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Spartan®
Fund
Semiannual Report
October 31, 2000
(2_fidelity_logos)(Registered_Trademark)
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President's Message |
Ned Johnson on investing strategies. |
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Performance |
How the fund has done over time. |
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Fund Talk |
The manager's review of fund performance, strategy and outlook. |
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Investment Changes |
A summary of major shifts in the fund's investments over the past six months and one year. |
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Investments |
A complete list of the fund's investments. |
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Financial Statements |
Statements of assets and liabilities,
operations, and changes in net assets, |
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Notes |
Notes to the financial statements. |
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To reduce expenses, only one copy of most financial reports and prospectuses may be mailed to households, even if more than one person in the household has an account in the fund. Call Fidelity at 1-800-544-8544 if you need additional copies of financial reports or prospectuses. If you do not want the mailing of these documents to be combined with those for other members of your household, contact Fidelity in writing at P.O. Box 5000, Cincinnati, OH 45273-8692.
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.
(Recycle graphic) This report is printed on recycled paper using soy-based inks.
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 1-800-544-6666 for a free prospectus. Read it carefully before you invest or send money.
Semiannual Report
(photo_of_Edward_C_Johnson_3d)
Dear Shareholder:
A sixth-straight year of double-digit positive returns for the Dow Jones Industrial Average, NASDAQ and S&P 500® could be in jeopardy unless the U.S. stock market shows marked improvement in the final two months of 2000. Through October, all three indexes had negative year-to-date returns. On the other hand, most fixed-income sectors were solidly in the black. Treasuries and other long-term government securities led the way, returning nearly 14%.
While it's impossible to predict the future direction of the markets with any degree of certainty, there are certain basic principles that can help investors plan for their future needs.
First, investors are encouraged to take a long-term view of their portfolios. If you can afford to leave your money invested through the inevitable up and down cycles of the financial markets, you will greatly reduce your vulnerability to any single decline. We know from experience, for example, that stock prices have gone up over longer periods of time, have significantly outperformed other types of investments and have stayed ahead of inflation.
Second, you can further manage your investing risk through diversification. A stock mutual fund, for instance, is already diversified, because it invests in many different companies. You can increase your diversification further by investing in a number of different stock funds, or in such other investment categories as bonds. You should also keep money you'll need in the near future in a more stable investment.
Finally, no matter what your time horizon or portfolio diversity, it makes good sense to follow a regular investment plan, investing a certain amount of money in a fund at the same time each month or quarter and periodically reviewing your overall portfolio. By doing so, you won't get caught up in the excitement of a rapidly rising market, nor will you buy all your shares at market highs. While this strategy - known as dollar cost averaging - won't assure a profit or protect you from a loss in a declining market, it should help you lower the average cost of your purchases. Of course, you should consider your financial ability to continue your purchases through periods of low price levels before undertaking such a strategy.
If you have questions, please call us at 1-800-544-6666, or visit our web site at www.fidelity.com. We are available 24 hours a day, seven days a week to provide you the information you need to make the investments that are right for you.
Best regards,
/s/Edward C. Johnson 3d
Edward C. Johnson 3d
Semiannual Report
To evaluate a money market fund's historical performance, you can look at either total return or yield. Total return reflects the change in the value of an investment, assuming reinvestment of the fund's dividend income. Yield measures the income paid by a fund. Since a money market fund tries to maintain a $1 share price, yield is an important measure of performance. If Fidelity had not reimbursed certain fund expenses, the past 10 year total return would have been lower.
Cumulative Total Returns
|
Periods ended October 31, 2000 |
Past 6 |
Past 1 |
Past 5 |
Past 10 |
|
Spartan Money Market |
3.16% |
6.03% |
30.01% |
63.68% |
|
All Taxable Money Market Funds Average |
3.02% |
5.71% |
28.37% |
58.27% |
Cumulative total returns show the fund's performance in percentage terms over a set period - in this case, six months, one year, five years or 10 years. For example, if you had invested $1,000 in a fund that had a 5% return over the past year, the value of your investment would be $1,050. To measure how the fund's performance stacked up against its peers, you can compare it to the all taxable money market funds average, which reflects the performance of taxable money market funds with similar objectives tracked by iMoneyNet, Inc. The past six months average represents a peer group of 959 money market funds.
Average Annual Total Returns
|
Periods ended October 31, 2000 |
|
Past 1 |
Past 5 |
Past 10 |
|
Spartan Money Market |
|
6.03% |
5.39% |
5.05% |
|
All Taxable Money Market Funds Average |
|
5.71% |
5.11% |
4.69% |
Average annual total returns take the fund's cumulative return and show you what would have happened if the fund had performed at a constant rate each year.
Semiannual Report
Performance - continued
Yields
|
|
10/31/00 |
8/1/00 |
5/2/00 |
2/1/00 |
11/2/99 |
|
Spartan Money Market Fund |
6.25% |
6.27% |
5.74% |
5.46% |
5.19% |
|
All Taxable Money Market Funds Average |
6.01% |
5.98% |
5.45% |
5.14% |
4.83% |
|
|
11/1/00 |
8/2/00 |
5/3/00 |
2/2/00 |
11/3/99 |
|
MMDA |
2.11% |
2.12% |
2.03% |
2.07% |
2.07% |
Yield refers to the income paid by the fund over a given period. Yields for money market funds are usually for seven-day periods, expressed as annual percentage rates. A yield that assumes income earned is reinvested or compounded is called an effective yield. The table above shows the fund's current seven-day yield at quarterly intervals over the past year. You can compare these yields to the all taxable money market funds average and the bank money market deposit account (MMDA) average. Figures for the all taxable money market funds average are from iMoneyNet, Inc. The MMDA average is supplied by BANK RATE MONITOR(TM).
Comparing
Performance
There are some important differences between a bank money market deposit account (MMDA) and a money market fund. First, the U.S. government neither insures nor guarantees a money market fund. In fact, there is no assurance that a money market fund will maintain a $1 share price. Second, a money market fund returns to its shareholders income earned by the fund's investments after expenses. This is in contrast to banks, which set their MMDA rates periodically based on current interest rates, competitors' rates, and internal criteria.
