(registered trademark)
CAPITAL
RESERVES
PORTFOLIOS
SEMIANNUAL REPORT
JANUARY 31, 1997
CAPR-SANN-0397
27873
CHECK PAGE NUMBERS !!!
CONTENTS
SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
CAPITAL RESERVES PORTFOLIOS:
MONEY MARKET PORTFOLIO 3
U.S. GOVERNMENT PORTFOLIO 12
MUNICIPAL MONEY MARKET PORTFOLIO 17
NOTES TO THE FINANCIAL STATEMENTS 28
To reduce expenses and demonstrate respect for our environment, we have
initiated a project through which we will begin eliminating duplicate
copies of most financial reports and prospectuses to most households, even
if they have more than one account in the fund. If additional copies of
financial reports, prospectuses or historical account information are
needed, please call 1-800-544-6666.
FUND GOALS:
MONEY MARKET PORTFOLIO AND U.S. GOVERNMENT PORTFOLIO EACH SEEK TO OBTAIN AS
HIGH A LEVEL OF CURRENT INCOME AS IS CONSISTENT WITH THE PRESERVATION OF
PRINCIPAL AND LIQUIDITY BY INVESTING IN HIGH-QUALITY, SHORT-TERM MONEY
MARKET SECURITIES. MONEY MARKET PORTFOLIO INVESTS IN HIGH-QUALITY U.S.
DOLLAR DENOMINATED SECURITIES OF DOMESTIC AND FOREIGN ISSUERS. U.S.
GOVERNMENT PORTFOLIO INVESTS ONLY IN OBLIGATIONS ISSUED OR GUARANTEED AS TO
PRINCIPAL AND INTEREST BY THE U.S. GOVERNMENT.
MUNICIPAL MONEY MARKET PORTFOLIO SEEKS TO OBTAIN AS HIGH A LEVEL OF CURRENT
INCOME, EXEMPT FROM FEDERAL INCOME TAXES, AS IS CONSISTENT WITH THE
PRESERVATION OF CAPITAL AND LIQUIDITY BY INVESTING IN HIGH-QUALITY,
SHORT-TERM MUNICIPAL SECURITIES.
INVESTMENTS IN THE FUNDS ARE NEITHER INSURED NOR GUARANTEED BY THE U.S.
GOVERNMENT, AND THERE CAN BE NO ASSURANCE THAT
THE FUNDS WILL MAINTAIN A STABLE $1.00 SHARE PRICE.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL INFORMATION OF THE SHAREHOLDERS OF THE
FUNDS. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO PROSPECTIVE
INVESTORS IN THE FUNDS UNLESS PRECEDED OR ACCOMPANIED BY
AN EFFECTIVE PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED BY,
ANY DEPOSITORY INSTITUTION.
SHARES ARE NOT INSURED BY THE FDIC, FEDERAL RESERVE BOARD OR ANY OTHER
AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT INVESTED.
NEITHER THE FUNDS NOR NATIONAL FINANCIAL SERVICES CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND EXPENSES,
CALL THE APPROPRIATE NUMBER LISTED BELOW. READ
THE PROSPECTUS CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
RETIREMENT PLAN LEVEL ACCOUNTS
CORPORATE CLIENTS 1-800-962-1375
"NOT FOR PROFIT" CLIENTS 1-800-343-0860
FINANCIAL AND OTHER INSTITUTIONS
NATIONWIDE 1-800-843-3001
CAPITAL RESERVES: MONEY MARKET PORTFOLIO
INVESTMENTS JANUARY 31, 1997 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
BANKERS' ACCEPTANCES - 0.4%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC BANKERS' ACCEPTANCES
Chase Manhattan Bank
3/6/97 5.46% $ 6,002,696 $ 5,972,983
CERTIFICATES OF DEPOSIT - 34.3%
DOMESTIC CERTIFICATES OF DEPOSIT - 2.9%
Bankers Trust Company
2/27/97 5.50 5,000,000 4,999,363
Chase Manhattan Bank (USA)
3/10/97 5.77 10,000,000 10,000,000
7/28/97 5.55 5,000,000 5,000,000
CoreStates Capital Corp.
2/10/97 5.46 (a) 10,000,000 9,997,436
Mellon Bank, N.A.
3/4/97 5.82 5,000,000 5,000,000
Morgan Guaranty Trust, NY
8/12/97 5.78 4,000,000 3,998,805
8/12/97 5.80 5,000,000 4,998,166
43,993,770
CHICAGO BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 1.5%
ABN-AMRO Bank
3/10/97 5.40 15,000,000 15,000,000
3/18/97 5.80 3,000,000 2,998,464
12/23/97 5.70 4,000,000 3,998,290
21,996,754
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 20.4%
Bank of Tokyo - Mitsubishi Ltd.
2/24/97 5.45 3,000,000 3,000,000
3/3/97 5.50 9,000,000 9,000,000
3/20/97 5.50 2,000,000 2,000,296
5/5/97 5.60 4,000,000 4,000,000
Banque Nationale de Paris
2/26/97 5.40 2,000,000 1,999,940
Bayerische Hypotheken-und Weschel
4/7/97 5.40 8,000,000 8,000,000
Bayerische Landesbank Girozentrale
4/22/97 5.58 (a) 8,000,000 8,000,000
Bayerische Vereinsbank A.G.
2/3/97 5.57 25,000,000 25,000,000
Caisse Nationale de Credit Agricole
2/18/97 5.41 8,000,000 8,000,000
6/16/97 5.50 5,000,000 5,000,000
Den Danske Bank A/S
7/28/97 5.52 5,000,000 5,001,175
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - CONTINUED
Landesbank Hessen - Thuringen
9/5/97 6.20% $ 15,000,000 $ 15,000,847
9/11/97 6.11 16,000,000 15,998,142
National Bank of Canada
2/24/97 5.40 5,000,000 5,000,000
National Westminster Bank, PLC
2/18/97 5.42 5,000,000 5,000,000
3/10/97 5.43 15,000,000 15,000,000
5/1/97 5.42 3,000,000 3,000,121
Norddeutsche Landesbank
2/28/97 5.55 25,000,000 25,002,861
Rabobank Nederland, N.V.
3/19/97 5.46 1,000,000 999,984
Royal Bank of Canada
8/13/97 5.80 5,000,000 4,998,157
Sanwa Bank, Ltd.
2/28/97 5.50 3,000,000 3,000,011
3/27/97 5.71 2,000,000 2,000,000
Societe Generale, France
3/28/97 5.44 1,000,000 999,962
5/22/97 5.53 8,000,000 8,000,782
6/10/97 5.53 5,000,000 5,006,116
7/28/97 5.55 18,000,000 18,000,000
Sumitomo Bank, Ltd.
2/18/97 5.49 1,000,000 1,000,003
2/18/97 5.50 5,000,000 5,000,000
3/6/97 5.57 3,000,000 3,000,000
4/3/97 5.60 2,000,000 2,000,000
Swiss Bank Corp.
2/3/97 5.33 4,000,000 4,000,003
2/10/97 5.35 5,000,000 5,000,000
4/21/9 5.41 13,000,000 13,000,000
4/23/97 5.41 12,000,000 12,000,000
5/19/97 5.40 25,000,000 25,000,000
7/22/97 5.53 13,000,000 13,000,000
Westdeutsche Landesbank
2/5/97 5.40 5,000,000 5,000,000
3/10/97 5.40 3,000,000 3,000,000
4/9/97 5.45 4,000,000 4,000,000
4/21/97 5.50 3,000,000 3,000,000
304,008,400
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 9.5%
ABN-AMRO Bank
3/27/97 5.60 35,000,000 35,000,511
Abbey National, Treasury Services
2/14/97 5.40 3,000,000 2,999,961
2/18/97 5.42 4,000,000 4,000,000
CERTIFICATES OF DEPOSITS - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - CONTINUED
Abbey National, Treasury Services - continued
2/28/97 5.40% $ 2,000,000 $ 1,999,906
3/17/97 5.43 20,000,000 20,000,000
4/16/97 5.50 5,000,000 4,999,478
6/10/97 5.51 10,000,000 10,011,784
Banco Bilbao Vizcaya, S.A.
