DAILY TAX-EXEMPT MONEY FUND
SEMIANNUAL REPORT
APRIL 30, 1994
FIDELITY DAILY TAX-EXEMPT MONEY FUND
INVESTMENTS/APRIL 30, 1994 (UNAUDITED)
(Showing Percentage of Total Value of Investments)
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - 100%
ALABAMA - 0.4%
Guntersville Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994,
3.25%, VRDN $ 2,400,000 $ 2,400,000 403163AB
ALASKA - 0.2%
Alaska Hsg. Fin. Corp. Gen. Mtg. Rev. Series 1991 A, 3.25%, BPA Banque
Paribas, VRDN 1,000,000 1,000,000 011831FF
ARIZONA - 3.0%
Apache County Ind. Dev. Auth. (Tucson Elec. Pwr. Co.) Series 1983 C, 3.20%,
LOC Bankers Trust Co., VRDN (c) 4,700,000 4,700,000 037435AM
Arizona Agricultural Impt. & Pwr. Dist. (Salt River Proj.), 2.40%
6/16/94, CP 5,800,000 5,800,000 795998DA
Arizona Health Facs. Auth. Rev.,VRDN:
(Voluntary Hosp. Federation Pooled Loan Prog.) Series 1985 A, 3.25%, (FGIC
Insured), BPA Mitsui Bank 3,970,000 3,970,000 040507AC
(Samcor 1986 Loan Pool-Samaritan Health Care) 3.40%, (FGIC Insured)
1,785,000 1,785,000 040507AY
16,255,000
CALIFORNIA - 9.5%
Alameda County TRAN 3.25% 7/29/94 4,000,000 4,004,601 010878AB
California Gen. Oblig. RAN 3.50% 6/25/94 8,000,000 8,007,008 130619D4
Fresno County TRAN 3.25% 7/29/94 1,500,000 1,501,540 358244AH
Los Angeles Community Redev. Agcy. Multi-Family Hsg. Rev., VRDN:
(Grand Promenade Proj.) Series 1985, 3.70%, LOC Tokai Bank 3,300,000
3,300,000 544393AD
(Promenade Towers) 3.80%, LOC Tokai Bank 7,970,000 7,970,000 544393AG
Los Angeles County Unified School Dist. TRAN 3.25% 7/15/94 4,250,000
4,253,811 544644AE
Los Angeles Reg. Arpt. Impt. Corp. Lease Rev. (Los Angeles Int'l. Air
France), 3.70%, LOC Bankers Trust, VRDN 3,100,000 3,100,000 544628DP
Ontario TRAN, 3.50% 7/15/94 2,500,000 2,502,194 682896FS
Orange County Apt. Dev. Rev. (Hidden Hills) Issue U, Series 1985 C, 3.50%,
LOC Tokai, VRDN 3,820,000 3,820,000 684209JM
Sacramento County TRAN 3% 7/29/94 3,000,000 3,001,040 786106DM
Santa Clara County TRAN Series 1993-94, 3.25% 7/29/94 7,500,000
7,508,034 801546LF
Santa Cruz County TRAN Series 1993-94, 3.25% 8/1/94 2,500,000 2,501,645
801818CQ
51,469,873
COLORADO - 4.2%
Arapahoe County Cap. Impt. Trust Fund Hgy. Rev. (Hwy. E-470 Proj.) Series
1986 L, 6.25% 8/31/94,
(FNMA Coll.), OT 8,000,000 8,000,000 03866EAM
Colorado State TRAN 3.25% 6/27/94 12,300,000 12,307,376 196729AD
Denver City & County Multi-Family Hsg. Rev. (The Seasons Apts.) Series
1990, 3.25%,
LOC Federal Home Loan Bank, VRDN 2,700,000 2,700,000 249190CG
23,007,376
DELAWARE - 0.9%
Delaware Econ. Dev. Auth. Multi-Family Rev. (Schoolhouse Trust Prog.)
3.75%, LOC Marine Midland Bank, VRDN 1,350,000 1,350,000 246384BK
Delaware Econ. Dev. Auth. Rev. (Peninsula United Methodist Homes Inc.)
Series 1992 B, 3.35%,
LOC Meridian Bank, VRDN 3,315,000 3,315,000 246387DL
4,665,000
FLORIDA - 12.8%
Alachua County Health Fac. (Academic Research Bldg. Proj.) Series 1989,
2.65%,
LOC Barnett Bank of Jacksonville, VT 1,500,000 1,500,000 0106859H
Dade County Ind. Dev. Auth. Rev. (Dolphins Stadium Proj.), VRDN:
Series 1985 A, 3.20%, LOC Citibank 2,500,000 2,500,000 233905AZ
Series 1985 B, 3.20%, LOC Citibank 2,500,000 2,500,000 233905BA
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
FLORIDA - CONTINUED
Florida Board of Ed. Pub. Ed. Participating VRDN, Series BT-33 3.40%,
(Liquidity Enhancement Bankers Trust Co.) (b) $ 4,008,600 $ 4,008,600
341421RJ
Florida League of Cities (First Muni. Pooled Loan Prog.), VT:
Series 1, 2.95% 6/16/94, LOC Sumitomo Bank 5,500,000 5,500,000
321991CS
Series 2, 2.10% 5/13/94, LOC Sumitomo Bank 5,000,000 5,000,000
321991CP
Florida Hsg. Fin. Agcy. Multi-Family Hsg., VRDN:
(Brandon-Oxford Proj.) Series 1990 C, 3.40% 5,500,000 5,500,000
3407375T
(Hillsborough-Oxford Proj.) Series D, 3.40% 6,000,000 6,000,000
3407375V
Indian River County Hosp. Dist. Hosp. Rev. Bonds., Series 1990, 3.10%
6/17/94, LOC Kredietbank, VT 3,200,000 3,200,000 45499CAU
Jacksonville Elec. Auth. Rev. Series A, 2.75% 6/20/94, (Liquidity
Enhancement Morgan Guaranty Trust Co.), CP 4,949,000 4,949,000
4693639D
Jacksonville Poll. Cont. Rev. Rfdg. (Florida Pwr. & Lt. Co. Proj.)
