DAILY TAX-EXEMPT MONEY FUND
SEMIANNUAL REPORT
APRIL 30, 1995
FIDELITY DAILY TAX-EXEMPT MONEY FUND
INVESTMENTS/APRIL 30, 1995 (UNAUDITED)
(SHOWING PERCENTAGE OF TOTAL VALUE OF
INVESTMENTS)
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - 100%
ALABAMA - 0.8%
Guntersville Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994,
4.50%, VRDN $ 2,400,000 $ 2,400,000
Port City Med. Clinic Board Rev. Bonds (Mobile Infirmary Assoc.) Series
1992 A, 4.05%, tender 5/18/95,
LOC Fuji Bank/Mitsubishi Bank 1,700,000 1,700,000
4,100,000
ALASKA - 1.6%
Valdez Marine Terminal Rev. Rfdg. Bonds (Atlantic Richfield Co.) Series
1994 A, 4.15%, tender 5/19/95 8,000,000 8,000,000
ARIZONA - 3.0%
Apache County Ind. Dev. Auth. (Tucson Elec. Pwr. Co. Proj.) Series 1981 B,
4.80%, LOC Mitsubishi Bank, VRDN 9,000,000 9,000,000
Arizona Health Facs. Auth. Rev. (Samcor 1986 Loan Pool-Samaritan Health
Care) 4.90%
(FGIC Insured) (BPA Sakura Bank) VRDN 1,710,000 1,710,000
Maricopa County Poll. Cont. Rev. Bonds Series 1985 E, 4.15%, tender 6/21/95
3,830,000 3,830,000
14,540,000
CALIFORNIA - 8.7%
California Gen. Oblig. Bonds Series C, 5.75%, tender 4/25/96 (FGIC Insured)
1,500,000 1,518,663
California Gen. Oblig. RAN Series A, 5% 6/28/95 2,500,000 2,503,514
California Gen. Oblig. Variable Rate TRAN Series 1994-95 B, 4.75% 6/28/95
3,000,000 2,999,943
California School Cash Reserve Prog. Auth. TRAN Series 1994 A, 4.50% 7/5/95
9,000,000 9,011,572
Los Angeles Community Redev. Agcy. Multi-Family Hsg. Rev.:
(Grand Promenade Proj.) Series 1985, 5.20%, LOC Tokai Bank, VRDN
3,300,000 3,300,000
(Promenade Towers) 4.95%, LOC Tokai Bank, VRDN 7,755,000 7,755,000
Los Angeles County TRAN 4.50% 6/30/95 3,200,000 3,202,263
Los Angeles Reg. Arpt. Impt. Corp. Lease Rev. (Los Angeles Int'l. Air
France) 5.20%, LOC Bankers Trust, VRDN 3,100,000 3,100,000
Orange County Apt. Dev. Rev. (Hidden Hills) Series 1985 U-C, 4.95%, LOC
Tokai Bank, VRDN 3,800,000 3,800,000
Orange County Unit Priced Apt. Dev. Rev. Bonds (The Irvine Co. II):
Series 1985 V:
4.30%, tender 5/17/95, LOC Citibank 2,000,000 2,000,000
4.30%, tender 5/26/95, LOC Citibank 3,000,000 3,000,000
42,190,955
COLORADO - 0.3%
Jefferson County School Dist. #R-1 Rfdg. Bonds Series C, 8.20% 12/15/95
1,600,000 1,637,773
DELAWARE - 2.6%
Delaware Econ. Dev. Auth. Multi-Family Rev. (Schoolhouse Trust Prog.)
5.20%, LOC Marine Midland Bank, VRDN 1,350,000 1,350,000
Delaware Econ. Dev. Auth. Rev., VRDN:
(Hosp. Billing & Collection Svcs. Proj.):
Series 1985 B, 4.80% (BIG & MBIA Insured) (BPA Morgan Stanley)
2,300,000 2,300,000
Series 1985 C, 4.80% (BIG & MBIA Insured) (BPA Morgan Stanley)
6,000,000 6,000,000
(Peninsula United Methodist Homes Inc.) Series 1992 B, 4.95%, LOC Meridian
Bank 3,250,000 3,250,000
12,900,000
FLORIDA - 12.5%
Alachua County Health Facs. Auth. Rev. (Academic Research Bldg. Proj.)
