FIDELITY CASH MANAGEMENT
FUNDS
TREASURY FUND
PRIME FUND
TAX-EXEMPT FUND
SEMIANNUAL REPORT
APRIL 30, 1999
(2_FIDELITY_LOGOS)(registered trademark)
CONTENTS
SCHEDULES OF INVESTMENTS &
FINANCIAL STATEMENTS
TREASURY FUND 3
PRIME FUND 13
TAX-EXEMPT FUND 29
NOTES TO THE FINANCIAL 50
STATEMENTS
Third party marks appearing herein are the property of their
respective owners.
All other marks appearing herein are registered or unregistered
trademarks or service marks of FMR Corp. or an affiliated company.
This report is printed on recycled paper using soy-based inks.
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 FUNDS. THIS REPORT IS NOT AUTHORIZED FOR
DISTRIBUTION TO PROSPECTIVE INVESTORS
IN THE FUNDS UNLESS PRECEDED OR ACCOMPANIED BY AN EFFECTIVE
PROSPECTUS.
MUTUAL FUND SHARES ARE NOT DEPOSITS OR OBLIGATIONS OF, OR GUARANTEED
BY,
ANY DEPOSITORY INSTITUTION. SHARES ARE NOT INSURED BY THE FDIC,
FEDERAL RESERVE BOARD OR ANY OTHER AGENCY, AND ARE SUBJECT TO
INVESTMENT RISKS, INCLUDING POSSIBLE LOSS OF PRINCIPAL AMOUNT
INVESTED.
NEITHER THE FUNDS NOR 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, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
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U.S. TREASURY OBLIGATIONS -
23.9%
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
U.S. TREASURY BILLS - 0.4%
11/12/99 4.71% $ 10,000,000 $ 9,755,438
U.S. TREASURY NOTES - 15.6%
6/30/99 5.42 20,000,000 20,015,689
7/31/99 4.63 20,000,000 20,057,040
7/31/99 4.65 10,000,000 10,052,075
7/31/99 4.71 10,000,000 10,050,717
8/15/99 4.70 25,000,000 25,230,767
8/15/99 4.75 20,000,000 20,067,708
8/31/99 4.71 14,000,000 14,093,176
9/30/99 4.63 13,000,000 13,127,656
1/31/00 4.57 20,000,000 20,106,241
1/31/00 4.62 25,000,000 25,551,947
1/31/00 4.63 30,000,000 30,643,756
1/31/00 4.64 10,000,000 10,213,293
1/31/00 4.66 10,000,000 10,217,271
1/31/00 4.69 50,000,000 50,213,544
1/31/00 4.72 15,000,000 15,315,104
2/15/00 4.73 10,000,000 10,081,538
2/15/00 4.75 18,000,000 18,144,199
2/15/00 4.78 10,000,000 10,077,841
2/15/00 4.83 20,000,000 20,146,787
2/29/00 4.78 20,000,000 20,098,931
373,505,280
U.S. TREASURY NOTES -
PRINCIPAL ONLY STRIPS - 7.9%
5/15/99 5.49 10,000,000 9,988,886
5/15/99 5.50 42,000,000 41,955,203
5/15/99 5.51 50,000,000 49,943,539
5/15/99 5.58 10,000,000 9,978,932
8/15/99 4.67 10,000,000 9,866,787
8/15/99 5.00 5,000,000 4,929,408
10/31/99 4.64 17,600,000 17,192,763
11/15/99 4.11 10,000,000 9,782,601
11/15/99 4.56 5,000,000 4,879,864
11/15/99 4.64 10,000,000 9,755,877
11/15/99 4.78 10,000,000 9,748,687
2/15/00 4.81 10,000,000 9,629,700
187,652,247
TOTAL U.S. TREASURY 570,912,965
OBLIGATIONS
REPURCHASE AGREEMENTS - 76.1%
MATURITY AMOUNT VALUE (NOTE 1)
In a joint trading account
(Notes 2 and 3) (U.S.
Treasury Obligations) dated:
1/15/99 due 6/14/99 At 4.7% $ 30,587,500 $ 30,000,000
3/15/99 due 6/14/99 At 4.72% 50,596,556 50,000,000
3/30/99 due 6/30/99 At 4.75% 106,274,583 105,000,000
4/30/99 due 5/3/99 At:
4.88% 33,367,572 33,354,000
4.89% 1,598,651,468 1,598,000,000
TOTAL REPURCHASE AGREEMENTS 1,816,354,000
TOTAL INVESTMENT IN $ 2,387,266,965
SECURITIES - 100%
Total Cost for Income Tax Purposes $ 2,387,266,965
</TABLE>
INCOME TAX INFORMATION
At October 31, 1998, the fund had a capital loss carryforward of
approximately $391,000 all of which will expire on October 31, 2001.
TREASURY FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 2,387,266,965
value (including repurchase
agreements of
$1,816,354,000) - See
accompanying schedule
Receivable for fund shares 18,891,997
sold
Interest receivable 6,885,164
TOTAL ASSETS 2,413,044,126
LIABILITIES
Payable to custodian bank $ 624
Payable for investments 9,629,700
purchased
Payable for fund shares 25,087,425
redeemed
Distributions payable 2,676,312
Accrued management fee 242,356
Distribution fees payable 734,144
Other payables and accrued 507,685
expenses
TOTAL LIABILITIES 38,878,246
NET ASSETS $ 2,374,165,880
Net Assets consist of:
Paid in capital $ 2,374,556,269
Accumulated net realized gain (390,389)
(loss) on investments
NET ASSETS $ 2,374,165,880
STATEMENT OF ASSETS AND LIABILITIES - CONTINUED
APRIL 30, 1999 (UNAUDITED)
CALCULATION OF MAXIMUM
OFFERING PRICE
DAILY MONEY CLASS: NET ASSET $1.00
VALUE, offering price and
redemption price per share
($1,321,787,911 (divided by)
1,321,976,396 shares)
CAPITAL RESERVES CLASS: NET $1.00
ASSET VALUE, offering price
and redemption price per
share ($949,436,713 (divided
by) 949,572,102 shares)
ADVISOR B CLASS: NET ASSET $1.00
VALUE and offering price per
share ($75,412,147
(divided by) 75,422,901
shares) A
ADVISOR C CLASS: NET ASSET $1.00
VALUE and offering price per
share ($27,529,109
(divided by) 27,533,034
shares) A
A REDEMPTION PRICE PER SHARE IS EQUAL TO NET ASSET VALUE LESS ANY
APPLICABLE CONTINGENT DETERRED SALES CHARGE.
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30,
1999 (UNAUDITED)
INTEREST INCOME $ 48,969,079
EXPENSES
Management fee $ 2,496,735
Transfer agent fees 2,371,341
Distribution fees 3,592,307
Accounting fees and expenses 97,678
Non-interested trustees' 3,226
compensation
Custodian fees and expenses 15,242
Registration fees 207,146
Audit 17,726
Legal 1,171
Miscellaneous 12,773
Total expenses before 8,815,345
reductions
Expense reductions (1,229,963) 7,585,382
NET INTEREST INCOME 41,383,697
NET REALIZED GAIN (LOSS) ON 848
INVESTMENTS
NET INCREASE IN NET ASSETS $ 41,384,545
RESULTING FROM OPERATIONS
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STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1998
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 41,383,697 $ 77,778,958
Net realized gain (loss) 848 48,136
NET INCREASE (DECREASE) IN 41,384,545 77,827,094
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (41,383,697) (77,778,958)
from net interest income
Share transactions - net 541,167,864 238,198,887
increase (decrease)
TOTAL INCREASE (DECREASE) 541,168,712 238,247,023
IN NET ASSETS
NET ASSETS
Beginning of period 1,832,997,168 1,594,750,145
End of period $ 2,374,165,880 $ 1,832,997,168
</TABLE>
<TABLE>
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FINANCIAL HIGHLIGHTS - DAILY MONEY CLASS
SIX MONTHS
ENDED APRIL 30, 1999 YEARS ENDED
OCTOBER 31, THREE MONTHS
ENDED OCTOBER 31,
(UNAUDITED) 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment
Operations
Net interest income .021 .049 .049 .012
Less Distributions
From net interest income (.021) (.049) (.049) (.012)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 2.12% 5.04% 4.97% 1.19%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,322 $ 1,261 $ 1,284 $ 1,801
(in millions)
Ratio of expenses to average .65% A, D .65% D .65% D .65% A, D
net assets
Ratio of net interest income 4.25% A 4.93% 4.88% 4.66% A
to average net assets
</TABLE>
<TABLE>
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FINANCIAL HIGHLIGHTS - DAILY MONEY CLASS
YEARS ENDED JULY 31,
1996 1995 1994
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000
period
Income from Investment
Operations
Net interest income .049 .049 .029
Less Distributions
From net interest income (.049) (.049) (.029)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 5.06% 5.02% 2.89%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 1,801 $ 1,828 $ 2,025
(in millions)
Ratio of expenses to average .65% D .66% D .60%
net assets
Ratio of net interest income 4.94% 4.89% 2.81%
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.
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.
TREASURY FUND
FINANCIAL STATEMENTS - CONTINUED
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FINANCIAL HIGHLIGHTS - CAPITAL RESERVES CLASS
SIX MONTHS ENDED APRIL 30, 1999 YEARS ENDED OCTOBER 31,
(UNAUDITED) 1998 1997 E
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000000
period
Income from Investment
Operations
Net interest income .020 .047 .000134
Less Distributions
From net interest income (.020) (.047) (.000134)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000000
TOTAL RETURN B, C 2.00% 4.78% .01%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in $ 949 $ 480 $ 265
millions)
Ratio of expenses to average .90% A, D .90% D .90% A, D
net assets
Ratio of net interest income 4.01% A 4.67% 4.93% A
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.
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.
E FOR OCTOBER 31, 1997 (COMMENCEMENT OF SALE OF CAPITAL RESERVES CLASS
SHARES).
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FINANCIAL HIGHLIGHTS - ADVISOR B CLASS:
SIX MONTHS ENDED APRIL 30, 1999 YEARS ENDED OCTOBER 31,
(UNAUDITED) 1998 1997
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000
period
Income from Investment
Operations
Net interest income .017 .042 .041
Less Distributions
From net interest income (.017) (.042) (.041)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 1.75% 4.26% 4.20%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 75 $ 76 $ 46
(in millions)
Ratio of expenses to average 1.40% A, D 1.40% D 1.39% D
net assets
Ratio of net interest income 3.50% A 4.16% 4.24%
to average net assets
</TABLE>
<TABLE>
<CAPTION>
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FINANCIAL HIGHLIGHTS - ADVISOR B CLASS:
THREE MONTHS ENDED OCTOBER 31, YEARS ENDED JULY 31,
1996 1996 1995 1994 E
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment
Operations
Net interest income .010 .043 .042 .002
Less Distributions
From net interest income (.010) (.043) (.042) (.002)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 1.01% 4.33% 4.28% .25%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 20 $ 40 $ 3 $ 1
(in millions)
Ratio of expenses to average 1.35% A, D 1.35% D 1.35% D 1.35% A, D
net assets
Ratio of net interest income 3.96% A 4.13% 4.22% 3.03% A
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.
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.
E JULY 1, 1994 (COMMENCEMENT OF SALE OF ADVISOR B CLASS SHARES) TO
JULY 31, 1994.
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FINANCIAL HIGHLIGHTS - ADVISOR C CLASS
SIX MONTHS ENDED APRIL 30, 1999 YEAR ENDED OCTOBER 31,
(UNAUDITED) 1998 E
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000
period
Income from Investment
Operations
Net interest income .017 .041
Less Distributions
From net interest income (.017) (.041)
Net asset value, end of period $ 1.000 $ 1.000
TOTAL RETURN B, C 1.75% 4.22%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in $ 28 $ 16
millions)
Ratio of expenses to average 1.40% A, D 1.40% A, D
net assets
Ratio of net interest income 3.49% A 4.24% A
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.
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.
E NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF ADVISOR C CLASS SHARES) TO
OCTOBER 31, 1998.