Series 1994, 2.75% 6/17/94, VT 3,000,000 3,000,000 4694229T
Lee County Hosp. Board Hosp. Rev. (Lee Mem. Hosp. Proj.) Series 1992 B,
2.60% 6/14/94, VT 5,400,000 5,400,000 523995BR
Orange County Blood Bank Proj. Series 1988, 3.35%, LOC Sun Bank Nat'l.,
VRDN 900,000 900,000 684901CD
Palm Beach Health Fac. Auth., 2.55% 6/8/94, (MBIA Insured) (Liquidity
Enhancement Credit Suisse), VT 4,000,000 4,000,000 69699AAJ
Sarasota County Pub. Hosp. Dist. (Sarasota Memorial Hosp.), VT:
Series 1991:
2.65% 6/17/94, (Liquidity Enhancement Sun Bank NA) 2,700,000
2,700,000 803996NM
2.65% 6/21/94, (Liquidity Enhancement Sun Bank NA) 5,000,000
5,000,000 803996NL
Series 1993 A:
2.55% 5/13/94, (Liquidity Enhancement Goldman Sachs Group L.P.)
3,000,000 3,000,000 803996NC
2.65% 5/17/94, (Liquidity Enhancement Goldman Sachs Group L.P.)
2,000,000 2,000,000 803996MS
2.60% 6/17/94, (Liquidity Enhancement Goldman Sachs Group L.P.)
1,500,000 1,500,000 803996NN
University Athletic Assn. Cap. Impt. Rev. Series 1990, 3.20%, LOC Sun Bank
NA, VRDN 1,050,000 1,050,000 914086AB
69,207,600
GEORGIA - 6.0%
Cherokee County Wtr. & Swr. Auth. Participating VRDN, 3.40%,
(MBIA Insured), (Liquidity Enhancement Merrill Lynch) (b) 3,340,000
3,340,000 164243HW
Clayton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Kings Arms Apts.
Proj.), VRDN:
(Kings Arms Apts. Proj.) Series 1990 D, 3.20%, (FSA Insured) BPA Barclays
Bank 1,100,000 1,100,000 184160FF
(Ten Oaks Apts. Proj.) Series 1990 F, 3.20%, (FSA Insured) BPA Barclays
Bank 1,400,000 1,400,000 184160FG
(Villa Rouge Apts. Proj.)Series 1990 C, 3.20%, (FSA Insured) BPA Barclays
Bank 3,900,000 3,900,000 184160FH
Cobb County Gen. Oblig. TAN, Series 1994, 3.50% 12/30/94 3,000,000
3,010,542 190774JR
Cobb-Marietta Coliseum & Exhibition Hall Auth. Participating VRDN,
Series PA-65, 3.45%,
(MBIA Insured) (Liquidity Enhancement Merrill Lynch) (b) 2,100,000
2,100,000 190760BD
Fulton County Hosp. Auth. Rev. Anticipation Ctfs. (St. Joseph's Hosp.)
Series 1989, 2.50% 6/13/94,
LOC Fuji Bank, VT 3,900,000 3,900,000 3595979E
Georgia Municipal Elec. Auth. Rev. (Gen. Resolution Projs.) Series 1985 B,
2.65% 5/19/94, VT 2,650,000 2,650,000 625997BC
Georgia Private Colleges & Universities Auth. Rev. (Emory University
Proj.) Series 1993 B, 2.50% 5/20/94, VT 3,000,000 3,000,000 7426499X
Macon-Bibb County Hosp. Auth. Rev. Anticipation Cfts. (Med. Ctr. of
Georgia), 3.35%,
LOC Trust Company of Georgia, VRDN 2,100,000 2,100,000 55553RBR
Rockdale County Hosp. Auth. Rev. Anticipation Ctfs. Series 1992, 3.35%,
LOC Trust Company Bank of Georgia, VRDN 4,000,000 4,000,000 773010AA
Savannah Econ. Dev. Auth. Rev. Rfdg. (La Quinta Motor Inns Inc. Proj.)