3/6/97 5.40 4,000,000 3,999,908
Bank of Nova Scotia
3/6/97 5.40 10,000,000 10,000,000
Bank of Tokyo - Mitsubishi Ltd.
2/18/97 5.46 3,000,000 2,999,995
2/25/97 5.46 3,000,000 3,000,000
3/3/97 5.48 4,000,000 4,000,033
Banque Nationale de Paris
2/13/97 5.56 5,500,000 5,500,032
3/21/97 5.45 2,000,000 2,000,605
Bayerische Hypotheken-und Weschel
3/10/97 5.80 4,000,000 4,000,000
Bayerische Landesbank Girozentrale
7/7/97 5.56 6,000,000 5,998,662
Bayerische Vereinsbank A.G.
3/11/97 5.42 7,000,000 7,000,073
Canadian Imperial Bank of Commerce
3/19/97 5.45 2,000,000 2,000,000
Sumitomo Bank, Ltd.
2/21/97 5.49 2,000,000 2,000,011
Westdeutsche Landesbank
4/7/97 5.40 5,000,000 5,000,089
Westpac Banking Corp.
3/24/97 5.52 5,000,000 5,001,403
141,512,451
TOTAL CERTIFICATES OF DEPOSIT 511,511,375
COMMERCIAL PAPER - 49.6%
ABN-AMRO North America Finance, Inc.
2/28/97 5.68 12,800,000 12,746,912
A.H. Robins Company, Inc.
2/27/97 5.40 1,000,000 996,151
AVCO Financial Services
2/10/97 5.39 10,000,000 9,986,725
Abbey National, North America
3/10/97 5.76 4,000,000 3,976,978
American Express Credit Corp.
3/19/97 5.37 50,000,000 49,662,666
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
American Home Products
2/5/97 5.38% $ 2,108,000 $ 2,106,744
2/24/97 5.40 5,000,000 4,982,990
Asset Securitization Coop. Corp.
2/18/97 5.43 5,000,000 4,987,321
2/18/97 5.44 3,000,000 2,992,365
2/25/97 5.56 25,000,000 24,908,333
2/26/97 5.44 1,000,000 996,264
Associates Corp. of North America
3/5/97 5.40 25,000,000 24,881,555
4/2/97 5.50 10,000,000 9,909,750
BHF Finance (Delaware), Inc.
2/19/97 5.50 4,000,000 3,989,100
BP America, Inc.
2/13/97 5.32 2,000,000 1,996,467
Bank of Nova Scotia
3/17/97 5.40 5,000,000 4,967,489
Bayerische Vereinsbank A.G.
2/18/97 5.42 5,000,000 4,987,439
Bear Stearns Cos., Inc.
2/14/97 5.41 3,000,000 2,994,204
2/26/97 5.38 4,000,000 3,985,264
Beneficial Corp.
3/17/97 5.48 5,000,000 4,966,939
CIESCO, L.P.
2/20/97 5.33 10,000,000 9,972,028
CIT Group Holdings, Inc.
3/17/97 5.48 10,000,000 9,933,878
Caisse d'Amortissement de la Dette Sociale
2/24/97 5.42 15,000,000 14,949,016
2/24/97 5.43 5,000,000 4,982,973
2/28/97 5.75 11,000,000 10,953,800
6/3/97 6.01 10,000,000 9,805,139
Caisse des Depots et Consignations
2/19/97 5.41 2,000,000 1,994,680
Chase Manhattan Corp.
4/15/97 5.48 10,000,000 9,890,500
Cheltenham & Gloucester PLC
2/28/97 5.41 10,000,000 9,960,100
3/11/97 5.47 5,000,000 4,971,764
Chrysler Financial Corporation
2/24/97 5.60 5,000,000 4,982,303
3/11/97 5.48 3,000,000 2,982,773
3/12/97 5.49 2,000,000 1,988,191
Citibank Credit Card Master Trust I (Dakota Certificate Program)
2/6/97 5.41 1,000,000 999,258
2/13/97 5.40 7,000,000 6,987,540
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Citibank Credit Card Master Trust I
(Dakota Certificate Program) - continued
2/20/97 5.38% $ 3,000,000 $ 2,991,529
2/20/97 5.42 2,000,000 1,994,364
2/21/97 5.40 5,050,000 5,035,047
Commercial Credit Corp.
2/26/97 5.52 5,000,000 4,981,007
CoreStates Capital Corp.
2/10/97 5.43(a) 5,000,000 5,000,000
Den Danske Corp., Inc.
2/18/97 5.45 10,000,000 9,974,524
4/15/97 5.43 3,000,000 2,967,454
Eiger Capital Corp.
3/19/97 5.40 25,000,000 24,829,097
Electronic Data Systems
2/14/97 5.58 5,000,000 4,990,015
Enterprise Funding Corp.
2/19/97 5.43 2,000,000 1,994,630
2/20/97 5.49 5,000,000 4,985,671
2/24/97 5.46 2,000,000 1,993,100
Fina Oil and Chemical Company
2/24/97 5.56 10,000,000 9,964,861
Ford Motor Credit Corp.
3/11/97 5.38 25,000,000 24,860,139
3/17/97 5.66 10,000,000 9,932,778
GTE Corp.
2/3/97 5.37 3,000,000 2,999,107
2/13/97 5.40 4,000,000 3,992,840
Generale Bank
4/10/97 5.44 6,000,000 5,939,707
6/19/97 5.53 10,000,000 9,793,767
7/30/97 5.53 5,000,000 4,866,247
General Electric Capital Corp.
2/19/97 5.42 15,000,000 14,960,100
3/6/97 5.53 3,000,000 2,984,957
3/12/97 5.76 7,000,000 6,957,533
3/18/97 5.39 15,000,000 14,900,813
5/28/97 5.44 15,000,000 14,743,833
7/28/97 5.52 12,000,000 11,683,170
General Electric Co.
3/3/97 5.37 3,000,000 2,986,750
General Motors Acceptance Corp.
2/20/97 5.70 3,000,000 2,991,220
2/24/97 5.71 3,000,000 2,989,362
2/25/97 5.71 5,000,000 4,981,500
3/3/97 5.45 10,000,000 9,955,250
3/31/97 5.70 5,000,000 4,955,372
4/14/97 5.63 5,000,000 4,945,250
4/15/97 5.63 3,000,000 2,966,694
5/7/97 5.51 7,000,000 6,900,989
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
6/23/97 5.62% $ 10,000,000 $ 9,784,436
6/25/97 5.62 5,000,000 4,890,600
Glaxo Wellcome, PLC
2/5/97 5.37 1,683,000 1,682,000
Goldman Sachs Group, L.P. (The)
4/29/97 5.50 10,000,000 9,870,709
5/12/97 5.45 8,000,000 7,882,222
Halifax Building Society
3/13/97 5.40 5,000,000 4,970,556
Household Finance Corp.
2/19/97 5.38 6,000,000 5,984,070
IBM Credit Corp.
3/3/97 5.39 2,000,000 1,991,167
3/12/97 5.38 3,000,000 2,982,775
J.C. Penney Funding Corp.
2/10/97 5.50 1,000,000 998,637
2/13/97 5.50 1,000,000 998,183
MCI Communications Corp.
2/20/97 5.34 10,000,000 9,971,922
Matterhorn Capital Corp.
2/18/97 5.40 3,363,000 3,354,472
Merrill Lynch & Co., Inc.
3/11/97 5.76 3,000,000 2,982,267
3/12/97 5.68 2,000,000 1,988,029
5/15/97 5.44 10,000,000 9,848,361
7/28/97 5.54 10,000,000 9,734,992
Morgan Stanley Group, Inc.
2/4/97 5.40 3,000,000 2,998,670
2/10/97 5.40 3,000,000 2,996,010
2/10/97 5.40 5,000,000 4,993,350
National Australia Funding, Inc.