PRIME FUND
INVESTMENTS APRIL 30, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
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CERTIFICATES OF DEPOSIT - 29.8%
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
DOMESTIC CERTIFICATES OF
DEPOSIT - 2.8%
Chase Manhattan Bank
5/10/99 5.01% $ 10,000,000 $ 10,001,329
Chase Manhattan Bank (USA)
8/11/99 4.90 60,000,000 60,000,000
Fleet National Bank
5/3/99 4.97 (b) 22,000,000 21,988,782
US Bank NA Minnesota
8/10/99 4.92 100,000,000 100,000,000
191,990,111
LONDON BRANCH, EURODOLLAR,
DOMESTIC BANKS - 0.7%
Morgan Guaranty Trust Co., NY
7/14/99 4.87 50,000,000 50,001,523
LONDON BRANCH, EURODOLLAR,
FOREIGN BANKS - 13.2%
Abbey National Treasury
Services PLC
6/17/99 4.90 80,000,000 80,000,000
7/6/99 4.90 30,000,000 30,000,000
8/9/99 4.90 25,000,000 25,000,678
ABN-AMRO Bank NV
10/12/99 4.92 40,000,000 40,000,000
Bank of Scotland Treasury
Services
6/10/99 4.90 30,000,000 30,000,131
6/14/99 4.90 15,000,000 15,000,000
Banque Nationale de Paris
5/4/99 5.05 5,000,000 4,999,984
Barclays Bank PLC
9/7/99 4.92 9,000,000 9,002,816
9/7/99 5.03 75,000,000 75,000,000
Bayerische Hypo-und
Vereinsbank AG
5/12/99 4.89 32,000,000 32,000,024
Bayerische Landesbank
Girozentrale
7/7/99 4.87 50,000,000 49,999,261
Credit Agricole Indosuez
8/5/99 4.90 25,000,000 25,000,000
8/16/99 4.92 13,000,000 13,000,000
Deutsche Bank AG
8/2/99 4.90 38,000,000 37,997,892
Dresdner Bank AG
5/12/99 4.90 50,000,000 49,999,789
CERTIFICATES OF DEPOSIT -
CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
LONDON BRANCH, EURODOLLAR,
FOREIGN BANKS - CONTINUED
Dresdner Bank AG - continued
8/12/99 4.95% $ 50,000,000 $ 49,995,147
Halifax PLC
5/17/99 4.84 100,000,000 100,000,000
8/12/99 4.92 20,000,000 20,000,000
8/19/99 4.95 10,000,000 10,000,000
Lloyds Bank PLC
6/30/99 4.84 50,000,000 50,000,000
8/10/99 4.93 15,000,000 15,000,000
Svenska Handelsbanken
5/4/99 4.87 25,000,000 25,000,010
Toronto Dominion Bank
6/29/99 4.90 50,000,000 49,999,137
Westdeutsche Landesbank
Girozentrale
5/17/99 4.90 50,000,000 50,000,000
886,994,869
NEW YORK BRANCH, YANKEE
DOLLAR, FOREIGN BANKS - 13.1%
Bank of Montreal, Canada
7/20/99 4.87 25,000,000 25,000,000
8/9/99 4.90 30,000,000 30,000,000
Bank of Nova Scotia
5/28/99 5.75 30,000,000 29,999,584
Bank of Scotland Treasury
Services
5/3/99 4.86 (b) 30,000,000 29,987,459
Barclays Bank PLC
5/3/99 4.88 (b) 65,000,000 64,963,555
Bayerische Hypo-und
Vereinsbank AG
6/7/99 4.90 40,000,000 40,000,000
Commerzbank AG
5/4/99 5.01 40,000,000 40,000,000
Credit Communale de Belgique
6/7/99 4.87 10,000,000 10,000,000
8/11/99 4.92 25,000,000 25,000,000
Deutsche Bank AG
5/4/99 4.88 40,000,000 40,000,000
8/10/99 4.93 55,000,000 55,000,000
8/11/99 4.92 50,000,000 50,000,000
2/16/00 5.12 15,000,000 14,994,237
CERTIFICATES OF DEPOSIT -
CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
NEW YORK BRANCH, YANKEE
DOLLAR, FOREIGN BANKS -
CONTINUED
Lloyds Bank PLC
5/17/99 4.88% $ 125,000,000 $ 124,999,999
National Westminster Bank PLC
3/15/00 5.15 30,000,000 29,989,933
RaboBank Nederland Coop.
Central
6/1/99 5.75 10,000,000 9,999,430
9/2/99 5.00 25,000,000 25,000,000
Royal Bank of Scotland PLC
6/15/99 4.90 45,000,000 45,000,000
Societe Generale, France
7/12/99 4.90 16,000,000 16,000,000
8/5/99 4.90 55,000,000 55,000,000
Swiss Bank Corp.
5/4/99 4.92 40,000,000 40,002,170
5/7/99 5.50 12,000,000 12,000,284
6/3/99 5.75 30,000,000 29,998,181
Westdeutsche Landesbank
Girozentrale
6/7/99 4.89 40,000,000 40,000,000
882,934,832
TOTAL CERTIFICATES OF DEPOSIT 2,011,921,335
COMMERCIAL PAPER - 54.1%
Aspen Funding Corp.
5/11/99 4.91 25,000,000 24,966,319
5/12/99 4.90 25,000,000 24,962,875
Asset Securitization Coop.
Corp.
5/18/99 4.89 40,000,000 39,908,389
5/25/99 4.89 45,000,000 44,854,500
6/7/99 4.91 14,000,000 13,930,214
6/22/99 4.90 20,000,000 19,860,178
6/23/99 4.92 30,000,000 29,785,792
Associates First Capital Corp.
5/26/99 4.90 15,000,000 14,949,688
6/7/99 4.91 10,000,000 9,950,153
Bear Stearns Companies, Inc.
7/8/99 4.94 74,000,000 73,317,884
COMMERCIAL PAPER - CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
Bradford & Bingley Building
Society
5/24/99 4.89% $ 14,000,000 $ 13,956,619
Centric Capital Corp.
5/10/99 4.92 15,500,000 15,481,090
6/17/99 4.86 20,000,000 19,874,144
7/23/99 4.87 8,307,000 8,214,878
CIESCO L.P.
5/3/99 4.91 33,000,000 32,991,072
5/7/99 4.91 10,000,000 9,991,883
5/25/99 4.86 25,000,000 24,919,500
5/26/99 4.89 25,000,000 24,915,972
6/10/99 4.87 50,000,000 49,731,667
CIT Group, Inc.
6/21/99 4.89 13,000,000 12,911,048
Citibank Credit Card Master
Trust I (Dakota Certificate
Program)
6/8/99 4.97 8,000,000 7,958,622
7/14/99 4.87 8,000,000 7,920,738
7/20/99 4.88 20,000,000 19,785,778
7/22/99 4.90 10,000,000 9,889,528
7/23/99 4.88 16,000,000 15,822,196
Cregem North America, Inc.
7/20/99 4.88 50,000,000 49,464,444
11/4/99 4.97 25,000,000 24,376,910
CXC, Inc.
5/21/99 4.88 17,000,000 16,954,194
6/21/99 4.85 20,000,000 19,863,717
6/23/99 4.84 14,000,000 13,901,067
6/23/99 4.88 10,000,000 9,928,892
7/6/99 4.85 5,000,000 4,955,908
Daimler-Chrysler North
America Corp.
5/13/99 4.91 50,000,000 49,919,167
6/22/99 4.90 50,000,000 49,650,444
7/12/99 4.90 11,000,000 10,893,520
7/19/99 4.89 10,000,000 9,894,008
7/27/99 4.88 20,000,000 19,767,033
7/28/99 4.90 5,000,000 4,940,967
7/29/99 4.89 12,000,000 11,856,710
Delaware Funding Corp.
5/5/99 4.90 66,498,000 66,462,091
5/25/99 4.89 15,000,000 14,951,500
COMMERCIAL PAPER - CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
Delaware Funding Corp. -
continued
6/14/99 4.89% $ 16,271,000 $ 16,174,748
6/17/99 4.84 10,000,000 9,937,333
6/18/99 4.85 21,000,000 20,865,320
6/21/99 4.86 25,000,000 24,829,292
7/26/99 4.87 7,000,000 6,919,566
Deutsche Bank Financial, Inc.
5/10/99 4.90 50,000,000 49,939,500
6/15/99 4.90 32,000,000 31,806,400
Dresdner US Finance, Inc.
6/18/99 4.86 15,000,000 14,903,600
Enterprise Funding Corp.
5/3/99 4.90 12,807,000 12,803,542
5/4/99 4.87 10,000,000 9,995,992
5/4/99 4.93 10,000,000 9,995,925
5/5/99 4.90 30,000,000 29,983,767
5/11/99 4.91 8,500,000 8,488,501
5/14/99 4.91 33,293,000 33,234,511
5/20/99 4.91 10,000,000 9,974,297
5/28/99 4.90 21,200,000 21,122,885
6/11/99 4.92 10,000,000 9,944,650
6/15/99 4.92 7,818,000 7,770,506
6/17/99 4.86 10,000,000 9,937,072
6/17/99 4.91 20,000,000 19,873,361
Falcon Asset Securitization
5/3/99 4.89 5,735,000 5,733,452
5/4/99 4.89 20,000,000 19,991,900
5/6/99 4.89 29,765,000 29,744,909
6/21/99 4.85 14,000,000 13,904,602
6/21/99 4.86 20,000,000 19,863,433
7/19/99 4.87 20,000,000 19,788,894
Fleet Funding Corp.
5/5/99 4.90 43,921,000 43,897,283
5/13/99 4.89 38,391,000 38,328,935
Ford Motor Credit Co.
5/18/99 4.87 25,000,000 24,942,979
5/19/99 4.87 75,000,000 74,818,875
7/19/99 4.89 50,000,000 49,471,139
General Electric Capital Corp.
5/18/99 4.89 50,000,000 49,885,486
COMMERCIAL PAPER - CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
General Electric Capital
Corp. - continued
5/25/99 4.91% $ 25,000,000 $ 24,919,333
6/11/99 4.90 30,000,000 29,834,633
6/14/99 4.96 70,000,000 69,581,633
7/21/99 4.87 30,000,000 29,675,325
7/26/99 4.93 15,000,000 14,827,283
8/30/99 5.00 25,000,000 24,589,944
10/18/99 4.93 25,000,000 24,432,153
General Electric Capital
Services, Inc.
6/7/99 4.90 25,000,000 24,876,153
6/16/99 4.93 50,000,000 49,689,500
General Electric Co.
6/21/99 4.88 80,000,000 79,452,600
General Motors Acceptance Corp.
5/19/99 4.88 40,000,000 39,903,200
5/20/99 4.90 30,000,000 29,923,367
6/16/99 4.94 65,000,000 64,595,519
Goldman Sachs Group L.P.
5/25/99 4.90 35,000,000 34,886,833
Kitty Hawk Funding Corp.
5/3/99 4.89 6,994,000 6,992,112
5/21/99 4.90 11,000,000 10,970,239
7/14/99 4.88 6,217,000 6,155,403
7/15/99 4.88 20,000,000 19,799,167
7/16/99 4.88 21,795,000 21,573,224
Lloyds Bank PLC
7/19/99 4.86 100,000,000 98,946,667
Marsh & McLennan Companies,
Inc.
5/19/99 4.88 65,000,000 64,842,700
Morgan Stanley, Dean Witter &
Co.
5/17/99 4.90 44,000,000 43,904,960
Nationwide Building Society
7/20/99 4.88 10,000,000 9,892,889
New Center Asset Trust
5/24/99 4.91 34,000,000 33,894,864
7/21/99 4.87 42,000,000 41,545,455
7/28/99 4.88 14,000,000 13,835,049
Newport Funding Corp.
5/4/99 4.90 20,000,000 19,991,933
5/5/99 4.91 45,000,000 44,975,750
COMMERCIAL PAPER - CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
Newport Funding Corp. -
continued
5/12/99 4.91% $ 15,000,000 $ 14,977,771
5/19/99 4.92 15,000,000 14,963,550
5/25/99 4.96 10,000,000 9,967,333
Nordbanken, North America, Inc.
6/17/99 4.90 25,000,000 24,842,028
Preferred Receivables Funding
Corp.
5/10/99 4.96 30,000,000 29,963,175
5/11/99 4.90 18,000,000 17,975,700
5/13/99 4.93 20,655,000 20,621,401
5/17/99 4.94 25,000,000 24,945,667
5/18/99 4.94 16,300,000 16,262,361
5/24/99 4.90 10,000,000 9,968,950
5/25/99 4.88 8,500,000 8,472,517
5/26/99 4.91 13,000,000 12,956,125
6/10/99 4.91 24,085,000 23,955,209
6/15/99 4.86 22,285,000 22,150,733
Salomon Smith Barney
Holdings, Inc.
5/7/99 4.90 70,000,000 69,943,300
5/10/99 4.89 20,000,000 19,975,750
5/10/99 4.92 50,000,000 49,939,000
6/7/99 4.90 20,000,000 19,900,408
7/15/99 4.88 10,000,000 9,899,583
7/21/99 4.88 20,000,000 19,783,100
8/9/99 4.87 50,000,000 49,345,306
Three Rivers Funding Corp.
5/20/99 4.84 10,000,000 9,974,561
Triple A One Funding Corp.
5/5/99 4.89 32,000,000 31,982,720
5/11/99 4.88 10,637,000 10,622,670
5/13/99 4.96 9,092,000 9,077,119
5/14/99 4.90 7,055,000 7,042,618
6/8/99 4.87 15,000,000 14,923,525
UBS Finance (Delaware), Inc.
