DAILY MONEY FUND: MONEY MARKET PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND:
U.S. TREASURY PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY
PORTFOLIO (CLASS B), DAILY TAX-EXEMPT MONEY FUND (INITIAL CLASS), DAILY
MONEY FUND: TREASURY ONLY (CLASS I, CLASS II, CLASS III)
Telephone Voting Script
Introduction
HELLO, MR./MS. (SHAREHOLDER).  MY NAME IS ___________.  I AM CALLING ON
BEHALF OF FIDELITY INVESTMENTS FOLLOWING UP ON A RECENT PROXY MAILING THEY
SENT YOU REGARDING THE ______ (FIVE OPTIONS HERE: DAILY MONEY FUND: MONEY
MARKET PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY PORTFOLIO
(INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY PORTFOLIO (CLASS B), DAILY
TAX-EXEMPT MONEY FUND (INITIAL CLASS), DAILY MONEY FUND: TREASURY ONLY
(CLASS I, CLASS II, CLASS III)).  I'M ASSISTING FIDELITY IN CONNECTION WITH
THE PROXY VOTE TO APPROVE SEVERAL IMPORTANT PROPOSALS THAT AFFECT THE FUND
AND YOUR INVESTMENT IN IT.   I AM CALLING YOU TO ENCOURAGE YOU TO VOTE YOUR
PROXY IF YOU HAVE NOT YET DONE SO.
HAVE YOU RECEIVED THE ______ (FIVE OPTIONS: DAILY MONEY FUND: MONEY MARKET
PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY PORTFOLIO
(INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY PORTFOLIO (CLASS B), DAILY
TAX-EXEMPT MONEY FUND (INITIAL CLASS), DAILY MONEY FUND: TREASURY ONLY
(CLASS I, CLASS II, CLASS III) PROXY MATERIAL?  THE PACKAGE WAS DATED
MID-MARCH.  (Describe the mailings to the shareholder if he/she does not
recall it ==> 6"x9" envelope with yellow and black bar down the side.)
If NO: Confirm shareholder's address for the purpose of sending proxy
materials.  
Q:  COULD I PLEASE CONFIRM YOUR ADDRESS FOR THE PURPOSE OF SENDING PROXY
MATERIALS TO YOU?
(If address is incorrect, please write down correct address at end of
script under "Comments" and forward to Fidelity.)
Tell the shareholder that a new package will be mailed to him/her.  Ask the
shareholder to review the material upon receipt and vote his/her shares by
signing, dating and mailing the proxy card in the return envelope provided,
before the shareholder meeting May 9th.  Inform the shareholder that if
he/she wishes to vote by fax, he/she may do so.  Thank the shareholder for
his/ her time.  (End phone call.)
I WILL HAVE A NEW PROXY PACKAGE MAILED TO YOU.  PLEASE REVIEW THE MATERIAL
WHEN YOU RECEIVE IT AND VOTE YOUR SHARES BY SIGNING, DATING AND MAILING THE
PROXY CARD IN THE RETURN ENVELOPE PROVIDED, TO ENSURE THAT YOUR VOTE IS
COUNTED AT THE SHAREHOLDER MEETING SCHEDULED FOR MAY 9TH.  IF YOU WOULD
LIKE TO VOTE BY FAX, YOU MAY FAX YOUR SIGNED PROXY CARD TO 617-871-2569. 
THANK YOU FOR YOUR TIME THIS EVENING.  (End call.)
If YES: Q:  HAVE YOU REVIEWED THE MATERIAL?
If NO: PLEASE REVIEW THE MATERIAL AT YOUR EARLIEST CONVENIENCE AND VOTE
YOUR SHARES BY SIGNING, DATING AND MAILING THE PROXY CARD IN THE RETURN
ENVELOPE PROVIDED, TO ENSURE THAT YOUR VOTE IS COUNTED AT THE SHAREHOLDER
MEETING SCHEDULED ON MAY 9TH. IF YOU WOULD LIKE TO VOTE BY FAX, YOU MAY FAX
YOUR SIGNED PROXY CARD TO 617-871-2569.
If YES: DO YOU HAVE ANY QUESTIONS?
If YES: Only answer questions using the proxy material.  (See attached list
of approved Q&A).  (DO NOT GUESS).  If the shareholder has questions that
are account-specific and outside the scope of the proxy statement, ask if
they would like to be transferred to a Fidelity representative.