Series 1991, 3.30%
LOC NationsBank, VRDN 1,900,000 1,900,000 80483CAB
32,400,542
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
HAWAII - 0.5%
Honolulu City & County Gen. Oblig. Bonds, West Loch Issue, Series
August 1989, 2.70% 6/1/94 $ 2,500,000 $ 2,500,000 438669EC
IDAHO - 0.2%
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994 B,
3.25%, VRDN 1,000,000 1,000,000 142076AF
ILLINOIS - 7.4%
Chicago Park Dist. Gen. Oblig. Corp. TAN 3.25% 10/1/94 2,500,000
2,504,490 167610VV
Cook County Rev. (Catholic Charities Hosp.) Series 1988 A-1, 3.25%, LOC
Nat'l. Westminster Bank, VRDN 1,800,000 1,800,000 213247AL
East Hazel Crest Multi-Family Hsg. Rev. (I-80 & Halstead Proj.) Series
1985 A, 3.75%,
LOC Marine Midland Bank, VRDN 2,945,000 2,945,000 272891AA
First Boston Illinois Participating VRDN, Series 2, 3.45%, (MBIA Insured)
(Liquidity Enhancement Credit Suisse) (b) 8,729,798 8,729,798 313036AA
Illinois Edl. Facs. Auth. Rev. (Northwestern Univ.) Series 1988, 3.20%,
VRDN 5,000,000 5,000,000 452000S4
Illinois Gen. Oblig. TRAN 3.50% 6/15/94 4,000,000 4,002,550 452148NY
Illinois Health Facs. Auth. Rev. (Central Dupage Hosp. Assoc. Proj.) Series
1990, 3.20%,
LOC Industrial Bank of Japan, VRDN 4,400,000 4,400,000 45201HD9
Kane Mchenry Cook Dupage Commty. Unit School Dist. #300 TAN 3.98% 10/19/94
(c) 2,500,000 2,504,850 484080JT
Lombard Ind. Dev. Proj. Rev. (B&H Partnership Proj.) 3.45%, LOC
Barclays Bank, VRDN 3,375,000 3,375,000 541575AD
Schaumberg Ind. Dev. Rev. (La Quinta Motor Inns Inc. Proj.), 3.30%, LOC
NationsBank, VRDN 2,215,000 2,215,000 806350AG
Springfield Commty. Impt. Rev. (Kent Family, Inc. Proj.) 3.35%, LOC
Pittsburgh Nat'l. Bank, VRDN 2,450,000 2,450,000 850570AM
39,926,688
INDIANA - 3.7%
Indiana Dev. Fin. Auth. Ind. Dev. Rev. Rfdg. (Hoosier Wire, Inc. Proj.)
3.25%, LOC Bank One, VRDN 1,860,000 1,860,000 454907AB
Indiana Ed. Facs. Auth. Rev. (Tri-State Univ., Inc. Proj.) 3.25%, LOC Bank
One, VRDN 2,860,000 2,860,000 455048KG
Noblesville Econ. Dev. Rev. Rfdg. (River's Edge Apt. Proj.) Series 1992,
3.25%, LOC Bank One, VRDN 3,255,000 3,255,000 655153AD
Sullivan Ind. Poll. Cont. Rev. (Hoosier Energy Rural Utils. Coop), VT:
Series 1985 L-2, 2.65% 5/16/94 4,200,000 4,200,000 864991NQ
Series 1985 L-2, 2.65% 5/17/94 3,210,000 3,210,000 864991NR
Series 1985 L-4, 2.40% 6/10/94 2,000,000 2,000,000 864991PD
Series 1985 L-4, 2.75% 6/22/94 2,665,000 2,665,000 864991NY
20,050,000
IOWA - 0.8%
Algona Dev. Rev. (George A. Hormel & Co. Proj.) Series 1985, 3.50%, LOC
Sumitomo Bank Ltd., VRDN 3,400,000 3,400,000 015710AK
Iowa Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Small Bus. Loan Prog.) Series
1985 A,
LOC Fed Home Loan Bank, VRDN 1,100,000 1,100,000 462462GR
4,500,000
KANSAS - 3.7%
Burlington Poll Cont. Rev. (Kansas Elec. Pwr. Coop. Nat'l. Rural Utils.
Coop.) Series 1985 C-2, 2.75% 6/23/94, VT 2,200,000 2,200,000 121990KJ
Lenexa Gen. Oblig. Bonds, 9.20% 9/1/94, (MBIA Insured) 1,000,000
1,020,927 526030HD
Olathe Edl. Facs. Rev. (College Assoc. Pooled Ed. Loan Prog.) Series 1989
A, 3.30%,
LOC Marine Midland Bank, VRDN 2,600,000 2,600,000 679389AA
Wichita Gen. Oblig. Renewal & Impt. Series 178, BAN 2.75% 8/25/94
11,765,000 11,747,621 967240VP
Wichita Ind. Rev. Rfdg. Bonds (Pepsi Cola Bottling Co. of Wichita) Series
II 1987, 3.25% 11/1/94 OT 2,475,000 2,475,000 967256Z6
20,043,548
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
KENTUCKY - 1.4%