8/9/99 4.92 100,000,000 98,665,278
Westpac Capital Corp.
8/10/99 4.92 33,000,000 32,555,600
8/16/99 4.95 20,000,000 19,712,883
Windmill Funding Corp.
5/25/99 4.84 11,000,000 10,964,653
COMMERCIAL PAPER - CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
Windmill Funding Corp. -
continued
5/25/99 4.90% $ 5,000,000 $ 4,983,767
5/26/99 4.84 4,000,000 3,986,611
5/26/99 4.88 25,000,000 24,915,799
5/27/99 4.86 10,000,000 9,965,117
6/3/99 4.87 40,000,000 39,822,900
6/8/99 4.86 30,595,000 30,439,339
6/9/99 4.85 10,000,000 9,947,783
6/10/99 4.86 20,825,000 20,713,239
6/15/99 4.85 10,000,000 9,939,750
6/17/99 4.86 7,000,000 6,955,951
6/18/99 4.87 28,593,000 28,409,242
6/25/99 4.85 12,000,000 11,911,817
7/15/99 4.88 38,922,000 38,531,158
TOTAL COMMERCIAL PAPER 3,652,864,909
FEDERAL AGENCIES - 1.1%
FEDERAL HOME LOAN BANK - 1.1%
Agency Coupons - 1.1%
6/1/99 4.82 (b) 72,000,000 71,968,931
BANK NOTES - 4.7%
American Express Centurion Bank
5/10/99 4.89 (b) 35,000,000 35,000,000
Comerica Bank, Detroit
5/10/99 4.99 (b) 8,000,000 7,998,317
First Union National Bank of
North Carolina
5/3/99 4.93 (b) 25,000,000 24,999,986
7/21/99 5.02 (b) 50,000,000 50,000,000
Fleet National Bank, Providence
5/4/99 4.97 (b) 22,000,000 21,994,364
Key Bank NA
5/21/99 4.80 (b) 20,000,000 19,996,671
Mellon Bank NA, Pittsburgh
5/18/99 4.91 (b) 50,000,000 49,980,734
BANK NOTES - CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
NationsBank NA
5/3/99 4.95% $ 45,000,000 $ 44,980,673
5/6/99 5.04 25,000,000 25,000,000
5/24/99 4.88 17,000,000 16,999,904
PNC Bank NA, Pittsburgh
5/3/99 4.98 (b) 22,000,000 21,998,346
TOTAL BANK NOTES 318,948,995
MASTER NOTES - 0.7%
Goldman Sachs Group L.P.
6/8/99 5.08 (b) 45,000,000 45,000,000
MEDIUM-TERM NOTES - 4.8%
Abbey National Treasury
Services PLC
5/17/99 4.85 (a)(b) 30,000,000 29,992,277
Bishops Gate Resources
Mortgage Trust
5/1/99 5.14 (b) 16,000,000 16,000,000
Exxon Shipping Co.
5/30/99 4.90 (b) 39,000,000 39,000,000
GE Life & Annuity Assurance Co.
5/3/99 5.04 (b)(c) 58,000,000 58,000,000
General Electric Capital Corp.
6/9/99 4.98 (b) 9,000,000 9,000,000
7/12/99 4.95 (b) 17,000,000 17,000,000
8/3/99 4.95 (b) 30,000,000 30,000,000
Goldman Sachs Group L.P.
5/10/99 5.05 (a)(b) 19,000,000 19,000,000
7/7/99 5.20 (b)(c) 26,000,000 26,000,000
7/27/99 5.10 (b)(c) 20,000,000 20,000,000
Merrill Lynch & Co., Inc.
6/4/99 4.96 (b) 20,000,000 19,999,634
Morgan Guaranty Trust Co., NY
5/27/99 4.86 (b) 30,000,000 29,994,057
MEDIUM-TERM NOTES - CONTINUED
DUE DATE ANNUALIZED YIELD AT TIME OF PRINCIPAL AMOUNT VALUE (NOTE 1)
PURCHASE
Norwest Corp.
7/22/99 5.02% (b) $ 8,000,000 $ 8,000,000
TOTAL MEDIUM-TERM NOTES 321,985,968
SHORT-TERM NOTES - 2.0%
Monumental Life Insurance Co.
5/3/99 5.04 (b)(c) 18,000,000 18,000,000
5/12/99 5.10 (b)(c) 20,000,000 20,000,000
New York Life Insurance Co.
5/7/99 4.97 (b) 17,000,000 17,000,000
7/1/99 5.12 (b)(c) 15,000,000 15,000,000
SMM Trust Series 1998 I,
5/28/99 4.90 (a)(b) 12,000,000 12,000,000
Strategic Money Market Trust
Series 1998 A,
6/16/99 5.10 (b) 55,000,000 55,000,000
TOTAL SHORT-TERM NOTES 137,000,000
TIME DEPOSITS - 0.7%
First National Bank of Chicago
5/3/99 4.94 50,000,000 50,000,000
REPURCHASE AGREEMENTS - 2.1%
MATURITY AMOUNT
In a joint trading account:
(U.S. Government Obligations) $ 100,041,251 100,000,000
dated 4/30/99 due 5/3/99 At
4.95%
(U.S. Treasury Obligations) 42,635,342 42,618,000
dated 4/30/99 due 5/3/99 At
4.88%
TOTAL REPURCHASE AGREEMENTS 142,618,000
TOTAL INVESTMENT IN $ 6,752,308,138
SECURITIES - 100%
Total Cost for Income Tax Purposes $ 6,752,308,138
</TABLE>
LEGEND
(a) Security exempt from registration under Rule 144A of the
Securities Act of 1933. These securities may be resold in
transactions exempt from registration, normally to qualified
institutional buyers. At the period end, the value of these securities
amounted to $60,992,277 or 0.9% of net assets.
(b) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end. The due dates on these types of
securities reflects the next interest rate reset date or, when
applicable, the final maturity date.
(c) Restricted securities - Investment in securities not registered
under the Securities Act of 1933.
SECURITY ACQUISITION DATE COST
GE Life & Annuity Assurance 4/8/99 $ 58,000,000
Co. 5.04%, 5/3/99
Goldman Sachs Group L.P. 12/7/98 $ 26,000,000
5.20%, 7/7/99
Goldman Sachs Group L.P. 1/22/99 $ 20,000,000
5.10%, 7/27/99
Monumental Life Insurance Co. 7/31/98 - 9/17/98 $ 18,000,000
5.04%, 5/3/99
Monumental Life Insurance Co. 3/12/99 $ 20,000,000
5.10%, 5/12/99
New York Life Insurance Co. 12/21/98 $ 15,000,000
5.12%, 7/1/99
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $157,000,000 or 2.4% of net assets.
INCOME TAX INFORMATION
At October 31, 1998, the fund had a capital loss carryforward of
approximately $737,000 of which $103,000, $584,000, $48,000 and $2,000
will expire on October 31, 2001, 2002, 2003 and 2005, respectively.
PRIME FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 6,752,308,138
value (including repurchase
agreements of $142,618,000)
- - See accompanying schedule
Receivable for fund share sold 145,751,610
Interest receivable 28,892,302
TOTAL ASSETS 6,926,952,050
LIABILITIES
Payable to custodian bank $ 510,177
Payable for investments 103,722,215
purchased
Payable for fund shares 151,458,587
redeemed
Distributions payable 1,643,350
Accrued management fee 850,930
Distribution fees payable 1,955,761
Other payables and accrued 1,789,006
expenses
TOTAL LIABILITIES 261,930,026
NET ASSETS $ 6,665,022,024
Net Assets consist of:
Paid in capital $ 6,665,739,596
Accumulated net realized gain (717,572)
(loss) on investments
NET ASSETS $ 6,665,022,024
DAILY MONEY CLASS: NET ASSET $1.00
VALUE, offering price and
redemption price per share
($3,794,703,562 (divided by)
3,795,105,166 shares)
CAPITAL RESERVES CLASS: NET $1.00
ASSET VALUE, offering price
and redemption price per
share ($2,870,318,462
(divided by) 2,870,622,236
shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30,
1999 (UNAUDITED)
INTEREST INCOME $ 160,188,589
EXPENSES
Management fee $ 7,727,061
Transfer agent fees 7,024,742
Distribution fees 10,910,764
Accounting fees and expenses 257,478
Non-interested trustees' 10,904
compensation
Custodian fees and expenses 51,000
Registration fees 718,265
Audit 20,139
Legal 7,283
Miscellaneous 253,743
Total expenses before 26,981,379
reductions
Expense reductions (3,707,318) 23,274,061
NET INTEREST INCOME 136,914,528
NET REALIZED GAIN (LOSS) ON 19,345
INVESTMENTS
NET INCREASE IN NET ASSETS $ 136,933,873
RESULTING FROM OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1998
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 136,914,528 $ 247,382,658
Net realized gain (loss) 19,345 54,807
NET INCREASE (DECREASE) IN 136,933,873 247,437,465
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (136,914,528) (247,382,658)
from net interest income
Share transactions - net 1,011,895,813 1,202,246,692
increase (decrease)
TOTAL INCREASE (DECREASE) 1,011,915,158 1,202,301,499
IN NET ASSETS
NET ASSETS
Beginning of period 5,653,106,866 4,450,805,367
End of period $ 6,665,022,024 $ 5,653,106,866
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - DAILY MONEY CLASS
SIX MONTHS ENDED
APRIL 30, 1999 YEARS ENDED
OCTOBER 31, THREE MONTHS
ENDED OCTOBER 31,
(UNAUDITED) 1998 1997 1996
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment
Operations
Net interest income .022 .050 .050 .012
Less Distributions
From net interest income (.022) (.050) (.050) (.012)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 2.27% 5.15% 5.06% 1.22%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 3,795 $ 3,397 $ 2,687 $ 2,663
(in millions)
Ratio of expenses to average .65% A, D .65% D .65% D .65% A, D
net assets
Ratio of net interest income 4.53% A 5.03% 4.95% 4.85% A
to average net assets
</TABLE>
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS - DAILY MONEY CLASS
YEARS ENDED JULY 31,
1996 1995 1994
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000
period
Income from Investment
Operations
Net interest income .050 .050 .029
Less Distributions
From net interest income (.050) (.050) (.029)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 5.13% 5.16% 2.98%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 2,581 $ 2,139 $ 1,525
(in millions)
Ratio of expenses to average .65% D .65% D .65% D
net assets
Ratio of net interest income 5.00% 5.11% 2.96%
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.
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.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CAPITAL RESERVES CLASS
SIX MONTHS ENDED APRIL 30, 1999 YEARS ENDED OCTOBER 31,
(UNAUDITED) 1998 1997 E
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000000
period
Income from Investment
Operations
Net interest income .021 .048 .000131
Less Distributions
From net interest income (.021) (.048) (.000131)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000000
TOTAL RETURN B, C 2.15% 4.89% .01%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in $ 2,870 $ 2,256 $ 1,764
millions)
Ratio of expenses to average .90% A, D .90% D .90% A, D
net assets
Ratio of net interest income 4.28% A 4.79% 4.78% A
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.
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.
E FOR OCTOBER 31, 1997 (COMMENCEMENT OF SALE OF CAPITAL RESERVES CLASS
SHARES).
TAX-EXEMPT FUND
INVESTMENTS APRIL 30, 1999 (UNAUDITED)
Showing Percentage of Total Value of Investment in Securities
<TABLE>
<CAPTION>
<S> <C> <C> <C>
MUNICIPAL SECURITIES - 100.0%
PRINCIPAL AMOUNT VALUE (NOTE 1)
ALABAMA - 1.0%
Birmingham Pub. Park & $ 2,800,000 $ 2,800,000
Recreation Board Rev.
(McWane Ctr. Proj.) Series
1997, 4.05%, LOC Amsouth
Bank, Birmingham, VRDN (a)
Jefferson County Swr. Rev.
Participating VRDN:
Series 1997 A, 4.1% (BPA Bank 1,230,000 1,230,000
of New York NA) (a)(c)
Series 98-124, 4.09% 2,800,000 2,800,000
(Liquidity Facility Morgan
Stanley, Dean Witter & Co.)
(a)(c)
6,830,000
ARIZONA - 3.3%
Apache County Ind. Dev. Auth.
Rev. (Tucson Elec. Pwr. Co.
- - Springerville Proj.):
Series 1983 C, 4%, LOC 7,950,000 7,950,000
Societe Generale, France,
VRDN (a)
Series 1985 A, 3.95%, LOC 3,100,000 3,100,000
Toronto Dominion Bank, VRDN
(a)
Arizona Trans. Board Hwy. 1,000,000 1,004,104
Rev. Bonds Series A, 5.9%
7/1/99
Pima County Ind. Dev. Auth. 4,100,000 4,100,000
Multi-family Hsg. Rev. (La
Cholla Apt. Proj.) Series
1996, 4.05%, LOC Chase Bank
of Texas NA, VRDN (a)
Pinal County Ind. Dev. Auth. 6,800,000 6,800,000
Hosp. Rev. (Casa Grande Med.