If YES: Conference in Fidelity at 1-800-843-3001, introduce the customer,
and transfer the call. (End call.)
 I'D BE GLAD TO TRANSFER YOU TO A FIDELITY REPRESENTATIVE RIGHT NOW TO HELP
ANSWER YOUR QUESTIONS.  PLEASE HOLD WHILE I CALL FIDELITY.  (Once Fidelity
rep answers and customer is still on hold ==>  THIS IS ______FROM DF KING. 
WE ARE ASSISTING FIDELITY IN CALLING  ________ ( FIVE OPTIONS: DAILY MONEY
FUND: MONEY MARKET PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND: U.S.
TREASURY PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY
PORTFOLIO (CLASS B), DAILY TAX-EXEMPT MONEY FUND (INITIAL CLASS), DAILY
MONEY FUND: TREASURY ONLY (CLASS I, CLASS II, CLASS III) SHAREHOLDERS TO
ENCOURAGE THEM TO VOTE THE PROXY THAT WAS RECENTLY MAILED TO THEM.  I HAVE
A SHAREHOLDER ON HOLD AND THEY HAVE FURTHER QUESTIONS I AM UNABLE TO
ANSWER.  COULD YOU PLEASE SPEAK TO HIM/HER?  (Then conference call in
customer and introduce customer to Fidelity rep ==>  HELLO, MR./MS. ______,
I HAVE ________ FROM FIDELITY ON THE LINE AND HE/SHE'LL BE HAPPY TO HELP
ANSWER YOUR QUESTIONS.  THANK YOU.  (Transfer customer and end call.)
If NO: Politely refer them to Fidelity at 1-800-843-3001.  Thank the
shareholder for his/ her time. (End phone call.) 
If shareholder sounds hostile: 
 Thank the shareholder for his/ her time. (End phone call.)
 OKAY, I WILL GIVE YOU FIDELITY'S PHONE NUMBER IN CASE YOU'D LIKE TO 
 CALL THEM AT ANOTHER TIME.  THE PHONE NUMBER IS 1-800-843-3001.  
 THANK YOU FOR YOUR TIME THIS EVENING. (End call.)
If not hostile:  After answering all questions, offer the shareholder the
opportunity to vote by telephone.  Let the shareholder know that you will
be recording the next part of the call, to ensure accuracy in his/her vote. 
Confirm the shareholder's identity by having him/her repeat his/her full
name, address and the last 4 digits of his/her social security number. 
Record the shareholder's vote on the proposal.
 If the shareholder asks how the Board of Trustees voted, 
 inform him/her that the Board of Trustees recommend a vote in favor of the
proposals.  
  
 Inform the shareholder that a confirmation letter will be sent 
 to him/her, with a phone number to call if an error was 
 made in recording his/her vote, or if he/she wishes to change his/her vote
for any reason.  Thank the shareholder for his/her time, and end the phone
call.
   
 TO FACILITATE YOUR VOTING OF THE PROXY, YOU CAN VOTE BY TELEPHONE.  IF YOU
WOULD LIKE TO VOTE BY TELEPHONE, THE NEXT PART OF OUR CALL WILL BE
RECORDED.  THIS IS TO ENSURE ACCURACY OF YOUR VOTE.  ALSO, WE WILL BE
SENDING YOU A CONFIRMATION LETTER FOR YOUR RECORDS WITH A PHONE NUMBER TO
CALL IN CASE ANY ERROR WAS MADE IN RECORDING YOUR VOTE, OR IF YOU WISH TO
CHANGE YOUR VOTE FOR ANY REASON.
 WOULD YOU LIKE TO VOTE BY TELEPHONE?
  If NO: Politely refer him/her to Fidelity at 1-800- 843-3001.  (end call)
  If YES: Confirm the shareholder's identity by  having  him/her repeat
their full name, address and  the last 4 digits of his/her social security
number.   Record the shareholder's vote on the proposal.
  COULD I PLEASE HAVE THE LAST FOUR DIGITS OF YOUR  SOCIAL SECURITY NUMBER? 
(If it doesn't match, ask  for the last four digits of the social security
number  on the account.) 
 (If customer does not feel comfortable giving any part of his/her social
security number, empathize and say that we require identification through
this method to take a vote over the phone.  If the customer is still
uncomfortable, explain that while you cannot take the vote over the phone,
you can mail him/her proxy materials and they can vote by mail.)