3A money market fund's total returns and yields will vary, and reflect past results rather than predict future performance.
Semiannual Report
(Portfolio Manager photograph)
An interview with John Todd, Portfolio Manager of Spartan Money Market Fund
Q. John, what was the investment environment like during the six months that ended October 31, 2000?
A. In May, the Federal Reserve Board raised the rate banks charge each other for overnight loans - known as the fed funds target rate - by 0.50 percentage points, after having already hiked the fed funds rate by 1.25% since mid-1999 in five separate moves. So, as we started the period market observers expected that the Fed would continue this rate-hike program at least through the end of 2000. This view proved to be unfounded, however, as the Fed decided it was willing to tolerate faster economic growth, thanks in part to accelerating productivity which helped contain inflationary pressures. Consequently, the Fed decided to pause and assess the effects of its actions during the summer and remained on the sidelines as the fall's election season approached. When the Fed decided to keep rates unchanged in August, it reaffirmed the market's new-found belief - reflected in market interest rates - that the Fed would keep rates steady for the balance of the year. Data continued to confirm that economic growth was moderating from the rapid pace we had seen in the first half of 2000. Several reasons were cited for this slowdown. First, there were the Fed rate increases, which raised the cost of borrowing money. Second, rising energy prices served as a kind of tax on the consumers, because the higher prices reduced disposable income. Finally, raw materials costs increased for corporations, hurting their earnings and their stock market performance, because competitive pressures prevented companies from passing on these higher costs in the form of higher prices for their products. Equity prices declined as the market adjusted to new expectations for slower revenue and earnings growth. Declining financial asset prices and their negative impact on disposable income were expected to further dampen economic growth. In spite of the slowdown, though, economic growth remained solid. However, inflation remained benign despite rising energy prices and a strong labor market as evidenced by the lowest unemployment rate in 30 years. Strong productivity growth was credited for muting the inflationary effects typically sparked by low unemployment and rising wages and benefits. While the Fed held off implementing any further monetary policy moves, it announced it had maintained a bias toward raising rates in the future, suggesting that there was more of a risk of higher inflation than of a harmful economic slowdown.
Q. What was your strategy with the fund?
A. At the beginning of the period, the money market yield curve - a representation of the difference between short- and long-term money market rates - was fairly steep. That is, investors were rewarded with higher yields for investing in longer-term securities. At that time, I extended the average maturity of the fund by buying six-month and one-year securities that I felt adequately compensated the fund given my interest-rate outlook. I balanced those longer-term investments with securities in the one- and two-month range. Once market sentiment shifted, the yield curve flattened, meaning investors were not rewarded for taking on the added risk of investing in longer-term money market securities. Because I did not feel the Fed would cut rates - a belief that would have caused me to purchase longer-term paper to lock in higher rates - I allowed the fund's average maturity to shorten to 45 days at the end of the October. I'd also mention that many corporations issuing bonds have had to pay increasingly higher interest rates relative to U.S. Treasury debt, because the markets perceived that credit risks were rising. Thus far, these concerns have not affected short-term markets to any great extent, but instead have been limited to the long-term credit markets.
Semiannual Report
Fund Talk: The Manager's Overview - continued
Q. How did the fund perform?
A. The fund's seven-day yield on October 31, 2000, was 6.25%, compared to 5.73% six months ago. For the six months that ended October 31, 2000, the fund had a total return of 3.16%, compared to 3.02% for the all taxable money market funds average, according to iMoneyNet, Inc.
Q. What is your outlook, John?
A. At this point in time, I'm waiting to see what kind of fiscal policies the new president and the new Congress implement. Presently, even though core inflation has started to creep up a bit, inflation is generally under control. The economy remains strong, but is slowing. The big question at this point is just how much the economy will slow down, because it is still operating at a fairly high level. The magnitude of the slowdown, as well as credit market behavior over the next few months, will play a big role in determining the future course of Fed policy.
The views expressed in this report reflect those of the portfolio manager only through the end of the period of the report as stated on the cover and do not necessarily represent the views of Fidelity or any other person in the Fidelity organization. Any such views are subject to change at any time based upon market or other conditions and Fidelity disclaims any responsibility to update such views. These views may not be relied on as investment advice and, because investment decisions for a Fidelity fund are based on numerous factors, may not be relied on as an indication of trading intent on behalf of any Fidelity fund.
Fund Facts
Goal: seeks high current income as is consistent with preservation of capital and liquidity, by investing in short-term money market securities, repurchase agreements and reverse repurchase agreements
Fund number: 454
Trading symbol: SPRXX
Start date: January 23, 1989
Size: as of October 31, 2000, more than $9.6 billion
Manager: John Todd, since 1989; manager, various Fidelity and Spartan money market funds; joined Fidelity in 1981
3Semiannual Report
|
Maturity Diversification |
|||
|
Days |
% of fund's investments 10/31/00 |
% of fund's investments 4/30/00 |
% of fund's investments 10/31/99 |
|
0 - 30 |
61.9 |
63.4 |
44.8 |
|
31 - 90 |
15.4 |
19.0 |
15.1 |
|
91 - 180 |
18.4 |
5.4 |
34.2 |
|
181 - 397 |
4.3 |
12.2 |
5.9 |
|
Weighted Average Maturity |
|||
|
|
10/31/00 |
4/30/00 |
10/31/99 |
|
Spartan Money Market Fund |
45 Days |
59 Days |
69 Days |
|
All Taxable Money Market Funds Average* |
50 Days |
47 Days |
57 Days |
|
Asset Allocation (% of fund's net assets) |
|||||||
|
As of October 31, 2000 |
As of April 30, 2000 |
||||||
 |
Commercial Paper 36.4% |
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Commercial Paper 37.2% |
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 |
Bank CDs, BAs, |
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Bank CDs, BAs, |
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 |
Government |
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Government |
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 |
Other |
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Other |
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** Net Other Assets are not included in the pie chart. |
* Source: iMoneyNet, Inc.