Danville Multi-City Lease Rev. (League Pooled Lease Fin. Prog.), 3.20%
6/16/94, VT $ 1,070,000 $ 1,070,000 23699BAV
Georgetown Ed. Inst. Rev. (Georgetown College Proj.) Series 1992, 3.35%,
LOC Citizens Fidelity Bank & Trust, VRDN 2,000,000 2,000,000
372721AA
Louisville & Jefferson County Metro. Swr. Dist. Rev. Series 1993 A,
3.20%, LOC PNC Bank, VRDN 1,700,000 1,700,000 546587CU
Trimble County Poll. Cont. Rev. Bonds Series 1992 A, 2.75 6/21/94, VT
3,000,000 3,000,000 8962249N
7,770,000
LOUISIANA - 0.3%
New Orleans Exhibition Hall Auth. Special Tax Bonds Series 1991, 3.25%, LOC
Sanwa Bank, VRDN 1,400,000 1,400,000 64763MAA
MAINE - 1.1%
Baileyville Poll. Cont. Rev. (Georgia-Pacific Corp. Proj.) Series 1985,
3.325%, LOC Bank of Tokyo, VRDN 1,000,000 1,000,000 056819AA
Biddeford Resource Recovery Rev. (Energy Recovery Co. Proj.) Series 1985,
2.65%, LOC Bank of America, VRDN 4,880,000 4,880,000 08883PAA
5,880,000
MARYLAND - 1.0%
Baltimore Highway Users RAN 3.25% 6/9/94 2,000,000 2,000,941 059185N4
Maryland Gen. Oblig. Tender Option Ctfs., Series K, 3.50%, (Liquidity
Enhancement Dai-Ichi Kangyo Bank), VRDN (b) 3,500,000 3,500,000
574192DS
5,500,941
MASSACHUSETTS - 1.3%
Massachusetts Gen. Oblig. Tender Option Ctfs., Series E, 3.50%,
(Liquidity Enhancement Dai-ichi Kangyo Bank), VRDN (b) 7,000,000
7,000,000 575826DV
MICHIGAN - 1.8%
Michigan Muni Bond Auth. Gen. Oblig. Series B-15 TAN, 3% 5/5/94, LOC
Comerica Bank 1,700,000 1,700,033 594553R7
Michigan Gen. Oblig. School Loan BAN, Series 1994 A, 3.50% 10/28/94
4,800,000 4,811,142 594610PJ
Michigan Strategic Fund Ind. Dev. Rev. (Michigan Sugar Co.-Croswell Proj.),
3.35%,
LOC Trust Company Bank of Georgia, VRDN 1,500,000 1,500,000 594690AB
Michigan Strategic Fund Oblig. Rev. (Michigan Sugar Co.-Caro Proj.) Series
1991, 3.35%,
LOC Trust Company Bank of Georgia, VRDN 1,500,000 1,500,000 594692B7
9,511,175
MINNESOTA - 1.1%
Fridley Ind. Dev. Auth. Rev. (Longview Fibre Co. Proj.) Series 1988, 3.35%,
LOC Algemene Bank, VRDN 1,000,000 1,000,000 358380BH
Minneapolis Hsg. Dev. Refdg. Rev. (One Ten Grant Proj.) Series 1989, 3.25%,
LOC First Bank Nat'l. Assoc., VRDN 1,500,000 1,500,000 603901BS
Olmsted County Ctfs. of Prtn. (COP Human Services Campus Infrastructure
Proj.) 3.25%,
LOC Sanwa Bank Ltd., VRDN 2,910,000 2,910,000 681184AA
St. Paul Hsg. & Redev. Auth. (Concord Green Proj.) Series 1984 D,
2.90%, LOC First Bank of Minnesota, VRDN 490,000 490,000 792893BQ
5,900,000
MISSOURI - 0.9%
Kansas City Land Clearance Redev. Auth. Rev. (East-West Bryant Ltd.
Partnership Proj.) Series 1984, 3.575%,
LOC Bankers Trust, VRDN 1,000,000 1,000,000 485036DL
Missouri Econ. Dev. Export & Infrastructure Board TRAN, Series 1993 C,
2.80% 8/1/94, LOC Societe Generale 2,000,000 2,000,000 60635FAN
St. Louis Planned Auth. Ind. Dev. Rfdg. Rev. (Alumax Foils Proj.) Series
1992, 3.30%,
LOC Pittsburgh Nat'l. Bank, VRDN 2,000,000 2,000,000 791662BJ
5,000,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
MONTANA - 0.5%
Great Falls Ind. Dev. Rev., 3.40%, 6/1/94, LOC Bankers Trust, MT $
2,485,000 $ 2,485,000 390435PF
NEBRASKA - 0.6%
Omaha Pub. Pwr. Dist. Elec. Sys. Participating VRDN, 3.45%,
(Liquidity Enhancement Merrill Lynch) (b) 3,380,000 3,380,000 681793G8
NEVADA - 0.4%
Eagle Tax-Exempt Trust Participating VRDN, Series 1993 L, 3.51%, (Liquidity
Enhancement Citibank), (b) 2,000,000 2,000,000 269896BD
NEW HAMPSHIRE - 0.2%
New Hampshire Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Nashua-Oxford Proj.)
