-----BEGIN PRIVACY-ENHANCED MESSAGE----- Proc-Type: 2001,MIC-CLEAR Originator-Name: keymaster@town.hall.org Originator-Key-Asymmetric: MFkwCgYEVQgBAQICAgADSwAwSAJBALeWW4xDV4i7+b6+UyPn5RtObb1cJ7VkACDq pKb9/DClgTKIm08lCfoilvi9Wl4SODbR1+1waHhiGmeZO8OdgLUCAwEAAQ== MIC-Info: RSA-MD5,RSA, JRZXBULAWWNCu3pEqF+KbDaeDSlFjosQs00+wPhCfXA7vD2z5yTDJmgyoJ9LDn2B tAMXqQKlW/HrWmtcRZf8iQ== 0000354046-94-000024.txt : 19940321 0000354046-94-000024.hdr.sgml : 19940321 ACCESSION NUMBER: 0000354046-94-000024 CONFORMED SUBMISSION TYPE: N-30B-2 PUBLIC DOCUMENT COUNT: 1 CONFORMED PERIOD OF REPORT: 19940131 FILED AS OF DATE: 19940318 FILER: COMPANY DATA: COMPANY CONFORMED NAME: DAILY MONEY FUND/MA/ CENTRAL INDEX KEY: 0000028540 STANDARD INDUSTRIAL CLASSIFICATION: 0000 IRS NUMBER: 042778694 STATE OF INCORPORATION: MA FISCAL YEAR END: 0731 FILING VALUES: FORM TYPE: N-30B-2 SEC ACT: 40 SEC FILE NUMBER: 811-03480 FILM NUMBER: 94516672 BUSINESS ADDRESS: STREET 1: 82 DEVONSHIRE ST CITY: BOSTON STATE: MA ZIP: 02109 BUSINESS PHONE: 2142816351 MAIL ADDRESS: STREET 1: P.O. BOX 650471 STREET 2: MAILZONE DW4B CITY: DALLAS STATE: TX ZIP: 75265-0471 FORMER COMPANY: FORMER CONFORMED NAME: DEVONSHIRE STREET FUND INC DATE OF NAME CHANGE: 19821213 N-30B-2 1 FIDELITY U.S. TREASURY INCOME PORTFOLIO SEMIANNUAL REPORT JANUARY 31, 1994 FIDELITY U.S. TREASURY INCOME PORTFOLIO INVESTMENTS/JANUARY 31, 1994 (UNAUDITED) (Showing Percentage of Total Value of Investments) ANNUALIZED ANNUALIZED YIELD AT YIELD AT DUE TIME OF PRINCIPAL VALUE DUE TIME OF PRINCIPAL VALUE DATE PURCHASE AMOUNT (NOTE 1) DATE PURCHASE AMOUNT (NOTE 1) U.S. TREASURY OBLIGATIONS - 100.0% U.S. TREASURY BILLS - 60.8% 2/3/94 3.08% $ 33,000 $ 32,994 2/3/94 3.12 13,289,000 13,286,719 2/10/94 3.13 14,598,000 14,586,723 2/10/94 3.15 59,537,000 59,490,616 2/17/94 3.13 2,706,000 2,702,266 2/24/94 3.13 5,204,000 5,193,677 2/24/94 3.15 8,952,000 8,934,270 3/3/94 3.13 29,887,000 29,809,667 3/10/94 3.14 30,516,000 30,418,459 3/10/94 3.19 14,214,000 14,167,836 3/17/94 3.11 4,799,000 4,781,052 3/17/94 3.15 39,391,000 39,240,548 4/7/94 3.14 5,706,000 5,674,114 4/7/94 3.15 3,373,000 3,354,121 4/7/94 3.23 26,208,000 26,056,813 4/14/94 3.12 50,000,000 49,691,000 4/14/94 3.14 5,949,000 5,912,235 4/14/94 3.20 6,974,000 6,929,924 4/21/94 3.18 27,621,000 27,431,282 4/21/94 3.21 40,000,000 39,722,183 4/28/94 3.28 2,162,000 2,145,318 5/5/94 3.12 54,168,000 53,735,604 5/5/94 3.26 573,000 568,248 5/12/94 3.16 31,346,000 31,074,335 5/12/94 3.20 30,000,000 29,736,667 5/12/94 3.21 4,201,000 4,164,008 5/19/94 3.23 20,000,000 19,810,372 5/19/94 3.24 3,293,000 3,261,680 5/26/94 3.26 25,000,000 24,745,875 5/26/94 3.30 3,790,000 3,750,935 6/2/94 3.32 5,334,000 5,275,375 6/9/94 3.27 13,869,000 13,710,462 6/9/94 3.28 25,000,000 24,712,889 6/16/94 3.26 4,199,000 4,148,455 7/7/94 3.21 2,207,000 2,176,779 7/28/94 3.39 4,575,000 4,501,221 8/25/94 3.24 25,000,000 24,547,292 8/25/94 3.35 1,246,000 1,222,940 640,704,954 U.S. TREASURY NOTES - 39.2% 2/28/94 3.17% $ 40,000,000 $ 40,063,621 2/28/94 3.19 4,790,000 4,797,556 3/31/94 3.15 25,000,000 25,100,183 3/31/94 3.20 30,000,000 30,117,540 3/31/94 3.21 25,660,000 25,870,442 3/31/94 3.25 2,215,000 2,223,502 4/15/94 3.16 12,467,000 12,560,029 4/15/94 3.24 5,402,000 5,441,596 4/30/94 3.16 9,370,000 9,416,604 4/30/94 3.17 26,430,000 26,564,008 4/30/94 3.19 49,940,000 50,190,598 4/30/94 3.20 9,290,000 9,336,305 4/30/94 3.23 25,000,000 25,120,181 5/15/94 3.15 20,000,000 20,207,015 5/15/94 3.24 10,000,000 10,275,273 5/15/94 3.31 10,000,000 10,171,770 6/30/94 3.18 1,535,000 1,546,181 6/30/94 3.24 25,000,000 25,167,600 6/30/94 3.30 30,580,000 30,788,469 7/31/94 3.32 10,000,000 10,040,463 8/15/94 3.14 18,280,000 18,795,936 8/15/94 3.15 13,055,000 13,422,100 8/15/94 3.17 6,000,000 6,113,617 413,330,589 TOTAL