Semiannual Report
(Unaudited)
Showing Percentage of Net Assets
|
Certificates of Deposit - 35.0% |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Domestic Certificates Of Deposit - 2.3% |
||||
|
Citibank NA, New York |
||||
|
11/3/00 |
6.78% |
$ 40,000 |
$ 40,000 |
|
|
First Union National Bank, North Carolina |
||||
|
11/21/00 |
6.48 |
70,000 |
70,000 |
|
|
5/15/01 |
7.35 |
25,000 |
25,000 |
|
|
Fleet National Bank |
||||
|
11/9/00 |
6.54 |
50,000 |
50,000 |
|
|
U.S. Bank NA, Minnesota |
||||
|
11/1/00 |
6.72 (b) |
35,000 |
35,000 |
|
|
|
220,000 |
|||
|
London Branch, Eurodollar, Foreign Banks - 18.7% |
||||
|
Abbey National Treasury Services PLC |
||||
|
11/9/00 |
6.50 |
75,000 |
75,000 |
|
|
11/27/00 |
6.60 |
100,000 |
100,000 |
|
|
3/12/01 |
6.70 |
50,000 |
50,000 |
|
|
Alliance & Leicester PLC |
||||
|
2/26/01 |
6.75 |
50,000 |
50,000 |
|
|
3/12/01 |
6.70 |
50,000 |
50,000 |
|
|
Banque Bruxelles Lambert SA (BBL) |
||||
|
3/5/01 |
6.70 |
100,000 |
100,004 |
|
|
Barclays Bank PLC |
||||
|
11/6/00 |
6.58 |
100,000 |
100,000 |
|
|
11/21/00 |
6.55 |
55,000 |
55,000 |
|
|
12/27/00 |
6.55 |
100,000 |
100,000 |
|
|
Bayerische Hypo-und Vereinsbank AG |
||||
|
11/1/00 |
6.70 |
65,000 |
65,000 |
|
|
12/11/00 |
6.50 |
75,000 |
75,000 |
|
|
2/26/01 |
6.74 |
100,000 |
100,000 |
|
|
3/13/01 |
6.67 |
60,000 |
60,000 |
|
|
Den Danske Bank Group AS |
||||
|
11/22/00 |
6.60 |
100,000 |
100,001 |
|
|
Halifax PLC |
||||
|
12/7/00 |
6.43 |
75,000 |
75,000 |
|
|
ING Bank NV |
||||
|
11/8/00 |
6.51 |
50,000 |
50,000 |
|
|
11/24/00 |
6.60 |
75,000 |
75,000 |
|
|
Landesbank Hessen-Thuringen |
||||
|
11/20/00 |
7.00 |
50,000 |
50,000 |
|
|
Nationwide Building Society |
||||
|
2/14/01 |
6.70 |
25,000 |
25,000 |
|
|
Certificates of Deposit - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
London Branch, Eurodollar, Foreign Banks - continued |
||||
|
Northern Rock PLC |
||||
|
11/24/00 |
6.62% |
$ 75,000 |
$ 75,000 |
|
|
RaboBank Nederland Coop. Central |
||||
|
11/6/00 |
6.75 |
125,000 |
125,000 |
|
|
11/6/00 |
6.83 |
75,000 |
75,000 |
|
|
12/18/00 |
6.52 |
35,000 |
35,000 |
|
|
Societe Generale |
||||
|
12/1/00 |
6.57 |
50,000 |
50,000 |
|
|
12/18/00 |
6.54 |
50,000 |
50,000 |
|
|
Westdeutsche Landesbank Girozentrale |
||||
|
2/28/01 |
6.75 |
30,000 |
30,000 |
|
|
|
1,795,005 |
|||
|
New York Branch, Yankee Dollar, Foreign Banks - 14.0% |
||||
|
Bank of Scotland Treasury Services PLC |
||||
|
11/30/00 |
6.55 (b) |
45,000 |
44,984 |
|
|
Canadian Imperial Bank of Commerce |
||||
|
11/1/00 |
6.62 (b) |
65,000 |
64,976 |
|
|
11/20/00 |
7.01 |
30,000 |
30,000 |
|
|
11/27/00 |
7.01 |
2,000 |
2,000 |
|
|
Commerzbank AG |
||||
|
3/23/01 |
6.75 |
75,000 |
75,000 |
|
|
Deutsche Bank AG |
||||
|
11/10/00 |
6.55 (b) |
50,000 |
49,996 |
|
|
11/16/00 |
7.01 |
50,000 |
50,000 |
|
|
2/5/01 |
6.75 |
100,000 |
99,986 |
|
|
2/22/01 |
6.82 |
50,000 |
49,993 |
|
|
Dresdner Bank AG |
||||
|
12/29/00 |
7.05 |
75,000 |
75,000 |
|
|
Merita Bank PLC |
||||
|
11/20/00 |
6.55 |
50,000 |
50,000 |
|
|
National Westminster Bank PLC |
||||
|
12/4/00 |
6.55 |
50,000 |
50,000 |
|
|
Norddeutsche Landesbank Girozentrale |
||||
|
2/8/01 |
6.75 |
25,000 |
24,997 |
|
|
RaboBank Nederland Coop. Central |
||||
|
5/8/01 |
7.15 |
50,000 |
49,993 |
|
|
Royal Bank of Canada |
||||
|
11/1/00 |
6.62 (b) |
150,000 |
149,953 |
|
|
11/13/00 |
6.55 (b) |
70,000 |
69,993 |
|
|
5/2/01 |
7.00 |
25,000 |
24,998 |
|
|
Certificates of Deposit - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
New York Branch, Yankee Dollar, Foreign Banks - continued |
||||
|
Royal Bank of Canada - continued |
||||
|
5/3/01 |
7.10% |
$ 75,000 |
$ 74,989 |
|
|
Societe Generale |
||||
|
11/6/00 |
6.56 (b) |
75,000 |
74,970 |
|
|
11/9/00 |
6.60 (b) |
70,000 |
69,999 |
|
|
Svenska Handelsbanken AB |
||||
|
5/2/01 |
7.00 |
35,000 |
34,997 |
|
|
UBS AG |
||||
|
12/7/00 |
6.45 |
25,000 |
24,992 |
|
|
5/1/01 |
7.00 |