Series 1989, 4.05%,
tender 5/10/95, LOC Barnett Bank of Jacksonville 1,500,000 1,500,000
Dade County Ind. Dev. Auth. Ind. Dev. Rev. (Dolphins Stadium Proj.) Series
1985 B, 4.80%,
LOC Hong Kong & Shanghai Banking Corp., VRDN 2,500,000 2,500,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
FLORIDA - CONTINUED
Florida Board of Ed. Participating VRDN, Series BTP-33, 4.90% (Liquidity
Facility Bankers Trust) (b) $ 4,008,600 $ 4,008,600
Florida League of Cities (First Muni. Loan Pooled Loan Prog.) Series 2,
4.10%, tender 5/10/95,
LOC Sumitomo Bank 5,000,000 5,000,000
Indian River County Hosp. Dist. Hosp. Rev.:
Rfdg. Series 1985, 4.95%, LOC Kredietbank, VRDN 3,000,000 3,000,000
Bonds Series 1990, 4.35%, tender 5/11/95, LOC Kredietbank 3,200,000
3,200,000
Lee County Hosp. Board Hosp. Rev. Bonds (Lee Memorial Hosp. Proj.):
Series 1992 B:
4.35%, tender 5/9/95 (Liquidity Facility Industrial Bank of Japan)
5,400,000 5,400,000
4.50%, tender 5/10/95 (Liquidity Facility Industrial Bank of Japan)
2,300,000 2,300,000
Series 1992 C, 4.50%, tender 5/10/95 (Liquidity Facility Industrial Bank
of Japan) 7,000,000 7,000,000
Orange County Blood Bank Proj. Series 1988, 4.75%, LOC Sun Bank, Orlando,
VRDN 1,545,000 1,545,000
Orange County School Dist. TAN 4.75% 6/30/95 3,000,000 3,003,558
Palm Beach County Health Facs. Auth. Pooled Hosp. Bonds 4.20%, tender
7/26/95 (MBIA Insured)
(Liquidity Facility Credit Suisse) 4,000,000 4,000,000
Sarasota County Pub. Hosp. Dist. Hosp. Bonds (Sarasota Mem. Hosp.):
Series 1991, 4.10%, tender 6/14/95 (Liquidity Facility Sun Bank)
5,000,000 5,000,000
Series 1993 A:
4.25%, tender 5/23/95 (Liquidity Facility Goldman Sachs) 2,500,000
2,500,000
4.15%, tender 6/20/95 (Liquidity Facility Goldman Sachs) 4,000,000
4,000,000
4.20%, tender 7/27/95 (Liquidity Facility Goldman Sachs) 1,500,000
1,500,000
Sunshine State Governmental Fing. Commission Rev. 4.25% 5/17/95, CP
5,500,000 5,500,000
60,957,158
GEORGIA - 5.2%
Cherokee County Wtr. & Swr. Auth. Rev. Participating VRDN, Series 1993,
4.80%
(MBIA Insured) (Liquidity Facility Merrill Lynch & Co.) (b) 4,420,000
4,420,000
Clayton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg., VRDN:
(Kings Arms Apts. Proj.) Series 1990 D, 4.75%, (FSA Insured) (BPA Barclays
Bank) 1,100,000 1,100,000
(Ten Oaks Apts. Proj.) Series 1990 F, 4.75%, (FSA Insured) (BPA Barclays
Bank) 1,400,000 1,400,000
Cobb County TAN 5% 12/29/95 3,500,000 3,518,511
Cobb-Marietta Coliseum & Exhibition Hall Auth. Rev. Rfdg. Participating
VRDN, Series PA-65, 4.85%,
(MBIA Insured) (Liquidity Facility Merrill Lynch) (b) 2,100,000
2,100,000
Fulton County Hsg. Auth. Multi-Family Hsg. Rev. Rfdg. (Champions Green
Apts. Proj.) Series 1994 B, 4.90%,
LOC Southtrust Bank, VRDN 1,200,000 1,200,000
Fulton County Hosp. Auth. Rev. Bonds (St. Joseph Hosp. of Atlanta):
Series 1989:
4.50%, tender 5/25/95, LOC Trust Company Bank of Georgia 1,000,000
1,000,000
4.15%, tender 7/24/95, LOC Trust Company Bank of Georgia 2,000,000
2,000,000
Macon-Bibb County Hosp. Auth. Rev. Anticipation Ctfs. (Med. Ctr. of
Georgia), 4.75%,
LOC Trust Company Bank of Georgia, VRDN 1,500,000 1,500,000
Newton County Ind. Dev. Auth. Rfdg. Rev. (John H. Harland Co. Proj.) 4.70%,
LOC NationsBank, Georgia, VRDN 2,000,000 2,000,000
Rockdale County Hosp. Auth. Rev. Series 1994, 4.75%,
LOC Trust Company Bank of Georgia, VRDN 3,000,000 3,000,000
Savannah Econ. Dev. Auth. Rev. Rfdg. (La Quinta Motor Inns) Series 1991,
4.75%, LOC NationsBank, Texas, VRDN 1,900,000 1,900,000
25,138,511
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
IDAHO - 0.2%