INVESTMENTS - 100% $ 1,054,035,543 Total Cost for Income Tax Purposes - $1,054,035,543 INCOME TAX INFORMATION: At July 31, 1993, the fund had a capital loss carryforward of approximately $60,000 which will expire on July 31, 2001. FINANCIAL STATEMENTS Statement of Assets and Liabilities DRAFT January 31, 1994 (Unaudited) ASSETS Investment in securities, at value $ 1,054,035,543 (Note 1) - See accompanying schedule Interest receivable 7,403,587 TOTAL ASSETS 1,061,439,130 LIABILITIES Dividends payable $ 2,533,474 Accrued management fee 219,078 TOTAL LIABILITIES 2,752,552 NET ASSETS $ 1,058,686,578 Net Assets consist of: Paid in capital $ 1,058,557,384 Accumulated net realized gain 129,194 (loss) on investments NET ASSETS, for 1,058,557,384 $ 1,058,686,578 shares outstanding NET ASSET VALUE, offering price $1.00 and redemption price per share ($1,058,686,578 (divided by) 1,058,557,384 shares) Statement of Operations DRAFT
Six Months Ended January 31, 1994 (Unaudited) INTEREST INCOME $ 18,063,349 EXPENSES Management fee (Note 2) $ 2,396,541 Non-interested trustees' 3,558 compensation Total expenses before 2,400,099 reductions Expense reductions (Note 3) (1,257,194) 1,142,905 NET INTEREST INCOME 16,920,444 NET REALIZED GAIN (LOSS) ON (13,285) INVESTMENTS (NOTE 1) NET INCREASE IN NET ASSETS $ 16,907,159 RESULTING FROM OPERATIONS
Statement of Changes in Net Assets DRAFT
SIX MONTHS YEAR ENDED ENDED JANUARY 31, 1994 JULY 31, (UNAUDITED) 1993 INCREASE (DECREASE) IN NET ASSETS Operations $ 16,920,444 $ 35,642,094 Net interest income Net realized gain (loss) on investments (13,285) (59,984) NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS 16,907,159 35,582,110 Dividends to shareholders from net interest income (16,920,444) (35,642,094) Share transactions at net asset value of $1.00 per share 2,408,317,016 5,005,239,937 Proceeds from sales of shares Reinvestment of dividends from net interest income 4,487,356 11,294,869 Cost of shares redeemed (2,401,895,529) (5,166,243,130) Net increase (decrease) in net assets and shares resulting from share transactions10,908,843 (149,708,324) TOTAL INCREASE (DECREASE) IN NET ASSETS 10,895,558 (149,768,308) NET ASSETS Beginning of period 1,047,791,020 1,197,559,328 End of period $ 1,058,686,578 $ 1,047,791,020
Financial Highlights DRAFT
SIX MONTHS YEARS ENDED OCTOBER 3, 1990 ENDED (COMMENCEMENT JANUARY 31, OF OPERATIONS) TO 1994 JULY 31, JULY 31, (UNAUDITED) 1993 1992 1991 SELECTED PER-SHARE DATA Net asset value, beginning of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 Income from Investment Operations .015 .031 .045 .055 Net interest income Dividends from net interest income (.015) (.031) (.045) (.055) Net asset value, end of period $ 1.000 $ 1.000 $ 1.000 $ 1.000 TOTAL RETURN (dagger) . 1.50% 3.10% 4.64% 5.63% RATIOS AND SUPPLEMENTAL DATA Net assets, end of period (000 omitted) $ 1,058,687 $ 1,047,791 $ 1,197,559 $ 705,543 Ratio of expenses to average net assets (dagger)(dagger) .20%* .20% .20% .03%* Ratio of expenses to average net assets before expense reductions (dagger)(dagger) .42%* .42% .42% .42%* Ratio of net interest income to average net assets 2.96%* 3.05% 4.43% 6.34%*
* ANNUALIZED (dagger) TOTAL RETURNS FOR PERIODS OF LESS THAN ONE YEAR ARE NOT ANNUALIZED AND WOULD HAVE BEEN LOWER HAD CERTAIN EXPENSES NOT BEEN REDUCED DURING THE PERIODS SHOWN. (dagger)(dagger) SEE NOTE 3 OF NOTES TO FINANCIAL STATEMENTS. NOTES TO FINANCIAL STATEMENTS FOR THE PERIOD ENDED JANUARY 31, 1994 (UNAUDITED) 1. SIGNIFICANT ACCOUNTING POLICIES. Fidelity U.S. Treasury Income Portfolio (the fund) is a fund of Daily Money Fund (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. At a special meeting of the shareholders of the fund held on March 24, 1993, shareholders approved an Agreement