105,000 |
104,990 |
|
|
|
1,346,806 |
|||
|
TOTAL CERTIFICATES OF DEPOSIT |
3,361,811 |
|||
|
Commercial Paper - 36.4% |
||||
|
|
||||
|
Amsterdam Funding Corp. |
||||
|
12/22/00 |
6.60 |
50,000 |
49,540 |
|
|
Asset Securitization Coop. Corp. |
||||
|
11/9/00 |
6.56 |
85,000 |
84,877 |
|
|
11/29/00 |
6.56 (b) |
100,000 |
99,997 |
|
|
Associates Corp. of North America |
||||
|
2/15/01 |
6.70 |
40,000 |
39,231 |
|
|
Associates First Capital Corp. |
||||
|
11/6/00 |
6.56 |
25,000 |
24,977 |
|
|
AT&T Corp. |
||||
|
11/19/00 |
6.65 (b) |
45,000 |
45,000 |
|
|
2/27/01 |
6.71 |
75,000 |
73,402 |
|
|
Bank of America Corp. |
||||
|
11/6/00 |
6.84 |
50,000 |
49,954 |
|
|
3/12/01 |
6.72 |
50,000 |
48,819 |
|
|
Centric Capital Corp. |
||||
|
12/14/00 |
6.58 |
10,000 |
9,923 |
|
|
CIESCO LP |
||||
|
11/9/00 |
6.62 |
50,000 |
49,928 |
|
|
Citibank Credit Card Master Trust I (Dakota Certificate Program) |
||||
|
11/2/00 |
6.54 |
30,000 |
29,995 |
|
|
11/6/00 |
6.65 |
30,000 |
29,973 |
|
|
11/9/00 |
6.64 |
25,000 |
24,964 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
ConAgra Foods, Inc. |
||||
|
11/15/00 |
6.71% |
$ 15,500 |
$ 15,460 |
|
|
11/20/00 |
6.68 |
12,880 |
12,835 |
|
|
11/21/00 |
6.69 |
17,000 |
16,937 |
|
|
11/27/00 |
6.69 |
25,000 |
24,880 |
|
|
Conoco, Inc. |
||||
|
11/14/00 |
6.70 |
30,000 |
29,928 |
|
|
Corporate Asset Funding Co. |
||||
|
12/12/00 |
6.57 |
25,000 |
24,815 |
|
|
Corporate Receivables Corp. |
||||
|
11/16/00 |
6.61 |
50,000 |
49,865 |
|
|
11/22/00 |
6.61 |
80,000 |
79,697 |
|
|
12/8/00 |
6.57 |
30,000 |
29,800 |
|
|
CXC, Inc. |
||||
|
11/8/00 |
6.62 |
30,000 |
29,962 |
|
|
12/7/00 |
6.60 |
30,000 |
29,805 |
|
|
Daimler-Chrysler North America Holding Corp. |
||||
|
12/12/00 |
6.57 |
50,000 |
49,630 |
|
|
12/13/00 |
6.59 |
25,000 |
24,811 |
|
|
12/19/00 |
6.59 |
20,000 |
19,827 |
|
|
3/2/01 |
6.71 |
15,000 |
14,673 |
|
|
Delaware Funding Corp. |
||||
|
11/20/00 |
6.56 |
100,000 |
99,657 |
|
|
11/21/00 |
6.58 |
42,370 |
42,217 |
|
|
Dexia Funding North America |
||||
|
11/22/00 |
6.44 |
40,000 |
39,857 |
|
|
Dominion Resources, Inc. |
||||
|
11/21/00 |
6.72 |
25,000 |
24,907 |
|
|
11/21/00 |
6.73 |
20,000 |
19,926 |
|
|
Dresdner Bank AG |
||||
|
11/27/00 |
6.60 |
30,000 |
30,000 |
|
|
Edison Asset Securitization LLC |
||||
|
11/9/00 |
6.53 |
45,300 |
45,235 |
|
|
11/9/00 |
6.60 |
55,185 |
55,105 |
|
|
11/13/00 |
6.60 |
50,000 |
49,892 |
|
|
11/14/00 |
6.58 |
23,118 |
23,064 |
|
|
11/15/00 |
6.55 |
75,000 |
74,810 |
|
|
Enterprise Funding Corp. |
||||
|
11/21/00 |
6.61 |
50,292 |
50,110 |
|
|
12/15/00 |
6.67 |
14,000 |
13,888 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Falcon Asset Securitization Corp. |
||||
|
11/1/00 |
6.56% |
$ 40,000 |
$ 40,000 |
|
|
11/2/00 |
6.56 |
54,805 |
54,795 |
|
|
12/14/00 |
6.60 |
35,000 |
34,729 |
|
|
12/15/00 |
6.59 |
20,000 |
19,842 |
|
|
GE Capital International Funding, Inc. |
||||
|
2/8/01 |
6.67 |
25,000 |
24,554 |
|
|
General Electric Capital Corp. |
||||
|
11/7/00 |
6.88 |
105,000 |
104,884 |
|
|
12/18/00 |
6.57 |
45,000 |
44,620 |
|
|
2/27/01 |
6.72 |
25,000 |
24,467 |
|
|
3/13/01 |
6.64 |
35,000 |
34,171 |
|
|
General Motors Acceptance Corp. |
||||
|
3/2/01 |
6.72 |
25,000 |
24,454 |
|
|
Goldman Sachs Group, Inc. |
||||
|
11/13/00 |
6.60 |
25,000 |
24,946 |
|
|
Heller Financial, Inc. |
||||
|
11/15/00 |
6.65 |
20,000 |
19,949 |
|
|
11/29/00 |
6.67 |
10,000 |
9,948 |
|
|
ING America Insurance Holdings, Inc. |
||||
|
11/8/00 |
6.95 |
10,000 |
9,987 |
|
|
Jupiter Securitization Corp. |
||||
|
11/17/00 |
6.57 |
20,000 |
19,942 |
|
|
Kitty Hawk Funding Corp. |
||||
|
12/8/00 |
6.60 |
10,000 |
9,933 |
|
|
Lehman Brothers Holdings, Inc. |
||||
|
11/9/00 |
6.72 (b) |
23,000 |
23,000 |
|
|
11/20/00 |
6.72 (b) |
48,000 |
48,000 |
|
|
Lower Colorado River Auth. Rev. |
||||
|
11/2/00 |
6.61 |
40,000 |
40,000 |
|
|
New Center Asset Trust |
||||
|
11/9/00 |
6.57 |
45,000 |
44,935 |
