|
Affirmative |
22,039,524,431.99 |
97.247 |
|
Withheld |
623,879,713.05 |
2.753 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Marvin L. Mann |
||
|
Affirmative |
22,036,515,624.63 |
97.234 |
|
Withheld |
626,888,520.41 |
2.766 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
Robert C. Pozen |
||
|
Affirmative |
22,047,476,160.44 |
97.282 |
|
Withheld |
615,927,984.60 |
2.718 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
PROPOSAL 2 |
||
|
To ratify the selection of PricewaterhouseCoopers LLP as independent accountants of the fund. |
||
|
|
# of |
% of |
|
Affirmative |
705,815,712.92 |
94.525 |
|
Against |
11,738,309.51 |
1.572 |
|
Abstain |
29,143,032.25 |
3.903 |
|
TOTAL |
746,697,054.68 |
100.000 |
|
PROPOSAL 3 |
||
|
To continue the effectiveness of Article VII, Section 7.04 of the Trust Instrument.* |
||
|
|
# of |
% of |
|
Affirmative |
20,850,209,731.63 |
91.999 |
|
Against |
704,834,784.31 |
3.110 |
|
Abstain |
1,108,359,629.10 |
4.891 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
PROPOSAL 4 |
||
|
To adopt an Amended and Restated Trust Instrument.* |
||
|
|
# of |
% of |
|
Affirmative |
20,280,127,006.44 |
89.484 |
|
Against |
1,235,514,939.40 |
5.452 |
|
Abstain |
1,147,762,199.20 |
5.064 |
|
TOTAL |
22,663,404,145.04 |
100.000 |
|
PROPOSAL 5 |
||
|
To approve an amended management contract for the fund. |
||
|
|
# of |
% of |
|
Affirmative |
599,749,778.62 |
80.320 |
|
Against |
100,989,400.23 |
13.525 |
|
Abstain |
45,957,875.83 |
6.155 |
|
TOTAL |
746,697,054.68 |
100.000 |
|
PROPOSAL 6 |
||
|
To eliminate a fundamental investment policy of the fund. |
||
|
|
# of |
% of |
|
Affirmative |
581,865,021.18 |
77.925 |
|
Against |
118,921,400.08 |
15.927 |
|
Abstain |
45,910,633.42 |
6.148 |
|
TOTAL |
746,697,054.68 |
100.000 |
|
PROPOSAL 7 |
||
|
To amend the fund's fundamental investment limitation concerning diversification. |
||
|
|
# of |
% of |
|
Affirmative |
594,072,658.84 |
79.560 |
|
Against |
109,110,324.33 |
14.612 |
|
Abstain |
43,514,071.51 |
5.828 |
|
TOTAL |
746,697,054.68 |
100.000 |
|
PROPOSAL 8 |
||
|
To amend the fund's fundamental investment limitation concerning underwriting. |
||
|
|
# of |
% of |
|
Affirmative |
597,493,309.30 |
80.018 |
|
Against |
101,352,989.83 |
13.574 |
|
Abstain |
47,850,755.55 |
6.408 |
|
TOTAL |
746,697,054.68 |
100.000 |
*Denotes trust-wide proposals and voting results.
Annual Report
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 (FAST®)
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.
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Fidelity On-line Xpress+®
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 1-800-544-0240 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.
Annual Report
Investment Adviser
Fidelity Management & Research Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments
Money Management, Inc.
Officers
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Dwight D. Churchill, Vice President
Boyce I. Greer, Vice President
Robert A. Litterst, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Maria F. Dwyer, Deputy Treasurer
Stanley N. Griffith, Assistant Vice President
John H. Costello, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
Board of Trustees
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Ned C. Lautenbach *
Peter S. Lynch
William O. McCoy *
Marvin L. Mann *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
Advisory Board
J. Michael Cook
Abigail P. Johnson
Marie L. Knowles
William S. Stavropoulos
General Distributor
Fidelity Distributors Corporation
Boston, MA
* Independent trustees
Transfer and Shareholder
Servicing Agent
Fidelity Service Company, Inc.
Boston, MA
Custodian
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® 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
Exchanges/Redemptions
and Account Assistance 1-800-544-6666
Product Information 1-800-544-6666
Retirement Accounts 1-800-544-4774 (8 a.m. - 9 p.m.)
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for the deaf and hearing impaired
(9 a.m. - 9 p.m. Eastern time)
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Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
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Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
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