(2_FIDELITY_LOGOS)FIDELITY CASH MANAGEMENT
FUNDS
TREASURY FUND
PRIME FUND
TAX-EXEMPT FUND
SEMIANNUAL REPORT
APRIL 30, 1998
CONTENTS
SCHEDULES OF INVESTMENTS & FINANCIAL STATEMENTS
TREASURY FUND 3
PRIME FUND 12
TAX-EXEMPT FUND 25
NOTES TO THE FINANCIAL STATEMENTS 45
EACH FUND SEEKS TO OBTAIN AS HIGH A LEVEL OF CURRENT INCOME AS IS
CONSISTENT WITH THE PRESERVATION OF CAPITAL AND LIQUIDITY BY INVESTING
IN HIGH-QUALITY, SHORT-TERM MONEY MARKET SECURITIES. PRIME FUND
INVESTS IN A BROAD RANGE OF MONEY MARKET SECURITIES. TREASURY FUND
INVESTS IN MONEY MARKET SECURITIES ISSUED BY THE U.S. TREASURY AND
BACKED BY THE FULL FAITH AND CREDIT OF THE U.S. GOVERNMENT. TAX-EXEMPT
FUND SEEKS TO OBTAIN CURRENT INCOME, EXEMPT FROM FEDERAL INCOME TAXES.
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,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED.
NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK.
FOR MORE INFORMATION ON ANY FIDELITY FUND, INCLUDING CHARGES AND
EXPENSES, CALL 1-800-544-8888 FOR A
FREE PROSPECTUS. READ IT CAREFULLY BEFORE YOU INVEST OR SEND MONEY.
TREASURY FUND
INVESTMENTS APRIL 30, 1998 (UNAUDITED)
SHOWING PERCENTAGE OF TOTAL VALUE OF INVESTMENTS
U.S. TREASURY OBLIGATIONS - 24.0%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
U.S. TREASURY BILLS - 2.9%
5/28/98 5.74% $ 5,000,000 $ 4,979,186
5/28/98 5.88 18,000,000 17,925,071
6/25/98 5.47 5,000,000 4,959,358
9/17/98 5.50 10,000,000 9,795,844
9/17/98 5.54 10,000,000 9,795,844
47,455,303
U.S. TREASURY NOTES - 10.7%
5/15/98 5.52 10,000,000 10,001,721
5/15/98 5.57 30,000,000 30,005,163
5/15/98 5.58 3,000,000 3,000,516
5/15/98 5.67 14,000,000 14,002,409
5/31/98 5.53 10,000,000 10,002,912
7/31/98 5.28 20,000,000 20,041,709
7/31/98 5.30 25,000,000 25,052,136
7/31/98 5.51 5,000,000 5,010,427
7/31/98 5.57 6,000,000 6,012,513
8/15/98 5.47 2,000,000 2,001,216
8/15/98 5.51 9,000,000 9,005,473
8/15/98 5.54 4,000,000 4,002,432
8/31/98 5.55 10,000,000 9,969,288
9/30/98 5.52 5,000,000 5,007,694
11/30/98 5.64 10,000,000 9,966,628
11/30/98 5.66 10,000,000 9,966,628
173,048,865
PRINCIPAL ONLY STRIPS - 10.4%
8/15/98 5.64 1,000,000 983,616
8/15/98 5.65 1,000,000 983,616
8/15/98 5.66 6,000,000 5,901,699
8/15/98 5.68 6,000,000 5,901,699
8/15/98 5.69 1,000,000 983,616
8/15/98 5.71 1,000,000 983,616
8/15/98 5.72 1,000,000 983,616
8/15/98 5.74 4,000,000 3,934,466
8/15/98 5.76 11,000,000 10,819,781
8/15/98 5.77 5,000,000 4,918,082
8/15/98 5.80 2,000,000 1,967,233
11/15/98 5.40 10,000,000 9,710,782
11/15/98 5.45 10,000,000 9,710,782
2/15/99 5.46 10,000,000 9,577,205
2/15/99 5.47 20,000,000 19,154,410
2/15/99 5.50 25,000,000 23,943,015
2/15/99 5.51 20,000,000 19,154,410
2/15/99 5.53 15,000,000 14,365,808
2/15/99 5.54 15,000,000 14,365,808
5/15/99 5.58 10,000,000 9,442,468
167,785,728
TOTAL U.S. TREASURY OBLIGATIONS 388,289,896
REPURCHASE AGREEMENTS - 76.0%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account
(Notes 2 and 3)
(U.S. Treasury Obligations):
dated 4/30/98 due 5/1/98:
At 5.52% $ 45,012,906 $ 45,006,000
At 5.52% 913,140,109 913,000,000
dated 3/4/98 due 5/4/98
At 5.49% 30,279,075 30,000,000
dated 3/9/98 due 5/4/98
At 5.48% 12,102,293 12,000,000
dated 3/10/98 due 6/10/98
At 5.49% 69,968,070 69,000,000
dated 4/27/98 due 6/30/98
At 5.46% 15,145,600 15,000,000
dated 1/6/98 due 7/6/98
At 5.51% 20,554,061 20,000,000
dated 4/7/98 due 7/6/98
At 5.45% 40,545,000 40,000,000
dated 4/21/98 due 7/13/98
At 5.45% 40,502,611 40,000,000
dated 4/22/98 due 7/15/98
At 5.45% 45,572,250 45,000,000
TOTAL REPURCHASE AGREEMENTS 1,229,006,000
TOTAL INVESTMENTS - 100% $ 1,617,295,896
Total Cost for Income Tax Purposes $ 1,617,295,896
INCOME TAX INFORMATION
At October 31, 1997, the fund had a capital loss carryforward of
approximately $433,000 which will expire on October 31, 2001.
TREASURY FUND
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE $ 1,617,295,896
AGREEMENTS OF $1,229,006,000) - SEE
ACCOMPANYING SCHEDULE
CASH 445
RECEIVABLE FOR INVESTMENTS SOLD 13,278,991
RECEIVABLE FOR FUND SHARES SOLD 16,919,086
INTEREST RECEIVABLE 5,128,117
TOTAL ASSETS 1,652,622,535
LIABILITIES
PAYABLE FOR FUND SHARES REDEEMED $ 16,899,538
DISTRIBUTIONS PAYABLE 948,319
ACCRUED MANAGEMENT FEE 201,090
DISTRIBUTION FEES PAYABLE 413,369
OTHER PAYABLES AND ACCRUED EXPENSES 352,085
TOTAL LIABILITIES 18,814,401
NET ASSETS $ 1,633,808,134
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 1,634,260,964
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (452,830)
NET ASSETS $ 1,633,808,134
</TABLE>
CALCULATION OF MAXIMUM OFFERING PRICE $1.00
DAILY MONEY CLASS:
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER
SHARE ($1,275,100,671 (DIVIDED BY) 1,275,413,626 SHARES)
CAPITAL RESERVES CLASS: $1.00
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER
SHARE ($323,494,661 (DIVIDED BY) 323,574,058 SHARES)
ADVISOR B CLASS: $1.00
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($28,519,189 (DIVIDED BY) 28,526,188 SHARES) A
ADVISOR C CLASS: $1.00
NET ASSET VALUE AND OFFERING PRICE PER SHARE
($6,693,613 (DIVIDED BY) 6,695,256 SHARES) A
A REDEMPTION PRICE PER SHARE IS EQUAL TO NET ASSET VALUE LESS ANY
APPLICABLE CONTINGENT DEFERRED SALES CHARGE.
STATEMENT OF OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED APRIL 30, 1998 (UNAUDITED)
INTEREST INCOME $ 43,795,064
EXPENSES
MANAGEMENT FEE $ 1,939,090
TRANSFER AGENT FEES 1,775,301
DISTRIBUTION FEES 2,419,896
ACCOUNTING FEES AND EXPENSES 84,552
NON-INTERESTED TRUSTEES' COMPENSATION 7,303
CUSTODIAN FEES AND EXPENSES 2,758
REGISTRATION FEES 217,746
AUDIT 22,564
LEGAL 5,899
MISCELLANEOUS 3,418
TOTAL EXPENSES BEFORE REDUCTIONS 6,478,527
EXPENSE REDUCTIONS (953,354) 5,525,173
NET INTEREST INCOME 38,269,891
NET REALIZED GAIN (LOSS) ON INVESTMENTS (13,457)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 38,256,434
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1998 OCTOBER 31,
(UNAUDITED) 1997
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 38,269,891 $ 71,379,383
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (13,457) 28,174
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 38,256,434 71,407,557
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME (38,269,891) (71,379,383)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) 39,071,446 (493,517,833)
NET ASSET VALUE OF CAPITAL RESERVES CLASS SHARES ISSUED - 266,921,847
IN EXCHANGE FOR THE NET ASSETS OF CAPITAL RESERVES:
U.S. GOVERNMENT PORTFOLIO
TOTAL SHARE TRANSACTIONS 39,071,446 (226,595,986)
TOTAL INCREASE (DECREASE) IN NET ASSETS 39,057,989 (226,567,812)
NET ASSETS
BEGINNING OF PERIOD 1,594,750,145 1,821,317,957
END OF PERIOD $ 1,633,808,134 $ 1,594,750,145
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - DAILY MONEY CLASS
SIX MONTHS YEAR ENDED THREE MONTHS YEARS ENDED JULY 31,
ENDED OCTOBER 31, ENDED
APRIL 30, 1998 OCTOBER 31,
(UNAUDITED) 1997 1996 1996 1995 1994 1993
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
BEGINNING OF PERIOD
INCOME FROM INVESTMENT
OPERATIONS
NET INTEREST INCOME .025 .049 .012 .049 .049 .029 .027
LESS DISTRIBUTIONS
FROM NET (.025) (.049) (.012) (.049) (.049) (.029) (.027)
INTEREST INCOME
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
END OF PERIOD
TOTAL RETURN B, C 2.50% 4.97% 1.19% 5.06% 5.02% 2.89% 2.78%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF $ 1,275 $ 1,284 $ 1,801 $ 1,801 $ 1,828 $ 2,025 $ 2,949
PERIOD (IN MILLIONS)
RATIO OF EXPENSES TO .65% A, D .65% D .65% A, D .65% D .65% D .60% .57%
AVERAGE NET ASSETS
RATIO OF NET INTEREST 4.99% A 4.88% 4.66% A 4.94% 4.89% 2.81% 2.73%
INCOME TO AVERAGE
NET ASSETS
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CAPITAL RESERVES CLASS
SIX MONTHS YEAR ENDED
ENDED OCTOBER 31,
APRIL 30, 1998
(UNAUDITED) 1997 E
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .024 .000134
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.024) (.000134)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000000
TOTAL RETURN B, C 2.38% .01%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 323,495 $ 264,780
RATIO OF EXPENSES TO AVERAGE NET ASSETS .90% A, D .90% A, D
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 4.75% A 4.93% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
E OCTOBER 31, 1997 (COMMENCEMENT OF SALE OF CAPITAL RESERVES CLASS
SHARES).
FINANCIAL HIGHLIGHTS - ADVISOR B CLASS
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
SIX MONTHS YEAR ENDED THREE MONTHS YEARS ENDED JULY 31,
ENDED OCTOBER 31, ENDED
APRIL 30, 1998 OCTOBER 31,
(UNAUDITED) 1997 1996 1996 1995 1994 E
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
OF PERIOD
INCOME FROM INVESTMENT
OPERATIONS
NET INTEREST INCOME .021 .041 .010 .043 .042 .002
LESS DISTRIBUTIONS
FROM NET (.021) (.041) (.010) (.043) (.042) (.002)
INTEREST INCOME
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
END OF PERIOD
TOTAL RETURN B, C 2.12% 4.20% 1.01% 4.33% 4.28% .25%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD $ 28,519 $ 45,968 $ 20,411 $ 39,956 $ 3,154 $ 628
(000 OMITTED)
RATIO OF EXPENSES TO 1.40% A, D 1.39% D 1.35% A, D 1.35% D 1.35% D 1.35% A, D
AVERAGE NET ASSETS
RATIO OF NET INTEREST 4.24% A 4.24% 3.96% A 4.13% 4.22% 3.03%
INCOME TO AVERAGE
NET ASSETS
</TABLE>
A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF7 NOTES TO FINANCIAL STATEMENTS).
E JULY 1, 1994 (COMMENCEMENT OF SALE OF ADVISOR B CLASS SHARES) TO
JULY 31, 1994.
FINANCIAL HIGHLIGHTS - ADVISOR C CLASS
SIX MONTHS ENDED
APRIL 30,
1998 E
(UNAUDITED)
SELECTED PER-SHARE DATA
NET ASSET VALUE AT BEGINNING OF PERIOD $ 1,000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .021
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.021)
NET ASSET VALUE, END OF PERIOD $ 1.000
TOTAL RETURN B, C 2.09%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 6,694
RATIO OF EXPENSES TO AVERAGE NET ASSETS 1.40% A, D
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 4.66% A
A ANNUALIZED
B TOTAL RETURNS DO NOT INCLUDE THE CONTINGENT DEFERRED SALES CHARGE
AND FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
E NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF ADVISOR C CLASS SHARES) TO
APRIL 30, 1998.