Ctr. Proj.) Series 1995, 4%,
LOC Chase Manhattan Bank,
VRDN (a)
22,954,104
ARKANSAS - 0.5%
Univ. of Arkansas Rev. (UAMS 3,800,000 3,800,000
Campus) Series 1998, 4.1%
(MBIA Insured) (BPA Cr.
Swiss First Boston, Inc.),
VRDN (a)
CALIFORNIA - 1.8%
California Higher Ed. Student
Ln. Auth. Bonds:
Series 1987 A, 3.18%, tender 6,500,000 6,500,000
5/1/00, LOC Nat'l.
Westminster Bank PLC
Series 1992 A2, 3.18%, tender 1,000,000 1,000,000
4/1/00, LOC Student Ln.
Marketing Assoc.
Long Beach Gen. Oblig. TRAN 2,000,000 2,007,005
Series 98-99, 4% 10/5/99
Los Angeles Int'l. Arpt. 3,100,000 3,100,000
Reg'l. Impt. Rev. (Los
Angeles Int'l. Arpt., Air
France) 4.2%, LOC Societe
Generale, France, VRDN (a)
12,607,005
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
COLORADO - 1.2%
Colorado Hsg. Fin. Auth. $ 4,900,000 $ 4,900,000
Multi-family Hsg. Rev.
(Saint Moritz Proj.) 4.05%
(Fannie Mae Guaranteed),
VRDN (a)
Colorado Springs Util. Sys. 1,000,000 1,000,000
Participating VRDN Series
SGB 28, 4.08% (Liquidity
Facility Societe Generale,
France) (a)(c)
Colorado Student Oblig. Auth. 1,500,000 1,500,000
Series 1999 A1, 4.05% (AMBAC
Insured), VRDN (a)
Larimer County Poudre School 1,200,000 1,200,019
District #R1 TAN 3.3% 6/30/99
8,600,019
DELAWARE - 0.4%
Delaware Econ. Dev. Auth.
(Peninsula United Methodist
Homes, Inc.):
Series 1992 B, 4.05%, LOC PNC 1,450,000 1,450,000
Bank NA, VRDN (a)
Series 1997 B, 4.05%, LOC PNC 860,000 860,000
Bank NA, VRDN (a)
Delaware Econ. Dev. Auth. 750,000 750,000
Multi-family Rev.
(Schoolhouse Trust Prog.)
4%, LOC Marine Midland Bank
NA, VRDN (a)
3,060,000
DISTRICT OF COLUMBIA - 0.7%
District of Columbia 3,575,000 3,575,000
(American Assoc. Med.
College) 3.6% (AMBAC
Insured), VRDN (a)
District of Columbia Wtr. & 1,000,000 1,000,000
Swr. Auth. Participating
VRDN Series MS 98-29, 4.09%
(Liquidity Facility Bank of
America National Trust &
Savings Assoc) (a)(c)
4,575,000
FLORIDA - 7.6%
Brevard County Hsg. Fin. 2,180,000 2,180,000
Auth. (Sun Pointe Bay Apts.
Proj.) Series 1993, 4.1%
(Continental Casualty Co.
Guaranteed), VRDN (a)
Dade County Spl. Rev. (Young 4,570,000 4,570,000
Fair & Exposition Proj.)
4.05%, LOC SunTrust Bank,
Miami NA, VRDN (a)
Eustis Multi-Purp. Rev. 1,200,000 1,200,000
Series 1997 A, 4.05%, LOC
SunTrust Bank, Central
Florida, NA, VRDN (a)
Florida Board of Ed. Lottery 2,390,000 2,394,405
Rev. Bonds Series B, 4.5%
7/1/99 (FGIC Insured)
Florida Cap. Projects Fin. 9,400,000 9,400,000
Auth. Rev. (Florida Hosp.
Assoc. Cap. Proj.) Series
1998 A, 4.05% (FSA Insured),
VRDN (a)
Florida Dept. of Envir. 2,000,000 2,000,000
Protection Participating
VRDN Series FR/RI-A18, 4.1%
(Liquidity Facility Nat'l.
Westminster Bank PLC) (a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
FLORIDA - CONTINUED
Florida Muni. Pwr. Agcy. $ 1,100,000 $ 1,100,000
Series A, 3.05% 5/3/99, LOC
First Union Nat'l. Bank of
North Carolina, CP
Highlands County Health 5,000,000 5,000,000
Facilities Auth. Rev.
(Adventist Health Sys.
Sunbelt Proj.) Series B,
4.05% (MBIA Insured), VRDN
(a)
Indian River County Hosp.
District Hosp. Rev. Bonds:
3.15% tender 7/22/99, LOC 1,800,000 1,800,000
Kredietbank NV, CP mode
3.2% tender 7/23/99, LOC 4,000,000 4,000,000
Kredietbank NV, CP mode
Jacksonville Health 2,835,000 2,835,000
Facilities Auth.
Participating VRDN Series
1996 M, 4.01% (Liquidity
Facility Caisse des Depots
et Consignations) (a)(c)
Lee County Hosp. Board Hosp.
Rev. Bonds (Lee Memorial
Hosp. Proj.):
Series 1995 A, 3.2% tender 2,600,000 2,600,000
5/10/99 (Liquidity Facility
SunTrust Bank, Central
Florida, NA), CP mode
Series 1997 B, 3.25% tender 1,100,000 1,100,000
6/10/99 (Liquidity Facility
SunTrust Bank, Central
Florida, NA), CP mode
Orlando Util. Commission Wtr. 1,000,000 1,035,504
& Elec. Rev. Bonds
Sub-Series C, 7% 10/1/23
(Pre-Refunded to 10/1/1999 @
102) (b)
Pasco County Hsg. Fin. Auth. 2,000,000 2,000,000
Multi-family Hsg. Rev.
(Carlton Arms of Magnolia
Valley) Series 1985, 4.125%,
LOC First Union Nat'l. Bank
of North Carolina, VRDN (a)
Pensacola Rev. (Harborview 2,740,000 2,740,000
Corp. Proj.) 4.05%, LOC
Amsouth Bank, Birmingham,
VRDN (a)
Sarasota County Hosp. 1,000,000 1,000,000
District Hosp. Rev. Bonds
(Sarasota Memorial Hosp.
Proj.) Series A, 3.2% tender
8/12/99 (Liquidity Facility
SunTrust Bank, Central
Florida, NA), CP mode
Sunrise Util. Sys. 1,800,000 1,800,000
Participating VRDN Series
SGB 16, 4.08% (Liquidity
Facility Societe Generale,
France) (a)(c)
Volusia County Hsg. Fin. 4,500,000 4,500,000
Auth. Multi-family Hsg. Rev.
(Arbors Apts) Series 1997 A,
4.05%, LOC Republic Nat'l.
Bank, New York, LOC Cr.
Lyonnais, VRDN (a)
53,254,909
GEORGIA - 7.1%
Bartow County Dev. Auth. 2,350,000 2,350,000
Poll. Cont. Rev. (Georgia
Pwr. Co.) Series 1998, 4.3%,
VRDN (a)
Brooks County Dev. Auth. Rev. 2,400,000 2,400,000
(Presbyterian Home, Inc.
Proj.) 4.05%, LOC SunTrust
Bank of Atlanta, VRDN (a)
DeKalb County Dev. Auth. Rev. 3,500,000 3,500,000
(Marist School, Inc. Proj.)
Series 1999, 4.05%, LOC
SunTrust Bank of Atlanta,
VRDN (a)
DeKalb County Multi-family 2,300,000 2,300,000
Hsg. Rev. (Post Walk Proj.)
4.05% (Fannie Mae
Guaranteed), VRDN (a)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
GEORGIA - CONTINUED
Fulco Hosp. Auth. Rev. $ 1,600,000 $ 1,600,000
(Piedmont Hosp. Proj.)
4.05%, LOC SunTrust Bank of
Atlanta, VRDN (a)
Fulton County Hsg. Auth.
Multi-family Hsg. Rev. Rfdg.:
(Champions Green Apts. Proj.) 5,670,000 5,670,000
Series 1994 B, 4.05%, LOC
Southtrust Bank Alabama,
VRDN (a)
(Spring Creek Crossing Proj.) 2,600,000 2,600,000
4.15%, LOC Wachovia Bank NA,
VRDN (a)
Georgia Gen. Oblig. Bonds 4,955,000 5,065,272
Series A, 5.8% 3/1/00
Georgia Muni. Elec. Auth.:
Bonds (Gen. Resolution Proj.) 1,300,000 1,300,000
3.15% tender 7/21/99, LOC
Morgan Guaranty Trust Co.,
NY, CP mode
Series B, 3.25% 7/20/99, CP 1,400,000 1,400,000
Macon-Bibb County Hosp. Auth. 1,455,000 1,455,000
Rev. (Med. Ctr. of Central
Georgia) 4.05%, LOC SunTrust
Bank of Atlanta, VRDN (a)
Marietta Hsg. Auth. 2,800,000 2,800,000
Multi-family Hsg. Rev. Rfdg.
(Wood Pointe Apts.) Series
1993, 4.1%, LOC First Union
Nat'l. Bank of North
Carolina, VRDN (a)
Metro. Atlanta Rapid Transit
Auth. Participating VRDN:
Series 59, 4.09% (Liquidity 1,080,000 1,080,000
Facility Morgan Stanley,
Dean Witter & Co.) (a)(c)
Series PT 1064, 4.01% 5,125,000 5,125,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (a)(c)
Rockdale Co. Hosp. Auth. Rev. 1,440,000 1,440,000
Series 1994, 4.05%, LOC
SunTrust Bank of Atlanta,
VRDN (a)
Savannah Econ. Dev. Auth. 1,400,000 1,400,000
Rev. Rfdg. (La Quinta Motor
Inns, Inc. Proj.) Series
1991, 4.05%, LOC NationsBank
NA, VRDN (a)
South Georgia Hosp. Auth. 8,000,000 8,000,000
Rev. Series 1999 A, 4%
(AMBAC Insured), VRDN (a)
49,485,272
HAWAII - 0.3%
Hawaii Participating VRDN 2,065,000 2,065,000
Series PA 483, 4.01%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
IDAHO - 0.2%
Caribou County Poll. Cont. 1,500,000 1,500,000
Rev. Rfdg. (Monsanto Co.
Proj.) Series 1990, 4%, VRDN
(a)
ILLINOIS - 9.8%
Chicago Participating VRDN:
Series 1997 V, 4.05% 1,800,000 1,800,000
(Liquidity Facility First
Union Nat'l. Bank of North
Carolina) (a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
ILLINOIS - CONTINUED
Chicago Participating VRDN: -
continued
Series PT 1031, 4.01% $ 7,920,000 $ 7,920,000
(Liquidity Facility Bank of
America Nat'l. Trust &
Savings Assoc.) (a)(c)
Series PT 129, 4.11% 1,905,000 1,905,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Chicago O'Hare Int'l. Arpt. 2,300,000 2,300,000
Rev. (American Airlines)
Series 1983 D, 4.3%, LOC
Royal Bank of Canada, VRDN
(a)
Chicago Sales Tax 4,900,000 4,900,000
Participating VRDN Series
FR/RI 24, 4.1% (Liquidity
Facility Bank of New York
NA) (a)(c)
Chicago School Reform Board
Participating VRDN:
Series 1996, 4.16% (Liquidity 3,400,000 3,400,000
Facility Bank of America
Nat'l. Trust & Savings
Assoc.) (a)(c)
Series 1998-115, 4.09% 2,800,000 2,800,000
(Liquidity Facility Morgan
Stanley, Dean Witter & Co.)
(a)(c)
Series FR/RI 98-39, 4.1% 1,900,000 1,900,000
(Liquidity Facility
Commerzbank AG) (a)(c)
Chicago Tax Increment Alloc. 2,800,000 2,800,000
Rev. (Stockyards Southeast
Quad) Series 1996 B, 4.05%,
LOC Northern Trust Co.,
Chicago, VRDN (a)
Illinois Ed. Facilities Auth. 1,400,000 1,400,000
Participating VRDN Series
981302, 4.06% (Liquidity
Facility Citibank, New York
NA) (a)(c)
Illinois Edl. Facilities 1,400,000 1,400,000
Auth. Rev. (Art Institute of
Chicago) Series 1996, 4.05%,
VRDN (a)
Illinois Health Facilities
Auth.:
Participating VRDN Series PT 3,350,000 3,350,000
113, 4.01% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
(Little Co. of Mary Hosp.) 20,300,000 20,299,999
Series 1997 B, 4.05% (MBIA
Insured), VRDN (a)
Rfdg. (Franciscan Eldercare 1,200,000 1,200,000
Cmnty. Svc.) Series 1996 C,
4%, LOC LaSalle Nat'l. Bank,
Chicago, VRDN (a)
Illinois Hsg. Dev. Auth. 1,475,000 1,475,000
Homeowner Mtg. Rev. Bonds
Series 1998 F1, 3.4%, tender
10/7/99
Illinois Reg'l. Trans. Auth.