Caribou County Poll. Cont. Rev. Rfdg. (Monsanto Co. Proj.) Series 1994 B,
4.50%, VRDN $ 1,000,000 $ 1,000,000
ILLINOIS - 3.7%
Cook County Gen. Oblig. Rev. (Cap. Equip. Proj.) Series A, 4.65%,
(Liquidity Facility FNB Chicago/Northern Trust), VRDN 3,100,000
3,100,000
Cook County Rev. (Catholic Charities Hosp.) Series 1988 A-1, 4.60%, LOC
Nat'l. Westminster Bank, VRDN 1,800,000 1,800,000
East Hazel Crest Multi-Family Hsg. Rev. (I-80 & Halstead Proj.) Series 1985
A, 5.20%,
LOC Marine Midland Bank, VRDN 2,945,000 2,945,000
Kane, Cook & DuPage Counties School Dist. TAN, Series U-46 5% 9/29/95
2,000,000 2,002,385
Lombard Ind. Dev. Proj. Rev. (B&H Partnership Proj.) 4.95%, LOC Barclays
Bank, VRDN 3,375,000 3,375,000
Mundelein Ind. Dev. Rev. Rfdg. (1200 Town Line Rd. Proj.) 4.50%, LOC Harris
Trust & Savings Bank, VRDN 1,000,000 1,000,000
Schaumberg Ind. Dev. Rev Rfdg. (La Quinta Motor Inns Inc. Proj.) 4.75%, LOC
NationsBank, North Carolina, VRDN 2,085,000 2,085,000
Springfield Commty. Impt. Rev. (Kent Family, Inc. Proj.) 4.75%, LOC
Pittsburgh Nat'l. Bank, VRDN 1,950,000 1,950,000
18,257,385
INDIANA - 4.2%
Indiana Dev. Fin. Auth. Ind. Dev. Rev. Rfdg. (Hoosier Wire, Inc. Proj.)
4.80%, LOC Bank One, Indianapolis, VRDN 1,750,000 1,750,000
Indiana Ed. Facs. Auth. Rev. (Tri-State Univ., Inc. Proj.) 4.80%, LOC Bank
One, Indianapolis, VRDN 2,720,000 2,720,000
Indiana Health Facs. Fin. Auth. Rev., VRDN:
(Capital Access Designated Pool) Series 1992, 4.75%, LOC Comerica Bank
1,320,000 1,320,000
(St. Anthony Med. Ctr., Inc.) Series 1989, 4.75%, LOC Sanwa Bank
5,000,000 5,000,000
Jasper County Poll. Cont. Rev. Bonds (Northern Indiana Pub. Service Proj.)
Series 1988 C, 4.20%,
tender 7/26/95, LOC Barclays Bank 2,000,000 2,000,000
Noblesville Econ. Dev. Rev. Rfdg. (River's Edge Apt. Proj.) Series 1992,
4.80%, LOC Bank One, VRDN 3,210,000 3,210,000
Purdue Univ. Rev. (Student Fee) Series E, 4.65%, VRDN 4,325,000
4,325,000
20,325,000
IOWA - 0.9%
Algona Dev. Rev. ( George A. Hormel & Co. Proj.) Series 1985, 4.70%, LOC
Sumitomo Bank, VRDN 3,400,000 3,400,000
Iowa Hsg. Fin. Auth. Multi-Family Hsg. Rev. (Small Bus. Loan Prog.) Series
1985 A, 4.40%,
LOC Federal Home Loan Bank, VRDN 1,100,000 1,100,000
4,500,000
KANSAS - 1.8%
Burlington Poll. Cont. Rev. Nat'l. Rural Utils. Bonds (Elec. Power):
Series 1995 B, 4.20%, tender 7/25/95 LOC Societe Generale 2,000,000
2,000,000
Series 1985 C-1:
4.15%, tender 7/26/95 (CFC Guaranteed) 3,250,000 3,250,000
4.20%, tender 7/26/95 (CFC Guaranteed) 1,015,000 1,015,000
Olathe Edl. Facs. Rev. (College Assoc. Pooled Ed. Loan Prog.) Series 1989
A, 4.75%,
LOC Marine Midland Bank, VRDN 2,600,000 2,600,000
8,865,000
KENTUCKY - 0.8%
Clark County Poll. Cont. Rev. Bonds (East Pwr. Coop., Inc. Proj.) Series
J2, 4.15%, tender 10/16/95
(CFC Guaranteed) 1,000,000 999,509
Georgetown Ed. Inst. Rev. (Georgetown College Proj.) Series 1992, 4.75%,
LOC Citizens Fidelity Bank & Trust, VRDN 1,900,000 1,900,000
Jefferson County Poll. Cont. Rev. Bonds (Louisville Gas & Elec. Co.) Series
1993 A, 4.05%, tender 6/13/95 1,000,000 1,000,000
3,899,509
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
MAINE - 0.2%
Baileyville Poll. Cont. Rev. (Georgia-Pacific Corp. Proj.) Series 1985,
4.70%, LOC Bank of Tokyo, VRDN $ 1,000,000 $ 1,000,000
MASSACHUSETTS - 0.8%
Massachusetts Gen. Oblig. BAN, Series 1994 A, 5% 6/15/95 4,000,000
4,003,850
MICHIGAN - 2.2%
Michigan Hsg. Dev. Auth. Rental Hsg. Rev. Series 1992 B, 4.70%, LOC
Sumitomo Bank, VRDN 1,900,000 1,900,000
Michigan School Loan BAN Series A, 4.50% 8/15/95 5,000,000 5,004,785
Michigan Strategic Fund Ind. Dev. Rev. (Michigan Sugar Co.-Croswell Proj.)