PRIME FUND
INVESTMENTS APRIL 30, 1998 (UNAUDITED)
Showing Percentage of Total Value of Investments
CERTIFICATES OF DEPOSIT - 26.7%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
DOMESTIC CERTIFICATES OF DEPOSIT - 1.3%
CoreStates Bank
5/11/98 5.60% (a) $ 5,000,000 $ 5,000,000
Fleet National Bank
6/10/98 5.53 15,000,000 15,000,000
SunTrust Bank, Atlanta
5/6/98 5.52 50,000,000 49,999,863
69,999,863
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - 15.3%
Bank of Montreal, Canada
7/8/98 5.57 15,000,000 15,000,000
8/6/98 5.58 25,000,000 25,000,000
Bank of Nova Scotia
7/21/98 5.89 2,000,000 1,999,313
7/21/98 5.97 3,000,000 2,998,970
8/31/98 5.91 10,000,000 9,997,924
Bank of Scotland Treasury Services
5/19/98 5.53 10,000,000 9,999,951
Banque Nationale de Paris
5/5/98 5.52 25,000,000 25,000,000
Barclays Bank, PLC
5/4/98 5.54 14,000,000 13,999,945
5/13/98 5.52 40,000,000 40,000,000
5/20/98 5.52 75,000,000 75,000,000
6/24/98 5.78 5,000,000 5,000,220
Bayerische Hypotheken-und Wechsel
5/11/98 5.56 25,000,000 25,000,000
Bayerische Vereinsbank AG
5/4/98 5.66 20,000,000 20,000,000
Canadian Imperial Bank of Commerce
6/3/98 5.54 30,000,000 30,000,000
8/28/98 5.91 20,000,000 19,996,260
3/2/99 5.70 20,000,000 19,989,588
Credit Agricole Indosuez
5/20/98 5.52 20,000,000 20,000,000
Deutsche Bank, AG
10/19/98 5.88 17,000,000 17,003,583
3/2/99 5.70 15,000,000 14,993,993
National Westminster Bank, PLC
6/23/98 5.88 14,000,000 13,998,271
6/23/98 6.00 23,000,000 22,997,159
7/22/98 5.81 15,000,000 14,998,243
7/22/98 5.89 40,000,000 39,995,316
9/25/98 5.85 5,000,000 4,998,251
9/25/98 5.88 6,000,000 5,997,902
2/26/99 5.70 20,000,000 19,993,677
3/2/99 5.70 20,000,000 19,991,991
CERTIFICATES OF DEPOSIT - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
NEW YORK BRANCH, YANKEE DOLLAR, FOREIGN BANKS - CONTINUED
Rabobank Nederland, COOP Central
2/2/99 5.54% $ 20,000,000 $ 19,994,048
Royal Bank of Canada
2/10/99 5.60 15,000,000 14,992,134
2/26/99 5.70 13,500,000 13,492,530
Societe Generale, France
6/3/98 5.59 30,000,000 30,000,000
6/8/98 5.58 45,000,000 45,000,000
8/4/98 5.53 5,000,000 5,000,000
8/24/98 5.55 40,000,000 40,000,000
Swiss Bank Corp.
6/1/98 5.54 50,000,000 50,000,000
8/28/98 5.97 32,000,000 31,995,013
3/19/99 5.70 20,000,000 19,988,162
804,412,444
LONDON BRANCH, EURODOLLAR, FOREIGN BANKS - 10.1%
Abbey National Treasury Services, PLC
6/22/98 5.56 50,000,000 50,000,000
9/28/98 5.60 15,000,000 15,000,000
10/6/98 5.61 25,000,000 25,000,000
ABN-AMRO Bank NV
5/6/98 5.55 15,000,000 15,000,021
Australia & New Zealand Banking Group
9/30/98 5.61 25,000,000 25,003,413
9/30/98 5.63 20,000,000 20,001,281
Bank of Nova Scotia
5/19/98 5.56 40,000,000 40,000,000
Barclays Bank, PLC
6/9/98 5.54 75,000,000 75,000,000
10/21/98 5.60 10,000,000 10,000,000
10/28/98 5.62 20,000,000 19,996,558
Rabobank Nederland, COOP Central
9/9/98 6.10 50,000,000 50,000,000
10/5/98 5.60 50,000,000 50,000,000
Toronto-Dominion Bank
6/1/98 5.54 50,000,000 50,000,000
Westdeutsche Landesbank Girozentrale
5/5/98 5.52 20,000,000 20,000,022
6/4/98 5.52 40,000,000 40,000,371
6/18/98 5.54 15,000,000 15,000,139
7/6/98 5.53 15,000,000 15,000,000
535,001,805
TOTAL CERTIFICATES OF DEPOSIT 1,409,414,112
COMMERCIAL PAPER - 58.7%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
ABN-AMRO North America, Inc.
7/13/98 5.83% $ 10,000,000 $ 9,886,444
American Express Credit Corp.
8/13/98 5.58 10,000,000 9,842,556
Aspen Funding Corp.
5/20/98 5.56 25,000,000 24,927,035
5/27/98 5.56 5,000,000 4,980,031
6/2/98 5.58 42,000,000 41,792,800
6/3/98 5.56 12,000,000 11,939,170
Asset Securitization Coop. Corp.
5/7/98 5.58 15,000,000 14,986,150
5/8/98 5.52 20,000,000 19,978,825
5/20/98 5.54 20,000,000 19,941,839
5/26/98 5.58 25,000,000 24,904,514
6/22/98 5.58 25,000,000 24,800,306
Associates Corp. of North America
5/11/98 5.53 5,000,000 4,992,417
5/14/98 5.57 15,000,000 14,970,154
5/18/98 5.53 15,000,000 14,961,325
5/19/98 5.53 5,000,000 4,986,350
5/20/98 5.53 20,000,000 19,942,367
6/2/98 5.55 15,000,000 14,926,667
6/4/98 5.55 20,000,000 19,896,111
Bayerische Landesbank Girozentrale
5/27/98 5.57 20,000,000 19,920,556
Bear Stearns Cos., Inc.
5/20/98 5.59 5,000,000 4,985,381
Beneficial Corp.
7/14/98 5.60 10,000,000 9,886,944
7/15/98 5.60 10,000,000 9,885,417
BMW US Capital Corp.
5/18/98 5.55 23,236,000 23,175,432
5/19/98 5.55 6,543,000 6,524,941
5/26/98 5.65 20,000,000 19,923,194
6/15/98 5.59 10,000,000 9,931,125
B.B.V. Finance (Delaware), Inc.
7/6/98 5.58 23,000,000 22,767,240
Caisse des Depots et Consigns
5/6/98 5.57 25,000,000 24,980,833
5/18/98 5.54 40,000,000 39,895,922
6/4/98 5.57 10,000,000 9,947,678
Chase Manhattan Corp.
5/21/98 5.57 200,000,000 199,388,889
CIESCO, L.P.
5/11/98 5.58 10,000,000 9,984,667
5/14/98 5.57 15,000,000 14,970,046
6/1/98 5.54 5,000,000 4,976,319
6/24/98 5.55 10,000,000 9,917,800
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
CIT Group, Inc.
5/26/98 5.65% $ 15,000,000 $ 14,942,396
7/28/98 5.58 14,000,000 13,811,607
Citibank Credit Card Master Trust I (Dakota Certificate Program)
5/8/98 5.54 30,000,000 29,968,150
5/15/98 5.54 5,000,000 4,989,364
5/18/98 5.54 10,000,000 9,973,933
5/26/98 5.55 50,000,000 49,810,069
5/27/98 5.55 10,000,000 9,960,494
6/16/98 5.55 30,000,000 29,789,167
Commerzbank U.S. Finance, Inc.
6/1/98 5.56 35,000,000 34,833,332
Cregem North America, Inc.
6/5/98 5.58 90,000,000 89,518,750
6/29/98 5.58 43,000,000 42,612,403
Daimler-Benz North America Corp.
5/7/98 5.52 5,000,000 4,995,454
5/14/98 5.58 30,000,000 29,940,200
Delaware Funding Corporation
5/18/98 5.55 30,000,000 29,921,800
6/2/98 5.57 59,806,000 59,511,489
6/18/98 5.57 5,000,000 4,963,133
Den Danske Corp., Inc.
8/3/98 5.51 50,000,000 49,280,639
Deutsche Bank Financial, Inc.
5/6/98 5.57 125,000,000 124,903,819
5/19/98 5.55 45,000,000 44,875,800
6/17/98 5.56 40,000,000 39,712,517
Diageo Capital, PLC
5/18/98 5.59 15,000,000 14,960,688
6/23/98 5.58 5,000,000 4,959,293
Dresdner U.S. Finance Inc.
5/15/98 5.53 50,000,000 49,892,861
Eiger Capital Corp.
5/14/98 5.58 10,636,000 10,614,761
5/19/98 5.54 12,194,000 12,160,345
5/26/98 5.52 7,000,000 6,973,167
5/26/98 5.55 10,000,000 9,961,667
5/28/98 5.52 60,000,000 59,751,600
5/28/98 5.55 47,000,000 46,805,420
5/28/98 5.56 15,740,000 15,674,836
6/4/98 5.57 55,000,000 54,712,228
Enterprise Funding Corp.
5/7/98 5.55 15,000,000 14,986,175
5/14/98 5.59 15,000,000 14,969,938
5/21/98 5.56 32,214,000 32,115,210
5/26/98 5.56 10,000,000 9,961,597
5/27/98 5.55 20,000,000 19,920,411
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Enterprise Funding Corp. - continued
6/16/98 5.56% $ 14,038,000 $ 13,939,165
6/22/98 5.58 15,000,000 14,880,183
6/30/98 5.56 10,618,000 10,520,668
Ford Motor Credit Co.
5/6/98 5.54 48,000,000 47,963,200
5/11/98 5.53 55,000,000 54,916,583
General Electric Capital Corp.
5/19/98 5.54 25,000,000 24,931,125
5/20/98 5.52 15,000,000 14,957,092
6/3/98 5.54 30,000,000 29,850,125
7/21/98 5.57 20,000,000 19,754,300
7/31/98 5.58 15,000,000 14,792,975
8/4/98 5.54 40,000,000 39,431,056
8/10/98 5.54 100,000,000 98,487,806
General Electric Co.
5/19/98 5.54 45,000,000 44,876,025
General Motors Acceptance Corp.
5/27/98 5.57 35,000,000 34,861,478
5/28/98 5.57 35,000,000 34,856,150
6/3/98 5.55 25,000,000 24,873,729
Halifax Building Society
5/1/98 5.52 50,000,000 50,000,000
6/17/98 5.55 40,000,000 39,712,778
Household Finance Corp.
5/4/98 5.57 35,000,000 34,983,900
5/28/98 5.56 25,000,000 24,896,500
Kitty Hawk Funding Corp.
5/13/98 5.62 10,000,000 9,981,400
5/20/98 5.56 75,000,000 74,781,104
Matterhorn Capital Corp. (LOC Union Bank of Switzerland)
5/18/98 5.55 11,981,000 11,949,770
5/21/98 5.56 13,964,000 13,921,177
5/27/98 5.59 25,190,000 25,089,576
Merrill Lynch & Co., Inc.
6/1/98 5.55 24,000,000 23,886,127
6/15/98 5.56 35,000,000 34,758,938
6/15/98 5.59 30,000,000 29,793,375
6/17/98 5.59 15,000,000 14,892,096
6/30/98 5.60 10,000,000 9,908,000
Morgan Stanley, Dean Witter, Discover & Co.
6/3/98 5.60 25,000,000 24,873,500
6/15/98 5.58 15,000,000 14,896,875
6/16/98 5.55 10,000,000 9,929,722
New Center Asset Trust
5/15/98 5.54 5,000,000 4,989,422
5/18/98 5.55 30,000,000 29,922,508
5/26/98 5.59 24,000,000 23,907,667
8/25/98 5.63 50,000,000 49,109,861
COMMERCIAL PAPER - CONTINUED
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
PHH Corp.
5/26/98 5.66% $ 6,000,000 $ 5,976,625
Preferred Receivables Funding Corp.
5/26/98 5.55 8,875,000 8,840,918
6/10/98 5.55 10,000,000 9,938,889
Rabobank U.S.A. Financial Corp.
6/3/98 5.56 50,000,000 49,747,458
Westpac Capital Corp.