Participating VRDN:
Series SGB 10, 4.08% 1,645,000 1,645,000
(Liquidity Facility Societe
Generale, France) (a)(c)
Series SGB 19, 4.08% 1,000,000 1,000,000
(Liquidity Facility Societe
Generale, France) (a)(c)
Lombard Ind. Proj. Rev. Rfdg. 3,375,000 3,375,000
(B&H Partnership Proj.)
Series 1995, 4.35%, LOC
Comerica Bank, Detroit, VRDN
(a)
McCook Rev. (Saint Andrew 1,300,000 1,300,000
Society) Series 1996 A,
4.1%, LOC Northern Trust
Co., Chicago, VRDN (a)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
ILLINOIS - CONTINUED
Schaumberg Ind. Dev. Rev. $ 1,520,000 $ 1,520,000
Rfdg. (La Quinta Motor Inns,
Inc. Proj.) Series 1991,
4.05%, LOC NationsBank NA,
VRDN (a)
Springfield Cmnty. Impt. Rev. 250,000 250,000
(Kent Family, Inc. Proj.)
4.05%, LOC PNC Bank NA, VRDN
(a)
Winnebago County Rev. (Mill 745,000 745,000
Proj.) Series 1996, 4.05%,
LOC Bank One, Illinois NA,
VRDN (a)
68,684,999
INDIANA - 2.7%
Fort Wayne Poll. Cont. Rev. 6,700,000 6,700,000
(Gen. Motors Corp. Proj.)
4%, VRDN (a)
Richmond Econ. Dev. Rev. 8,350,000 8,350,000
(Friends Fellowship Cmnty.
Proj.) Series 1997, 4.05%,
LOC Bank One, Indiana NA,
VRDN (a)
South Bend Cmnty. School 1,100,000 1,102,491
Corp. TAN 3.5% 12/31/99
Sullivan Poll. Cont. Rev.
Bonds (Hoosier Energy Rural
Elec. Coop.):
3.05% tender 9/10/99 (Nat'l. 1,000,000 1,000,000
Rural Util. Coop. Fin. Corp.
Guaranteed), CP mode
3.15% tender 8/10/99 (Nat'l. 1,700,000 1,700,000
Rural Util. Coop. Fin. Corp.
Guaranteed), CP mode
18,852,491
KANSAS - 0.6%
Burlington Poll. Cont. Rev. 1,400,000 1,400,000
Bonds (Kansas Elec. Pwr.)
Series 1985 C1, 3.1% tender
5/4/99 (Nat'l. Rural Util.
Coop. Fin. Corp.
Guaranteed), CP mode
La Cygne Envir. Impt. Rev. 2,500,000 2,500,000
Rfdg. (Kansas City Pwr. &
Lt. Co.) Series 1994, 3.9%,
VRDN (a)
3,900,000
KENTUCKY - 2.4%
Danville Multi-City Lease 1,000,000 1,000,000
Bonds (Pooled Lease Fin.
Prog.) 3.15% tender 7/9/99,
LOC PNC Bank NA, CP mode
Georgetown Edl. Institution 1,315,000 1,315,000
Impt. Rev. (Georgetown
College Proj.) Series 1992,
4.05%, LOC PNC Bank NA, VRDN
(a)
Jefferson County Poll. Cont. 1,635,000 1,635,000
Rev. Bonds (Louisville Gas
and Elec. Co. Proj.) 3.05%
tender 9/10/99, CP mode
Kentucky Asset/Liability
Commission Gen. Fund Rev.:
Bonds First Series, 3.5% 1,500,000 1,504,248
3/1/00
TRAN Series B, 4% 6/25/99 2,700,000 2,702,663
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
KENTUCKY - CONTINUED
Louisville & Jefferson County $ 2,840,000 $ 2,840,000
Participating VRDN Series PT
69, 4.01% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
Middletown Rev. (Christian 5,500,000 5,500,000
Academy Proj.) Series 1997,
4.05%, LOC Bank One,
Kentucky NA, VRDN (a)
16,496,911
LOUISIANA - 1.4%
Caddo Parish Ind. Dev. Board 5,500,000 5,500,000
(Atlas Proj.) 4.05%, LOC
Deutsche Bank AG, VRDN (a)
Calcasieu Ind. Dev. Board 4,450,000 4,450,000
Poll. Cont. Rev. Rfdg. (PPG
Industries) Series 1992,
4.05%, VRDN (a)
9,950,000
MARYLAND - 1.7%
Baltimore County Econ. Dev. 400,000 400,000
Rev. Rfdg. (Blue Circle,
Inc. Proj.) Series 1992,
4.05%, LOC Den Danske Bank
Group AS, VRDN (a)
Baltimore County Gen. Oblig. 5,000,000 5,000,000
(Oak Crest Village Proj.)
Series 1999 A, 3.95%, LOC
First Union Nat'l. Bank of
North Carolina, VRDN (a)
Howard County Consolidated 1,000,000 1,000,000
Pub. Impt. BAN Series 1999
A, 3.07% 4/14/00
Maryland Hsg. & Cmnty. Dev. 1,800,000 1,800,000
Participating VRDN Series
1997 P, 4.01% (Liquidity
Facility Caisse des Depots
et Consignations) (a)(c)
Montgomery County Hsg. 3,315,000 3,315,000
Commission Participating
VRDN Series PA 40, 4.01%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
11,515,000
MASSACHUSETTS - 2.7%
Hingham Gen. Oblig. BAN 3.75% 2,000,000 2,003,465
9/30/99
Massachusetts Bay Trans. 15,000,000 15,045,719
Auth. RAN Series 1998 B,
4.25% 9/3/99
Massachusetts Tpk. Auth. 1,925,000 1,925,000
Participating VRDN Series
1997 N, 4.14% (Liquidity
Facility Bank of America
Nat'l. Trust & Savings
Assoc.) (a)(c)
18,974,184
MICHIGAN - 0.7%
Michigan Bldg. Auth. Rev. 1,950,000 1,950,000
Series 2, 3.15% 8/5/99, LOC
Canadian Imperial Bank of
Commerce, CP
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
MICHIGAN - CONTINUED
Wayne Charter County Arpt. $ 1,500,000 $ 1,500,000
Rev. Participating VRDN
Series SG 122, 4.01%
(Liquidity Facility Societe
Generale, France) (a)(c)
Wayne-Westland Cmnty. Schools 1,320,000 1,320,000
Participating VRDN Series
67, 4.09% (Liquidity
Facility Morgan Stanley,
Dean Witter & Co.) (a)(c)
4,770,000
MINNESOTA - 1.3%
Bloomington Port Auth. Spl. 300,000 300,000
Tax Rev. Rfdg. (Mall of
America Proj.) Series 1996
B, 4.05% (FSA Insured), VRDN
(a)
Minnesota Participating VRDN 3,300,000 3,300,000
Series SSB-ROC 2994, 4.08%
(Liquidity Facility
Commerzbank AG) (a)(c)
Minnesota Hsg. Fin. Agcy. 1,900,000 1,900,000
Participating VRDN Series PT
114, 4.01% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
Minnetonka Multi-family Hsg. 1,300,000 1,300,000
Rev. Rfdg. (Cliffs at
Ridgedale Proj.) Series
1995, 4.05% (Fannie Mae
Guaranteed), VRDN (a)
Red Wing Poll. Cont. Rev. 2,000,000 2,000,000
(Northern States Pwr. Co.)
4.05%, VRDN (a)
8,800,000
MISSISSIPPI - 0.3%
Jackson County Poll Cont. 1,800,000 1,800,000
Rev. Rfdg. (Chevron USA,
Inc.) Series 1993 4.25%,
VRDN (a)
MISSOURI - 0.8%
Missouri Health & Edl. 5,800,000 5,800,000
Facilities Auth. Rev.
(Lutheran Senior Svcs.)
Series 1996 B, 3.95%, LOC
LaSalle Nat'l. Bank,
Chicago, VRDN (a)
NEBRASKA - 1.2%
Nebraska Pub. Pwr. District
Rev. Series A:
3.1% 9/8/99, CP 6,200,000 6,200,000
3.2% 9/9/99, CP 1,900,000 1,900,000
8,100,000
NEVADA - 1.8%
Clark County Participating 10,000,000 10,000,000
VRDN Series SG 18, 4.08%
(Liquidity Facility Societe
Generale, France) (a)(c)
Nevada Gen. Oblig. 2,500,000 2,500,000
Participating VRDN Series
SGB 97-31, 4.08% (Liquidity
Facility Societe Generale,
France) (a)(c)
12,500,000
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NEW JERSEY - 0.3%
New Jersey Econ. Dev. Auth. $ 2,000,000 $ 2,000,000
Dock Facilities Rev. Rfdg.
(Bayonne/IMTT Bayonne Proj.)
Series 1993 B, 4.25%, LOC
First Nat'l. Bank of
Chicago, VRDN (a)
NEW MEXICO - 0.2%
Bernalillo County Gross 1,600,000 1,600,000
Receipt Tax Participating
VRDN Series SGB 22, 4.08%
(Liquidity Facility Societe
Generale, France) (a)(c)
NEW YORK - 7.5%
Long Island Pwr. Auth.
Participating VRDN:
Series 1998 A, 4.01% 1,200,000 1,200,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Series PA 420, 4.01% 1,200,000 1,200,000
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Nassau County Gen. Oblig. BAN 3,500,000 3,504,086
Series 1999 A, 3.5% 8/17/99
New York City Muni. Wtr. Fin.
Auth. Participating VRDN:
Series PT 1032, 4% (Liquidity 4,180,000 4,180,000
Facility Bank of America
Nat'l. Trust & Savings
Assoc.) (a)(c)
Series SGB 25, 4.06% 9,400,000 9,400,000
(Liquidity Facility Societe
Generale, France) (a)(c)
New York City Transitional 4,900,000 4,900,000
Fin. Auth. Participating
VRDN Series 1995, 4.03%
(Liquidity Facility Morgan
Stanley, Dean Witter & Co.)
(a)(c)
New York State Energy 10,300,000 10,300,000
Research & Dev. Auth.
Participating VRDN Series
943202, 4.01% (Liquidity
Facility Citibank, New York
NA) (a)(c)
New York State Local Govt. 2,400,000 2,400,000
Assistance Corp.
Participating VRDN Series SG
99, 4% (Liquidity Facility
Societe Generale, France)
(a)(c)
Rochester Gen. Oblig. BAN 15,021,000 15,086,869
Series 1999 I, 3.5% 3/8/00
52,170,955
NEW YORK & NEW JERSEY - 0.5%
Port Auth. New York & New 3,815,000 3,815,000
Jersey Gen. Oblig.
Participating VRDN Series PT
1077, 4% (Liquidity
Facility BankAmerica Corp.)
(a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
NORTH DAKOTA - 0.1%
Oliver County Poll. Cont. $ 1,000,000 $ 1,000,000
Rev. Participating VRDN
Series MSDW 1998-12, 4.09%
(Liquidity Facility Morgan
Stanley, Dean Witter & Co.)
(a)(c)
OHIO - 1.1%
Clinton County Hosp. Rev. 2,000,000 2,000,000
(Cap., Inc. Pooled Fing.
Prog.) Series 1998, 4.05%,
LOC Fifth Third Bank,
Cincinnati, VRDN (a)
Columbus Gen. Oblig. Swr. 2,125,000 2,147,533
Impt. Bonds 6.3% 9/15/99
Harrison County Econ. Dev. 1,665,000 1,665,000
Rev. Rfdg. (Carriage of
Cadiz Proj.) 4%, LOC Key
Bank, NA, VRDN (a)
Sycamore Ohio Cmnty. School 2,000,000 2,003,670
District BAN 4.2% 6/29/99
7,816,203
PENNSYLVANIA - 5.3%
Berks County Ind. Dev. Auth. 530,000 530,000
Manufacturing Facilities
Rev. (Construction Fasteners
Proj.) Series 1996 A, 4.1%,
LOC First Union Nat'l. Bank
of North Carolina, VRDN (a)
Dauphin County Gen. Auth. Rev.:
(All-Health Pooled Fing.