Series 1990, 3.40%, VRDN 1,300,000 1,300,000 644686RM
NEW JERSEY - 0.4%
New Jersey Gen. Oblig. TRAN 3% 6/15/94 2,000,000 2,000,682 646038ZU
NEW YORK - 0.5%
New York City Municipal Wtr. Fin. Auth. Wtr. & Swr. Sys. BAN 3.75%
12/15/94 3,000,000 3,015,217 649706J6
NORTH CAROLINA - 0.6%
North Carolina Muni. Leasing Corp. Ctfs. of Prtn. Series 1990, 2.70%
6/1/93, BPA Credit Suisse, MT 3,500,000 3,500,000 657907AB
OHIO - 0.5%
Cleveland City School Dist. TRAN 4.50% 12/30/94, LOC Canadian Imperial Bank
3,000,000 3,027,297 186360SJ
OKLAHOMA - 1.8%
Oklahoma City Muni Impt. Participating VRDN, Series BT-13, 3.45% 11/1/95,
BPA Bankers Trust) (b) 4,238,100 4,238,100 678569GP
Oklahoma Ind. Auth. Rev. Bonds (Baptist Med. Ctr.) Series 1990 B, 2.50%
6/10/94, LOC Fuji Bank, VT 3,285,000 3,285,000 67999CAT
Tulsa Ind. Auth. Hosp. Rev. (Hillcrest Med. Ctr. Proj.) Series 1985, 3.20%,
LOC Fuji Bank, VRDN 1,000,000 1,000,000 899676GZ
Tulsa Ind. Dev. Auth. Rev. (Tulsa Univ. Proj.) Series 1985, 3.45%, LOC Fuji
Bank, VRDN 1,000,000 1,000,000 899530AA
9,523,100
PENNSYLVANIA - 6.1%
Allegheny County Hosp. Dev. Auth. Rev. (St. Margaret Mem. Hosp.) Series
1992 A, 3.35%,
LOC Mellon Bank, VRDN 2,755,000 2,755,000 0172897L
Allegheny County Ind. Dev. Auth. Rev. (Eleven Prkwy. Center Assoc. Proj.)
3.35%, LOC Mellon Bank, VRDN 1,800,000 1,800,000 017292RB
Allentown Multi-Family Housing (Arcadia Assoc. Proj.) Series 1990, 3.30%,
LOC Sumitomo Trust & Banking, VRDN 2,700,000 2,700,000 018469AB
Delaware County Ind. Dev. Auth. Rev. (Scott Paper Co.) Series A, 3.30%, LOC
Fuji Bank, VRDN 1,600,000 1,600,000 245901AA
Delaware Valley Reg. Fin. Auth. Rev., VRDN:
Series 1985 A, 3.50%, LOC Marine Midland Bank 2,600,000 2,600,000
246579AA
Series 1985 C, 3.50%, LOC Marine Midland Bank 1,000,000 1,000,000
246579AF
Emmaus Gen. Auth. Local Gov't. Rev. (Altoona School Dist.) Series 1989 B-6,
3.50%,
LOC Marine Midland Bank, Hong Kong & Shanghai Banking Corp., VRDN
2,000,000 2,000,000 291380BW
Montgomery County Higher Ed. & Health. (Pottstown Healthcare Corp.
Proj.) Series 1992,
LOC Meridian Bank, VRDN 3,000,000 3,000,000 613603HY
North Lebanon Township (Grace Commty. Inc. Proj.) Series 1992 B, 3.50%, LOC
Meridian Bank, VRDN 2,000,000 2,000,000 660446AQ
Pennsylvania Gen. Oblig. TAN 3.25% 6/30/94 2,900,000 2,902,332
709138E4
Philadelphia School Dist. TRAN, Series 1993-94, 3.625% 6/30/94 3,000,000
3,002,517 717880E5
Philadelphia TRAN:
Series B, 3.25% 6/15/94, LOC Corestates Bank 3,000,000 3,001,800
717811WR
Series C, 3.25% 6/15/94, LOC Morgan Guaranty Trust Co 3,500,000
3,502,312 717811WS
Washington County Hosp. Health Fac. Auth. Rev. (Keystone Proj.) Series 1989
B, LOC Mellon Bank, VRDN 1,035,000 1,035,000 938592CC
32,898,961
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
SOUTH CAROLINA - 1.1%
Charleston County Hosp. Fac. Rev. Rfdg. (Brown Schools of Charleston)
Series 1986, 3.15%,
LOC Bankers Trust Company, VRDN (c) $ 6,100,000 $ 6,100,000 160900DU
TENNESSEE - 0.3%
Rutherford County (Cumberland-Swan Inc. Proj.) Series 1987, 3.35%, LOC
Third Nat'l Bank, VRDN 1,475,000 1,475,000 783260HD
TEXAS - 12.2%
Austin Hsg. Fin. Corp. Multi.-Family Rev. (Riverchase Proj.) Series 1985 A,
3.70%, LOC Household Bank, VRDN 1,000,000 1,000,000 052425BS
Banc One Corp. Tax-Exempt Trust Participating VRDN, Series 1991 D, 3.35%,
(Liquidity Enhancement BancOne) (b) 1,020,000 1,020,000 05944CAD
Bexar County Participating VRDN(b):
Series BT-3, 3.45%, BPA Bankers Trust Company 985,000 985,000
088275UB
Series BT-4, 3.45%, BPA Bankers Trust Company 985,000 985,000
088275UF
Bexar County Health Fac. Dev. Corp. Retirement Commty. Rev. (Air Force
Village Foundation) 3.95%,
LOC Daiwa Bank, VRDN 1,000,000 1,000,000 088354BG
Corpus Christi Port Auth. Rev. Rfdg. Bonds (Union Pacific Corp.) Series
1989, 3.05% 6/21/94, VT 3,200,000 3,200,000 7339059E
Cypress Fairbanks Independent School Dist. Adj. Rate TRAN 3.393% 8/31/94
10,000,000 10,000,000 232760CK
El Paso Ind. Dev. Auth. Rev. Rfdg. (La Quinta Motor Inns Inc. Proj.) Series
1991, 3.30%, LOC NationsBank, VRDN 1,140,000 1,140,000 283776BE
Goose Creek Consolidated Independent School Dist. Adj. Rate VAN 3.393%
8/31/94 4,250,000 4,250,000 3826049A
Guadalupe-Blanco River Auth. Ind. Dev. Rev. (BOC Group Inc. Proj.) Series
1993, 3.25%,
LOC Wachovia Bank, VRDN 1,500,000 1,500,000 400526AG
Harris County Health Facs. Dev. Corp. (YMCA of Greater Houston) Series
1986, 3%
6/24/94, LOC Mitsubishi Bank, VT 1,000,000 1,000,000 4141519U
Pantego Ind. Dev. Corp. (Minyard Properties) Series 1984, 2.85%, LOC
Citibank, VRDN 2,600,000 2,600,000 698642AA
Spring Branch Independent School Dist. TRAN, Series 1993, 3.20% 8/25/94
1,000,000 1,001,087 8494752C
Texarkana Ind. Dev. Corp. Rev. Rfdg. (La Quinta Motor Inns Inc. Proj.)