3/13/97 5.60 5,000,000 4,969,888
Nationwide Building Society
2/25/97 5.45 1,000,000 996,433
2/27/97 5.35 4,300,000 4,283,478
3/6/97 5.40 10,000,000 9,951,188
New Center Asset Trust
2/19/97 5.63 3,000,000 2,991,780
3/17/97 5.39 4,000,000 3,974,089
Norwest Financial
3/12/97 5.39 5,000,000 4,971,292
PG & E
2/19/97 5.36 2,500,000 2,493,338
PHH Corp.
2/6/97 5.43 1,000,000 999,255
2/7/97 5.43 1,000,000 999,104
2/14/97 5.51 5,000,000 4,990,160
2/20/97 5.37 2,990,000 2,981,557
Preferred Receivables Funding Corp.
2/7/97 5.37 4,000,000 3,996,433
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Preferred Receivables Funding Corp. - continued
2/20/97 5.67% $ 2,100,000 $ 2,093,771
2/25/97 5.53 3,000,000 2,989,060
Sears Roebuck Acceptance Corp.
3/14/97 5.44 15,000,000 14,908,007
Southern Company Group
3/12/97 5.40 2,000,000 1,988,409
4/7/97 5.44 3,000,000 2,970,913
Textron, Inc.
2/10/97 5.53 2,000,000 1,997,250
2/12/97 5.50 2,000,000 1,996,658
3/4/97 5.50 1,000,000 995,290
Unifunding, Inc.
2/7/97 5.73 3,500,000 3,496,674
3/6/97 5.41 4,000,000 3,980,347
4/28/97 5.43 3,000,000 2,961,658
Westpac Capital Corp.
3/13/97 5.70 10,000,000 9,938,444
TOTAL COMMERCIAL PAPER 740,182,180
FEDERAL AGENCIES - 4.7%
FEDERAL HOME LOAN BANK - AGENCY COUPONS (A) - 0.3%
3/4/97 5.40 5,000,000 4,996,351
FEDERAL NATIONAL MORTGAGE ASSOC. - AGENCY COUPONS (A) - 4.4%
2/3/97 5.42 25,000,000 24,986,863
3/9/97 5.40 30,000,000 29,977,761
3/13/97 5.43 10,000,000 9,993,434
64,958,058
TOTAL FEDERAL AGENCIES 69,954,409
BANK NOTES - 3.3%
CoreStates Capital Corp.
2/28/97 5.41 (a) 25,000,000 25,000,000
First National Bank of Boston
3/6/97 5.44 13,000,000 13,000,000
First of America Bank - Michigan
6/4/97 5.44 5,000,000 4,999,321
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Key Bank of New York
2/3/97 5.21%(a) $ 6,000,000 $ 5,997,986
TOTAL BANK NOTES 48,997,307
MASTER NOTES (A) - 2.1%
Goldman Sachs Group, L.P. (The) (c)
2/8/97 5.50 7,000,000 7,000,000
J.P. Morgan Securities
2/7/97 5.49 10,000,000 10,000,000
Norwest Corp.
2/1/97 5.46 7,000,000 7,000,000
2/3/97 5.44 7,000,000 7,000,000
TOTAL MASTER NOTES 31,000,000
MEDIUM-TERM NOTES (A) - 1.5%
General Motors Acceptance Corp.
2/1/97 5.50 6,000,000 6,000,000
2/13/97 5.41 3,000,000 2,999,934
Merrill Lynch & Co., Inc.
2/18/97 5.45 5,000,000 4,999,465
Norwest Corp.
4/22/97 5.55 8,000,000 8,000,000
TOTAL MEDIUM-TERM NOTES 21,999,399
SHORT-TERM NOTES (A)(B) - 1.7%
Liquid Asset Backed Securities Trust (1996 - 2)
2/3/97 5.53 8,000,000 8,000,000
SMM Trust (1996-I)
2/28/97 5.49 10,000,000 10,000,000
SMM Trust (1996-P)
2/18/97 5.51 7,500,000 7,500,000
TOTAL SHORT-TERM NOTES 25,500,000
TIME DEPOSITS - 0.6%
Sumitomo Bank, Ltd.
2/24/97 5.50 10,000,000 10,000,000
REPURCHASE AGREEMENTS - 1.8%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account
(U.S. Treasury Obligations)
dated 1/31/97 due 2/3/97:
At 5.55% $ 9,189,249 $ 9,185,000
At 5.57% 17,119,949 17,112,000
TOTAL REPURCHASE AGREEMENTS 26,297,000
TOTAL INVESTMENTS - 100% $ 1,491,414,653
Total Cost for Income Tax Purposes $ 1,491,414,653
LEGEND
(1.) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due date on these types of
securities reflects the next interest rate reset date or, when applicable,
the final maturity date.
(2.) 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 $25,500,000 or 1.7% of net
assets.
(3.) Restricted security; subject to resale restrictions.
INCOME TAX INFORMATION
At July 31, 1996, the fund had a capital loss carryforward of approximately
$79,000 which will expire on July 31, 2002.
CAPITAL RESERVES: MONEY MARKET PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
JANUARY 31, 1997 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $26,297,000) - $ 1,491,414,653
See accompanying schedule
Interest receivable 8,836,047
TOTAL ASSETS 1,500,250,700
LIABILITIES
Payable for investments purchased $ 13,000,000
Share transactions in process 3,632,097
Distributions payable 235,224
Accrued management fee 478,325
Other payables and accrued expenses 782,639
TOTAL LIABILITIES 18,128,285
NET ASSETS $ 1,482,122,415
Net Assets consist of:
Paid in capital $ 1,482,132,801
Accumulated net realized gain (loss) on investments (10,386)
NET ASSETS, for 1,482,132,801 shares outstanding $ 1,482,122,415
NET ASSET VALUE, offering price and redemption price per share $1.00
($1,482,122,415 (divided by) 1,482,132,801 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JANUARY 31, 1997 (UNAUDITED)
INTEREST INCOME $ 37,374,101
EXPENSES
Management fee $ 3,366,139
Transfer agent fees 1,708,778
Distribution fees 2,352,220
Accounting fees and expenses 75,442
Non-interested trustees' compensation 2,284
Custodian fees and expenses 18,105
Registration fees 141,740
Audit 5,655
Legal 4,837
Miscellaneous 4,542
Total expenses before reductions 7,679,742
Expense reductions (1,015,168) 6,664,574
NET INTEREST INCOME 30,709,527
NET REALIZED GAIN (LOSS) ON INVESTMENTS 55,978
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 30,765,505
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
JANUARY 31,1997 JULY 31,
(UNAUDITED) 1996
INCREASE (DECREASE) IN NET ASSETS
Operations $ 30,709,527 $ 51,509,103
Net interest income
Net realized gain (loss) 55,978 52,325
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 30,765,505 51,561,428
Distributions to shareholders from net interest income (30,709,527) (51,509,103)
Share transactions at net asset value of $1.00 per share 3,830,161,525 6,814,075,501
Proceeds from sales of shares
Reinvestment of distributions from net interest income 29,498,121 49,162,495
Cost of shares redeemed (3,608,140,564) (6,608,717,752)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM SHARE TRANSACTIONS 251,519,082 254,520,244
TOTAL INCREASE (DECREASE) IN NET ASSETS 251,575,060 254,572,569
NET ASSETS
Beginning of period 1,230,547,355 975,974,786
End of period $ 1,482,122,415 $ 1,230,547,355
</TABLE>
FINANCIAL HIGHLIGHTS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED JULY 31,
ENDED JANUARY
31, 1997
(UNAUDITED) 1996 1995 1994 1993 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations .023 .047 .048 .027 .025 .041
Net interest income
Less Distributions
From net interest income (.023) (.047) (.048) (.027) (.025) (.041)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.32% 4.80% 4.86% 2.72% 2.57% 4.13%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 1,482,122 $ 1,230,547 $ 975,975 $ 680,149 $ 601,498 $ 354,189
Ratio of expenses to average net assets .99% A, .99% .99% .98% .95% .82%
C C C C C C
Ratio of net interest income to average 4.56% A 4.69% 4.80% 2.70% 2.52% 3.81%
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
CAPITAL RESERVES: U.S. GOVERNMENT PORTFOLIO
INVESTMENTS JANUARY 31, 1997 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
U.S. TREASURY OBLIGATIONS - 21.8%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 8.4%
7/24/97 5.73% $ 11,000,000 $ 10,713,493
8/21/97 5.63 1,000,000 970,241
8/21/97 5.66 1,000,000 970,129
8/21/97 5.67 4,000,000 3,880,284
9/18/97 5.68 1,000,000 965,777
9/18/97 5.70 3,000,000 2,897,141
9/18/97 5.71 2,000,000 1,931,268
22,328,333
U.S. TREASURY NOTES - 13.4%
5/15/97 5.27 10,000,000 10,033,058
4/30/97 5.30 10,500,000 10,529,190
5/31/97 5.28 3,000,000 3,006,715
5/31/97 5.29 10,000,000 10,021,846
6/30/97 5.30 1,000,000 1,001,150
11/30/97 5.50 1,000,000 997,908
35,589,867
TOTAL U.S. TREASURY OBLIGATIONS 57,918,200
REPURCHASE AGREEMENTS - 78.2%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account
(U.S. Treasury Obligations)
dated 1/31/97 due 2/3/97:
(Notes 2 and 3)
At 5.55% $ 178,082,338 $ 178,000,000
At 5.57% 30,294,057 30,280,000
TOTAL REPURCHASE AGREEMENTS 208,280,000
TOTAL INVESTMENTS - 100% $ 266,198,200
Total Cost for Income Tax Purposes $ 266,198,200
INCOME TAX INFORMATION
At July 31, 1996, the fund had a capital loss carryforward of approximately
$53,000 of which $3,000, $35,000 and $15,000 will expire on July 31, 2001,
2002, and 2003, respectively.