5/21/98 5.56 100,000,000 99,693,889
TOTAL COMMERCIAL PAPER 3,094,725,893
FEDERAL AGENCIES (A) - 0.7%
FANNIE MAE - DISCOUNT NOTES - 0.7%
6/12/98 5.59 (a) 35,000,000 34,998,054
BANK NOTES - 2.5%
CoreStates Bank
5/14/98 5.62 5,000,000 5,000,000
First Bank NA - Minnesota
5/20/98 5.62 (a) 5,000,000 4,999,204
Fleet National Bank
5/1/98 5.43 (a) 25,000,000 24,997,395
Harris Trust & Savings Bank, Chicago
6/8/98 5.56 25,000,000 25,000,000
Key Bank, National Association
5/1/98 5.40 (a) 10,000,000 9,996,271
Morgan Guaranty Trust Co., NY
8/31/98 5.82 5,000,000 5,000,776
8/31/98 5.85 8,000,000 8,001,241
Northern Trust Co., Chicago
5/1/98 5.64 (a) 6,000,000 5,999,317
PNC Bank, NA
7/16/98 5.64 (a) 30,000,000 29,987,545
SouthTrust Bank - Alabama
5/11/98 5.62 (a) 7,000,000 6,998,516
US Bank, NA
5/20/98 5.61 (a) 7,000,000 6,998,157
TOTAL BANK NOTES 132,978,422
MASTER NOTES - 1.5%
DUE ANNUALIZED YIELD AT PRINCIPAL VALUE
DATE TIME OF PURCHASE AMOUNT (NOTE 1)
Goldman Sachs Group, L.P. (c)
6/13/98 5.69% (a) $ 80,000,000 $ 80,000,000
MEDIUM-TERM NOTES (A) - 2.4%
Beneficial Corp.
6/25/98 5.65 2,000,000 1,999,675
Exxon Shipping Co.
5/1/98 5.65 41,000,000 41,000,000
Merrill Lynch & Co., Inc.
5/1/98 5.46 18,000,000 17,999,245
5/4/98 5.66 5,000,000 4,999,992
Morgan Stanley, Dean Witter, Discover & Co.
5/1/98 5.43 5,000,000 4,999,914
5/1/98 5.48 25,000,000 25,000,000
New York Life Insurance Co.
6/23/98 5.69 25,000,000 25,000,000
Norwest Corp.
7/22/98 5.71 8,000,000 8,000,000
TOTAL MEDIUM-TERM NOTES 128,998,826
SHORT-TERM NOTES (A) - 4.5%
Liquid Asset Backed Securities Trust (1996-2) (b)
5/1/98 5.67 8,000,000 8,000,000
Liquid Asset Backed Securities Trust (1997-5) (b)
5/18/98 5.64 24,000,000 24,000,000
SMM Trust (1997-P) (b)
5/16/98 5.66 27,000,000 27,000,000
SMM Trust (1997-X) (b)
5/12/98 5.66 75,000,000 75,000,000
Strategic Money Market Trust (1997-A) (b)
6/23/98 5.69 94,000,000 94,000,000
Strategic Money Market Trust (1998-B) (b)
5/5/98 5.68 8,000,000 8,000,000
TOTAL SHORT-TERM NOTES 236,000,000
REPURCHASE AGREEMENTS - 3.0%
MATURITY VALUE
AMOUNT (NOTE 1)
In a joint trading account (Notes 2 and 3):
(U.S. Treasury Obligations):
dated 4/30/98 due 5/1/98:
At 5.52% $ 132,020,257 $ 132,000,000
At 5.52% 27,273,184 27,269,000
TOTAL REPURCHASE AGREEMENTS 159,269,000
TOTAL INVESTMENTS $ 5,276,384,307
Total Cost for Income Tax Purposes $ 5,276,384,307
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due dates on these types of
securities reflects the next interest rate reset date or, when
applicable, the final maturity date.
(b) 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
$236,000,000 or 4.7% of net assets.
(c) 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
SECURITY DATE COST
Goldman Sachs
Group, L.P. 3/10/98 $ 80,000,000
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $80,000,000 or 1.6% of net assets.
INCOME TAX INFORMATION
At October 31, 1997, the fund had a capital loss carryforward of
approximately $792,000 of which $33,000, $125,000, $584,000, $48,000,
and $2,000 will expire on October 31, 2000, 2001, 2002, 2003, and
2005, respectively.
PRIME FUND
FINANCIAL STATEMENTS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE (INCLUDING REPURCHASE $ 5,276,384,307
AGREEMENTS OF $159,269,000) - SEE
ACCOMPANYING SCHEDULE
RECEIVABLE FOR FUND SHARES SOLD 133,857,308
INTEREST RECEIVABLE 20,551,482
TOTAL ASSETS 5,430,793,097
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 201,852,587
PAYAABLE FOR FUND SHARES REDEEMED 163,628,642
DISTRIBUTIONS PAYABLE 1,243,497
ACCRUED MANAGEMENT FEE 599,571
DISTRIBUTION FEES PAYABLE 1,447,897
OTHER PAYABLES AND ACCRUED EXPENSES 1,188,683
TOTAL LIABILITIES 369,960,877
NET ASSETS $ 5,060,832,220
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 5,061,677,295
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (845,075)
NET ASSETS
</TABLE>
DAILY MONEY CLASS: $1.00
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER
SHARE ($2,998,381,422 (DIVIDED BY) 2,998,880,346 SHARES)
CAPITAL RESERVES CLASS: $1.00
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER
SHARE ($2,062,450,798 (DIVIDED BY) 2,062,784,755 SHARES)
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1998 (UNAUDITED)
INTEREST INCOME $ 134,730,789
EXPENSES
MANAGEMENT FEE $ 5,865,220
TRANSFER AGENT FEES 5,258,943
DISTRIBUTION FEES 8,222,009
ACCOUNTING FEES AND EXPENSES 203,992
NON-INTERESTED TRUSTEES' COMPENSATION 16,041
CUSTODIAN FEES AND EXPENSES 45,271
REGISTRATION FEES 679,944
AUDIT 23,047
LEGAL 15,698
MISCELLANEOUS 6,799
TOTAL EXPENSES BEFORE REDUCTIONS 20,336,964
EXPENSE REDUCTIONS (2,752,071) 17,584,893
NET INTEREST INCOME 117,145,896
NET REALIZED GAIN (LOSS) ON INVESTMENTS (53,351)
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 117,092,545
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1998 OCTOBER 31,
(UNAUDITED) 1997
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 117,145,896 $ 125,407,369
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) (53,351) (1,985)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 117,092,545 125,405,384
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME (117,145,896) (125,407,369)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) 610,080,204 63,675,775
NET ASSET VALUE OF CAPITAL RESERVES CLASS SHARES ISSUED - 1,723,722,384
IN EXCHANGE FOR THE NET ASSETS OF CAPITAL RESERVES:
MONEY MARKET PORTFOLIO
TOTAL SHARE TRANSACTIONS 610,080,204 1,787,398,159
TOTAL INCREASE (DECREASE) IN NET ASSETS 610,026,853 1,787,396,174
NET ASSETS
BEGINNING OF PERIOD 4,450,805,367 2,663,409,193
END OF PERIOD $ 5,060,832,220 $ 4,450,805,367
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - DAILY MONEY CLASS
SIX MONTHS YEAR ENDED THREE MONTHS YEARS ENDED JULY 31,
ENDED OCTOBER 31, ENDED
APRIL 30, 1998 OCTOBER 31,
(UNAUDITED) 1997 1996 1996 1995 1994 1993
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
BEGINNING OF PERIOD
INCOME FROM INVESTMENT
OPERATIONS
NET INTEREST INCOME .025 .050 .012 .050 .050 .029 .028
LESS DISTRIBUTIONS
FROM NET (.025) (.050) (.012) (.050) (.050) (.029) (.028)
INTEREST INCOME
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
END OF PERIOD
TOTAL RETURN B, C 2.55% 5.06% 1.22% 5.13% 5.16% 2.98% 2.82%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF $ 2,998 $ 2,687 $ 2,663 $ 2,581 $ 2,139 $ 1,525 $ 1,451
PERIOD (IN MILLIONS)
RATIO OF EXPENSES TO .65% A, D .65% D .65% A, D .65% D .65% D .65% D .61%
AVERAGE NET ASSETS
RATIO OF NET INTEREST 5.09% A 4.95% 4.85% A 5.00% 5.11% 2.96% 2.76%
INCOME TO AVERAGE
NET ASSETS
</TABLE>
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CAPITAL RESERVES CLASS
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS YEAR ENDED
ENDED OCTOBER 31,
APRIL 30, 1998
(UNAUDITED) 1997 E
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .024 .000131
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.024) (.000131)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000000
TOTAL RETURN B, C 2.42% .01%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 2,062,451 $ 1,764,144
RATIO OF EXPENSES TO AVERAGE NET ASSETS .90% A, D .90% A, D
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 4.85% A 4.78% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
E OCTOBER 31, 1997 (COMMENCEMENT OF SALE OF CAPITAL RESERVES CLASS
SHARES).
TAX-EXEMPT FUND
INVESTMENTS APRIL 30, 1998 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
MUNICIPAL SECURITIES (A) - 100%
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ALABAMA - 0.9%
Alabama Hsg. Fin. Auth. Multi-Family Hsg. Rev. Rfdg.
(Rime Village Hoover Proj.) Series 1996 A, 4.15%
(Fannie Mae Guaranteed) VRDN $ 2,000,000 $ 2,000,000
Birmingham Pub. Park & Recreation Board Rev.
(McWane Ctr. Proj.) Series 1997, 4.25% 9/1/17,
LOC AmSouth Bank, VRDN 2,800,000 2,800,000
Columbia Ind. Dev. Board Participating VRDN, Series 97 I,
4.20% (Liquidity Facility Caisse des Depots et
Consignations) (b) 460,000 460,000
5,260,000
ARIZONA - 3.1%
Apache County Ind. Dev. Auth. (Tucson Elec. Pwr. Co. Proj.)
Series 1981 B, 4.45%, LOC Bank of Tokyo-Mitsubishi
Ltd., VRDN 1,200,000 1,200,000
Maricopa County Commty. College Dist. Bonds 6% 7/1/98 1,000,000
1,003,402
Maricopa Poll. Cont. Rev. (Arizona Pub. Svc.) Series 1994 E,
4.20%, LOC Bank of America, VRDN 2,300,000 2,300,000
Mesa Gen. Oblig. Rfdg. Bonds Series 1992, 4.95% 7/1/98
(FGIC Insured) 1,605,000 1,607,602
Mesa Ind. Dev. Auth. Participating VRDN, Series 1997 B,
4.20% (Liquidity Facility Caisse des
Depots et Consignations) (b) 955,000 955,000
Pima County Ind. Dev. Auth. Multi-Family Hsg. Rev.
(La Cholla Apt. Proj.) Series 1996, 4.20%,
LOC Texas Commerce Bank, VRDN 2,000,000 2,000,000
Pinal County Ind. Dev. Auth. Hosp. Rev.
(Casa Grande Medical Ctr. Proj.) Series 1995, 4.35%,
LOC Chase Manhattan Bank, VRDN 7,000,000 7,000,000
Tempe Gen. Oblig. 4.25% (BPA State Street Bank &
Trust Co.) VRDN 2,000,000 2,000,000
University of Arizona Sys. Rev. BAN Series 1997,
3.95% 10/1/98 1,200,000 1,200,000
19,266,004
ARKANSAS - 0.5%
University of Arkansas Rev. (UAMS Campus)
Series 1998, 4.10% (MBIA Insured)
(BPA Credit Suisse First Boston) VRDN 2,800,000 2,800,000
CALIFORNIA - 5.7%
California Higher Ed. Loan Auth. Student Loan Rev.
Bonds Series 1992 A, 3.90%, tender 7/1/98, LOC SLMA 3,000,000
3,000,000
California School Cash Reserves Prog. Auth. TRAN
Series 1997, 4.75%, 7/2/98
(AMBAC Insured) 4,300,000 4,306,204
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT ((NOTE 1)
CALIFORNIA - CONTINUED
California Gen. Oblig. Participating VRDN, Series FR-23,
4.30% (Liquidity Facility Bank of New York) (b) 2,300,000 2,300,000
California Gen. Oblig. RAN Series 1997,
4.50% 6/30/98 $ 7,800,000 $ 7,808,178
California Public Works Board Lease Rev. Bonds
(California Dept. of Corrections)
Series 1997 B, 4.50% 9/1/98 3,270,000 3,276,466
Central Valley School Fin. Auth. TRAN 1997 Pool,
4.50% 8/27/98 1,500,000 1,502,798
Los Angeles County Gen. Oblig. TRAN Series A,
4.50% 6/30/98 1,300,000 1,301,332
Los Angeles Gen. Oblig. TRAN 4.50% 6/30/98 2,500,000 2,502,452
Los Angeles Reg'l. Arpt. Impt. Corp. Lease Rev.
(Los Angeles Int'l. Arpt. Air France) 4.30%,
LOC Societe Generale France, VRDN 3,100,000 3,100,000
Los Angeles Unified School Dist. TRAN Series 1997-98,
4.50% 7/1/98 1,500,000 1,501,690
Riverside County Gen. Oblig. TRAN 4.50% 6/30/98 1,500,000 1,501,303
South Coast Local Ed. Agcy. TRAN 4.50% 6/30/98
(MBIA Insured) 3,000,000 3,003,058
35,103,481
COLORADO - 1.5%
Colorado Hsg. Fin. Auth. Multi-Family (St. Moritz Proj.)