3.30%, LOC NationsBank, VRDN 2,840,000 2,840,000 881856AB
Texas Gen. Oblig. TRAN 3.25% 8/31/94 20,400,000 20,433,089 882715V6
Texas Small Bus. Ind. Dev. Corp. Rev. (Pub. Facs. Prog.) 3.85%, LOC
Mitsubishi Bank, VRDN 5,545,000 5,545,000 882692AL
Tyler Health Facs. Dev. Corp. Hosp. Rev. (Texas Med. Ctr. Reg. Health Care
Proj.), Series 1993, 2.85% 6/16/94,
LOC Banque Paribas, VT 7,700,000 7,700,000 9022619L
66,199,176
UTAH - 0.2%
Davis County School Dist. TAN 3.25% 6/30/94 1,000,000 1,000,729
239019PL
VERMONT - 0.3%
Vermont Student Assistance Corp. Student Loan Rev. Series 1985, 2.70%, LOC
Sumitomo Bank Ltd., VRDN 1,800,000 1,800,000 924279AB
VIRGINIA - 4.1%
Chesterfield County Ind. Dev. Auth. Poll. Cont. Cont. Rev., VT:
(Virginia Elec. Pwr. Co.):
Series B:
2.40% 6/13/94 1,000,000 1,000,000 166999BJ
2.55% 6/13/94 1,565,000 1,565,000 166999BH
Series 1985, 2.75% 6/14/94 2,035,000 2,035,000 166999BK
Louisa Ind. Dev. Auth. Poll. Cont. Rev. (Virginia Elec. Pwr. Co. Proj.)
Series 1985 2.40% 6/14/94, VT 2,000,000 2,000,000 546994AX
Suffolk Hsg. Redev. and Hsg. Auth. Multi-Family Rental Hsg. (Windsor At
Fieldstone Proj.) 3.30%,
LOC NationsBank, VRDN 7,492,000 7,492,000 8648179C
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
VIRGINIA - CONTINUED
Virginia Beach Dev. Auth. Rev. Rfdg. (La Quinta Inns) Series 1993, 3.30%,
LOC NationsBank, VRDN $ 3,000,000 $ 3,000,000 927743GJ
Virginia Hsg. Dev. Auth. Commonwealth Mtg. Rev. Bonds Series 1994 D, 2.75%
8/10/94, MT 5,200,000 5,200,000 92812REX
22,292,000
WASHINGTON - 3.4%
Eagle Tax Exempt Trust Participating VRDN, (b):
Series 1993 C, 3.51%, (Liquidity Enhancement Citibank) 4,000,000
4,000,000 2698969B
Series 1994 B, 3.44%, (Liquidity Enhancement Citibank) 10,600,000
10,600,000 269896EW
Vancouver Port Rev. (United Grain Corp. of Oregon) Series 1984 A, 3.60%,
LOC Sumitomo Bank, VRDN 1,500,000 1,500,000 735541FC
Richland Ltd. Gen. Oblig. BAN 3% 10/1/94 2,275,000 2,275,000 764258DW
18,375,000
WISCONSIN - 2.1%
Eagle Tax Exempt Trust Participating VRDN, Series 1993 R, 3.51%, (Liquidity
Enhancement Citibank) (b) 3,000,000 3,000,000 269896CA
Greenfield School Dist. RAN 3.13% 9/30/94 2,000,000 2,000,946 395239BW
Milwaukee Redev. Auth. Dev. Rev. (Bradley Ctr. Parking Facs. Proj.) Series
1986, 3.30%,
LOC Nat'l. Westminster Bank, VRDN 25,000 25,000 602419BN
Wisconsin Gen. Oblig. Bonds Rfdg. Series 4, 3% 11/1/94 3,640,000
3,643,164 977054MG
Wisconsin Operating TRAN, Series 1993, 3.25% 6/15/94 3,000,000
3,001,420 977054LW
11,670,530
WYOMING - 0.7%
Evanston Ind. Dev. Rev. Rfdg. (Safeway Inc. Projs.) Series 1991, 2.75%
6/1/94 3,700,000 3,700,000 299326EQ
MULTIPLE STATE CERTIFICATES - 1.8%
Clipper Tax-Exempt Trust Participating VRDN, Series 1993-1, 3.07%,
(Liquidity Enhancement State Street Bank & Trust Co.) (b) 6,396,150
6,396,150 188857AA
NCNB Tax-Exempt Trust Participating VRDN, Series 1990 A, 3.375%, LOC
NationsBank (b) 3,175,000 3,175,000 62899AAA
9,571,150
TOTAL INVESTMENTS - 100% $ 541,701,585
Total Cost for Income Tax Purposes - $541,699,961
SECURITY TYPE ABBREVIATIONS:
BAN - Bond Anticipation Notes
CP - Commercial Paper
FRDN - Floating Rate Demand Notes
MT - Mandatory Tender
OT - Optional Tender
RAN - Revenue Anticipation Notes
TAN - Tax Anticipation Notes
TRAN - Tax & Revenue Anticipation Notes
VAN - Variable Rate Tax & Revenue
Anticipation Notes
VRDN - Variable Rate Demand Notes
VT - Variable Tender
LEGEND:
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Provides evidence of ownership in one or more underlying municipal
bonds.