4.75%,
LOC Trust Company Bank of Georgia, VRDN 2,500,000 2,500,000
Michigan Strategic Fund Oblig. Rev. (Michigan Sugar Co.-Caro Proj.) Series
1991, 4.75%,
LOC Trust Company Bank of Georgia, VRDN 1,500,000 1,500,000
10,904,785
MINNESOTA - 1.6%
Duluth Tax Increment Rev. (Lake Superior Paper Co.) Series 1985, 4.70%, LOC
National Australia Bank, VRDN 1,100,000 1,100,000
Fridley Ind. Dev. Auth. Rev. (Longview Fibre Co. Proj.) Series 1988, 4.60%,
LOC Algemene Bank, VRDN 1,000,000 1,000,000
Minneapolis Hsg. Dev. Rfdg. Rev. (One Ten Grant Proj.) Series 1989, 4.65%,
LOC First Bank, VRDN 1,500,000 1,500,000
Olmsted County Ctfs. of Prtn. (COP Human Services Campus Infrastructure
Proj.) 4.75%,
LOC Sanwa Bank, VRDN 2,735,000 2,735,000
Osseo Independent School Dist. # 279 Participating VRDN, Series A, 4.80%
(FGIC Insured) (Liquidity Facility Norwest Bank N.A.) (b) 1,260,000
1,260,000
7,595,000
MISSOURI - 1.8%
Kansas City Land Clearance Redev. Auth. Rev. (East-West Bryant Ltd.
Partnership Proj.) Series 1984, 5.075%,
LOC Bankers Trust, VRDN 1,000,000 1,000,000
Missouri Env. Impt. & Energy Res. Auth. Poll. Cont. Rev. Bonds (Union Elec.
Co.) Series 1985 A, 4.15%,
tender 7/24/95, LOC Union Bank of Switzerland 3,600,000 3,600,000
St. Louis Planned Expansion Auth. Ind. Dev. Rfdg. Rev. (Alumax Foils Proj.)
Series 1992, 4.70%,
LOC Pittsburgh Nat'l. Bank, VRDN 2,000,000 2,000,000
Univ. of Missouri RAN Series 1994-95 A, 4.50% 6/30/95 2,000,000
2,002,057
8,602,057
MONTANA - 1.2%
Great Falls Ind. Dev. Rev. Bonds 3.40%, tender 6/1/95, LOC Bankers Trust
2,405,000 2,405,000
Montana Gen. Oblig. TRAN Series 1994, 5% 6/30/95 3,500,000 3,505,605
5,910,605
NEBRASKA - 0.6%
Omaha Pub. Pwr. Dist. Elec. Sys. Participating VRDN, Series 1993 D, 4.85%
(Liquidity Facility Merrill Lynch & Co. Inc.) (b) 3,070,000 3,070,000
NEW JERSEY - 2.3%
New Jersey Gen. Oblig.:
Participating VRDN, Series 94-3005, 4.85% (Liquidity Facility Citibank)
(b) 2,000,000 2,000,000
TRAN 5% 6/15/95 9,000,000 9,010,018
11,010,018
NORTH CAROLINA - 0.7%
North Carolina Muni. Pwr. Agcy. Rev. (Catawba Elec.) 4.15% 5/18/95, CP
3,500,000 3,500,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
OKLAHOMA - 1.1%
Oklahoma City Participating VRDN, Series BTP-13, 4.95% 11/1/95, (BPA
Bankers Trust) (b) $ 4,238,100 $ 4,238,100
Tulsa Ind. Dev. Auth. Univ. Rev. (Univ. of Tulsa Proj.) Series 1985, 4.95%,
LOC Fuji Bank, VRDN 1,000,000 1,000,000
5,238,100
PENNSYLVANIA - 6.5%
Allegheny County Hosp. Dev. Auth. Rev. (St. Margaret Mem. Hosp.) Series
1992 A, 4.95%,
LOC Mellon Bank, VRDN 2,690,000 2,690,000
Allegheny County Ind. Dev. Auth. Rev. (Eleven Prkwy. Center Assoc. Proj.)