 I UNDERSTAND THAT YOU MAY FEEL UNCOMFORTABLE GIVING PART OF YOUR SOCIAL
SECURITY NUMBER OVER THE PHONE.  IT IS PART OF OUR REQUIRED PROCEDURES,
HOWEVER, TO ENSURE PROPER IDENTIFICATION BEFORE WE TAKE ANY VOTES OVER THE
PHONE.  IS THIS OK WITH YOU?  (If customer agrees, proceed with vote. If
customer doesn't agree, offer to send proxy materials.)
 
 AGREES TO GIVE LAST FOUR DIGITS OF SSN:
 NOW I WILL READ YOU THE PROPOSALS AND ASK YOU WHETHER YOU VOTE "FOR",
"AGAINST", OR "ABSTAIN." (FIVE OPTIONS):
DAILY MONEY FUND: MONEY MARKET PORTFOLIO (INITIAL CLASS)
 THE PROPOSALS ARE " (1)TO APPROVE AN AMENDED MANAGEMENT CONTRACT FOR THE
FUND;  (2) TO APPROVE A NEW DISTRIBUTION AND SERVICE PLAN FOR INITIAL CLASS
SHARES OF THE FUND; (3) TO AMEND THE FUNDAMENTAL INVESTMENT LIMITATION
CONCERNING DIVERSIFICATION FOR THE FUND; (4) TO APPROVE AN AGREEMENT AND
PLAN PROVIDING FOR THE REORGANIZATION OF MONEY MARKET PORTFOLIO FROM A
SEPARATE SERIES OF ONE DELAWARE BUSINESS TRUST TO ANOTHER; (5) TO ELIMINATE
THE FUNDAMENTAL INVESTMENT LIMITATION CONCERNING WRITING OR PURCHASING PUT
OR CALL OPTIONS FOR THE FUND."  DO YOU VOTE "FOR", "AGAINST" OR "ABSTAIN?"
DAILY MONEY FUND: U.S. TREASURY PORTFOLIO (INITIAL CLASS)
THE PROPOSALS ARE "(1) TO APPROVE AN AMENDED MANAGEMENT CONTRACT FOR THE
FUND; (2) TO APPROVE A NEW DISTRIBUTION AND SERVICE PLAN FOR INITIAL CLASS
SHARES OF THE FUND; (3) TO AMEND THE FUNDAMENTAL INVESTMENT LIMITATION
CONCERNING DIVERSIFICATION FOR THE FUND; (4) TO APPROVE AN AGREEMENT AND
PLAN PROVIDING FOR THE REORGANIZATION OF U.S. TREASURY PORTFOLIO FROM A
SEPARATE SERIES OF ONE DELAWARE BUSINESS TRUST TO ANOTHER; (5) TO ELIMINATE
THE FUNDAMENTAL INVESTMENT LIMITATION CONCERNING WRITING OR PURCHASING PUT
OR CALL OPTIONS FOR THE FUND."  DO YOU VOTE "FOR", "AGAINST" OR "ABSTAIN?"
DAILY MONEY FUND: U.S. TREASURY PORTFOLIO (CLASS B)
THE PROPOSALS ARE "(1) TO APPROVE AN AMENDED MANAGEMENT CONTRACT FOR THE
FUND; (2) TO APPROVE A NEW DISTRIBUTION AND SERVICE PLAN FOR CLASS B SHARES
OF THE FUND; (3) TO AMEND THE FUNDAMENTAL INVESTMENT LIMITATION CONCERNING
DIVERSIFICATION FOR THE FUND; (4) TO APPROVE AN AGREEMENT AND PLAN
PROVIDING FOR THE REORGANIZATION OF U.S. TREASURY PORTFOLIO FROM A SEPARATE
SERIES OF ONE DELAWARE BUSINESS TRUST TO ANOTHER; (5) TO ELIMINATE THE
FUNDAMENTAL INVESTMENT LIMITATION CONCERNING WRITING OR PURCHASING PUT OR
CALL OPTIONS FOR THE FUND."  DO YOU VOTE "FOR", "AGAINST" OR "ABSTAIN?"