(c) Security purchased on a delayed delivery basis (see Note 2 of Notes to
Financial Statements).
TAX INFORMATION:
At October 31, 1993, the fund had a capital loss carryforward of
approximately $102,000 of which $40,000, $31,000, $7,000 and $24,000 will
expire on October 31, 1994, 1995, 1999 and 2000, respectively.
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
DRAFT
<TABLE>
<CAPTION>
<S> <C> <C>
April 30, 1994 (Unaudited)
ASSETS
Investment in securities, at value $ 541,701,585
(Note 1) - See accompanying
schedule
Cash 3,091,675
Interest receivable 4,170,463
Receivable from investment 25,524
adviser for expense reductions
(Note 4)
TOTAL ASSETS 548,989,247
LIABILITIES
Payable for investments $ 18,314,527
purchased
Dividends payable 66,540
Accrued management fee 216,586
Other payables and accrued 109,194
expenses
TOTAL LIABILITIES 18,706,847
NET ASSETS $ 530,282,400
Net Assets consist of (Note 1):
Paid in capital $ 530,361,962
Accumulated net realized gain (81,360)
(loss) on investments
Unrealized gain from accretion of 1,798
market discount (Note 1)
NET ASSETS, for 530,361,856 $ 530,282,400
shares outstanding
NET ASSET VALUE, offering price $1.00
and redemption price per share
($530,282,400 (divided by) 530,361,856
shares)
</TABLE>
Statement of Operations
DRAFT
Six Months Ended April 30, 1994 (Unaudited)
INTEREST INCOME $ 7,030,240
EXPENSES
Management fee (Note 3) $ 1,355,534
Transfer agent, accounting and 353,413
custodian fees and expenses
(Note 3)
Non-interested trustees' 2,554
compensation
Registration fees 78,382
Audit 12,785
Legal 4,172
Miscellaneous 3,859
Total expenses before 1,810,699
reductions
Expense reductions (48,504) 1,762,195
(Note 4)
NET INTEREST INCOME 5,268,045
REALIZED AND UNREALIZED GAIN 20,146
(LOSS) ON INVESTMENTS
(NOTE 1)
Net realized gain (loss) on
investment securities
Increase (decrease) in net (616)
unrealized gain from accretion
of market discount
NET GAIN (LOSS) 19,530
NET INCREASE IN NET ASSETS $ 5,287,575
RESULTING FROM OPERATIONS
Statement of Changes in Net Assets
DRAFT
<TABLE>
<CAPTION>
<S>
<C> <C>
SIX MONTHS
YEAR
ENDED
ENDED
APRIL 30, 1994 OCTOBER 31,
UNAUDITED) 1993
INCREASE (DECREASE) IN NET ASSETS
Operations
$ 5,268,045 $ 10,541,875
Net interest income
Net realized gain (loss) on investments
20,146 58,334
Increase (decrease) in net unrealized gain from accretion of market
discount
(616) 1,649
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS
5,287,575 10,601,858
Dividends to shareholders from net interest income
(5,268,045) (10,541,875)
Share transactions at net asset value of $1.00 per share
866,700,886 1,449,653,882
Proceeds from sales of shares
Reinvestment of dividends from net interest income
4,602,641 9,145,468
Cost of shares redeemed
(879,796,529) (1,405,102,445)
Net increase (decrease) in net assets and shares resulting
from share transactions
(8,493,002) 53,696,905
TOTAL INCREASE (DECREASE) IN NET ASSETS
(8,473,472) 53,756,888
NET ASSETS
Beginning of period
538,755,872 484,998,984
End of period
$ 530,282,400 $ 538,755,872
</TABLE>
FINANCIAL HIGHLIGHTS
DRAFT
<TABLE>
<CAPTION>
<S>
<C> <C>
<C> <C> <C>
SIX MONTHS
YEARS ENDED OCTOBER 31,
ENDED
APRIL 30, 1994
(UNAUDITED)
1993 1992
1991 1990 1989
SELECTED PER-SHARE DATA
Net asset value, beginning of period
$ 1.000 $ 1.000
$ 1.000 $ 1.000 $ 1.000
Income from Investment Operations
.010 .021
.044 .053 .056
Net interest income
Less Distributions
(.010) (.021)
(.044) (.053 (.056)
From net interest income
Net asset value, end of period
$ 1.000 $ 1.000
$ 1.000 $ 1.00 $ 1.000
TOTAL RETURN (dagger)
.97% 2.11%
4.46% 5.38% 5.72%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 530,282 $ 538,756
484,999 $ 304,147 $ 259,381 $ 203,513
Ratio of expenses to average net assets (dagger)(dagger)
.65%* .61%
.65% .65% .64%
Ratio of expenses to average net assets before
.67%* .61%
.66% .68% .76%
expense reductions (dagger)(dagger)
Ratio of net interest income to average net assets
1.94%* 2.09%
4.29% 5.32% 5.64%
</TABLE>
* ANNUALIZED
(dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT
ANNUALIZED. THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES
NOT BEEN REDUCED DURING THE PERIODS SHOWN.