Prog.):
Series 1997 A, 4.05% (FSA 4,300,000 4,300,000
Insured), VRDN (a)
Series 1997 B, 4.05% (FSA 5,000,000 5,000,000
Insured) (BPA Cr. Swiss
First Boston, Inc.), VRDN (a)
(School District Pooled Fing. 7,600,000 7,600,000
Prog.) 4.1% (AMBAC Insured)
(BPA Commerzbank AG), VRDN
(a)
North Pennsylvania Wtr. Auth. 1,030,000 1,030,000
Wtr. Participating VRDN
Series SGA 30, 4.03%
(Liquidity Facility Societe
Generale, France) (a)(c)
Pennsylvania Econ. Dev. Fing. 500,000 500,000
Auth. Econ. Dev. Rev.
(Lutheran Youth & Family
Svcs.) Series 1993 A, 4.05%,
LOC PNC Bank NA, VRDN (a)
Philadelphia Ind. Dev. Rev. 3,565,000 3,565,000
Rfdg. (Paper Corp. of
America Proj.) 4.05%, LOC
SunTrust Bank of Atlanta,
VRDN (a)
Quakertown Hosp. Auth. Hosp. 1,400,000 1,400,000
(Pooled Fing. Prog.) Series
1985-A, 4%, LOC PNC Bank NA,
VRDN (a)
York Gen. Auth. Pooled Fing. 13,195,000 13,195,000
Rev. Series 1996, 4%, LOC
First Union Nat'l. Bank of
North Carolina, VRDN (a)
37,120,000
SOUTH CAROLINA - 2.8%
South Carolina Edl. 5,780,000 5,780,000
Facilities Auth. (Claflin
College) Series 1997, 4.15%,
LOC NationsBank NA, VRDN (a)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
SOUTH CAROLINA - CONTINUED
South Carolina Hsg. Fin. & $ 9,415,000 $ 9,415,000
Hsg. Dev. Auth. Multi-family
Rev. Rfdg.
(Spartanburg-Oxford Proj.)
Series 1990 D, 4.1%
(Continental Casualty Co.
Guaranteed), VRDN (a)
South Carolina Jobs Econ. 4,330,000 4,330,000
Dev. Auth. Rev. (Saint
Francis Hosp.) 4.25%, LOC
Chase Manhattan Bank, VRDN
(a)
19,525,000
TENNESSEE - 1.2%
Chattanooga Health Ed. & Hsg. 2,500,000 2,500,000
(McCallie School Proj.)
Series 1998, 4.05%, LOC
SunTrust Bank of Atlanta,
VRDN (a)
Memphis Gen. Impt. 1,200,000 1,200,000
Participating VRDN Series
SGB 23, 4.08% (Liquidity
Facility Societe Generale,
France) (a)(c)
Sevier County Pub. Bldg. 1,250,000 1,250,000
Auth. Rev. Series 2D3, 4%
(AMBAC Insured), VRDN (a)
Shelby County Participating 2,600,000 2,600,000
VRDN Series SGB 21, 4.08%
(Liquidity Facility Societe
Generale, France) (a)(c)
Tusculum Health Ed. & Hsg. 1,000,000 1,000,000
Facilities Rev. (Tusculum
College Proj.) Series 1998,
4.05%, LOC SunTrust Bank,
Nashville NA, VRDN (a)
8,550,000
TEXAS - 16.4%
Austin Hsg. Fin. Corp. 1,000,000 1,000,000
Multi-family Hsg. Rev.
(Riverchase Proj.) Series
1985 A, 3.85%, LOC
Household Fin. Corp., VRDN
(a)
Austin Independent School
District Variable Rate TRAN
3.72% 8/31/99 (a)(d) 2,100,000 2,100,000
Brazos River Hbr. Navigation
District Rev. Bonds (Dow
Cemical Proj.):
Series 1990, 3.15% tender 1,000,000 1,000,000
5/10/99, CP mode
Series 1991, 3.15% tender 4,000,000 4,000,000
5/4/99, CP mode
Coastal Wtr. Auth. 1,040,000 1,040,000
Participating VRDN Series 97
J, Class A, 4.01% (Liquidity
Facility Caisse des Depots
et Consignations) (a)(c)
Colorado River Muni. Wtr. 2,564,000 2,564,000
District Participating VRDN
Series PA 187, 4.01%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
Comal County Health 2,100,000 2,100,000
Facilities Dev. Rev.
(McKenna Memorial Health
Sys.) 4.05%, LOC Chase Bank
of Texas NA, VRDN (a)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
TEXAS - CONTINUED
Dallas Area Rapid Transit
Sales Tax Rev. Series A:
3.15% 5/4/99, LOC Bayerische $ 1,500,000 $ 1,500,000
Landesbank Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP
3.2% 7/23/99, LOC Bayerische 1,000,000 1,000,000
Landesbank Girozentrale, LOC
Westdeutsche Landesbank
Girozentrale, CP
Dallas Wtr. & Swr. Sys. Rev. 1,211,000 1,211,000
Series B, 3.25% 7/22/99, CP
Denton Util. Sys. Rev. Rfdg. 1,000,000 1,000,000
Participating VRDN Series
SGA 32, 4.03% (Liquidity
Facility Societe Generale,
France) (a)(c)
El Paso Ind. Dev. Auth. Rev. 950,000 950,000
Rfdg. (La Quinta Motor Inns,
Inc. Proj.) Series 1991,
4.05%, LOC NationsBank NA,
VRDN (a)
El Paso Wtr. & Swr. Rev. 2,000,000 2,000,000
Series A, 3.15% 8/19/99, CP
Farmers Branch Ind. Dev. 1,300,000 1,300,000
Corp. Rev. Rfdg. (PPG Ind.,
Inc. Proj.) Series 1992,
4.05%, VRDN (a)
Georgetown Health Facilities 1,900,000 1,900,000
Dev. Corp. Rev. (Georgetown
Healthcare Sys. Proj.)
Series 1997 B, 4.05%, LOC
Chase Bank of Texas NA, VRDN
(a)
Greater East Texas Higher Ed. 1,000,000 1,000,000
Auth. Student Ln. Rev. Rfdg.
Bonds Series 1992 A, 3.55%,
tender 9/1/99, LOC Student
Ln. Marketing Assoc.
Harris County Dev. Corp. 1,400,000 1,400,000
(Johann Haltermann) Series
1996 A, 4.05%, LOC Chase
Bank of Texas NA, VRDN (a)
Houston Gen. Oblig. Series A, 4,000,000 4,000,000
3.1% 8/19/99, CP
Houston Higher Ed. Fin. Corp. 9,500,000 9,500,000
(The Graduate Apts., Inc.
Proj.) 4.05%, LOC Chase Bank
of Texas NA, VRDN (a)
Houston Wtr. & Swr. Sys.:
Participating VRDN Series 1,720,000 1,720,000
FR/RI 32, 4.1% (Liquidity
Facility Bank of New York
NA) (a)(c)
Series A, 3.15% 8/5/99, CP 1,300,000 1,300,000
North Central Texas Health
Facilities Bonds (Dallas
Methodist Hosp. Proj.)
Series 1998:
3.15% tender 8/13/99 (AMBAC 9,000,000 9,000,000
Insured), CP mode
3.2% tender 8/12/99 (AMBAC 1,200,000 1,200,000
Insured), CP mode
Nueces River Ind. Dev. Auth. 1,000,000 1,000,000
Poll. Cont. Rev. Rfdg. Bonds
(San Miguel Elec. Coop.,
Inc.) Series 1984, 3.2%
tender 7/1/99 (Nat'l. Rural
Util. Coop. Fin. Corp.
Guaranteed), CP mode
Plano Health Facilities Dev. 1,000,000 1,000,000
Corp. Hosp. Rev. Bonds 3.1%
tender 5/3/99 (MBIA Insured)
(BPA Chase Bank of Texas
NA), CP mode
San Antonio Arpt. Sys. 8,805,000 8,805,000
Participating VRDN Series
96C4305, 4.06% (Liquidity
Facility Citibank, New York
NA) (a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
TEXAS - CONTINUED
San Antonio Elec. & Gas Sys. $ 1,000,000 $ 1,000,000
Participating VRDN Series SG
105, 4.01% (Liquidity
Facility Societe Generale,
France) (a)(c)
San Antonio Wtr. Rev. 6,800,000 6,800,000
Participating VRDN Series
96-4306 4.06% (Liquidity
Facility Citibank, New York
NA) (a)(c)
Spring Branch Independent 1,000,000 1,000,000
School District
Participating VRDN Series PA
285, 4.01% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
Tarrant County Health 2,575,000 2,575,000
Facilities Rev. (Adventist
Health Sys. Sunbelt) Series
1996 A, 4%, LOC SunTrust
Bank, Central Florida, NA,
VRDN (a)
Texarkana Ind. Dev. Corp. 1,840,000 1,840,000
Ind. Dev. Rev. (La Quinta
Motor Inns, Inc. Proj.)
Series 1991, 4.05%, LOC
NationsBank NA, VRDN (a)
Texas:
Gen. Oblig. TRAN Notes 98-99, 18,900,000 18,990,804
4.5% 8/31/99
Wtr. Dev. Board Series 1992 3,400,000 3,400,000
A, 4.3% (BPA Canadian
Imperial Bank of Commerce),
VRDN (a)
Texas Assoc. of School Board 1,900,000 1,900,000
TAN Series 1998 A, 4% 8/31/99
Texas Small Bus. Ind. Dev. 8,400,000 8,400,000
Corp. Ind. Dev. Rev. (Texas
Pub. Facilities Cap. Access
Prog.) 4.05%, LOC KBC Bank,
NV, VRDN (a)
Univ. of Texas:
Participating VRDN Series 2,900,000 2,900,000
98-97, 4.09% (Liquidity
Facility Morgan Stanley,
Dean Witter & Co.) (a)(c)
Rev. Fin. Sys. Series A, 3.2% 1,390,000 1,390,000
7/22/99, CP
114,785,804
UTAH - 3.4%
Intermountain Pwr. Agcy.:
Series 1997 B2:
3.1% 5/3/99, CP 11,600,000 11,600,000
3.15% 8/19/99, CP 2,700,000 2,700,000
3.2% 7/22/99, CP 2,000,000 2,000,000
Series 1998 B5, 3.2% 7/22/99, 1,300,000 1,300,000
CP
Timpanogos Spl. Svcs. 6,150,000 6,150,000
Participating VRDN Series SG
83, 4.01% (Liquidity
Facility Societe Generale,
France) (a)(c)
23,750,000
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
VERMONT - 0.5%
Vermont Edl. & Health Bldg. $ 1,500,000 $ 1,500,000
Fin. Bonds (Middlebury
College Proj.) Series 1988
A, 3.1%, tender 11/1/99
Vermont Hsg. Fin. Agcy. 1,995,000 1,995,000
Single Family Hsg. Rev.
Series 10D, 3.1% 4/28/00
(FSA Insured)
3,495,000
VIRGINIA - 3.2%
Chesapeake Ind. Dev. Auth. 1,000,000 1,000,000
Poll. Cont. Rev. Bonds
(Virginia Elec. Pwr. Co.
Proj.) Series 1985, 3.1%
tender 8/11/99, CP mode
Chesterfield County Ind. Dev.
Auth. Poll. Cont. Rev. Bonds
(Virginia Elec. Pwr. Co.
Proj.):
Series 1987 A, 3.1% tender 1,000,000 1,000,000
8/13/99, CP mode
Series B:
3.1% tender 5/5/99, CP mode 1,000,000 1,000,000
3.1% tender 7/23/99, CP mode 2,335,000 2,335,000
3.15% tender 8/6/99, CP mode 1,000,000 1,000,000
Fairfax County Pub. Impt. 1,000,000 1,000,000
Participating VRDN Series PA
149, 4.01% (Liquidity
Facility Merrill Lynch &
Co., Inc.) (a)(c)
Louisa Ind. Dev. Auth. Poll. 2,000,000 2,000,000
Cont. Rev. Bonds (Virginia
Elec. Pwr. Co. Proj.) Series
1985, 3.1% tender 7/23/99,
CP mode
Richmond Pub. Util. Rev. 10,000,000 10,000,000
Series 1998 A, 4.05%, VRDN
(a)
Virginia Beach Ind. Dev. 1,825,000 1,825,000
Auth. Rev. Rfdg. (La Quinta
Inns, Inc. Proj.) Series
1993, 4.05%, LOC NationsBank
NA, VRDN (a)
York County Ind. Dev. Auth. 1,000,000 1,000,000
Poll. Cont. Rev. Bonds
(Virginia Elec. Pwr. Co.