|
|
11/22/00 |
6.61 |
65,000 |
64,754 |
|
|
Newport Funding Corp. |
||||
|
11/2/00 |
6.57 |
100,000 |
99,982 |
|
|
Phillips Petroleum Co. |
||||
|
11/15/00 |
6.80 |
20,000 |
19,948 |
|
|
11/16/00 |
6.75 |
6,000 |
5,983 |
|
|
Preferred Receivables Funding Corp. |
||||
|
11/7/00 |
6.59 |
35,000 |
34,962 |
|
|
11/17/00 |
6.57 |
50,000 |
49,855 |
|
|
Commercial Paper - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Qwest Capital Funding, Inc. |
||||
|
11/21/00 |
6.76% |
$ 5,000 |
$ 4,981 |
|
|
Salomon Smith Barney Holdings, Inc. |
||||
|
11/16/00 |
6.57 |
90,000 |
89,757 |
|
|
12/4/00 |
6.56 |
15,000 |
14,911 |
|
|
Sears Roebuck Acceptance Corp. |
||||
|
11/21/00 |
6.80 |
10,000 |
9,962 |
|
|
11/29/00 |
6.81 |
25,000 |
24,868 |
|
|
11/30/00 |
6.81 |
20,000 |
19,891 |
|
|
Societe Generale NA |
||||
|
12/26/00 |
6.69 |
25,000 |
24,757 |
|
|
2/28/01 |
6.72 |
50,000 |
48,927 |
|
|
Southern Co. |
||||
|
12/15/00 |
6.66 |
25,000 |
24,798 |
|
|
Triple-A One Funding Corp. |
||||
|
11/7/00 |
6.55 |
77,861 |
77,777 |
|
|
Tyco International Group SA |
||||
|
11/6/00 |
6.74 |
15,000 |
14,986 |
|
|
11/22/00 |
6.77 |
7,000 |
6,973 |
|
|
11/29/00 |
6.77 |
10,000 |
9,948 |
|
|
12/6/00 |
6.85 |
20,000 |
19,869 |
|
|
12/12/00 |
6.85 |
30,000 |
29,770 |
|
|
1/29/01 |
7.02 |
14,000 |
13,761 |
|
|
Unilever Capital Corp. |
||||
|
11/2/00 |
6.58 |
75,000 |
74,986 |
|
|
Variable Funding Capital Corp. |
||||
|
11/13/00 |
6.59 (b) |
25,000 |
25,000 |
|
|
11/20/00 |
6.61 |
50,000 |
49,828 |
|
|
12/12/00 |
6.56 |
50,000 |
49,630 |
|
|
12/12/00 |
6.57 |
20,000 |
19,852 |
|
|
Ventures Business Trust |
||||
|
11/14/00 |
6.62 |
35,000 |
34,918 |
|
|
12/27/00 |
6.65 |
25,000 |
24,747 |
|
|
Verizon Global Funding Corp. |
||||
|
12/13/00 |
6.58 |
20,000 |
19,849 |
|
|
Windmill Funding Corp. |
||||
|
11/2/00 |
6.56 |
50,000 |
49,991 |
|
|
11/29/00 |
6.55 |
50,000 |
49,747 |
|
|
WorldCom, Inc. |
||||
|
11/1/00 |
6.75 |
50,000 |
50,000 |
|
|
TOTAL COMMERCIAL PAPER |
3,499,297 |
|||
|
Federal Agencies - 3.7% |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Fannie Mae - 1.8% |
||||
|
Discount Notes - 1.8% |
||||
|
3/15/01 |
6.51% |
$ 50,000 |
$ 48,822 |
|
|
3/29/01 |
6.52 |
66,760 |
65,023 |
|
|
4/19/01 |
6.52 |
60,000 |
58,223 |
|
|
|
172,068 |
|||
|
Federal Home Loan Bank - 1.4% |
||||
|
Discount Notes - 1.4% |
||||
|
2/1/01 |
6.50 |
60,000 |
59,065 |
|
|
3/28/01 |
6.52 |
75,000 |
73,061 |
|
|
|
132,126 |
|||
|
Freddie Mac - 0.5% |
||||
|
Discount Notes - 0.5% |
||||
|
2/7/01 |
6.50 |
50,000 |
49,170 |
|
|
TOTAL FEDERAL AGENCIES |
353,364 |
|||
|
U.S. Treasury Obligations - 2.6% |
||||
|
|
||||
|
U.S. Treasury Bills - 2.6% |
||||
|
2/1/01 |
6.26 |
150,000 |
147,662 |
|
|
5/3/01 |
6.26 |
110,000 |
106,624 |
|
|
TOTAL U.S. TREASURY OBLIGATIONS |
254,286 |
|||
|
Bank Notes - 4.9% |
||||
|
|
||||
|
American Express Centurion Bank |
||||
|
11/1/00 |
6.68 (b) |
75,000 |
75,000 |
|
|
11/24/00 |
6.59 (b) |
60,000 |
60,000 |
|
|
Bank of America NA |
||||
|
11/2/00 |
6.63 |
75,000 |
75,000 |
|
|
11/20/00 |
7.00 |
30,000 |
30,000 |
|
|
3/21/01 |
6.75 |
60,000 |
60,000 |
|
|
Bank One NA, Chicago |
||||
|
3/19/01 |
6.62 |
50,000 |
50,000 |
|
|
4/16/01 |
6.64 |
100,000 |
99,998 |
|
|
Comerica Bank, Detroit |
||||
|
11/1/00 |
6.64 (b) |
25,000 |
24,998 |
|
|
TOTAL BANK NOTES |
474,996 |
|||
|
Master Notes - 1.8% |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Goldman Sachs Group, Inc. |
||||
|
12/28/00 |
6.63% (c) |
$ 55,000 |
$ 55,000 |
|
|
2/15/01 |
6.72 (c) |
45,000 |
45,000 |
|
|
J.P. Morgan Securities, Inc. |
||||
|
11/7/00 |
6.61 (b) |
70,000 |
70,000 |
|
|
TOTAL MASTER NOTES |
170,000 |
|||
|
Medium-Term Notes - 3.6% |
||||
|
|
||||
|
Associates Corp. of North America |
||||
|
12/29/00 |
6.66 (b) |
90,000 |
90,000 |
|
|
Bank of Scotland Treasury Services PLC |
||||
|
1/19/01 |
6.77 (b) |
30,000 |
30,000 |
|
|
CIT Group, Inc. |
||||
|
11/1/00 |
6.61 (b) |
45,000 |