4.95%, LOC Mellon Bank, VRDN 1,800,000 1,800,000
Allentown Redev. Auth. Multi-Family Hsg. Rev. Rfdg. (Arcadia Assoc. Proj.)
Series 1990, 4.80%,
LOC Sumitomo Bank, VRDN 2,700,000 2,700,000
Delaware County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Philadelphia Elec.)
Series B, 4.15%,
tender 7/24/95 (FGIC Insured) 7,000,000 7,000,000
Emmaus Gen. Auth. Local Gov't. Rev. (Bond Pool Prog.) Series 1989 B, 4.80%,
VRDN 5,000,000 5,000,000
Montgomery County Higher Ed. & Health (Pottstown Healthcare Corp. Proj.)
Series 1992, 4.75%,
LOC Meridian Bank, VRDN 2,900,000 2,900,000
North Lebanon Township (Grace Commty. Inc. Proj.) Series 1992 B, 4.75%, LOC
Meridian Bank, VRDN 2,000,000 2,000,000
Pennsylvania Gen. Oblig.:
Bonds Second Series, 4.80% 6/15/95 1,285,000 1,285,843
TAN 4.75% 6/30/95 3,500,000 3,504,183
Philadelphia TRAN Series 1994-95 D, 4.75% 6/15/95, LOC Morgan Guaranty
Trust Co. 3,000,000 3,003,212
31,883,238
SOUTH CAROLINA - 2.4%
South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev. Rfdg.
(Spartanburg Oxford) Series 1990 D, 5.05%, VRDN 9,415,000 9,415,000
South Carolina Pub. Service Auth., 4.05% 5/16/95, CP 1,000,000
1,000,000
York County Poll. Cont. Rev. (North Carolina Elec. Co.) Series 1984 N-3,
4.55%, tender 9/15/95 1,375,000 1,373,720
11,788,720
TENNESSEE - 0.2%
Rutherford County (Cumberland-Swan Inc. Proj.) Series 1987, 4.75%, LOC
Third Nat'l. Bank, VRDN 1,175,000 1,175,000
TEXAS - 13.2%
Austin Hsg. Fin. Corp. Multi-Family Hsg. Rev. (Riverchase Proj.) Series
1985 A, 4.875%,
LOC Household Fin. Corp., VRDN 1,000,000 1,000,000
Austin Util. Sys. Rev. (Combined Util. Sys.) CP:
Series A:
4.05% 5/13/95, LOC Swiss Bank Corp. 2,750,000 2,750,000
4.05% 5/18/95, LOC Swiss Bank Corp. 2,000,000 2,000,000
Bexar County Participating VRDN (b):
Series BTP-3, 4.95%, (BPA Bankers Trust) 985,000 985,000
Series BTP-4, 4.95%, (BPA Bankers Trust) 985,000 985,000
Bexar County Rfdg. Bonds Series A, 9.15% 6/15/95 3,465,000 3,484,647
Brazos River Harbor Ind. Dev. Corp. Poll. Cont. Rev. Bonds (Dow Chemical
Corp.) Series 1986, 4.05%
tender 5/16/95 1,100,000 1,100,000
Brazos River Harbor Navigation Dist. of Brazoria County Rev. Bonds (Dow
Chemical Co.)
Series 1991, 4.50% , tender 7/24/95 2,750,000 2,750,000
Brownsville Util. Sys. Rev. Series A, 4.15% 5/18/95, LOC Toronto Dominion
Bank, CP 2,500,000 2,500,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
TEXAS - CONTINUED
Corpus Christi Port Auth. Rev. Rfdg. Bonds (Union Pacific Corp.):
Series 1989:
3.85%, tender 5/10/95 $ 3,200,000 $ 3,200,000
4.30%, tender 5/18/95 1,000,000 999,777
Series 1992, 3.95%, tender 5/11/95 5,000,000 5,000,000
El Paso Ind. Dev. Auth. Rev. Rfdg. (La Quinta Motor Inns Inc. Proj.) Series
1991, 4.75%,
LOC NationsBank, Texas, VRDN 1,055,000 1,055,000
Guadalupe-Blanco River Auth. Ind. Dev. Rev. (BOC Group Inc. Proj.) Series
1993, 4.75%,
LOC Wachovia Bank of Georgia, VRDN 1,500,000 1,500,000
Harris County Health Facs. Dev. Corp. Bonds (YMCA of Greater Houston)
4.25%, tender 7/20/95,
LOC Mitsubishi Bank 1,000,000 1,000,000
Houston TRAN 4.50% 6/29/95 2,450,000 2,451,090
Houston Wtr. & Swr. Sys. Rev. Series A, 4.25% 5/17/95, CP 5,000,000
5,000,000
La Marque Independent School Dist. Variable Rate TRAN 4.897% 8/31/95
2,900,000 2,900,000
Pantego Ind. Dev. Corp. (Minyard Properties) Series 1984, 4.35%, LOC
Citibank, VRDN 2,300,000 2,300,000
San Antonio Wtr. Sys. Rev. Series 1992, 4.15% 7/25/95 (Liquidity Facility
Credit Suisse) CP 4,000,000 4,000,000
Texarkana Ind. Dev. Corp. Rev. Rfdg. (La Quinta Motor Inns Inc. Proj.)