CAPITAL RESERVES: U.S. GOVERNMENT PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
JANUARY 31, 1997 (UNAUDITED)
ASSETS
Investment in securities, at value (including repurchase agreements of $208,280,000) - $ 266,198,200
See accompanying schedule
Cash 5,826,947
Interest receivable 499,619
TOTAL ASSETS 272,524,766
LIABILITIES
Reverse repurchase payable $ 5,827,793
Distributions payable 47,854
Accrued management fee 99,722
Other payables and accrued expenses 133,074
TOTAL LIABILITIES 6,108,443
NET ASSETS $ 266,416,323
Net Assets consist of:
Paid in capital $ 266,463,583
Accumulated net realized gain (loss) on investments (47,260)
NET ASSETS, for 266,463,583 shares outstanding $ 266,416,323
NET ASSET VALUE, offering price and redemption price per share $1.00
($266,416,323 (divided by) 266,463,583 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JANUARY 31, 1997 (UNAUDITED)
INTEREST INCOME $ 6,295,887
EXPENSES
Management fee $ 581,740
Transfer agent fees 247,025
Distribution fees 407,218
Accounting fees and expenses 20,924
Custodian fees and expenses 1,430
Registration fees 105,870
Audit 5,773
Legal 927
Miscellaneous 392
Total expenses before reductions 1,371,299
Expense reductions (219,472) 1,151,827
NET INTEREST INCOME 5,144,060
NET REALIZED GAIN (LOSS) ON INVESTMENTS 4,085
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 5,148,145
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
JANUARY 31, 1997 JULY 31,
(UNAUDITED) 1996
INCREASE (DECREASE) IN NET ASSETS
Operations $ 5,144,060 $ 9,545,911
Net interest income
Net realized gain (loss) 4,085 2,207
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 5,148,145 9,548,118
Distributions to shareholders from net interest income (5,144,060) (9,545,911)
Share transactions at net asset value of $1.00 per share 744,289,653 1,626,194,942
Proceeds from sales of shares
Reinvestment of distributions from net interest income 4,823,956 8,864,200
Cost of shares redeemed (683,205,022) (1,636,522,705)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM SHARE TRANSACTIONS 65,908,587 (1,463,563)
TOTAL INCREASE (DECREASE) IN NET ASSETS 65,912,672 (1,461,356)
NET ASSETS
Beginning of period 200,503,651 201,965,007
End of period $ 266,416,323 $ 200,503,651
</TABLE>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEARS ENDED JULY 31,
JANUARY 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
(UNAUDITED) 1996 1995 1994 1993 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations .022 .046 .045 .025 .024 .041
Net interest income
Less Distributions
From net interest income (.022) (.046) (.045) (.025) (.024) (.041)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 2.24% 4.70% 4.64% 2.52% 2.40% 4.15%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 266,416 $ 200,504 $ 201,965 $ 306,261 $ 264,483 $ 308,542
Ratio of expenses to average net assets .99% A, .99% .99% .98% .95% .65%
C C C C C C
Ratio of net interest income to average 4.42% A 4.62% 4.41% 2.50% 2.39% 3.82%
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS) .
CAPITAL RESERVES: MUNICIPAL MONEY MARKET PORTFOLIO
INVESTMENTS JANUARY 31, 1997 (UNAUDITED)
Showing Percentage of Total Value of Investments in Securities
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ALABAMA - 1.7%
Phenix City Envir. Impt. Rev. Bonds (Mead Coated Board Proj.) Series 1988,
3.50%, tender 2/7/97, LOC ABN-AMRO Bank (b) $ 1,000,000 $ 1,000,000
Roanoke Ind. Dev. Board Ind. Dev. Rev. (Wehadkee/Rock Mills Proj.) Series
1992, 3.70%,
LOC SunTrust Bank, VRDN (b) 1,100,000 1,100,000
Talladega Ind. Dev. Rev. (Wehadkee Yarn Mills Proj.) Series 1990, 3.70%,
LOC SunTrust Bank, Atlanta, VRDN (b) 400,000 400,000
2,500,000
ARIZONA - 5.6%
Arizona Ed. Loan Mktg. Corp. Series 1991 A, 3.65%, LOC Dresdner Bank, A.G.,
Germany
VRDN (b) 900,000 900,000
Coconino County Poll. Cont. Corp. Poll. Cont. Rev. (Arizona Pub. Svc. Co.
Navajo Proj.)
Series 1994 A, 3.75%, LOC Bank of America NT & SA, VRDN (b) 200,000
200,000
Maricopa County Poll. Cont. Rev. Bonds (Southern California Edison Co.)
Series 1985 E, 3.50%, tender 4/7/97 1,000,000 1,000,000
Phoenix Civic Corp. Arpt. Impt. Series 1995, 3.65%,
LOC Landesbank Hessen-Thuringen, VRDN (b) 1,000,000 1,000,000
Pima County Ind. Dev. Auth. (Tucson Elec. Pwr. Co. Proj.) Series 1990 A,
3.60%,
LOC Bankers Trust Company, VRDN (b) 900,000 900,000
Pima County School Dist. #1 Participating VRDN, Series 1996 D, 3.75% (FGIC
Insured)
(Liquidity Facility Norwest Bank NA, Minnesota) (c) 1,000,000 1,000,000
Pinal County Ind. Dev. Auth. Ind. Dev. Rev. (Sunbelt Refining Co. LP Proj.)