4.20% (Fannie Mae Guaranteed) VRDN 5,000,000 5,000,000
Colorado Springs Util. Sys. Rev.
Participating VRDN, Series SGB-28, 4.25%
(Liquidity Facility Societe Generale) (b) 1,000,000 1,000,000
Colorado Gen. Fund TRAN Series A, 4% 6/26/98 1,000,000 1,000,176
Denver City & County Aviation Arpt. Sys. Rev.
Participating VRDN, Series 1997 Q, 4.25%
(Liquidity Facility Core States Bank) (b) 1,000,000 1,000,000
El Paso County School Dist. #20 Participating VRDN,
Series 1996 D, 4.60%, (Liquidity Facility
Norwest Bank NA, Minnesota) (b) 1,250,000 1,250,000
9,250,176
DELAWARE - 0.6%
Delaware Econ. Dev. Auth., VRDN:
(Peninsula United Methodist Homes Inc.)
Series 1992B, 4.20%, LOC PNC Bank 1,500,000 1,500,000
Series 1997B, 4.20%, LOC PNC Bank 1,000,000 1,000,000
Multi-Family Rev. (School House Trust Prog.)
4.30%, LOC Marine Midland Bank 950,000 950,000
3,450,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
DISTRICT OF COLUMBIA - 0.6%
District of Columbia (American Assoc. of
Med. Colleges) 4.47% (AMBAC Insured)
(Liquidity Facility Chase Manhattan Bank) VRDN $ 3,575,000 $ 3,575,000
FLORIDA - 7.4%
Florida Board of Ed. Participating VRDN, Series 96C0917,
4.20% (Liquidity Facility Citibank) (b) 1,900,000 1,900,000
Florida Capital Proj. Fin. Auth. (Capital Proj. Loan Prog.)
Series 1997-A, 4.10% (FSA Insured)
(BPA Credit Suisse First Boston) VRDN 8,500,000 8,500,000
Florida Local Gov't. Fin. Commission Series A,:
3.70% 7/14/98, LOC First Union Nat'l. Bank, CP 4,633,000 4,633,000
3.75% 7/14/98, LOC First Union Nat'l. Bank, CP 2,000,000 2,000,000
3.70%, 9/1/98, LOC First Union Nat'l. Bank, CP 5,400,000 5,400,000
3.65% 9/8/98, LOC First Union Nat'l. Bank, CP 4,500,000 4,500,000
Gulf Breeze (Florida Muni. Bond Fund) Series 1995 A, 4.15%,
LOC Barnett Bank, VRDN 3,300,000 3,300,000
Highlands County Health Facs. Auth. Rev. (Adventist
Health Sys./Sunbelt Proj.):
4.15% (Capital Markets Assurance Corp. Insured)
(BPA First Nat'l. Bank of Chicago) VRDN 4,000,000 4,000,000
4.15%, LOC SunTrust Bank Central Florida, NA, VRDN 2,500,000
2,500,000
Indian River County Hosp. Dist. Hosp. Rev. Bonds
(Indian River Memorial Hosp.) Series 1988, 3.80%
5/15/98, LOC Kredietbank NV, CP mode 2,200,000 2,200,000
Jacksonville Health Facs. Auth. Participating VRDN,
Series 1996 M, 4.20% (Liquidity Facility Caisse
des Depots et Cosignations) (b) 2,915,000 2,915,000
Jacksonville Hosp. Rev. (Univ. Med. Ctr.) Series 1988, 4.95%,
LOC Sumitomo Bank Ltd., VRDN 900,000 900,000
Lee County Hosp. Board Hosp. Rev. Bonds
(Lee Memorial Hosp. Proj.) Series 1997-B,
3.85% 5/8/98 (Liquidity Facility SunTrust Bank Central
Florida, NA) CP mode 1,100,000 1,100,000
Sunrise Util. Sys. Participating VRDN, Series SGB-16,
4.25% (Liquidity Facility Societe Generale, France) (b) 1,800,000
1,800,000
45,648,000
GEORGIA - 7.1%
Atlanta Gen. Oblig. Participating VRDN, Series SG-58,
4.15% (Liquidity Facility Societe Generale, France) (b) 2,785,000
2,785,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
GEORGIA - CONTINUED
Burke County Dev. Auth. Poll. Cont. Rev.
(Georgia Power Co.) 4.25%, VRDN $ 5,200,000 $ 5,200,000
Cherokee County Wtr. & Swr. Auth. Rev.
Participating VRDN, Series PA-166, 4.15%
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) 4,765,000
4,765,000
Columbia County Residential Care Facs. Rev.
(Augusta Residential Ctr./Brandon Wilde Lifecare Ctr.)
4.15%, LOC SunTrust Bank, Atlanta, VRDN 3,395,000 3,395,000
Dekalb County Dev. Auth. Rev. (BDS Oglethorpe Univ. Proj.)
4.15%, LOC SunTrust Bank, Atlanta, VRDN 2,805,000 2,805,000
Fulton County Multi-Family Hsg. Auth. Rev. Rfdg.
(Champions Green Apts. Proj.) Series 1994 B, 4.15%,
LOC Southtrust Bank, VRDN 5,670,000 5,670,000
Georgia Gen. Oblig. Participating VRDN, Series BTP-79,
4.225% (Liquidity Facility Bankers Trust Co., NY) (b) 1,000,000
1,000,000
Georgia Muni. Elec. Auth.:
Bonds (Gen. Resolution Projs.) Series 85-A,
3.50% 7/15/98, CP mode 1,000,000 1,000,000
Participating VRDN, Series SG-40, 4.15%
(Liquidity Facility Societe Generale, France) (b) 3,000,000
3,000,000
Macon-Bibb County Hosp. Auth. Rev.
(Medical Ctr. of Central Georgia) Series 1997A, 4.15%,
LOC Suntrust Bank, Atlanta, VRDN 2,000,000 2,000,000
Marietta Hsg. Auth. Multi-Family Hsg. Rev. Rfdg.
(Wood Pointe Apts.) Series 1993, 4.10%,
LOC First Union Nat'l. Bank of NC, VRDN 2,900,000 2,900,000
Richmond County Board of Ed. Participating VRDN,
Series 1997 C, 4.20% (Liquidity Facility Caisse des Depots
et Consignations) (b) 4,500,000 4,500,000
Savannah Econ. Dev. Auth. Rev. Rfdg. (La Quinta Motor Inns
Inc. Proj.) Series 1991, 4.15%, LOC Nations Bank, VRDN 1,600,000
1,600,000
Whitfield County Residential Care Facs. Auth. Rev.
(Royal Oaks Sr. Living Commty.) 4.10%,
LOC First Union Nat'l. Bank, VRDN 1,500,000 1,500,000
Worth County Ind. Dev. Auth. Rev. (Seabrook Enterprises Proj.)
Series 1996 A, 4.15%, LOC SunTrust Bank, Atlanta, VRDN 1,400,000
1,400,000
43,520,000
IDAHO - 0.2%
Caribou County Ind. Dev. Poll. Cont. Rev. Rfdg. (Monsanto Co.)
Series 1990, 4.20%, VRDN 1,500,000 1,500,000
ILLINOIS - 6.1%
Chicago School Reform Board of Trustees Participating VRDN (b):
Series 1996-BB, 4.25% (Liquidity Facility Bank of
America Nat'l. Trust & Savings) 3,400,000 3,400,000
Series 1997 E, 4.25% (Liquidity Facility Core States Bank) 500,000
500,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
ILLINOIS - CONTINUED
Chicago Tax Increment Allocation Rev. (Stockyards Southeast
Quad) Series 1996 B, 4.30%, LOC Northern Trust, VRDN $ 2,800,000 $
2,800,000
Chicago Wtr. Rev. Participating VRDN:
Series PT-129, 4.15% (Liquidity Facility Bayerische
Hypotheken-und Wechsel Bank) (b) 1,905,000 1,905,000
Series 1997 V, 4.25%
(Liquidity Facility CoreStates Bank) (b) 1,800,000 1,800,000
Decatur Wtr. Rev. Bonds Series 1985, 4.10% 5/8/98,
LOC Sumitomo Bank LTD Japan, CP mode 1,500,000 1,500,000
Illinois Dev. Fin. Auth. (Glenwood School for Boys)
Series 1998, 4.25%, LOC Harris Trust &
Savings Bank, Chicago, VRDN 1,100,000 1,100,000
Illinois Ed. Facs. Auth. Rev. Participating VRDN,
Series 1997 U, 4.25%
(Liquidity Facility Corestates Bank) (b). 2,000,000 2,000,000
Illinois Health Facs. Auth.:
(Little Co. of Mary Hosp. and Health Care Centers)
Series 1997 B, 4.20% (MBIA Insured)
(Liquidity Facility First Nat'l Bank of Chicago) VRDN 6,000,000
6,000,000
Rev. Rfdg. (Franciscan Eldercare Commty. Svc. Proj.)
Series 1996C, 4.20%, LOC LaSalle Bank, VRDN 1,200,000 1,200,000
Participating VRDN Series PT-113, 4.15% (Liquidity Facility
Rabobank Nederland, COOP Central) (b) 3,350,000 3,350,000
Jackson-Union County Reg. Dist. Port Facs. Rev. Rfdg.
(Enron Trans. Svc.) 4.15%, LOC First Union Nat'l.
Bank of NC, VRDN 1,600,000 1,600,000
Lombard Ind. Proj. Rev. Rfdg. (B&H Partnership Proj.) 4.45%,
LOC Comerica Bank-Illinois, VRDN 3,375,000 3,375,000
Illinois Regional Trans. Auth. Participating VRDN:
Series SG-82, 4.15%
(Liquidity Facility Societe Generale, France) (b) 1,000,000
1,000,000
Series SGB-10, 4.25%
(Liquidity Facility Societe Generale, France) (b) 1,645,000
1,645,000
Series SGB-19, 4.25%
(Liquidity Facility Societe Generale, France) (b) 1,000,000
1,000,000
Schaumberg Ind. Dev. Rev. Rfdg. (La Quinta Motor Inns Inc.
Proj.) Series 1991, 4.15%, LOC NationsBank, VRDN 1,685,000 1,685,000
Springfield Commty. Impt. (Kent Family, Inc. Proj.)
4.20%, LOC PNC Bank, VRDN 800,000 800,000
Winnebago County Rev. (Mill Proj.) Series 1996,
4.15%, LOC BankOne, Chicago, VRDN 875,000 875,000
37,535,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
INDIANA - 3.3%
Fort Wayne Poll. Cont. Rev. (General Motors Corp. Proj.)
4.25%, VRDN $ 6,700,000 $ 6,700,000
Indiana Trans. Fin. Auth. Participating VRDN, Series BTP-218,
4.20%, Liquidity Facility Bankers Trust (b) 1,000,000 1,000,000
Indianapolis Gas. Util. Sys. Ctfs. of Indebtedness
(Citizens Gas & Coke Util.):
3.60% 7/10/98 (Liquidity Facility NBD Bank) CP 3,000,000 3,000,000
3.60% 7/10/98 (Liquidity Facility NBD Bank) CP 1,000,000 1,000,000
Princeton Poll. Cont. Rev. Rfdg. (PSI Energy Inc.) Series 1997,
4.10%, LOC Morgan Guaranty Trust Co., VRDN 2,300,000 2,300,000
Richmond Econ. Dev. Rev. (Friends Fellowship Commty. Proj.)
Series 1997, 4.30%, LOC Bank One, Indiana, VRDN 6,150,000 6,150,000
20,150,000
KANSAS - 0.4%
La Cygne Envir. Impt. Rev. Rfdg. (Kansas City Pwr. & Lt.)
Series 1994, 4.25%, VRDN 2,500,000 2,500,000
KENTUCKY - 2.1%
Georgetown Ed. Inst. Rev. (Georgetown College Proj.)
Series 1992, 4.20%, LOC PNC Bank, VRDN 1,415,000 1,415,000
Kentucky Econ. Dev. Auth. (Health Alliance of Cincinnati)
Series 1997C, 4.125% (MBIA Insured)
(Liquidity Facility Credit Suisse First Boston) VRDN 1,100,000
1,100,000
Louisville & Jefferson County Participating VRDN,
Series PT-69, 4.15% (Liquidity Facility Merrill Lynch) (b) 3,180,000
3,180,000
Middletown (Christian Academy Proj.) Series 1997, 4.15%,
LOC BankOne, Kentucky, NA, VRDN 5,500,000 5,500,000
Trimble County Poll. Cont. Rev. Bonds
(Louisville Gas & Elec. Co.)
Series 1992A, 3.60% 7/10/98, CP mode 1,565,000 1,565,000
12,760,000
LOUISIANA - 0.9%
Calcasieu Ind. Dev. Board Poll. Cont. Rev. Rfdg.
(PPG Industries) Series 1992, 4.20%, VRDN 4,450,000 4,450,000
Jefferson Parish (West Jefferson Medical Ctr. Dist. #1)
Series 1986, 4.05%, LOC Rabobank Nederland, N.V.,
VRDN 20,000 20,000
West Baton Rouge Parish Ind. Dist. #3 Rev. Rfdg. Bonds
(Dow Chemical Co. Proj.) Series 1991,
3.75% 7/7/98, CP mode 1,000,000 1,000,000
5,470,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MARYLAND - 1.0%
Baltimore County Econ. Dev. Rev. Rfdg. (Blue Circle Inc. Proj.)