DAILY TAX-EXEMPT MONEY FUND (INITIAL CLASS)
 THE PROPOSALS ARE "(1) TO ELECT A BOARD OF TRUSTEES; (2) TO RATIFY THE
SELECTION OF PRICE WATERHOUSE LLP AS INDEPENDENT ACCOUNTANTS OF DAILY
TAX-EXEMPT MONEY FUND; (3) TO APPROVE AN AMENDED MANAGEMENT CONTRACT FOR
THE FUND; (4) TO APPROVE A NEW DISTRIBUTION AND SERVICE PLAN  FOR INITIAL
CLASS SHARES OF THE FUND; (5) TO AMEND THE FUNDAMENTAL INVESTMENT
LIMITATION CONCERNING DIVERSIFICATION FOR THE FUND; (6) TO AMEND DAILY
TAX-EXEMPT MONEY FUND'S TRUST INSTRUMENT TO PROVIDE DOLLAR-BASED VOTING
RIGHTS FOR SHAREHOLDERS OF THE TRUST."  DO YOU VOTE "FOR", "AGAINST" OR
"ABSTAIN?"
DAILY MONEY FUND: TREASURY ONLY (CLASS I, CLASS II, CLASS III)
THE PROPOSALS ARE "(1) TO APPROVE AN AMENDED MANAGEMENT CONTRACT FOR THE
FUND; (2) TO APPROVE AN AGREEMENT AND PLAN PROVIDING FOR THE REORGANIZATION
OF THE FUND FROM A SEPARATE SERIES OF ONE DELAWARE BUSINESS TRUST TO
ANOTHER."  DO YOU VOTE "FOR", "AGAINST" OR "ABSTAIN?"
 THANK YOU.  AS I MENTIONED, I'LL BE SURE TO SEND A CONFIRMATION OF YOUR
VOTE TO YOU BY MAIL.   THANKS FOR YOUR TIME THIS EVENING. (End call.)
 DOES NOT AGREE TO GIVE LAST FOUR DIGITS OF SSN:  UNFORTUNATELY, I WILL NOT
BE ABLE TO TAKE YOUR VOTE OVER THE PHONE.  WHAT I CAN DO IS HAVE A NEW
PROXY PACKAGE MAILED TO YOU.  PLEASE REVIEW THE MATERIAL WHEN YOU RECEIVE
IT AND VOTE YOUR SHARES BY SIGNING, DATING AND MAILING THE PROXY CARD IN
THE RETURN ENVELOPE PROVIDED, TO ENSURE THAT YOUR VOTE IS COUNTED AT THE
SHAREHOLDER MEETING SCHEDULED FOR MAY 9TH.  IF YOU WOULD LIKE TO VOTE BY
FAX, YOU MAY FAX YOUR SIGNED PROXY CARD TO 617-871-2569.  THANK YOU FOR
YOUR TIME THIS EVENING.  (End call.)
 
DAILY MONEY FUND: MONEY MARKET PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND:
U.S. TREASURY PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY
PORTFOLIO (CLASS B), DAILY TAX-EXEMPT MONEY FUND (INITIAL CLASS), DAILY
MONEY FUND: TREASURY ONLY (CLASS I, CLASS II, CLASS III)
LOG SHEET
 Date__________________
 DF King Rep_________________
Address Correction
Social Security No.  (record from database; do not ask
shareholder)________________
Shareholder Name_______________________________________________________
Street Address _________________________________________________________
City_________________________State_____________Zip Code_________________
Materials to Be Sent
Proxy Card Only ________
Full Proxy Kit  __________
Comments
Notable Shareholder Response____________________________________________
_____________________________________________________________________
_____________________________________________________________________
Other Comments________________________________________________________
______________________________________________________________________
______________________________________________________________________
Was Shareholder Transferred to Fidelity Representative?    
Yes_______No________
 
 DAILY MONEY FUND: MONEY MARKET PORTFOLIO (INITIAL CLASS), DAILY MONEY
FUND: U.S. TREASURY PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND: U.S.
TREASURY PORTFOLIO (CLASS B), DAILY TAX-EXEMPT MONEY FUND (INITIAL CLASS),
DAILY MONEY FUND: TREASURY ONLY (CLASS I, CLASS II, CLASS III)
Script for Leaving a Message on an Answering Machine
HELLO, MR./MS. (SHAREHOLDER).  MY NAME IS ___________.  I AM CALLING ON
BEHALF OF FIDELITY INVESTMENTS FOLLOWING UP ON  RECENT PROXY MAILING THEY
SENT YOU REGARDING THE ______ (FIVE OPTIONS HERE: DAILY MONEY FUND: MONEY
MARKET PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY PORTFOLIO
(INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY PORTFOLIO (CLASS B), DAILY
TAX-EXEMPT MONEY FUND (INITIAL CLASS), DAILY MONEY FUND: TREASURY ONLY
(CLASS I, CLASS II, CLASS III).  I'M ASSISTING FIDELITY IN CONNECTION WITH
THE PROXY VOTE TO APPROVE SEVERAL IMPORTANT PROPOSALS THAT AFFECT THE FUND
AND YOUR INVESTMENT IN IT.