Series 1988, 3.65%,
LOC Bankers Trust Company, VRDN (b) 3,400,000 3,400,000
8,400,000
ARKANSAS - 1.7%
Clark County Solid Waste Disp. Rev. (Reynolds Metals Co. Proj.) 3.60%,
LOC SunTrust Bank Atlanta, VRDN (b) 2,500,000 2,500,000
CALIFORNIA - 3.5%
California Gen. Oblig. RAN Series 1996-97, 4.50% 6/30/97 2,300,000
2,305,267
Los Angeles Commty. College Dist. TRAN Series 1996-97, 4.50% 7/1/97
1,000,000 1,001,973
Los Angeles County TRAN Series 1996-97, 4.50% 6/30/97 1,000,000
1,003,052
Ventura County TRAN Series 1996, 4.75% 7/2/97 1,000,000 1,002,931
5,313,223
COLORADO - 1.3%
Fort Collins County Ind. Dev. Rev. (Phelps-Tointon Millwork Proj.) Series
1993, 3.70%,
LOC Bank One, Milwaukee, VRDN (b) 1,350,000 1,350,000
Larimer County (Ultimate Support Sys.) Series 1995 B, 3.80%,
LOC Bank One, Colorado, NA, VRDN (b) 575,000 575,000
1,925,000
DELAWARE - 0.7%
Delaware Econ. Dev. Auth. (Waste Recovery Proj.) Series 1996 B, 3.60%,
LOC Canadian Imperial Bank of Commerce, VRDN (b) 1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
DISTRICT OF COLUMBIA - 0.3%
Metro. Washington Arpt. Port. Auth. Rev. Bonds, 3.60%, tender 3/26/97,
LOC NationsBank, NA (b) $ 500,000 $ 500,000
FLORIDA - 5.0%
Dade County Hsg. Fin. Corp. Participating VRDN, Series 1991 A, 3.79%
(Liquidity Facility Bank One, Colorado) (b)(c) 775,000 775,000
Dade County Multi-Family Hsg. Rev. (Biscayne View Apts. Proj.) Series 1993,
3.80%
(Commonwealth Life Insurance Co. Guaranteed) VRDN (b) 1,475,000
1,475,000
Florida Local Gov't. Fin. Commission Series A, 3.65% 2/26/97, LOC First
Union Nat'l. Bank, CP 500,000 500,000
Jacksonville Health Fac. Auth. Participating VRDN,
Series 1996 M, 3.60% (Liquidity Facility Caisse des Depots et
Cosignations) (c) 1,000,000 1,000,000
Okeechobee County Solid Waste Rev. (Chambers Waste Sys.) Series 1992,
3.85%,
LOC Morgan Guaranty Trust NY, VRDN (b) 800,000 800,000
Sunshine State Governmental Fing. Commission:
Bonds Series 1986, 3.55%, tender 3/7/97 1,000,000 1,000,000
Series 1994, 3.60% 2/19/97, CP 2,000,000 2,000,000
7,550,000
GEORGIA - 2.3%
Brunswick & Glynn County Dev. Auth. (Georgia Pacific Corp. Proj.) Series
1996, 3.70%,
LOC Commerzbank, Germany, VRDN (b) 1,000,000 1,000,000
Dekalb County Hsg. Auth. Multi-Family Hsg. Rev. (Bryton Hill Apts. Proj.)
Series 1996, 3.65%,
LOC PNC Bank, Kentucky, VRDN (b) 1,000,000 1,000,000
Georgia Muni. Elec. Auth. Bonds:
(Gen. Resolution Projs.) Series 1987 A, 3.55%, tender 3/10/97 400,000
400,000
(Proj. One) Series 1994 E, 3.60%, tender 3/10/97, LOC ABN-AMRO Bank
1,000,000 1,000,000
Pierce County Ind. Dev. & Bldg. Auth. Rev. (American Egg Prods. Inc. Proj.)
Series 1989,
3.70%, LOC SunTrust Bank, Atlanta, VRDN (b) 145,000 145,000
3,545,000
IDAHO - 1.7%
Idaho TAN Series 1996, 4.50% 6/30/97 2,500,000 2,505,890
ILLINOIS - 4.4%
Chicago O' Hare Int'l. Arpt. Rev., Series 1988 A, 3.60%,
LOC Bayerische Landesbank Girozentrale, VRDN (b) 3,300,000 3,300,000
Chicago School Reform Participating VRDN, Series 96-BB, 3.68%
(Liquidity Facility Bank of America NT & SA) (c) 1,000,000 1,000,000
Illinois Dev. Fin. Auth. (Kindlon Partners Proj.) 3.75%, LOC LaSalle
National Bank, VRDN (b) 900,000 900,000
Illinois Hsg. Dev. Auth. Multi-Family Hsg. Rev. (Williamsburg Apt. Proj.)
Series 1991, 3.60%,
LOC Landesbank Hessen-Thuringen, VRDN 400,000 400,000
Illinois Regional Trans. Auth. Participating VRDN, Series SG-19, 3.65%
(Liquidity Facility Societe Generale, France) (b) 1,000,000 1,000,000
6,600,000
INDIANA - 1.4%
Indianapolis Gas Util. Sys. (Citizens Gas & Coke) 3.55% 3/27/97 (Liquidity
Facility NBD Bank, NA
Indiana CP 1,500,000 1,500,000
Portage Township School Trans. TAN 3.86% 12/31/97 650,000 650,913
2,150,913
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
IOWA - 0.7%
Iowa School Corp. TRAN, Series 1996-97 A, 4.75% 6/27/97 (FSA Insured) $
1,000,000 $ 1,004,448
KANSAS - 0.4%
Butler County Solid Waste Disposal Fac. (Texaco Inc.) Series 1994 A, 3.80%,
VRDN (b) 600,000 600,000
KENTUCKY - 0.5%
Cynthiana Ind. Dev. Rev. (E.D. Bullard Co. Proj.) 3.75%, LOC NationsBank,
NA, VRDN (b) 700,000 700,000
LOUISIANA - 1.1%
Plaquemines Parish Envir. Rev. Rfdg. (BP Exploration & Oil, Inc.) Series
1995, 3.75%, VRDN (b) 1,500,000 1,500,000
West Baton Rouge Parish Ind. Dist. #3 Rev. (Dow Chemical Co. Proj.)
Series 1993, 3.80%, VRDN (b) 200,000 200,000
1,700,000
MARYLAND - 0.4%
Baltimore Econ. Dev. Rev. (Rock-Tenn Converting Co.) Series 1987, 3.70%,
LOC SunTrust Bank, Atlanta , VRDN (b) 570,000 570,000
MICHIGAN - 2.0%
Detroit School Dist. RAN 4.50% 5/1/97 1,000,000 1,001,299
Michigan Hsg. Dev. Auth. Participating VRDN, Series PT-58, 3.70%
(Liquidity Facility Credit Suisse First Boston) (b)(c) 980,000 980,000
Michigan Muni. Auth. RAN Series 1996 A, 4.50% 7/3/97 1,000,000 1,002,403
2,983,702
MINNESOTA - 0.7%
St. Paul Hsg. and Redev. Auth. Participating VRDN, Series 1996 E, 3.75%
(FSA Insured)
(Liquidity Facility Norwest Bank NA, Minnesota) (c) 1,000,000 1,000,000
MISSOURI - 1.0%
Independence Ind. Dev. Auth. (Interlock Realty Co. Proj.) 3.80%, LOC Star
Bank, NA, VRDN (b) 480,000 480,000
St. Louis TRAN 4.75% 6/30/97 1,000,000 1,003,336
1,483,336
NEVADA - 4.1%
Clark County Ind. Dev. Rev. (Nevada Pwr. Co. Proj.) Series 1995 A, 3.70%,
LOC Barclays Bank, PLC, UK, VRDN (b) 3,250,000 3,250,000
Clark County Poll. Cont. Rev. Bonds (Southern California Edison) Series
1987 A,
3.45%, tender 3/10/97 (b) 2,000,000 2,000,000
Clark County School Dist. Participating VRDN, Series BTP-192, 3.70%
(Liquidity Facility Bankers Trust Company) VRDN (c) 1,000,000 1,000,000
6,250,000
NEW MEXICO - 0.3%
New Mexico State Highway Commission Tax Rev. Highway Bonds Series 1996,
3.70%,
tender 2/4/97 (FSA Insured) (Liquidity Facility Canadian Imperial Bank of
Commerce) 500,000 500,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NEW YORK - 3.6%
Hempstead BAN 3.50% 2/28/97 $ 1,461,000 $ 1,461,229
New York City RAN Series 1996-B, 4.50% 6/30/97 4,000,000 4,012,474
5,473,703
NORTH CAROLINA - 0.5%
Piedmont Triad Arpt. Auth. Spl. Facs. Rev. (Triad Int'l. Maintenance Corp.