and Plan of Conversion and Termination (the Plan of Conversion), providing for the conversion of the fund from a separate series of a Massachusetts business trust, to a separate series of a Delaware business trust, effective September 29, 1993. The individual investment objective, policies and limitations of the fund remain the same. The following summarizes the significant accounting policies of the fund: SECURITY VALUATION. As permitted under Rule 2a-7 of the 1940 Act, and certain conditions therein, securities are valued initially at cost and thereafter assume a constant amortization to maturity of any discount or premium. INCOME TAXES. As a qualified regulated investment company under Subchapter M of the Internal Revenue Code, the fund is not subject to income taxes to the extent that it distributes all of its taxable income for its fiscal year. The schedule of investments includes information regarding income taxes under the caption "Income Tax Information." INTEREST INCOME. Interest income, which includes amortization of premium and accretion of original issue discount, is accrued as earned. EXPENSES. Most expenses of the trust can be directly attributed to a fund. Expenses which cannot be directly attributed are apportioned between 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. FEES AND OTHER TRANSACTIONS WITH AFFILIATES. MANAGEMENT FEE. As the fund's investment adviser, Fidelity Management & Research Company (FMR) pays all expenses except the compensation of the non-interested Trustees and certain exceptions such as interest, taxes, brokerage commissions and extraordinary expenses. FMR receives a fee that is computed daily at an annual rate of .42% of the fund's average net assets. SUB-ADVISER FEE. As the fund's investment sub-adviser, FMR Texas Inc., a wholly owned subsidiary of FMR, receives a fee from FMR of 50% of the management fee payable to FMR. The fee is paid prior to any voluntary expense reimbursements which may be in effect, and after reducing the fee for any payments by FMR pursuant to the fund's Distribution and Service Plan. In connection with the Plan of Conversion, a new Management Contract, new Sub-Advisory Agreement and new Distribution and Service Plan identical to those previously in effect became effective on September 29, 1993. 3. EXPENSE REDUCTIONS. FMR voluntarily agreed to reimburse the fund's operating expenses (excluding interest, taxes, brokerage commissions and extraordinary expenses) above an annual rate of .20% of average net assets. For the period, the reimbursement reduced the expenses by $1,257,194. 4. BENEFICIAL INTEREST. At the end of the period, 2 shareholders were each record owners of more than 10% of the total outstanding shares of the fund, totaling 41%. 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. NEITHER THE FUND NOR FIDELITY DISTRIBUTORS CORPORATION IS A BANK AND FUND SHARES ARE NOT BACKED OR GUARANTEED BY ANY BANK OR INSURED BY THE FDIC. INVESTMENT ADVISER Fidelity Management & Research Company Boston, MA SUB-ADVISER FMR Texas Inc. Irving, TX OFFICERS Edward C. Johnson 3d, PRESIDENT J. Gary Burkhead, SENIOR VICE PRESIDENT Thomas D. Maher, ASSISTANT VICE PRESIDENT Gary L. French, TREASURER John H. Costello, ASSISTANT TREASURER Arthur S. Loring, SECRETARY TRUSTEES J. Gary Burkhead Ralph F. Cox Phyllis Burke Davis Richard J. Flynn Edward C. Johnson 3d E. Bradley Jones Donald J. Kirk Peter S. Lynch Edward H. Malone Marvin L. Mann Gerald C. McDonough Thomas R. Williams GENERAL DISTRIBUTOR Fidelity Distributors Corporation Boston, MA TRANSFER AND SHAREHOLDER SERVICING AGENT Fidelity Investments Institutional Operations Company Boston, MA CUSTODIAN Morgan Guaranty Trust Company of New York New York, NY FUST-3-94S -----END PRIVACY-ENHANCED MESSAGE-----