44,985 |
|
|
General Motors Acceptance Corp. |
||||
|
11/28/00 |
6.56 (b) |
45,000 |
44,989 |
|
|
12/14/00 |
6.57 (b) |
35,000 |
34,996 |
|
|
General Motors Acceptance Corp. Mortgage Credit |
||||
|
11/1/00 |
6.67 |
55,000 |
55,000 |
|
|
Merrill Lynch & Co., Inc. |
||||
|
11/3/00 |
6.59 (b) |
45,000 |
44,998 |
|
|
TOTAL MEDIUM-TERM NOTES |
344,968 |
|||
|
Short-Term Notes - 4.2% |
||||
|
|
||||
|
Jackson National Life Insurance Co. |
||||
|
1/1/01 |
6.97 (b)(c) |
34,000 |
34,000 |
|
|
Monumental Life Insurance Co. |
||||
|
11/1/00 |
6.76 (b)(c) |
29,000 |
29,000 |
|
|
11/1/00 |
6.91 (b)(c) |
35,000 |
35,000 |
|
|
New York Life Insurance Co. |
||||
|
12/1/00 |
6.81 (b)(c) |
25,000 |
25,000 |
|
|
12/22/00 |
6.94 (b)(c) |
26,000 |
26,000 |
|
|
1/1/01 |
6.95 (b)(c) |
35,000 |
35,000 |
|
|
Pacific Life Insurance Co. |
||||
|
12/8/00 |
6.76 (b)(c) |
10,000 |
10,000 |
|
|
RACERS Series 00 10MM, |
||||
|
11/22/00 |
6.64 (a)(b) |
40,000 |
40,000 |
|
|
Short-Term Notes - continued |
||||
|
Due Date |
Annualized Yield at Time of Purchase |
Principal Amount (000s) |
Value (Note 1) (000s) |
|
|
Strategic Money Market Trust Series 2000 A, |
||||
|
11/13/00 |
6.64% (b)(c) |
$ 91,000 |
$ 91,000 |
|
|
Strategic Money Market Trust Series 2000 B, |
||||
|
12/13/00 |
6.66 (a)(b) |
30,000 |
30,000 |
|
|
Transamerica Occidental Life Insurance Co. |
||||
|
11/1/00 |
6.88 (b)(c) |
50,000 |
50,000 |
|
|
TOTAL SHORT-TERM NOTES |
405,000 |
|||
|
Time Deposits - 3.6% |
||||
|
|
||||
|
Firstar Bank NA |
||||
|
11/1/00 |
6.66 |
100,000 |
100,000 |
|
|
Norwest Bank NA, Minnesota |
||||
|
11/1/00 |
6.66 |
150,000 |
149,996 |
|
|
RaboBank Nederland Coop. Central |
||||
|
11/1/00 |
6.65 |
100,000 |
100,000 |
|
|
TOTAL TIME DEPOSITS |
349,996 |
|||
|
Repurchase Agreements - 6.2% |
|||
|
Maturity Amount (000s) |
|
||
|
In a joint trading account (U.S. Government Obligations) dated 10/31/00 due 11/1/00 At 6.62% |
$ 36 |
36 |
|
|
With: |
|
|
|
|
J.P. Morgan Securities At 6.68%, dated 10/31/00 due 11/1/00 (Commercial Paper Obligations) (principal amount $134,336,000) 0%, 11/30/00 |
131,024 |
131,000 |
|
|
Merrill Lynch Pierce Fenner & Smith At 6.71%, dated 10/31/00 due 11/1/00 (Commercial Paper Obligations) (principal amount $204,840,000) 0% - 6.57%, 11/1/00 - 3/1/01 |
200,037 |
200,000 |
|
|
Morgan Stanley & Co. At 6.69%, dated 10/31/00 due 11/1/00 (Commercial Paper Obligations) (principal amount $270,926,000) 0% - 6.8%, 11/1/00 - 12/19/00 |
264,049 |
264,000 |
|
|
TOTAL REPURCHASE AGREEMENTS |
595,036 |
||
|
TOTAL INVESTMENT PORTFOLIO - 102.0% |
9,808,754 |
||
|
NET OTHER ASSETS - (2.0)% |
(189,382) |
||
|
NET ASSETS - 100% |
$ 9,619,372 |
||
|
Total Cost for Income Tax Purposes $ 9,808,754 |
|
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 $70,000,000 or 0.7% 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. |
|
Additional information on each holding is as follows: |
|
Security |
Acquisition Date |
Cost |
|
Goldman Sachs Group, Inc.: |
10/25/00 |
$ 55,000 |
|
6.72%, 2/15/01 |
10/19/00 |
$ 45,000 |
|
Jackson National |
7/6/99 |
$ 34,000 |
|
Monumental Life Insurance Co.: 6.76%, 11/1/00 |
7/31/98 - 9/17/98 |
$ 29,000 |
|
6.91%, 11/1/00 |
2/1/00 |
$ 35,000 |
|
New York Life Insurance Co.: 6.81%, 12/1/00 |
8/28/00 |
$ 25,000 |
|
6.94%, 12/22/00 |
12/20/99 |
$ 26,000 |
|
6.95%, 1/1/01 |
7/13/00 |
$ 35,000 |
|
Pacific Life Insurance Co 6.76%, 12/8/00 |
9/8/00 |
$ 10,000 |
|
Strategic Money Market Trust Series 2000 A, 6.64%, 11/13/00 |
9/7/00 |
$ 91,000 |
|
Transamerica Occidental Life Insurance Co. 6.88%, 11/1/00 |
4/28/00 |
$ 50,000 |
|
Income Tax Information |
|
At April 30, 2000, the fund had a capital loss carryforward of approximately $2,521,000 of which $1,881,000, $476,000, $162,000 and $2,000 will expire on April 30, 2002, 2003, 2004 and 2008, respectively. |
Semiannual Report
See accompanying notes which are an integral part of the financial statements.