Proj.) Series 1989,
3.75%, LOC Mellon Bank N.A., VRDN (b) 800,000 800,000
OHIO - 1.3%
Finneytown BAN 4.38% 7/17/97 1,000,000 1,003,284
Ohio Hsg. Fin. Agcy. Participating VRDN, Series 96-6, 3.70%
(Liquidity Facility Bank of New York, NY) (b) (c) 900,000 900,000
1,903,284
OKLAHOMA - 2.2%
Guymon Utils. Auth. Rev. (Seaboard Proj.) Series 1995, 3.70%, LOC SunTrust
Bank Atlanta (b) 3,300,000 3,300,000
OREGON - 0.3%
Oregon Hsg. & Commty. Svcs. Dept. Mtg. Bonds (Single Family Mtg. Prog.)
Series K,
3.65%, tender 12/11/97 (b) 500,000 500,000
PENNSYLVANIA - 9.0%
Berks County Ind. Dev. Auth. Facs. Rev. (RAM Industries, Inc.) Series 1996,
3.95%,
LOC Corestates Bank, VRDN (b) 350,000 350,000
Bucks County Ind. Dev. Auth. Ind. Dev., VRDN (b):
(Associates Proj.) Series 1993, 3.95%, LOC Corestates Bank 1,210,000
1,210,000
(Double H Plastics Inc. Proj.) Series 1993, 3.95%, LOC Corestates Bank
2,235,000 2,235,000
Carbon County Ind. Dev. Auth. Resource Recovery Rev. Bonds (Panther Creek
Partners Proj.)
Series 1991 A, 3.60%, tender 4/9/97, LOC Nat'l. Westminster Bank PLC (b)
750,000 750,000
Emmaus Gen. Auth. Local Gov't. Rev. Series 1989 D-10, 3.60%,
LOC Canadian Imperial Bank of Commerce, VRDN 1,800,000 1,800,000
Pennsylvania Econ. Dev. Fin. Auth. Rev., VRDN (b):
(ASK Foods, Inc.) Series A-1, 3.70%, LOC PNC Bank, NA 435,000 435,000
(Dodge-Regupol, Inc. Proj.) Series D-4, 3.70%, LOC PNC Bank, NA
1,500,000 1,500,000
(Port Erie Plastics Proj.) Series 1989 D-9, 3.70%, LOC PNC Bank, NA
250,000 250,000
(Sun Star, Inc. Proj.) Series 1994 A-5, 3.70%, LOC PNC Bank, NA
1,000,000 1,000,000
Pennsylvania TAN Series 1996-97, 4.50% 6/30/97 3,000,000 3,008,953
Venango Ind. Dev. Auth. Resource Recovery Rev. Bonds (Scrubgrass Proj.)
Series 1990 B,
3.50%, tender 3/25/97, LOC Nat'l. Westminster Bank PLC (b) 1,000,000
1,000,000
13,538,953
RHODE ISLAND - 1.2%
Rhode Island Ind. Fac. Corp. Ind. Dev. Rev. (NFA Corp Proj.)
3.90%, LOC Bank of Boston, VRDN (b) 1,800,000 1,800,000
SOUTH CAROLINA - 2.5%
Lexington County School Dist. Gen. Oblig. Bonds Series 1996, 5.75% 2/1/97
(FSA Insured) 1,125,000 1,125,000
Marlboro County Solid Waste Disposal Fac. (Willamette Ind. Inc. Proj.)
Series 1995, 3.65%,
LOC Deutsche Bank, A.G., VRDN (b) 700,000 700,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
SOUTH CAROLINA - CONTINUED
South Carolina Econ. Dev. Rev. (Paxar Corp. Proj.) Series 1996, 3.70%,
LOC Wachovia Bank of Georgia, VRDN (b) $ 2,000,000 $ 2,000,000
3,825,000
SOUTH DAKOTA - 0.3%
South Dakota Hsg. Dev. Auth. Participating VRDN, Series PA-119, 3.70%
(Liquidity Facility Merrill Lynch & Co.) (b) (c) 520,000 520,000
TENNESSEE - 5.1%
Cookeville Ind. Dev. Board Ind. Dev. Rev. (Delbar Products Inc. Proj.)
3.70%,
LOC PNC Bank, NA, VRDN (b) 800,000 800,000
Memphis-Shelby County Poll. Cont. Rev. (Birmingham Steel) Series 1996,
3.70%,
LOC PNC Bank, Kentucky, VRDN (b) 500,000 500,000
Morristown Ind. Dev. (Lakeway Container Inc. Proj.) Series 1993, 3.65%,
LOC First Tennessee Bank, NA, VRDN (b) 2,000,000 2,000,000
Tennessee Hsg. Dev. Agcy. Homeownership Prog. Bonds Series 1996-1C,
3.25%, tender 2/6/97 (b) 2,465,000 2,465,000
Tennessee Hsg. Dev. Agcy. Participating VRDN, Series PT-59B, 3.70%
(Liquidity Facility Credit Suisse First Boston) (b)(c) 1,000,000
1,000,000
Trenton Ind. Dev. Rev. (Dyersburg Fabrics Inc.) Series 1990, 3.70%,
LOC SunTrust Bank Atlanta, VRDN (b) 995,000 995,000
7,760,000
TEXAS - 16.7%
Austin Util. Sys. Rev. Series A, 3.50% 3/20/97, LOC Morgan Guaranty Trust,
NY, CP 1,000,000 1,000,000
Brazos Harbor Ind. Dev. Corp. Bonds (Dow Chemical Corp.)
Series 1986, 3.55%, tender 4/9/97 960,000 960,000
Brazos River Harbor Navigation Dist. of Brazoria County (Dow Chemical Co.
Proj.) (b):
Bonds:
Series 1988:
3.50%, tender 3/6/97 1,000,000 1,000,000
3.60%, tender 5/6/97 500,000 500,000
Series 1992, 3.55%, tender 3/7/97 1,000,000 1,000,000
Series 1993, 3.80%, VRDN 1,100,000 1,100,000
Cedar Hill ISD Unltd. Tax School Bldg. and Rfdg. Bonds Series 1996, 4%
8/15/97 705,000 706,098
Dallas Area Rapid Transit Sales and Tax Rev. Series A, 3.45% 3/24/97,
LOC Credit Suisse First Boston, CP 2,250,000 2,250,000
Denton Util. Sys. Rev. Rfdg. Participating VRDN, Series SG-32, 3.65%
(Liquidity Facility Societe Generale, France) (c) 1,000,000 1,000,000
Gulf Coast Waste Disposal Auth. Poll. Cont. Rev.:
Rfdg. Bonds (Exxon Proj.) 3.45%, tender 3/20/97 2,000,000 2,000,000
(Amoco Oil Co.) Series 1994, 3.75%, VRDN (b) 400,000 400,000
Gulf Coast Waste Disposal Auth. Rev. (Amoco Oil Co.) 3.75%, VRDN (b)
1,000,000 1,000,000
Lamarque ISD TRAN Series 1996, 4.167% 8/29/97 (d) 1,200,000 1,200,000
Mineral Wells Ind. Dev. Rev. (Ameron Inter Corp.) 3.60%,
LOC Commerzbank, Germany, VRDN (b) 1,000,000 1,000,000
Port of Corpus Christi Ind. Dev. Corp. (Citgo Petroleum Proj.) Series 1996,
3.80%,
LOC Banque Nationale de Paris, VRDN (b) 1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TEXAS - CONTINUED
Port of Corpus Christi Waste Rev. (Coastal Refining & Mktg.) 3.65%,
LOC Banque Nationale de Paris, VRDN (b) $ 1,000,000 $ 1,000,000
San Antonio Hsg. Fin. Auth. Rev. (Braesview Apts. Proj.) 3.60%,
LOC Swiss Bank Corp., VRDN (b) 3,200,000 3,200,000
Texas Gen. Oblig. TRAN Series 1996, 4.75% 8/29/97 4,900,000 4,921,541
25,237,639
UTAH - 1.0%
Salt Lake City Arpt. Rev., Series 1996 A, 3.60%, LOC Union Bank of
Switzerland, VRDN (b) 500,000 500,000
Utah Hsg. Fin. Agcy. Single-Family Mtg. Participating VRDN, Series PT-84B,
3.70%
(Liquidity Facility Rabobank Nederland, NV) (b)(c) 1,000,000 1,000,000
1,500,000
VIRGINIA - 2.2%
Frederick County Ind. Dev. Auth. Rev. (Nat'l. Wildlife Federation Proj.)