Series 1992, 4.20%, LOC Den Danske Bank, VRDN $ 400,000 $ 400,000
Baltimore Gen. Oblig. Participating VRDN,
Series SGA-20, 4.20%
(Liquidity Facility Societe Generale, France) (b) 1,500,000
1,500,000
Maryland Hsg. & Commty. Dev. Participating VRDN,
Series 1997-P, 4.20% (Liquidity Facility Caisse des
Depots et Consignation) (b) 1,800,000 1,800,000
Montgomery County Hsg. Commission
Rev. Participating VRDN, 4.15%
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) 2,410,000
2,410,000
6,110,000
MASSACHUSETTS - 0.3%
Massachusetts Tpk. Auth. Participating VRDN,
Series 1997 N, 4.28% (Liquidity Facility
Bank of America Nat'l. Trust & Savings) (b) 2,100,000 2,100,000
MICHIGAN - 1.5%
Michigan Hosp. Fin. Auth. Participating VRDN, Series 1997 X,
4.25% (Liquidity Facility CoreStates Bank) (b) 1,000,000 1,000,000
Michigan Gen. Oblig. RAN 4.50% 7/2/98 1,600,000 1,601,694
Michigan Strategic Fund Ind. Dev. Auth. Rev.:
(Dow Chemical Co. Proj.) Series 1994, 4.25%, VRDN 2,200,000
2,200,000
(Louisiana-Pacific Corp.) Series 1991, 4.15%,
LOC Wachovia Bank, VRDN 2,000,000 2,000,000
(Michigan Sugar Co. - Caro Proj.) Series 1991, 4.15%,
LOC SunTrust Bank of Atlanta, VRDN 1,500,000 1,500,000
(Michigan Sugar Co. - Croswell Proj.) Series 1995, 4.15%,
LOC SunTrust Bank of Atlanta, VRDN 1,000,000 1,000,000
9,301,694
MINNESOTA - 1.8%
Bloomington Port Auth. Spl. Tax Rev. Rfdg.
(Mall of America Proj.) 4.50% (FSA Insured)
(Liquidity Facility Credit Locale de France) VRDN 1,900,000
1,900,000
Cohasset (Minnesota Pwr. & Lt. Co.) Series 1997A, 4.25%,
LOC ABN-AMRO Bank, NV, VRDN 2,000,000 2,000,000
Minneapolis/St. Paul Hsg. and Redev. Auth. Participating
VRDN, Series 1996 E, 4.60% (Liquidity Facility
Norwest Bank NA, Minnesota) (b) 2,250,000 2,250,000
Minnesota Hsg. Fin. Agcy. Participating VRDN, Series PT-114,
4.15%, LOC Rabobank Nederland COOP Central (b) 1,900,000 1,900,000
Minnetonka Multi-Family Hsg. Rev. Rfdg.
(Cliffs at Ridgedale Proj.) Series 1995,
4.50% (Fannie Mae Guaranteed) VRDN 1,300,000 1,300,000
Red Wing Poll. Cont. Rev. (Northern States Pwr. Co.)
4.25%, VRDN 2,000,000 2,000,000
11,350,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
MISSISSIPPI - 1.3%
Mississippi Bus. Fin. Corp. Rev.
(Mississippi College Proj.) Series 1996, 4.10%,
LOC NationsBank, N.A., VRDN $ 8,000,000 $ 8,000,000
MISSOURI - 1.3%
Missouri Envir. Impt. & Energy Resources Auth. Poll. Cont.
Rev. Bonds (Union Elec. Co.) Series 1985A, 3.80%
7/16/98, LOC Union Bank of Switzerland, CP mode 2,000,000 2,000,000
Missouri Health & Ed. Facs. Auth. (Lutheran Sr. Svcs.)
4.20%, LOC Lasalle Nat'l. Bank, NA, VRDN 5,800,000 5,800,000
7,800,000
MONTANA - 0.6%
Montana Gen. Oblig. TRAN Series 1997, 4.50% 6/30/98 3,650,000
3,653,854
NEVADA - 2.9%
Clark County School Dist. Participating VRDN:
Series BTP-192, 4.25%
(Liquidity Facility Bankers Trust Co.) (b) 2,000,000 2,000,000
Series SGB-18, 4.25%
(Liquidity Facility Societe Generale) (b) 10,000,000 10,000,000
Las Vegas Valley Wtr. Dist. Gen. Oblig. Series A, 3.70%
9/10/98, LOC Union Bank of Switzerland, CP 2,400,000 2,400,000
Nevada Gen. Oblig. Cap. Impt. Bonds Participating VRDN,
Series BTP-236, 4.25%
(Liquidity Facility Bankers Trust Co.) (b) 500,000 500,000
Nevada Participating VRDN,
Series 1996 A, 4.25% (Liquidity Facility Citibank, NA) (b) 3,200,000
3,200,000
18,100,000
NEW JERSEY - 0.3%
New Jersey Gen. Oblig. Participating VRDN, Series 943005,
4.20% (Liquidity Facility Citibank, NA) (b) 2,000,000 2,000,000
NEW MEXICO - 1.6%
Bernalillo County Participating VRDN, Series SGB-22, 4.25%
(Liquidity Facility Societe Generale) (b) 1,600,000 1,600,000
Farmington Poll. Cont. Rev. Participating VRDN, Series PT-133,
4.15% (Liquidity Facility Credit Suisse First Boston (BK)) (b)
8,295,000 8,295,000
9,895,000
NEW YORK - 1.3%
New York City Gen. Oblig. RAN Series 1988 A,
4.50% 6/30/98 7,800,000 7,807,913
NORTH CAROLINA - 1.7%
North Carolina Ed. Facs. Fin. Agcy. (Brevard College Corp.)
Series 1997, 4.10%, LOC Wachovia Bank NA, VRDN 2,000,000 2,000,000
North Carolina Med. Care Commission Health Care Facs.
Bonds (St. Joseph of the Pines) 3.60%, tender 6/1/98,
LOC Wachovia Bank of NC, NA (b) 1,900,000 1,900,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
NORTH CAROLINA - CONTINUED
Raleigh-Durham Arpt. Auth. Spl. Facs. Rev. Rfdg.
(American Airlines, Inc.):
Series1995-A, 4.25%,
LOC Royal Bank of Canada, VRDN $ 2,800,000 $ 2,800,000
Series1995-B, 4.25%,
LOC Royal Bank of Canada, VRDN 2,300,000 2,300,000
Wake County Ind. Facs. & Poll. Cont. Fing. Auth. Rev.
(Carolina Pwr. & Lt. Co. Proj.) Series 1985 B, 4.75%,
LOC Sumitimo Bank Ltd., VRDN 1,700,000 1,700,000
10,700,000
NORTH DAKOTA - 1.3%
Grand Forks Health Care Facs. Rev.
(The United Hosp. Oblig. Group) Series 1996A,
4.20%, LOC LaSalle Nat'l. Bank, Chicago, VRDN 8,300,000 8,300,000
OHIO - 2.6%
American Muni. Pwr. Inc. Equip. Impt. BAN
(Cleveland Pub. Pwr. Sys. Proj.), 3.99% 9/3/98 5,730,000 5,730,000
Cleveland City School Dist. Rev. Participating VRDN,
Series BTP-246, 4.25%
(Liquidity Facility Bankers Trust Co.) (b) 600,000 600,000
Clinton County Arpt. Facs. Rev. (Wilmington Air Park Inc.)
Series 1991, 4.15%, LOC Union Bank of
Switzerland, VRDN 5,000,000 5,000,000
Lima Hosp. Rev. (Lima Memorial Hosp.) 4.20%,
LOC BankOne, NA, VRDN 2,530,000 2,530,000
Ohio Higher Ed. (Pooled Fing. Prog.) 4.25%,
LOC Fifth Third Bank, VRDN 1,300,000 1,300,000
Ohio Poll. Cont. Rev. (South Ohio Wtr. Proj./
British Petroleum Co., PLC) Series 1995, 4.25%, VRDN 1,000,000
1,000,000
16,160,000
OKLAHOMA - 0.1%
Tulsa Int'l. Arpt. Gen. Rev. Participating VRDN, Series 97B2,
4.20% (Liquidity Facility Bank of America
Nat'l. Trust & Savings Bank) (b) 500,000 500,000
OREGON - 0.5%
Oregon Veterans Welfare Hsg. Series 1973-E, 4.15%,
LOC Morgan Guaranty, VRDN 3,000,000 3,000,000
PENNSYLVANIA - 8.1%
Allegheny County Higher Ed. Bldg. Auth.
(Robert Morris College) 4.20%, LOC PNC Bank, VRDN 1,000,000
1,000,000
Allegheny County Hosp. Dev. Auth. Hosp. Rev.
(St. Margaret Mem. Hosp.) Series 1992 A,
4.10%, LOC Mellon Bank, VRDN 2,390,000 2,390,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PENNSYLVANIA -CONTINUED
Allegheny County Ind. Dev. Auth. Rev.
(United Jewish Federation) Series 1996 A,
4.20%, LOC PNC Bank, VRDN $ 2,415,000 $ 2,415,000
Berks County Ind. Dev. Auth. Rev.
(Construction Fasteners Proj.) Series 1996 A,
4.55%, LOC Corestates Bank, VRDN 560,000 560,000
Dallastown Area School Dist. York County Pennsylvania
Series 98, 4.17% 2/1/18 (FGIC Insured)
(BPA FGIC Security Purchase Inc.) VRDN 1,400,000 1,400,000
Dauphin County Gen. Auth. (All-Health Pooled Fin. Prog.):
Series 1997 A, 4.30% (FSA Insured)
(Liquidity Facility Credit Suisse First Boston) VRDN 5,000,000
5,000,000
Series 1997B, 4.30% (FSA Insured)
(BPA Credit Suisse First Boston) VRDN 5,000,000 5,000,000
Dauphin County School Dist. Rev. 4.25% (AMBAC Insured)
(BPA Bank of Nova Scotia, Commerzbank, AG) VRDN 7,600,000 7,600,000
Montgomery County Higher Ed. & Health Auth.
(Pottstown Healthcare Corp. Proj.) Series 1992, 4.55%,
LOC Corestates Bank, VRDN 1,900,000 1,900,000
North Lebanon Township Muni. Auth. Rev. (Grace
Commty. Inc. Proj.) Series 1992 B, 4.55%,
LOC Corestates Bank, VRDN 1,945,000 1,945,000
North Pennsylvania Wtr. Auth.
Participating VRDN, Series SGA-30, 4.20%
(Liquidity Facility Societe Generale, France) (b) 1,030,000
1,030,000
Northeastern Pennsylvania Hosp. Auth. Hosp. Central Services
Bonds Series B, 3.70% 9/8/98 (MBIA Insured)
(BPA PNC Bank, NA) CP mode 1,100,000 1,100,000
Pennsylvania Econ. Dev. Fin. Auth. Econ Dev. Rev.
(Lutheran Youth & Family Svcs.) Series 1993 A, 4.20%,
LOC PNC Bank, VRDN 600,000 600,000
Pennsylvania Hsg. Fin. Agcy. Single-Family Mtg. Rev.
Participating VRDN, Series PT 119-A, 4.15%
(Liquidity Facility Credit Suisse First Boston (BK)) (b) 4,470,000
4,470,000
Philadelphia Gen. Oblig. TRAN Series A 1997-98,
4.50% 6/30/98 3,200,000 3,202,528
Philadelphia Ind. Dev. Auth. Rev. Rfdg.
(Paper Corp. of America Proj.) 4.15%,
LOC SunTrust Bank, Atlanta, VRDN 3,565,000 3,565,000
Philadelphia School Dist. Participating VRDN,
Series 1997 W, 4.25%
(Liquidity Facility Corestates Bank, NA) (b) 1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
PENNSYLVANIA - CONTINUED
Pittsburgh Wtr. & Swr. Sys. Rev. Participating VRDN,
Series BTP-181, 4.25% (Liquidity Facility
Bankers Trust Co.) (b) $ 1,000,000 $ 1,000,000
York Gen. Auth. (Pooled Fing.Prog.) Series 1996, 4.15%,
LOC First Union Nat'l. Bank of NC, VRDN 4,855,000 4,855,000
50,032,528
SOUTH CAROLINA - 3.1%
South Carolina Econ. Dev. Auth. Healthcare Facs. Rev.
(Greenville Baptist Retirement Commty. Proj.) 4.15%,
LOC Wachovia Bank NA, VRDN 3,100,000 3,100,000
South Carolina Ed. Facs. Auth. (Non-Profit Institution of
Higher Learning - Claflin College) Series 1997, 4.25%,
LOC Nationsbank N.A., VRDN 5,780,000 5,780,000
South Carolina Hsg. Fin. & Dev. Auth. Multi-Family Hsg. Rev.