Proj.) Series 1985, 3.15%
tender 7/9/99, CP mode
22,160,000
WASHINGTON - 4.7%
Seattle Ltd. Tax 5,000,000 5,000,000
Participating VRDN Series
SGB 12, 4.08% (Liquidity
Facility Societe Generale,
France) (a)(c)
Washington:
Participating VRDN:
Series 1993 C, Class A, 4.06% 5,395,000 5,395,000
(Liquidity Facility
Citibank, New York NA) (a)(c)
Series SGA 35, 4.03% 1,000,000 1,000,000
(Liquidity Facility Societe
Generale, France) (a)(c)
Series SGA 36, 4.03% 2,260,000 2,260,000
(Liquidity Facility Societe
Generale, France) (a)(c)
MUNICIPAL SECURITIES -
CONTINUED
PRINCIPAL AMOUNT VALUE (NOTE 1)
WASHINGTON - CONTINUED
Washington: - continued
Series SGB 11, 4.08% $ 1,000,000 $ 1,000,000
(Liquidity Facility Societe
Generale, France) (a)(c)
Series SGB 9, 4.08% 900,000 900,000
(Liquidity Facility Societe
Generale, France) (a)(c)
Various Purp. Rev. Rfdg. 2,500,000 2,511,020
Bonds Series R-98B, 4% 1/1/00
Washington Health Care 4,000,000 4,000,000
Facilities Auth. Rev. (Fred
Huchinson Cancer Research
Proj.) Series 1991 A, 4.4%,
LOC Morgan Guaranty Trust
Co., NY, VRDN (a)
Washington Participating VRDN 6,600,000 6,600,000
Series 984703, 4.06%
(Liquidity Facility
Citibank, New York NA) (a)(c)
Washington Pub. Pwr. Supply 4,100,000 4,100,000
Sys. Nuclear Proj. #1
Participating VRDN Series
1997 B, 4.06% (a)(c)
32,766,020
WISCONSIN - 0.4%
Milwaukee Gen. Oblig. RAN 1,000,000 1,002,238
Series 1999 A, 3.5% 2/24/00
Wisconsin Trans. Rev. Series 1,497,000 1,497,000
1997, 3.2% 9/10/99, CP
2,499,238
WYOMING - 0.5%
Lincoln County Poll. Cont. 3,300,000 3,300,000
Rev. Rfdg. Bonds Series
1991, 3.1% tender 8/23/99,
LOC UBS, AG, CP mode
Wyoming Cmnty. Dev. Auth. 340,000 340,000
Hsg. Participating VRDN
Series PT 112, 4.01%
(Liquidity Facility Merrill
Lynch & Co., Inc.) (a)(c)
3,640,000
MULTIPLE STATES - 0.4%
Stephens Equity Trust I 2,782,035 2,782,035
Participating VRDN Series
1996, 4.16%, LOC Bayerische
Hypo-und Vereinsbank AG
(a)(c)
TOTAL INVESTMENT IN $ 698,350,149
SECURITIES - 100%
Total Cost for Income Tax Purposes $ 698,350,149
</TABLE>
SECURITY TYPE ABBREVIATIONS
BAN - BOND ANTICIPATION NOTE
CP - COMMERCIAL PAPER
RAN - REVENUE ANTICIPATION NOTE
TAN - TAX ANTICIPATION NOTE
TRAN - TAX AND REVENUE
ANTICIPATION NOTE
VRDN - VARIABLE RATE DEMAND NOTE
LEGEND
(a) The coupon rate shown on floating or adjustable rate securities
represents the rate at period end.
(b) Security collateralized by an amount sufficient to pay interest
and principal.
(c) Provides evidence of ownership in one or more underlying municipal
bonds.
(d) Restricted securities - Investment in securities not registered
under the Securities Act of 1933.
SECURITY ACQUISITION DATE COST
Austin Independent School 10/20/98 - 11/17/98 $ 2,100,000
District Variable Rate TRAN
3.72% 8/31/99
OTHER INFORMATION
At the end of the period, restricted securities (excluding 144A
issues) amounted to $2,100,000 or 0.3% of net assets.
INCOME TAX INFORMATION
At October 31, 1998, the fund had a capital loss carryforward of
approximately $68,000 of which $65,000 and $3,000 will expire on
October 31, 2004 and 2005, respectively.
TAX-EXEMPT FUND
FINANCIAL STATEMENTS
STATEMENT OF ASSETS AND LIABILITIES
APRIL 30, 1999 (UNAUDITED)
ASSETS
Investment in securities, at $ 698,350,149
value - See accompanying
schedule
Cash 167,025
Receivable for fund shares 10,231,587
sold
Interest receivable 4,520,720
TOTAL ASSETS 713,269,481
LIABILITIES
Payable for investments $ 22,517,722
purchased
Payable for fund shares 12,881,368
redeemed
Distributions payable 105,969
Accrued management fee 84,949
Distribution fees payable 182,680
Other payables and accrued 177,106
expenses
TOTAL LIABILITIES 35,949,794
NET ASSETS $ 677,319,687
Net Assets consist of:
Paid in capital $ 677,416,364
Accumulated net realized gain (96,677)
(loss) on investments
NET ASSETS $ 677,319,687
DAILY MONEY CLASS: NET ASSET $1.00
VALUE, offering price and
redemption price per share
($487,155,412 (divided by)
487,224,726 shares)
CAPITAL RESERVES CLASS: NET $1.00
ASSET VALUE, offering price
and redemption price per
share ($190,164,275 (divided
by) 190,191,335 shares)
STATEMENT OF OPERATIONS
SIX MONTHS ENDED APRIL 30,
1999 (UNAUDITED)
INTEREST INCOME $ 11,056,086
EXPENSES
Management fee $ 879,276
Transfer agent fees 781,748
Distribution fees 1,111,946
Accounting fees and expenses 58,863
Non-interested trustees' 1,253
compensation
Custodian fees and expenses 30,610
Registration fees 194,322
Audit 17,175
Miscellaneous 33,729
Total expenses before 3,108,922
reductions
Expense reductions (598,907) 2,510,015
NET INTEREST INCOME 8,546,071
Realized and Unrealized Gain (28,743)
(Loss)
Net realized gain (loss) on
investment securities
Increase (decrease) in net (30)
unrealized gain from
accretion of discount
NET GAIN (LOSS) (28,773)
NET INCREASE IN NET ASSETS $ 8,517,298
RESULTING FROM OPERATIONS
<TABLE>
<CAPTION>
<S> <C> <C>
STATEMENT OF CHANGES IN NET ASSETS
SIX MONTHS ENDED APRIL 30, YEAR ENDED OCTOBER 31, 1998
1999 (UNAUDITED)
INCREASE (DECREASE) IN NET
ASSETS
Operations Net interest income $ 8,546,071 $ 19,827,079
Net realized gain (loss) (28,743) 55,913
Increase (decrease) in net (30) 30
unrealized gain from
accretion of discount
NET INCREASE (DECREASE) IN 8,517,298 19,883,022
NET ASSETS RESULTING FROM
OPERATIONS
Distributions to shareholders (8,546,071) (19,827,079)
from net interest income
Share transactions - net (27,488,303) 59,546,704
increase (decrease)
TOTAL INCREASE (DECREASE) (27,517,076) 59,602,647
IN NET ASSETS
NET ASSETS
Beginning of period 704,836,763 645,234,116
End of period $ 677,319,687 $ 704,836,763
</TABLE>
TAX-EXEMPT FUND
FINANCIAL STATEMENTS - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C> <C> <C> <C> <C>
FINANCIAL HIGHLIGHTS - DAILY MONEY CLASS
SIX MONTHS ENDED APRIL 30, 1999 YEARS ENDED OCTOBER 31,
(UNAUDITED) 1998 1997 1996 1995 1994
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
period
Income from Investment
Operations
Net interest income .012 .030 .031 .030 .033 .022
Less Distributions
From net interest income (.012) (.030) (.031) (.030) (.033) (.022)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000 $ 1.000
TOTAL RETURN B, C 1.25% 3.03% 3.10% 3.02% 3.36% 2.21%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period $ 487 $ 519 $ 469 $ 500 $ 559 $ 454
(in millions)
Ratio of expenses to average .65% A, D .65% D .65% D .65% D .65% D .65% D
net assets
Ratio of net interest income 2.49% A 2.99% 3.06% 2.98% 3.31% 2.17%
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.
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.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
FINANCIAL HIGHLIGHTS - CAPITAL RESERVES CLASS
SIX MONTHS ENDED APRIL 30, 1999 YEARS ENDED OCTOBER 31,
(UNAUDITED) 1998 1997 E
SELECTED PER-SHARE DATA
Net asset value, beginning of $ 1.000 $ 1.000 $ 1.000000
period
Income from Investment
Operations
Net interest income .011 .027 .000078
Less Distributions
From net interest income (.011) (.027) (.000078)
Net asset value, end of period $ 1.000 $ 1.000 $ 1.000000
TOTAL RETURN B, C 1.12% 2.78% .01%
RATIOS AND SUPPLEMENTAL DATA
Net assets, end of period (in $ 190 $ 186 $ 177
millions)
Ratio of expenses to average .90% A, D .90% D .90% A, D
net assets
Ratio of net interest income 2.25% A 2.73% 2.81% A
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.
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.
E FOR OCTOBER 31, 1997 (COMMENCEMENT OF SALE OF CAPITAL RESERVES CLASS
SHARES).
NOTES TO FINANCIAL STATEMENTS
For the period ended April 30, 1999 (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 has exclusive voting rights with respect
to matters that affect that class. 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, 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 the fiscal year. The schedules of investments
include information regarding income taxes under the caption "Income
Tax Information."
INTEREST INCOME. Interest income, which includes amortization of
premium and accretion of discount, is accrued as earned. For
Tax-Exempt, 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. Dividends are declared daily and paid
monthly from net interest income.
SECURITY TRANSACTIONS. Security transactions are accounted for as of
trade date. Gains and losses on securities sold are determined on the
basis of identified cost.
2. OPERATING POLICIES.
JOINT TRADING ACCOUNT. Pursuant to an Exemptive Order issued by the
Securities and Exchange Commission (the SEC), certain funds, along
with other affiliated entities of Fidelity Management & Research
Company (FMR), may transfer uninvested cash balances into one or more
joint trading accounts. These balances are invested in one or more
repurchase agreements for U.S. Treasury or Federal Agency obligations.
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. Certain 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 its total
investments in repurchase agreements through a joint trading account.
These repurchase agreements were with entities whose creditworthiness
has been reviewed and found satisfactory by FMR. The maturity values
of the joint trading account investments having variable rates are
calculated based on the rate at period end. The investments in
repurchase agreements through the joint trading account are summarized
as follows:
<TABLE>
<CAPTION>
<S> <C>
SUMMARY OF JOINT TRADING
DATED JANUARY 15, 1999, DUE JUNE 14, 1999 AT 4.7%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $250,000,000
Aggregate maturity amount of agreements $254,895,833
Aggregate market value of transferred assets $255,612,399
Coupon rates of transferred assets 0.00% to 14.00%
Maturity dates of transferred assets 8/12/99 to 2/15/26
3. JOINT TRADING ACCOUNT - CONTINUED
SUMMARY OF JOINT TRADING - CONTINUED
DATED MARCH 15, 1999, DUE JUNE 14, 1999 AT 4.72%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $250,000,000
Aggregate maturity amount of agreements $252,982,778
Aggregate market value of transferred assets $255,235,121
Coupon rates of transferred assets 0.00% to 11.63%
Maturity dates of transferred assets 8/31/99 to 11/15/27
DATED MARCH 30, 1999, DUE JUNE 30, 1999 AT 4.75%
Number of dealers or banks 1
Maximum amount with one dealer or bank 100.0%
Aggregate principal amount of agreements $500,000,000
Aggregate maturity amount of agreements $506,069,444
Aggregate market value of transferred assets $511,224,797
Coupon rates of transferred assets 0.00% to 14.00%
Maturity dates of transferred assets 8/12/99 to 2/15/26
DATED APRIL 30, 1999, DUE MAY 3, 1999 AT 4.88%
Number of dealers or banks 9
Maximum amount with one dealer or bank 26.1%
Aggregate principal amount of agreements $726,754,000
Aggregate maturity amount of agreements $727,049,729
Aggregate market value of transferred assets $742,857,819
Coupon rates of transferred assets 0.00% to 10.38%
Maturity dates of transferred assets 5/13/99 to 8/15/27
DATED APRIL 30, 1999, DUE MAY 3, 1999 AT 4.89%
Number of dealers or banks 17
Maximum amount with one dealer or bank 9.1%
Aggregate principal amount of agreements $4,744,958,000
Aggregate maturity amount of agreements $4,746,892,112
Aggregate market value of transferred assets $4,848,308,450
Coupon rates of transferred assets 0.00% to 13.88%
Maturity dates of transferred assets 5/13/99 to 8/15/28
</TABLE>
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 0.25% of the fund's
average net assets.
SUB-ADVISER FEE. As each fund's investment sub-adviser, Fidelity
Investments Money Management, Inc., a wholly owned subsidiary of FMR,
receives a fee from FMR of 50% of the management fee payable to FMR.
The 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 Board of Trustees have adopted separate distribution
plans with respect to each 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. A portion of this fee may be reallowed to securities
dealers, banks and other financial institutions for the distribution
of each class of shares and providing shareholder support services.