AS AN OWNER OF THE ______ (FIVE OPTIONS: DAILY MONEY FUND: MONEY MARKET
PORTFOLIO (INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY PORTFOLIO
(INITIAL CLASS), DAILY MONEY FUND: U.S. TREASURY PORTFOLIO (CLASS B), DAILY
TAX-EXEMPT MONEY FUND (INITIAL CLASS), DAILY MONEY FUND: TREASURY ONLY
(CLASS I, CLASS II, CLASS III), YOU SHOULD HAVE RECEIVED PROXY MATERIALS IN
THE MAIL.  AT YOUR EARLIEST CONVENIENCE, PLEASE SIGN, DATE AND MAIL THE
PROXY CARD IN THE RETURN ENVELOPE PROVIDED TO YOU.  IF YOU HAVE ANY
QUESTIONS ABOUT THE PROPOSALS OR DID NOT RECEIVE ANY PROXY MATERIAL, PLEASE
CALL ME AT 1-800-843-3001.  THANK YOU FOR YOUR TIME.
 
Q. WHAT PROPOSALS AM I BEING ASKED TO VOTE ON?
A. If you are a shareholder in the following fund(s), you will be asked to
vote on the indicated proposals:
DAILY TAX-EXEMPT MONEY FUND (INITIAL CLASS)
(solid bullet) (solid bullet)To elect a Board of Trustees.
(solid bullet) (solid bullet)To ratify the selection of Price Waterhouse
LLP as independent accountants of the fund.
(solid bullet) (solid bullet)To approve an amended Management Contract for
the fund.
(solid bullet) To approve a new Distribution and Service Plan  for Initial
Class shares of the fund.
(solid bullet) (solid bullet)To amend the fundamental investment limitation
concerning diversification for the fund.
(solid bullet) To amend the fund's Trust Instrument to provide dollar-based
voting rights for shareholders of the trust.
 (solid bullet)MONEY MARKET PORTFOLIO (INITIAL CLASS)
(solid bullet) (solid bullet)To approve an amended Management Contract for
the fund.
(solid bullet) (solid bullet)To approve a new Distribution and Service Plan
for Initial Class shares of the fund.
(solid bullet) (solid bullet)To amend the fundamental investment limitation
concerning diversification for the fund.
(solid bullet) (solid bullet)To approve an Agreement and Plan providing for
the reorganization of U.S. Treasury Portfolio and Money Market Portfolio
from separate series of one Delaware business trust to another.
(solid bullet) (solid bullet)To eliminate the fundamental investment
limitation concerning writing or purchasing put or call options for the
fund.
 (solid bullet)U.S. TREASURY PORTFOLIO (INITIAL CLASS)
(solid bullet) (solid bullet)To approve an amended Management Contract for
the fund.
(solid bullet) (solid bullet)To approve a new Distribution and Service Plan
for Initial Class shares of the fund.
(solid bullet) (solid bullet)To amend the fundamental investment limitation
concerning diversification for the fund.
(solid bullet) (solid bullet)To approve an Agreement and Plan providing for
the reorganization of U.S. Treasury Portfolio and Money Market Portfolio
from separate series of one Delaware business trust to another.
(solid bullet) (solid bullet)To eliminate the fundamental investment
limitation concerning writing or purchasing put or call options for the
fund.
 (solid bullet)U.S. TREASURY PORTFOLIO (CLASS B)
(solid bullet) (solid bullet)To approve an amended Management Contract for
the fund.
(solid bullet) (solid bullet)To approve a new Distribution and Service Plan
for Class B shares of the fund.
(solid bullet) (solid bullet)To amend the fundamental investment limitation
concerning diversification for the fund.
(solid bullet) (solid bullet)To approve an Agreement and Plan providing for
the reorganization of U.S. Treasury Portfolio and Money Market Portfolio
from separate series of one Delaware business trust to another. 
(solid bullet) (solid bullet)To eliminate the fundamental investment
limitation concerning writing or purchasing put or call options for the
fund.
Q. WHY ARE U.S. TREASURY PORTFOLIO, MONEY MARKET PORTFOLIO, AND DAILY
TAX-EXEMPT MONEY FUND EACH PROPOSING TO ADOPT AN AMENDED MANAGEMENT
CONTRACT?