Series 1996, 3.70%,
LOC NationsBank, VRDN (b) 1,000,000 1,000,000
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. Pwr. Co.
Proj.) Series 1984,
3.50%, tender 3/20/97 1,000,000 1,000,000
Mecklenburg County Ind. Dev. Auth. Rev. (American Bldgs. Co. Proj.) 3.70%,
LOC LaSalle National Bank, VRDN (b) 1,320,000 1,320,000
3,320,000
WASHINGTON - 2.4%
Algona Econ. Dev. Corp. Ind. Rev. (Aitchison Family Partnership) Series
1992, 3.70%,
LOC Wells Fargo Bank, VRDN (b) 2,680,000 2,680,000
Washington Gen. Oblig. Participating VRDN, Series SGB-11, 3.65%
(Liquidity Facility Societe Generale, France) (c) 1,000,000 1,000,000
3,680,000
WEST VIRGINIA - 1.0%
Wood County Ind. Dev. Rev. (AGA Gas Inc. Proj.) Series 1988, 3.60%,
LOC Svenska Handelsbanken, VRDN (b) 1,500,000 1,500,000
WISCONSIN - 4.3%
Appleton Ind. Dev. Rev. (Pensar Corp. Proj.) Series 1993, 3.70%
LOC Bank One ,Milwaukee, VRDN (b) 840,000 840,000
City of Eau Claire Solid Waste Disp. Rev. (Pope & Talbot Proj.) Series
1994, 3.70%,
LOC Wachovia Bank of Georgia, VRDN (b) 2,000,000 2,000,000
Racine Ind. Dev. Rev. (Burlington Graphic Sys.) Series 1994, 3.70%,
LOC Bank One, Milwaukee, VRDN (b) 1,720,000 1,720,000
River Falls Ind. Dev. Rev. (Quadion Corp. Proj.) 3.70%,
LOC First Bank, Minnesota, VRDN (b ) 1,895,000 1,895,000
6,455,000
MULTIPLE STATES - 1.6%
Clipper Participating VRDN, Series 1995 1, 3.73%
(Liquidity Facility State Street Bank & Trust Co., Boston) (b)(c)
2,153,291 2,153,291
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MULTIPLE STATES - CONTINUED
Stephens Equity Trust #3 Participating VRDN, Series 1996, 3.78%,
LOC Bayerische Hypotheken (c) $ 298,975 $ 298,975
2,452,266
OTHER - 4.0%
Municipal Central Cash Fund 3.50% 2/7/97 6,022,151 6,022,151
TOTAL INVESTMENTS - 100% $ 150,869,508
Total Cost for Income Tax Purposes - $ 150,869,508
SECURITY TYPE ABBREVIATIONS
BAN - Bond Anticipation Notes
CP - Commercial Paper
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax and Revenue Anticipation Notes
VRDN - Variable Rate Demand Notes
LEGEND
(1.) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(2.) Private activity obligations whose interest is subject to the federal
alternative minimum tax for individuals.
(3.) Provides evidence of ownership in one or more underlying municipal
bonds.
(4.) Restricted securities - Investment in securities not registered under
the Securities Act of 1933 (see Note 2 of Notes to Financial Statements).
Additional information on each holding is as follows:
ACQUISITION ACQUISITION
SECURITY DATE COST
Lamarque ISD TRAN
Series 1996,
4.167% 8/29/97 11/18/96 $ 1,200,000
INCOME TAX INFORMATION
At July 31, 1996, the fund had a capital loss carryforward of approx-
imately $25,000 of which $3,000, $2,000, $5,000 and $15,000 will expire on
July 31, 2000, 2001, 2002, and 2004, respectively.
CAPITAL RESERVES: MUNICIPAL MONEY MARKET PORTFOLIO
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
<TABLE>
<CAPTION>
<S> <C> <C>
JANUARY 31, 1997 (UNAUDITED)
ASSETS
Investment in securities, at value - See accompanying schedule $ 150,869,508
Cash 21,837
Interest receivable 1,075,726
TOTAL ASSETS 151,967,071
LIABILITIES
Share transactions in process $ 165,746
Distributions payable 5,548
Accrued management fee 56,371
Other payables and accrued expenses 90,197
TOTAL LIABILITIES 317,862
NET ASSETS $ 151,649,209
Net Assets consist of:
Paid in capital $ 151,671,200
Accumulated net realized gain (loss) on investments (21,991)
NET ASSETS, for 151,671,200 shares outstanding $ 151,649,209
NET ASSET VALUE, offering price and redemption price per share $1.00
($151,649,209 (divided by) 151,671,200 shares)
</TABLE>
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED JANUARY 31, 1997 (UNAUDITED)
INTEREST INCOME $ 2,522,963
EXPENSES
Management fee $ 343,891
Transfer agent, accounting and custodian fees and expenses 171,757
Distribution fees 242,192
Non-interested trustees' compensation 231
Registration fees 45,798
Audit 12,096
Legal 918
Miscellaneous 1,030
Total expenses before reductions 817,913
Expense reductions (137,608) 680,305
NET INTEREST INCOME 1,842,658
NET REALIZED GAIN (LOSS) ON INVESTMENTS 2,573
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 1,845,231
</TABLE>
STATEMENT OF CHANGES IN NET ASSETS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED JANUARY JULY 31,
31, 1997 1996
(UNAUDITED)
INCREASE (DECREASE) IN NET ASSETS
Operations $ 1,842,658 $ 3,675,894
Net interest income
Net realized gain (loss) 2,573 (14,544)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 1,845,231 3,661,350
Distributions to shareholders from net interest income (1,842,658) (3,675,894)
Share transactions at net asset value of $1.00 per share 391,552,872 802,017,521
Proceeds from sales of shares
Reinvestment of distributions from net interest income 1,792,825 3,543,229
Cost of shares redeemed (370,873,487) (800,191,110)
NET INCREASE (DECREASE) IN NET ASSETS AND RESULTING FROM SHARE TRANSACTIONS 22,472,210 5,369,640
TOTAL INCREASE (DECREASE) IN NET ASSETS 22,474,783 5,355,096
NET ASSETS
Beginning of period 129,174,426 123,819,330
End of period $ 151,649,209 $ 129,174,426
</TABLE>
FINANCIAL HIGHLIGHTS
SIX MONTHS ENDED YEARS ENDED JULY 31,
JANUARY 31, 1997
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
(UNAUDITED) 1996 1995 1994 1993 1992
SELECTED PER-SHARE DATA
Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
Income from Investment Operations .014 .028 .029 .018 .019 .031
Net interest income
Less Distributions
From net interest income (.014) (.028) (.029) (.018) (.019) (.031)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B 1.36% 2.83% 2.94% 1.80% 1.96% 3.14%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted) $ 151,649 $ 129,174 $ 123,819 $ 116,497 $ 116,274 $ 68,497
Ratio of expenses to average net assets .99% A, .99% .99% .98% .95% .95%
C C C C C C
Ratio of net interest income to average 2.68% A 2.79% 2.89% 1.78% 1.92% 2.89%
net assets
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED. TOTAL
RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING
THE PERIODS SHOWN.
C FMR AGREED TO REIMBURSE A PORTION OF THE FUND'S EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE FUND'S EXPENSE RATIO WOULD HAVE
BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS) .