(dagger)(dagger) SEE NOTE 4 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED APRIL 30, 1994 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES.
Daily Tax-Exempt Money Market Fund (the fund) 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 and is
authorized to issue an unlimited number of shares. 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 all of its taxable income for its fiscal
year. The schedule of investments includes information regarding income
taxes under the caption "Income Tax Information."
INTEREST INCOME. Interest income, which includes amortization of premium
and accretion of original issue discount, is accrued as earned. Accretion
of market discount represents unrealized gain until realized at the time of
a security disposition or maturity.
DISTRIBUTIONS TO SHAREHOLDERS. Dividends are declared daily and paid
monthly from net interest income.
Income and capital gain distributions are determined in accordance with
income tax regulations which may differ from generally accepted accounting
principles. These differences are primarily due to differing treatments for
market discount, net operating losses, expiring capital loss carryforwards
and losses deferred due to wash sales.
CHANGE IN ACCOUNTING FOR DISTRIBUTIONS TO SHAREHOLDERS. Effective November
1, 1993 the fund adopted Statement of Position 93-2: Determination,
Disclosure, and Financial Statement Presentation of Income, Capital Gain,
and Return of Capital Distributions by Investment Companies. As a result,
the fund changed the classification of distributions to shareholders to
better disclose the differences between financial statement amounts and
distributions determined in accordance with income tax regulations.
Accordingly, amounts as of October 31, 1993 have been reclassified to
reflect an increase in paid-in capital and an increase in accumulated net
realized (loss) on investments of $106.
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.
DELAYED DELIVERY TRANSACTIONS. The fund may purchase or sell securities on
a when-issued or forward commitment basis. Payment and delivery may take
place a month or more after the date of the transaction. The price of the
underlying securities and the date when the securities will be delivered
and paid for are fixed at the time the transaction is negotiated. The fund
identifies securities as segregated in its custodial records with a value
at least equal to the amount of the purchase commitment.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES.
MANAGEMENT FEE. As the fund's investment adviser, Fidelity Management &
Research Company (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 the fund's investment sub-adviser, FMR Texas Inc., a
wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the
management fee payable to FMR. The fee is paid prior to any voluntary
expense reimbursements which may be in effect, and after reducing the fee
for any payments by FMR pursuant to the fund's Distribution and Service
Plan.
DISTRIBUTION AND SERVICE PLAN. Pursuant to the Distribution and Service
Plan (the Plan), and in accordance with Rule 12b-1 of the 1940 Act, FMR or
the fund's distributor, Fidelity Distributors Corporation (FDC), an
affiliate of FMR, may use their resources to pay administrative and
promotional expenses related to the sale of the fund's shares. Subject to
the approval of the Board of Trustees, the Plan also authorizes payments to
third parties that assist in the sale of the fund's shares or render
shareholder support services. FMR or FDC has informed the fund that
payments made to third parties under the Plan amounted to $758,085 for the
period.
3. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
TRANSFER AGENT AND ACCOUNTING FEES. United Missouri Bank, N.A. (the Bank)
is the custodian and transfer and shareholder servicing agent for the fund.
The Bank has entered into a sub-contract with Fidelity Investments
Institutional Operations Company (FIIOC), an affiliate of FMR, under which
FIIOC performs the activities associated with the fund's transfer and
shareholder servicing agent functions. The fund pays fees based on the
type, size, number of accounts and number of transactions made by
shareholders. 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
$269,887.
The Bank also has a sub-contract with Fidelity Service Co. (FSC), an
affiliate of FMR, under which 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. For the period, FSC received accounting fees
amounting to $53,227.
4. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse the fund's operating expenses
(excluding interest, taxes, brokerage commissions and extraordinary
expenses) above an annual rate of .65% of average net assets. For the
period, the reimbursement reduced the expenses by $48,504.
5. BENEFICIAL INTEREST.
At the end of the period, one shareholder was record owner of approximately
19% of the total outstanding shares of the fund.
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. NEITHER THE FUND NOR
FIDELITY DISTRIBUTORS CORPORATION IS A
BANK AND FUND SHARES ARE NOT BACKED OR GUARANTEED BY ANY BANK OR INSURED BY
THE FDIC.
Page 15 = BLANK
Do NOT Strip-In this type
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
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Gary L. French, TREASURER
John H. Costello, ASSISTANT TREASURER
Arthur S. Loring, SECRETARY
David H. Potel, ASSISTANT SECRETARY
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox
Phyllis Burke Davis
Richard J. Flynn
Edward C. Johnson 3d
E. Bradley Jones
Donald J. Kirk
Peter S. Lynch
Edward H. Malone
Marvin L. Mann
Gerald C. McDonough
Thomas R. Williams
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND
SHAREHOLDER
SERVICING AGENTS
United Missouri Bank, N.A.
Kansas City, MO
and
Fidelity Investments Institutional
Operations Company
Boston, MA
CUSTODIAN
United Missouri Bank, N.A.
Kansas City, MO DTE-6-94S