Rfdg. (Spartanburg-Oxford Proj.) Series 1990 D, 4.15%,
(Continental Casualty Co. Guaranteed) VRDN 9,415,000 9,415,000
South Carolina Pub. Svc. Auth. Participating VRDN,
Series 96C4001, 4.20%
(Liquidity Facility Citibank, NA) (b) 1,000,000 1,000,000
19,295,000
TENNESSEE - 2.7%
Memphis City Ctr. Rev. Fin. Corp.
(Arbors of Harbor Town Proj.) Series 1990, 4.45%
(Northwestern Mutual Guaranteed) VRDN 1,000,000 1,000,000
Memphis Gen. Impt. Participating VRDN, Series SGB-23,
4.25% (Liquidity Facility Societe Generale) (b) 1,200,000 1,200,000
Metropolitan Nashville and Davidson County Health & Ed.
Rev. Rfdg. (Mckendree Village Inc. Proj.) 4.15%,
LOC SunTrust Bank, Nashville, VRDN 7,330,000 7,330,000
Montgomery County Pub. Bldg. Auth. Rev.
(Pooled Fing. Proj.) VRDN:
4.10%, LOC NationsBank 1,000,000 1,000,000
4.10%, LOC NationsBank 1,000,000 1,000,000
Rutherford County Ind. Dev.
(Cumberland-Swan Inc. Proj.) Series 1987, 4.15%,
LOC Sun Trust Bank, Nashville, VRDN 1,075,000 1,075,000
Sevier County Pub. Bldg. Auth. Series 2 D-3, 4.10% (AMBAC
Insured) (Liquidity Facility Kredietbank, NV) VRDN 1,250,000
1,250,000
Shelby County Gen. Oblig. Participating VRDN, Series SG-21,
4.25% (Liquidity Facility Societe Generale) (b) 2,600,000 2,600,000
16,455,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TEXAS - 11.3%
Austin Higher Ed. Auth. (St. Edward's Univ.) Series 1995,
4.15%, LOC NationsBank, TX, VRDN $ 900,000 $ 900,000
Austin Hsg. Fin. Corp. Multi-Family Hsg.
(Riverchase Proj.) Series 1985 A, 4.60%,
LOC Household Finance Corp., VRDN 1,000,000 1,000,000
Austin Independent School Dist. Adj. Rate TRAN:
4.11% 8/31/98 (c) 630,000 630,000
4.11% 8/31/98 (c) 1,170,000 1,170,000
4.11% 8/31/98 (c) 450,000 450,000
Brazos River Harbor Navigation Dist. of Brazoria County Rev. Bonds
(Dow Chemical Co.) Series 1991, 3.75% 7/10/98, CP mode 2,000,000
2,000,000
Coastal Wtr. Auth. of Texas Participating VRDN, Series 1997 J,
4.20% (Liquidity Facility Caisse des Depots et Consignations) (b)
1,060,000 1,060,000
Colorado River Muni. Wtr. Dist. Rev. Participating VRDN,
Series PA-187, 4.15%(Liquidity Facility Merrill
Lynch & Co., Inc.) (b) 1,640,000 1,640,000
Dallas Area Rapid Transit Sales Tax Rev. Series A:
3.70% 9/15/98, CP 2,000,000 2,000,000
3.75% 9/16/98, CP 1,000,000 1,000,000
Denton Util. Sys. Rev. Rfdg. Participating VRDN,
Series SGA-32, 4.20% (Liquidity Facility Societe Generale) (b)
1,000,000 1,000,000
El Paso Ind. Dev. Auth. Rev. Rfdg. (La Quinta Motor Inns Inc.
Proj.) Series 1991,4.15%, LOC NationsBank, VRDN 1,150,000 1,150,000
Farmers Branch Ind. Dev. Corp. Rev. Rfdg. (PPG Ind. Inc. Proj.)
Series 1992, 4.20%, VRDN 1,300,000 1,300,000
Georgetown Health Facs. Dev. Corp.
(Georgetown Healthcare Sys. Proj.) Series 1997B, 4.20%,
LOC Texas Commerce Bank, NA, Houston, VRDN 2,000,000 2,000,000
Greater East Texas Higher Ed. Auth. Student Loan Rev. Rfdg.
Bonds Series 1992 A, 4.05%, tender 9/1/98,
LOC Sallie Mae (b) 1,000,000 1,000,000
Gulf Coast Waste Disp. Auth. Poll. Cont. Rev.
(Exxon Asset Funding Corp./Baytown Chemical Co.)
Series 1995, 4.20% (Exxon Corp. Guaranteed) VRDN 1,200,000 1,200,000
Harris County Dev. Corp. Rev. (Johann Haltermann Ltd.)
Series 1996 A, 4.20%, LOC Texas Commerce Bank,
NA-Houston, VRDN 1,500,000 1,500,000
Harris County Health Facs. Dev. Corp. Hosp. Rev.:
(Methodist Hosp.) Series 1994, 4.25% (BPA
Morgan Guaranty Trust Co. of New York) VRDN 5,200,000 5,200,000
(St. Lukes Hospital) Series A, 4.25%, VRDN 3,200,000 3,200,000
Matagorda County Navigation Dist. #1 Participating VRDN,
Series 1989 C, 4.20% (Liquidity Facility Caisse des
Depots et Consignations) (b) 760,000 760,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
TEXAS - CONTINUED
San Antonio Elec. & Gas Sys. Rev.
Participating VRDN (b):
Series SG-101, 4.15%
(Liquidity Facility Societe Generale, France) $ 4,900,000 $
4,900,000
Series 1997, 4.15%
(Liquidity Facility Societe Generale, France) 1,000,000 1,000,000
San Antonio Wtr. Rev. Participating VRDN, Series 96-4306,
4.25% (Liquidity Facility Citibank, NA) (b) 1,000,000 1,000,000
San Antonio Wtr. Sys. Series 1995, 3.60% 5/15/98
(Liquidity Facility Westdeutsche Landesbank) CP 1,100,000 1,100,000
Tarrant County Hsg. Fin. Corp. Multi-Family Hsg. Rev.
(Windcastle Proj.) 4.10%, LOC Swiss Bank Corp., VRDN 2,100,000
2,100,000
Texarkana Ind. Dev. Corp. Rev. Rfdg.
(La Quinta Motor Inns Inc. Proj.) Series 1991, 4.15%,
LOC NationsBank, VRDN 2,040,000 2,040,000
Texas Gen. Oblig. TRAN 4.75% 8/31/98 25,200,000 25,274,555
Texas Pub. Fin. Auth. Participating VRDN, Series 97C4301,
4.20% (Liquidity Facility Citibank) (b) 1,900,000 1,900,000
69,474,555
UTAH - 1.0%
Salt Lake Utah Poll. Cont. Rev. Rfdg.
(Service Station Holdings, Inc./British Petroleum Co.)
Series 1994, 4.25%, VRDN 3,100,000 3,100,000
Timpanogos Spl. Svc. Dist. Participating VRDN,
Series SG-83, 4.15%
(Liquidity Facility Societe Generale, France) (b) 1,000,000
1,000,000
Utah Gen. Oblig. Participating VRDN,
Series BTP-303, 4.25%
(Liquidity Facility Bankers Trust Co.) (b) 1,800,000 1,800,000
5,900,000
VIRGINIA - 7.0%
Alexandria Redev. & Hsg. Auth. Residential Care Facs.
1st Mortgage Rev. (Goodwyn House) Series 1996B,
4.25%, LOC First Union Nat'l Bank, NC, VRDN 1,700,000 1,700,000
Chesterfield County Ind. Dev. Auth. Pwr. Bonds
(Virginia Elec. Pwr. Co. Proj.):
Series 1987A:
3.65% 7/17/98 LOC Bank of Tokyo-Mitsubishi Ltd.
(Liquidity Facility Bank of New York, NA) CP mode 1,000,000
1,000,000
3.70% 9/11/98, LOC Bank of Tokyo-Mitsubisubishi, LTD
(Liquidity Facility Bank of New York, NA) CP mode 3,600,000
3,600,000
Series B:
3.60% 7/13/98, CP mode 2,335,000 2,335,000
3.60% 7/14/98, CP mode 1,000,000 1,000,000
3.80% 9/8/98, CP mode 1,000,000 1,000,000
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
VIRGINIA - CONTINUED
Fairfax County Public Impt. Participating VRDN,
Series PA-149, 4.15%
(Liquidity Facility Merrill Lynch & Co., Inc.) (b) $ 1,000,000 $
1,000,000
Louisa Ind. Dev. Auth. Poll. Cont. Rev.. Bonds
(Virginia Elec. & Pwr. Co. Proj.) Series 1985,
3.60% 7/13/98, CP mode 2,000,000 2,000,000
Lynchburg Ind. Dev. Auth. Hosp. Rev. (VHA Mid-Atlantic
States, Inc.) Series 1985 C, 4.15% (AMBAC Insured)
(BPA Mellon Bank) VRDN 1,000,000 1,000,000
Richmond Gen. Oblig., VRDN:
Series B, 4.10% (Liquidity Facility Nationsbank NA) 8,400,000
8,400,000
4.10%, LOC Nationsbank NA 5,430,000 5,430,000
Virginia Beach Ind. Dev Auth. Rev. Rfdg.
(La Quinta Inns Inc., Proj.) Series 1993, 4.15%,
LOC NationsBank, VRDN 2,175,000 2,175,000
Waynesboro Residential Care Rev.
(Sunnyside Presbyterian Home) Series 1997, 4.25%,
LOC First Union Nat'l Bank, NC, VRDN 12,500,000 12,500,000
43,140,000
WASHINGTON - 4.8%
Kent Gen. Oblig. Participating VRDN, Series SGA-27,
4.20% (Liquidity Facility Societe Generale, France) (b) 1,200,000
1,200,000
Washington Gen. Oblig. Participating VRDN (b):
Series 1993 C, 4.25% (Liquidity Facility Citibank, NA) 4,000,000
4,000,000
Series 984702, 4.20% (Liquidity Facility Citibank, NA) 1,600,000
1,600,000
Series SGA-35, 4.20%
(Liquidity Facility Societe Generale, France) 1,000,000 1,000,000
Series SGA-36, 4.20%
(Liquidity Facility Societe Generale, France) 2,260,000 2,260,000
Series SGB-9, 4.25%
(Liquidity Facility Societe Generale, France) 900,000 900,000
Series SGB-11, 4.25%
(Liquidity Facility Societe Generale, France) 1,000,000 1,000,000
Washington Pub. Pwr. Supply Sys. Participating VRDN (b):
Series 94 B, 4.25%
(Liquidity Facility Citibank) 10,600,000 10,600,000
Series BT-126, 4.30%, (BPA Bankers Trust Co.) 2,774,400 2,774,400
Series PT-180, 4.20% (Liquidity Facility Bayerische
Hypotheken-und Wechsel Bank) 4,100,000 4,100,000
29,434,400
MUNICIPAL SECURITIES (A) - CONTINUED
PRINCIPAL VALUE
AMOUNT (NOTE 1)
WISCONSIN - 0.8%
Milwaukee School Dist. Gen. Oblig. RAN 4.25% 8/27/98 $ 3,000,000 $
3,003,837
Wausau School Dist. Gen. Oblig. TRAN 4.25% 9/16/98 1,800,000
1,802,095
4,805,932
WYOMING - 0.2%
Wyoming Commty. Dev. Auth. Hsg. Rev. Participating VRDN,
Series PT-112, 4.15% (Liquidity Facility
Bayerische Hypotheken-und Wechsel Bank) (b) 460,000 460,000
Wyoming Gen. Oblig. TRAN 4.25% 6/26/98 1,000,000 1,000,623
1,460,623
MULTIPLE STATES - 0.5%
Stephens Equity Trust I Participating VRDN, Series 1996,
4.25%, LOC Bayerische Hypotheken-und Wechsel (b) 2,782,035 2,782,035
TOTAL INVESTMENTS - 100% $ 615,346,195
Total Cost For Income Tax Purposes $ 615,346,257
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.
(c) 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
SECURITY DATE COST
Austin Independent
School District
Adj. Rate TRAN:
4.11% 8/31/98 11/10/97 $ 630,000
4.11% 8/31/98 11/19/97 $ 1,170,000
4.11% 8/31/98 12/2/97 $ 450,000
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $2,250,000 or 0.4% of net assets.
INCOME TAX INFORMATION
At October 31, 1997, the fund had a capital loss carryforward of
approximately $124,000 of which $2,000, $2,000, $29,000, $15,000,
$1,000, $72,000, and $3,000 will expire on October 31, 1998, 1999,
2000, 2002, 2003, 2004, and 2005, respectively.