4.75%,
LOC NationsBank, North Carolina, VRDN 2,640,000 2,640,000
Texas Gen. Oblig. TRAN Series 1995, 5% 8/31/95 3,000,000 3,007,791
Texas Pwr. Agcy., 4.15% 7/24/95 (Liquidity Facility Morgan Guaranty) CP
4,100,000 4,100,000
Tyler Health Facs. Dev. Corp. Hosp. Rev. (E. Texas Med. Ctr. Healthcare
Proj.) Series 1993 C, 4.15% 5/23/95,
LOC Banque Paribas 1,500,000 1,500,000
Univ. of Texas Univ. Rev. Fing. Sys. Series A, 4% 6/12/95, CP 6,000,000
6,000,000
64,208,305
UTAH - 2.5%
Intermountain Pwr. Agcy. Pwr. Supply Rev. Rfdg.:
Bonds Series E, 4.15%, tender 7/20/95, (BPA Industrial Bank of Japan)
2,000,000 2,000,000
Participating VRDN, Series BTP-49, 5.20% (Liquidity Facility Bankers
Trust) (b) 6,018,000 6,018,000
Salt Lake City Rev. Bonds (Pooled Hosp. Fin. Prog.) Series 1990, 4.15%,
tender 6/20/95, LOC Fuji Bank 4,000,000 4,000,000
12,018,000
VERMONT - 0.4%
Vermont Student Assistance Corp. Student Loan Rev. Series 1985, 4%, LOC
Nat'l. Westminster Bank, VRDN 1,700,000 1,700,000
VIRGINIA - 5.1%
Chesterfield County Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec.
& Pwr. Co. Proj.)
Series B, 4.20%, tender 6/21/95 2,000,000 2,000,000
Louisa County Ind. Dev. Auth. Adj. Rate Pooled Fin. Rev. Series 1995,
4.70%, LOC NationsBank, Virginia, VRDN 3,000,000 3,000,000
Louisa Ind. Dev. Auth. Poll. Cont. Rev. Bonds (Virginia Elec. & Pwr. Co.
Proj.) Series 1985, 4.20%, tender 7/27/95,
(BPA Bank of New York) 2,000,000 2,000,000
Rockbridge Ind. Dev. Auth. Rev. Rfdg. Bonds (Safeway Inc. Proj.) Series
1992, 4.90%, tender 8/1/95,
LOC Bankers Trust 1,950,000 1,950,000
Stafford County Ind. Dev. Auth. Ind. Dev. Rev. Rfdg. Bonds (Safeway Inc.