Financial Statements
Statement of Assets and Liabilities
|
Amounts in thousands (except per-share amount) |
October 31, 2000 (Unaudited) |
|
|
Assets |
|
|
|
Investment in securities, at value (including |
|
$ 9,808,754 |
|
Receivable for fund shares sold |
|
22,778 |
|
Interest receivable |
|
84,679 |
|
Other receivables |
|
9 |
|
Total assets |
|
9,916,220 |
|
Liabilities |
|
|
|
Payable to custodian bank |
$ 309 |
|
|
Payable for investments purchased |
254,287 |
|
|
Payable for fund shares redeemed |
35,158 |
|
|
Distributions payable |
3,297 |
|
|
Accrued management fee |
3,649 |
|
|
Other payables and accrued expenses |
148 |
|
|
Total liabilities |
|
296,848 |
|
Net Assets |
|
$ 9,619,372 |
|
Net Assets consist of: |
|
|
|
Paid in capital |
|
$ 9,621,767 |
|
Accumulated net realized gain (loss) on investments |
|
(2,395) |
|
Net Assets, for 9,621,256 shares outstanding |
|
$ 9,619,372 |
|
Net Asset Value, offering price and redemption price |
|
$1.00 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Operations
|
Amounts in thousands |
Six months ended October 31, 2000 (Unaudited) |
|
|
Investment Income Interest |
|
$ 315,052 |
|
Expenses |
|
|
|
Management fee |
$ 21,322 |
|
|
Non-interested trustees' compensation |
20 |
|
|
Total expenses before reductions |
21,342 |
|
|
Expense reductions |
(145) |
21,197 |
|
Net investment income |
|
293,855 |
|
Net Realized Gain (Loss) on Investments |
|
126 |
|
Net increase in net assets resulting from operations |
|
$ 293,981 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Statements - continued
Statement of Changes in Net Assets
|
Amounts in thousands |
Six months ended
October 31, 2000 |
Year ended |
|
Increase (Decrease) in Net Assets |
|
|
|
Operations |
$ 293,855 |
$ 493,063 |
|
Net realized gain (loss) |
126 |
7 |
|
Net increase (decrease) in net assets resulting |
293,981 |
493,070 |
|
Distributions to shareholders from net investment income |
(293,855) |
(493,063) |
|
Share transactions at net asset value of $1.00 per share |
3,842,325 |
9,438,870 |
|
Reinvestment of distributions from net investment income |
273,672 |
461,166 |
|
Cost of shares redeemed |
(3,992,535) |
(9,912,207) |
|
Net increase (decrease) in net assets and shares resulting from share transactions |
123,462 |
(12,171) |
|
Total increase (decrease) in net assets |
123,588 |
(12,164) |
|
Net Assets |
|
|
|
Beginning of period |
9,495,784 |
9,507,948 |
|
End of period |
$ 9,619,372 |
$ 9,495,784 |
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
Financial Highlights
|
|
Six months ended October 31, 2000 |
Years ended April 30, |
||||
|
|
(Unaudited) |
2000 |
1999 |
1998 |
1997 |
1996 |
|
Selected Per-Share Data |
|
|
|
|
|
|
|
Net asset value, beginning of period |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Income from Investment
Operations |
.031 |
.052 |
.050 |
.053 |
.051 |
.054 |
|
Less Distributions |
|
|
|
|
|
|
|
From net investment income |
(.031) |
(.052) |
(.050) |
(.053) |
(.051) |
(.054) |
|
Net asset value, |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
$ 1.000 |
|
Total Return B, C |
3.16% |
5.30% |
5.12% |
5.43% |
5.21% |
5.57% |
|
Ratios and Supplemental Data |
|
|
|
|
|
|
|
Net assets, end of period (in millions) |
$ 9,619 |
$ 9,496 |
$ 9,508 |
$ 8,863 |
$ 9,300 |
$ 8,451 |
|
Ratio of expenses to average net assets |
.45% A |
.45% |
.45% |
.45% |
.45% |
.45% |
|
Ratio of expenses to average net assets after expense reductions |
.45% A |
.45% |
.45% |
.45% |
.45% |
.42% D |
|
Ratio of net investment income to average net assets |
6.20% A |
5.18% |
5.00% |
5.31% |
5.09% |
5.45% |
A Annualized
B The total returns would have been lower had certain expenses not been reduced during the periods shown.
C Total returns do not include the account closeout fee and for periods of less than one year are not annualized.
D FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.
See accompanying notes which are an integral part of the financial statements.
Semiannual Report
For the period ended October 31, 2000 (Unaudited)
1. Significant Accounting Policies.
Spartan Money Market Fund (the fund) is a fund of Fidelity Hereford Street Trust (the trust) and is authorized to issue an unlimited number of shares. 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. 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 fund:
Security Valuation. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium.
Income Taxes. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the fund is not subject to income taxes to the extent that it distributes substantially all of its taxable income for its fiscal year. The schedule of investments includes information regarding income taxes under the caption "Income Tax Information."