A. In conjunction with proposals to adopt new Distribution and Service
Plans for the Initial Classes of each fund and Class B of U.S. Treasury
Portfolio, amendments to each fund's management contract are proposed to
simplify the expense structure of each fund.  The amended management
contracts provide for a more straightforward fee structure, making the
expenses of each fund more transparent, and easier to understand.
Q. WHY ARE THE INITIAL CLASSES OF EACH FUND AND CLASS B OF U.S. TREASURY
PORTFOLIO PROPOSING THE ADOPTION OF NEW DISTRIBUTION AND SERVICE PLANS?
A. In conjunction with proposals to amend each fund's Management Contract,
the principal reason the new Distribution and Service Plans are being
proposed is to simplify the expense and compensation structure of each
fund.  The new Distribution and Service Plans provide for a more
straightforward fee structure, making the expenses of each fund more
transparent, and easier to understand.
Q. WHY ARE U.S. TREASURY PORTFOLIO AND MONEY MARKET  PORTFOLIO 
REORGANIZING FROM ONE DELAWARE BUSINESS TRUST  TO ANOTHER?
A. Each Fund is presently organized as a series of Daily Money Fund (DMF),
a Delaware business trust, which has six series of shares or funds.  The
Board of Trustees unanimously recommends reorganization of U.S. Treasury
Portfolio and Money Market Portfolio to separate series of Daily Tax-Exempt
Money Fund (the Trust) which will succeed to the business of each Fund. 
Moving the Funds from DMF to the Trust will consolidate and streamline
production and mailing of shareholder reports and legal documents.  The
proposed change will have no material effect on shareholders or management
of the fund.
Q. WITH RESPECT TO THE PROPOSAL REGARDING EACH FUND'S FUNDAMENTAL
INVESTMENT LIMITATION CONCERNING DIVERSIFICATION, WILL THIS AMENDMENT
AFFECT MY FUND'S INVESTMENT OBJECTIVE?
A. No.  The Board of Trustees believes that these proposals are in the best
interest of each fund's shareholders, and will not affect each fund's
investment philosophy.
Q. WHY ARE U.S. TREASURY PORTFOLIO AND MONEY MARKET PORTFOLIO PROPOSING TO
ELIMINATE EACH FUND'S FUNDAMENTAL INVESTMENT LIMITATION CONCERNING WRITING
OR PURCHASING PUT OR CALL OPTIONS FOR THE FUND?
A. The Board of Trustees believes that each fund's current limitation
unnecessarily restricts each fund from taking advantage of potential
investment opportunities and techniques that are consistent with each
fund's investment objective, and believes that this proposal is in the best
interest of each fund's shareholders.
Q. WHAT IS MEANT BY DOLLAR-BASED VOTING RIGHTS, AND WHY IS IT BEING
PROPOSED FOR DAILY TAX-EXEMPT MONEY FUND?
A. The proposed amendment would provide a more equitable distribution of
voting rights for certain votes than the one-share, one-vote system
currently in effect.  The voting power of each shareholder would be
measured by the value of the shareholder's dollar investment rather than
with the number of shares held.  Currently, since there are only money
market funds in the Trust, which are managed to maintain a stable $1.00
NAV, this proposed change will not affect the voting rights of fund
shareholders on votes requiring trust-wide participation.  Please see the
Proxy Statement for more detail.
Q. WHAT ABOUT THE OTHER PROPOSALS IN THIS PROXY?
A. The other proposals that require your vote have been unanimously
approved by each fund's Board of Trustees.  Proposals regarding the
election of a new Board of  Trustees and the ratification of  the selection
of Price Waterhouse LLP as independent accountants for Daily Tax-Exempt
Money Fund are explained clearly in the funds' Proxy Statement. If you have
any questions regarding these, or any of the aforementioned proposals,
please call Fidelity Client Services at 800-843-3001.
Q. HAS MY FUND'S BOARD OF TRUSTEES APPROVED THE PROPOSALS?
A. Yes.  The Board of Trustees of each fund has unanimously approved all of
the proposals, and recommends that you vote to approve each one.
Q. HOW DO I VOTE MY SHARES?
A. You can vote your shares by completing and signing the enclosed proxy
card(s), and mailing them in the enclosed postage paid envelope.  If you
need any assistance, or have any questions regarding the proposals or how
to vote your shares, please call Fidelity Client Services at 800-843-3001.