TAX-EXEMPT FUND
FINANCIAL STATEMENTS
</TABLE>
<TABLE>
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STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1998 (UNAUDITED)
ASSETS
INVESTMENT IN SECURITIES, AT VALUE - SEE $ 615,346,195
ACCOMPANYING SCHEDULE
CASH 264,910
RECEIVABLE FOR INVESTMENTS SOLD 11,962,913
RECEIVABLE FOR FUND SHARES SOLD 11,998,346
INTEREST RECEIVABLE 5,731,312
TOTAL ASSETS 645,303,676
LIABILITIES
PAYABLE FOR INVESTMENTS PURCHASED $ 8,400,472
PAYABLE FOR FUND SHARES REDEEMED 10,512,554
DISTRIBUTIONS PAYABLE 192,250
ACCRUED MANAGEMENT FEE 64,707
DISTRIBUTION FEES PAYABLE 171,724
OTHER PAYABLES AND ACCRUED EXPENSES 173,526
TOTAL LIABILITIES 19,515,233
NET ASSETS $ 625,788,443
NET ASSETS CONSIST OF:
PAID IN CAPITAL $ 625,911,935
ACCUMULATED NET REALIZED GAIN (LOSS) ON INVESTMENTS (123,492)
NET ASSETS $ 625,788,443
</TABLE>
DAILY MONEY CLASS: $1.00
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER
SHARE ($455,747,873 (DIVIDED BY) 455,837,583 SHARES)
CAPITAL RESERVES CLASS: $1.00
NET ASSET VALUE, OFFERING PRICE AND REDEMPTION PRICE PER
SHARE ($170,040,570 (DIVIDED BY) 170,074,049 SHARES)
<TABLE>
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STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30, 1998 (UNAUDITED)
INTEREST INCOME $ 12,354,880
EXPENSES
MANAGEMENT FEE $ 835,168
TRANSFER AGENT FEES 735,927
DISTRIBUTION FEES 1,057,076
ACCOUNTING FEES AND EXPENSES 64,249
NON-INTERESTED TRUSTEES' COMPENSATION 6,373
CUSTODIAN FEES AND EXPENSES 22,224
REGISTRATION FEES 189,769
AUDIT 19,311
LEGAL 4,475
TOTAL EXPENSES BEFORE REDUCTIONS 2,934,572
EXPENSE REDUCTIONS (542,748) 2,391,824
NET INTEREST INCOME 9,963,056
NET REALIZED GAIN (LOSS) ON INVESTMENTS 355
NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS $ 9,963,411
</TABLE>
<TABLE>
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STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED YEAR ENDED
APRIL 30, 1998 OCTOBER 31,
(UNAUDITED) 1997
INCREASE (DECREASE) IN NET ASSETS
OPERATIONS $ 9,963,056 $ 14,434,163
NET INTEREST INCOME
NET REALIZED GAIN (LOSS) 355 (661)
NET INCREASE (DECREASE) IN NET ASSETS RESULTING 9,963,411 14,433,502
FROM OPERATIONS
DISTRIBUTIONS TO SHAREHOLDERS FROM NET INTEREST INCOME (9,963,056) (14,434,163)
SHARE TRANSACTIONS - NET INCREASE (DECREASE) (19,446,028) 35,374,966
NET ASSET VALUE OF CAPITAL RESERVES CLASS SHARES ISSUED - 180,515,417
IN EXCHANGE FOR THE NET ASSETS OF CAPITAL RESERVES:
MUNICIPAL MONEY MARKET PORTFOLIO
TOTAL SHARE TRANSACTIONS (19,446,028) 145,140,451
TOTAL INCREASE (DECREASE) IN NET ASSETS (19,445,673) 145,139,790
NET ASSETS
BEGINNING OF PERIOD 645,234,116 500,094,326
END OF PERIOD $ 625,788,443 $ 645,234,116
</TABLE>
<TABLE>
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FINANCIAL HIGHLIGHTS - DAILY MONEY CLASS
SIX MONTHS YEARS ENDED OCTOBER 31,
ENDED
APRIL 30, 1998
(UNAUDITED) 1997 1996 1995 1994 1993
SELECTED PER-SHARE DATA
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
BEGINNING OF PERIOD
INCOME FROM INVESTMENT
OPERATIONS
NET INTEREST INCOME .015 .031 .030 .033 .022 .021
LESS DISTRIBUTIONS
FROM NET (.015) (.031) (.030) (.033) (.022) (.021)
INTEREST INCOME
NET ASSET VALUE, $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
END OF PERIOD
TOTAL RETURN B 1.52% 3.10% 3.02% 3.36% 2.21% 2.11%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF $ 455,748 $ 468,609 $ 500,094 $ 559,173 $ 454,259 $ 538,756
PERIOD (000 OMITTED)
RATIO OF EXPENSES TO .65% A, C .65% C .65% C .65% C .65% C .61%
AVERAGE NET ASSETS
RATIO OF NET INTEREST 3.05% A 3.06% 2.98% 3.31% 2.17% 2.09%
INCOME TO AVERAGE
NET ASSETS
</TABLE>
A ANNUALIZED
B THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
C FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
FINANCIAL HIGHLIGHTS - CAPITAL RESERVES CLASS
<TABLE>
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SIX MONTHS YEAR ENDED
ENDED OCTOBER 31,
APRIL 30, 1998
(UNAUDITED) 1997 E
SELECTED PER-SHARE DATA
NET ASSET VALUE, BEGINNING OF PERIOD $ 1.000 $ 1.000000
INCOME FROM INVESTMENT OPERATIONS
NET INTEREST INCOME .014 .000078
LESS DISTRIBUTIONS
FROM NET INTEREST INCOME (.014) (.000078)
NET ASSET VALUE, END OF PERIOD $ 1.000 $ 1.000000
TOTAL RETURN B, C 1.40% .01%
RATIOS AND SUPPLEMENTAL DATA
NET ASSETS, END OF PERIOD (000 OMITTED) $ 170,041 $ 176,625
RATIO OF EXPENSES TO AVERAGE NET ASSETS .90% A, D .90% A, D
RATIO OF NET INTEREST INCOME TO AVERAGE NET ASSETS 2.79% A 2.81% A
A ANNUALIZED
B TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED.
C THE TOTAL RETURNS WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT
BEEN REDUCED DURING THE PERIODS SHOWN (SEE NOTE 5 OF NOTES TO
FINANCIAL STATEMENTS).
D FMR AGREED TO REIMBURSE A PORTION OF THE CLASS' EXPENSES DURING THE
PERIOD. WITHOUT THIS REIMBURSEMENT, THE CLASS' EXPENSE RATIO WOULD
HAVE BEEN HIGHER (SEE NOTE 5 OF NOTES TO FINANCIAL STATEMENTS).
E OCTOBER 31, 1997 (COMMENCEMENT OF SALE OF CAPITAL RESERVES CLASS
SHARES).
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1998 (Unaudited)
1. SIGNIFICANT ACCOUNTING POLICIES.
Treasury Fund (Treasury), Prime Fund (Prime), and Tax-Exempt Fund
(Tax-Exempt) (collectively referred to as "the funds") are funds of
Newbury Street Trust (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.
Prime and Tax-Exempt each offer two classes of shares, Daily Money
Class and Capital Reserves Class whereas Treasury offers four classes
of shares, Daily Money Class, Capital Reserves Class, Advisor B Class,
and Advisor C Class, each of which has equal rights as to assets and
voting privileges. Each class of the funds has exclusive voting rights
with respect to its distribution plan. Interest income, realized and
unrealized capital gains and losses, the common expenses of the fund,
and certain fund-level expense reductions, if any, are allocated on a
pro rata basis to each class based on the relative net assets of each
class to the total net assets of the fund. Each class of shares
differs in its respective distribution, transfer agent, registration,
and certain other class-specific fees, expenses, and expense
reductions.
The financial statements have been prepared in conformity with
generally accepted accounting principles which require management to
make certain estimates and assumptions at the date of the financial
statements. The following summarizes the significant accounting
policies of the 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 its 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 discount, is accrued as earned. For the
Tax-Exempt 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
among the funds in the trust.
DISTRIBUTIONS TO SHAREHOLDERS. Distributions 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, Treasury and Prime, along with
other affiliated entities of Fidelity Management & Research Company
(FMR), may transfer uninvested cash balances into one or more joint
trading accounts. These balances are invested in one or more
repurchase agreements for U.S. Treasury or Federal Agency obligations.
REPURCHASE AGREEMENTS. The underlying U.S. Treasury 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.
RESTRICTED SECURITIES. Prime and Tax-Exempt 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 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. Information regarding restricted
securities is included under the caption "Other Information" at the
end of each applicable fund's schedule of investments.
3. JOINT TRADING ACCOUNT.
At the end of the period, Treasury had 20% or more of their 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 $45,012,906 at 5.52%,
$913,140,109 at 5.52%, $30,279,075 at 5.49%, $12,102,293 at 5.48%,
$69,968,070 at 5.49%, $15,145,600 at 5.46%, $20,554,061 at 5.51%,
$40,545,000 at 5.45%, $40,502,611 at 5.45%, and $45,572,250 at 5.45%.
The investments in repurchase agreements through the joint trading
account are summarized as follows:
SUMMARY OF JOINT TRADING
DATED APRIL 30, 1998, DUE MAY 1, 1998 AT 5.52%
Number of dealers or banks 9
Maximum amount with one dealer or bank 16.5%
Aggregate principal amount of agreements $802,827,000
Aggregate maturity amount of agreements $802,950,188
Aggregate market value of transferred assets $819,372,178
Coupon rates of transferred assets 0% to 12%
Maturity dates of transferred assets 5/7/98 to 11/15/27
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED APRIL 30, 1998, DUE MAY 1 1998 AT 5.52%
Number of dealers or banks 14
Maximum amount with one dealer or bank 19.2%
Aggregate principal amount of agreements $5,069,310,000
Aggregate maturity amount of agreements $5,070,087,938
Aggregate market value of transferred assets $5,174,819,233
Coupon rates of transferred assets 0% to 13.75%
Maturity dates of transferred assets 5/7/98 to 11/15/27
DATED MARCH 4, 1998, DUE MAY 4, 1998 AT 5.49%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $201,860,500
Aggregate market value of transferred assets $204,357,796
Coupon rates of transferred assets 0% to 11.75%
Maturity dates of transferred assets 8/20/98 to 2/15/25
DATED MARCH 9, 1998, DUE MAY 4, 1998 AT 5.48%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $70,000,000
Aggregate maturity amount of agreements $70,596,711
Aggregate market value of transferred assets $71,525,229
Coupon rates of transferred assets 0% to 11.75%
Maturity dates of transferred assets 8/20/98 to 2/15/25
DATED MARCH 10, 1998, DUE JUNE 10, 1998 AT 5.49%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $400,000,000
Aggregate maturity amount of agreements $405,612,000
Aggregate market value of transferred assets $411,332,439
Coupon rates of transferred assets 0% to 5.88%
Maturity dates of transferred assets 4/29/99 to 4/30/03
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED APRIL 27, 1998, DUE JUNE 30, 1998 AT 5.46%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $150,000,000
Aggregate maturity amount of agreements $151,456,000
Aggregate market value of transferred assets $153,268,347
Coupon rates of transferred assets 0% to 11.75%
Maturity dates of transferred assets 8/20/98 to 2/15/25
DATED JANUARY 6, 1998, DUE JULY 6, 1998 AT 5.51%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $250,000,000
Aggregate maturity amount of agreements $256,925,764
Aggregate market value of transferred assets $255,832,917
Coupon rates of transferred assets 0% to 14.25%
Maturity dates of transferred assets 6/30/98 to 8/15/25
DATED APRIL 7, 1998, DUE JULY 6, 1998 AT 5.45%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $202,725,000
Aggregate market value of transferred assets $204,357,796
Coupon rates of transferred assets 0% to 11.75%
Maturity dates of transferred assets 8/20/98 to 2/15/25
DATED APRIL 21, 1998, DUE JULY 13, 1998 AT 5.45%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $300,000,000
Aggregate maturity amount of agreements $303,769,583
Aggregate market value of transferred assets $307,792,528
Coupon rates of transferred assets 5.88% to 6.25%
Maturity dates of transferred assets 1/31/99 to 1/31/02
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED APRIL 22, 1998, DUE JULY 15, 1998 AT 5.45%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100%
Aggregate principal amount of agreements $200,000,000
Aggregate maturity amount of agreements $202,543,333
Aggregate market value of transferred assets $205,215,644
Coupon rates of transferred assets 5.88% to 6.25%
Maturity dates of transferred assets 3/31/99 to 2/15/00
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 .25% of the fund's average
net assets.