Proj.) Series 1993, 4.45%,
tender 6/1/95, LOC Bankers Trust 2,530,000 2,530,000
Suffolk Redev. & Hsg. Auth. Multi-Family Rental Hsg. Rev. (Windsor at
Fieldstone Proj.) 4.70%,
LOC NationsBank, Virginia, VRDN 7,492,000 7,492,000
Virginia Beach Dev Auth. Rev. Rfdg. (La Quinta Inns) Series 1993, 4.75%,
LOC NationsBank, Texas, VRDN 2,850,000 2,850,000
Virginia Hsg. Dev. Auth. Commonwealth Mtg. Bonds Series 1993 A, 4.25%,
tender 7/12/95 3,000,000 3,000,000
24,822,000
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MUNICIPAL SECURITIES (a) - CONTINUED
WASHINGTON - 4.1%
Washington Gen. Oblig. Participating VRDN, Series 1993 C-A, 4.85%
(Liquidity Facility Citibank) (b) $ 4,000,000 $ 4,000,000
Washington Public Pwr. Supply Sys. Rev. Participating VRDN: (b)
Series 1994 B, 4.85% (Liquidity Facility Citibank) 10,600,000
10,600,000
(Nuclear Proj. #3) Series BTP-126, 4.95% (BPA Bankers Trust) 2,774,400
2,774,400
Washington Public Pwr Supply Sys. Rev. VRDN:
Series 1993-3A-2, 4.75%, LOC Industrial Bank of Japan 1,000,000
1,000,000
Rfdg. (Nuclear Proj. #1) Series 1993-1A2, 4.80%, LOC Industrial Bank of
Japan 1,500,000 1,500,000
19,874,400
WISCONSIN - 2.7%
La Crosse School Dist. TRAN 5% 8/25/95 3,100,000 3,104,774
Milwaukee Redev. Auth. Dev. Rev. (Bradley Ctr. Parking Facs. Proj.) Series
1986, 4.65%,
LOC Nat'l. Westminster Bank, VRDN 25,000 25,000
Wisconsin Gen. Oblig. Participating VRDN, Series 1993 R, 4.85% (Liquidity
Facility Citibank) (b) 3,000,000 3,000,000
Wisconsin Health Facs. Auth. Rev. (Franciscan Health Care, Inc.) Series
1985 A-2, 4.65%,
LOC Toronto-Dominion Bank, VRDN 2,045,000 2,045,000
Wisconsin TRAN Series 1994, 4.50% 6/15/95 5,000,000 5,003,375
13,178,149
WYOMING - 1.4%
Evanston Ind. Dev. Rev. Rfdg. (Safeway Inc. Projs.) Series 1991, 3.20%,
tender 6/1/95,
LOC Bankers Trust 3,700,000 3,700,000
Lincoln County Poll. Cont. Rev. (Exxon Co. Proj.) Series 1985, 4.90%, VRDN
1,000,000 1,000,000
Sublette County Poll. Cont. Rev. (Exxon Co. Proj.) Series 1984, 4.90%, VRDN
2,000,000 2,000,000
6,700,000
MULTIPLE STATE CERTIFICATES - 2.7%
California Student Loan Mktg. Corp. Student Loan Rev. Rfdg. Series 1993 A,
4.60%,
LOC Dresdner Bank, VRDN 5,000,000 5,000,000
Clipper Participating VRDN, Series 1993 1A, 4.19%
(Liquidity Facility State Street Bank & Trust Co.) (b) 6,396,150
6,396,150
Participating VRDN, Series 1990 A, 4.50%, LOC NationsBank, North Carolina
(b) 2,000,000 2,000,000
13,396,150
TOTAL INVESTMENTS - 100% $ 487,889,668
Total Cost for Income Tax Purposes - $487,888,649
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:
(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.
INCOME TAX INFORMATION:
At October 31, 1994, the fund had a capital loss carryforward of
approximately $56,000 of which $25,000, $7,000 and $24,000 will expire on
October 31, 1995, 1999 and 2000, respectively.
Statement of Assets and Liabilities
<TABLE>
<CAPTION>
<S> <C> <C>
April 30, 1995 (Unaudited)
ASSETS
Investment in securities, at value - See accompanying schedule $ 487,889,668
Receivable for investments sold 1,300,719
Interest receivable 4,365,264
Receivable from investment adviser for expense 48,217
reductions
TOTAL ASSETS 493,603,868
LIABILITIES
Payable to custodian bank $ 1,364,690
Share transactions in process 7,232,540
Distributions payable 158,282
Accrued management fee 195,052
Other payables and accrued expenses 237,035
TOTAL LIABILITIES 9,187,599
NET ASSETS $ 484,416,269
Net Assets consist of:
Paid in capital $ 484,456,576
Accumulated net realized gain (loss) on investments (41,326)
Unrealized gain from accretion of market discount 1,019
NET ASSETS, for 484,456,576 shares outstanding $ 484,416,269
NET ASSET VALUE, offering price and redemption price per share ($484,416,269 (divided by) 484,456,576 shares) $1.00
</TABLE>
Statement of Operations
<TABLE>
<CAPTION>
<S> <C> <C>
Six Months Ended April 30, 1995 (Unaudited)
INTEREST INCOME $ 9,178,606
EXPENSES
Management fee $ 1,153,214
Transfer agent, accounting and custodian fees and expenses 529,090
Non-interested trustees' compensation 2,473
Registration fees 83,188
Audit 12,604
Legal 17,006
Miscellaneous 989
Total expenses before 1,798,564
reductions
Expense reductions (299,387) 1,499,177
NET INTEREST INCOME 7,679,429
REALIZED AND UNREALIZED GAIN (LOSS) 14,558
Net realized gain (loss) on investment securities
Increase (decrease) in net unrealized gain from accretion of market discount 702