NOTES TO FINANCIAL STATEMENTS
For the period ended January 31, 1997 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Capital Reserves: Money Market Portfolio, U.S. Government Portfolio and
Municipal Money Market Portfolio (the funds) are funds of Daily Money Fund
(the trust). The trust is registered under the Investment Company Act of
1940, as amended (the 1940 Act), as an open-end management investment
company organized as a Delaware business trust. Each fund is authorized to
issue an unlimited number of shares. The financial statements have been
prepared in conformity with generally accepted accounting principles which
permit management to make certain estimates and assumptions at the date of
the financial statements. The following summarizes the significant
accounting policies of the funds:
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, each fund is not subject to income taxes to
the extent that it distributes substantially all of its taxable income for
the fiscal year. The schedules of investments include information regarding
income taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. For the
Municipal Money Market fund, accretion of discount represents unrealized
gain until realized at the time of a security disposition or maturity.
EXPENSES. Most expenses of the trust can be directly attributed to a fund.
Expenses which cannot be directly attributed are apportioned between the
funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of trade
date. Gains and losses on securities sold are determined on the basis of
identified cost.
2. OPERATING POLICIES.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), the funds, 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.
MUNICIPAL CENTRAL CASH FUND. Pursuant to an Exemptive Order issued by the
SEC, the Municipal Money Market fund may invest in the Municipal Central
Cash Fund (the Cash Fund) managed by FMR Texas, an affiliate of FMR. The
Cash Fund is an open-end money market fund available only to investment
companies and other accounts managed by FMR and its affiliates. The Cash
Fund seeks preservation of capital, liquidity, and current income by
investing in high-quality, short-term municipal securities, and may be
utilized by the fund as an additional cash management option. Dividends
from the Cash Fund are declared daily and paid monthly from net interest
income. Income distributions received by the fund are recorded as interest
income.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury or Federal Agency
Securities are transferred to an account of the funds, or to the Joint
Trading Account, at a bank custodian. 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 funds'
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. On January 31, 1997, U.S. Government fund
had a reverse repurchase agreement amounting to $5,827,793 at 4.90%
outstanding. The agreement, which matured February 3, 1997, was
collateralized by $6,000,000 of U.S. Treasury Bills due August 21, 1997.
RESTRICTED SECURITIES. The Money Market and Municipal Money Market funds
are permitted to invest in securities that are subject to legal or
contractual restrictions on resale. These securities generally may be
resold in transactions exempt from
2. OPERATING POLICIES - CONTINUED
RESTRICTED SECURITIES - CONTINUED
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
$1,200,000 or 0.8% of net assets for the Municipal Money Market fund. The
Money Market fund had no investments in restricted securities (excluding
144A issues).
3. JOINT TRADING ACCOUNT.
At the end of the period, the U.S. Government 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 maturity values of the
joint trading account investments were $178,082,338 at 5.55% and
$30,294,057 at 5.57%. The investments in repurchase agreements through the
joint trading account are summarized as follows:
SUMMARY OF JOINT TRADING
DATED JANUARY 31, 1997, DUE FEBRUARY 3, 1997 AT 5.55%
Number of dealers or banks 15
Maximum amount with one dealer or bank 16.7%
Aggregate principal amount of agreements $9,273,176,000
Aggregate maturity amount of agreements $9,277,465,517
Aggregate market value of transferred assets $9,465,984,000
Coupon rates of transferred assets 0% to 15.75%
Maturity dates of transferred assets 2/6/97 to 11/15/26
DATED JANUARY 31, 1996, DUE FEBRUARY 3, 1997 AT 5.57%
Number of dealers or banks 4
Maximum amount with one dealer or bank 28.3%
Aggregate principal amount of agreements $530,000,000
Aggregate maturity amount of agreements $530,246,038
Aggregate market value of transferred assets $541,119,817
Coupon rates of transferred assets 0%- 15.75%
Maturity dates of transferred assets 2/6/97 - 11/15/26
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As each fund's investment adviser, FMR receives a fee that
is computed daily at an annual rate of .50% of the fund's average net
assets.
SUB-ADVISER FEE. As each fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fees are paid prior to any voluntary
expense reimbursements which may be in effect.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, each
fund is authorized to pay its distributor, National Financial Services
Corporation (the Distributor), an affiliate of FMR, a monthly distribution
fee at an annual rate of .35% of its average net assets. The Distributor
may pay all or a portion of the fee to securities dealers or banks
(Qualified Recipients) that have selling agreements with each fund. In
addition, FMR may use its resources to pay Qualified Recipients who provide
shareholder support or
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN - CONTINUED
distribution services at a maximum annual rate of up to .25% of each fund's
average net assets. Qualified Recipients, including the Distributor acting
in the capacity of a Qualified Recipient, may at their discretion, retain
any portion of their compensation and reallocate the balance to their
correspondents. For the period, FMR made payments under the Plan in the
amount of $1,683,573, $271,526 and $172,040 for the Money Market, U.S.
Government and Municipal Money Market funds, respectively. Of the fees paid
by the funds and FMR for the period, the Distributor has reallocated to
third parties $3,494,588, $570,513, and $347,387 for the Money Market, U.S.
Government and Municipal Money Market funds, respectively.
TRANSFER AGENT AND ACCOUNTING FEES. Fidelity Investments Institutional
Operations Company (FIIOC), an affiliate of FMR, is the transfer, dividend
disbursing and shareholder servicing agent for the Money Market and U.S.
Government funds. UMB Bank n.a. (UMB) is the custodian and transfer and
shareholder servicing agent for the Municipal Money Market fund. UMB has
entered into a sub-contract with FIIOC to perform the activities associated
with the Municipal Money Market fund's transfer and shareholder servicing
agent functions. FIIOC receives account fees and asset-based fees that vary
according to account size and type of account. FIIOC pays for typesetting,
printing and mailing of all shareholder reports, except proxy statements.
For the period, FIIOC received transfer and shareholder servicing agent
fees amounting to $141,859 for the Municipal Money Market fund.
For the period, the transfer agent fees were equivalent to an annualized
rate of .25%, .21% and .21% of average net assets for the Money Market ,
U.S. Government and Municipal Money Market funds, respectively.
Fidelity Service Co., Inc. (FSC), an affiliate of FMR, maintains the
accounting records for the Money Market and U.S. Government funds. UMB also
has a sub-contract with FSC to maintain the Municipal Money Market fund's
accounting records. The accounting fee is based on the level of average net
assets for the month plus out-of-pocket expenses. For the period, FSC
received accounting fees amounting to $23,350 for the Municipal Money
Market fund.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the funds' operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above an annual rate of .99% of average net assets. For the
period, the reimbursement reduced expenses by $1,014,787, $219,454 and
$136,557 for the Money Market, U.S. Government and Municipal Money Market
funds, respectively.
In addition, each fund has entered into an arrangement with its custodian
whereby interest earned on uninvested cash balances was used to offset a
portion of each fund's expenses. During the period, the custodian fees were
reduced by $381, $18 and $1,051 for the Money Market, U.S. Government and
Municipal Money Market funds, respectively, under this arrangement.
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
FMR Texas Inc.
Irving, TX
OFFICERS
Edward C. Johnson 3d, PRESIDENT
J. Gary Burkhead, SENIOR VICE PRESIDENT
Sarah H. Zenoble, VICE PRESIDENT
Robert Litterst, VICE PRESIDENT
Leland C. Barron, VICE PRESIDENT
Scott A. Orr, VICE PRESIDENT
Arthur S. Loring, SECRETARY
Kenneth A. Rathgeber, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
Thomas J. Simpson, ASSISTANT
TREASURER
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox *
Phyllis Burke Davis *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
Gerald C. McDonough *
William O. McCoy *
Thomas R. Williams *
GENERAL DISTRIBUTOR
National Financial Services Corporation
Boston, MA
* INDEPENDENT TRUSTEES
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional Operations Company
Boston, MA
UMB Bank, n.a. (MUNICIPAL MONEY MARKET PORTFOLIO)
Kansas City, MO
CUSTODIANS
The Bank of New York
New York, NY
UMB Bank, n.a. (MUNICIPAL MONEY MARKET PORTFOLIO)
Kansas City, MO