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.
For the period, each class paid FDC the following amounts, a portion
of which was retained by FDC:
PAID TO FDC RETAINED BY FDC
TREASURY - DAILY MONEY CLASS $ 1,622,358 $ 29,782
TREASURY - CAPITAL RESERVES 1,527,555 -
CLASS
TREASURY - ADVISOR B CLASS 332,199 250,546
TREASURY - ADVISOR C CLASS 110,195 79,988
$ 3,592,307 $ 360,316
PRIME - DAILY MONEY CLASS $ 4,543,356 $ 75,956
PRIME - CAPITAL RESERVES CLASS 6,367,408 -
$ 10,910,764 $ 75,956
TAX-EXEMPT - DAILY MONEY CLASS $ 646,605 $ 38,585
TAX-EXEMPT - CAPITAL RESERVES 465,341 -
CLASS
$ 1,111,946 $ 38,585
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
0% 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 $443,706 and $22,509
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 the
account size and type of account of the shareholders of the respective
classes of the fund. 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:
<TABLE>
<CAPTION>
<S> <C> <C> <C>
TRANSFER AGENT AMOUNT % OF AVERAGE NET ASSETS*
TREASURY - DAILY MONEY CLASS FIIOC $ 1,496,542 .23
TREASURY - CAPITAL RESERVES FIIOC 772,455 .25
CLASS
TREASURY - ADVISOR B CLASS FIIOC 74,539 .22
TREASURY - ADVISOR C CLASS* FIIOC 27,805 .25
$ 2,371,341
PRIME - DAILY MONEY CLASS FIIOC $ 4,197,856 .23
PRIME - CAPITAL RESERVES CLASS FIIOC 2,826,886 .22
$ 7,024,742
TAX-EXEMPT - DAILY MONEY CLASS UMB $ 574,225 .22
TAX-EXEMPT - CAPITAL RESERVES UMB 207,523 .22
CLASS
$ 781,748
</TABLE>
* 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.
4. FEES AND OTHER TRANSACTIONS WITH AFFILIATES - CONTINUED
MONEY MARKET INSURANCE. Pursuant to an Exemptive Order issued by the
SEC, each fund, along with other money market funds advised by FMR or
its affiliates, has entered into insurance agreements with FIDFUNDS
Mutual Limited (FIDFUNDS), an affiliated mutual insurance company,
effective January 1, 1999. FIDFUNDS provides limited coverage for
certain loss events including issuer default as to payment of
principal or interest and bankruptcy or insolvency of a credit
enhancement provider. The insurance does not cover losses resulting
from changes in interest rates, ratings downgrades or other market
conditions. Each fund may be subject to a special assessment of up to
approximately 2.5 times the fund's annual gross premium if covered
losses exceed certain levels. During the period, Treasury, Prime and
Tax-Exempt paid premiums of $10,691, $247,374 and $32,936,
respectively, to FIDFUNDS, all of which are reimbursed by FMR.
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 LIMITATIONS REIMBURSEMENT
TREASURY - DAILY MONEY CLASS 0.65% $ 764,062
TREASURY - CAPITAL RESERVES 0.90% 414,090
CLASS
TREASURY - ADVISOR B CLASS 1.40% 36,724
TREASURY - ADVISOR C CLASS 1.40% 15,087
$ 1,229,963
PRIME - DAILY MONEY CLASS 0.65% $ 2,247,243
PRIME - CAPITAL RESERVES CLASS 0.90% 1,460,075
$ 3,707,318
TAX-EXEMPT - DAILY MONEY CLASS 0.65% $ 433,172
TAX-EXEMPT - CAPITAL RESERVES 0.90% 156,961
CLASS
$ 590,133
In addition, each fund has entered into an arrangement with its
custodian 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 $8,774 for Tax-Exempt under the
custodian arrangement.
6. BENEFICIAL INTEREST.
At the end of the period, two shareholders were record owners of
approximately 17% and 14%, respectively, of the total outstanding
shares of Treasury.
7. DISTRIBUTIONS TO SHAREHOLDERS.
Distributions to shareholders of each class were as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
FROM NET INTEREST INCOME SIX MONTHS ENDED APRIL 30, 1999 YEAR ENDED OCTOBER 31, 1998 A
TREASURY - DAILY MONEY CLASS $ 27,573,987 $ 61,024,076
TREASURY - CAPITAL RESERVES 12,262,726 14,650,449
CLASS
TREASURY - ADVISOR B CLASS 1,162,783 1,800,162
TREASURY - ADVISOR C CLASS 384,201 304,271
TOTAL $ 41,383,697 $ 77,778,958
PRIME - DAILY MONEY CLASS $ 82,369,406 $ 150,820,165
PRIME - CAPITAL RESERVES CLASS 54,545,122 96,562,493
TOTAL $ 136,914,528 $ 247,382,658
TAX-EXEMPT - DAILY MONEY CLASS $ 6,453,111 $ 14,919,060
TAX-EXEMPT - CAPITAL RESERVES 2,092,960 4,908,019
CLASS
TOTAL $ 8,546,071 $ 19,827,079
</TABLE>
A DISTRIBUTIONS FOR TREASURY - ADVISOR C CLASS ARE FOR THE PERIOD
NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF SHARES) TO OCTOBER 31, 1998.
8. SHARE TRANSACTIONS.
Share transactions at net asset value of $1.00 per share for each
class of shares were as follows:
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED APRIL 30, 1999 YEAR ENDED OCTOBER 31, 1998 A
TREASURY - DAILY MONEY CLASS $ 3,026,003,287 $ 6,183,446,431
Shares sold
Reinvestment of distributions 23,634,950 51,096,751
from net interest income
Shares redeemed (2,989,043,665) (6,257,475,931)
Net increase (decrease) $ 60,594,572 $ (22,932,749)
TREASURY - CAPITAL RESERVES $ 1,782,674,839 $ 1,993,751,534
CLASS Shares sold
Reinvestment of distributions 4,993,698 11,646,305
from net interest income
Shares redeemed (1,318,024,985) (1,790,313,607)
$ 469,643,552 $ 215,084,232
TREASURY - ADVISOR B CLASS $ 135,222,170 $ 154,354,745
Shares sold
Reinvestment of distributions 980,888 1,654,170
from net interest income
Shares redeemed (136,903,932) (125,863,931)
Net increase (decrease) $ (700,874) $ 30,144,984
TREASURY - ADVISOR C CLASS $ 130,858,670 $ 77,740,029
Shares sold
Reinvestment of distributions 323,055 247,692
from net interest income
Shares redeemed (119,551,111) (62,085,301)
Net increase (decrease) $ 11,630,614 $ 15,902,420
</TABLE>
A SHARE TRANSACTIONS FOR TREASURY - ADVISOR C CLASS ARE FOR THE PERIOD
NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF SHARES) TO OCTOBER 31, 1998.
8. SHARE TRANSACTIONS - CONTINUED
<TABLE>
<CAPTION>
<S> <C> <C>
SIX MONTHS ENDED APRIL 30, 1999 YEAR ENDED OCTOBER 31, 1998 A
PRIME - DAILY MONEY CLASS $ 9,995,881,598 $ 17,264,760,055
Shares sold
Reinvestment of distributions 76,794,411 140,399,598
from net interest income
Shares redeemed (9,674,657,961) (16,695,204,676)
Net increase (decrease) $ 398,018,048 $ 709,954,977
PRIME - CAPITAL RESERVES $ 10,944,283,911 $ 45,041,695,815
CLASS Shares sold
Reinvestment of distributions 50,752,158 290,194,746
from net interest income
Shares redeemed (10,381,158,304) (44,839,598,846)
$ 613,877,765 $ 492,291,715
TAX-EXEMPT - DAILY MONEY $ 940,582,365 $ 2,154,461,152
CLASS Shares sold
Reinvestment of distributions 5,685,318 13,276,012
from net interest income
Shares redeemed (977,628,879) (2,117,850,043)
Net increase (decrease) $ (31,361,196) $ 49,887,121
TAX-EXEMPT - CAPITAL RESERVES $ 417,131,596 $ 828,007,955
CLASS Shares sold
Reinvestment of distributions 2,008,989 4,306,467
from net interest income
Shares redeemed (415,267,692) (822,654,839)
$ 3,872,893 $ 9,659,583
</TABLE>
A SHARE TRANSACTIONS FOR TREASURY - ADVISOR C CLASS ARE FOR THE PERIOD
NOVEMBER 3, 1997 (COMMENCEMENT OF SALE OF SHARES) TO OCTOBER 31, 1998.
MANAGING YOUR INVESTMENTS
Fidelity offers several ways to conveniently manage your personal
investments via your telephone or PC. You can access your account
information, conduct trades and research your investments 24 hours a
day.
BY PHONE
Fidelity TouchTone Xpress(registered trademark) provides a single
toll-free number to access account balances, positions, quotes and
trading. It's easy to navigate the service, and on your first call,
the system will help you create a personal identification number (PIN)
for security.
(PHONE_GRAPHIC)TOUCHTONE XPRESS
1-800-544-5555
PRESS
1 For mutual fund and brokerage trading.
2 For quotes.*
3 For account balances and holdings.
4 To review orders and mutual
fund activity.
5 To change your PIN.
*0 To speak to a Fidelity representative.
BY PC
Fidelity's Web site on the Internet provides a wide range of
information, including daily financial news, fund performance,
interactive planning tools and news about Fidelity products and
services.
(COMPUTER_GRAPHIC)FIDELITY'S WEB SITE
WWW.FIDELITY.COM
If you are not currently on the Internet, call EarthLink Sprint at
1-800-288-2967, and be sure to ask for registration number SMD004 to
receive a special Fidelity package that includes 30 days of free
Internet access. EarthLink is North America's #1 independent Internet
access provider.
(COMPUTER_GRAPHIC)
FIDELITY ON-LINE XPRESS+(registered trademark)
Fidelity On-line Xpress+ software for Windows combines comprehensive
portfolio management capabilities, securities trading and access to
research and analysis tools . . . all on your desktop. Call Fidelity
at 1-800-544-7272 or visit our Web site for more information on how to
manage your investments via your PC.
* WHEN YOU CALL THE QUOTES LINE, PLEASE REMEMBER THAT A FUND'S YIELD
AND RETURN WILL VARY AND,
EXCEPT FOR MONEY MARKET FUNDS, SHARE PRICE WILL ALSO VARY. THIS MEANS
THAT YOU MAY HAVE A
GAIN OR LOSS WHEN YOU SELL YOUR SHARES. THERE IS NO ASSURANCE THAT
MONEY MARKET FUNDS WILL BE
ABLE TO MAINTAIN A STABLE $1 SHARE PRICE; AN INVESTMENT IN A MONEY
MARKET FUND IS NOT INSURED
OR GUARANTEED BY THE U.S. GOVERNMENT. TOTAL RETURNS ARE HISTORICAL AND
INCLUDE CHANGES IN SHARE
PRICE, REINVESTMENT OF DIVIDENDS AND CAPITAL GAINS, AND THE EFFECTS OF
ANY SALES CHARGES.
TO WRITE FIDELITY
If more than one address is listed, please locate the address that is
closest to you. We'll give your correspondence immediate attention and
send you written confirmation upon completion of your request.
(LETTER_GRAPHIC)MAKING CHANGES
TO YOUR ACCOUNT
(such as changing name, address, bank, etc.)
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0002
(LETTER_GRAPHIC)FOR NON-RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
OVERNIGHT EXPRESS
Fidelity Investments
2300 Litton Lane - KH1A
Hebron, KY 41048
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6I
400 East Las Colinas Blvd.
Irving, TX 75039-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
(LETTER_GRAPHIC)FOR RETIREMENT
ACCOUNTS
BUYING SHARES
Fidelity Investments
P.O. Box 770001
Cincinnati, OH 45277-0003
SELLING SHARES
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
OVERNIGHT EXPRESS
Fidelity Investments
Attn: Redemptions - CP6R
400 East Las Colinas Blvd.
Irving, TX 75039-5517
GENERAL CORRESPONDENCE
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
TO VISIT FIDELITY
For directions and hours,
please call 1-800-544-9797.
ARIZONA
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595 North Barker Road
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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
Fred L. Henning, Jr., Vice President
Boyce I. Greer, Vice President
John J. Todd, Vice President
Robert A. Litterst, Vice President
Scott A. Orr, Vice President
Eric D. Roiter, Secretary
Richard A. Silver, Treasurer
Matthew N. Karstetter, Deputy Treasurer
Stanley N. Griffith, 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
Abigail P. Johnson
* INDEPENDENT TRUSTEES
DMFI-SANN-0699 78404
1.703547.101
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)
(2_FIDELITY_LOGOS)(registered trademark)
Corporate Headquarters
82 Devonshire St., Boston, MA 02109
www.fidelity.com