NET GAIN (LOSS) 15,260
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 7,694,689
</TABLE>
Statement of Changes in Net Assets
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR
ENDED ENDED
APRIL 30, 1995 OCTOBER 31,
(UNAUDITED) 1994
INCREASE (DECREASE) IN NET ASSETS
Operations $ 7,679,429 $ 11,237,433
Net interest income
Net realized gain (loss) 14,558 45,516
Increase (decrease) in net unrealized gain from accretion of market discount 702 (2,097)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 7,694,689 11,280,852
Dividends to shareholders from net interest income (7,679,429) (11,237,433)
Share transactions at net asset value of $1.00 per share 757,972,931 1,427,541,439
Proceeds from sales of shares
Reinvestment of dividends from net interest income 6,640,625 9,765,655
Cost of shares redeemed (734,471,557) (1,521,847,375)
NET INCREASE (DECREASE) IN NET ASSETS AND SHARES RESULTING FROM SHARE TRANSACTIONS 30,141,999 (84,540,281)
TOTAL INCREASE (DECREASE) IN NET ASSETS 30,157,259 (84,496,862)
NET ASSETS
Beginning of period 454,259,010 538,755,872
End of period $ 484,416,269 $ 454,259,010
</TABLE>
Financial Highlights
<TABLE>
<CAPTION>
<S>
<C> <C> <C> <C> <C> <C>
SIX MONTHS YEARS ENDED OCTOBER 31,
ENDED
APRIL 30, 1995
(UNAUDITED) 1994 1993 1992 1991 1990
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
.017 .022 .021 .029 .044 .053
Net interest income
Less Distributions
(.017) (.022) (.021) (.029) (.044) (.053)
From net interest income
Net asset value, end of period
$ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B
1.66% 2.21% 2.11% 2.93% 4.46% 5.38%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (000 omitted)
$ 484,416 $ 454,259 $ 538,756 $ 484,999 $ 304,147 $ 259,381
Ratio of expenses to average net assets
.65%A .65% .61% .63% .65% .65%
Ratio of expenses to average net assets
.78%A .67% .61% .63% .66% .68%
before expense reductions
Ratio of net interest income to average
3.33%A 2.17% 2.09% 2.86% 4.29% 5.32%
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. SEE NOTE 3 OF NOTES TO FINANCIAL STATEMENTS.
NOTES TO FINANCIAL STATEMENTS
FOR THE PERIOD ENDED APRIL 30, 1995 (UNAUDITED)
1. SIGNIFICANT ACCOUNTING POLICIES.
Fidelity Daily Tax-Exempt Money 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.
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. 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 $594,520 for the
period.
TRANSFER AGENT AND ACCOUNTING FEES. UMB 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. During the period November1, 1994 to
December 31, 1994, the fund paid fees based on the type, size, number of
accounts and the number of transactions made by shareholders. Effective
January 1, 1995, the Board of Trustees approved a revised transfer agent
contract pursuant to which the fund pays 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 $451,150.
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 $48,327.
3. 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 $299,387.
THIS REPORT AND THE FINANCIAL STATEMENTS CONTAINED HEREIN ARE SUBMITTED FOR
THE GENERAL INFORMATION OF THE
SHAREHOLDERS OF THE FUND. THIS REPORT IS NOT AUTHORIZED FOR DISTRIBUTION TO
PROSPECTIVE INVESTORS IN THE FUND UNLESS
PRECEDED OR ACCOMPANIED BY AN EFFECTIVE PROSPECTUS. MUTUAL FUND SHARES ARE
NOT DEPOSITS OR OBLIGATIONS OF, OR
GUARANTEED BY, ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE
FDIC, THE FEDERAL RESERVE BOARD OR ANY
OTHER AGENCY, AND ARE SUBJECT TO INVESTMENT RISK, INCLUDING THE POSSIBLE
LOSS OF PRINCIPAL. NEITHER THE FUND NOR
FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
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
Fred L. Henning, Jr., VICE PRESIDENT
Arthur S. Loring, SECRETARY
Stephen P. Jonas, TREASURER
Thomas D. Maher, ASSISTANT VICE PRESIDENT
Michael D. Conway, ASSISTANT TREASURER
John H. Costello, ASSISTANT TREASURER
Leonard M. Rush, ASSISTANT TREASURER
BOARD OF TRUSTEES
J. Gary Burkhead
Ralph F. Cox
Phyllis Burke Davis
Richard J. Flynn
Edward C. Johnson 3d
E. Bradley Jones
Donald J. Kirk
Peter S. Lynch
Edward H. Malone
Marvin L. Mann
Gerald C. McDonough
Thomas R. Williams
GENERAL DISTRIBUTOR
Fidelity Distributors Corporation
Boston, MA
TRANSFER AND
SHAREHOLDER
SERVICING AGENTS
UMB Bank, n.a.
Kansas City, MO
and
Fidelity Investments Institutional
Operations Company
Boston, MA
CUSTODIAN
UMB Bank, n.a.
Kansas City, MO
DTE-6-95S