SUB-ADVISER FEE. As each fund's investment sub-adviser, Fidelity
Investments Money Management, Inc. (formerly 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. In accordance with Rule 12b-1 of the
1940 Act, the Trustees have adopted separate distribution plans with
respect to each fund's class of shares (collectively referred to as
"the Plans"). Under certain of the Plans, the class pays Fidelity
Distributors Corporation (FDC), an affiliate of FMR, a distribution
and service fee. For the period, this fee was based on the following
annual rates of the average net assets of each applicable class:
DAILY MONEY CLASS .25%
CAPITAL RESERVES CLASS .50%
ADVISOR B CLASS 1.00%*
ADVISOR C CLASS 1.00%*
* .75% REPRESENTS A DISTRIBUTION FEE AND .25% REPRESENTS A SHAREHOLDER
SERVICE FEE.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
DISTRIBUTION AND SERVICE PLAN - CONTINUED
For the period, each fund's class paid FDC the following amounts, a
portion of which was paid to securities dealers, banks and other
financial institutions for the distribution of each fund's class'
applicable shares, and providing shareholder support services:
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
PAID TO PAID TO RETAINED BY
FDC INVESTMENT FDC
PROFESSIONALS
TREASURY - DAILY MONEY CLASS $ 1,542,302 $ 1,476,915 $ 65,387
TREASURY - CAPITAL RESERVES CLASS 709,557 695,840 13,717
TREASURY - ADVISOR B CLASS 160,920 40,413 120,507
TREASURY - ADVISOR C CLASS 7,117 - 7,117
$ 2,419,896 $ 2,213,168 $ 206,728
PRIME - DAILY MONEY CLASS $ 3,508,435 $ 3,275,877 $ 232,558
PRIME - CAPITAL RESERVES CLASS 4,713,574 4,698,523 15,051
$ 8,222,009 $ 7,974,400 $ 247,609
TAX-EXEMPT - DAILY MONEY CLASS $ 613,260 $ 530,769 $ 82,491
TAX-EXEMPT - CAPITAL RESERVES CLASS 443,816 443,816 -
$ 1,057,076 $ 974,585 $ 82,491
</TABLE>
Under the Plans, FMR may use its resources to pay administrative and
promotional expenses related to the sale of each fund's class of
shares. Subject to the approval of the Board of Trustees, the Plans
authorize FMR to pay FDC for payments to third parties that assist in
the sale of each class' shares or render shareholder support services.
For the period, FMR made payments through FDC to third parties under
the Plans of:
TREASURY - DAILY MONEY CLASS $ 96,280
TREASURY - CAPITAL RESERVES CLASS -
TREASURY - ADVISOR B CLASS $ 259
TREASURY - ADVISOR C CLASS $ 1,148
PRIME - DAILY MONEY CLASS $ 21,338
PRIME - CAPITAL RESERVES CLASS -
TAX-EXEMPT - DAILY MONEY CLASS $ 13,726
TAX-EXEMPT - CAPITAL RESERVES CLASS -
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
SALES LOAD. FDC receives the proceeds of contingent deferred sales
charges levied on Treasury - Advisor B Class share redemptions
occurring within six years of purchase and Treasury - Advisor C Class
share redemptions occurring within one year of purchase. Contingent
deferred sales charges are based on declining rates ranging from 5% to
1% for Treasury - Advisor B Class and 1% for Advisor C Class, of the
lesser of the cost of shares at the initial date of purchase or the
net asset value of the redeemed shares, excluding any reinvested
dividends and capital gains. When Advisor B Class shares and Advisor C
Class shares are initially sold, FDC pays commissions from its own
resources to dealers through which the sales are made. For the period,
FDC received contingent deferred sales charges of $119,807 and $750
for Treasury - Advisor B Class and Treasury - Advisor C Class,
respectively.
TRANSFER AGENT FEES. Fidelity Investments Institutional Operations
Company, Inc. (FIIOC), an affiliate of FMR, is the transfer, dividend
disbursing and shareholder servicing agent for the funds except for
Tax-Exempt. UMB Bank n.a. (UMB) is the custodian and transfer and
shareholder servicing agent for Tax-Exempt. UMB has entered into a
sub-contract with FIIOC to perform the activities associated with
Tax-Exempt'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, the following amounts were paid to each transfer agent:
TRANSFER AMOUNT % OF
AGENT AVERAGE
NET ASSETS
TREASURY - DAILY MONEY CLASS FIIOC $ 1,422,353 .23 *
TREASURY - CAPITAL RESERVES CLASS FIIOC 3,019 .22 *
TREASURY - ADVISOR B CLASS FIIOC 37,835 .25 *
TREASURY - ADVISOR C CLASS FIIOC 312,094 .45 *
$ 1,775,301
PRIME - DAILY MONEY CLASS FIIOC $ 3,121,169 .22 *
PRIME - CAPITAL RESERVES CLASS FIIOC 2,137,774 .22 *
$ 5,258,943
TAX-EXEMPT - DAILY MONEY CLASS UMB $ 539,948 .22 *
TAX-EXEMPT - CAPITAL RESERVES CLASS UMB 195,979 .22 *
$ 735,927
* ANNUALIZED
ACCOUNTING FEES. Fidelity Service Company, Inc. (FSC), an affiliate of
FMR, maintains each fund's accounting records. The fee is based on the
level of average net assets for the month plus out-of-pocket expenses.
5. EXPENSE REDUCTIONS.
FMR voluntarily agreed to reimburse operating expenses (excluding
interest, taxes, brokerage commissions and extraordinary expenses)
above the following annual rates or range of annual rates of average
net assets for each class:
FMR EXPENSE REIMBURSEMENT
LIMITATIONS
TREASURY - DAILY MONEY CLASS 0.65% $ 708,084
TREASURY - CAPITAL RESERVES CLASS 0.90% 179,820
TREASURY - ADVISOR B CLASS 1.40% 34,226
TREASURY - ADVISOR C CLASS 1.40% 31,224
$ 953,354
PRIME - DAILY MONEY CLASS 0.65% $ 1,570,919
PRIME - CAPITAL RESERVES CLASS 0.90% 1,158,994
$ 2,729,913
TAX-EXEMPT - DAILY MONEY CLASS 0.65% $ 388,698
TAX-EXEMPT - CAPITAL RESERVES CLASS 0.90% 151,827
$ 540,525
In addition, each fund has entered into arrangements with its
custodian and each class' transfer agent whereby credits realized as a
result of uninvested cash balances were used to reduce a portion of
expenses. During the period, custodian fees were reduced by $2,223
for Tax-Exempt under the custodian arrangement and transfer agent fees
were reduced by $22,158 for Prime - Daily Money Class under the
transfer agent arrangement.
6. BENEFICIAL INTEREST.
At the end of the period, one shareholder was record owner of
approximately 17% of the total outstanding shares of Treasury.
7. DISTRIBUTIONS TO SHAREHOLDERS.
Distributions to shareholders of each class were as follows:
FROM NET INTEREST INCOME SIX MONTHS YEAR ENDED
ENDED OCTOBER 31,
APRIL 30, 1998 A 1997 B
TREASURY - DAILY MONEY CLASS $ 30,812,110 $ 70,366,580
TREASURY - CAPITAL RESERVES CLASS 6,737,418 35,929
TREASURY - ADVISOR B CLASS 687,167 976,874
TREASURY - ADVISOR C CLASS 33,196 -
TOTAL $ 38,269,891 $ 71,379,383
PRIME - DAILY MONEY CLASS $ 71,427,342 $ 125,179,829
PRIME - CAPITAL RESERVES CLASS 45,718,554 227,540
TOTAL $ 117,145,896 $ 125,407,369
TAX-EXEMPT - DAILY MONEY CLASS $ 7,487,171 $ 14,420,492
TAX-EXEMPT - CAPITAL RESERVES CLASS 2,475,885 13,671
TOTAL $ 9,963,056 $ 14,434,163
A DISTRIBUTIONS FOR TREASURY - ADVISOR C CLASS ARE FOR THE PERIOD
NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF SHARES) TO APRIL 30, 1998.
B DISTRIBUTIONS FOR CAPITAL RESERVES CLASS ARE FOR OCTOBER 31, 1997
(COMMENCEMENT OF SALE OF SHARES).
8. SHARE TRANSACTIONS.
Share transactions for each class of shares were as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, OCTOBER 31,
1998 A 1997 B
TREASURY - DAILY MONEY CLASS $ 3,269,624,709 $ 7,946,018,718
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 25,963,747 50,873,842
SHARES REDEEMED (3,304,489,403) (8,513,852,139)
NET INCREASE (DECREASE) $ (8,900,947) $ (516,959,579)
TREASURY - CAPITAL RESERVES CLASS $ 907,190,500 $ 14,297,304
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 6,150,161 33,861
SHARES REDEEMED (854,610,921) (16,453,498)
58,729,740 (2,122,333)
ISSUED IN EXCHANGE FOR THE NET ASSETS OF CAPITAL - 266,966,651
RESERVES: U.S. GOVERNMENT PORTFOLIO
NET INCREASE (DECREASE) $ 58,729,740 $ 264,844,318
TREASURY - ADVISOR B CLASS $ 38,351,828 $ 103,033,399
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 634,419 852,624
SHARES REDEEMED (56,438,850) (78,321,944)
NET INCREASE (DECREASE) $ (17,452,603) $ 25,564,079
TREASURY - ADVISOR C CLASS $ 13,023,363
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 29,516
SHARES REDEEMED (6,357,623)
NET INCREASE (DECREASE) $ 6,695,256
PRIME - DAILY MONEY CLASS $ 8,544,765,617 $ 14,359,821,343
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 66,439,424 116,267,349
SHARES REDEEMED (8,299,456,836) (14,453,129,872)
NET INCREASE (DECREASE) $ 311,748,205 $ 22,958,820
PRIME - CAPITAL RESERVES CLASS $ 36,616,725,321 $ 157,340,539
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 242,725,646 225,744
SHARES REDEEMED (36,561,118,968) (116,849,328)
298,331,999 40,716,955
ISSUED IN EXCHANGE FOR THE NET ASSETS OF CAPITAL - 1,723,735,801
RESERVES: MONEY MARKET PORTFOLIO
NET INCREASE (DECREASE) $ 298,331,999 $ 1,764,452,756
</TABLE>
A SHARE TRANSACTIONS FOR TREASURY - ADVISOR C CLASS ARE FOR THE PERIOD
NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF SHARES) TO APRIL 30, 1998.
B SHARE TRANSACTIONS FOR CAPITAL RESERVES CLASS ARE FOR OCTOBER 31,
1997 (COMMENCEMENT OF SALE OF SHARES).
8. SHARE TRANSACTIONS - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED YEAR ENDED
APRIL 30, OCTOBER 31,
1998 A 1997 B
TAX-EXEMPT - DAILY MONEY CLASS $ 1,100,344,463 $ 1,868,631,417
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 6,901,912 12,904,553
SHARES REDEEMED (1,120,107,593) (1,913,028,983)
NET INCREASE (DECREASE) $ (12,861,218) $ (31,493,013)
TAX-EXEMPT - CAPITAL RESERVES CLASS $ 402,568,748 $ 5,020,244
SHARES SOLD
REINVESTMENT OF DISTRIBUTIONS FROM NET INTEREST INCOME 1,967,341 425,720
SHARES REDEEMED (411,120,899) (9,327,917)
(6,584,810) (3,881,953)
ISSUED IN EXCHANGE FOR THE NET ASSETS OF CAPITAL - 180,540,812
RESERVES: MUNICIPAL MONEY MARKET PORTFOLIO
NET INCREASE (DECREASE) $ (6,584,810) $ 176,658,859
</TABLE>
A SHARE TRANSACTIONS FOR TREASURY - ADVISOR C CLASS ARE FOR THE
PERIOD NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF SHARES) TO APRIL 30,
1998.
B SHARE TRANSACTIONS FOR CAPITAL RESERVES CLASS ARE FOR OCTOBER 31,
1997 (COMMENCEMENT OF SALE OF SHARES).
9. REGISTRATION FEES.
For the period, each class paid the following amounts to register its
shares for sale:
REGISTRATION
FEES
TREASURY - DAILY MONEY CLASS $ 110,428
TREASURY - CAPITAL RESERVES CLASS 58,886
TREASURY - ADVISOR B CLASS 19,237
TREASURY - ADVISOR C CLASS 29,195
$ 217,746
PRIME - DAILY MONEY CLASS $ 368,030
PRIME - CAPITAL RESERVES CLASS 311,914
$ 679,944
TAX-EXEMPT - DAILY MONEY CLASS $ 138,800
TAX-EXEMPT - CAPITAL RESERVES CLASS 50,969
$ 189,769
INVESTMENT ADVISER
Fidelity Management & Research Company
Boston, MA
SUB-ADVISER
Fidelity Investments
Money Management, Inc.
Merrimack, NH
OFFICERS
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Boyce I. Greer, Vice President
Fred L. Henning, Jr., Vice President
Robert K. Duby, Vice President
Robert Litterst, Vice President
Scott A. Orr, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, 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
Ralph F. Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
E. Bradley Jones *
Donald J. Kirk *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
ADVISORY BOARD
J. Gary Burkhead
* INDEPENDENT TRUSTEES
GENERAL DISTRIBUTOR
Fidelity Distributions Corporation (FDC)
Boston, MA
TRANSFER AND SHAREHOLDER
SERVICING AGENTS
Fidelity Investments Institutional
Operations Company, Inc.
Boston, MA (Prime Fund &
Treasury Fund)
UMB Bank, n.a.
Kansas City, MO (Tax-Exempt Fund)
CUSTODIAN
The Bank of New York
New York, NY (Prime Fund &
Treasury Fund)
UMB Bank, n.a.
Kansas City, MO (Tax-Exempt Fund)
(registered trademark)