Investment Income. Interest income, which includes amortization of premium and accretion of discount, is accrued as earned.
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.
Deferred Trustee Compensation. Under a Deferred Compensation Plan (the Plan), non-interested Trustees must defer receipt of a portion of, and may elect to defer receipt of an additional portion of, their annual compensation. Deferred amounts are treated as though equivalent dollar amounts had been invested in shares of the fund or are invested in a cross-section of other Fidelity money market funds. Deferred amounts remain in the fund until distributed in accordance with the Plan.
Distributions to Shareholders. Dividends are declared daily and paid monthly from net investment income.
Security Transactions. Security transactions are accounted for as of trade date. Gains and losses on securities sold are determined on the basis of identified cost.
2. Operating Policies.
Joint Trading Account. Pursuant to an Exemptive Order issued by the Securities and Exchange Commission (the SEC), the fund, 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.
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Notes to Financial Statements (Unaudited) - continued
2. Operating Policies - continued
Repurchase Agreements. The underlying U.S. Treasury, Federal Agency, or other obligations found to be satisfactory by FMR are transferred to an account of the fund, or to the Joint Trading Account, at a custodian bank. 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 fund's investment adviser, is responsible for determining that the value of the underlying securities remains in accordance with the market value requirements stated above.
Interfund Lending Program. Pursuant to an Exemptive Order issued by the SEC, the fund, along with other registered investment companies having management contracts with FMR, may participate in an interfund lending program. This program provides an alternative credit facility allowing the fund to borrow from, or lend money to, other participating funds.
Restricted Securities. The fund is 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. At the end of the period, restricted securities (excluding 144A issues) amounted to $435,000,000 or 4.5% of net assets.
3. Fees and Other Transactions with Affiliates.
Management Fee. As the fund's investment adviser, FMR receives a fee that is computed daily at an annual rate of .45% of the fund's average net assets. FMR pays all other expenses, except the compensation of the non-interested Trustees and certain exceptions such as interest, taxes, brokerage commissions and extraordinary expenses. The management fee paid to FMR by the fund is reduced by an amount equal to the fees and expenses paid by the fund to the non-interested Trustees.
FMR also bears the cost of providing shareholder services to the fund. To offset the cost of providing these services, FMR or its affiliates collected certain transaction fees from shareholders which amounted to $56,000 for the period.
Sub-Adviser Fee. As the fund's investment sub-adviser, Fidelity Investments Money Management, Inc.(FIMM), a wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the management fee payable to FMR. The fee is paid prior to any voluntary expense reimbursements which may be in effect.
Money Market Insurance. Pursuant to an Exemptive Order issued by the SEC, the 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. FIDFUNDS provides limited coverage for certain loss events including issuer default as to payment of principal or interest and
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Notes to Financial Statements (Unaudited) - continued
3. Fees and Other Transactions with Affiliates - continued
Money Market Insurance - continued
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. The 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, FMR has borne the cost of the fund's premium payable to FIDFUNDS.
4. Interfund Lending Program.
The fund participated in the interfund lending program as a lender. The average daily loan balance during the period for which loans were outstanding amounted to $15,384,000. The weighted average interest rate was 6.66%. Interest earned from the interfund lending program amounted to $17,000 and is included in interest income on the Statement of Operations. At period end there were no interfund loans outstanding.
5. Expense Reductions.
Through arrangements with the fund's custodian and transfer agent, credits realized as a result of uninvested cash balances were used to reduce a portion of the fund's expenses. During the period, the fund's expenses were reduced by $145,000 under these arrangements.
Semiannual Report
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 Automated Service Telephone 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)
Fidelity Automated
Service Telephone (FAST®)
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+®
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 1-800-544-0240 or visit our web site for more information on how to manage your investments via your PC.
Semiannual Report
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
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Hebron, KY 41048
Selling shares
Fidelity Investments
P.O. Box 660602
Dallas, TX 75266-0602
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Fidelity Investments
Attn: Redemptions - CP6I
400 East Las Colinas Blvd.
Irving, TX 75039-5587
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 75039-5587
General Correspondence
Fidelity Investments
P.O. Box 500
Merrimack, NH 03054-0500
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For directions and hours,
please call 1-800-544-9797.
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Michigan
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Wisconsin
595 North Barker Road
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Fidelity Brokerage Services, Inc., 100 Summer St., Boston, MA 02110 Member NYSE/SIPC
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Investment Adviser
Fidelity Management & Research
Company
Boston, MA
Investment Sub-Adviser
Fidelity Investments
Money Management, Inc.
Officers
Edward C. Johnson 3d, President
Robert C. Pozen, Senior Vice President
Dwight D. Churchill, Vice President
Boyce I. Greer, Vice President
John J. Todd, Vice President
Eric D. Roiter, Secretary
Robert A. Dwight, Treasurer
Maria F. Dwyer, Deputy Treasurer
Stanley N. Griffith, Assistant Vice President
John H. Costello, Assistant Treasurer
Thomas J. Simpson, Assistant Treasurer
Board of Trustees
Ralph Cox *
Phyllis Burke Davis *
Robert M. Gates *
Edward C. Johnson 3d
Donald J. Kirk *
Ned C. Lautenbach *
Peter S. Lynch
Marvin L. Mann *
William O. McCoy *
Gerald C. McDonough *
Robert C. Pozen
Thomas R. Williams *
Advisory Board
J. Michael Cook
Abigail P. Johnson
Marie L. Knowles
* Independent trustees
General Distributor
Fidelity Distributors Corporation
Boston, MA
Transfer and Shareholder
Servicing Agent
Fidelity Service Company, Inc.
Boston, MA
Custodian
The Bank of New York
New York, NY
Fidelity's Taxable Money Market Funds
Fidelity® Cash Reserves
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Spartan® Money Market Fund
Spartan U.S. Government
Money Market Fund
Spartan U.S. Treasury
Money Market Fund
The Fidelity Telephone Connection
Mutual Fund 24-Hour Service
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Telephone (FAST®) (automated graphic) 1-800-544-5555
(automated graphic) Automated line for quickest service
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